Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 1-15103 | ||
Entity Registrant Name | INVACARE CORPORATION | ||
Entity Incorporation, State or Country Code | OH | ||
Entity Tax Identification Number | 95-2680965 | ||
Entity Address, Address Line One | One Invacare Way | ||
Entity Address, City or Town | Elyria | ||
Entity Address, State or Province | OH | ||
Entity Address, Postal Zip Code | 44035 | ||
City Area Code | 440 | ||
Local Phone Number | 329-6000 | ||
Title of 12(b) Security | Common Shares, without par value | ||
Trading Symbol | IVC | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Portions of the Registrant's definitive Proxy Statement to be filed in connection with its 2021 Annual Meeting of Shareholders are incorporated by reference into Part III (Items 10, 11, 12, 13 and 14) of this report. Except as otherwise stated, the information contained in this Annual Report on Form 10-K is as of December 31, 2020. | ||
Entity Central Index Key | 0000742112 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Public Float | $ 207,010,502 | ||
Document Information [Line Items] | |||
Entity Public Float | 207,010,502 | ||
Common Stock | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 34,420,502 | ||
Entity Public Float | 206,970,008 | ||
Document Information [Line Items] | |||
Entity Public Float | 206,970,008 | ||
Entity Common Stock, Shares Outstanding | 34,420,502 | ||
Class B Common Shares | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 3,667 | ||
Entity Public Float | 40,494 | ||
Document Information [Line Items] | |||
Entity Public Float | $ 40,494 | ||
Entity Common Stock, Shares Outstanding | 3,667 |
Consolidated Statement Of Compr
Consolidated Statement Of Comprehensive Income (Loss) - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenues | $ 850,689,000 | $ 927,964,000 | $ 972,347,000 |
Cost of products sold | 605,437,000 | 665,897,000 | 704,671,000 |
Gross Profit | 245,252,000 | 262,067,000 | 267,676,000 |
Selling, general and administrative expenses | 236,357,000 | 260,061,000 | 281,906,000 |
Gain on sale of business | (9,790,000) | 0 | 0 |
Charges related to restructuring activities | 7,358,000 | 11,829,000 | 3,481,000 |
Impairment of an intangible asset | 0 | 587,000 | 583,000 |
Operating Income (Loss) | 11,327,000 | (10,410,000) | (18,294,000) |
Net gain on convertible debt derivatives | 0 | (1,197,000) | (11,994,000) |
Gain (Loss) on Extinguishment of Debt | 7,360,000 | 6,165,000 | 0 |
Interest expense | 28,499,000 | 29,076,000 | 28,336,000 |
Interest income | (93,000) | (429,000) | (534,000) |
Loss Before Income Taxes | (24,439,000) | (44,025,000) | (34,102,000) |
Income tax provision | 3,841,000 | 9,302,000 | 9,820,000 |
Net Loss | $ (28,280,000) | $ (53,327,000) | $ (43,922,000) |
Net Earnings (Loss) per Share—Basic: | |||
Net Earnings (loss) per Share - Basic (in dollars per share) | $ (0.83) | $ (1.59) | $ (1.33) |
Weighted Average Shares Outstanding - Basic (in shares) | 34,266 | 33,594 | 33,124 |
Net Earnings (Loss) per Share—Assuming Dilution: | |||
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.83) | $ (1.59) | $ (1.33) |
Weighted Average Shares Outstanding - Assuming Dilution (in shares) | 34,375 | 33,642 | 33,543 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | $ 43,405,000 | $ (8,499,000) | $ (30,858,000) |
Defined benefit plans: | |||
Amortization of prior service costs and unrecognized losses | (375,000) | (596,000) | 4,949,000 |
Deferred tax adjustment resulting from defined benefit plan activity | 55,000 | 48,000 | (51,000) |
Valuation reserve associated with defined benefit plan activity | (55,000) | (48,000) | 51,000 |
Current period gain (loss) on cash flow hedges | (825,000) | (571,000) | 1,894,000 |
Deferred tax benefit (loss) related to gain (loss) on cash flow hedges | 103,000 | 1,000 | (62,000) |
Other Comprehensive Income (Loss) | 42,308,000 | (9,665,000) | (24,077,000) |
Comprehensive Income (Loss) | $ 14,028,000 | $ (62,992,000) | $ (67,999,000) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 105,298 | $ 80,063 |
Trade receivables, net | 108,588 | 116,669 |
Installment receivables, net | 379 | 736 |
Inventories, net | 115,484 | 120,500 |
Other current assets | 44,717 | 37,909 |
Total Current Assets | 374,466 | 355,877 |
Other Assets | 5,925 | 4,216 |
Intangibles | 27,763 | 26,447 |
Property and Equipment, net | 56,243 | 46,607 |
Finance Lease Assets, net | 64,031 | 26,900 |
Operating Lease Assets, net | 15,092 | 18,676 |
Goodwill | 402,461 | 373,403 |
Total Assets | 945,981 | 852,126 |
Current Liabilities | ||
Accounts payable | 85,424 | 88,003 |
Accrued expenses | 126,273 | 120,947 |
Current taxes payable | 3,359 | 345 |
Current portion of long-term debt | 5,612 | 58 |
Current portion of finance lease obligations | 3,405 | 2,514 |
Current portion of operating lease obligations | 6,313 | 6,790 |
Total Current Liabilities | 230,386 | 218,657 |
Long-Term Debt | 239,441 | 219,464 |
Long-Term Obligations - Finance Leases | 63,137 | 26,480 |
Long-Term Obligations - Operating Leases | 8,697 | 12,060 |
Other Long-Term Obligations | $ 70,474 | $ 66,949 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Preferred Stock, Shares Authorized | 300 | 300 |
Shareholders' Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | $ 0 | $ 0 |
Additional paid-in-capital | 326,088 | 312,650 |
Retained earnings | 58,538 | 87,475 |
Accumulated other comprehensive income | 45,436 | 3,128 |
Treasury Shares (4,184 and 3,953 shares in 2020 and 2019, respectively) | (106,034) | (104,327) |
Total Shareholders' Equity | 333,846 | 308,516 |
Total Liabilities and Shareholders' Equity | 945,981 | 852,126 |
Common Shares (Authorized 150,000 shares; 38,613 and 37,609 issued and outstanding at December 31, 2020 and December 31, 2019, respectively)—no par | ||
