Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | TPIC | |
Entity Registrant Name | TPI COMPOSITES, INC | |
Entity Central Index Key | 0001455684 | |
Entity Current Reporting Status | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 35,346,565 | |
Entity Address, State or Province | AZ | |
Entity File Number | 001-37839 | |
Entity Tax Identification Number | 20-1590775 | |
Entity Address, Address Line One | 8501 N. Scottsdale Rd. | |
Entity Address, Address Line Two | Gainey Center II, Suite 100 | |
Entity Address, Postal Zip Code | 85253 | |
City Area Code | 480 | |
Local Phone Number | 305-8910 | |
Entity Address, City or Town | Scottsdale | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Title of 12(b) Security | Common Stock, par value $0.01 | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 96,657 | $ 70,282 |
Restricted cash | 312 | 992 |
Accounts receivable | 133,147 | 184,012 |
Contract assets | 214,556 | 166,515 |
Prepaid expenses | 15,983 | 10,047 |
Other current assets | 25,900 | 29,843 |
Inventories | 12,368 | 6,731 |
Total current assets | 498,923 | 468,422 |
Property, plant, and equipment, net | 211,175 | 205,007 |
Operating lease right of use assets | 162,767 | 122,351 |
Other noncurrent assets | 22,420 | 30,897 |
Total assets | 895,285 | 826,677 |
Current liabilities: | ||
Accounts payable and accrued expenses | 267,833 | 293,104 |
Accrued warranty | 56,772 | 47,639 |
Current maturities of long-term debt | 25,285 | 13,501 |
Current operating lease liabilities | 21,918 | 16,629 |
Contract liabilities | 2,447 | 3,008 |
Total current liabilities | 374,255 | 373,881 |
Long-term debt, net of debt issuance costs and current maturities | 212,617 | 127,888 |
Noncurrent operating lease liabilities | 154,759 | 113,883 |
Other noncurrent liabilities | 24,809 | 5,975 |
Total liabilities | 766,440 | 621,627 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized, 35,516 shares issued and 35,340 shares outstanding at June 30, 2020 and 100,000 shares authorized, 35,326 shares issued and 35,181 shares outstanding at December 31, 2019 | 355 | 353 |
Paid-in capital | 329,433 | 322,906 |
Accumulated other comprehensive loss | (39,245) | (23,612) |
Accumulated deficit | (157,282) | (90,689) |
Treasury stock, at cost, 176 shares at June 30, 2020 and 145 shares at December 31, 2019 | (4,416) | (3,908) |
Total stockholders’ equity | 128,845 | 205,050 |
Total liabilities and stockholders’ equity | $ 895,285 | $ 826,677 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,516,000 | 35,326,000 |
Common stock, shares outstanding | 35,340,000 | 35,181,000 |
Treasury stock, shares | 176,000 | 145,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Net sales | $ 373,817 | $ 330,771 | $ 730,453 | $ 630,551 |
Cost of sales | 367,644 | 285,319 | 716,119 | 568,357 |
Startup and transition costs | 10,920 | 22,901 | 22,954 | 41,079 |
Total cost of goods sold | 378,564 | 308,220 | 739,073 | 609,436 |
Gross profit (loss) | (4,747) | 22,551 | (8,620) | 21,115 |
General and administrative expenses | 6,887 | 9,208 | 16,383 | 17,193 |
Realized loss on sale of assets and asset impairments | 1,440 | 4,972 | 3,358 | 7,207 |
Restructuring charges, net | 181 | 3,874 | 298 | 3,874 |
Income (loss) from operations | (13,255) | 4,497 | (28,659) | (7,159) |
Other income (expense): | ||||
Interest income | 8 | 31 | 40 | 82 |
Interest expense | (2,553) | (2,274) | (4,356) | (4,273) |
Realized loss on foreign currency remeasurement | (1,928) | (967) | (968) | (4,769) |
Miscellaneous income | 939 | 1,016 | 1,634 | 1,718 |
Total other expense | (3,534) | (2,194) | (3,650) | (7,242) |
Income (loss) before income taxes | (16,789) | 2,303 | (32,309) | (14,401) |
Income tax benefit (provision) | (49,312) | (475) | (34,284) | 4,125 |
Net income (loss) | $ (66,101) | $ 1,828 | $ (66,593) | $ (10,276) |
Weighted-average common shares outstanding: | ||||
Basic | 35,299 | 35,033 | 35,256 | 34,970 |
Diluted | 35,299 | 36,369 | 35,256 | 34,970 |
Net income (loss) per common share: | ||||
Basic | $ (1.87) | $ 0.05 | $ (1.89) | $ (0.29) |
Diluted | $ (1.87) | $ 0.05 | $ (1.89) | $ (0.29) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (66,101) | $ 1,828 | $ (66,593) | $ (10,276) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (2,289) | (4,203) | (11,513) | (2,870) |
Unrealized gain (loss) on hedging derivatives, net of taxes of $(939), $284, $1,100 and $765, respectively | 3,549 | (1,071) | (4,120) | (2,881) |
Comprehensive loss | $ (64,841) | $ (3,446) | $ (82,226) | $ (16,027) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Loss (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Unrealized gain (loss) on hedging derivatives | $ (939) | $ 284 | $ 1,100 | $ 765 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Changes in Stockholders' Equity (unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Paid-in Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] | Treasury Stock, at Cost [Member] |
Beginning balance at Dec. 31, 2019 | $ 205,050 | $ 353 | $ 322,906 | $ (23,612) | $ (90,689) | $ (3,908) |
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net loss | (492) | (492) | ||||
Share-based compensation expense | 2,970 | 2,970 | ||||
Issuances under share-based compensation plan | 862 | $ 1 | 861 | |||
Issuances under share-based compensation plan, shares | 109 | |||||
Common stock repurchased for treasury | (459) | (459) | ||||
Other comprehensive loss | (16,893) | (16,893) | ||||
Ending balance at Mar. 31, 2020 | 191,038 | $ 354 | 326,737 | (40,505) | (91,181) | (4,367) |
Ending balance, shares at Mar. 31, 2020 | 35,435 | |||||
Beginning balance at Dec. 31, 2019 | 205,050 | $ 353 | 322,906 | (23,612) | (90,689) | (3,908) |
Beginning balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net loss | (66,593) | |||||
Ending balance at Jun. 30, 2020 | 128,845 | $ 355 | 329,433 | (39,245) | (157,282) | (4,416) |
Ending balance, shares at Jun. 30, 2020 | 35,516 | |||||
Beginning balance at Mar. 31, 2020 | 191,038 | $ 354 | 326,737 | (40,505) | (91,181) | (4,367) |
Beginning balance, shares at Mar. 31, 2020 | 35,435 | |||||
Net loss | (66,101) | (66,101) | ||||
Share-based compensation expense | 2,186 | 2,186 | ||||
Issuances under share-based compensation plan | 511 | $ 1 | 510 | |||
Issuances under share-based compensation plan, shares | 81 | |||||
Common stock repurchased for treasury | (49) | (49) | ||||
Other comprehensive loss | 1,260 | 1,260 | ||||
Ending balance at Jun. 30, 2020 | $ 128,845 | $ 355 | $ 329,433 | $ (39,245) | $ (157,282) | $ (4,416) |
Ending balance, shares at Jun. 30, 2020 | 35,516 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (66,593) | $ (10,276) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 22,644 | 17,784 |
Realized loss on sale of assets and asset impairments | 3,358 | 7,207 |
Restructuring charges, net | 298 | 3,874 |
Share-based compensation expense | 5,316 | 2,922 |
Amortization of debt issuance costs | 122 | 103 |
Changes in assets and liabilities: | ||
Accounts receivable | 44,864 | 17,936 |
Contract assets and liabilities | (53,089) | (46,721) |
Operating lease right of use assets and operating lease liabilities | 5,749 | 6,123 |
Inventories | (5,899) | (4,102) |
Prepaid expenses | (6,272) | (6,773) |
Other current assets | 3,396 | (14,401) |
Other noncurrent assets | 10,252 | (18,419) |
Accounts payable and accrued expenses | (19,117) | 35,341 |
Accrued warranty | 9,133 | 6,069 |
Other noncurrent liabilities | 18,833 | 1,815 |
Net cash used in operating activities | (27,005) | (1,518) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (42,030) | (37,739) |
Net cash used in investing activities | (42,030) | (37,739) |
Cash flows from financing activities: | ||
Proceeds from revolving loans | 80,000 | 6,000 |
Net proceeds (repayments) of accounts receivable financing | (3,829) | 5,062 |
Proceeds from working capital loans | 2,909 | |
Principal repayments of finance leases | (2,837) | (5,471) |
Net proceeds (repayments) of other debt | 23,788 | (2,211) |
Debt issuance costs | (730) | |
Proceeds from exercise of stock options | 1,371 | 4,716 |
Repurchase of common stock including shares withheld in lieu of income taxes | (508) | (559) |
Net cash provided by financing activities | 97,255 | 10,446 |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (2,525) | 696 |
Net change in cash, cash equivalents and restricted cash | 25,695 | (28,115) |
Cash, cash equivalents and restricted cash, beginning of year | 71,749 | 89,376 |
Cash, cash equivalents and restricted cash, end of period | 97,444 | 61,261 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 3,976 | 4,236 |
Cash paid for income taxes, net | 7,393 | 9,699 |
Supplemental disclosures of noncash investing and financing activities: | ||
Accrued capital expenditures in accounts payable | $ 7,970 | $ 6,690 |
Summary of Operations and Signi
Summary of Operations and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Significant Accounting Policies 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). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’s knowledge and experience of composite materials and manufacturing originates with its predecessor company, Tillotson Pearson Inc., a leading manufacturer of high-performance sail and powerboats along with a wide range of composite structures used in other industrial applications. Following the separation from the boat building business in 2004, the Company reorganized in Delaware as LCSI Holding, Inc. and then changed its corporate name to TPI Composites, Inc. in 2008. The Company is headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Yangzhou, China; Juárez, Mexico; Matamoros, Mexico; Izmir, Turkey; Chennai, India; Kolding, Denmark and Berlin, Germany. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. Basis of Presentation We divide our business operations into four geographic operating segments—(1) the United States (U.S.), (2) Asia, (3) Mexico and (4) Europe, the Middle East, Africa and India (EMEAI) as follows: • Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa facility, (2) the manufacturing of precision molding and assembly systems used to manufacture wind blades at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our Rhode Island facility, (4) wind blade inspection and repair services in North America, (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 which we purchased in July 2019 and (7) our corporate headquarters, the costs of which are included in general and administrative expenses. • Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, the latter of which commenced operations in March 2019, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and (3) wind blade inspection and repair services. • Our Mexico segment manufactures wind blades from three facilities in Juárez, Mexico and a facility in Matamoros, Mexico. In addition, we have a facility which manufactures precision molding and assembly systems and composite solutions for the transportation industry in Juárez, Mexico and we commenced operations at this facility in March 2019. This segment also performs wind blade inspection and repair services. • Our EMEAI segment manufactures wind blades from two facilities in Izmir, Turkey and also performs wind blade inspection and repair services. In February 2019, we entered into a new lease agreement with a third party for a new manufacturing facility that was built in Chennai, India and we commenced operations at this facility in the first quarter of 2020. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2020, and the results of our operations, comprehensive loss and cash flows for the periods presented. Interim results for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results to be expected for the full years. Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted in 2020 Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting We are currently evaluating our contracts and the optional expedients provided by the new standard. Significant Accounting Policies Revenue Recognition The majority of our revenue is generated from long-term contracts associated with manufacturing of wind blades and related services. We account for a long-term contract 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 long-term contract, 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 intellectual property; 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 manufacturing contracts 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. We use historical experience, customer commitments and forecasted future production based on the capacity of the manufacturing facility to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of revenue 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. Additionally, certain of our customer contracts provide for us to make concessions, such as in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. 