Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 29, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | TPI Composites, Inc. | ||
Entity Central Index Key | 0001455684 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-37839 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 20-1590775 | ||
Entity Address, Address Line One | 8501 N. Scottsdale Rd. | ||
Entity Address, Address Line Two | Gainey Center II, Suite 100 | ||
Entity Address, City or Town | Scottsdale | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85253 | ||
City Area Code | 480 | ||
Local Phone Number | 305-8910 | ||
Entity Common Stock, Shares Outstanding | 36,563,798 | ||
Entity Public Float | $ 708 | ||
Title of 12(b) Security | Common Stock, par value $0.01 | ||
Trading symbol | TPIC | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the Registrant’s Definitive Proxy Statement relating to the Annual Meeting of Stockholders, scheduled to be held on May 18, 2021, are incorporated by reference into Part III of this Report. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 129,857 | $ 70,282 |
Restricted cash | 339 | 992 |
Accounts receivable | 132,768 | 184,012 |
Contract assets | 216,928 | 166,515 |
Prepaid expenses | 29,507 | 10,047 |
Other current assets | 27,921 | 29,843 |
Inventories | 10,839 | 6,731 |
Total current assets | 548,159 | 468,422 |
Property, plant and equipment, net | 209,001 | 205,007 |
Operating lease right of use assets | 158,827 | 122,351 |
Goodwill | 2,807 | 2,807 |
Intangible assets and deferred costs, net | 4,146 | 4,170 |
Other noncurrent assets | 33,317 | 23,920 |
Total assets | 956,257 | 826,677 |
Current liabilities: | ||
Accounts payable and accrued expenses | 295,992 | 293,104 |
Accrued warranty | 50,852 | 47,639 |
Current maturities of long-term debt | 32,551 | 13,501 |
Current operating lease liabilities | 26,099 | 16,629 |
Contract liabilities | 614 | 3,008 |
Total current liabilities | 406,108 | 373,881 |
Long-term debt, net of debt issuance costs and current maturities | 184,316 | 127,888 |
Noncurrent operating lease liabilities | 155,925 | 113,883 |
Other noncurrent liabilities | 8,873 | 5,975 |
Total liabilities | 755,222 | 621,627 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Common shares, $0.01 par value, 100,000 shares authorized and 36,771 shares issued and 36,564 shares outstanding at December 31, 2020; 100,000 shares authorized and 35,326 shares issued and 35,181 shares outstanding at December 31, 2019 | 368 | 353 |
Paid-in capital | 349,472 | 322,906 |
Accumulated other comprehensive loss | (32,990) | (23,612) |
Accumulated deficit | (109,716) | (90,689) |
Treasury stock, at cost, 207 shares at December 31, 2020; 145 shares at December 31, 2019 | (6,099) | (3,908) |
Total stockholders’ equity | 201,035 | 205,050 |
Total liabilities and stockholders’ equity | $ 956,257 | $ 826,677 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 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 | 36,771,000 | 35,326,000 |
Common stock, shares outstanding | 36,564,000 | 35,181,000 |
Treasury stock, shares | 207,000 | 145,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Net sales | $ 1,670,137 | $ 1,436,500 | $ 1,029,624 |
Cost of sales | 1,561,432 | 1,290,619 | 882,075 |
Startup and transition costs | 44,606 | 68,033 | 74,708 |
Total cost of goods sold | 1,606,038 | 1,358,652 | 956,783 |
Gross profit | 64,099 | 77,848 | 72,841 |
General and administrative expenses | 33,496 | 39,916 | 43,542 |
Loss on sale of assets and asset impairments | 7,748 | 18,117 | 4,581 |
Restructuring charges, net | 4,089 | 3,927 | |
Income from operations | 18,766 | 15,888 | 24,718 |
Other income (expense): | |||
Interest income | 102 | 157 | 181 |
Interest expense | (10,501) | (8,179) | (10,417) |
Loss on extinguishment of debt | (3,397) | ||
Foreign currency loss, net | (19,986) | (4,107) | (13,489) |
Miscellaneous income | 3,876 | 3,648 | 4,650 |
Total other expense | (26,509) | (8,481) | (22,472) |
Income (loss) before income taxes | (7,743) | 7,407 | 2,246 |
Income tax benefit (provision) | (11,284) | (23,115) | 3,033 |
Net income (loss) | $ (19,027) | $ (15,708) | $ 5,279 |
Weighted-average common shares outstanding: | |||
Basic | 35,532 | 35,062 | 34,311 |
Diluted | 35,532 | 35,062 | 36,002 |
Net income (loss) per common share: | |||
Basic | $ (0.54) | $ (0.45) | $ 0.15 |
Diluted | $ (0.54) | $ (0.45) | $ 0.15 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ (19,027) | $ (15,708) | $ 5,279 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (8,099) | (7,026) | (14,428) |
Unrealized gain (loss) on hedging derivatives, net of taxes of $(200), $(585) and $158 for the years ended December 31, 2020, 2019 and 2018 | (1,279) | (2,194) | 594 |
Comprehensive loss | $ (28,405) | $ (24,928) | $ (8,555) |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Unrealized gain (loss) on hedging derivatives | $ (200) | $ (585) | $ 158 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - 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, 2017 | $ 220,554 | $ 340 | $ 301,543 | $ (558) | $ (80,260) | $ (511) |
Beginning balance, shares at Dec. 31, 2017 | 34,049 | |||||
Net income (loss) | 5,279 | 5,279 | ||||
Other comprehensive loss | (13,834) | (13,834) | ||||
Common stock repurchased | (2,859) | (2,859) | ||||
Issuances under share-based compensation plan | 4,284 | $ 7 | 2,695 | 1,582 | ||
Issuances under share-based compensation plan, shares | 696 | |||||
Share-based compensation expense | 7,533 | 7,533 | ||||
Ending balance at Dec. 31, 2018 | 220,957 | $ 347 | 311,771 | (14,392) | (74,981) | (1,788) |
Ending balance, shares at Dec. 31, 2018 | 34,745 | |||||
Net income (loss) | (15,708) | (15,708) | ||||
Other comprehensive loss | (9,220) | (9,220) | ||||
Common stock repurchased | (2,120) | (2,120) | ||||
Issuances under share-based compensation plan | 5,297 | $ 6 | 5,291 | |||
Issuances under share-based compensation plan, shares | 581 | |||||
Share-based compensation expense | 5,844 | 5,844 | ||||
Ending balance at Dec. 31, 2019 | 205,050 | $ 353 | 322,906 | (23,612) | (90,689) | (3,908) |
Ending balance, shares at Dec. 31, 2019 | 35,326 | |||||
Net income (loss) | (19,027) | (19,027) | ||||
Other comprehensive loss | (9,378) | (9,378) | ||||
Common stock repurchased | (2,191) | (2,191) | ||||
Issuances under share-based compensation plan | 16,584 | $ 15 | 16,569 | |||
Issuances under share-based compensation plan, shares | 1,445 | |||||
Share-based compensation expense | 9,997 | 9,997 | ||||
Ending balance at Dec. 31, 2020 | $ 201,035 | $ 368 | $ 349,472 | $ (32,990) | $ (109,716) | $ (6,099) |
Ending balance, shares at Dec. 31, 2020 | 36,771 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (19,027) | $ (15,708) | $ 5,279 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 49,667 | 38,580 | 26,429 |
Loss on sale of assets and asset impairments | 7,748 | 18,117 | 4,581 |
Restructuring charges, net | 4,089 | 3,927 | |
Share-based compensation expense | 10,352 | 5,681 | 7,795 |
Amortization of debt issuance costs | 351 | 206 | 336 |
Loss on extinguishment of debt | 3,397 | ||
Deferred income taxes | (7,982) | 4,951 | (14,912) |
Changes in assets and liabilities: | |||
Accounts receivable | 42,986 | (19,366) | (59,200) |
Contract assets and liabilities | (56,150) | (57,583) | (7,898) |
Operating lease right of use assets and operating lease liabilities | 15,036 | 6,953 | |
Inventories | (4,276) | (1,145) | (1,685) |
Prepaid expenses | (19,916) | (1,052) | 1,318 |
Other current assets | 1,491 | (13,692) | (132) |
Other noncurrent assets | 734 | (7,177) | (5,167) |
Accounts payable and accrued expenses | 6,209 | 80,720 | 32,263 |
Accrued warranty | 3,213 | 10,874 | 6,346 |
Other noncurrent liabilities | 3,045 | 2,798 | (2,008) |
Net cash provided by (used in) operating activities | 37,570 | 57,084 | (3,258) |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (65,666) | (74,408) | (52,688) |
Acquisition of a business | (1,102) | ||
Net cash used in investing activities | (65,666) | (75,510) | (52,688) |
Cash flows from financing activities: | |||
Proceeds from revolving and term loans | 80,000 | 22,000 | 89,435 |
Repayments of revolving and term loans | (21,260) | (74,972) | |
Net proceeds from (repayments of) accounts receivable financing | (3,805) | (10,719) | 424 |
Proceeds from working capital loans | 3,535 | ||
Repayments of working capital loans | (3,535) | ||
Principal repayments of finance leases | (6,116) | (9,128) | |
Net proceeds from (repayments of) other debt | 26,875 | (4,286) | (23,763) |
Debt issuance costs | (730) | (281) | |
Proceeds from exercise of stock options | 15,839 | 5,223 | 4,284 |
Repurchase of common stock including shares withheld in lieu of income taxes | (2,191) | (2,120) | (2,859) |
Net cash provided by (used in) financing activities | 88,612 | 970 | (7,732) |
Impact of foreign exchange rates on cash, cash equivalents and restricted cash | (2,069) | (171) | 617 |
Net change in cash, cash equivalents and restricted cash | 58,447 | (17,627) | (63,061) |
Cash, cash equivalents and restricted cash, beginning of year | 71,749 | 89,376 | 152,437 |
Cash, cash equivalents and restricted cash, end of year | 130,196 | 71,749 | 89,376 |
Supplemental cash flow information: | |||
Cash paid for interest | 9,853 | 8,190 | 9,904 |
Cash paid for income taxes, net of refunds | 20,965 | 18,640 | 7,246 |
Noncash investing and financing activities: | |||
Right of use assets obtained in exchange for new operating lease liabilities | 61,455 | 15,855 | |
Property, plant, and equipment obtained in exchange for new finance lease liabilities | 163 | 5,811 | 21,968 |
Accrued capital expenditures in accounts payable | 7,556 | 14,644 | 5,139 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash: | |||
Cash and cash equivalents | 70,282 | 85,346 | 148,113 |
Restricted cash | 992 | 3,555 | 3,849 |
Restricted cash included within other noncurrent assets | $ 475 | $ 475 | $ 475 |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Cash, cash equivalents and restricted cash, beginning of year | $ 71,749 | $ 89,376 | $ 152,437 |
Cash and cash equivalents | 129,857 | 70,282 | 85,346 |
Restricted cash | $ 339 | 992 | 3,555 |
Restricted cash included within other noncurrent assets | $ 475 | $ 475 | |
Restricted Cash, Noncurrent, Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
Cash, cash equivalents and restricted cash, end of year | $ 130,196 | $ 71,749 | $ 89,376 |
Summary of Operations and Summa
Summary of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Operations and Significant Accounting Policies | Note 1. Summary of Operations and Summary of Significant Accounting Policies (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’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. Today, 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. (b) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. (c) Revenue Recognition The majority of our revenue is generated from 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 plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. 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 consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our 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 total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on 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 our accounts receivable assignment agreements, 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 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 wind blade sales. Revenue related to field service inspection and repair services, 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. (d) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs, as well as the allocated portion of costs incurred at our corporate headquarters and our research facilities. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial wind blades from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. (e) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2020, 2019 and 2018, total research and development expenses totaled $1.0 million, $1.0 million and $0.8 million, respectively. (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2020, 2019 and 2018, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $7.7 million, $18.1 million and $4.6 million, respectively. (g) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2020 and 2019, our China locations collectively had unrestricted cash totaling $47.4 million and $9.7 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in Turkey and Mexico impose no such restrictions on transferring cash out of the respective country. As of December 31, 2020 and 2019, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $0.3 million and $1.0 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2019, we maintained a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection an equipment lessor in Iowa, totaling $0.5 million. This balance was refunded to us in 2020. See Note 8, Other Noncurrent Assets. (h) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2020 or 2019, and $0.2 million during 2018, and do not have any off-balance-sheet credit exposure related to our customers. See Note 4, Accounts Receivable. (i) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. (j) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7-10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years (k) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. (l) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2020 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred cost s incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue f rom Contracts with Customers for a further discussion of those deferred costs . See Note 7 , Intangible Assets and Deferred Costs , Net . (m) Warranty Expense We provide a limited warranty for our mold and wind blade products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years. 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. See Note 9, Accrued Warranty (n) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to shares withheld in lieu of income taxes associated with share-based compensation plans and are recorded at weighted-average cost. (o) Foreign Currency Translation and Income and Losses Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2020, 2019 and 2018 amounted to other comprehensive losses of $8.1 million, $7.0 million and $14.4 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, Turkey, China and India operations. • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in their functional currency, the US. dollar. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso, which are remeasured to their U.S. dollar functional currency. • Our Turkey operations maintain their books and records in their functional currency, the local Turkish currency, the Lira. • Our China operations maintain their books and records in their functional currency, the local Chinese currency, the Renminbi. • Our Chennai, India operations maintain their books and records in their functional currency, the U.S. dollar. • Our Kolding, Denmark operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the local Danish currency, the Krone. • Our Berlin, Germany operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the Euro. Foreign currency transaction gains and losses are reported in foreign currency income (loss), net in our consolidated statements of operations. (p) Share-Based Compensation We maintain one active incentive compensation plan: the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). The 2015 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted stock awards, unrestricted stock awards, cash-based awards, performance-based restricted stock units (PSUs) and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100% of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options and certain PSUs granted. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2020, we utilized a weighted-average volatility of 47.3%, a 0% dividend yield and a weighted-average risk-free interest rate of 0.5%. The volatility was based on the most recent comparable period for the Company and the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . As our common stock had not been publicly traded prior to July 2016, the expected volatility assumption reflects an average of our historical volatility and the volatilities of publicly traded peer group companies with a period equal to the expected life of the options. Expected Life (years) . We use the simplified method to estimate the expected term of stock options. The simplified method for estimating expected term is to use the mid-point between the vesting term and the contractual term of the option. We elected to use the simplified method because we did not have historical exercise data to estimate the expected term due to the limited time period our common stock had been publicly traded. Risk-Free Interest Rate . The risk-free interest rate assumption is based upon the U.S. constant maturity treasury rates as the risk-free rate interpolated between the years commensurate with the expected life of the options. Dividend Yield . The dividend yield assumption is zero since we do not expect to declare or pay dividends in the foreseeable future. Forfeitures. Share-based compensation expense is reversed when the service-based award is forfeited. Expected Vesting Period . We amortize the share-based compensation expense over the requisite service period. Share-based compensation expense related to RSUs and PSUs are expensed over the vesting period using the straight-line method for our employees and our board of directors. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant for our employees and directors. (q) Leases On January 1, 2019, we adopted the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 842, Leases lease liabilities in the consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term debt, and long-term debt, net of debt issuance costs and current maturities in the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Variable payments are not included in ROU assets or lease liabilities and can vary from period to period based on asset usage or our proportionate share of common costs. The implicit rate within our leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. We estimate our incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. The ROU asset also includes any lease prepayments made and any initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected not to recognize ROU assets or lease liabilities for leases with a term of 12 months or less. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient to account for these components as a single lease component for all classes of underlying assets. (r) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes (s) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, realizability of intangible assets, deferred costs and deferred tax assets, standalone selling prices and future contract volumes and the direct costs to complete the performance obligation for revenue recognition, fair value of stock options, performance- |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 511,090 $ 472,994 $ 368,907 $ 91,649 $ 1,580,055 Precision molding and assembly systems sales — 13,134 14,939 — — 28,073 Transportation sales 33,849 — 2,347 — — 36,196 Other sales 12,677 2,859 5,559 4,638 80 25,813 Total net sales $ 181,941 $ 527,083 $ 495,839 $ 373,545 $ 91,729 $ 1,670,137 Year Ended December 31, 2019 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 120,125 $ 366,206 $ 410,337 $ 431,362 $ 687 $ 1,328,717 Precision molding and assembly systems sales 3,774 25,203 19,703 — — 48,680 Transportation sales 28,523 — 347 — — 28,870 Other sales 16,895 2,400 5,219 5,719 — 30,233 Total net sales $ 169,317 $ 393,809 $ 435,606 $ 437,081 $ 687 $ 1,436,500 Year Ended December 31, 2018 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 126,335 $ 264,417 $ 256,101 $ 286,414 $ — $ 933,267 Precision molding and assembly systems sales 5,034 36,616 7,203 — — 48,853 Transportation sales 29,254 — — — — 29,254 Other sales 3,093 5,222 5,452 4,483 — 18,250 Total net sales $ 163,716 $ 306,255 $ 268,756 $ 290,897 $ — $ 1,029,624 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. For a further information regarding of our reportable segments, refer to Note 19, Segment Reporting Contract Assets and Liabilities Contract assets consist of the amount of revenue recognized over time for performance obligations in production where control has transferred to the customer, but the contract does not yet allow for the customer to be billed. Typically, customers are billed when the product finishes production and meets the technical specifications contained in the contract. The time it takes to produce a single blade is typically between 5 to 7 days. The time it takes to produce a mold is typically between 3 to 6 months. The majority of the contract asset balance relates to materials procured based on customer specifications. The contract assets are recorded as current assets in the consolidated balance sheets. Contract liabilities consist of advance payments in excess of revenue earned. These amounts primarily represent progress payments received as precision molding and assembly systems are being manufactured. The contract liabilities are recorded as current liabilities in the consolidated balance sheets and are reduced as we record revenue over time. These contract assets and liabilities are reported on the consolidated balance sheets net on a contract-by-contract basis at the end of each reporting period, as demonstrated in the table below. Contract assets and contract liabilities as of December 31 consisted of the following: 2020 2019 $ Change (in thousands) Gross contract assets $ 223,428 $ 170,973 $ 52,455 Less: reclassification from contract liabilities (6,500 ) (4,458 ) (2,042 ) Contract assets $ 216,928 $ 166,515 $ 50,413 2020 2019 $ Change (in thousands) Gross contract liabilities $ 7,114 $ 7,466 $ (352 ) Less: reclassification to contract assets (6,500 ) (4,458 ) (2,042 ) Contract liabilities $ 614 $ 3,008 $ (2,394 ) Contracts assets increased by $50.4 million from December 31, 2019 to December 31, 2020 due to customer specific material purchases and incremental unbilled production during the year ended December 31, 2020. Contracts liabilities decreased by $2.4 million from December 31, 2019 to December 31, 2020 due to the revenue earned related to precision molding and assembly systems and wind blades being produced exceeding the amounts billed to customers during the year ended December 31, 2020. For the years ended December 31, 2020, 2019 and 2018, we recognized revenue of $3.0 million, $7.1 million and $2.8 million, respectively, related to precision molding and assembly systems and wind blades, which was included in the corresponding contract liability balance at the beginning of the period. Performance Obligations Remaining performance obligations represent the transaction price for which work has not been performed and excludes any unexercised contract options. As discussed in Note 1, Summary of Operations and Significant Accounting Policies – (c) Revenue Recognition As of December 31, 2020, the aggregate amount of the transaction price allocated to the remaining performance obligations to be satisfied in future periods was approximately $3.6 billion. We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2021 $ 1,689,153 47.1 % 2022 1,203,476 33.5 % 2023 622,170 17.3 % 2024 75,841 2.1 % Total remaining performance obligations $ 3,590,640 100.0 % The transaction price allocated to the remaining performance obligations excludes approximately $71.9 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 year ended December 31, 2020, net revenue recognized from our performance obligations satisfied in previous periods increased by $23.7 million. The current year increase primarily relates to changes in certain of our estimated total contract values and related direct costs to complete the performance obligations. Pre-Production Investments We recognize an asset for deferred costs incurred to fulfill a contract when those costs meet all of the following criteria: (a) the costs relate directly to a contract or to an anticipated contract that we can specifically identify; (b) the costs generate or enhance our resources that will be used in satisfying performance obligations in the future; and, (c) the costs are expected to be recovered. We capitalize the costs related to training our workforce to execute the manufacturing services and other facility set-up costs related to preparing for production of a specific contract. We factor these costs into our estimated cost analysis for the overall contract. Costs capitalized are amortized over the number of units produced during the contract term. As of December 31, 2020, the cost and accumulated amortization of such assets totaled $6.6 million and $3.7 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 intangible assets and deferred costs, net in the consolidated balance sheet. See Note 7, Intangible Assets and Deferred Costs, Net In applying the practical expedient as permitted under FASB ASU 2014-09, Revenue from Contracts with Customers (Topic 606), |