Shareholders' Equity | ||
Common shares | 9,816 | 9,588 |
Class B Common Shares (Authorized 12,000 shares; 4 and 6 issued and outstanding at December 31, 2020 and December 31, 2019, respectively)—no par | ||
Shareholders' Equity | ||
Common shares | 2 | 2 |
Total Shareholders' Equity | $ 2 | $ 2 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) shares in Thousands | Dec. 31, 2020shares |
Preferred Stock, Shares Authorized | 300 |
Preferred Stock, Shares Outstanding | 0 |
Treasury Stock, Shares | 4,184 |
Common Stock | |
Common Stock, Shares Authorized | 150,000 |
Common Stock, Shares, Issued | 38,613 |
Class B Common Shares | |
Common Stock, Shares Authorized | 12,000 |
Common Stock, Shares, Issued | 4 |
Consolidated Statement Of Cash
Consolidated Statement Of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net loss | $ (28,280,000) | $ (53,327,000) | $ (43,922,000) |
Adjustments to reconcile net earnings to net cash used by operating activities: | |||
Gain on sale of business | (9,790,000) | 0 | 0 |
Depreciation and amortization | 14,317,000 | 15,563,000 | 15,556,000 |
Amortization operating lease right of use assets | 6,951,000 | 8,927,000 | 0 |
Provision for losses on trade and installment receivables | 427,000 | 955,000 | 2,029,000 |
Benefit for deferred income taxes | (2,192,000) | (830,000) | (2,800,000) |
Provision (benefit) for other deferred liabilities | (971,000) | (1,144,000) | (121,000) |
Provision for equity compensation | 8,645,000 | 11,110,000 | 5,283,000 |
Loss (gain) on disposals of property and equipment | (1,046,000) | 182,000 | 928,000 |
Loss on debt extinguishment including debt finance charges and associated fees | (7,360,000) | (6,165,000) | 0 |
Impairment of an intangible asset | 0 | 587,000 | 583,000 |
Amortization of convertible debt discount and accretion of convertible debt | 11,487,000 | 12,325,000 | 11,608,000 |
Amortization of debt fees | 1,690,000 | 2,384,000 | 2,489,000 |
Net gain on convertible debt derivatives | 0 | (1,197,000) | (11,994,000) |
Changes in operating assets and liabilities: | |||
Trade receivables | 7,692,000 | 1,474,000 | (666,000) |
Installment sales contracts, net | (481,000) | 434,000 | (603,000) |
Inventories, net | 8,955,000 | 6,466,000 | (11,497,000) |
Other current assets | (5,313,000) | (7,314,000) | (873,000) |
Accounts payable | (2,359,000) | (3,603,000) | 4,505,000 |
Accrued expenses | 1,713,000 | 2,276,000 | (17,158,000) |
Other long-term liabilities | 1,170,000 | (978,000) | 230,000 |
Net Cash Provided by (Used in) Operating Activities | 21,917,000 | 2,743,000 | (46,423,000) |
Investing Activities | |||
Purchases of property and equipment | (22,304,000) | (10,874,000) | (9,823,000) |
Proceeds from sale of property and equipment | 396,000 | 73,000 | 40,000 |
Advance payment from sale of property | 0 | 0 | 3,524,000 |
Proceeds from sale of business | 14,563,000 | 0 | 0 |
Change in other long-term assets | (27,000) | (781,000) | (116,000) |
Other | (2,175,000) | (32,000) | 12,000 |
Net Cash Used by Investing Activities | (9,547,000) | (11,614,000) | (6,363,000) |
Financing Activities | |||
Proceeds from revolving lines of credit and long-term borrowings | 86,081,000 | 0 | 0 |
Repurchases of convertible debt, payments on revolving lines of credit and finance leases | (70,603,000) | (17,196,000) | (1,493,000) |
Proceeds from exercise of stock options | 0 | 0 | 2,626,000 |
Payment of financing costs | (1,505,000) | (1,278,000) | 0 |
Payment of dividends | (414,000) | (1,645,000) | (1,630,000) |
Payments to debt holders | (5,593,000) | (6,928,000) | 0 |
Purchases of treasury shares | (1,707,000) | (894,000) | (2,427,000) |
Net Cash Provided (Used) by Financing Activities | 6,259,000 | (27,941,000) | (2,924,000) |
Effect of exchange rate changes on cash | 6,606,000 | (32,000) | (3,911,000) |
Cash and cash equivalents at beginning of year | 80,063,000 | 116,907,000 | 176,528,000 |
Cash and cash equivalents at end of year | 105,298,000 | 80,063,000 | 116,907,000 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $ 25,235,000 | $ (36,844,000) | $ (59,621,000) |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in- Capital | Retained Earnings | Accumulated Other Comprehensive Earnings | Treasury Stock | Class B Common Shares |
Beginning Balance at Dec. 31, 2017 | $ 423,294 | $ 9,304 | $ 290,125 | $ 187,999 | $ 36,870 | $ (101,006) | $ 2 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Exercise of stock options | (1,707) | (46) | (2,580) | (919) | |||
Stock-based compensation expense | 777 | 777 | |||||
Non-qualified stock option expense | 201 | 201 | |||||
Restricted stock awards | 2,797 | 69 | 4,236 | (1,508) | |||
Net loss | (43,922) | (43,922) | |||||
Foreign currency translation adjustments | (30,858) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (30,858) | ||||||
Unrealized gain on cash flow hedges | 1,832 | 1,832 | |||||
Defined benefit plans: | |||||||
Amortization of prior service costs and unrecognized losses and credits | 4,949 | 4,949 | |||||
Comprehensive Income (Loss) | (67,999) | ||||||
Dividends | (1,630) | ||||||
Ending Balance at Dec. 31, 2018 | 359,147 | 9,419 | 297,919 | 142,447 | 12,793 | (103,433) | 2 |
Defined benefit plans: | |||||||
Payments of Ordinary Dividends, Common Stock | 1,630 | ||||||
Stock-based compensation expense | 4,051 | 29 | 4,370 | (348) | |||
Non-qualified stock option expense | 1,939 | 1,939 | |||||
Restricted stock awards | 4,226 | 140 | 4,632 | (546) | |||
Net loss | (53,327) | (53,327) | |||||
Foreign currency translation adjustments | (8,499) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (8,499) | ||||||
Unrealized gain on cash flow hedges | (570) | (570) | |||||
Amortization of prior service costs and unrecognized losses and credits | (596) | (596) | |||||
Comprehensive Income (Loss) | (62,992) | ||||||