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, cost incurred to date, and an estimate of the expected future revenue and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of revenue, cost of sales, contract assets and liabilities and the related impact to operating income 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 customer contracts 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 related revenue. 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 manufacturing services contracts. 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, when factoring in supply chain financing arrangements, range from 5 to 25 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 condensed 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 long-term 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 the wind blade product revenue. Revenue related to non-recurring engineering and freight services provided under our customer contracts 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 costs, we apply the practical expedient that allows us to account for shipping and handling as a 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. Warranty Expense We provide a limited warranty for our wind blades and related precision molding and assembly systems, 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. We also provide a limited warranty for our transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for a period of approximately two 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. For example, as of June 30, 2020, a 1% change in the estimated warranty accrual rate across all products would increase the warranty accrual by approximately $36.4 million. The warranty accrual activity for the periods noted consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Warranty accrual at beginning of period $ 51,528 $ 39,533 $ 47,639 $ 36,765 Accrual during the period 4,509 5,697 8,374 11,023 Cost of warranty services provided during the period (5,267 ) (1,456 ) (8,482 ) (2,445 ) Changes in estimate for pre-existing warranties, including expirations during the period 6,002 (940 ) 9,241 (2,509 ) Warranty accrual at end of period $ 56,772 $ 42,834 $ 56,772 $ 42,834 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 condensed 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 condensed 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. Restructuring Charges Our restructuring charges consist of employee 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 employee relocation costs. Liabilities for costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, except for one-time termination benefits. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to share-based compensation plans and are recorded at weighted-average cost. Net Income (Loss) Per Common Share Calculation Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during a period. Diluted net income per common share is computed by giving effect to all potentially dilutive securities, unless there is a net loss for the period. In computing diluted net income per common share, we use the treasury stock method. The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted net income (loss) per common share: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Basic weighted-average shares outstanding 35,299 35,033 35,256 34,970 Effect of dilutive awards — 1,336 — — Diluted weighted-average shares outstanding 35,299 36,369 35,256 34,970 Share-based compensation awards of approximately 6,000 and 19,000 shares were excluded from the computation of net income (loss) per share for the three months ended June 30, 2020 and 2019, respectively, because their effect would be anti-dilutive. Further, since there were net losses for the three months ended June 30, 2020, approximately 1,154,000 potentially dilutive shares were excluded from the calculation. Additionally, since there were net losses for the six months ended June 30, 2020 and 2019, approximately 1,117,000 and 1,455,000 potentially dilutive shares were excluded from the calculation. Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our credit agreement (the Credit Agreement) that we entered into in April 2018. We do not use such swap contracts for speculative or trading purposes. To partially offset the variability of future interest payments on the Credit Agreement arising from changes in the London Interbank Offered Rate (LIBOR), in April 2018, we entered into an interest rate swap agreement with a financial institution for a notional amount of $75.0 million with an expiration date of April 2023. This interest rate swap effectively hedges $75.0 million of the future variable rate LIBOR interest expense to a fixed rate interest expense. The derivative instrument qualified for accounting as a cash flow hedge in accordance with FASB Accounting Standard Codification (ASC) Topic 815, Derivatives and Hedging, The settlement value of the interest rate swap is $5.3 million as of June 30, 2020 and is included in other noncurrent liabilities in the condensed consolidated balance sheet. The unrealized loss on the swap of $4.2 million, net of taxes, as of June 30, 2020 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. The settlement value of the interest rate swap was $2.7 million as of December 31, 2019 and was included in other noncurrent liabilities in the condensed consolidated balance sheet. The unrealized loss on the swap of $2.2 million, net of taxes, as of December 31, 2019 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. 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. In September 2019 we entered into the first of these foreign exchange forward contracts. We do not use such forward contracts for speculative or trading purposes. We expect certain of our subsidiaries to have future cash flows that will be denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact will cause fluctuations in the cash flows we expect to receive or pay when these cash flows are realized or settled. Accordingly, we enter into foreign exchange forward contracts to hedge a portion of these forecasted cash flows. As of June 30, 2020, these foreign exchange forward contracts hedged our forecasted cash flows for periods up to six months. These foreign exchange forward contracts qualified for accounting as cash flow hedges in accordance with ASC Topic 815, and we designated them as such. As of June 30, 2020, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were 0.8 billion Mexican Pesos. The fair value of the foreign exchange forward contracts is $2.0 million as of June 30, 2020 and is included in accounts payable and accrued expense in the condensed consolidated balance sheet. The unrealized loss on the foreign exchange forward contracts of $1.6 million, net of taxes, as of June 30, 2020 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. As of December 31, 2019, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were approximately 1.1 billion Mexican Pesos. The fair value of the foreign exchange forward contracts is $0.7 million as of December 31, 2019 and includes $0.8 million in other current assets and $0.1 million in accounts payable and accrued expenses in the condensed consolidated balance sheet. The unrealized gain on the foreign exchange forward contracts of $0.5 million, net of taxes, as of December 31, 2019 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. All of our derivate assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. Restricted Cash We provide for cash deposits for letters of guarantee used for customs clearance related to our China locations which are reported as restricted cash in our condensed consolidated balance sheets. We also maintain a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection with an equipment lessor in Iowa which is reported within other noncurrent assets in our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets which total the same such amounts in the condensed consolidated statements of cash flows: June 30, December 31, June 30, December 31, 2020 2019 2019 2018 (in thousands) Cash and cash equivalents $ 96,657 $ 70,282 $ 58,664 $ 85,346 Restricted cash 312 992 2,122 3,555 Restricted cash included within other noncurrent assets 475 475 475 475 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 97,444 $ 71,749 $ 61,261 $ 89,376 Other Current Assets Other current assets primarily include refundable value-added taxes and deposits. As of June 30, 2020, we had $21.9 million of refundable value-added taxes and $3.2 million of deposits. As of December 31, 2019, we had $22.7 million of refundable value-added taxes and $6.1 million of deposits. Use of Estimates The preparation of these condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue From Contracts with Cus
Revenue From Contracts with Customers | 6 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue From Contracts with Customers | Note 2. Revenue From Contracts with Customers The following tables represents the disaggregation of our net sales revenue by product for each of our reportable segments: Three Months Ended June 30, 2020 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 26,309 $ 141,540 $ 78,193 $ 102,021 $ 348,063 Precision molding and assembly systems sales — 3,576 3,318 — 6,894 Transportation sales 14,539 — 363 — 14,902 Other sales 1,231 802 1,546 379 3,958 Total net sales $ 42,079 $ 145,918 $ 83,420 $ 102,400 $ 373,817 Three Months Ended June 30, 2019 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 26,580 $ 78,413 $ 87,792 $ 108,979 $ 301,764 Precision molding and assembly systems sales 1,222 5,726 5,971 — 12,919 Transportation sales 6,440 — — — 6,440 Other sales 5,616 560 1,599 1,873 9,648 Total net sales $ 39,858 $ 84,699 $ 95,362 $ 110,852 $ 330,771 Six Months Ended June 30, 2020 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 62,242 $ 227,416 $ 193,379 $ 201,363 $ 684,400 Precision molding and assembly systems sales — 8,637 5,020 — 13,657 Transportation sales 21,218 — 573 — 21,791 Other sales 6,050 1,002 2,698 855 10,605 Total net sales $ 89,510 $ 237,055 $ 201,670 $ 202,218 $ 730,453 Six Months Ended June 30, 2019 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 58,471 $ 140,541 $ 166,830 $ 212,872 $ 578,714 Precision molding and assembly systems sales 1,366 11,941 10,820 — 24,127 Transportation sales 12,656 — — — 12,656 Other sales 8,993 935 2,377 2,749 15,054 Total net sales $ 81,486 $ 153,417 $ 180,027 $ 215,621 $ 630,551 In addition, most of our net sales are made directly to our customers, primarily large multi-national wind turbine manufacturers, under our long-term contracts which are typically five years in length. 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 contract assets are recorded as current assets in the condensed consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts were historically recorded as customer deposits which usually relate to progress payments received as precision molding and assembly systems were being manufactured. The contract liabilities are recorded as current liabilities in the condensed consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the condensed 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 consisted of the following: June 30, December 31, 2020 2019 $ Change (in thousands) Gross contract assets $ 217,162 $ 170,973 $ 46,189 Less: reclassification from contract liabilities (2,606 ) (4,458 ) 1,852 Contract assets $ 214,556 $ 166,515 $ 48,041 June 30, December 31, 2020 2019 $ Change (in thousands) Gross contract liabilities $ 5,053 $ 7,466 $ (2,413 ) Less: reclassification to contract assets (2,606 ) (4,458 ) 1,852 Contract liabilities $ 2,447 $ 3,008 $ (561 ) Contract assets increased by $48.0 million from December 31, 2019 to June 30, 2020 due to incremental unbilled production, which includes materials acquired under long-term contracts, during the six months ended June 30, 2020. Contracts liabilities decreased by $0.6 million from December 31, 2019 to June 30, 2020 due to the revenue earned related to precision molding and assembly systems and wind blades being produced exceeding the amounts billed to customers in the six months ended June 30, 2020. The time it takes to produce a single blade is typically between 5 to 7 days. The time it takes to produce a mold is typically between 3 to 6 months. For the three and six months ended June 30, 2020, we recognized no revenue and $3.0 million of revenue related to precision molding and assembly systems and wind blades, which were 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 Significant Accounting Policies As of June 30, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $3.5 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: 26 percent in the remainder of 2020, 36 percent in 2021, 23 percent in 2022 and the remaining 15 percent in 2023. The transaction price allocated to the remaining performance obligations excludes approximately $63.4 million of variable consideration over the contractual guaranteed minimum volume obligations under current contracts with customers which has been constrained primarily due to uncertainty associated with production volume during the remaining term of the agreements. We estimate the constraint will be resolved in subsequent periods when our customers provide additional information relevant to forecasted future production. For the three and six months ended June 30, 2020, net revenue recognized from our performance obligations satisfied in previous periods increased by $5.8 million and $0.6 million, respectively, as compared to an increase of $2.2 million and a decrease of $12.5 million, respectively, in the same periods of 2019. The current year increase primarily related to changes in certain of our estimated total contract values and related percentage of completion estimates. 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 June 30, 2020, the cost and accumulated amortization of such assets totaled $5.7 million and $2.9 million, respectively. As of December 31, 2019, the cost and accumulated amortization of such assets totaled $5.6 million and $2.7 million, respectively. These amounts are included in other noncurrent assets in the condensed consolidated balance sheets and in cost of goods sold within the condensed consolidated statements of operations. |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 6 Months Ended |