Significant Risks and Uncertain
Significant Risks and Uncertainties | 12 Months Ended |
Dec. 31, 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 18, Concentration of Customers The COVID-19 pandemic adversely affected our business and operations during the year ended December 31, 2020. 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 and COVID-19 related costs associated with the health and safety of our associates and non-productive labor. 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. Although all of our manufacturing facilities currently are operating at or near normal production levels, we may be required to reinstate temporary production suspensions or volume reductions at our manufacturing facilities or at our other locations 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 facilities. We maintain our U.S. cash in bank deposit and money market accounts that, at times, exceed U.S. federally insured limits. U.S. bank accounts are guaranteed by the Federal Deposit Insurance Corporation (FDIC) in an amount up to $250,000 during 2020 and 2019. U.S money market accounts are not guaranteed by the FDIC. As of December 31, 2020 and 2019, we had $68.9 million and $45.8 million, respectively, of cash in bank deposit and money market accounts in high quality U.S. banks, which was in excess of FDIC limits. We have not experienced losses in any such accounts. We also maintain cash in bank deposit accounts outside the U.S. with no insurance. As of December 31, 2020, this included $47.4 million in China, $6.0 million in Turkey, $5.0 million in India, $2.1 million in Mexico and $0.5 million in other countries. As of December 31, 2019, this included $9.7 million in China, $9.9 million in Turkey, $2.4 million in India, $2.1 million in Mexico and $0.4 million in other countries. We have not experienced losses in these accounts. In addition, as of December 31, 2020 and 2019, we have short-term deposits in interest bearing accounts of $0.3 million and $1.0 million, respectively, in China, which are reported as restricted cash in our consolidated balance sheets. As of December 31, 2019, we had long-term deposits in interest bearing accounts of $0.5 million in Iowa. This deposit was repaid to us in 2020. See Note 8, Other Noncurrent Assets Certain of our debt agreements are either tied to LIBOR or the Euro Interbank Offered Rate (EURIBOR) and certain of them have associated interest rate hedges. Due to the relatively low LIBOR and EURIBOR rates in effect as of December 31, 2020, a 10% change in the LIBOR or EURIBOR rate would not have had a material impact on our future earnings, fair values or cash flows. |
Accounts Receivable
Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Accounts Receivable | Note 4. Accounts Receivable Accounts receivable as of December 31 consisted of the following: 2020 2019 (in thousands) Trade accounts receivable $ 127,765 $ 180,051 Other accounts receivable 5,003 3,961 Total accounts receivable $ 132,768 $ 184,012 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Current Assets | Note 5. Other Current Assets Other current assets as of December 31 consisted of the following: 2020 2019 (in thousands) Refundable value-added tax $ 18,961 $ 22,687 Deposits 2,791 6,143 Other current assets 6,169 1,013 Total current assets $ 27,921 $ 29,843 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment, Net | Note 6. Property, Plant and Equipment, Net Property, plant and equipment, net as of December 31 consisted of the following: 2020 2019 (in thousands) Machinery and equipment $ 204,917 $ 159,176 Buildings 15,544 14,495 Leasehold improvements 61,947 56,414 Office equipment and software 35,194 32,284 Furniture 25,097 22,429 Vehicles 635 562 Construction in progress 8,725 20,677 Total property, plant and equipment, gross 352,059 306,037 Accumulated depreciation (143,058 ) (101,030 ) Total property, plant and equipment, net $ 209,001 $ 205,007 As of December 31, 2020, the projects in construction in progress included the continued investment in of our manufacturing facility in Chennai, India and in our other existing manufacturing facilities. Total depreciation for the years ended December 31, 2020, 2019 and 2018 was $48.6 million, $36.7 million and $25.5 million, respectively. As of December 31, 2020, the cost and accumulated depreciation of property, plant and equipment that we are leasing under finance lease arrangements is $28.5 million and $12.5 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 is $45.0 million and $17.0 million, respectively. See Note 12, Leases |
Intangible Assets and Deferred
Intangible Assets and Deferred Costs, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Deferred Costs, Net | Note 7. Intangible Assets and Deferred Costs, Net Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2020, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 6,581 $ (3,723 ) $ 2,858 Patents 10 years 123 (6 ) 117 Acquired development tools 10 years 1,075 (54 ) 1,021 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 7,929 $ (3,783 ) $ 4,146 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2019, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 5,639 $ (2,656 ) $ 2,983 Patents 10 years 112 (6 ) 106 Acquired development tools 10 years 980 (49 ) 931 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 6,881 $ (2,711 ) $ 4,170 (1) See Note 2, Revenue from Contracts with Customers, During the years ended December 31, 2020, 2019 and 2018, we recorded amortization expense for the intangible assets and deferred costs of $1.1 million, $1.9 million and $0.9 million, respectively. |
Other Noncurrent Assets
Other Noncurrent Assets | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets Noncurrent [Abstract] | |
Other Noncurrent Assets | Note 8. Other Noncurrent Assets Other noncurrent assets as of December 31 consisted of the following: 2020 2019 (in thousands) Deferred tax assets $ 18,793 $ 11,209 Deposits 10,004 8,437 Land use right (50 year estimated useful life) 1,584 1,521 Restricted cash — 475 Other 2,936 2,278 Total other noncurrent assets $ 33,317 $ 23,920 |
Accrued Warranty
Accrued Warranty | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Accrued Warranty | Note 9. Accrued Warranty Warranty accrual as of December 31 consisted of the following: 2020 2019 2018 (in thousands) Warranty accrual at beginning of year $ 47,639 $ 36,765 $ 30,419 Accrual during the year 20,029 23,710 16,153 Cost of warranty services provided during the year (29,890 ) (6,220 ) (4,457 ) Changes in estimate for pre-existing warranties, including expirations during the period 13,074 (6,616 ) (5,350 ) Warranty accrual at end of year $ 50,852 $ 47,639 $ 36,765 |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | Note 10. Share-Based Compensation The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2020 2019 2018 (in thousands) Cost of goods sold $ 1,979 $ 386 $ 1,281 General and administrative expenses 8,373 5,295 6,514 Total share-based compensation expense $ 10,352 $ 5,681 $ 7,795 The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2020 2019 2018 (in thousands) RSUs $ 4,613 $ 3,658 $ 4,209 Stock options 3,589 1,501 2,463 PSUs 2,150 522 1,123 Total share-based compensation expense $ 10,352 $ 5,681 $ 7,795 Included in total share-based compensation expense for the year ended December 31, 2020 is $1.7 million of compensation expense associated with the modification of certain employee and non-employee awards during the period. The modifications primarily provided for the extension of the post termination exercise period of outstanding stock options, resulting in a one-time charge in the year ended December 31, 2020. The summary of activity for our incentive plans 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, 4,731,117 3,203,290 13.34 890,433 613,380 15.02 — — Increase in shares authorized 1,360,826 — — — — — — Granted (451,212 ) 9,652 22.67 149,012 23.37 292,548 22.67 Exercised/vested — (354,153 ) 12.10 (298,036 ) 13.03 — — Forfeited/cancelled 339,874 (258,095 ) 14.72 (38,480 ) 21.51 (43,299 ) 22.67 Balance as of December 31, 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 22.67 Increase in shares authorized 1,387,123 — — — — — — Granted (875,557 ) 397,170 20.94 196,418 26.99 281,969 29.25 Exercised/vested — (345,475 ) 15.14 (236,187 ) 15.42 — — Forfeited/cancelled 129,341 (58,161 ) 15.23 (31,680 ) 24.91 (39,500 ) 25.60 Balance as of December 31, 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 (1,044,491 ) 261,181 28.49 461,732 22.43 321,578 22.40 Exercised/vested — (1,195,405 ) 13.25 (117,683 ) 22.81 (131,924 ) 12.53 Forfeited/cancelled 221,289 (160,418 ) 20.40 (30,022 ) 25.06 (30,849 ) 26.89 Balance as of December 31, 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 27.07 The fair value of RSUs, based on the share price on the date of vesting, which vested during the years ended December 31, 2020, 2019 and 2018 was $10.4 million, $6.2 million and $8.4 million, respectively. In addition, during 2020, 2019 and 2018, we repurchased 61,920 shares, 79,040 shares and 100,891 shares for $2.2 million, $2.1 million and $2.9 million, respectively, related to tax withholding requirements on vested RSU awards. The following table summarizes the outstanding and exercisable stock option awards as of December 31, 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 $10.87 720,590 4.4 10.87 720,590 10.87 $11.00 to $17.06 137,822 5.2 16.40 130,740 16.36 $18.70 8,797 5.5 18.70 8,797 18.70 $18.77 to $29.56 632,377 8.9 23.95 99,106 21.42 $10.87 to $29.56 1,499,586 6.4 16.94 959,233 12.78 The following table contains additional information pertaining to stock options for the years ended December 31: 2020 2019 2018 (in thousands) Total intrinsic value of stock options outstanding $ 53,741 $ 12,219 $ 29,045 Total intrinsic value of stock options exercisable 38,367 9,718 15,949 Cash received from the exercise of stock options 15,839 5,223 4,284 Fair value of stock options vested 4,669 8,796 4,566 As of December 31, 2020, the unamortized cost of the outstanding RSUs and PSUs was $7.0 million and $2.9 million, respectively, which we expect to recognize in the consolidated financial statements over weighted-average periods of approximately 1.9 years and 1.9 years, respectively. Additionally, the total unrecognized cost related to non-vested stock option awards was $3.3 million, which we expect to recognize in the consolidated financial statements over a weighted-average period of approximately 1.9 years. The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2020 2019 2018 Weighted-average fair value $ 13.11 $ 6.80 $ 10.36 Expected volatility 48.5 % 28.0 % 42.8 % Expected life 6.1 years 6.3 years 6.3 years Risk-free interest rate 0.4 % 1.9 % 2.7 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt Iss
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities | Note 11. Long-Term Debt, Net of Debt Issuance Costs and Current Maturities Long-term debt, net of debt issuance costs and current maturities, as of December 31 consisted of the following: 2020 2019 (in thousands) Senior revolving loan—US $ 171,154 $ 112,414 Accounts receivable financing—EMEA — 3,805 Unsecured financing—EMEA 30,040 — Equipment financing—EMEA 4,335 7,903 Equipment finance lease—Mexico 8,038 11,919 Equipment finance lease—EMEA 4,119 5,637 Equipment finance lease—U.S. 132 288 Equipment finance lease—India 100 95 Total debt - principal 217,918 142,061 Less: Debt issuance costs (1,051 ) (672 ) Total debt, net of debt issuance costs 216,867 141,389 Less: Current maturities of long-term debt (32,551 ) (13,501 ) Long-term debt, net of debt issuance costs and current maturities $ 184,316 $ 127,888 Senior Revolving Loan (U.S.): In April 2018, we entered into a new credit agreement (the Credit Agreement) with four lenders consisting of a multi-currency, revolving credit facility in an aggregate principal amount of $150.0 million, including a $25.0 million letter of credit sub-facility. On the closing date, we drew down $75.4 million on the revolving credit facility in connection with the closing of the transactions contemplated by the Credit Agreement and used the proceeds to pay all outstanding amounts due and payable under our previous credit agreement, various fees and expenses and accrued interest. All borrowings and amounts outstanding under the Credit Agreement are scheduled to mature in April 2023. In 2018, interest accrued at a variable rate equal to LIBOR plus a margin of 1.5% (4.0% as of December 31, 2018), which may vary based on our total net leverage ratio as defined in the Credit Agreement. Interest is paid monthly and we are not obligated to make any principal repayments prior to the maturity date provided we are not in default under the Credit Agreement. We may prepay the borrowings under the Credit Agreement without penalty. In April 2018, we also entered into an interest rate swap arrangement to fix a notional amount of $75.0 million of the Credit Agreement at an effective interest rate of 4.2% for a period of five years. See Note 13, Financial Instruments, In May 2019, the Credit Agreement was amended to revise the definition of Consolidated EBITDA as utilized in certain of the financial covenants of the Credit Agreement. 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. All other material terms and conditions of the Credit Agreement remained the same. In connection with this Incremental Facility Agreement, we incurred additional debt issuance costs totaling $0.2 million which will be amortized to interest expense over the remaining term of the Credit Agreement using the effective interest method. 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 (3.75% as of December 31, 2020). 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. As of December 31, 2020 and 2019, there was $171.2 million and $112.4 million outstanding under the Credit Agreement, respectively. Additionally, as of December 31, 2020 and 2019, there was $7.9 million and $5.1 million of letters of credit outstanding under the letter of credit sub-facility of the Credit Agreement, respectively. Due to the revolving credit facility’s variable interest rate of LIBOR plus a competitive spread, we estimate that fair-value approximates the face value of these notes. Accounts Receivable, Secured and Unsecured Financing: EMEA: In general, all of the credit agreements which the EMEA segment enters into have provisions which allow them to borrow in either U.S. dollars, Turkish Lira or Euro, regardless of the currency in which the agreement is denominated. In addition, none of the credit agreements have an expiration date, however each credit agreements’ limits are reviewed annually to establish available capacity, and every time we draw under one of the credit agreements a term is set for its repayment. During 2014, we renewed a general credit agreement, as amended, with a Turkish financial institution to provide up to $23.2 million of financing, which includes $21.0 million of unsecured financing and $2.2 million of letters of credit. Interest on the unsecured financing accrues at a fixed rate of 3.5% and is payable at the end of the term when the loan is repaid. Interest on the letters of credit accrues at fixed rates of between 0.45% and 6.95% and is payable quarterly until the letter of credit is closed. As of December 31, 2020 and 2019, there were no amounts outstanding under the unsecured financing facility. As of December 31, 2020, there was approximately 12.5 million Turkish Lira (approximately $1.7 million) and 0.4 million Euro (approximately $0.5 million) of letters of credit outstanding under the letter of credit facility. As of December 31, 2019, there were approximately 7.6 million Turkish Lira (approximately $1.0 million) of letters of credit outstanding under the letter of credit facility. In 2016, we entered into a general credit agreement, as amended, with a Turkish financial institution to provide up to 31.0 million Euro (approximately $38.1 million as of December 31, 2020) of financing, of which 20.0 million Euro (approximately $24.6 million as of December 31, 2020) includes amounts related to our previous financing of capital expenditures facility and an unsecured revolving credit facility and 11.0 million Euro (approximately $13.5 million as of December 31, 2020) relates to unsecured financing, letters of credit and other non-cash items. Interest on the portion of the 20.0 million Euro facility related to financing of capital expenditures was determined based upon the term of the loan utilizing the one-month EURIBOR plus 6.75% (6.75% as of December 31, 2020 and is payable monthly. The maturity date for amounts currently outstanding under the 20.0 million Euro facility is December 2021. Interest on the portion of the 11.0 million Euro facility related to unsecured financing was determined based upon the term of the loan utilizing the one-month EURIBOR plus 1.5% (1.5% as of December 31, 2020) and was fully paid on the origination date. Interest on the portion of the 11.0 million Euro facility related to letters of credit accrues at fixed rates of between 0.5% and 2.0%, and is payable quarterly until the letter of credit is closed. The maturity date for amounts currently outstanding under the 11.0 million Euro facility is April 2021. As of December 31, 2020, there was approximately 9.1 million Euro (approximately $11.2 million) outstanding under the 11.0 million Euro facility, specifically related to unsecured financing, with no corresponding amount outstanding as of December 31, 2019. In addition, as of December 31, 2020 and 2019, there was approximately 3.5 million Euro (approximately $4.3 million) and approximately 7.1 million Euro (approximately $7.9 million), respectively, outstanding under the 20.0 million Euro facility, specifically related to financing of capital expenditures. Additionally, as of December 31, 2020, there was approximately 1.1 million Turkish Lira (approximately $0.2 million) and 0.25 million Euro (approximately $0.3 million) of letters of credit outstanding under the 11.0 million Euro facility. As of December 31, 2019, there was approximately 0.6 million Turkish Lira (approximately $0.1 million) and 0.25 million Euro (approximately $0.3 million) of letters of credit outstanding under the 11.0 million Euro facility. In 2020, the former facility related to the collateralized financing based on invoiced accounts receivables of one of our customers in Turkey was cancelled. The $ 3.8 million balance outstanding under this facility as of December 31, 2019 was repaid in 2020. In the fourth quarter of 2018, we entered into a credit agreement, as amended, with a Turkish financial institution to provide up to 65.0 million Turkish Lira (approximately $8.9 million as of December 31, 2020) of financing, of which 50.0 million Turkish Lira (approximately $6.8 million as of December 31, 2020) relates to unsecured financing and 15.0 million Turkish Lira (approximately $2.1 million as of December 31, 2020) relates to letters of credit and other non-cash items. Interest on the unsecured financing accrues at a fixed rate of 2.0% and is payable at the end the end of the term when the loan is repaid. Interest on the letters of credit and other non-cash items accrues at a fixed rate of 1.5 % and is paid quarterly. As of December 31, 2020 and 2019, there were no amounts of unsecured financing outstanding under this agreement. As of December 31, 2020 and 2019, there was 0.35 million Euro (approximately $0.4 million) of letters of credit outstanding in both periods under this agreement. In the fourth quarter of 2019, we entered into a credit agreement with a Turkish financial institution, as amended, to provide up to 125.0 million Turkish Lira (approximately $17.0 million as of December 31, 2020), of which up to 100.0 million Turkish Lira (approximately $13.6 million as of December 31, 2020) relates to unsecured financing and 25.0 million Turkish Lira (approximately $3.4 million as of December 31, 2020) relates to letters of credit and other non-cash items. Interest on the unsecured financing accrues at a fixed 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, letters of credit and other non-cash items. Interest on the unsecured financing accrues at a fixed rate of 2.4% and is payable quarterly. Interest on the letters of credit and other non-cash items accrues at a fixed rate of 0.35% and is paid quarterly. 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 $6.1 million as of December 31, 2020) of unsecured financing. Interest accrues at a fixed rate of 7.0% and is payable at the end of the term when the loan is repaid. As of December 31, 2020, there were no amounts outstanding under this credit agreement. Due to the short-term nature of the unsecured financings in the EMEA segment, we estimate that fair-value approximates the face value of the notes. Asia In August 2019, we entered into a credit agreement, as amended, with a Chinese financial institution to provide an unsecured credit line of up to 90.0 million Renminbi (approximately $13.8 million as of December 31, 2020) related to two of our China facilities which can be used for the purpose of working capital, issuing customs letters of guarantee and covering the related deposits on such letters of guarantee, and certain other transactions approved by the lender. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.4% as of December 31, 2020) and can be paid monthly, quarterly or at the time of the debt’s maturity (August 2021). As of December 31, 2020, there were no amounts outstanding under this credit agreement. As of December 31, 2019, there were 25.7 million Renminbi (approximately $3.7 million) of letters of guarantee and related deposits used for customs clearance outstanding under this credit agreement. In March 2018, we entered into a credit agreement, as amended, with a Chinese financial institution to provide an unsecured credit line of up to 100.0 million Renminbi (approximately $15.3 million as of December 31, 2020) which can be used for the purpose of issuing customs letters of guarantee and working capital. Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.4% as of December 31, 2020) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023 Equipment Lease s and Other Arrangements: Mexico In March 2018, we entered into a sale-lease agreement with a leasing company for the initial lease of up to $15.0 million of machinery and equipment at our Matamoros, Mexico facility. The lease includes an implied effective interest rate of 6.7% annually and requires monthly payments during each 48 month term. The amount outstanding under this agreement as of December 31, 2020 and 2019 was $7.1 million and $10.9 million, respectively. EMEA In 2013, we entered into a finance lease agreement with a financial institution in Turkey for the initial lease of up to $4.9 million of machinery, equipment and building improvements at our first Turkey facility. The term of the lease was for four years at an effective interest rate of 6.0%. The loan was to be repaid in monthly installments through 2017. The financing agreement was subsequently amended in 2017 to include our second Turkey facility and increase the amount of machinery, equipment and building improvements available for lease to $10.0 million. As a result of the amendment, and subsequent amendments, the loan is to be repaid in monthly installments through 2023 at an effective interest rate of 8.0%. All other financing agreement terms remained the same. The balance outstanding as of December 31, 2020 and 2019 was $3.5 million and $5.6 million, respectively. The average interest rate on our short-term borrowings as of December 31, 2020 and 2019 was approximately 3.3% and 5.7%, respectively. The future aggregate annual principal maturities of debt as of December 31, 2020 are as follows: (in thousands) Year Ending December 31, 2021 $ 32,551 2022 13,271 2023 171,879 2024 213 2025 4 Total debt - principal $ 217,918 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 12. 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 for the years ended December 31 were as follows: 2020 2019 (in thousands) Total operating lease cost $ 36,958 $ 30,957 Finance lease cost Amortization of assets under finance leases $ 5,973 $ 6,351 Interest on finance leases 985 1,414 Total finance lease cost $ 6,958 $ 7,765 Total lease liabilities as of December 31 were as follows: 2020 2019 Operating Finance Operating Finance Leases Leases Leases Leases (in thousands) Current operating lease liabilities $ 26,099 $ — $ 16,629 $ — Current maturities of long-term debt — 6,018 — 5,744 Noncurrent operating lease liabilities 155,925 — 113,883 — Long-term debt, net of debt issuance costs and current maturities — 6,371 — 12,194 Total lease liabilities $ 182,024 $ 12,389 $ 130,512 $ 17,938 The future minimum lease payments under noncancelable leases as of December 31, 2020 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2021 $ 34,798 $ 6,319 2022 32,245 5,859 2023 30,399 891 2024 27,060 225 2025 26,944 7 Thereafter 98,764 — Total future minimum lease payments 250,210 13,301 Less: interest (68,186 ) (912 ) Total lease liabilities $ 182,024 $ 12,389 See Note 6, Property, Plant and Equipment, Net Supplemental cash flow information related to leases for the years ended December 31 was as follows: 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 $ 31,478 $ 29,845 Operating cash flows from finance leases 985 1,414 Financing cash flows from finance leases 6,116 9,128 Right of use assets obtained in exchange for new lease obligations: Operating leases 61,455 15,855 Finance leases 163 5,811 Other information related to leases as of December 31 was as follows: 2020 2019 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.7 7.6 Finance leases 2.2 3.2 Weighted-Average Discount Rate: Operating leases 7.9 % 7.5 % Finance leases 6.4 % 6.4 % As of December 31, 2020, there were no additional leases related to our manufacturing facilities, warehouses, offices, automobiles or our machinery and equipment which have not yet commenced. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Financial Instruments | Note 13. Financial Instruments Interest Rate Swap We use interest rate swap contracts to mitigate our exposure to interest rate fluctuations associated with our Credit Agreement which we entered into in April 2018. We do not use such swap contracts for speculative or trading purposes. To offset the variability of future interest payments on the Credit Agreement arising from changes in 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 ASC Topic 815, Derivatives and Hedging Foreign Exchange Forward Contracts We use foreign exchange forward contracts to mitigate our exposure to fluctuations in exchange rates between the functional currencies of our subsidiaries and the other currencies in which they transact. We do not use such forward contracts for speculative or trading purposes. Mexican Peso In September 2019, we entered into the first of these foreign exchange forward contracts. 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 December 31, 2020, these foreign exchange forward contracts hedged our forecasted cash flows for a three-month period. These foreign exchange forward contracts qualified for accounting as cash flow hedges in accordance with ASC Topic 815, and we designated them as such. In October 2020, we purchased a series of call option contracts to further mitigate cash flow variability associated with the forecasted expenses against changes in exchange rates. A premium of $0.7 million was paid in a single transaction at hedge initiation and recorded within other current assets on our consolidated balance sheet. The premium is amortized against our earnings on a straight-line basis over the period of nine months, the period in which we had executed call option contracts, through cost of sales within our consolidated statements of operations. These foreign exchange call option contracts qualified for accounting as cash flow hedges in accordance with ASC Topic 815, and we designated them as such. Chinese Renminbi In October 2020, we entered into our first monthly forward contract to hedge our exposure to exchange rate fluctuations on certain balance sheet amounts recorded on our Chinese entities that are not the entities’ functional currency. In executing this hedge strategy, as a result of our organizational structure, we also entered into certain foreign currency forward contracts to hedge the exposure to a portion of our net investments in certain non-U.S. subsidiaries against the effect of exchange rate fluctuations on the translation of foreign currency balances to the U.S. dollar. For the derivative instruments that are designated and qualify as net investment hedges, gains and losses are reported in other comprehensive income (loss) where they offset gains and losses recorded on our net investments in our non-U.S. subsidiaries. These contracts are entered into and settled monthly. These hedges are determined to be effective. Hedge accounting was not elected on the balance sheet hedge and as a result, all gains and losses on these contracts are recorded through foreign currency loss, net on our consolidated statement of operations. For the year ended December 31, 2020, $1.8 million in gains on the balance sheet hedge were realized. Intercompany Debt In August 2018, we provided a Turkish Lira denominated intercompany loan to an EMEA subsidiary of $15.0 million converted at the spot rate on the transaction date to 96.6 million Turkish Lira to fund their working capital requirements. We entered into a forward contract, with the same expiration as that of the intercompany loan’s maturity in October 2018, for a notional amount of 101.5 million Turkish Lira to reduce our exposure to currency fluctuations from the settlement of this Turkish Lira denominated intercompany loan. The derivative instrument qualifies for accounting as a cash flow hedge in accordance with ASC Topic 815, and we designated it as such. The forward contract was settled in October 2018. All of our derivative assets and liabilities measured at fair value are classified as Level 2 within the fair value hierarchy. For a detailed discussion of the fair value hierarchy, refer to the discussion in Note 1, Summary of Operations and Summary of Significant Accounting Policies – Fair Value of Financial Instruments. As of December 31, 2020, the notional values associated with our foreign exchange forward contracts qualifying as cash flow hedges were approximately 0.3 billion Mexican Peso (approximately $14.0 million). 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 Peso (approximately $54.8 million). As of December 31, 2020, the notional values associated with our foreign exchange call option contracts qualifying as cash flow hedges were approximately 0.4 billion Mexican Peso (approximately $17.3 million). The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2020 2019 (in thousands) Foreign exchange forward contracts Other current assets $ 5,832 $ 820 Foreign exchange forward contracts Accounts payable and accrued expenses 2,096 124 Interest rate swap Other noncurrent liabilities 4,414 2,723 For cash flow hedges, the gain or loss is reported as a component of accumulated other comprehensive loss in our consolidated statements of changes in stockholders’ equity and reclassified into earnings in our consolidated statements of operations in the same period or periods during which the hedged transaction affects earnings. The net income (loss) recognized in accumulated other comprehensive loss in our consolidated statements of changes in stockholders’ equity for our foreign exchange forward contracts is expected to be recognized in cost of sales in our consolidated statements of operations during the next six months. The gain or loss on our interest rate swap is recorded in accumulated other comprehensive loss and subsequently reclassified into interest expense in our consolidated statements of operations in the period in which the hedged transaction affects earnings. As of December 31, 2020 , no interest rate swaps originally designated for hedge accounting were de-designated or terminated. No ineffectiveness on our interest rate swaps was recognized as of December 31, 2020 , and none is anticipated over the term of the agreement. The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2020 2019 2018 (in thousands) Foreign exchange forward contracts Cost of sales $ 996 $ — $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14. Commitments and Contingencies (a) Operating Leases We lease various facilities and equipment under noncancelable operating leases with terms ranging from 12 months to 120 months. Scheduled rent increases are recorded on a straight-line basis over the entire term of the lease. Rental expense charged under all operating leases (including leases with terms of less than one year) was $37.0 million, $31.0 million and $25.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. See Note 12, Leases (b) Legal Proceedings From time to time, we may be involved in disputes or litigation relating to claims arising out of its operations. In January 2021, we received a complaint that was filed by the administrator for the Senvion Gmbh (Senvion) insolvency estate in German insolvency court. The complaint asserts voidance against us in the aggregate amount of $13.3 million. The alleged voidance claims relate to payments that Senvion made to us for wind blades that we produced prior to Senvion filing for insolvency protection. We plan to file a response to these alleged voidance claims in the coming months and we believe we have meritorious defenses to the alleged voidance claims. Due to the early stage of this claim, we have determined that the ultimate outcome cannot be estimated at this time. From time to time, we are party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of business, some of which are covered by insurance. Upon resolution of any pending legal matters, we may incur charges in excess of presently established reserves. Our management does not believe that any such charges would, individually or in the aggregate, have a material adverse effect on our financial condition, results of operations or cash flows. (c) Insurance/Self-Insurance We use a combination of insurance and self-insurance for a number of risks, including claims related to our employee health care, workers’ compensation and general liability. Liabilities associated with these risks are estimated based on, among other things, historical claims experience, severity factors, and other actuarial assumptions. Our loss exposure related to self-insurance is limited by stop loss coverage on a per occurrence and aggregate basis. We regularly analyze our reserves for incurred but not reported claims, and for reported but not paid claims related to our self-funded insurance programs. While we believe our reserves are adequate, significant judgment is involved in assessing these reserves such as assessing historical paid claims, average lags between the claims’ incurred date, reported dates and paid dates, and the frequency and severity of claims. There may be differences between actual settlement amounts and recorded reserves and any resulting adjustments are included in expense once a probable amount is known. ( d ) Dividend Restrictions Certain of our subsidiaries are limited in their ability to declare dividends without first meeting statutory restrictions of China, including retained earnings as determined under Chinese-statutory accounting requirements. Until 50% ($26.6 million) of registered capital is contributed to a surplus reserve, our China operations can only pay dividends equal to 90% of after-tax profits (10% must be contributed to the surplus reserve). Once the surplus reserve fund requirement is met, our China operations can pay dividends equal to 100% of after-tax profit assuming other conditions are met. As of December 31, 2020, the amount of the surplus reserve fund was $7.0 million. (e) Collective Bargaining Agreements In 2016, we entered into a three-year (f) Escheat Audit In November 2020, we were notified by the state of Delaware that they intend to examine our books and records to determine compliance with Delaware escheat laws. Since that date, additional states have joined with Delaware in the audit process and additional states may join in the audit process. The audit is conducted by an outside firm on behalf of the states and covers the period from 2005 to 2019. We believe that the audits may take several years to complete. Due to the preliminary stage of this audit, we have determined that the ultimate outcome cannot be reasonably estimated at this time. Any claims or liabilities resulting from these audits could have a material impact on our financial condition, results of operations and cash flows. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15. Income Taxes Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2020 2019 2018 (in thousands) United States $ 4,913 $ (41,255 ) $ (33,034 ) China 16,232 (3,777 ) (4 ) Turkey (26,566 ) 47,579 31,955 Mexico 8,509 8,434 3,329 India (13,810 ) (3,970 ) — Other 2,979 396 — Total income (loss) before income taxes $ (7,743 ) $ 7,407 $ 2,246 Tax Reform As of December 31, 2018, we completed the accounting for the enactment-date income tax effects of the Tax Cuts and Jobs Act (Tax Reform), which resulted in an immaterial impact to our financial statements. Upon further analyses of certain aspects of Tax Reform, and refinement of calculations during 2018, we increased our provisional amount of previously untaxed foreign earnings by $13.8 million, to $88.1 million. This resulted in no change to our U.S. federal income tax expense due to the impact of foreign tax credits. Tax Reform enacted a new minimum tax on U.S. companies’ foreign operations called g lobal i ntangible l ow t ax i ncome (GILTI). Beginning in 2018, t he GILTI provisions require us to include in our U.S. income tax return foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary’s tangible assets. We have made a policy election to account for any ongoing impacts of GILTI tax in the period in which it is incurred. The Internal Revenue Service published final regulations in July 2020 to address the application of the high-tax exclusion from GILTI under the Tax Reform allowing us to make an annual election to exclude GILTI of our foreign subsidiaries with an effective tax rate greater than 90% of the U.S. corporate rate. We recognized $10.6 million of tax benefits related to current and prior years as a result of this change in legislation. We do not provide deferred taxes related to U.S. GAAP basis in excess of outside tax basis in the investment in our foreign subsidiaries to the extent such amounts relate to indefinitely reinvested earnings and profits of such foreign subsidiaries. As of December 31, 2020, our undistributed earnings of certain of our foreign subsidiaries amounted to approximately $95.2 million, and we consider those earnings reinvested indefinitely. The income tax provision includes U.S. federal, state, and local taxes, Turkey, China, Mexico and India taxes currently payable and those deferred because of temporary differences between the financial statement and the tax bases of assets and liabilities. The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2020 2019 2018 (in thousands) Current: U.S. federal $ — $ — $ — U.S. state and local taxes 32 (7 ) 4 Foreign 19,234 18,171 11,875 Total current 19,266 18,164 11,879 Deferred: U.S. federal (1,909 ) 6,277 (7,596 ) U.S. state and local taxes (1,385 ) (950 ) (36 ) Foreign (4,688 ) (376 ) (7,280 ) Total deferred (7,982 ) 4,951 (14,912 ) Total income tax provision (benefit) $ 11,284 $ 23,115 $ (3,033 ) The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2020 2019 2018 United States statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential (189.1 ) (40.8 ) (14.4 ) Foreign permanent differences (19.4 ) 2.9 31.7 Tax rate change (6.9 ) (0.3 ) — Withholding taxes (20.1 ) 24.5 27.3 Subpart F / GILTI income 137.6 212.3 539.8 Unrecognized tax benefits (91.6 ) — — Share-based compensation 3.5 (9.1 ) (89.0 ) Valuation allowance 0.7 115.5 (483.1 ) State taxes 13.7 (10.2 ) (1.7 ) Deferred tax adjustments 11.8 2.1 4.6 Research and development 11.2 (13.4 ) (59.8 ) Foreign currency / inflationary adjustments 5.6 (0.5 ) (90.6 ) Other (23.7 ) 8.1 (20.8 ) Effective income tax rate (145.7 )% 312.1 % (135.0 )% The following is a summary of the components of deferred tax assets and liabilities as of December 31: 2020 2019 2018 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 36,754 $ 23,065 $ 17,360 Deferred revenue 180 1,792 149 Non-deductible accruals 12,360 16,111 10,850 Equity compensation 3,298 3,274 3,607 Lease liabilities 23,271 1,062 — Non-deductible interest 3,302 — 1,452 Tax credits 1,931 1,931 2,212 Other 6,760 4,480 4,548 Gross deferred tax assets 87,856 51,715 40,178 Valuation allowance (18,903 ) (18,505 ) (8,520 ) Total deferred tax assets 68,953 33,210 31,658 Deferred tax liabilities: Deferred revenue (24,294 ) (17,081 ) (13,781 ) Depreciation (3,446 ) (4,196 ) (2,636 ) Lease assets (22,453 ) (32 ) — Other 33 (827 ) (406 ) Total deferred tax liabilities (50,160 ) (22,136 ) (16,823 ) Net deferred tax assets $ 18,793 $ 11,074 $ 14,835 The deferred tax valuation allowance as of December 31 consisted of the following: 2020 2019 2018 (in thousands) Valuation allowance at beginning of year $ (18,505 ) $ (8,520 ) $ (18,680 ) Benefits obtained (costs accumulated) (398 ) (9,985 ) 10,160 Valuation allowance at end of year $ (18,903 ) $ (18,505 ) $ (8,520 ) The valuation allowance as of December 31, 2020 primarily relates to certain state and foreign net operating losses (NOLs) that we believe do not meet the more-likely-than-not criteria for recording the related benefits. During 2018, we released the valuation allowance recorded against deferred tax assets reported in the United States. The release of this valuation allowance resulted in the recognition of a non-cash tax benefit of $10.8 million for the year. Additionally, during 2018, there was an increase in the valuation allowance of $0.6 million primarily related to state NOLs. During 2019, we increased the valuation allowance recorded against deferred tax assets in Taicang, China and India. The increase of this valuation allowance resulted in tax expense of $8.5 million for the year. During 2020, we recognized $0.6 million tax benefits from the release of valuation allowance against deferred tax assets in India and changes to realizability of certain attributes in the U.S. As of December 31, 2020, we have U.S. federal and state NOL carryforwards of $103.0 million and $253.2 million, respectively, with foreign NOL carryforwards of approximately $41.0 million and foreign tax credits of approximately $1.9 million available to offset future U.S., China and India taxable income. The U.S. federal and state NOL carryforwards expire in varying amounts through 2039 and the foreign tax credits expire in 2026. We also have foreign NOL carryforwards that expire in varying amounts through 2028 and some U.S. federal and foreign NOL carryforwards with indefinite lives. The utilization of our NOLs is also subject to an annual limitation under Section 382 of the Internal Revenue Code due to changes in ownership. Based on our analysis, we do not believe such limitation will impact our realization of the NOL carryforwards as we anticipate utilizing them prior to expiration. We recognize the impact of a tax position in the financial statements if that position is more-likely-than-not to be sustained on audit, based on the technical merits of the position. We disclose all unrecognized tax benefits, which include the reserves recorded for uncertain tax positions on filed tax returns and the unrecognized portion of affirmative claims. Included in the balance of unrecognized tax benefits as of December 31, 2020 are $7.0 million, of tax benefits that, if recognized, would reduce our annual effective rate. We do not anticipate any decreases to unrecognized tax benefits in the coming year. Our policy is to recognize any interest and penalties that we may incur related to our tax positions as a component of our income tax provision or benefit. We did not accrue any penalties or interest during 2020 related to the unrecognized tax benefit noted above. We did not record any uncertain tax positions in 2019 or 2018. The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2020 2019 2018 (in thousands) Unrecognized tax benefits at beginning of year $ — $ — $ — Increases related to prior year tax positions 5,220 — — Decreases related to prior year tax positions — — — Increases related to current year tax positions 2,268 — — Increases (decreases) due to currency translation — — — Decreases relating to settlements with authorities (496 ) — — Decreases from laps in statute of limitations — — — Unrecognized tax benefits at end of year $ 6,992 $ — $ — We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, India, U.S., Denmark, Germany, Spain and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2017 through 2019 remain open to examination. For U.S. state and local taxes as well as in non-U.S. jurisdictions, the statute of limitations generally varies between three and ten years. However, to the extent allowable by law, the tax authorities may have a right to examine and make adjustment to prior periods when amended returns have been filed, or when NOLs or tax credits were generated and carried forward for subsequent utilization. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Note 16. Net Income (Loss) Per Common Share 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 and/or performance-based awards which are not included until performance conditions are met. 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 for the years ended December 31: 2020 2019 2018 (in thousands) Basic weighted-average shares outstanding 35,532 35,062 34,311 Effect of dilutive awards — — 1,691 Diluted weighted-average shares outstanding 35,532 35,062 36,002 Since there were net losses for the years ended December 31, 2020 and 2019, approximately 1,674,000 2020 2019 2018 (in thousands) Anti-dilutive shares 17 28 30 In addition, since 2018, certain performance-based restricted stock units have been excluded from the computation of diluted shares outstanding for the 2020, 2019 and 2018 periods presented as the performance conditions had not yet been met. |