Dividends | (1,645) | ||||||
Ending Balance at Dec. 31, 2019 | 308,516 | 9,588 | 312,650 | 87,475 | 3,128 | (104,327) | 2 |
Defined benefit plans: | |||||||
Convertible Debt Derivative Adjustments | (220) | (220) | |||||
Exchange of Convertible Notes | 4,010 | 4,010 | |||||
Payments of Ordinary Dividends, Common Stock | 1,645 | ||||||
Stock-based compensation expense | 2,190 | 91 | 3,222 | (1,123) | |||
Restricted stock awards | 4,748 | 137 | 5,195 | (584) | |||
Net loss | (28,280) | (28,280) | |||||
Foreign currency translation adjustments | 43,405 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | 43,405 | ||||||
Unrealized gain on cash flow hedges | (722) | (722) | |||||
Amortization of prior service costs and unrecognized losses and credits | (375) | (375) | |||||
Comprehensive Income (Loss) | 14,028 | ||||||
Dividends | (414) | ||||||
Adoption of Credit Loss Standard | (243) | ||||||
Ending Balance at Dec. 31, 2020 | 333,846 | $ 9,816 | 326,088 | $ 58,538 | $ 45,436 | $ (106,034) | $ 2 |
Defined benefit plans: | |||||||
Exchange of Convertible Notes | 5,021 | $ 5,021 | |||||
Payments of Ordinary Dividends, Common Stock | $ 414 |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company's distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and continuing care markets. Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of December 31, 2020 and the results of its operations and changes in its cash flow for the years ended December 31, 2020, 2019 and 2018, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. Accounts Receivable: The company records accounts receivable when control of the product or service transfers to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. Reserves for customer bonus and cash discounts are recorded as a reduction in revenue and netted against gross accounts receivable. Customer rebates in excess of a given customer's accounts receivable balance are classified in Accrued Expenses. Customer rebates and cash discounts are estimated based on the most likely amount principal as well as historical experience and anticipated performance. In addition, customers have the right to return product within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience and adjusts revenue accordingly. Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined by the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management's review of inventories on hand compared to estimated future usage and sales. Property and Equipment: Property and equipment are stated based on cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment, internal use software as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under finance leases is included in depreciation expense. Long-lived assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset or asset group are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject impairment. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. For purposes of the goodwill impairment assessment, the fair value of each reporting unit is estimated using an income approach by forecasting cash flows and discounting those cash flows using an appropriate weighted average cost of capital (WACC) as well as considering market and cost approaches as appropriate. The fair values are then compared to the carrying value of the net assets of each reporting unit. Intangible assets are also assessed for impairment by estimating forecasted cash flows and discounting those cash flows as needed to calculate impairment amounts. During 2020, 2019 and 2018 the company recognized an intangible asset impairment charge of $0, $587,000 and $583,000 respectively, related to an indefinite-lived trademark recorded in the Institutional Products Group reporting unit which is part of the North America segment. Accrued Warranty Cost: Generally, the company's products are covered by assurance-type warranties against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could necessitate additional warranty reserve provisions. Refer to Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company's per country foreign liability limits, as applicable. There can be no assurance that Invacare's current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise and other indicators. Additional reserves, in excess of the specific individual case reserves, are provided for incurred but not reported claims based upon actuarial valuations at the time such valuations are conducted. Historical claims experience and other assumptions are taken into consideration by the company in estimating the ultimate reserves. For example, the actuarial analysis assumes that historical loss experience is an indicator of future experience, that the distribution of exposures by geographic area and nature of operations for ongoing operations is expected to be very similar to historical operations with no dramatic changes and that the government indices used to trend losses and exposures are appropriate. Estimates made are adjusted on a regular basis and can be impacted by actual loss awards and settlements on claims. While actuarial analysis is used to help determine adequate reserves, the company is responsible for the determination and recording of adequate reserves in accordance with accepted loss reserving standards and practices. Revenue Recognition: The company recognizes revenues when control of the product or service is transferred to unaffiliated customers. Revenues from Contracts with Customers , ASC 606, provides guidance on the application of generally accepted accounting principles to revenue recognition issues. The company has concluded that its revenue recognition policy is appropriate and in accordance with GAAP under ASC 606. All of the company's product-related contracts, and a portion related to services, have a single performance obligation, which is the promise to transfer an individual good or service, with revenue recognized at a point in time. Certain service-related contracts contain multiple performance obligations that require the company to allocate the transaction price to each performance obligation. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price at inception of the contract. The company determined the standalone selling price based on the expected cost-plus margin methodology. Revenue related to the service contracts with multiple performance obligations is recognized over time. To the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. The determination of when and how much revenue to recognize can require the use of significant judgment. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the product or providing services. The amount of consideration received and recognized as revenue by the company can vary as a result of variable consideration terms included in the contracts such as customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. Customers have the right to return product within the company's normal terms policy, and as such, the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration the company expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (refer to Receivables in the Notes to the Consolidated Financial Statements include elsewhere in this report). Depending on the terms of the contract, the company may defer recognizing a portion of the revenue at the end of a given period as the result of title transfer terms that are based upon delivery and or acceptance which align with transfer of control of the company's products to its customers. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. The company's payment terms are for relatively short periods and thus do not contain any element of financing. Additionally, no contract costs are incurred that would require capitalization and amortization. Sales, value added, and other taxes the company collects concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. Shipping and handling costs are included in cost of products sold. The majority of the company's warranties are considered assurance-type warranties and continue to be recognized as expense when the products are sold (refer to Current Liabilities in the Notes to the Consolidated Financial Statements include elsewhere in this report). These warranties cover against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accruals and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could require additional warranty reserve provisions. Refer to Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. The company has established procedures to appropriately defer such revenue. Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. The company's annual expenditures for product development and engineering were approximately $12,275,000, $15,836,000 and $17,377,000 for 2020, 2019 and 2018, respectively. Advertising: Advertising costs are expensed as incurred and included in selling, general an d administrative expenses. Advertising expenses amounted to $5,107,000, $7,871,000 and $10,109,000 for 2020, 2019 and 2018, respectively, the majority of which is incurred for advertising in the United States and Europe. Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The company records tax assets and liabilities related to these taxes and the balances in these accounts can vary significantly from period to period based on the timing of the underlying transactions. Derivative Instruments: Derivatives and Hedging, ASC 815, requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. In 2016, the company issued $150,000,000 aggregate principal amount of 5.00% convertible senior notes due in 2021 and, in the second quarter of 2017, issued $120,000,000 aggregate principal amount of 4.50% convertible senior notes due 2022 (the “2021 Notes and 2022 Notes”). In connection with the offering of the 2021 Notes and 2022 Notes, the company entered into privately negotiated convertible note hedge transactions with certain financial institutions (the “option counterparties”). The convertible debt conversion liabilities and the convertible note hedges were accounted for as derivatives that were fair valued quarterly until the company obtained shareholder approval on May 16, 2019 to settle its convertible debt using cash or shares, which resulted in no longer accounting for the conversion liabilities and note hedges as derivatives. The fair value of the convertible debt conversion liabilities and the convertible note hedge assets were estimated using a lattice model incorporating the terms and conditions of the 2021 Notes and 2022 Notes and considering, for example, changes in the prices of the company's common stock, company stock price volatility, risk-free rates and changes in market rates. The valuations were, among other things, subject to changes in both the company's credit worthiness and the counter-parties to the instruments as well as change in general market conditions. The change in the fair value of the convertible note hedges and convertible debt conversion liabilities were recognized in net income (loss) for the respective period. Foreign Currency Translation: The functional currency of the company's subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company's foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. Defined Benefit Plans: The company's benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. Recent Accounting Pronouncements (Already Adopted): In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Statements." ASU 2016-13 requires a new credit loss standard for most financial assets and certain other instruments. For example, entities are required to use an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. The standard also requires additional disclosures, including disclosures regarding how an entity tracks credit quality. The company adopted ASU 2016-13, effective on January 1, 2020, which resulted in an increase for credit losses of $243,000 with the offsetting impact recorded to retained earnings. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The guidance in ASU 2017-04 eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The company adopted ASU 2017-04 as of January 1, 2020 with no impact to the company's financial statements upon adoption. In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes," which simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. ASU 2019-12 removes the following exceptions: 1) exception to the incremental approach for intraperiod tax allocation when there is a loss from continuing operations and income or a gain from other items (for example, discontinued operations or other comprehensive income), 2) exception to the requirement to recognize a deferred tax liability for equity method investments when a foreign subsidiary becomes an equity method investment, 3) exception to the ability not to recognize a deferred tax liability for a foreign subsidiary when a foreign subsidiary becomes a subsidiary and 4) the exception to the general methodology for calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The ASU also simplifies other areas of Topic 740 by clarifying and amending existing guidance. The amendments in the ASU will be applied using different approaches depending on what the specific amendments relate to. The company early adopted ASU 2019-12 on a prospective basis as of January 1, 2020 with no impact to the company's financial statements upon adoption. Recent Accounting Pronouncements (Not Yet Adopted): In August 2020, the FASB issued ASU 2020-06 "Debt with Conversion and Other Options" (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity's Own Equity (Subtopic 815-40)", which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature (CCF) and (2) convertible instrument with a beneficial conversion feature (BCF). As a result, after adopting the ASU’s guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations From 2012 through 2014, the company sold three businesses which were classified as discontinued operations. Prior to 2020, the company had recorded cumulative expenses related to the sale of discontinued operations totaling $8,801,000, of which $8,405,000 were paid as of December 31, 2020. |
Receivables
Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Receivables | Receivables Receivables as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Accounts receivable, gross $ 131,055 $ 141,732 Customer rebate reserve (10,730) (13,922) Allowance for doubtful accounts (4,031) (4,804) Cash discount reserves (7,320) (5,326) Other, principally returns and allowances reserves (386) (1,011) Accounts receivable, net $ 108,588 $ 116,669 Reserves for customer rebates and cash discounts are recorded as a reduction in revenue and netted against gross accounts receivable. Customer rebates in excess of a given customer's accounts receivable balance are classified in Accrued Expenses. Customer rebates and cash discounts are estimated based on the most likely amount principle as well as historical experience and anticipated performance. In addition, customers have the right to return product within the company’s normal terms policy, and as such, the company estimates the expected returns based on an analysis of historical experience and adjusts revenue accordingly. Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Substantially all the company’s receivables are due from health care, medical equipment providers and long-term care facilities predominantly located throughout the United States, Australia, Canada, New Zealand and Europe. A significant portion of products sold to providers, both foreign and domestic, are ultimately funded through government reimbursement programs such as Medicare and Medicaid in the U.S. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. The company adopted ASU 2016-13, "Measurement of Credit Losses on Financial Statements" on January 1, 2020. Accordingly, the company is now applying an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. In addition, the company expects more variability in its allowance for doubtful accounts as it previously provided for bad debts based on a specific reserve methodology while the new expected loss methodology requires companies to provide for estimated losses beginning at the time of sale. The adoption of the new standard resulted in an increase in credit losses and adjustment to retained earnings of $243,000 which is reflected in the Consolidated Statement of Shareholders' Equity. The company's approach is to separate its receivables into good-standing and collection receivables. Good-standing receivables are assigned to risk pools of high, medium and low. The risk pools are driven by the specifics associated with the geography of origination. Expected loss percentages are calculated and assigned to each risk pool, driven primarily by historical experience. The historical loss percentages are calculated for each risk pool and then judgmentally revised to consider current risk factors as well as consideration of the impact of forecasted events, as applicable. The expected loss percentages are then applied to receivables balances each period to determine the allowance for doubtful accounts. In North America, excluding Canada, good-standing receivables are assigned to the low risk pool and assigned an expected loss percentage of 1.0% as these receivables are deemed to share the same risk profile and collections efforts are the same. Installment