Jun. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Significant Risks and Uncertainties | Note 3. 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 12, Concentration of Customers The COVID-19 pandemic adversely impacted our operations and results of operations for the three and six months ended June 30, 2020 due primarily to reduced production levels at a majority of our manufacturing facilities. During the first quarter of 2020, our China manufacturing facilities were adversely impacted by the COVID-19 pandemic in the form of reduced production levels. During the second quarter of 2020, all of our manufacturing facilities with the exception of our China manufacturing facilities and our Rhode Island manufacturing facility were required to temporarily suspend production or operate at reduced production levels due primarily to certain applicable government-mandated stay at home orders in response to the COVID-19 pandemic, demands from certain of our labor unions to suspend or reduce production and general safety concerns of our associates. By the end of the second quarter of 2020, most of our manufacturing facilities had returned to operating at or near normal production levels. However, several of our manufacturing facilities, in particular our Mexico and India manufacturing facilities, are operating in regions with high levels of reported COVID-19 positive cases. As such, we may be required to reinstate temporary production suspensions or volume reductions at these manufacturing facilities or at our other manufacturing facilities to the extent there is a resurgence of COVID-19 cases in the regions where we operate or there is an outbreak of positive COVID-19 cases in any of our manufacturing facilities. We maintain our U.S. cash in bank deposit 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 2020 and 2019. At June 30, 2020 and December 31, 2019, we had $42.2 million and $45.8 million, respectively, of cash in deposit accounts in U.S. banks, which was in excess of FDIC limits. We have not experienced losses in any such accounts. We also maintain cash in bank deposit accounts outside the U.S. with no insurance. At June 30, 2020, this included $29.7 million in China, $10.9 million in India, $10.6 million in Turkey, $2.9 million in Mexico and $0.4 million in other countries. We have not experienced losses in these accounts. In addition, at June 30, 2020, we had short-term deposits in interest bearing accounts of $0.3 million in China, which are reported as restricted cash in our condensed consolidated balance sheets. At June 30, 2020, we also had long-term deposits in interest bearing accounts of $0.5 million in Iowa which are reported as restricted cash within the caption other noncurrent assets in our condensed consolidated balance sheets. |
Accounts Receivable
Accounts Receivable | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable consisted of the following: June 30, December 31, 2020 2019 (in thousands) Trade accounts receivable $ 128,602 $ 180,051 Other accounts receivable 4,545 3,961 Total accounts receivable $ 133,147 $ 184,012 |
Property, Plant, and Equipment,
Property, Plant, and Equipment, Net | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant, and Equipment, Net | Note 5. Property, Plant and Equipment, Net Property, plant and equipment, net consisted of the following: June 30, December 31, 2020 2019 (in thousands) Machinery and equipment $ 177,773 $ 159,176 Buildings 14,286 14,495 Leasehold improvements 56,783 56,414 Office equipment and software 34,255 32,284 Furniture 24,903 22,429 Vehicles 562 562 Construction in progress 22,613 20,677 Total property, plant and equipment, gross 331,175 306,037 Accumulated depreciation (120,000 ) (101,030 ) Property, plant and equipment, net $ 211,175 $ 205,007 Total depreciation expense for the three months ended June 30, 2020 and 2019 was $11.4 million and $6.1 million, respectively, and $22.3 million and $16.6 million for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020 , the cost and accumulated depreciation of property, plant and equipment that we are leasing under finance lease arrangements were $ million and $ million, respectively. As of December 31, 2019, the cost and accumulated depreciation of property, plant and equipment that we are leasing under finance lease arrangements were $ 45.0 million and $ 17.0 million, respectively. |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 6. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities Long-term debt, net of debt issuance costs and current maturities, consisted of the following: June 30, December 31, 2020 2019 (in thousands) Senior revolving loan—U.S. $ 192,414 $ 112,414 Accounts receivable financing—EMEAI — 3,805 Unsecured financing—EMEA 25,791 — Equipment financing—EMEAI 5,964 7,903 Equipment finance lease—U.S. 163 288 Equipment finance lease—EMEAI 4,776 5,732 Equipment finance lease—Mexico 10,073 11,919 Total debt - principal 239,181 142,061 Less: Debt issuance costs (1,279 ) (672 ) Total debt, net of debt issuance costs 237,902 141,389 Less: Current maturities of long-term debt (25,285 ) (13,501 ) Long-term debt, net of debt issuance costs and current maturities $ 212,617 $ 127,888 In February 2020, we entered into an Incremental Facility Agreement with the current lenders to our Credit Agreement and an additional lender, pursuant to which the aggregate principal amount of our revolving credit facility under the Credit Agreement was increased from $150.0 million to $205.0 million. In June 2020, we entered into an amendment to our Credit Agreement which made certain adjustments to one of the financial covenants, added new covenants related to minimum liquidity and mandatory repayment triggers, provided for certain modifications to the affirmative and negative covenants and changed the interest rate during the Adjustment Period (as defined in the Credit Agreement) to a LIBOR floor of 0.75% plus a margin of 3.0% per annum. The interest rate following the end of the Adjustment Period would be equal to a LIBOR floor of 0.75% plus a margin ranging between 1.75% to 2.50% per annum. All other material terms and conditions of the Credit Agreement remained the same. In the first quarter of 2020, we entered into a credit agreement, as amended, with a Turkish financial institution to provide up to $18.0 million of unsecured financing. Interest accrues at a fixed rate of 3.0% and is payable monthly. The maturity date for amounts currently outstanding is March 2023. The credit agreement does not have a maturity date, however the limits are reviewed in April of each year to establish available capacity. As of June 30, 2020, there was $15.5 million outstanding under this credit agreement. In the first quarter of 2020, we entered into a credit agreement with a Turkish financial institution to provide up to 5.0 million Euro (approximately $5.6 million as of June 30, 2020) of unsecured financing. Interest accrues at a fixed rate of 5.0% and is payable at the end of the term when the loan is repaid. The credit agreement does not have a maturity date, however the limits are reviewed in October of each year to establish available capacity. As of June 30, 2020, there were no amounts outstanding under this credit agreement. In the second quarter of 2020, we amended an existing credit agreement with a Turkish financial institution to provide up to 10.0 million Euro (approximately $11.2 million as of June 30, 2020) of unsecured financing. Interest on the unsecured financing accrues at the one month EURIBOR plus 1.50% (1.50% as of June 30, 2020) and is payable monthly. The maturity date for amounts currently outstanding is April 2021. The unsecured financing agreement does not have a maturity date, however the limits are reviewed in April of each year to establish available capacity. As of June 30, 2020, there was $10.3 million outstanding under the unsecured financing facility. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Plans | Note 7. Share-Based Compensation Plans Our Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan) provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards, performance share awards and dividend equivalent rights to certain employees, non-employee directors and consultants. Under the 2015 Plan, we ha ve granted awards of stock options, restricted stock units (RSUs) and performance-based restricted stock units (PSUs) to certain employees and non-employee directors. During the six months ended June 30, 2020, we issued to certain employees and non-employee directors an aggregate of 456,858 timed-based RSUs, 122,752 PSUs that vest upon achievement of a cumulative, three-year Adjusted EBITDA target measured from January 1, 2020 through December 31, 2022, and 198,826 PSUs that vest upon achievement of certain stock price hurdles for the period of the grant date through December 31, 2022. All of the time-based RSUs vest on the third anniversary date of the grant date. Each of the time-based and performance-based awards are subject to the recipient’s continued service with us, the terms and conditions of the 2015 Plan and the applicable award agreement. In addition, during the six months ended June 30, 2020, we issued 27,082 stock options to certain employees. The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Cost of goods sold $ 465 $ 171 $ 636 $ 348 General and administrative expenses 1,909 1,766 4,680 2,574 Total share-based compensation expense $ 2,374 $ 1,937 $ 5,316 $ 2,922 The share-based compensation expense recognized by award type was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) RSUs $ 1,181 $ 1,009 $ 2,137 $ 1,931 Stock options 599 294 2,252 730 PSUs 594 634 927 261 Total share-based compensation expense $ 2,374 $ 1,937 $ 5,316 $ 2,922 Included in total share-based compensation expense for the six months ended June 30, 2020 is $1.7 million of compensation expense associated with the modification of certain employee and non-employee awards during the quarter. The modifications primarily provided for the extension of the post termination exercise period of outstanding stock options, resulting in a one-time charge in the six months ended June 30, 2020. As of June 30, 2020, the unamortized cost of the outstanding RSUs and PSUs was $9.7 million and $4.9 million, respectively, which we expect to recognize in the condensed consolidated financial statements over weighted-average periods of approximately 2.3 years and 2.3 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $1.7 million, which we expect to recognize in the condensed consolidated financial statements over a weighted-average period of approximately 1.4 years. The summary of activity under our incentive plans is as follows: Stock Options RSUs PSUs Shares Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Units Weighted- Average Grant Date Fair Value Units Weighted- Average Grant Date Fair Value Balance as of December 31, 2019 6,621,512 2,594,228 $ 14.29 1,697,272 354,427 $ 24.99 491,718 $ 26.20 Increase in shares authorized 1,407,228 — — — — — — Granted (805,518 ) 27,082 19.70 456,858 22.36 321,578 22.40 Exercised/vested — (71,885 ) 11.59 (117,683 ) 22.81 — — Forfeited/cancelled 188,927 (153,751 ) 20.02 (14,664 ) 25.96 (20,512 ) 28.19 Balance as of June 30, 2020 7,412,149 2,395,674 14.07 1,863,364 678,938 23.58 792,784 24.61 The fair value of RSUs which vested during the six months ended June 30, 2020 was $2.1 million. In addition, during the six months ended June 30, 2020, we repurchased 28,830 shares for $0.5 million related to tax withholding requirements on vested RSU awards. The total intrinsic value of stock options outstanding and exercisable as of June 30, 2020 was $22.5 million and $19.7 million, respectively. The following table summarizes the outstanding and exercisable stock option awards as of June 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Average Remaining Contractual Life ( in years Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $8.49 12,914 0.2 $ 8.49 12,914 $ 8.49 $10.87 1,411,720 4.9 10.87 1,311,271 10.87 $11.00 to $17.06 321,683 5.7 15.96 291,200 15.96 $18.70 181,059 6.0 18.70 169,481 18.70 $18.77 to $29.26 468,298 8.9 20.76 78,498 21.78 $8.49 to $29.26 2,395,674 5.9 14.07 1,863,364 12.82 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | Note 8. 