Stockholders_ Equity
Stockholders’ Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders Equity | Note 17. Stockholders’ Equity Accumulated Other Comprehensive Loss The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2020, 2019 and 2018: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2017 $ (558 ) $ — $ — $ (558 ) Other comprehensive income (loss) before reclassifications (14,428 ) 752 — (13,676 ) Amounts reclassified from AOCL — — — — Net tax effect — (158 ) — (158 ) Net current period other comprehensive income (loss) (14,428 ) 594 — (13,834 ) Balance at December 31, 2018 (14,986 ) 594 — (14,392 ) Other comprehensive income (loss) before reclassifications (7,026 ) (3,469 ) 518 (9,977 ) Amounts reclassified from AOCL — — 172 172 Net tax effect — 730 (145 ) 585 Net current period other comprehensive income (loss) (7,026 ) (2,739 ) 545 (9,220 ) Balance at December 31, 2019 (22,012 ) (2,145 ) 545 (23,612 ) Other comprehensive income (loss) before reclassifications (8,099 ) (1,698 ) (777 ) (10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 (200 ) 200 Net current period other comprehensive income (loss) (8,099 ) (1,298 ) 19 (9,378 ) Balance at December 31, 2020 $ (30,111 ) $ (3,443 ) $ 564 $ (32,990 ) |
Concentration of Customers
Concentration of Customers | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Concentration of Customers | Note 18. Concentration of Customers Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2020 2019 2018 Customer Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 - Vestas $ 830,302 49.7 % $ 662,302 46.1 % $ 329,472 32.0 % Customer 2 - GE 391,533 23.4 % 369,067 25.7 % 325,962 31.7 % Customer 3 - Nordex 255,912 15.3 % 230,563 16.1 % 195,156 19.0 % Customer 4 - Siemens Gamesa 78,137 4.7 % 73,426 5.1 % 115,779 11.2 % Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2020 2019 Customer % of Total % of Total Customer 1 - Vestas 35.0 % 41.9 % Customer 3 - Nordex 40.8 % 31.3 % |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 19. Segment Reporting FASB ASC Topic 280, Segment Reporting During the fourth quarter of 2020, the Company modified its system of reporting, resulting from changes to its internal management and organizational structure, which changed its reportable segments from (1) the United States (U.S.), (2) Asia, (3) Mexico and (4) United States, (2) Asia, (3) Mexico, (4) As further described below, our operating segments are defined geographically as the U.S., Asia, Mexico, EMEA and India. All of our segments operate in their local currency except for the Mexico and Asia segments, which both include a U.S. parent company, and India, which operate in the U.S. dollar. We divide our business operations into five geographic operating segments 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 for our transportation business at our Warren, Rhode Island facility, (3) the manufacturing of composite solutions for the transportation industry, which we also conduct at our Warren, Rhode Island facility, (4) wind blade inspection and repair services, (5) our advanced engineering center in Kolding, Denmark, which provides technical and engineering resources to our manufacturing facilities, (6) our engineering center in Berlin, Germany and (7) our corporate headquarters, the costs of which are included in general and administrative expenses. Our Asia segment includes (1) the manufacturing of wind blades at our facilities in Dafeng, China and Yangzhou, China, (2) the manufacturing of precision molding and assembly systems at our Taicang Port, China facility and (3) wind blade inspection and repair services. Our Mexico segment includes (1) the manufacturing of wind blades at our three facilities in Juárez, Mexico and a facility in Matamoros, Mexico, (2) the manufacturing of precision molding and assembly systems and composite solutions for the transportation industry at our fourth Juárez, Mexico facility and (3) wind blade inspection and repair services. Our EMEA segment manufactures wind blades from our two facilities in Izmir, Turkey and also performs wind blade inspection and repair services. Our India segment manufactures wind blades from our new manufacturing facility in Chennai, India, which commenced operations in the first quarter of 2020. The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2020 2019 2018 (in thousands) Net sales by segment: U.S. $ 181,941 $ 169,317 $ 163,716 Asia 527,083 393,809 306,255 Mexico 495,839 435,606 268,756 EMEA 373,545 437,081 290,897 India 91,729 687 — Total net sales $ 1,670,137 $ 1,436,500 $ 1,029,624 Net sales by geographic location (1) United States $ 181,941 $ 169,317 $ 163,716 China 527,083 393,809 306,255 Mexico 495,839 435,606 268,756 Turkey 373,545 437,081 290,897 India 91,729 687 — Total net sales $ 1,670,137 $ 1,436,500 $ 1,029,624 Depreciation and amortization: U.S. $ 7,193 $ 9,223 $ 6,795 Asia 15,692 10,699 6,765 Mexico 18,587 12,577 7,891 EMEA 6,217 6,081 4,978 India 1,978 — — Total depreciation and amortization $ 49,667 $ 38,580 $ 26,429 Income (loss) from operations: U.S. $ (40,991 ) $ (78,278 ) $ (67,357 ) Asia 62,869 24,132 28,147 Mexico (9,611 ) 3,533 12,154 EMEA 23,331 70,449 51,774 India (16,832 ) (3,948 ) — Total income from operations $ 18,766 $ 15,888 $ 24,718 Capital expenditures: U.S. $ 6,949 $ 8,321 $ 21,305 Asia 13,135 22,471 11,218 Mexico 15,624 25,842 18,928 EMEA 10,887 11,023 1,237 India 19,071 6,751 — Total capital expenditures $ 65,666 $ 74,408 $ 52,688 Tangible long-lived assets: U.S. $ 31,811 $ 36,410 Asia (China) 46,075 50,603 Mexico 78,813 81,654 EMEA (Turkey) 28,312 29,589 India 23,990 6,751 Total tangible long-lived assets $ 209,001 $ 205,007 Total assets: U.S. $ 118,456 $ 107,918 Asia (China) 250,582 210,438 Mexico 251,764 275,646 EMEA (Turkey) 201,691 218,244 India 133,764 14,431 Total assets $ 956,257 $ 826,677 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Note 20. Selected Quarterly Financial Data (Unaudited) The following tables set forth certain unaudited financial information for each quarter of 2020 and 2019. The unaudited quarterly information includes all normal recurring adjustments that, in the opinion of management, are necessary for the fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of the results for any future period. The unaudited quarterly results are as follows: 2020 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 356,636 $ 373,817 $ 474,113 $ 465,571 Gross profit (loss) (3,873 ) (4,747 ) 40,473 32,246 Net income (loss) (492 ) (66,101 ) 42,382 5,184 Net income (loss) per common share: Basic (1) $ (0.01 ) $ (1.87 ) $ 1.19 $ 0.14 Diluted (1) $ (0.01 ) $ (1.87 ) $ 1.13 $ 0.14 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 299,780 $ 330,771 $ 383,836 $ 422,113 Gross profit (loss) (1,436 ) 22,551 25,931 30,802 Net income (loss) (12,104 ) 1,828 (4,571 ) (861 ) Net income (loss) per common share: Basic (1) $ (0.35 ) $ 0.05 $ (0.13 ) $ (0.02 ) Diluted (1) $ (0.35 ) $ 0.05 $ (0.13 ) $ (0.02 ) (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to rounding. |
Summary of Operations and Sum_2
Summary of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Description of Business | (a) Description of Business TPI Composites, Inc. is the holding company that conducts substantially all of its business operations through its direct and indirect subsidiaries (collectively, the Company or we). The Company was founded in 1968 and has been producing composite wind blades since 2001. The Company’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. Today, 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. |
Basis of Presentation | (b) Basis of Presentation The accompanying consolidated financial statements include the accounts of TPI Composites, Inc. and all majority owned subsidiaries. All significant intercompany transactions and balances have been eliminated. Certain prior period amounts in the consolidated financial statements and accompanying notes have been reclassified to conform to the current period’s presentation. |
Revenue Recognition | (c) Revenue Recognition The majority of our revenue is generated from 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 plant to estimate the total revenue to be received to complete the performance obligation. In addition, the amount of consideration per unit produced may vary based on the costs of production of the wind blades as we may be able to change the price per unit based on changes in the cost of production. Further, some of our contracts provide opportunities for us to share in labor and material cost savings as well as absorb some additional costs as an incentive for more efficient production, both of which impact the margin realized on the contract and ultimately the total amount of revenue to be recognized. 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 consideration and costs to be incurred to complete the performance obligation. Based on this analysis, any changes in estimates of total consideration to be received and direct costs to complete the performance obligation are recognized on a cumulative catch-up basis, which recognizes in the current period the cumulative effect of the changes on current and prior periods based on the percentage of completion of the performance obligation. Wind blade pricing is based on annual commitments of volume as established in our 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 total consideration to be received. Precision molding and assembly systems included in a customer’s contract are based upon the specific engineering requirements and design determined by the customer and are specific to the wind blade design and function desired. From the customer’s engineering specifications, a job cost estimate is developed along with a production plan, and the desired margin is applied based on the location the work is to be performed and complexity of the customer’s design. Precision molding and assembly systems are generally built to produce wind blades which may be manufactured by us in production runs specified in the customer contract. Contract assets primarily relate to our rights to consideration for work completed but not billed at the reporting date on 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 our accounts receivable assignment agreements, 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 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 wind blade sales. Revenue related to field service inspection and repair services, 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. |
Cost of Goods Sold | (d) Cost of Goods Sold Cost of goods sold includes the costs we incur at our production facilities to make products saleable on both products invoiced during the period as well as products in progress towards the satisfaction of the related performance obligations for which we have an enforceable right to payment upon termination and we may not use or sell the product to fulfill other customers’ contracts. Cost of goods sold includes such items as raw materials, direct and indirect labor and facilities costs, including purchasing and receiving costs, plant management, inspection costs, production process improvement activities, product engineering and internal transfer costs, as well as the allocated portion of costs incurred at our corporate headquarters and our research facilities. In addition, all depreciation associated with assets used in the production of our products is also included in cost of goods sold. Direct labor costs consist of salaries, benefits and other personnel related costs for employees engaged in the manufacturing of our products and services. Startup and transition costs are primarily unallocated fixed overhead costs and underutilized direct labor costs incurred during the period production facilities are transitioning wind blade models and ramping up manufacturing. All direct labor costs are included in the measure of progress towards completion of the relevant performance obligation when determining revenue to be recognized during the period. The cost of sales for the initial wind blades from a new model manufacturing line is generally higher than when the line is operating at optimal production volume levels due to inefficiencies during ramp-up related to labor hours per blade, cycle times per blade and raw material usage. Additionally, these costs as a percentage of net sales are generally higher during the period in which a facility is ramping up to full production capacity due to underutilization of the facility. Manufacturing overhead at each of our facilities includes virtually all indirect costs (including share-based compensation costs) incurred at the plants, including engineering, finance, information technology, human resources and plant management. |
General and Administrative Expenses | (e) General and Administrative Expenses General and administrative expenses primarily relate to the unallocated portion of costs incurred at our corporate headquarters and our research facilities and include salaries, benefits and other personnel related costs for employees engaged in research and development, engineering, finance, internal audit, information technology, human resources, business development, global operational excellence, global supply chain, in-house legal and executive management. Other costs include outside legal and accounting fees, risk management (insurance), share-based compensation and certain other administrative and global resources costs. The unallocated research and development expenses incurred at our Warren, Rhode Island location as well as at our Kolding, Denmark advanced engineering center and our Berlin, Germany engineering center are also included in general and administrative expenses. For the years ended December 31, 2020, 2019 and 2018, total research and development expenses totaled $1.0 million, $1.0 million and $0.8 million, respectively. |
Loss on Sale of Assets and Asset Impairments | (f) Loss on Sale of Assets and Asset Impairments For the years ended December 31, 2020, 2019 and 2018, the losses on the sale of certain receivables, on a non-recourse basis under supply chain financing arrangements with our customers, to financial institutions, the losses on the sale of other assets at our corporate and manufacturing facilities and asset impairment charges totaled $7.7 million, $18.1 million and $4.6 million, respectively. |
Cash and Cash Equivalents and Restricted Cash | (g) Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents include highly liquid investments that are readily convertible to known amounts of cash with original maturities of three months or less. The carrying value of cash and cash equivalents approximates fair value. As of December 31, 2020 and 2019, our China locations collectively had unrestricted cash totaling $47.4 million and $9.7 million, respectively, in bank accounts in China. The Chinese government imposes certain restrictions on transferring cash out of China. The local governments in Turkey and Mexico impose no such restrictions on transferring cash out of the respective country. As of December 31, 2020 and 2019, we had provided for cash deposits for letters of guarantee used for customs clearance related to our China locations totaling $0.3 million and $1.0 million, respectively. These amounts are reported as restricted cash in our consolidated balance sheets. As of December 31, 2019, we maintained a long-term deposit in interest bearing accounts, related to fully cash-collateralized letters of credit in connection an equipment lessor in Iowa, totaling $0.5 million. This balance was refunded to us in 2020. See Note 8, Other Noncurrent Assets. |
Accounts Receivable | (h) Accounts Receivable Trade accounts receivable are recorded at the invoiced amount and generally do not bear interest. We follow the allowance method of recognizing uncollectible accounts receivable, which recognizes bad debt expense based on a review of the individual accounts outstanding and prior history of uncollectible accounts receivable. Credit is extended based on evaluation of each of our customer’s financial condition and is generally unsecured. Accounts receivable are generally due within 30 days and are stated net of an allowance for doubtful accounts in the consolidated balance sheets. Accounts are considered past due if outstanding longer than contractual payment terms. We record an allowance based on consideration of a number of factors, including the length of time trade accounts are past due, previous loss history, the creditworthiness of individual customers, economic conditions affecting specific customer industries, and economic conditions in general. We charge-off accounts receivable after all reasonable collection efforts have been exhausted. We credit payments subsequently received on such receivables to bad debt expense in the period payment is received. We record delinquent finance charges on outstanding accounts receivables only if they are collected. We wrote off no receivables during 2020 or 2019, and $0.2 million during 2018, and do not have any off-balance-sheet credit exposure related to our customers. See Note 4, Accounts Receivable. |
Inventories | (i) Inventories Inventories represent materials purchased that are not restricted to fulfillment of a specific contract and are measured at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Cost is determined using the first-in, first-out method for such raw materials. Write-downs to reduce the carrying cost of obsolete, slow-moving, and unusable inventory to net realizable value are recognized in cost of goods sold. The effect of these write-downs establishes a new cost basis in the related inventory, which is not subsequently written up. |
Property, Plant and Equipment | (j) Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7-10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Recoverability of Long-Lived Assets | (k) Recoverability of Long-Lived Assets We review property, plant and equipment and other long-lived assets in order to assess recoverability based on expected future undiscounted cash flows whenever events or circumstances indicate that the carrying value may not be recoverable. If the sum of the expected future net cash flows is less than the carrying value, an impairment loss is recognized. The impairment loss is measured as the amount by which the carrying value exceeds the fair value of the asset. |
Goodwill, Intangible Assets and Deferred Costs, Net | (l) Goodwill, Intangible Assets and Deferred Costs, Net Goodwill represents the excess of the acquisition cost of Composite Solutions, Inc. from True North Partners, LLC in 2004 over the fair value of identifiable assets acquired and liabilities assumed. Goodwill, which is entirely in the U.S. segment, is evaluated for impairment annually on October 31 and whenever events or circumstances make it likely that impairment may have occurred. In determining whether impairment has occurred, one compares the fair value of the related reporting unit (calculated using the discounted cash flow method) to its carrying value. If the carrying value exceeds the fair value, impairment is recognized for the difference. We may first assess qualitative factors to determine whether it is necessary to perform the quantitative goodwill impairment test. We performed our annual goodwill impairment test during 2020 and determined that it is more-likely-than-not that its fair value exceeds its carrying amount. Our patents, licenses, trademarks and development tools were acquired in business acquisitions and provide contractual or legal rights, or other future benefits that could be separately identified. Our valuation of identified intangible assets was based upon discounted cash flow estimates that require significant management judgment with respect to revenue and expense growth rates, changes in working capital, and the selection and use of the appropriate discount rate. The intangible assets are amortized over their estimated useful life. Intangible assets with indefinite lives are evaluated at least annually for impairment or whenever events or circumstances make it likely that impairment may have occurred. In addition, we recognize an asset for deferred cost s incurred to fulfill a contract when such costs meet certain criteria. These deferred costs are amortized over their estimated useful life. See Note 2, Revenue f rom Contracts with Customers for a further discussion of those deferred costs . See Note 7 , Intangible Assets and Deferred Costs , Net . |
Warranty Expense | (m) Warranty Expense We provide a limited warranty for our mold and wind blade products, including materials and workmanship, with terms and conditions that vary depending on the product sold, generally for periods that range from two to five years. 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. See Note 9, Accrued Warranty |
Treasury Stock | (n) Treasury Stock Common stock purchased for treasury is recorded at historical cost. Transactions in treasury shares relate to shares withheld in lieu of income taxes associated with share-based compensation plans and are recorded at weighted-average cost. |
Foreign Currency Translation and Income and Losses | (o) Foreign Currency Translation and Income and Losses Foreign currency-denominated assets and liabilities are translated into U.S. dollars at exchange rates existing at the respective balance sheet dates. Results of operations of our foreign subsidiaries are translated at the average exchange rates during the respective periods. Translation adjustments are reported in accumulated other comprehensive loss in our consolidated balance sheets. Currency translation adjustments for the years ended December 31, 2020, 2019 and 2018 amounted to other comprehensive losses of $8.1 million, $7.0 million and $14.4 million, respectively. Our reporting currency is the U.S. dollar. However, we have non-U.S. operating subsidiaries in our U.S., Mexico, Turkey, China and India operations. • The U.S. parent companies of our China and Mexico operations, which are wholly-owned subsidiaries of TPI Composites, Inc., maintain their books and records in their functional currency, the US. dollar. • Our Mexico operations maintain their books and records through multiple legal entities that are denominated in the local Mexican currency, the Peso, which are remeasured to their U.S. dollar functional currency. • Our Turkey operations maintain their books and records in their functional currency, the local Turkish currency, the Lira. • Our China operations maintain their books and records in their functional currency, the local Chinese currency, the Renminbi. • Our Chennai, India operations maintain their books and records in their functional currency, the U.S. dollar. • Our Kolding, Denmark operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the local Danish currency, the Krone. • Our Berlin, Germany operation, which is a wholly-owned subsidiary of TPI Composites, Inc., maintains its books and records in their functional currency, the Euro. Foreign currency transaction gains and losses are reported in foreign currency income (loss), net in our consolidated statements of operations. |