receivables in North America are characterized as collection receivables and thus reserves based on specific analysis of each customer. In Canada, good-standing receivables and installment receivables are deemed low risk and assigned a loss percentage of 0.2%. In Europe, expected losses are determined by each location in each region. Most locations have a majority of their receivables assigned to the low risk pool, which has an average expected loss percentage of 0.4%. About half of the locations have a portion of their receivables assigned as medium risk with an average expected loss percentage of 1.5%. Only a few locations have any receivables characterized as high risk and the average credit loss percentage for those locations is 2.5%. Collection risk is generally low as payment terms in certain key markets, such as Germany, are immediate and in many locations the ultimate customer is the government. In the Asia Pacific region, receivables are characterized as low risk, which have an average expected loss percentage of 0.3%. Historical losses are low in this region where the use of credit insurance is often customary. The movement in the trade receivables allowance for doubtful accounts was as follows (in thousands): 2020 Balance as of beginning of period $ 4,804 Current period provision 361 Direct write-offs charged against the allowance (1,134) Balance as of end of period $ 4,031 The direct write-offs charged against the allowance includes the immaterial impact of the adoption of ASU 2016-13. The company did not make any material changes to the assignment of receivables to the different risk pools or to the expected loss reserves in the quarter. The company is monitoring the impacts of the COVID-19 pandemic and the possibility for an impact on collections, but to date this has not materially impacted 2020. For collections receivables, the estimated allowance for uncollectible amounts is based primarily on management’s evaluation of the financial condition of each customer. In addition, as a result of the company's financing arrangement with DLL, a third-party financing company which the company has worked with since 2000, management monitors the collection status of these contracts in accordance with the company’s limited recourse obligations and provides amounts necessary for estimated losses in the allowance for doubtful accounts and establishes reserves for specific customers as needed. The company writes off uncollectible trade accounts receivable after such receivables are moved to collection status and legal remedies are exhausted. Refer to Concentration of Credit Risk in the Notes to the Consolidated Financial Statements for a description of the financing arrangement. Long-term installment receivables are included in “Other Assets” on the consolidated balance sheet. Upon adoption of ASU 2016-13, the company recorded a new contingent liability in the amount of $306,000 related to the contingent aspect of the company's guarantee associated with its arrangement with DLL. The contingent liability is recorded applying the same expected loss model used for the trade and installment receivables recorded on the company's books. Specifically, historical loss history is used to determine the expected loss percentage, which is then adjusted judgmentally to consider other factors, as needed. The company’s U.S. customers electing to finance their purchases can do so using DLL. In addition, the company, prior to 2020, provided financing directly for its Canadian customers for which DLL is not an option, as DLL typically provides financing to Canadian customers only on a limited basis. The installment receivables recorded on the books of the company represent a single portfolio segment of finance receivables to the independent provider channel and long-term care customers. The portfolio segment is comprised of two classes of receivables distinguished by geography and credit quality. The U.S. installment receivables are the first class and represent installment receivables repurchased from DLL because the customers were in default. Default with DLL is defined as a customer being delinquent by three payments. The Canadian installment receivables represent the second class of installment receivables which were originally financed by the company because third party financing was not available to the HME providers. The Canadian installment receivables were typically financed for twelve months and historically have had a very low risk of default. The estimated allowance for uncollectible amounts and evaluation for both classes of installment receivables is based on the company’s quarterly review of the financial condition of each individual customer with the allowance for doubtful accounts adjusted accordingly. Installments are individually and not collectively reviewed. The company assesses the bad debt reserve levels based upon the status of the customer’s adherence to a legally negotiated payment schedule and the company’s ability to enforce judgments, liens, etc. For purposes of granting or extending credit, the company utilizes a scoring model to generate a composite score that considers each customer’s consumer credit score and/or D&B credit rating, payment history, security collateral and time in business. Additional analysis is performed for most customers desiring credit greater than $250,000, which generally includes a detailed review of the customer’s financial statements as well as consideration of other factors such as exposure to changing reimbursement laws. Interest income is recognized on installment receivables based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments and is moved to collection, interest income is no longer recognized. Subsequent payments received once an account is put on non-accrual