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 15 years, some of which may include options to extend the leases up to five years. The components of lease cost were as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 9,148 $ 8,184 $ 17,719 $ 15,937 Finance lease cost Amortization of assets under finance leases $ 1,413 $ 1,707 $ 2,960 $ 3,221 Interest on finance leases 256 388 535 796 Total finance lease cost $ 1,669 $ 2,095 $ 3,495 $ 4,017 Future minimum lease payments under noncancelable leases as of June 30, 2020 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2020 $ 15,003 $ 3,262 2021 29,808 6,429 2022 29,089 5,661 2023 28,701 822 2024 25,579 201 Thereafter 121,718 — Total future minimum lease payments 249,898 16,375 Less: interest (73,221 ) (1,363 ) Total lease liabilities $ 176,677 $ 15,012 Total lease liabilities as of June 30, 2020 were as follows: Operating Finance Leases Leases (in thousands) Current operating lease liabilities $ 21,918 $ — Current maturities of long-term debt — 5,526 Noncurrent operating lease liabilities 154,759 — Long-term debt, net of debt issuance costs and current maturities — 9,486 Total lease liabilities $ 176,677 $ 15,012 See Note 5, Property, Plant and Equipment, Net Other information related to leases was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,143 $ 7,849 $ 14,651 $ 15,391 Operating cash flows from finance leases 256 388 535 796 Financing cash flows from finance leases 1,345 2,542 2,837 5,471 Right of use assets obtained in exchange for new lease obligations: Operating leases (830 ) 322 54,326 12,205 Finance leases — 219 — 4,922 June 30, December 31, 2020 2019 Weighted-Average Remaining Lease Term (In Years): Operating leases 8.2 7.6 Finance leases 2.7 3.2 Weighted-Average Discount Rate: Operating leases 8.1 % 7.5 % Finance leases 6.4 % 6.4 % As of June 30, 2020, we have additional leases related to new manufacturing facilities that have not yet commenced totaling approximately $10 million. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 9. Income Taxes Income taxes for the three and six months ended June 30, 2020 were higher than for the corresponding periods ended June 30, 2019 primarily due to the impact of a change in the forecasted annual effective tax rate as of June 30, 2020 in comparison to the forecast at March 31, 2020, and the earnings mix by jurisdiction in 2020 as compared to 2019. More specifically, income taxes for the three months ended June 30, 2020 was the result of applying a revised forecasted annual effective tax rate to a quarter that was significantly impacted by losses in several jurisdictions due to the COVID-19 pandemic. The forecasted effective tax rate for the current year differs from the U.S. statutory income tax rate primarily due to earnings in foreign jurisdictions with income tax rates that exceed the U.S. statutory income tax rate, losses incurred by an entity in a tax-free zone and taxes on Global Intangible Low Tax Income (GILTI) earned by foreign subsidiaries. We do not record a deferred tax liability related to unremitted foreign earnings as we maintain our assertion to indefinitely reinvest our unremitted foreign earnings. An ownership change under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the Code) was deemed to occur in June 2018. In general, a Section 382 and 383 ownership change occurs if there is a cumulative change in our ownership by “5% shareholders” (as defined in the Code) that exceeds 50 percentage points over a rolling three-year period. Based on the analysis performed, however, we do not believe that the Section 382 and 383 annual limitation will materially impact our ability to utilize the tax attributes that existed as of the date of the ownership change. Additional ownership changes in the future could result in additional limitations to our net operating loss carryforwards and credits. No changes in tax law occurred during the quarter which have a material impact on our income tax provision. |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring Charges [Abstract] | |
Restructuring Charges | Note 10. Restructuring Charges In May 2019, we announced plans to consolidate certain of our manufacturing facilities, including our plan to shut down the two blade lines operating in our Taicang Port facility and move our tooling operation from Taicang City to the larger Taicang Port facility, thereby expanding our tooling capacity for larger blades and reducing overall costs. We substantially completed these plans by the end of 2019. In accordance with these plans, during the three and six months ended June 30, 2020, we incurred total charges of $0.2 million and $0.3 million, respectively. These charges are located within the caption “Restructuring charges, net” in the accompanying condensed consolidated statements of operations. We do not expect to incur any material additional charges under these plans throughout the remainder of 2020. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11. Commitments and Contingencies Legal Proceedings 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 or our insurance policy limits. 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. |
Concentration of Customers
Concentration of Customers | 6 Months Ended |
Jun. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentration of Customers | Note 12. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of our total consolidated revenues are as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Vestas $ 193,426 51.7 % $ 142,101 43.0 % $ 350,838 48.0 % $ 270,715 42.9 % GE 71,176 19.0 % 92,018 27.8 % 171,308 23.5 % 176,547 28.0 % Nordex 62,258 16.7 % 53,662 16.2 % 115,515 15.8 % 108,530 17.2 % Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: June 30, December 31, 2020 2019 Customer % of Total % of Total Vestas 44.9 % 41.9 % Nordex 27.9 % 31.3 % |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 13. Segment Reporting Our operating segments are defined geographically as the U.S., Asia, Mexico and EMEAI. Financial results are aggregated into four reportable segments based on quantitative thresholds. All of our segments operate in their local currency, however a portion of the revenue attributable to our Asia and Mexico segments is derived in U.S. dollars because certain of our domestic subsidiaries are the contracting parties to the associated customer supply agreements. The following tables set forth certain information regarding each of our segments: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Revenues by segment: U.S. $ 42,079 $ 39,858 $ 89,510 $ 81,486 Asia 145,918 84,699 237,055 153,417 Mexico 83,420 95,362 201,670 180,027 EMEAI 102,400 110,852 202,218 215,621 Total revenues $ 373,817 $ 330,771 $ 730,453 $ 630,551 Revenues by geographic location (1): U.S. $ 42,079 $ 39,858 $ 89,510 $ 81,486 China 145,918 84,699 237,055 153,417 Mexico 83,420 95,362 201,670 180,027 Turkey and India 102,400 110,852 202,218 215,621 Total revenues $ 373,817 $ 330,771 $ 730,453 $ 630,551 Income (loss) from operations: U.S. (2) $ (12,045 ) $ (22,222 ) $ (27,631 ) $ (36,725 ) Asia 18,492 131 23,564 (8,669 ) Mexico (11,324 ) 4,120 (13,092 ) 3,696 EMEAI (8,378 ) 22,468 (11,500 ) 34,539 Total loss from operations $ (13,255 ) $ 4,497 $ (28,659 ) $ (7,159 ) June 30, December 31, 2020 2019 (in thousands) Property, plant and equipment, net: U.S. $ 33,482 $ 36,410 Asia (China) 49,074 50,603 Mexico 77,793 81,654 EMEAI (Turkey and India) 50,826 36,340 Total property, plant and equipment, net $ 211,175 $ 205,007 (1) Revenues are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $6.9 million and $9.2 million for the three months ended June 30, 2020 and 2019, respectively, and $16.4 million and $17.2 million for the six months ended June 30, 2020 and 2019, respectively. |
Summary of Operations and Sig_2
Summary of Operations and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | 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). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’s knowledge and experience of composite materials and manufacturing originates with its predecessor company, Tillotson Pearson Inc., a leading manufacturer of high-performance sail and powerboats along with a wide range of composite structures used in other industrial applications. Following the separation from the boat building business in 2004, the Company reorganized in Delaware as LCSI Holding, Inc. and then changed its corporate name to TPI Composites, Inc. in 2008. The Company is headquartered in Scottsdale, Arizona and has expanded its global footprint to include domestic facilities in Newton, Iowa; Warren, Rhode Island and Santa Teresa, New Mexico and international facilities in Dafeng, China; Taicang Port, China; Yangzhou, China; Juárez, Mexico; Matamoros, Mexico; Izmir, Turkey; Chennai, India; Kolding, Denmark and Berlin, Germany. References to TPI Composites, Inc, the “Company,” “we,” “us” or “our” in these notes refer to TPI Composites, Inc. and its consolidated subsidiaries. |
Basis of Presentation | Basis of Presentation We divide our business operations into four geographic operating segments—(1) the United States (U.S.), (2) Asia, (3) Mexico and (4) Europe, the Middle East, Africa and India (EMEAI) as follows: • Our U.S. segment includes (1) the manufacturing of wind blades at our Newton, Iowa facility, (2) the manufacturing of precision molding and assembly systems used to manufacture wind blades at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our Rhode Island facility, (4) wind blade inspection and repair services in North America, (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 which we purchased in July 2019 and (7) our corporate headquarters, the costs of which are included in general and administrative expenses. • Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, the latter of which commenced operations in March 2019, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and (3) wind blade inspection and repair services. • Our Mexico segment manufactures wind blades from three facilities in Juárez, Mexico and a facility in Matamoros, Mexico. In addition, we have a facility which manufactures precision molding and assembly systems and composite solutions for the transportation industry in Juárez, Mexico and we commenced operations at this facility in March 2019. This segment also performs wind blade inspection and repair services. • Our EMEAI segment manufactures wind blades from two facilities in Izmir, Turkey and also performs wind blade inspection and repair services. In February 2019, we entered into a new lease agreement with a third party for a new manufacturing facility that was built in Chennai, India and we commenced operations at this facility in the first quarter of 2020. The accompanying condensed consolidated financial statements include the accounts of TPI Composites, Inc. and all of our majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the condensed consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. The condensed consolidated financial statements included herein have been prepared by us without audit, pursuant to the rules and regulations of the SEC and should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 included in our Annual Report on Form 10-K. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP) have been condensed or omitted, as permitted by the SEC, although we believe the disclosures that are made are adequate to make the information presented herein not misleading. The accompanying condensed consolidated financial statements reflect, in the opinion of our management, all normal recurring adjustments necessary to present fairly our financial position at June 30, 2020, and the results of our operations, comprehensive loss and cash flows for the periods presented. Interim results for the three and six months ended June 30, 2020 and 2019 are not necessarily indicative of the results to be expected for the full years. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted in 2020 Financial Instruments In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, We adopted this standard on January 1, 2020 and it did not have a material effect on our condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted Reference Rate Reform In March 2020, the FASB issued ASU 2020-04 , Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting We are currently evaluating our contracts and the optional expedients provided by the new standard. |