Share-Based Compensation | (p) Share-Based Compensation We maintain one active incentive compensation plan: the Amended and Restated 2015 Stock Option and Incentive Plan (the 2015 Plan). The 2015 Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock units (RSUs), restricted stock awards, unrestricted stock awards, cash-based awards, performance-based restricted stock units (PSUs) and dividend equivalent rights to certain of our employees, non-employee directors and consultants. The term of stock options issued under the 2015 Plan may not exceed ten years from the date of grant. Under the 2015 Plan, incentive stock options and non-qualified stock options are granted at an exercise price that is not to be less than 100% of the fair market value of our common stock on the date of grant, as determined by the Compensation Committee of our board of directors. Stock options become vested and exercisable at such times and under such conditions as determined by the Compensation Committee on the date of grant. We use the Black Scholes valuation model, unless the awards are subject to market conditions, in which case we utilize a binomial-lattice model (i.e., Monte Carlo simulation model), to determine the fair value of stock options and certain PSUs granted. The Monte Carlo simulation model utilizes multiple input variables to determine the share-based compensation expense. For grants with market conditions made in the year ended December 31, 2020, we utilized a weighted-average volatility of 47.3%, a 0% dividend yield and a weighted-average risk-free interest rate of 0.5%. The volatility was based on the most recent comparable period for the Company and the peer group. The stock price projection for the Company and the components of the peer group assumes a 0% dividend yield. This is mathematically equivalent to reinvesting dividends in the issuing entity over the performance period. The risk-free interest rate is equal to the yield, as of the measurement date, of the zero-coupon U.S. Treasury bill that is commensurate with the remaining performance measurement period. The determination of the grant date fair value using an option-pricing model and simulation model requires judgment as well as assumptions regarding a number of other complex and subjective variables. These variables include our closing market price at the grant date as well as the following assumptions: Expected Volatility . As our common stock had not been publicly traded prior to July 2016, the expected volatility assumption reflects an average of our historical volatility and the volatilities of publicly traded peer group companies with a period equal to the expected life of the options. Expected Life (years) . We use the simplified method to estimate the expected term of stock options. The simplified method for estimating expected term is to use the mid-point between the vesting term and the contractual term of the option. We elected to use the simplified method because we did not have historical exercise data to estimate the expected term due to the limited time period our common stock had been publicly traded. Risk-Free Interest Rate . The risk-free interest rate assumption is based upon the U.S. constant maturity treasury rates as the risk-free rate interpolated between the years commensurate with the expected life of the options. Dividend Yield . The dividend yield assumption is zero since we do not expect to declare or pay dividends in the foreseeable future. Forfeitures. Share-based compensation expense is reversed when the service-based award is forfeited. Expected Vesting Period . We amortize the share-based compensation expense over the requisite service period. Share-based compensation expense related to RSUs and PSUs are expensed over the vesting period using the straight-line method for our employees and our board of directors. The RSUs and PSUs do not have voting rights. We calculate the fair value of our share-based awards on the date of grant for our employees and directors. |
Leases | (q) Leases On January 1, 2019, we adopted the Financial Accounting Standards Board (FASB) Accounting Standard Codification (ASC) Topic 842, Leases lease liabilities in the consolidated balance sheets. Finance leases are included in property, plant and equipment, current maturities of long-term debt, and long-term debt, net of debt issuance costs and current maturities in the consolidated balance sheets. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Variable payments are not included in ROU assets or lease liabilities and can vary from period to period based on asset usage or our proportionate share of common costs. The implicit rate within our leases is generally not determinable and, therefore, the incremental borrowing rate at lease commencement is utilized to determine the present value of lease payments. We estimate our incremental borrowing rate based on third-party lender quotes to obtain secured debt in a like currency for a similar asset over a timeframe similar to the term of the lease. The ROU asset also includes any lease prepayments made and any initial direct costs incurred and excludes lease incentives. Our lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. We have elected not to recognize ROU assets or lease liabilities for leases with a term of 12 months or less. We have lease agreements with lease and non-lease components. We have elected to apply the practical expedient to account for these components as a single lease component for all classes of underlying assets. |
Income Taxes | (r) Income Taxes Income taxes are accounted for under the asset and liability method in accordance with FASB ASC Topic 740, Income Taxes |
Use of Estimates | (s) Use of Estimates The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of property, plant and equipment, realizability of intangible assets, deferred costs and deferred tax assets, standalone selling prices and future contract volumes and the direct costs to complete the performance obligation for revenue recognition, fair value of stock options, performance-based restricted stock units and warrants, warranty reserves and other contingencies. |
Fair Value of Financial Instruments | (t) Fair Value of Financial Instruments FASB ASC Topic 820, Fair Value Measurements Level 1: Quoted prices in active markets for identical assets or liabilities; Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimate of assumptions that market participants would use in pricing the asset or liability. The carrying amounts of our cash and cash equivalents, trade accounts receivable, income taxes receivable, accounts payable and accrued expenses and income taxes payable approximate fair value because of the short-term nature of these financial instruments. The carrying amount of our short-term unsecured loans approximates fair value due to their short - term nature and the loans carry a current market rate of interest, a L evel 2 input. The carrying value of our long-term debt approximates fair value based on its variable rate index or based upon market interest rates available to us for debt of similar risk and maturities, both of which are L evel 2 inputs. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. |
Recently Issued Accounting Pronouncements | (u) Recently Issued Accounting Pronouncements Accounting Pronouncements Adopted in 2020 Financial Instruments In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This standard was effective for all public business entities for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard on January 1, 2020 and it did not have a material effect on our 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 This standard was effective for all public business entities for annual and interim periods beginning after December 15, 2019, with early adoption permitted. We adopted this standard on January 1, 2020 and it did not have a material effect on our 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 consolidated financial statements. Recent Accounting Pronouncements 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 In January 2021, the FASB issued ASU 2021-01 , Reference Rate Reform (Topic 848): Scope . This ASU clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. The ASU also amends the expedients and exceptions in Topic 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. An entity may elect to apply ASU 2021-01 on contract modifications that change the interest rate used for margining, discounting, or contract price alignment retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications from any date within the interim period that includes or is subsequent to January 7, 2021, up to the date that financial statements are available to be issued. An entity may elect to apply ASU 2021-01 to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020, and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. We are currently evaluating our contracts and the optional expedients provided by these new standards. There have been no other recent accounting pronouncements or changes in accounting pronouncements during the current year that are of significance, or potential significance, to us. |
Summary of Operations and Sum_3
Summary of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives of Property, Plant and Equipment | Property, plant and equipment are stated at cost. Depreciation and amortization of property, plant, and equipment is calculated on the straight-line method over the estimated useful lives of the assets. See Note 6, Property, Plant and Equipment, Net. Estimated useful lives Machinery and equipment 7-10 years Buildings 20 years Leasehold improvements 5 to 10 years, or the term of the lease, if shorter Office equipment and software 3 to 5 years Furniture 3 to 5 years Vehicles 5 years |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2020 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 135,415 $ 511,090 $ 472,994 $ 368,907 $ 91,649 $ 1,580,055 Precision molding and assembly systems sales — 13,134 14,939 — — 28,073 Transportation sales 33,849 — 2,347 — — 36,196 Other sales 12,677 2,859 5,559 4,638 80 25,813 Total net sales $ 181,941 $ 527,083 $ 495,839 $ 373,545 $ 91,729 $ 1,670,137 Year Ended December 31, 2019 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 120,125 $ 366,206 $ 410,337 $ 431,362 $ 687 $ 1,328,717 Precision molding and assembly systems sales 3,774 25,203 19,703 — — 48,680 Transportation sales 28,523 — 347 — — 28,870 Other sales 16,895 2,400 5,219 5,719 — 30,233 Total net sales $ 169,317 $ 393,809 $ 435,606 $ 437,081 $ 687 $ 1,436,500 Year Ended December 31, 2018 U.S. Asia Mexico EMEA India Total (in thousands) Wind blade sales $ 126,335 $ 264,417 $ 256,101 $ 286,414 $ — $ 933,267 Precision molding and assembly systems sales 5,034 36,616 7,203 — — 48,853 Transportation sales 29,254 — — — — 29,254 Other sales 3,093 5,222 5,452 4,483 — 18,250 Total net sales $ 163,716 $ 306,255 $ 268,756 $ 290,897 $ — $ 1,029,624 |
Summary of Contract Assets and Contract Liabilities | Contract assets and contract liabilities as of December 31 consisted of the following: 2020 2019 $ Change (in thousands) Gross contract assets $ 223,428 $ 170,973 $ 52,455 Less: reclassification from contract liabilities (6,500 ) (4,458 ) (2,042 ) Contract assets $ 216,928 $ 166,515 $ 50,413 2020 2019 $ Change (in thousands) Gross contract liabilities $ 7,114 $ 7,466 $ (352 ) Less: reclassification to contract assets (6,500 ) (4,458 ) (2,042 ) Contract liabilities $ 614 $ 3,008 $ (2,394 ) |
Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue | . We estimate that we will recognize the remaining performance obligations as revenue as follows: $ % of Total (in thousands) Year Ending December 31, 2021 $ 1,689,153 47.1 % 2022 1,203,476 33.5 % 2023 622,170 17.3 % 2024 75,841 2.1 % Total remaining performance obligations $ 3,590,640 100.0 % |
Accounts Receivable (Tables)
Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Summary of Accounts Receivable | Accounts receivable as of December 31 consisted of the following: 2020 2019 (in thousands) Trade accounts receivable $ 127,765 $ 180,051 Other accounts receivable 5,003 3,961 Total accounts receivable $ 132,768 $ 184,012 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | Other current assets as of December 31 consisted of the following: 2020 2019 (in thousands) Refundable value-added tax $ 18,961 $ 22,687 Deposits 2,791 6,143 Other current assets 6,169 1,013 Total current assets $ 27,921 $ 29,843 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment Net | Property, plant and equipment, net as of December 31 consisted of the following: 2020 2019 (in thousands) Machinery and equipment $ 204,917 $ 159,176 Buildings 15,544 14,495 Leasehold improvements 61,947 56,414 Office equipment and software 35,194 32,284 Furniture 25,097 22,429 Vehicles 635 562 Construction in progress 8,725 20,677 Total property, plant and equipment, gross 352,059 306,037 Accumulated depreciation (143,058 ) (101,030 ) Total property, plant and equipment, net $ 209,001 $ 205,007 |
Intangible Assets and Deferre_2
Intangible Assets and Deferred Costs, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs | Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2020, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 6,581 $ (3,723 ) $ 2,858 Patents 10 years 123 (6 ) 117 Acquired development tools 10 years 1,075 (54 ) 1,021 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 7,929 $ (3,783 ) $ 4,146 Carrying values and estimated useful lives of intangible assets and deferred costs as of December 31, 2019, consisted of the following: Estimated Useful Life Cost Accumulated Amortization Net (in thousands) Pre-production investments (1) Various $ 5,639 $ (2,656 ) $ 2,983 Patents 10 years 112 (6 ) 106 Acquired development tools 10 years 980 (49 ) 931 Trademarks Indefinite 150 — 150 Total intangible assets and deferred costs, net $ 6,881 $ (2,711 ) $ 4,170 (1) See Note 2, Revenue from Contracts with Customers, |
Other Noncurrent Assets (Tables
Other Noncurrent Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Assets Noncurrent [Abstract] | |
Schedule of Other Noncurrent Assets | Other noncurrent assets as of December 31 consisted of the following: 2020 2019 (in thousands) Deferred tax assets $ 18,793 $ 11,209 Deposits 10,004 8,437 Land use right (50 year estimated useful life) 1,584 1,521 Restricted cash — 475 Other 2,936 2,278 Total other noncurrent assets $ 33,317 $ 23,920 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Product Warranties Disclosures [Abstract] | |
Schedule of Warranty Accrual | Warranty accrual as of December 31 consisted of the following: 2020 2019 2018 (in thousands) Warranty accrual at beginning of year $ 47,639 $ 36,765 $ 30,419 Accrual during the year 20,029 23,710 16,153 Cost of warranty services provided during the year (29,890 ) (6,220 ) (4,457 ) Changes in estimate for pre-existing warranties, including expirations during the period 13,074 (6,616 ) (5,350 ) Warranty accrual at end of year $ 50,852 $ 47,639 $ 36,765 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations | The share-based compensation expense recognized in the consolidated statements of operations for the years ended December 31 was as follows: 2020 2019 2018 (in thousands) Cost of goods sold $ 1,979 $ 386 $ 1,281 General and administrative expenses 8,373 5,295 6,514 Total share-based compensation expense $ 10,352 $ 5,681 $ 7,795 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The share-based compensation expense recognized by award type for the years ended December 31 was as follows: 2020 2019 2018 (in thousands) RSUs $ 4,613 $ 3,658 $ 4,209 Stock options 3,589 1,501 2,463 PSUs 2,150 522 1,123 Total share-based compensation expense $ 10,352 $ 5,681 $ 7,795 |
Summary of Activity for Incentive Plans | The summary of activity for 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, 4,731,117 3,203,290 13.34 890,433 613,380 15.02 — — Increase in shares authorized 1,360,826 — — — — — — Granted (451,212 ) 9,652 22.67 149,012 23.37 292,548 22.67 Exercised/vested — (354,153 ) 12.10 (298,036 ) 13.03 — — Forfeited/cancelled 339,874 (258,095 ) 14.72 (38,480 ) 21.51 (43,299 ) 22.67 Balance as of December 31, 5,980,605 2,600,694 13.41 1,415,948 425,876 18.75 249,249 22.67 Increase in shares authorized 1,387,123 — — — — — — Granted (875,557 ) 397,170 20.94 196,418 26.99 281,969 29.25 Exercised/vested — (345,475 ) 15.14 (236,187 ) 15.42 — — Forfeited/cancelled 129,341 (58,161 ) 15.23 (31,680 ) 24.91 (39,500 ) 25.60 Balance as of December 31, 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 (1,044,491 ) 261,181 28.49 461,732 22.43 321,578 22.40 Exercised/vested — (1,195,405 ) 13.25 (117,683 ) 22.81 (131,924 ) 12.53 Forfeited/cancelled 221,289 (160,418 ) 20.40 (30,022 ) 25.06 (30,849 ) 26.89 Balance as of December 31, 7,205,538 1,499,586 16.94 959,233 668,454 23.60 650,523 27.07 |
Summary of Outstanding and Exercisable Stock Option Awards | The following table summarizes the outstanding and exercisable stock option awards as of December 31, 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 $10.87 720,590 4.4 10.87 720,590 10.87 $11.00 to $17.06 137,822 5.2 16.40 130,740 16.36 $18.70 8,797 5.5 18.70 8,797 18.70 $18.77 to $29.56 632,377 8.9 23.95 99,106 21.42 $10.87 to $29.56 1,499,586 6.4 16.94 959,233 12.78 |
Additional Information Pertaining to Stock Options | The following table contains additional information pertaining to stock options for the years ended December 31: 2020 2019 2018 (in thousands) Total intrinsic value of stock options outstanding $ 53,741 $ 12,219 $ 29,045 Total intrinsic value of stock options exercisable 38,367 9,718 15,949 Cash received from the exercise of stock options 15,839 5,223 4,284 Fair value of stock options vested 4,669 8,796 4,566 |
Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model | The fair value of the stock options granted during the years ended December 31 were calculated using the Black-Scholes option pricing model with the following assumptions: 2020 2019 2018 Weighted-average fair value $ 13.11 $ 6.80 $ 10.36 Expected volatility 48.5 % 28.0 % 42.8 % Expected life 6.1 years 6.3 years 6.3 years Risk-free interest rate 0.4 % 1.9 % 2.7 % Dividend yield 0.0 % 0.0 % 0.0 % |
Long-Term Debt, Net of Debt I_2
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Tables) | 12 Months Ended |
Dec. 31, 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, as of December 31 consisted of the following: 2020 2019 (in thousands) Senior revolving loan—US $ 171,154 $ 112,414 Accounts receivable financing—EMEA — 3,805 Unsecured financing—EMEA 30,040 — Equipment financing—EMEA 4,335 7,903 Equipment finance lease—Mexico 8,038 11,919 Equipment finance lease—EMEA 4,119 5,637 Equipment finance lease—U.S. 132 288 Equipment finance lease—India 100 95 Total debt - principal 217,918 142,061 Less: Debt issuance costs (1,051 ) (672 ) Total debt, net of debt issuance costs 216,867 141,389 Less: Current maturities of long-term debt (32,551 ) (13,501 ) Long-term debt, net of debt issuance costs and current maturities $ 184,316 $ 127,888 |
Schedule of Future Aggregate Annual Principal Maturities of Debt | The future aggregate annual principal maturities of debt as of December 31, 2020 are as follows: (in thousands) Year Ending December 31, 2021 $ 32,551 2022 13,271 2023 171,879 2024 213 2025 4 Total debt - principal $ 217,918 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Cost | The components of lease cost for the years ended December 31 were as follows: 2020 2019 (in thousands) Total operating lease cost $ 36,958 $ 30,957 Finance lease cost Amortization of assets under finance leases $ 5,973 $ 6,351 Interest on finance leases 985 1,414 Total finance lease cost $ 6,958 $ 7,765 |
Schedule of Lease Liabilities | Total lease liabilities as of December 31 were as follows: 2020 2019 Operating Finance Operating Finance Leases Leases Leases Leases (in thousands) Current operating lease liabilities $ 26,099 $ — $ 16,629 $ — Current maturities of long-term debt — 6,018 — 5,744 Noncurrent operating lease liabilities 155,925 — 113,883 — Long-term debt, net of debt issuance costs and current maturities — 6,371 — 12,194 Total lease liabilities $ 182,024 $ 12,389 $ 130,512 $ 17,938 |
Schedule of Future Minimum Lease Payments under Noncancelable Leases | The future minimum lease payments under noncancelable leases as of December 31, 2020 were as follows: Operating Finance Leases Leases (in thousands) Year Ending December 31, 2021 $ 34,798 $ 6,319 2022 32,245 5,859 2023 30,399 891 2024 27,060 225 2025 26,944 7 Thereafter 98,764 — Total future minimum lease payments 250,210 13,301 Less: interest (68,186 ) (912 ) Total lease liabilities $ 182,024 $ 12,389 |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the years ended December 31 was as follows: 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 $ 31,478 $ 29,845 Operating cash flows from finance leases 985 1,414 Financing cash flows from finance leases 6,116 9,128 Right of use assets obtained in exchange for new lease obligations: Operating leases 61,455 15,855 Finance leases 163 5,811 |
Other Information Related to Leases | Other information related to leases as of December 31 was as follows: 2020 2019 Weighted-Average Remaining Lease Term (In Years): Operating leases 7.7 7.6 Finance leases 2.2 3.2 Weighted-Average Discount Rate: Operating leases 7.9 % 7.5 % Finance leases 6.4 % 6.4 % |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values and Location of Financial Instruments | The fair values and location of financial instruments in our consolidated balance sheets as of December 31, were as follows: Consolidated Balance Financial Instrument Sheet Line Item 2020 2019 (in thousands) Foreign exchange forward contracts Other current assets $ 5,832 $ 820 Foreign exchange forward contracts Accounts payable and accrued expenses 2,096 124 Interest rate swap Other noncurrent liabilities 4,414 2,723 |
Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss | The following table presents the pretax amounts reclassified from accumulated other comprehensive loss into our consolidated statements of operations: Comprehensive Income Consolidated Statement of (Loss) Component Operations Line Item 2020 2019 2018 (in thousands) Foreign exchange forward contracts Cost of sales $ 996 $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) Before Income Taxes | Geographic sources of income (loss) before income taxes are as follows for the years ended December 31: 2020 2019 2018 (in thousands) United States $ 4,913 $ (41,255 ) $ (33,034 ) China 16,232 (3,777 ) (4 ) Turkey (26,566 ) 47,579 31,955 Mexico 8,509 8,434 3,329 India (13,810 ) (3,970 ) — Other 2,979 396 — Total income (loss) before income taxes $ (7,743 ) $ 7,407 $ 2,246 |
Components of Income Tax Provision (Benefit) | The components of the income tax provision (benefit) for the years ended December 31 are as follows: 2020 2019 2018 (in thousands) Current: U.S. federal $ — $ — $ — U.S. state and local taxes 32 (7 ) 4 Foreign 19,234 18,171 11,875 Total current 19,266 18,164 11,879 Deferred: U.S. federal (1,909 ) 6,277 (7,596 ) U.S. state and local taxes (1,385 ) (950 ) (36 ) Foreign (4,688 ) (376 ) (7,280 ) Total deferred (7,982 ) 4,951 (14,912 ) Total income tax provision (benefit) $ 11,284 $ 23,115 $ (3,033 ) |
Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate | The following is a reconciliation from the U.S. statutory income tax rate to our effective income tax rate for the years ended December 31: 2020 2019 2018 United States statutory income tax rate 21.0 % 21.0 % 21.0 % Foreign rate differential (189.1 ) (40.8 ) (14.4 ) Foreign permanent differences (19.4 ) 2.9 31.7 Tax rate change (6.9 ) (0.3 ) — Withholding taxes (20.1 ) 24.5 27.3 Subpart F / GILTI income 137.6 212.3 539.8 Unrecognized tax benefits (91.6 ) — — Share-based compensation 3.5 (9.1 ) (89.0 ) Valuation allowance 0.7 115.5 (483.1 ) State taxes 13.7 (10.2 ) (1.7 ) Deferred tax adjustments 11.8 2.1 4.6 Research and development 11.2 (13.4 ) (59.8 ) Foreign currency / inflationary adjustments 5.6 (0.5 ) (90.6 ) Other (23.7 ) 8.1 (20.8 ) Effective income tax rate (145.7 )% 312.1 % (135.0 )% |