Revenue Recognition | Revenue Recognition The majority of our revenue is generated from long-term contracts associated with manufacturing of wind blades and related services. We account for a long-term contract 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 long-term contract, 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 intellectual property; 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 manufacturing contracts 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. We use historical experience, customer commitments and forecasted future production based on the capacity of the manufacturing facility to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of revenue 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. Additionally, certain of our customer contracts provide for us to make concessions, such as in the form of liquidated damages, for missed production deadlines which are paid over a negotiated timeline. 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, cost incurred to date, and an estimate of the expected future revenue and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of revenue, cost of sales, contract assets and liabilities and the related impact to operating income 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 customer contracts 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 related revenue. 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 manufacturing services contracts. 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, when factoring in supply chain financing arrangements, range from 5 to 25 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 condensed 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 long-term 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 the wind blade product revenue. Revenue related to non-recurring engineering and freight services provided under our customer contracts 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 costs, we apply the practical expedient that allows us to account for shipping and handling as a 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. |
Warranty Expense | Warranty Expense We provide a limited warranty for our wind blades and related precision molding and assembly systems, 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. We also provide a limited warranty for our transportation products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for a period of approximately two 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. For example, as of June 30, 2020, a 1% change in the estimated warranty accrual rate across all products would increase the warranty accrual by approximately $36.4 million. The warranty accrual activity for the periods noted consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Warranty accrual at beginning of period $ 51,528 $ 39,533 $ 47,639 $ 36,765 Accrual during the period 4,509 5,697 8,374 11,023 Cost of warranty services provided during the period (5,267 ) (1,456 ) (8,482 ) (2,445 ) Changes in estimate for pre-existing warranties, including expirations during the period 6,002 (940 ) 9,241 (2,509 ) Warranty accrual at end of period $ 56,772 $ 42,834 $ 56,772 $ 42,834 |
Leases | 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 condensed 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 condensed 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. |
Restructuring Charges | Restructuring Charges Our restructuring charges consist of employee 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 employee relocation costs. Liabilities for costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred, except for one-time termination benefits. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. |
Treasury Stock | Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to share-based compensation plans and are recorded at weighted-average cost. |
Net Income (Loss) Per Common Share Calculation | Net Income (Loss) Per Common Share Calculation Basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted-average number of common shares outstanding during a period. Diluted net income per common share is computed by giving effect to all potentially dilutive securities, unless there is a net loss for the period. In computing diluted net income per common share, we use the treasury stock method. The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted net income (loss) per common share: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Basic weighted-average shares outstanding 35,299 35,033 35,256 34,970 Effect of dilutive awards — 1,336 — — Diluted weighted-average shares outstanding 35,299 36,369 35,256 34,970 Share-based compensation awards of approximately 6,000 and 19,000 shares were excluded from the computation of net income (loss) per share for the three months ended June 30, 2020 and 2019, respectively, because their effect would be anti-dilutive. Further, since there were net losses for the three months ended June 30, 2020, approximately 1,154,000 potentially dilutive shares were excluded from the calculation. Additionally, since there were net losses for the six months ended June 30, 2020 and 2019, approximately 1,117,000 and 1,455,000 potentially dilutive shares were excluded from the calculation. |
Financial Instruments | Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our credit agreement (the Credit Agreement) that we entered into in April 2018. We do not use such swap contracts for speculative or trading purposes. To partially offset the variability of future interest payments on the Credit Agreement arising from changes in the London Interbank Offered Rate (LIBOR), in April 2018, we entered into an interest rate swap agreement with a financial institution for a notional amount of $75.0 million with an expiration date of April 2023. This interest rate swap effectively hedges $75.0 million of the future variable rate LIBOR interest expense to a fixed rate interest expense. The derivative instrument qualified for accounting as a cash flow hedge in accordance with FASB Accounting Standard Codification (ASC) Topic 815, Derivatives and Hedging, The settlement value of the interest rate swap is $5.3 million as of June 30, 2020 and is included in other noncurrent liabilities in the condensed consolidated balance sheet. The unrealized loss on the swap of $4.2 million, net of taxes, as of June 30, 2020 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. The settlement value of the interest rate swap was $2.7 million as of December 31, 2019 and was included in other noncurrent liabilities in the condensed consolidated balance sheet. The unrealized loss on the swap of $2.2 million, net of taxes, as of December 31, 2019 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. 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. In September 2019 we entered into the first of these foreign exchange forward contracts. We do not use such forward contracts for speculative or trading purposes. We expect certain of our subsidiaries to have future cash flows that will be denominated in currencies other than the subsidiaries’ functional currencies. Changes in the exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact will cause fluctuations in the cash flows we expect to receive or pay when these cash flows are realized or settled. Accordingly, we enter into foreign exchange forward contracts to hedge a portion of these forecasted cash flows. As of June 30, 2020, these foreign exchange forward contracts hedged our forecasted cash flows for periods up to six months. These foreign exchange forward contracts qualified for accounting as cash flow hedges in accordance with ASC Topic 815, and we designated them as such. As of June 30, 2020, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were 0.8 billion Mexican Pesos. The fair value of the foreign exchange forward contracts is $2.0 million as of June 30, 2020 and is included in accounts payable and accrued expense in the condensed consolidated balance sheet. The unrealized loss on the foreign exchange forward contracts of $1.6 million, net of taxes, as of June 30, 2020 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. As of December 31, 2019, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were approximately 1.1 billion Mexican Pesos. The fair value of the foreign exchange forward contracts is $0.7 million as of December 31, 2019 and includes $0.8 million in other current assets and $0.1 million in accounts payable and accrued expenses in the condensed consolidated balance sheet. The unrealized gain on the foreign exchange forward contracts of $0.5 million, net of taxes, as of December 31, 2019 is included in accumulated other comprehensive loss in the condensed consolidated balance sheet. All of our derivate assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. |
Restricted Cash | Restricted Cash We provide for cash deposits for letters of guarantee used for customs clearance related to our China locations which are reported as restricted cash in our condensed consolidated balance sheets. We also maintain a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection with an equipment lessor in Iowa which is reported within other noncurrent assets in our condensed consolidated balance sheets. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets which total the same such amounts in the condensed consolidated statements of cash flows: June 30, December 31, June 30, December 31, 2020 2019 2019 2018 (in thousands) Cash and cash equivalents $ 96,657 $ 70,282 $ 58,664 $ 85,346 Restricted cash 312 992 2,122 3,555 Restricted cash included within other noncurrent assets 475 475 475 475 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 97,444 $ 71,749 $ 61,261 $ 89,376 |
Other Current Assets | Other Current Assets Other current assets primarily include refundable value-added taxes and deposits. As of June 30, 2020, we had $21.9 million of refundable value-added taxes and $3.2 million of deposits. As of December 31, 2019, we had $22.7 million of refundable value-added taxes and $6.1 million of deposits. |
Use of Estimates | Use of Estimates The preparation of these condensed consolidated financial statements in conformity with 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Summary of Operations and Sig_3
Summary of Operations and Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Warranty Accrual Activity | The warranty accrual activity for the periods noted consisted of the following: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Warranty accrual at beginning of period $ 51,528 $ 39,533 $ 47,639 $ 36,765 Accrual during the period 4,509 5,697 8,374 11,023 Cost of warranty services provided during the period (5,267 ) (1,456 ) (8,482 ) (2,445 ) Changes in estimate for pre-existing warranties, including expirations during the period 6,002 (940 ) 9,241 (2,509 ) Warranty accrual at end of period $ 56,772 $ 42,834 $ 56,772 $ 42,834 |
Calculation Of Weighted-Average Number Of Common Shares Outstanding | The table below reflects the calculation of the weighted-average number of common shares outstanding, using the treasury stock method, used in computing basic and diluted net income (loss) per common share: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Basic weighted-average shares outstanding 35,299 35,033 35,256 34,970 Effect of dilutive awards — 1,336 — — Diluted weighted-average shares outstanding 35,299 36,369 35,256 34,970 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets which total the same such amounts in the condensed consolidated statements of cash flows: June 30, December 31, June 30, December 31, 2020 2019 2019 2018 (in thousands) Cash and cash equivalents $ 96,657 $ 70,282 $ 58,664 $ 85,346 Restricted cash 312 992 2,122 3,555 Restricted cash included within other noncurrent assets 475 475 475 475 Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows $ 97,444 $ 71,749 $ 61,261 $ 89,376 |
Revenue From Contracts with C_2