Summary of Components of Deferred Tax Assets and Liabilities | The following is a summary of the components of deferred tax assets and liabilities as of December 31: 2020 2019 2018 (in thousands) Deferred tax assets: Net operating loss and credit carry forwards $ 36,754 $ 23,065 $ 17,360 Deferred revenue 180 1,792 149 Non-deductible accruals 12,360 16,111 10,850 Equity compensation 3,298 3,274 3,607 Lease liabilities 23,271 1,062 — Non-deductible interest 3,302 — 1,452 Tax credits 1,931 1,931 2,212 Other 6,760 4,480 4,548 Gross deferred tax assets 87,856 51,715 40,178 Valuation allowance (18,903 ) (18,505 ) (8,520 ) Total deferred tax assets 68,953 33,210 31,658 Deferred tax liabilities: Deferred revenue (24,294 ) (17,081 ) (13,781 ) Depreciation (3,446 ) (4,196 ) (2,636 ) Lease assets (22,453 ) (32 ) — Other 33 (827 ) (406 ) Total deferred tax liabilities (50,160 ) (22,136 ) (16,823 ) Net deferred tax assets $ 18,793 $ 11,074 $ 14,835 |
Schedule of Deferred Tax Valuation Allowance | The deferred tax valuation allowance as of December 31 consisted of the following: 2020 2019 2018 (in thousands) Valuation allowance at beginning of year $ (18,505 ) $ (8,520 ) $ (18,680 ) Benefits obtained (costs accumulated) (398 ) (9,985 ) 10,160 Valuation allowance at end of year $ (18,903 ) $ (18,505 ) $ (8,520 ) |
Schedule of Reconciliation of Unrecognized Tax Benefits | The following is a reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31: 2020 2019 2018 (in thousands) Unrecognized tax benefits at beginning of year $ — $ — $ — Increases related to prior year tax positions 5,220 — — Decreases related to prior year tax positions — — — Increases related to current year tax positions 2,268 — — Increases (decreases) due to currency translation — — — Decreases relating to settlements with authorities (496 ) — — Decreases from laps in statute of limitations — — — Unrecognized tax benefits at end of year $ 6,992 $ — $ — |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
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 for the years ended December 31: 2020 2019 2018 (in thousands) Basic weighted-average shares outstanding 35,532 35,062 34,311 Effect of dilutive awards — — 1,691 Diluted weighted-average shares outstanding 35,532 35,062 36,002 |
Summary of Number of Anti-dilutive Share-based Compensation Awards Excluded from Computation of Net Income (Loss) per Common Share | In addition, the table below summarizes the approximate number of share-based compensation awards which were excluded from the computation of net income (loss) per common share because their effect would be anti-dilutive: 2020 2019 2018 (in thousands) Anti-dilutive shares 17 28 30 |
Stockholders_ Equity (Tables)
Stockholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss | The following table presents the changes in accumulated other comprehensive loss (AOCL) by component for the years ended December 31, 2020, 2019 and 2018: Foreign Foreign currency exchange translation Interest rate forward Total adjustments swap contracts AOCL (in thousands) Balance at December 31, 2017 $ (558 ) $ — $ — $ (558 ) Other comprehensive income (loss) before reclassifications (14,428 ) 752 — (13,676 ) Amounts reclassified from AOCL — — — — Net tax effect — (158 ) — (158 ) Net current period other comprehensive income (loss) (14,428 ) 594 — (13,834 ) Balance at December 31, 2018 (14,986 ) 594 — (14,392 ) Other comprehensive income (loss) before reclassifications (7,026 ) (3,469 ) 518 (9,977 ) Amounts reclassified from AOCL — — 172 172 Net tax effect — 730 (145 ) 585 Net current period other comprehensive income (loss) (7,026 ) (2,739 ) 545 (9,220 ) Balance at December 31, 2019 (22,012 ) (2,145 ) 545 (23,612 ) Other comprehensive income (loss) before reclassifications (8,099 ) (1,698 ) (777 ) (10,574 ) Amounts reclassified from AOCL — — 996 996 Net tax effect — 400 (200 ) 200 Net current period other comprehensive income (loss) (8,099 ) (1,298 ) 19 (9,378 ) Balance at December 31, 2020 $ (30,111 ) $ (3,443 ) $ 564 $ (32,990 ) |
Concentration of Customers (Tab
Concentration of Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Schedule of Revenues from Customers | Revenues from certain customers (in thousands) in excess of 10 percent of total consolidated Company revenues for the years ended December 31 are as follows: 2020 2019 2018 Customer Revenues % of Total Revenues % of Total Revenues % of Total Customer 1 - Vestas $ 830,302 49.7 % $ 662,302 46.1 % $ 329,472 32.0 % Customer 2 - GE 391,533 23.4 % 369,067 25.7 % 325,962 31.7 % Customer 3 - Nordex 255,912 15.3 % 230,563 16.1 % 195,156 19.0 % Customer 4 - Siemens Gamesa 78,137 4.7 % 73,426 5.1 % 115,779 11.2 % |
Schedule of Trade Accounts Receivable from Certain Customers | Trade accounts receivable from certain customers in excess of 10 percent of total consolidated Company trade accounts receivable as of December 31 are as follows: 2020 2019 Customer % of Total % of Total Customer 1 - Vestas 35.0 % 41.9 % Customer 3 - Nordex 40.8 % 31.3 % |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables set forth certain information regarding each of our segments as of or for the years ended December 31: 2020 2019 2018 (in thousands) Net sales by segment: U.S. $ 181,941 $ 169,317 $ 163,716 Asia 527,083 393,809 306,255 Mexico 495,839 435,606 268,756 EMEA 373,545 437,081 290,897 India 91,729 687 — Total net sales $ 1,670,137 $ 1,436,500 $ 1,029,624 Net sales by geographic location (1) United States $ 181,941 $ 169,317 $ 163,716 China 527,083 393,809 306,255 Mexico 495,839 435,606 268,756 Turkey 373,545 437,081 290,897 India 91,729 687 — Total net sales $ 1,670,137 $ 1,436,500 $ 1,029,624 Depreciation and amortization: U.S. $ 7,193 $ 9,223 $ 6,795 Asia 15,692 10,699 6,765 Mexico 18,587 12,577 7,891 EMEA 6,217 6,081 4,978 India 1,978 — — Total depreciation and amortization $ 49,667 $ 38,580 $ 26,429 Income (loss) from operations: U.S. $ (40,991 ) $ (78,278 ) $ (67,357 ) Asia 62,869 24,132 28,147 Mexico (9,611 ) 3,533 12,154 EMEA 23,331 70,449 51,774 India (16,832 ) (3,948 ) — Total income from operations $ 18,766 $ 15,888 $ 24,718 Capital expenditures: U.S. $ 6,949 $ 8,321 $ 21,305 Asia 13,135 22,471 11,218 Mexico 15,624 25,842 18,928 EMEA 10,887 11,023 1,237 India 19,071 6,751 — Total capital expenditures $ 65,666 $ 74,408 $ 52,688 Tangible long-lived assets: U.S. $ 31,811 $ 36,410 Asia (China) 46,075 50,603 Mexico 78,813 81,654 EMEA (Turkey) 28,312 29,589 India 23,990 6,751 Total tangible long-lived assets $ 209,001 $ 205,007 Total assets: U.S. $ 118,456 $ 107,918 Asia (China) 250,582 210,438 Mexico 251,764 275,646 EMEA (Turkey) 201,691 218,244 India 133,764 14,431 Total assets $ 956,257 $ 826,677 (1) Net sales are attributable to countries based on the location where the product is manufactured or the services are performed. |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Selected Quarterly Financial Data | The following tables set forth certain unaudited financial information for each quarter of 2020 and 2019. The unaudited quarterly information includes all normal recurring adjustments that, in the opinion of management, are necessary for the fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of the results for any future period. The unaudited quarterly results are as follows: 2020 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 356,636 $ 373,817 $ 474,113 $ 465,571 Gross profit (loss) (3,873 ) (4,747 ) 40,473 32,246 Net income (loss) (492 ) (66,101 ) 42,382 5,184 Net income (loss) per common share: Basic (1) $ (0.01 ) $ (1.87 ) $ 1.19 $ 0.14 Diluted (1) $ (0.01 ) $ (1.87 ) $ 1.13 $ 0.14 2019 First Quarter Second Quarter Third Quarter Fourth Quarter (in thousands, except per share data) Net sales $ 299,780 $ 330,771 $ 383,836 $ 422,113 Gross profit (loss) (1,436 ) 22,551 25,931 30,802 Net income (loss) (12,104 ) 1,828 (4,571 ) (861 ) Net income (loss) per common share: Basic (1) $ (0.35 ) $ 0.05 $ (0.13 ) $ (0.02 ) Diluted (1) $ (0.35 ) $ 0.05 $ (0.13 ) $ (0.02 ) (1) The sum of the quarterly net income (loss) per common share amounts may not equal the annual net income (loss) per common share amount due to rounding. |
Summary of Operations and Sum_4
Summary of Operations and Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 our accounts receivable assignment agreements, range from 5 to 25 days. |
Summary of Operations and Sum_5
Summary of Operations and Summary of Significant Accounting Policies - General and Administrative Expenses - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative Expenses [Member] | |||
Operations And Summary Of Significant Accounting Policies [Line Items] | |||
Research and development expense | $ 1 | $ 1 | $ 0.8 |
Summary of Operations and Sum_6
Summary of Operations and Summary of Significant Accounting Policies - Loss on Sale of Assets and Asset Impairments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Loss on sale of account receivables and other assets and asset impairments | $ 7,748 | $ 18,117 | $ 4,581 |
Summary of Operations and Sum_7
Summary of Operations and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Restricted Cash - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash deposits for letters of guarantee used for customs clearance, current | $ 339 | $ 992 |
Cash-collateralized letter of credit, non current | 475 | |
China [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Unrestricted Cash | 47,400 | 9,700 |
Cash deposits for letters of guarantee used for customs clearance, current | $ 300 | 1,000 |
Iowa [Member] | ||
Operations And Summary Of Significant Accounting Policies [Line Items] | ||
Cash-collateralized letter of credit, non current | $ 500 |
Summary of Operations and Sum_8
Summary of Operations and Summary of Significant Accounting Policies - Accounts Receivable - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Accounts receivables, written off | $ 0 | $ 0 | $ 200,000 |
Summary of Operations and Sum_9
Summary of Operations and Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Machinery and Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 7 years |
Machinery and Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 20 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 to 10 years, or the term of the lease, if shorter |
Leasehold Improvements [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Leasehold Improvements [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 10 years |
Office Equipment and Software [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Office Equipment and Software [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Furniture [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 3 years |
Furniture [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Vehicles [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Operations and Su_10
Summary of Operations and Summary of Significant Accounting Policies - Warranty Expense - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
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 Su_11
Summary of Operations and Summary of Significant Accounting Policies - Foreign Currency Translation Adjustments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Foreign currency translation adjustments gain (loss) | $ 8,099 | $ 7,026 | $ 14,428 |
Summary of Operations and Su_12
Summary of Operations and Summary of Significant Accounting Policies - Share-Based Compensation - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Plan | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Number of active incentive compensation plans | 1 |
Expected dividend yield | 0.00% |
Monte Carlo Simulation Model [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Expected volatility rate | 47.30% |
Expected dividend yield | 0.00% |
Expected risk free interest rate | 0.50% |
2015 Stock Option and Incentive Plan [Member] | Minimum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Percentage of common stock fair market value on incentive stock options and non-qualified stock options granted at exercise price | 100.00% |
2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Stock options expiration term | 10 years |
Summary of Operations and Su_13
Summary of Operations and Summary of Significant Accounting Policies - Leases - Additional Information (Detail) - Accounting Standard Codification (ASC) Topic 842 [Member] | Dec. 31, 2020 |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2019 |
Summary of Operations and Su_14
Summary of Operations and Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements - Additional Information (Detail) | Dec. 31, 2020 |
Accounting Standards Update 2016-13 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting Standards Update 2018-13 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Accounting Standards Update 2019-12 [Member] | |
Operations And Summary Of Significant Accounting Policies [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 1, 2020 |
Change in accounting principle, accounting standards update, immaterial effect | true |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | $ 465,571 | $ 474,113 | $ 373,817 | $ 356,636 | $ 422,113 | $ 383,836 | $ 330,771 | $ 299,780 | $ 1,670,137 | $ 1,436,500 | $ 1,029,624 |
U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 181,941 | 169,317 | 163,716 | ||||||||
Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 527,083 | 393,809 | 306,255 | ||||||||
Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 495,839 | 435,606 | 268,756 | ||||||||
EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 373,545 | 437,081 | 290,897 | ||||||||
India Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 91,729 | 687 | |||||||||
Wind Blades [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 1,580,055 | 1,328,717 | 933,267 | ||||||||
Wind Blades [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 135,415 | 120,125 | 126,335 | ||||||||
Wind Blades [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 511,090 | 366,206 | 264,417 | ||||||||
Wind Blades [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 472,994 | 410,337 | 256,101 | ||||||||
Wind Blades [Member] | EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 368,907 | 431,362 | 286,414 | ||||||||
Wind Blades [Member] | India Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 91,649 | 687 | |||||||||
Precision Molding and Assembly Systems [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 28,073 | 48,680 | 48,853 | ||||||||
Precision Molding and Assembly Systems [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 3,774 | 5,034 | |||||||||
Precision Molding and Assembly Systems [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 13,134 | 25,203 | 36,616 | ||||||||
Precision Molding and Assembly Systems [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 14,939 | 19,703 | 7,203 | ||||||||
Transportation [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 36,196 | 28,870 | 29,254 | ||||||||
Transportation [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 33,849 | 28,523 | 29,254 | ||||||||
Transportation [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 2,347 | 347 | |||||||||
Other [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 25,813 | 30,233 | 18,250 | ||||||||
Other [Member] | U.S. Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 12,677 | 16,895 | 3,093 | ||||||||
Other [Member] | Asia Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 2,859 | 2,400 | 5,222 | ||||||||
Other [Member] | Mexico Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 5,559 | 5,219 | 5,452 | ||||||||
Other [Member] | EMEAI Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | 4,638 | $ 5,719 | $ 4,483 | ||||||||
Other [Member] | India Segment [Member] | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Net sales revenue | $ 80 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contracts with Customers | |||
Increase in contracts assets | $ 50,413 | ||
Decrease in contracts liabilities | 2,394 | ||
Transaction price allocated to remaining performance obligations to be satisfied in future periods | 3,590,640 | ||
Variable consideration over contractual guaranteed minimum volume obligations | 71,900 | ||
Net revenue recognized from performance obligations satisfied in previous periods,increase (decrease) amount | $ 23,700 | ||
Revenue, practical expedient, incremental cost of obtaining contract | true | ||
Other Noncurrent Assets [Member] | |||
Revenue from Contracts with Customers | |||
Capitalized contract cost | $ 6,600 | $ 5,600 | |
Capitalized contract cost, accumulated amortization | 3,700 | 2,700 | |
Precision Molding And Assembly Systems And Wind Blades [Member] | |||
Revenue from Contracts with Customers | |||
Contract liability revenue recognized | $ 3,000 | $ 7,100 | $ 2,800 |
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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract assets | $ 223,428 | $ 170,973 |
Less: reclassification from contract liabilities | (6,500) | (4,458) |
Contract assets | 216,928 | $ 166,515 |
Gross contract assets, Change | 52,455 | |
Less: reclassification from contract liabilities, Change | (2,042) | |
Contract assets, Change | $ 50,413 |
Revenue from Contracts with C_6
Revenue from Contracts with Customers - Summary of Contract Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | ||
Gross contract liabilities | $ 7,114 | $ 7,466 |
Less: reclassification to contract assets | (6,500) | (4,458) |
Contract liabilities | 614 | $ 3,008 |
Gross contract liabilities, Change | (352) | |
Less: reclassification to contract assets, Change | (2,042) | |
Contract liabilities, Change | $ (2,394) |
Revenue from Contracts with C_7
Revenue from Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 3,590,640 |
% of Total remaining performance obligations | 100.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,689,153 |
% of Total remaining performance obligations | 47.10% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2022-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 1,203,476 |
% of Total remaining performance obligations | 33.50% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2023-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 622,170 |
% of Total remaining performance obligations | 17.30% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01 | |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items] | |
Total remaining performance obligations | $ 75,841 |
% of Total remaining performance obligations | 2.10% |
Remaining performance obligations, expected timing of satisfaction period | 1 year |
Revenue from Contracts with C_8
Revenue from Contracts with Customers - Schedule of Estimate to Recognize Remaining Performance Obligations as Revenue (Detail1) $ in Thousands | Dec. 31, 2020USD ($) |
Revenue From Contract With Customer [Abstract] | |
Total remaining performance obligations | $ 3,590,640 |
% of Total remaining performance obligations | 100.00% |
Significant Risks and Uncerta_2
Significant Risks and Uncertainties - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Concentration Risk [Line Items] | ||
Cash in short-term deposits in interest bearing accounts | $ 339,000 | $ 992,000 |
Cash-collateralized letter of credit, non current | 475,000 | |
Maximum percentage of change in variable rate would not have impact on future earnings | 10.00% | |
U.S. [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | $ 68,900,000 | 45,800,000 |
Turkey [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 6,000,000 | 9,900,000 |
China [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 47,400,000 | 9,700,000 |
Cash in short-term deposits in interest bearing accounts | 300,000 | 1,000,000 |
India [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 5,000,000 | 2,400,000 |
Mexico [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 2,100,000 | 2,100,000 |
Other Countries [Member] | ||
Concentration Risk [Line Items] | ||
Cash in bank deposit and money market accounts | 500,000 | 400,000 |
Iowa [Member] | ||
Concentration Risk [Line Items] | ||
Cash-collateralized letter of credit, non current | 500,000 | |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 132,768 | $ 184,012 |
Trade Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | 127,765 | 180,051 |
Other Accounts Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total accounts receivable | $ 5,003 | $ 3,961 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Refundable value-added tax | $ 18,961 | $ 22,687 |
Deposits | 2,791 | 6,143 |
Other current assets | 6,169 | 1,013 |
Total current assets | $ 27,921 | $ 29,843 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net - Schedule of Property Plant and Equipment Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 352,059 | $ 306,037 |
Accumulated depreciation | (143,058) | (101,030) |
Total property, plant and equipment, net | 209,001 | 205,007 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 204,917 | 159,176 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 15,544 | 14,495 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 61,947 | 56,414 |
Office Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 35,194 | 32,284 |
Furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 25,097 | 22,429 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 635 | 562 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 8,725 | $ 20,677 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Abstract] | |||
Total depreciation expense | $ 48.6 | $ 36.7 | $ 25.5 |
Cost of property plant and equipment leased under finance lease arrangements | 28.5 | 45 | |
Accumulated depreciation of property plant and equipment under finance lease arrangements | $ 12.5 | $ 17 |
Intangible Assets and Deferre_3
Intangible Assets and Deferred Costs, Net - Schedule of Carrying Values and Estimated Useful Lives of Intangible Assets and Deferred Costs - (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | $ 7,929 | $ 6,881 |
Total intangible assets and deferred costs, Accumulated Amortization | (3,783) | (2,711) |
Total intangible assets and deferred costs, Net | 4,146 | 4,170 |
Trademarks [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Net | 150 | 150 |
Pre-Production Investments [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Cost | 6,581 | 5,639 |
Total intangible assets and deferred costs, Accumulated Amortization | (3,723) | (2,656) |
Total intangible assets and deferred costs, Net | $ 2,858 | $ 2,983 |
Patents [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years |
Total intangible assets and deferred costs, Cost | $ 123 | $ 112 |
Total intangible assets and deferred costs, Accumulated Amortization | (6) | (6) |
Total intangible assets and deferred costs, Net | $ 117 | $ 106 |
Acquired Development Tools [Member] | ||
Intangible Assets and Deferred Costs [Line Items] | ||
Total intangible assets and deferred costs, Estimated Useful Life | 10 years | 10 years |
Total intangible assets and deferred costs, Cost | $ 1,075 | $ 980 |
Total intangible assets and deferred costs, Accumulated Amortization | (54) | (49) |
Total intangible assets and deferred costs, Net | $ 1,021 | $ 931 |
Intangible Assets and Deferre_4
Intangible Assets and Deferred Costs, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |||
Amortization expense of intangible assets and deferred costs | $ 1.1 | $ 1.9 | $ 0.9 |
Other Noncurrent Assets - Sched