Revenue From Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 revenue by product for each of our reportable segments: Three Months Ended June 30, 2020 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 26,309 $ 141,540 $ 78,193 $ 102,021 $ 348,063 Precision molding and assembly systems sales — 3,576 3,318 — 6,894 Transportation sales 14,539 — 363 — 14,902 Other sales 1,231 802 1,546 379 3,958 Total net sales $ 42,079 $ 145,918 $ 83,420 $ 102,400 $ 373,817 Three Months Ended June 30, 2019 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 26,580 $ 78,413 $ 87,792 $ 108,979 $ 301,764 Precision molding and assembly systems sales 1,222 5,726 5,971 — 12,919 Transportation sales 6,440 — — — 6,440 Other sales 5,616 560 1,599 1,873 9,648 Total net sales $ 39,858 $ 84,699 $ 95,362 $ 110,852 $ 330,771 Six Months Ended June 30, 2020 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 62,242 $ 227,416 $ 193,379 $ 201,363 $ 684,400 Precision molding and assembly systems sales — 8,637 5,020 — 13,657 Transportation sales 21,218 — 573 — 21,791 Other sales 6,050 1,002 2,698 855 10,605 Total net sales $ 89,510 $ 237,055 $ 201,670 $ 202,218 $ 730,453 Six Months Ended June 30, 2019 U.S. Asia Mexico EMEAI Total (in thousands) Wind blade sales $ 58,471 $ 140,541 $ 166,830 $ 212,872 $ 578,714 Precision molding and assembly systems sales 1,366 11,941 10,820 — 24,127 Transportation sales 12,656 — — — 12,656 Other sales 8,993 935 2,377 2,749 15,054 Total net sales $ 81,486 $ 153,417 $ 180,027 $ 215,621 $ 630,551 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities consisted of the following: June 30, December 31, 2020 2019 $ Change (in thousands) Gross contract assets $ 217,162 $ 170,973 $ 46,189 Less: reclassification from contract liabilities (2,606 ) (4,458 ) 1,852 Contract assets $ 214,556 $ 166,515 $ 48,041 June 30, December 31, 2020 2019 $ Change (in thousands) Gross contract liabilities $ 5,053 $ 7,466 $ (2,413 ) Less: reclassification to contract assets (2,606 ) (4,458 ) 1,852 Contract liabilities $ 2,447 $ 3,008 $ (561 ) |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consisted of the following: June 30, December 31, 2020 2019 (in thousands) Trade accounts receivable $ 128,602 $ 180,051 Other accounts receivable 4,545 3,961 Total accounts receivable $ 133,147 $ 184,012 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net consisted of the following: June 30, December 31, 2020 2019 (in thousands) Machinery and equipment $ 177,773 $ 159,176 Buildings 14,286 14,495 Leasehold improvements 56,783 56,414 Office equipment and software 34,255 32,284 Furniture 24,903 22,429 Vehicles 562 562 Construction in progress 22,613 20,677 Total property, plant and equipment, gross 331,175 306,037 Accumulated depreciation (120,000 ) (101,030 ) Property, plant and equipment, net $ 211,175 $ 205,007 |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Long-term debt, net of debt issuance costs and current maturities, consisted of the following: June 30, December 31, 2020 2019 (in thousands) Senior revolving loan—U.S. $ 192,414 $ 112,414 Accounts receivable financing—EMEAI — 3,805 Unsecured financing—EMEA 25,791 — Equipment financing—EMEAI 5,964 7,903 Equipment finance lease—U.S. 163 288 Equipment finance lease—EMEAI 4,776 5,732 Equipment finance lease—Mexico 10,073 11,919 Total debt - principal 239,181 142,061 Less: Debt issuance costs (1,279 ) (672 ) Total debt, net of debt issuance costs 237,902 141,389 Less: Current maturities of long-term debt (25,285 ) (13,501 ) Long-term debt, net of debt issuance costs and current maturities $ 212,617 $ 127,888 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations | The share-based compensation expense recognized in the condensed consolidated statements of operations was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Cost of goods sold $ 465 $ 171 $ 636 $ 348 General and administrative expenses 1,909 1,766 4,680 2,574 Total share-based compensation expense $ 2,374 $ 1,937 $ 5,316 $ 2,922 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) RSUs $ 1,181 $ 1,009 $ 2,137 $ 1,931 Stock options 599 294 2,252 730 PSUs 594 634 927 261 Total share-based compensation expense $ 2,374 $ 1,937 $ 5,316 $ 2,922 |
Summary of Activity for Incentive Plans | The summary of activity under our incentive plans is as follows: Stock Options RSUs PSUs Shares Available for Grant Shares Weighted- Average Exercise Price Options Exercisable Units Weighted- Average Grant Date Fair Value Units Weighted- Average Grant Date Fair Value Balance as of December 31, 2019 6,621,512 2,594,228 $ 14.29 1,697,272 354,427 $ 24.99 491,718 $ 26.20 Increase in shares authorized 1,407,228 — — — — — — Granted (805,518 ) 27,082 19.70 456,858 22.36 321,578 22.40 Exercised/vested — (71,885 ) 11.59 (117,683 ) 22.81 — — Forfeited/cancelled 188,927 (153,751 ) 20.02 (14,664 ) 25.96 (20,512 ) 28.19 Balance as of June 30, 2020 7,412,149 2,395,674 14.07 1,863,364 678,938 23.58 792,784 24.61 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of June 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices: Shares Weighted- Average Remaining Contractual Life ( in years Weighted- Average Exercise Price Shares Weighted- Average Exercise Price $8.49 12,914 0.2 $ 8.49 12,914 $ 8.49 $10.87 1,411,720 4.9 10.87 1,311,271 10.87 $11.00 to $17.06 321,683 5.7 15.96 291,200 15.96 $18.70 181,059 6.0 18.70 169,481 18.70 $18.77 to $29.26 468,298 8.9 20.76 78,498 21.78 $8.49 to $29.26 2,395,674 5.9 14.07 1,863,364 12.82 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost were as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Operating lease cost $ 9,148 $ 8,184 $ 17,719 $ 15,937 Finance lease cost Amortization of assets under finance leases $ 1,413 $ 1,707 $ 2,960 $ 3,221 Interest on finance leases 256 388 535 796 Total finance lease cost $ 1,669 $ 2,095 $ 3,495 $ 4,017 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | Future minimum lease payments under noncancelable leases as of June 30, 2020 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2020 $ 15,003 $ 3,262 2021 29,808 6,429 2022 29,089 5,661 2023 28,701 822 2024 25,579 201 Thereafter 121,718 — Total future minimum lease payments 249,898 16,375 Less: interest (73,221 ) (1,363 ) Total lease liabilities $ 176,677 $ 15,012 |
Schedule of Lease Liabilities | Total lease liabilities as of June 30, 2020 were as follows: Operating Finance Leases Leases (in thousands) Current operating lease liabilities $ 21,918 $ — Current maturities of long-term debt — 5,526 Noncurrent operating lease liabilities 154,759 — Long-term debt, net of debt issuance costs and current maturities — 9,486 Total lease liabilities $ 176,677 $ 15,012 |
Other Information Related to Leases | Other information related to leases was as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Supplemental Cash Flow Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,143 $ 7,849 $ 14,651 $ 15,391 Operating cash flows from finance leases 256 388 535 796 Financing cash flows from finance leases 1,345 2,542 2,837 5,471 Right of use assets obtained in exchange for new lease obligations: Operating leases (830 ) 322 54,326 12,205 Finance leases — 219 — 4,922 June 30, December 31, 2020 2019 Weighted-Average Remaining Lease Term (In Years): Operating leases 8.2 7.6 Finance leases 2.7 3.2 Weighted-Average Discount Rate: Operating leases 8.1 % 7.5 % Finance leases 6.4 % 6.4 % |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Risks And Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers (in thousands) in excess of 10 percent of our total consolidated revenues are as follows: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Customer Revenues % of Total Revenues % of Total Revenues % of Total Revenues % of Total Vestas $ 193,426 51.7 % $ 142,101 43.0 % $ 350,838 48.0 % $ 270,715 42.9 % GE 71,176 19.0 % 92,018 27.8 % 171,308 23.5 % 176,547 28.0 % Nordex 62,258 16.7 % 53,662 16.2 % 115,515 15.8 % 108,530 17.2 % |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of our total consolidated trade accounts receivable are as follows: June 30, December 31, 2020 2019 Customer % of Total % of Total Vestas 44.9 % 41.9 % Nordex 27.9 % 31.3 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 (in thousands) Revenues by segment: U.S. $ 42,079 $ 39,858 $ 89,510 $ 81,486 Asia 145,918 84,699 237,055 153,417 Mexico 83,420 95,362 201,670 180,027 EMEAI 102,400 110,852 202,218 215,621 Total revenues $ 373,817 $ 330,771 $ 730,453 $ 630,551 Revenues by geographic location (1): U.S. $ 42,079 $ 39,858 $ 89,510 $ 81,486 China 145,918 84,699 237,055 153,417 Mexico 83,420 95,362 201,670 180,027 Turkey and India 102,400 110,852 202,218 215,621 Total revenues $ 373,817 $ 330,771 $ 730,453 $ 630,551 Income (loss) from operations: U.S. (2) $ (12,045 ) $ (22,222 ) $ (27,631 ) $ (36,725 ) Asia 18,492 131 23,564 (8,669 ) Mexico (11,324 ) 4,120 (13,092 ) 3,696 EMEAI (8,378 ) 22,468 (11,500 ) 34,539 Total loss from operations $ (13,255 ) $ 4,497 $ (28,659 ) $ (7,159 ) June 30, December 31, 2020 2019 (in thousands) Property, plant and equipment, net: U.S. $ 33,482 $ 36,410 Asia (China) 49,074 50,603 Mexico 77,793 81,654 EMEAI (Turkey and India) 50,826 36,340 Total property, plant and equipment, net $ 211,175 $ 205,007 (1) Revenues are attributable to countries based on the location where the product is manufactured or the services are performed. (2) The losses from operations in our U.S. segment includes corporate general and administrative costs of $6.9 million and $9.2 million for the three months ended June 30, 2020 and 2019, respectively, and $16.4 million and $17.2 million for the six months ended June 30, 2020 and 2019, respectively. |
Summary of Operations and Sig_4
Summary of Operations and Significant Accounting Policies - Basis of Presentation - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020SegmentFacility | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of operating segments | Segment | 4 |
Mexico [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of manufacturing facilities | 3 |
EMEAI [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of manufacturing facilities | 2 |
Summary of Operations and Sig_5
Summary of Operations and Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
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, when factoring in supply chain financing arrangements, range from 5 to 25 days. |
Summary of Operations and Sig_6
Summary of Operations and Significant Accounting Policies - Warranty Expense - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in estimated warranty accrual rate | 1.00% |
Increase in warranty accrual due to change in estimated warranty accrual rate | $ 36.4 |
Transportation [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Minimum [Member] | Mold and Wind Blade Products [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 2 years |
Maximum [Member] | Mold and Wind Blade Products [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Limited warranty period | 5 years |
Summary of Operations and Sig_7
Summary of Operations and Significant Accounting Policies - Schedule of Warranty Accrual Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Product Warranties Disclosures [Abstract] | ||||
Warranty accrual at beginning of period | $ 51,528 | $ 39,533 | $ 47,639 | $ 36,765 |
Accrual during the period | 4,509 | 5,697 | 8,374 | 11,023 |
Cost of warranty services provided during the period | (5,267) | (1,456) | (8,482) | (2,445) |
Changes in estimate for pre-existing warranties, including expirations during the period | 6,002 | (940) | 9,241 | (2,509) |
Warranty accrual at end of period | $ 56,772 | $ 42,834 | $ 56,772 | $ 42,834 |
Summary of Operations and Sig_8
Summary of Operations and Significant Accounting Policies - Leases - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Lease, practical expedients, package | true |
Summary of Operations and Sig_9
Summary of Operations and Significant Accounting Policies - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average shares outstanding | 35,299 | 35,033 | 35,256 | 34,970 |
Effect of dilutive awards | 0 | 1,336 | 0 | 0 |
Diluted weighted-average shares outstanding | 35,299 | 36,369 | 35,256 | 34,970 |
Summary of Operations and Si_10
Summary of Operations and Significant Accounting Policies - Net Income (Loss) Per Common Share Calculation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Anti-dilutive shares excluded from computation of diluted net income (loss) per share | 1,154,000 | 1,117,000 | 1,455,000 | |
Share-Based Compensation Awards [Member] | ||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||
Anti-dilutive shares excluded from computation of diluted net income (loss) per share | 6,000 | 19,000 |
Summary of Operations and Si_11
Summary of Operations and Significant Accounting Policies - Financial Instruments - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Apr. 30, 2018USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Unrealized gain (loss), net of taxes | $ 3,549 | $ (1,071) | $ (4,120) | $ (2,881) | ||||
Interest Rate Swap Arrangement [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Derivative notional amount | $ 75,000 | |||||||
Derivative maturity month and year | 2023-04 | |||||||
Settlement value of swap | 5,300 | 5,300 | $ 2,700 | |||||
Unrealized gain (loss), net of taxes | (4,200) | (2,200) | ||||||
Interest Rate Swap Arrangement [Member] | LIBOR [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Derivative hedges amount future variable rate interest expense | $ 75,000 | |||||||
Foreign Exchange Forward Contract [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Unrealized gain (loss), net of taxes | (1,600) | 500 | ||||||