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Assets Noncurrent [Abstract] | ||
Deferred tax assets | $ 18,793 | $ 11,209 |
Deposits | 10,004 | 8,437 |
Land use right (50 year estimated useful life) | 1,584 | 1,521 |
Restricted cash | 475 | |
Other | 2,936 | 2,278 |
Total other noncurrent assets | $ 33,317 | $ 23,920 |
Other Noncurrent Assets - Sch_2
Other Noncurrent Assets - Schedule of Other Noncurrent Assets (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Land Use Right | |
Other Noncurrent Assets [Line Items] | |
Estimated useful lives | 50 years |
Accrued Warranty - Schedule of
Accrued Warranty - Schedule of Warranty Accrual (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Product Warranties Disclosures [Abstract] | |||
Warranty accrual at beginning of year | $ 47,639 | $ 36,765 | $ 30,419 |
Accrual during the year | 20,029 | 23,710 | 16,153 |
Cost of warranty services provided during the year | (29,890) | (6,220) | (4,457) |
Changes in estimate for pre-existing warranties, including expirations during the period | 13,074 | (6,616) | (5,350) |
Warranty accrual at end of year | $ 50,852 | $ 47,639 | $ 36,765 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Share-based Compensation Expense Recognized in Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 10,352 | $ 5,681 | $ 7,795 |
Cost of Goods Sold [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 1,979 | 386 | 1,281 |
General and Administrative Expenses [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 8,373 | $ 5,295 | $ 6,514 |
Share-Based Compensation - Sc_2
Share-Based Compensation - Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 10,352 | $ 5,681 | $ 7,795 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 4,613 | 3,658 | 4,209 |
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | 3,589 | 1,501 | 2,463 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 2,150 | $ 522 | $ 1,123 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 10,352 | $ 5,681 | $ 7,795 |
Modification of Employee and Non-Employee Awards Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 1,700 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | 4,613 | 3,658 | 4,209 |
Fair value of awards vested during period | $ 10,400 | $ 6,200 | $ 8,400 |
Shares repurchased for awards | 61,920 | 79,040 | 100,891 |
Shares repurchased for tax withholding requirements, value | $ 2,200 | $ 2,100 | $ 2,900 |
Unamortized amount of share-based compensation expense | $ 7,000 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 10 months 24 days | ||
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 2,150 | 522 | 1,123 |
Unamortized amount of share-based compensation expense | $ 2,900 | ||
Unrecognized cost expects to recognize, weighted-average period | 1 year 10 months 24 days | ||
Stock Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 3,589 | $ 1,501 | $ 2,463 |
Unrecognized cost expects to recognize, weighted-average period | 1 year 10 months 24 days | ||
Total unrecognized cost related to non-vested stock option awards | $ 3,300 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity for Incentive Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock Options, Shares Available for Grant, Beginning balance | 6,621,512 | 5,980,605 | 4,731,117 |
Stock Options, Shares Available for Grant, Increase in shares authorized | 1,407,228 | 1,387,123 | 1,360,826 |
Stock Options, Shares Available for Grant, Granted | (1,044,491) | (875,557) | (451,212) |
Stock Options, Shares Available for Grant, Exercised/vested | 0 | 0 | 0 |
Stock Options, Shares Available for Grant, Forfeited/cancelled | 221,289 | 129,341 | 339,874 |
Stock Options, Shares Available for Grant, Ending balance | 7,205,538 | 6,621,512 | 5,980,605 |
Stock Options, Shares, Beginning balance | 2,594,228 | 2,600,694 | 3,203,290 |
Stock Options, Shares, Increase in shares authorized | 0 | 0 | 0 |
Stock Options, Shares, Granted | 261,181 | 397,170 | 9,652 |
Stock Options, Shares, Exercised/vested | (1,195,405) | (345,475) | (354,153) |
Stock Options, Shares, Forfeited/cancelled | (160,418) | (58,161) | (258,095) |
Stock Options, Shares, Ending balance | 1,499,586 | 2,594,228 | 2,600,694 |
Stock Options, Weighted-Average Exercise Price, Beginning balance | $ 14.29 | $ 13.41 | $ 13.34 |
Stock Options, Weighted-Average Exercise Price, Increase in shares authorized | 0 | 0 | 0 |
Stock Options, Weighted-Average Exercise Price, Granted | 28.49 | 20.94 | 22.67 |
Stock Options, Weighted-Average Exercise Price, Exercised/vested | 13.25 | 15.14 | 12.10 |
Stock Options, Weighted-Average Exercise Price, Forfeited/cancelled | 20.40 | 15.23 | 14.72 |
Stock Options, Weighted-Average Exercise Price, Ending balance | $ 16.94 | $ 14.29 | $ 13.41 |
Stock Options, Options Exercisable, Beginning balance | 1,697,272 | 1,415,948 | 890,433 |
Stock Options, Options Exercisable, Ending balance | 959,233 | 1,697,272 | 1,415,948 |
Restricted Stock Units (RSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 354,427 | 425,876 | 613,380 |
Shares, Increase in shares authorized | 0 | 0 | 0 |
Shares, Granted | 461,732 | 196,418 | 149,012 |
Shares, Exercised/vested | (117,683) | (236,187) | (298,036) |
Shares, Forfeited/cancelled | (30,022) | (31,680) | (38,480) |
Shares, Ending balance | 668,454 | 354,427 | 425,876 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 24.99 | $ 18.75 | $ 15.02 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Granted | 22.43 | 26.99 | 23.37 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 22.81 | 15.42 | 13.03 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 25.06 | 24.91 | 21.51 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 23.60 | $ 24.99 | $ 18.75 |
Performance-based Restricted Stock Units (PSUs) [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Shares, Beginning balance | 491,718 | 249,249 | 0 |
Shares, Increase in shares authorized | 0 | 0 | 0 |
Shares, Granted | 321,578 | 281,969 | 292,548 |
Shares, Exercised/vested | (131,924) | 0 | 0 |
Shares, Forfeited/cancelled | (30,849) | (39,500) | (43,299) |
Shares, Ending balance | 650,523 | 491,718 | 249,249 |
Weighted-Average Grant Date Fair Value, Beginning balance | $ 26.20 | $ 22.67 | $ 0 |
Weighted-Average Grant Date Fair Value, Increase in shares authorized | 0 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Granted | 22.40 | 29.25 | 22.67 |
Weighted-Average Grant Date Fair Value, Exercised/vested | 12.53 | 0 | 0 |
Weighted-Average Grant Date Fair Value, Forfeited/cancelled | 26.89 | 25.60 | 22.67 |
Weighted-Average Grant Date Fair Value, Ending balance | $ 27.07 | $ 26.20 | $ 22.67 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding and Exercisable Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | $ 10.87 |
Options Outstanding, Shares | shares | 720,590 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 4 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.87 |
Options Exercisable, Shares | shares | 720,590 |
Options Exercisable, Weighted-Average Exercise Price | $ 10.87 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 11 |
Range of Exercise Prices, Maximum | $ 17.06 |
Options Outstanding, Shares | shares | 137,822 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 2 months 12 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.40 |
Options Exercisable, Shares | shares | 130,740 |
Options Exercisable, Weighted-Average Exercise Price | $ 16.36 |
Range Three [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 | 8,797 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 5 years 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 18.70 |
Options Exercisable, Shares | shares | 8,797 |
Options Exercisable, Weighted-Average Exercise Price | $ 18.70 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 18.77 |
Range of Exercise Prices, Maximum | $ 29.56 |
Options Outstanding, Shares | shares | 632,377 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 8 years 10 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 23.95 |
Options Exercisable, Shares | shares | 99,106 |
Options Exercisable, Weighted-Average Exercise Price | $ 21.42 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of Exercise Prices, Minimum | 10.87 |
Range of Exercise Prices, Maximum | $ 29.56 |
Options Outstanding, Shares | shares | 1,499,586 |
Options Outstanding, Weighted-Average Remaining Contractual Life (in years) | 6 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 16.94 |
Options Exercisable, Shares | shares | 959,233 |
Options Exercisable, Weighted-Average Exercise Price | $ 12.78 |
Share-Based Compensation - Ad_2
Share-Based Compensation - Additional Information Pertaining to Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Total intrinsic value of stock options outstanding | $ 53,741 | $ 12,219 | $ 29,045 |
Total intrinsic value of stock options exercisable | 38,367 | 9,718 | 15,949 |
Cash received from the exercise of stock options | 15,839 | 5,223 | 4,284 |
Fair value of stock options vested | $ 4,669 | $ 8,796 | $ 4,566 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used to Calculate Fair Value of Stock Options Granted under Black-Scholes Option Pricing Model (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | ||
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average fair value | $ 13.11 | $ 6.80 | $ 10.36 |
Expected volatility | 48.50% | 28.00% | 42.80% |
Expected life | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Risk-free interest rate | 0.40% | 1.90% | 2.70% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Long-Term Debt, Net of Debt I_3
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Long-Term Debt, Net of Debt Issuance Costs and Current Maturities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Total long-term debt | ||
Total long-term debt | $ 217,918 | $ 142,061 |
Less: Debt issuance costs | (1,051) | (672) |
Total debt, net of debt issuance costs | 216,867 | 141,389 |
Less: Current maturities of long-term debt | (32,551) | (13,501) |
Long-term debt, net of debt issuance costs and current maturities | 184,316 | 127,888 |
Senior Revolving Loan [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 171,154 | 112,414 |
Accounts Receivable Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 3,805 | |
Unsecured Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 30,040 | |
Equipment Financing [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 4,335 | 7,903 |
Equipment Finance Lease [Member] | U.S. [Member] | ||
Total long-term debt | ||
Total long-term debt | 132 | 288 |
Equipment Finance Lease [Member] | EMEA [Member] | ||
Total long-term debt | ||
Total long-term debt | 4,119 | 5,637 |
Equipment Finance Lease [Member] | Mexico [Member] | ||
Total long-term debt | ||
Total long-term debt | 8,038 | 11,919 |
Equipment Finance Lease [Member] | India [Member] | ||
Total long-term debt | ||
Total long-term debt | $ 100 | $ 95 |
Long-Term Debt, Net of Debt I_4
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Senior Revolving Loan (U.S) - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2020 | Apr. 30, 2018USD ($)Lender | Dec. 31, 2020USD ($) | Dec. 31, 2018 | Feb. 29, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 1,051,000 | $ 672,000 | ||||
Interest Rate Swap Arrangement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative notional amount | $ 75,000,000 | |||||
Senior Revolving Loan [Member] | Credit Agreement [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 3.00% | 3.75% | ||||
Debt instrument, description of variable rate basis | LIBOR floor of 0.75% plus a margin of 3.0% per annum (3.75% as of December 31, 2020) | |||||
Debt instrument, variable rate floor | 0.75% | |||||
Senior Revolving Loan [Member] | Credit Agreement Amendment [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable rate floor | 0.75% | |||||
Senior Revolving Loan [Member] | Credit Agreement Amendment [Member] | LIBOR [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 1.75% | |||||
Senior Revolving Loan [Member] | Credit Agreement Amendment [Member] | LIBOR [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 2.50% | |||||
Senior Revolving Loan [Member] | U.S. [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of lenders | Lender | 4 | |||||
Debt instrument, maturity month and year | 2023-04 | |||||
Debt instrument frequency of periodic payment | monthly | |||||
Debt instrument, payment terms | Interest is paid monthly and we are not obligated to make any principal repayments prior to the maturity date provided we are not in default under the Credit Agreement. We may prepay the borrowings under the Credit Agreement without penalty | |||||
Senior Revolving Loan [Member] | U.S. [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 171,200,000 | 112,400,000 | ||||
Senior Revolving Loan [Member] | U.S. [Member] | Interest Rate Swap Arrangement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Derivative notional amount | $ 75,000,000 | |||||
Derivative effective rate | 4.20% | |||||
Derivative term | 5 years | |||||
Senior Revolving Loan [Member] | U.S. [Member] | LIBOR [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, variable interest rate | 4.00% | |||||
Debt instrument, variable interest rate margin | 1.50% | |||||
Senior Revolving Loan [Member] | U.S. [Member] | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 150,000,000 | $ 205,000,000 | ||||
Proceeds from line of credit | 75,400,000 | |||||
Debt issuance costs | $ 200,000 | |||||
Senior Revolving Loan [Member] | U.S. [Member] | Letter of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 25,000,000 | |||||
Senior Revolving Loan [Member] | U.S. [Member] | Letter of Credit Sub-Facility [Member] | Credit Agreement [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Outstanding amount | $ 7,900 | $ 5,100 |
Long-Term Debt, Net of Debt I_5
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (EMEA) - Additional Information (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2016EUR (€) | Dec. 31, 2020TRY (₺) | Dec. 31, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019TRY (₺) | Dec. 31, 2019EUR (€) | Dec. 31, 2018 | Nov. 30, 2014USD ($) | |
EMEA [Member] | Financial Institution One [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 23,200,000 | ||||||||
EMEA [Member] | Financial Institution One [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 2,200,000 | ||||||||
Credit facility, interest rate terms | Interest on the letters of credit accrues at fixed rates of between 0.45% and 6.95% and is payable quarterly until the letter of credit is closed. | ||||||||
Credit facility, frequency of periodic payment | quarterly | ||||||||
Credit facility outstanding | $ 1,700,000 | ₺ 12,500,000 | $ 1,000,000 | ₺ 7,600,000 | |||||
EMEA [Member] | Financial Institution One [Member] | Letter of Credit [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 0.45% | ||||||||
EMEA [Member] | Financial Institution One [Member] | Letter of Credit [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 6.95% | ||||||||
EMEA [Member] | Financial Institution One [Member] | Unsecured Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 21,000,000 | ||||||||
Credit facility, interest rate terms | Interest on the unsecured financing accrues at a fixed rate of 3.5% and is payable at the end of the term when the loan is repaid. | ||||||||
Debt instrument, fixed interest rate | 3.50% | ||||||||
Credit facility outstanding | $ 0 | 0 | |||||||
EMEA [Member] | Financial Institution Three [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | 38,100,000 | € 31,000,000 | |||||||
Repayments of debt | $ 3,800,000 | ||||||||
EMEA [Member] | Financial Institution Three [Member] | Letter of Credit [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, frequency of periodic payment | quarterly | ||||||||
Credit facility outstanding | $ 500,000 | € 400,000 | |||||||
EMEA [Member] | Financial Institution Three [Member] | Letter of Credit [Member] | Minimum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 0.50% | 0.50% | 0.50% | ||||||
EMEA [Member] | Financial Institution Three [Member] | Letter of Credit [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 2.00% | 2.00% | 2.00% | ||||||
EMEA [Member] | Financial Institution Three [Member] | Capital Expenditures Facility and Unsecured Revolving Credit Facility [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 24,600,000 | 20,000,000 | |||||||
Credit facility outstanding | $ 200,000 | ₺ 1,100,000 | 100,000 | 600,000 | |||||
EMEA [Member] | Financial Institution Three [Member] | Capital Expenditures Facility and Unsecured Revolving Credit Facility [Member] | One month EURIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, frequency of periodic payment | monthly | ||||||||
EMEA [Member] | Financial Institution Three [Member] | Unsecured Financing Letters of Credit and Other Non-cash Items [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 13,500,000 | 11,000,000 | |||||||
Credit facility outstanding | 300,000 | € 250,000 | 300,000 | € 250,000 | |||||
EMEA [Member] | Financial Institution Three [Member] | Unsecured Financing Letters of Credit and Other Non-cash Items [Member] | One month EURIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | € | € 11,000,000 | ||||||||
Credit facility outstanding | $ 11,200,000 | 9,100,000 | 0 | ||||||
Debt instrument, variable interest rate | 1.50% | ||||||||
Debt instrument, interest rate | 1.50% | ||||||||
Credit facility, maturity date for amount outstanding month and year | 2021-04 | ||||||||
EMEA [Member] | Financial Institution Three [Member] | Capital Expenditures Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, interest rate terms | Interest on the portion of the 20.0 million Euro facility related to financing of capital expenditures was determined based upon the term of the loan utilizing the one-month EURIBOR plus 6.75% (6.75% as of December 31, 2020 and is payable monthly. | ||||||||
Credit facility outstanding | $ 4,300,000 | 3,500,000 | 7,900,000 | 7,100,000 | |||||
EMEA [Member] | Financial Institution Three [Member] | Capital Expenditures Financing [Member] | One month EURIBOR [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | € | € 20,000,000 | ||||||||
Credit facility, interest rate terms | Interest on the portion of the 11.0 million Euro facility related to unsecured financing was determined based upon the term of the loan utilizing the one-month EURIBOR plus 1.5% (1.5% as of December 31, 2020) and was fully paid on the origination date. | ||||||||
Debt instrument, variable interest rate | 6.75% | ||||||||
Debt instrument, interest rate | 6.75% | ||||||||
Credit facility, maturity date for amount outstanding month and year | 2021-12 | ||||||||
EMEA [Member] | Financial Institution Four [Member] | Unsecured Financing [Member] | Fixed Rate of 2.0% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 6,800,000 | 50,000,000 | |||||||
Debt instrument, fixed interest rate | 2.00% | ||||||||
Credit facility outstanding | 0 | 0 | |||||||
EMEA [Member] | Financial Institution Four [Member] | Accounts Receivable Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | 8,900,000 | 65,000,000 | |||||||
EMEA [Member] | Financial Institution Four [Member] | Accounts Receivable Financing [Member] | Letters of Credit and Other Non-cash Items [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility outstanding | 400,000 | € 350,000 | $ 400,000 | € 350,000 | |||||
EMEA [Member] | Financial Institution Four [Member] | Accounts Receivable Financing [Member] | Letters of Credit and Other Non-cash Items [Member] | Fixed Rate of 0.35% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 2,100,000 | ₺ 15,000,000 | |||||||
Debt instrument, fixed interest rate | 1.50% | 1.50% | 1.50% | ||||||
Credit facility, frequency of periodic payment | quarterly | ||||||||
EMEA [Member] | Turkish Financial Institution | Fixed Rate of 2.15% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 17,000,000 | ₺ 125,000,000 | |||||||
EMEA [Member] | Turkish Financial Institution | Two Point Four Percentage Fixed Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility outstanding | 100,000 | ||||||||
EMEA [Member] | Turkish Financial Institution | Letter of Credit [Member] | Fixed Rate of 2.15% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility outstanding | $ 200,000 | ₺ 1,600,000 | |||||||
EMEA [Member] | Turkish Financial Institution | Letters of Credit and Other Non-cash Items [Member] | Fixed Rate of 0.35% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 0.50% | 0.50% | 0.50% | ||||||
Credit facility, frequency of periodic payment | quarterly | ||||||||
EMEA [Member] | Turkish Financial Institution | Letters of Credit and Other Non-cash Items [Member] | Fixed Rate of 2.15% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 3,400,000 | ₺ 25,000,000 | |||||||
EMEA [Member] | Turkish Financial Institution | Unsecured Financing [Member] | Fixed Rate of 2.15% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | 13,600,000 | ₺ 100,000,000 | |||||||
Debt instrument, fixed interest rate | 2.15% | 2.15% | 2.15% | ||||||
Credit facility outstanding | 4,900,000 | € 4,000,000 | ₺ 0 | ||||||
EMEA [Member] | Turkish Financial Institution | Unsecured Financing [Member] | Two Point Four Percentage Fixed Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 18,000,000 | ||||||||
Debt instrument, fixed interest rate | 2.40% | 2.40% | 2.40% | ||||||
Credit facility, frequency of periodic payment | quarterly | ||||||||
Credit facility outstanding | $ 13,900,000 | ||||||||
Credit facility, maturity date for amount outstanding month and year | 2023-03 | ||||||||
EMEA [Member] | Turkish Financial Institution | Unsecured Financing [Member] | Fixed Rate of 5.0% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Credit facility, amount | $ 6,100,000 | € 5,000,000 | |||||||
Credit facility, interest rate terms | Interest accrues at a fixed rate of 7.0% and is payable at the end of the term when the loan is repaid. | ||||||||
Debt instrument, fixed interest rate | 7.00% | 7.00% | 7.00% | ||||||
Credit facility, frequency of periodic payment | end of the term | ||||||||
Credit facility outstanding | € | € 0 | ||||||||
Europe Middle East Africa And India | Turkish Financial Institution | Letters of Credit and Other Non-cash Items [Member] | Fixed Rate of 0.35% [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, fixed interest rate | 0.35% | 0.35% | 0.35% | ||||||
Credit facility, frequency of periodic payment | quarterly |
Long-Term Debt, Net of Debt I_6
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Accounts Receivable, Secured and Unsecured Financing (Asia) - Additional Information (Detail) - Asia | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018CNY (¥) | Dec. 31, 2020USD ($) | Dec. 31, 2020CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2019CNY (¥) | Aug. 31, 2019CNY (¥) | |
Credit Agreement August 2019 [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ | $ 13,800,000 | |||||
Credit facility outstanding | $ 3,700 | ¥ 25,700 | ||||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.4% as of December 31, 2020) and can be paid monthly, quarterly or at the time of the debt’s maturity (August 2021). | |||||
Debt instrument, interest rate | 4.40% | |||||
Credit Agreement August 2019 [Member] | Maximum [Member] | Financial Institution Two [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ | ¥ 90,000,000 | |||||
Credit Agreement March 2018 [Member] | Financial Institution Three [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, interest rate terms | Interest on the credit line accrues at the Chinese central bank interest rate plus an applicable margin (4.4% as of December 31, 2020) and can be paid monthly, quarterly or at the time of the debt’s maturity (in March 2023). | |||||