Net fair value of the foreign exchange forward contracts | 700 | |||||||
Foreign Exchange Forward Contract [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Liability fair value of the foreign exchange forward contracts | $ 2,000 | $ 2,000 | 100 | |||||
Foreign Exchange Forward Contract [Member] | Other Current Assets [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Asset fair value of the foreign exchange forward contracts | $ 800 | |||||||
Foreign Exchange Forward Contract [Member] | Cash Flow Hedging [Member] | ||||||||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||||||||
Derivative notional amount | $ 800,000,000 | $ 1,100,000,000 |
Summary of Operations and Si_12
Summary of Operations and Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 96,657 | $ 70,282 | $ 58,664 | $ 85,346 |
Restricted cash | 312 | 992 | 2,122 | 3,555 |
Restricted cash included within other noncurrent assets | 475 | 475 | 475 | 475 |
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows | $ 97,444 | $ 71,749 | $ 61,261 | $ 89,376 |
Summary of Operations and Si_13
Summary of Operations and Significant Accounting Policies - Other Current Assets - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Refundable value-added tax | $ 21.9 | $ 22.7 |
Deposits | $ 3.2 | $ 6.1 |
Revenue From Contracts with C_3
Revenue From Contracts with Customers - Summary of Disaggregation of Net Sales Revenue by Product for Each of Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | $ 373,817 | $ 330,771 | $ 730,453 | $ 630,551 |
U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 42,079 | 39,858 | 89,510 | 81,486 |
Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 145,918 | 84,699 | 237,055 | 153,417 |
Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 83,420 | 95,362 | 201,670 | 180,027 |
EMEAI Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 102,400 | 110,852 | 202,218 | 215,621 |
Wind Blades [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 348,063 | 301,764 | 684,400 | 578,714 |
Wind Blades [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 26,309 | 26,580 | 62,242 | 58,471 |
Wind Blades [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 141,540 | 78,413 | 227,416 | 140,541 |
Wind Blades [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 78,193 | 87,792 | 193,379 | 166,830 |
Wind Blades [Member] | EMEAI Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 102,021 | 108,979 | 201,363 | 212,872 |
Precision Molding and Assembly Systems [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 6,894 | 12,919 | 13,657 | 24,127 |
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 1,222 | 1,366 | ||
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,576 | 5,726 | 8,637 | 11,941 |
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,318 | 5,971 | 5,020 | 10,820 |
Transportation [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 14,902 | 6,440 | 21,791 | 12,656 |
Transportation [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 14,539 | 6,440 | 21,218 | 12,656 |
Transportation [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 363 | 573 | ||
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 3,958 | 9,648 | 10,605 | 15,054 |
Other [Member] | U.S. Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 1,231 | 5,616 | 6,050 | 8,993 |
Other [Member] | Asia Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 802 | 560 | 1,002 | 935 |
Other [Member] | Mexico Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | 1,546 | 1,599 | 2,698 | 2,377 |
Other [Member] | EMEAI Segment [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Net sales revenue | $ 379 | $ 1,873 | $ 855 | $ 2,749 |
Revenue From Contracts with C_4
Revenue From Contracts with Customers - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Revenue from Contracts with Customers | |||||
Increase in contract assets | $ 48,041,000 | ||||
Decrease in contracts liabilities | 561,000 | ||||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | $ 3,500,000,000 | $ 3,500,000,000 | |||
Estimate to recognize remaining performance obligations as revenue, percent in remainder of 2020 | 26.00% | ||||
Estimate to recognize remaining performance obligations as revenue, percent in 2021 | 36.00% | ||||
Estimate to recognize remaining performance obligations as revenue, percent in 2022 | 23.00% | ||||
Estimate to recognize remaining performance obligations as revenue, percent in 2023 | 15.00% | ||||
Variable consideration over contractual guaranteed minimum volume obligations | 63,400,000 | $ 63,400,000 | |||
Net revenue recognized from performance obligations satisfied in previous periods,increase (decrease) amount | 5,800,000 | $ 2,200,000 | 600,000 | $ (12,500,000) | |
Other Noncurrent Assets [Member] | |||||
Revenue from Contracts with Customers | |||||
Capitalized contract cost | 5,700,000 | 5,700,000 | $ 5,600,000 | ||
Capitalized contract cost, accumulated amortization | 2,900,000 | 2,900,000 | $ 2,700,000 | ||
Precision Molding And Assembly Systems And Wind Blades [Member] | |||||
Revenue from Contracts with Customers | |||||
Contract liability revenue recognized | $ 0 | $ 3,000,000 | |||
Minimum [Member] | |||||
Revenue from Contracts with Customers | |||||
Production hours of single blade | 5 days | ||||
Production time of mold | 3 months | ||||
Maximum [Member] | |||||
Revenue from Contracts with Customers | |||||
Production hours of single blade | 7 days | ||||
Production time of mold | 6 months | ||||
Long-term Contract with Customer [Member] | Net Sales, Directly to Consumer [Member] | |||||
Revenue from Contracts with Customers | |||||
Contracts with customer, length | 5 years |
Revenue From Contracts with C_5
Revenue From Contracts with Customers - Summary of Contract Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract assets | $ 217,162 | $ 170,973 |
Less: reclassification from contract liabilities | (2,606) | (4,458) |
Contract assets | 214,556 | $ 166,515 |
Gross contract assets, Change | 46,189 | |
Less: reclassification from contract liabilities, Change | 1,852 | |
Contract assets, Change | $ 48,041 |
Revenue From Contracts with C_6
Revenue From Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract liabilities | $ 5,053 | $ 7,466 |
Less: reclassification to contract assets | (2,606) | (4,458) |
Contract liabilities | 2,447 | $ 3,008 |
Gross contract liabilities, Change | (2,413) | |
Less: reclassification to contract assets, Change | 1,852 | |
Contract liabilities, Change | $ (561) |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Concentration Risk [Line Items] | ||||
Cash in short-term deposits in interest bearing accounts | $ 312,000 | $ 992,000 | $ 2,122,000 | $ 3,555,000 |
Cash in long term deposits in interest bearing accounts | 475,000 | 475,000 | $ 475,000 | $ 475,000 |
U.S. [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 42,200,000 | 45,800,000 | ||
China [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 29,700,000 | |||
Cash in short-term deposits in interest bearing accounts | 300,000 | |||
Turkey [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 10,600,000 | |||
India [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 10,900,000 | |||
Mexico [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 2,900,000 | |||
Iowa [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in long term deposits in interest bearing accounts | 500,000 | |||
Other Countries [Member] | ||||
Concentration Risk [Line Items] | ||||
Cash in deposit accounts | 400,000 | |||
Maximum [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 | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 133,147 | $ 184,012 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 128,602 | 180,051 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 4,545 | $ 3,961 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 331,175 | $ 306,037 |
Accumulated depreciation | (120,000) | (101,030) |
Property, plant and equipment, net | 211,175 | 205,007 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 177,773 | 159,176 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 14,286 | 14,495 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 56,783 | 56,414 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 34,255 | 32,284 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 24,903 | 22,429 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 562 | 562 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 22,613 | $ 20,677 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |||||
Total depreciation expense | $ 11.4 | $ 6.1 | $ 22.3 | $ 16.6 | |
Cost of property plant and equipment leased under finance lease arrangements | 43.5 | 43.5 | $ 45 | ||
Accumulated depreciation of property plant and equipment under finance lease arrangements | $ 19 | $ 19 | $ 17 |
Long-Term Debt, Net of Debt I_3
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Total long-term debt | ||
Total long-term debt | $ 239,181 | $ 142,061 |
Less: Debt issuance costs | (1,279) | (672) |
Total debt, net of debt issuance costs | 237,902 | 141,389 |
Less: Current maturities of long-term debt | (25,285) | (13,501) |
Long-term debt, net of debt issuance costs and current maturities | 212,617 | 127,888 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 192,414 | 112,414 |
Accounts Receivable Financing [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 3,805 | |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 25,791 | |
Equipment Financing [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 5,964 | 7,903 |
Equipment Finance Lease [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 163 | 288 |
Equipment Finance Lease [Member] | EMEAI [Member] | ||
Total long-term debt | ||
Total long-term debt | 4,776 | 5,732 |
Equipment Finance Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 10,073 | $ 11,919 |
Long-Term Debt, Net of Debt I_4
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2020EUR (€) | Feb. 29, 2020USD ($) | Apr. 30, 2018USD ($) | |
Turkish Financial Institution [Member] | Unsecured Financing [Member] | Fixed Rate of 3.0% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 18,000,000 | $ 18,000,000 | $ 18,000,000 | |||
Debt instrument fixed interest rate | 3.00% | 3.00% | 3.00% | 3.00% | ||
Credit facility outstanding | $ 15,500,000 | $ 15,500,000 | $ 15,500,000 | |||
Turkish Financial Institution [Member] | Unsecured Financing [Member] | Fixed Rate of 5.0% [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 5,600,000 | $ 5,600,000 | $ 5,600,000 | € 5,000,000 | ||
Debt instrument fixed interest rate | 5.00% | 5.00% | 5.00% | 5.00% | ||
Credit facility outstanding | $ 0 | $ 0 | $ 0 | |||
EURIBOR [Member] | Turkish Financial Institution [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | 11,200,000 | $ 11,200,000 | $ 11,200,000 | € 10,000,000 | ||
Debt instrument, description of variable rate basis | one month EURIBOR plus 1.50% | |||||
Debt instrument, variable interest rate | 1.50% | |||||
Credit facility outstanding | $ 10,300,000 | $ 10,300,000 | $ 10,300,000 | |||
Revolving Credit Facility [Member] | U.S. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 205,000,000 | $ 150,000,000 | ||||
Credit Agreement [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, description of variable rate basis | LIBOR floor of 0.75% plus a margin of 3.0% per annum | |||||
Debt instrument, variable rate floor | 0.75% | |||||
Debt instrument, variable interest rate | 3.00% | |||||
Credit Agreement Amendment [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate floor | 0.75% | |||||
Credit Agreement Amendment [Member] | LIBOR [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 1.75% | |||||
Credit Agreement Amendment [Member] | LIBOR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 2.50% |
Share-Based Compensation Plan_2
Share-Based Compensation Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 27,082 | |||
Compensation expense | $ 2,374 | $ 1,937 | $ 5,316 | $ 2,922 |
Intrinsic value of stock options outstanding | 22,500 | 22,500 | ||
Intrinsic value of stock options exercisable | 19,700 | $ 19,700 | ||
Timed-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 456,858 | |||
Performance-Based Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 122,752 | |||
Performance-Based Restricted Stock Units [Member] | Certain Stock Price Hurdles [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 198,826 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 456,858 | |||
Unamortized amount of share-based compensation expense | 9,700 | $ 9,700 | ||
Unrecognized cost expects to recognize, weighted-average period | 2 years 3 months 18 days | |||
Compensation expense | 1,181 | 1,009 | $ 2,137 | 1,931 |
Fair value of awards vested during period | $ 2,100 | |||
Shares repurchased for awards | 28,830 | |||
Shares repurchased for tax withholding requirements, value | $ 500 | |||
Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation plans, shares issued | 321,578 | |||
Unamortized amount of share-based compensation expense | 4,900 | $ 4,900 | ||
Unrecognized cost expects to recognize, weighted-average period | 2 years 3 months 18 days | |||
Compensation expense | 594 | 634 | $ 927 | 261 |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized cost expects to recognize, weighted-average period | 1 year 4 months 24 days | |||
Total unrecognized cost related to non-vested stock option awards | 1,700 | $ 1,700 | ||
Compensation expense | $ 599 | $ 294 | 2,252 | $ 730 |
Modification of Employee and Non-Employee Awards Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 1,700 |
Share-Based Compensation Plan_3
Share-Based Compensation Plans - Schedule of Share-based Compensation Expense Recognized in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 2,374 | $ 1,937 | $ 5,316 | $ 2,922 |
Cost of Goods Sold [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 465 | 171 | 636 | 348 |
General and Administrative Costs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,909 | $ 1,766 | $ 4,680 | $ 2,574 |
Share-Based Compensation Plan_4
Share-Based Compensation Plans - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 2,374 | $ 1,937 | $ 5,316 | $ 2,922 |
Restricted Stock Units (RSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 1,181 | 1,009 | 2,137 | 1,931 |
Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | 599 | 294 | 2,252 | 730 |
Performance-based Restricted Stock Units (PSUs) [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 594 | $ 634 | $ 927 | $ 261 |
Share-Based Compensation Plan_5
Share-Based Compensation Plans - Summary of Activity for Incentive Plans (Detail) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Stock Options, Shares Available for Grant, Beginning balance | 6,621,512 |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,407,228 |
Stock Options, Shares Available for Grant, Granted | (805,518) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 188,927 |
Stock Options, Shares Available for Grant, Ending balance | 7,412,149 |
Stock Options, Shares, Beginning balance | 2,594,228 |
Stock Options, Shares, Increase in shares authorized | 0 |
Stock Options, Shares, Granted | 27,082 |
Stock Options, Shares, Exercised/vested | (71,885) |
Stock Options, Shares, Forfeited/cancelled | (153,751) |
Stock Options, Shares, Ending balance | 2,395,674 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ / shares | $ 14.29 |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | $ / shares | 0 |
Stock Options, Weighted-Average Exercise Price, Granted | $ / shares | 19.70 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | $ / shares | 11.59 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | $ / shares | 20.02 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ / shares | $ 14.07 |
Stock Options, Options Exercisable, Beginning balance | 1,697,272 |
Stock Options, Options Exercisable, Ending balance | 1,863,364 |
Restricted Stock Units (RSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Beginning balance | 354,427 |
Units, Increase in shares authorized | 0 |
Units, Granted | 456,858 |
Units, Exercised/vested | (117,683) |
Units, Forfeited/cancelled | (14,664) |
Units, Ending balance | 678,938 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 24.99 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 22.36 |
Weighted-Average Grant Date Fair Value, Exercised/vested | $ / shares | 22.81 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 25.96 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 23.58 |
Performance-based Restricted Stock Units (PSUs) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Units, Beginning balance | 491,718 |
Units, Increase in shares authorized | 0 |
Units, Granted | 321,578 |
Units, Exercised/vested | 0 |
Units, Forfeited/cancelled | (20,512) |
Units, Ending balance | 792,784 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ / shares | $ 26.20 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 22.40 |
Weighted-Average Grant Date Fair Value, Exercised/vested | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | $ / shares | 28.19 |
Weighted-Average Grant Date Fair Value, Ending balance | $ / shares | $ 24.61 |
Share-Based Compensation Plan_6
Share-Based Compensation Plans - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 8.49 |
Options Outstanding, Shares | shares | 12,914 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.49 |
Options Exercisable, Shares | shares | 12,914 |
Options Exercisable, Weighted-Average Exercise Price | $ 8.49 |
Range Two [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 | 1,411,720 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 |
Options Exercisable, Shares | shares | 1,311,271 |
Options Exercisable, Weighted-Average Exercise Price | $ 10.87 |
Range Three [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 | 321,683 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 8 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 15.96 |
Options Exercisable, Shares | shares | 291,200 |
Options Exercisable, Weighted-Average Exercise Price | $ 15.96 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 18.70 |
Options Outstanding, Shares | shares | 181,059 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years |
Options Outstanding, Weighted-Average Exercise Price | $ 18.70 |
Options Exercisable, Shares | shares | 169,481 |
Options Exercisable, Weighted-Average Exercise Price | $ 18.70 |
Range Five [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 | $ 29.26 |
Options Outstanding, Shares | shares | 468,298 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 20.76 |
Options Exercisable, Shares | shares | 78,498 |
Options Exercisable, Weighted-Average Exercise Price | $ 21.78 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 8.49 |
Range of Exercise Prices, Maximum | $ 29.26 |
Options Outstanding, Shares | shares | 2,395,674 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 14.07 |
Options Exercisable, Shares | shares | 1,863,364 |
Options Exercisable, Weighted-Average Exercise Price | $ 12.82 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Lessee Lease Description [Line Items] | |
Lessee, operating lease, option to extend | include options to extend the leases up to five years |
Lessee, operating lease, existence of option to extend [true false] | true |
Lessee, finance lease, option to extend | include options to extend the leases up to five years |
Lessee, finance lease, existence of option to extend [true false] | true |
Lessee, leases not yet commenced, description | As of June 30, 2020, we have additional leases related to new manufacturing facilities that have not yet commenced totaling approximately $10 million. |
Lessee, leases not yet commenced, lease liability | $ 10 |
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 | 15 years |
Lessee, lease options to extend lease term | 5 years |
Leases - Components of Lease Co
Leases - Components of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||||
Operating lease cost | $ 9,148 | $ 8,184 | $ 17,719 | $ 15,937 |
Finance lease cost | ||||
Amortization of assets under finance leases | 1,413 | 1,707 | 2,960 | 3,221 |
Interest on finance leases | 256 | 388 | 535 | 796 |
Total finance lease cost | $ 1,669 | $ 2,095 | $ 3,495 | $ 4,017 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) $ in Thousands | Jun. 30, 2020USD ($) |
Operating Leases Abstract | |
2020 | $ 15,003 |
2021 | 29,808 |
2022 | 29,089 |
2023 | 28,701 |
2024 | 25,579 |
Thereafter | 121,718 |
Total future minimum lease payments | 249,898 |
Less: interest | (73,221) |
Total lease liabilities | 176,677 |
Finance Leases Abstract | |
2020 | 3,262 |
2021 | 6,429 |
2022 | 5,661 |
2023 | 822 |
2024 | 201 |
Total future minimum lease payments | 16,375 |
Less: interest | (1,363) |
Total lease liabilities | $ 15,012 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Current operating lease liabilities | $ 21,918 | $ 16,629 |
Noncurrent operating lease liabilities | 154,759 | $ 113,883 |
Total lease liabilities | 176,677 | |
Current maturities of long-term debt | 5,526 | |
Long-term debt, net of debt issuance costs and current maturities | 9,486 | |
Total lease liabilities | $ 15,012 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||||
Operating cash flows from operating leases | $ 7,143 | $ 7,849 | $ 14,651 | $ 15,391 | |
Operating cash flows from finance leases | 256 | 388 | 535 | 796 | |
Financing cash flows from finance leases | 1,345 | 2,542 | 2,837 | 5,471 | |
Right of use assets obtained in exchange for new lease obligations: | |||||
Operating leases | $ (830) | 322 | $ 54,326 | 12,205 | |
Finance leases | $ 219 | $ 4,922 | |||
Weighted-Average Remaining Lease Term (In Years): | |||||
Operating leases | 8 years 2 months 12 days | 8 years 2 months 12 days | 7 years 7 months 6 days | ||
Finance leases | 2 years 8 months 12 days | 2 years 8 months 12 days | 3 years 2 months 12 days | ||
Weighted-Average Discount Rate: | |||||
Operating leases | 8.10% | 8.10% | 7.50% | ||
Finance leases | 6.40% | 6.40% | 6.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020 | |
Ownership Change [Member] | |
Income Tax Disclosure [Line Items] | |
Description of Ownership Change | An ownership change under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended (the Code) was deemed to occur in June 2018. In general, a Section 382 and 383 ownership change occurs if there is a cumulative change in our ownership by “5% shareholders” (as defined in the Code) that exceeds 50 percentage points over a rolling three-year period. |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | May 31, 2019Facility | |
Restructuring Charges [Abstract] | |||
Number of manufacturing facilities shut down | Facility | 2 | ||
Restructuring charges (reversals), net | $ | $ 0.2 | $ 0.3 |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Sales Revenues [Member] | |||||
Concentration Risk [Line Items] | |||||
Customer risk percentage | 10.00% | 10.00% | 10.00% | 10.00% | |
Accounts Receivable [Member] | |||||
Concentration Risk [Line Items] | |||||
Customer risk percentage | 10.00% | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Concentration Risk [Line Items] | ||||
Revenues | $ 373,817 | $ 330,771 | $ 730,453 | $ 630,551 |
Sales Revenues [Member] | Vestas [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 193,426 | $ 142,101 | $ 350,838 | $ 270,715 |
Percentage of Total | 51.70% | 43.00% | 48.00% | 42.90% |
Sales Revenues [Member] | GE [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 71,176 | $ 92,018 | $ 171,308 | $ 176,547 |
Percentage of Total | 19.00% | 27.80% | 23.50% | 28.00% |
Sales Revenues [Member] | Nordex [Member] | Customer Concentration Risk [Member] | ||||
Concentration Risk [Line Items] | ||||
Revenues | $ 62,258 | $ 53,662 | $ 115,515 | $ 108,530 |
Percentage of Total | 16.70% | 16.20% | 15.80% | 17.20% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 44.90% | 41.90% |
Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 27.90% | 31.30% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2020Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 373,817 | $ 330,771 | $ 730,453 | $ 630,551 | |
Total loss from operations | (13,255) | 4,497 | (28,659) | (7,159) | |
Total property, plant and equipment, net | 211,175 | 211,175 | $ 205,007 | ||
U.S. Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 42,079 | 39,858 | 89,510 | 81,486 | |
Total loss from operations | (12,045) | (22,222) | (27,631) | (36,725) | |
Total property, plant and equipment, net | 33,482 | 33,482 | 36,410 | ||
Asia Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 145,918 | 84,699 | 237,055 | 153,417 | |
Total loss from operations | 18,492 | 131 | 23,564 | (8,669) | |
Total property, plant and equipment, net | 49,074 | 49,074 | 50,603 | ||
Mexico Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 83,420 | 95,362 | 201,670 | 180,027 | |
Total loss from operations | (11,324) | 4,120 | (13,092) | 3,696 | |
Total property, plant and equipment, net | 77,793 | 77,793 | 81,654 | ||
EMEAI Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 102,400 | 110,852 | 202,218 | 215,621 | |
Total loss from operations | (8,378) | 22,468 | (11,500) | 34,539 | |
Total property, plant and equipment, net | 50,826 | 50,826 | $ 36,340 | ||
U.S. [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 42,079 | 39,858 | 89,510 | 81,486 | |
China [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 145,918 | 84,699 | 237,055 | 153,417 | |
Mexico [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | 83,420 | 95,362 | 201,670 | 180,027 | |
Turkey and India [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total revenues | $ 102,400 | $ 110,852 | $ 202,218 | $ 215,621 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Segment Information (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 6,887 | $ 9,208 | $ 16,383 | $ 17,193 |
U.S. Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
General and administrative costs | $ 6,900 | $ 9,200 | $ 16,400 | $ 17,200 |