Debt instrument, maturity date | Mar. 31, 2023 | |||||
Credit Agreement March 2018 [Member] | Financial Institution Three [Member] | Unsecured Financing [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | ¥ 100,000,000 | $ 15,300,000 | ||||
Credit Agreement March 2018 [Member] | Financial Institution Three [Member] | Letters of Guarantee [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Credit facility, amount | $ 6,200 | ¥ 40,500 | ||||
Debt instrument, variable interest rate | 4.40% |
Long-Term Debt, Net of Debt I_7
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities- Equipment Leases and Other Arrangements (Mexico) - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 217,918,000 | $ 142,061,000 | |
Mexico [Member] | Sale-lease Agreement, March 2018 [Member] | |||
Debt Instrument [Line Items] | |||
Effective interest rate of lease agreement | 6.70% | ||
Lease agreement period | 48 months | ||
Debt instrument, amount outstanding | $ 7,100,000 | $ 10,900,000 | |
Mexico [Member] | Sale-lease Agreement, March 2018 [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 15,000,000 |
Long-Term Debt, Net of Debt I_8
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Equipment Leases and Other Arrangements (EMEAI) - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2013 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 217,918,000 | $ 142,061,000 | |
Europe Middle East Africa And India | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 10,000,000 | ||
Effective interest rate of lease agreement | 8.00% | 6.00% | |
Lease agreement period | 4 years | ||
Debt instrument frequency of principal payment | monthly | ||
Debt instrument repaid installment through | 2023 | ||
Average interest rate on short-term borrowings | 3.30% | 5.70% | |
Europe Middle East Africa And India | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Initial amount of lease agreement | $ 4,900,000 | ||
Equipment Capital Lease [Member] | Europe Middle East Africa And India | |||
Debt Instrument [Line Items] | |||
Debt instrument, amount outstanding | $ 3,500,000 | $ 5,600,000 |
Long-Term Debt, Net of Debt I_9
Long-Term Debt, Net of Debt Issuance Costs and Current Maturities - Schedule of Future Aggregate Annual Principal Maturities of Debt (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Long Term Debt By Maturity [Abstract] | |
2021 | $ 32,551 |
2022 | 13,271 |
2023 | 171,879 |
2024 | 213 |
2025 | 4 |
Total debt - principal | $ 217,918 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 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 December 31, 2020, there were no additional leases related to our manufacturing facilities, warehouses, offices, automobiles or our machinery and equipment which have not yet commenced |
Lessee, leases not yet commenced, lease liability | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | |||
Total operating lease cost | $ 36,958 | $ 30,957 | $ 25,500 |
Finance lease cost | |||
Amortization of assets under finance leases | 5,973 | 6,351 | |
Interest on finance leases | 985 | 1,414 | |
Total finance lease cost | $ 6,958 | $ 7,765 |
Leases - Schedule of Lease Liab
Leases - Schedule of Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Current operating lease liabilities | $ 26,099 | $ 16,629 |
Noncurrent operating lease liabilities | 155,925 | 113,883 |
Total lease liabilities | 182,024 | 130,512 |
Current maturities of long-term debt | 6,018 | 5,744 |
Long-term debt, net of debt issuance costs and current maturities | 6,371 | 12,194 |
Total lease liabilities | $ 12,389 | $ 17,938 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments under Noncancelable Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases Abstract | ||
2021 | $ 34,798 | |
2022 | 32,245 | |
2023 | 30,399 | |
2024 | 27,060 | |
2025 | 26,944 | |
Thereafter | 98,764 | |
Total future minimum lease payments | 250,210 | |
Less: interest | (68,186) | |
Total lease liabilities | 182,024 | $ 130,512 |
Finance Leases Abstract | ||
2021 | 6,319 | |
2022 | 5,859 | |
2023 | 891 | |
2024 | 225 | |
2025 | 7 | |
Total future minimum lease payments | 13,301 | |
Less: interest | (912) | |
Total lease liabilities | $ 12,389 | $ 17,938 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 31,478 | $ 29,845 | |
Operating cash flows from finance leases | 985 | 1,414 | |
Financing cash flows from finance leases | 6,116 | 9,128 | |
Right of use assets obtained in exchange for new lease obligations: | |||
Operating leases | 61,455 | 15,855 | |
Finance leases | $ 163 | $ 5,811 | $ 21,968 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Weighted-Average Remaining Lease Term (In Years): | ||
Operating leases | 7 years 8 months 12 days | 7 years 7 months 6 days |
Finance leases | 2 years 2 months 12 days | 3 years 2 months 12 days |
Weighted-Average Discount Rate: | ||
Operating leases | 7.90% | 7.50% |
Finance leases | 6.40% | 6.40% |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) ₺ in Millions, $ in Billions | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2018USD ($) | Aug. 31, 2018TRY (₺) | Apr. 30, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) | |
Derivative [Line Items] | |||||||
Intercompany loan to subsidiary | $ 15,000,000 | ₺ 96.6 | |||||
Derivative designated for hedge accounting terminated | $ 0 | ||||||
Forward Contracts [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 101,500,000 | ||||||
Derivative maturity month and year | 2018-10 | 2018-10 | |||||
Interest Rate Swap Arrangement [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | $ 75,000,000 | ||||||
Derivative maturity month and year | 2023-04 | ||||||
Interest Rate Swap Arrangement [Member] | LIBOR [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative hedges amount future variable rate interest expense | $ 75,000,000 | ||||||
Foreign Exchange Call Option [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | 17,300,000 | $ 0.4 | |||||
Foreign Exchange Call Option [Member] | Contracts to Hedge in Mexican Peso [Member] | |||||||
Derivative [Line Items] | |||||||
Premium on hedge recorded within other current assets | 700,000 | ||||||
Foreign Exchange Forward Contract [Member] | Cash Flow Hedging [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative notional amount | 14,000,000 | $ 0.3 | $ 54,800,000 | $ 1.1 | |||
Foreign Exchange Forward Contract [Member] | Contracts to Hedge in Chinese Renminbi [Member] | |||||||
Derivative [Line Items] | |||||||
Gain on hedge recorded to other comprehensive income (loss) | $ 1,800,000 |
Financial Instruments - Fair Va
Financial Instruments - Fair Values and Location of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Foreign Exchange Forward Contract [Member] | Other Current Assets [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative assets, fair value | $ 5,832 | $ 820 |
Foreign Exchange Forward Contract [Member] | Accounts Payable and Accrued Expenses [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | 2,096 | 124 |
Interest Rate Swap Arrangement [Member] | Other Noncurrent Liabilities [Member] | ||
Derivatives Fair Value [Line Items] | ||
Derivative liability, fair value | $ 4,414 | $ 2,723 |
Financial Instruments - Schedul
Financial Instruments - Schedule of Pretax Amounts Reclassified From Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 1,561,432 | $ 1,290,619 | $ 882,075 |
Foreign Exchange Forward Contract [Member] | Reclassification out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Cost of sales | $ 996 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2016Employee | |
Commitments and Contingencies [Line Items] | |||||
Operating leases rental expense | $ 36,958,000 | $ 30,957,000 | $ 25,500,000 | ||
China [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Maximum percentage of registered capital contributed to surplus reserve | 50.00% | ||||
Maximum amount of registered capital contributed to surplus reserve | $ 26,600,000 | ||||
Percentage of dividends payment after tax profits | 90.00% | ||||
Percentage of dividend contributed to surplus reserve | 10.00% | ||||
Percentage of dividends payment after tax profits upon fulfillment of requirement | 100.00% | ||||
Surplus reserve fund | $ 7,000,000 | ||||
Turkey [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Collective bargaining agreement period | 3 years | ||||
Percentage of average increase in payment | 20.00% | ||||
Number of other employees covered by collective bargaining agreements | Employee | 0 | ||||
Subsequent Event [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Litigation settlement, expense | $ 13,300,000 | ||||
Minimum [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Operating leases, contract terms | 12 months | ||||
Maximum [Member] | |||||
Commitments and Contingencies [Line Items] | |||||
Operating leases, contract terms | 120 months |
Income Taxes - Components of In
Income Taxes - Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ (7,743) | $ 7,407 | $ 2,246 |
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 4,913 | (41,255) | (33,034) |
China [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 16,232 | (3,777) | (4) |
Turkey [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (26,566) | 47,579 | 31,955 |
Mexico [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | 8,509 | 8,434 | $ 3,329 |
India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | (13,810) | (3,970) | |
Other [Member] | |||
Income Tax Disclosure [Line Items] | |||
Total income (loss) before income taxes | $ 2,979 | $ 396 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | |||
Increase in provisional benefit recognized | $ 13,800,000 | ||
Total provisional benefit recognized | $ 88,100,000 | ||
Effective tax rate, percent | (145.70%) | 312.10% | (135.00%) |
Undistributed earnings of foreign subsidiaries | $ 95,200,000 | ||
Unrecognized tax benefits | 6,992,000 | $ 0 | $ 0 |
Uncertain tax positions of accrued interest and penalties related to unrecognized tax benefits | $ 0 | ||
Income tax examinations, description | We operate in and file income tax returns in various jurisdictions in China, Mexico, Turkey, India, U.S., Denmark, Germany, Spain and Switzerland, which are subject to examination by tax authorities. In the U.S., the federal tax returns for 2017 through 2019 remain open to examination. | ||
State [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss, valuation allowance | 600,000 | ||
Net operating loss carryforward | $ 253,200,000 | ||
Net operating loss carryforwards expiration year | 2039 | ||
U.S. Federal [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforward | $ 103,000,000 | ||
Net operating loss carryforwards expiration year | 2039 | ||
Foreign [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforward | $ 41,000,000 | ||
Net operating loss carryforwards expiration year | 2028 | ||
Tax credit carryforwards | $ 1,900,000 | ||
Tax credits carryforward expiration year | 2026 | ||
United States [Member] | |||
Income Tax Disclosure [Line Items] | |||
Recognition of tax expense (benefit) from foreign operations | $ (10,800,000) | ||
Taicang, China and India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Recognition of tax expense (benefit) from foreign operations | $ 8,500,000 | ||
India [Member] | |||
Income Tax Disclosure [Line Items] | |||
Deferred tax asset, valuation allowance | $ 600,000 | ||
Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax examination period | 2017 | ||
Tax jurisdictions on statute of limitations tenure | 3 years | ||
Maximum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax examination period | 2019 | ||
Tax jurisdictions on statute of limitations tenure | 10 years | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Impact of change in legislation tax reform | $ 10,600,000 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Disclosure [Line Items] | |||
Effective tax rate, percent | 90.00% |
Income Taxes - Components of _2
Income Taxes - Components of Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
U.S. state and local taxes | $ 32 | $ (7) | $ 4 |
Foreign | 19,234 | 18,171 | 11,875 |
Total current | 19,266 | 18,164 | 11,879 |
Deferred: | |||
U.S. federal | (1,909) | 6,277 | (7,596) |
U.S. state and local taxes | (1,385) | (950) | (36) |
Foreign | (4,688) | (376) | (7,280) |
Total deferred | (7,982) | 4,951 | (14,912) |
Total income tax provision (benefit) | $ 11,284 | $ 23,115 | $ (3,033) |
Income Taxes - Reconciliation f
Income Taxes - Reconciliation from U.S. Statutory Income Tax Rate to Our Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
United States statutory income tax rate | 21.00% | 21.00% | 21.00% |
Foreign rate differential | (189.10%) | (40.80%) | (14.40%) |
Foreign permanent differences | (19.40%) | 2.90% | 31.70% |
Tax rate change | (6.90%) | (0.30%) | |
Withholding taxes | (20.10%) | 24.50% | 27.30% |
Subpart F / GILTI income | 137.60% | 212.30% | 539.80% |
Unrecognized tax benefits | (91.60%) | ||
Share-based compensation | 3.50% | (9.10%) | (89.00%) |
Valuation allowance | 0.70% | 115.50% | (483.10%) |
State taxes | 13.70% | (10.20%) | (1.70%) |
Deferred tax adjustments | 11.80% | 2.10% | 4.60% |
Research and development | 11.20% | (13.40%) | (59.80%) |
Foreign currency / inflationary adjustments | 5.60% | (0.50%) | (90.60%) |
Other | (23.70%) | 8.10% | (20.80%) |
Effective income tax rate | (145.70%) | 312.10% | (135.00%) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||||
Net operating loss and credit carry forwards | $ 36,754 | $ 23,065 | $ 17,360 | |
Deferred revenue | 180 | 1,792 | 149 | |
Non-deductible accruals | 12,360 | 16,111 | 10,850 | |
Equity compensation | 3,298 | 3,274 | 3,607 | |
Lease liabilities | 23,271 | 1,062 | ||
Non-deductible interest | 3,302 | 1,452 | ||
Tax credits | 1,931 | 1,931 | 2,212 | |
Other | 6,760 | 4,480 | 4,548 | |
Gross deferred tax assets | 87,856 | 51,715 | 40,178 | |
Valuation allowance | (18,903) | (18,505) | (8,520) | $ (18,680) |
Total deferred tax assets | 68,953 | 33,210 | 31,658 | |
Deferred tax liabilities: | ||||
Deferred revenue | (24,294) | (17,081) | (13,781) | |
Depreciation | (3,446) | (4,196) | (2,636) | |
Lease assets | (22,453) | (32) | ||
Other | 33 | (827) | (406) | |
Total deferred tax liabilities | (50,160) | (22,136) | (16,823) | |
Net deferred tax assets | $ 18,793 | $ 11,074 | $ 14,835 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Valuation Allowance (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Valuation allowance at beginning of year | $ (18,505) | $ (8,520) | $ (18,680) |
Benefits obtained (costs accumulated) | (398) | (9,985) | 10,160 |
Valuation allowance at end of year | $ (18,903) | $ (18,505) | $ (8,520) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Income Tax Disclosure [Abstract] | |
Unrecognized tax benefits at beginning of year | $ 0 |
Increases related to prior year tax positions | 5,220,000 |
Increases related to current year tax positions | 2,268,000 |
Decreases relating to settlements with authorities | (496,000) |
Unrecognized tax benefits at end of year | $ 6,992,000 |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Calculation Of Weighted-Average Number Of Common Shares Outstanding (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average shares outstanding | 35,532 | 35,062 | 34,311 |
Effect of dilutive awards | 1,691 | ||
Diluted weighted-average shares outstanding | 35,532 | 35,062 | 36,002 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive shares excluded from computation of diluted net income (loss) per share | 1,674,000 | 1,176,000 |
Net Income (Loss) Per Common _5
Net Income (Loss) Per Common Share - Summary of Number of Anti-dilutive Share-based Compensation Awards Excluded from Computation of Net Income (Loss) per Common Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 1,674,000 | 1,176,000 | |
Share-Based Compensation Awards [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive shares | 17,000 | 28,000 | 30,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Changes in Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 205,050 | $ 220,957 | $ 220,554 |
Net current period other comprehensive income (loss) | (9,378) | (9,220) | (13,834) |
Ending balance | 201,035 | 205,050 | 220,957 |
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (22,012) | (14,986) | (558) |
Other comprehensive income (loss) before reclassifications | (8,099) | (7,026) | (14,428) |
Net current period other comprehensive income (loss) | (8,099) | (7,026) | (14,428) |
Ending balance | (30,111) | (22,012) | (14,986) |
Interest Rate Swap [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (2,145) | 594 | |
Other comprehensive income (loss) before reclassifications | (1,698) | (3,469) | 752 |
Net tax effect | 400 | 730 | (158) |
Net current period other comprehensive income (loss) | (1,298) | (2,739) | 594 |
Ending balance | (3,443) | (2,145) | 594 |
Foreign Exchange Forward Contract [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 545 | ||
Other comprehensive income (loss) before reclassifications | (777) | 518 | |
Amounts reclassified from AOCL | 996 | 172 | |
Net tax effect | (200) | (145) | |
Net current period other comprehensive income (loss) | 19 | 545 | |
Ending balance | 564 | 545 | |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (23,612) | (14,392) | (558) |
Other comprehensive income (loss) before reclassifications | (10,574) | (9,977) | (13,676) |
Amounts reclassified from AOCL | 996 | 172 | |
Net tax effect | 200 | 585 | (158) |
Net current period other comprehensive income (loss) | (9,378) | (9,220) | (13,834) |
Ending balance | $ (32,990) | $ (23,612) | $ (14,392) |
Concentration of Customers - Ad
Concentration of Customers - Additional Information (Detail) - Customer Concentration Risk [Member] - Minimum [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales Revenues [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% | 10.00% |
Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Customer risk percentage | 10.00% | 10.00% | 10.00% |
Concentration of Customers - Sc
Concentration of Customers - Schedule of Revenues from Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 465,571 | $ 474,113 | $ 373,817 | $ 356,636 | $ 422,113 | $ 383,836 | $ 330,771 | $ 299,780 | $ 1,670,137 | $ 1,436,500 | $ 1,029,624 |
Sales Revenues [Member] | Customer 1 - Vestas [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 830,302 | $ 662,302 | $ 329,472 | ||||||||
Percentage of Total | 49.70% | 46.10% | 32.00% | ||||||||
Sales Revenues [Member] | Customer 2 - GE [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 391,533 | $ 369,067 | $ 325,962 | ||||||||
Percentage of Total | 23.40% | 25.70% | 31.70% | ||||||||
Sales Revenues [Member] | Customer 3 - Nordex [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 255,912 | $ 230,563 | $ 195,156 | ||||||||
Percentage of Total | 15.30% | 16.10% | 19.00% | ||||||||
Sales Revenues [Member] | Customer 4 - Siemens Gamesa [Member] | Customer Concentration Risk [Member] | |||||||||||
Concentration Risk [Line Items] | |||||||||||
Revenues | $ 78,137 | $ 73,426 | $ 115,779 | ||||||||
Percentage of Total | 4.70% | 5.10% | 11.20% |
Concentration of Customers - _2
Concentration of Customers - Schedule of Trade Accounts Receivable from Certain Customers (Detail) - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Customer 1 - Vestas [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 35.00% | 41.90% |
Customer 3 - Nordex [Member] | ||
Concentration Risk [Line Items] | ||
Percentage of Total | 40.80% | 31.30% |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020SegmentFacility | |
Segment Reporting Information [Line Items] | |
Number of operating segments | Segment | 5 |
Mexico [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 4 |
EMEA [Member] | |
Segment Reporting Information [Line Items] | |
Number of facilities | 2 |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | $ 465,571 | $ 474,113 | $ 373,817 | $ 356,636 | $ 422,113 | $ 383,836 | $ 330,771 | $ 299,780 | $ 1,670,137 | $ 1,436,500 | $ 1,029,624 |
Total depreciation and amortization | 49,667 | 38,580 | 26,429 | ||||||||
Total income from operations | 18,766 | 15,888 | 24,718 | ||||||||
Total capital expenditures | 65,666 | 74,408 | 52,688 | ||||||||
Total tangible long-lived assets | 209,001 | 205,007 | 209,001 | 205,007 | |||||||
Total assets | 956,257 | 826,677 | 956,257 | 826,677 | |||||||
U.S. [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 181,941 | 169,317 | 163,716 | ||||||||
China [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 527,083 | 393,809 | 306,255 | ||||||||
Mexico [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 495,839 | 435,606 | 268,756 | ||||||||
Turkey [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 373,545 | 437,081 | 290,897 | ||||||||
India [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 91,729 | 687 | |||||||||
U.S. Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 181,941 | 169,317 | 163,716 | ||||||||
Total depreciation and amortization | 7,193 | 9,223 | 6,795 | ||||||||
Total income from operations | (40,991) | (78,278) | (67,357) | ||||||||
Total capital expenditures | 6,949 | 8,321 | 21,305 | ||||||||
Total tangible long-lived assets | 31,811 | 36,410 | 31,811 | 36,410 | |||||||
Total assets | 118,456 | 107,918 | 118,456 | 107,918 | |||||||
Asia Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 527,083 | 393,809 | 306,255 | ||||||||
Total depreciation and amortization | 15,692 | 10,699 | 6,765 | ||||||||
Total income from operations | 62,869 | 24,132 | 28,147 | ||||||||
Total capital expenditures | 13,135 | 22,471 | 11,218 | ||||||||
Total tangible long-lived assets | 46,075 | 50,603 | 46,075 | 50,603 | |||||||
Total assets | 250,582 | 210,438 | 250,582 | 210,438 | |||||||
Mexico Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 495,839 | 435,606 | 268,756 | ||||||||
Total depreciation and amortization | 18,587 | 12,577 | 7,891 | ||||||||
Total income from operations | (9,611) | 3,533 | 12,154 | ||||||||
Total capital expenditures | 15,624 | 25,842 | 18,928 | ||||||||
Total tangible long-lived assets | 78,813 | 81,654 | 78,813 | 81,654 | |||||||
Total assets | 251,764 | 275,646 | 251,764 | 275,646 | |||||||
EMEA Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 373,545 | 437,081 | 290,897 | ||||||||
Total depreciation and amortization | 6,217 | 6,081 | 4,978 | ||||||||
Total income from operations | 23,331 | 70,449 | 51,774 | ||||||||
Total capital expenditures | 10,887 | 11,023 | $ 1,237 | ||||||||
Total tangible long-lived assets | 28,312 | 29,589 | 28,312 | 29,589 | |||||||
Total assets | 201,691 | 218,244 | 201,691 | 218,244 | |||||||
India Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total net sales | 91,729 | 687 | |||||||||
Total depreciation and amortization | 1,978 | ||||||||||
Total income from operations | (16,832) | (3,948) | |||||||||
Total capital expenditures | 19,071 | 6,751 | |||||||||
Total tangible long-lived assets | 23,990 | 6,751 | 23,990 | 6,751 | |||||||
Total assets | $ 133,764 | $ 14,431 | $ 133,764 | $ 14,431 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Net sales | $ 465,571 | $ 474,113 | $ 373,817 | $ 356,636 | $ 422,113 | $ 383,836 | $ 330,771 | $ 299,780 | $ 1,670,137 | $ 1,436,500 | $ 1,029,624 |
Gross profit (loss) | 32,246 | 40,473 | (4,747) | (3,873) | 30,802 | 25,931 | 22,551 | (1,436) | 64,099 | 77,848 | 72,841 |
Net income (loss) | $ 5,184 | $ 42,382 | $ (66,101) | $ (492) | $ (861) | $ (4,571) | $ 1,828 | $ (12,104) | $ (19,027) | $ (15,708) | $ 5,279 |
Net income (loss) per common share: | |||||||||||
Basic | $ 0.14 | $ 1.19 | $ (1.87) | $ (0.01) | $ (0.02) | $ (0.13) | $ 0.05 | $ (0.35) | $ (0.54) | $ (0.45) | $ 0.15 |
Diluted | $ 0.14 | $ 1.13 | $ (1.87) | $ (0.01) | $ (0.02) | $ (0.13) | $ 0.05 | $ (0.35) | $ (0.54) | $ (0.45) | $ 0.15 |