status are generally first applied to the principal balance and then to the interest. Accruing of interest on collection accounts would only be restarted if the account became current again. All installment accounts are accounted for using the same methodology regardless of the duration of the installment agreements. When an account is placed in collection status, the company goes through a legal process for pursuing collection of outstanding amounts, the length of which typically approximates eighteen months. Any write-offs are made after the legal process has been completed. Installment receivables as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Current Long- Total Current Long- Total Installment receivables $ 704 $ 1,105 $ 1,809 $ 1,192 $ 1,257 $ 2,449 Less: Unearned interest — — — (22) — (22) 704 1,105 1,809 1,170 1,257 2,427 Allowance for doubtful accounts (325) (162) (487) (434) (1,080) (1,514) Installment receivables, net $ 379 $ 943 $ 1,322 $ 736 $ 177 $ 913 Installment receivables purchased from DLL during the twelve months ended December 31, 2020 increased the gross installment receivables balance by $346,000 during the year compared to $89,000 in 2019. No sales of installment receivables were made by the company during the year. There was no impact on the allowance for doubtful accounts for installment receivables as a result of the adoption of ASU 2016-13 as the installment receivables in the U.S. are specifically reserved for by account and no adjustment was needed to the allowance for doubtful accounts for Canada or Asia Pacific installment receivables. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2020 2019 Balance as of beginning of period $ 1,514 $ 1,542 Current period provision 66 479 Direct write-offs charged against the allowance (1,093) (507) Balance as of end of period $ 487 $ 1,514 Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 Installment receivables by class as of December 31, 2019 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 1,762 $ 1,762 $ 1,497 $ — Canada Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 17 17 17 — Total Canadian installment receivables 687 665 17 92 Total Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 1,779 1,779 1,514 — Total installment receivables $ 2,449 $ 2,427 $ 1,514 $ 92 Installment receivables with a related allowance recorded as noted in the table above represent those installment receivables on a non-accrual basis. As of December 31, 2020, the company had no U.S. installment receivables past due of 90 days or more for which the company is still accruing interest. Individually, all U.S. installment receivables are assigned a specific allowance for doubtful accounts based on management's review when the company does not expect to receive both the contractual principal and interest payments as specified in the loan agreement. The aging of the company's installment receivables was as follows as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Total U.S. Asia Pacific Total U.S. Canada Current $ 1,194 $ — $ 1,194 $ 659 $ — $ 659 0-30 days past due — — — 2 — 2 31-60 days past due — — — 4 — 4 61-90 days past due — — — — — — 90+ days past due 615 615 — 1,784 1,762 22 $ 1,809 $ 615 $ 1,194 $ 2,449 $ 1,762 $ 687 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Finished goods $ 55,264 $ 54,064 Raw materials 51,174 54,638 Work in process 9,046 11,798 Inventories, net $ 115,484 $ 120,500 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Current Assets | Other current assets as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Tax receivables principally value added taxes $ 22,500 $ 16,049 Prepaid insurance 3,963 2,918 Receivable due from information technology provider 2,995 6,262 Prepaid inventory and freight 2,700 684 Recoverable income taxes 2,182 297 Derivatives (foreign currency forward contracts) 1,321 838 Service contracts 633 2,013 Prepaid debt fees 208 207 Prepaid social charges 43 1,216 Prepaid and other current assets 8,172 7,425 Other Current Assets $ 44,717 $ 37,909 |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Long-Term Assets | Other Long-Term Assets Other long-term assets as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Cash surrender value of life insurance policies 2,327 2,124 Deferred income taxes 2,048 928 Installment receivables 943 177 Deferred financing fees 411 602 Investments 85 85 Other 111 300 Other Long-Term Assets $ 5,925 $ 4,216 |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | Property and Equipment Property and equipment as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Machinery and equipment $ 294,045 $ 296,078 Land, buildings and improvements 28,509 33,054 Furniture and fixtures 10,001 9,898 Leasehold improvements 8,194 9,023 Capitalized software 17,527 3,509 Property and Equipment, gross 358,276 351,562 Accumulated depreciation (302,033) (304,955) Property and Equipment, net $ 56,243 $ 46,607 Machinery and equipment includes demonstration units placed in provider locations which are depreciated to their estimated recoverable values over their estimated useful lives. In the fourth quarter of 2019, the company initiated the first stage of an Enterprise Resource Planning ("ERP") software implementation. As a result of the initiation of the ERP project, the company capitalized certain costs in accordance with ASC 350 as shown in capitalized software above. In the third quarter of 2018, the company agreed to sell its Isny, Germany location with a net book value at the signing of the agreement of approximately $2,900,000, which was included in Land, buildings and improvements in the table above as of December 31, 2019. In accordance with the agreement, control transferred to the buyer in April 2020. The co mpany recorded a gain on the transaction of $971,000 in 2020. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The carrying amount of goodwill by reporting unit is as follows (in thousands): Institutional Europe Consolidated Balance at December 31, 2018 $ 27,377 $ 353,896 $ 381,273 Foreign currency translation adjustments 785 (8,655) (7,870) Balance at December 31, 2019 28,162 345,241 373,403 Foreign currency translation adjustments 323 28,735 29,058 Balance at December 31, 2020 $ 28,485 $ 373,976 $ 402,461 In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill is assessed for impairment. The company first estimates the fair value of each reporting unit and compares the calculated fair value to the carrying value of each reporting unit. A reporting unit is defined as an operating segment or one level below. The company has determined that its reporting units are North America / HME, Europe, Institutional Products Group and Asia Pacific. North America/HME and Asia Pacific Reporting units have no goodwill. In consideration of the negative impact of the pandemic on the global economy, the company performed an interim test of goodwill for impairment in the first quarter of 2020 and no impairment was recorded. For the second and third quarters of 2020, the company concluded that the facts and circumstances compared to the first quarter of 2020 review had not changed materially. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. The fair values of the company's reporting units were calculated using inputs that are not observable in the market and included management's own estimates regarding the assumptions that market participants would use and thus these inputs are deemed Level III inputs in regard to the fair value hierarchy. To calculate the fair values of the reporting units, the company utilizes a discounted cash flow method model in which the company forecasts income statement and balance sheet amounts based on assumptions regarding projected sales growth, operating income, inventory turns, days' sales outstanding, etc. to forecast future cash flows. The projected operating income used has a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment assessment as lower projected operating income would result in lower fair value estimates. The cash flows are discounted using a weighted average cost of capital discount rate where the cost of debt is based on quoted rates for 20-year debt of potential acquirer companies of similar credit risk and the cost of equity is based upon the 20-year treasury rate for the risk-free rate, a market risk premium, the industry average beta and a small cap stock adjustment. The assumptions used are based on a market participant's point of view and yielded a discount rate of 11.27% in 2020 for the company's annual impairment analysis for the reporting units with goodwill compared to 11.88% in 2019 and 12.41% in 2018. The WACC used has a significant impact upon the discounted cash flow methodology utilized in the company's annual impairment assessment as a higher WACC would decrease the fair value estimates. The company also utilizes an Enterprise Value (EV) to Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) Method to compute the fair value of its reporting units which considers potential acquirers and their EV to EBITDA multiples adjusted by an estimated premium. While more weight is given to the discounted cash flow method, the EV to EBITDA Method does provide corroborative evidence of the reasonableness of the discounted cash flow method results. While there was no impairment in 2020 related to goodwill for the Europe or Institutional Products Group reporting units, a future potential impairment is possible for these reporting units should actual results differ materially from forecasted results used in the valuation analysis. Furthermore, the company's annual valuation of goodwill can differ materially if financial projections or the market inputs used to determine the WACC change significantly. For instance, higher interest rates or greater stock price volatility would increase the WACC and thus increase the chance of impairment. In consideration of this potential, the company assessed the results if the discount rate used were 100 basis points higher for the 2020 impairment analysis and determined that there still would not be an indicator of potential impairment for the Europe or Institutional Products Group reporting units. In addition, business changes impacting the company's assessment of reporting units could also have a material impact on impairment assessment results. As part of the company's assessment of goodwill for impairment, the company also considers the potential for impairment of any intangible assets other long-lived assets. |
Intangibles
Intangibles | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles | Intangibles The company's intangibles consist of the following (in thousands): December 31, 2020 December 31, 2019 Historical Accumulated Historical Accumulated Customer lists $ 54,502 $ 54,502 $ 51,108 $ 51,108 Trademarks 25,112 — 23,479 — Developed technology $ 7,924 $ 7,204 $ 7,483 $ 6,642 Patents 5,556 5,556 5,521 5,521 License agreements 2,899 979 2,884 770 Other 1,162 1,151 1,163 1,150 Intangibles $ 97,155 $ 69,392 $ 91,638 $ 65,191 All of the company's intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for trademarks shown above, which have indefinite lives. The changes in intangible asset balances reflected on the balance sheet from December 31, 2019 to December 31, 2020 were the result of foreign currency translation on historical cost and accumulated amortization. The company evaluates the carrying value of definite-lived assets annually in the fourth quarter and whenever events or circumstances indicate possible impairment. In consideration of the negative impact of the pandemic on the global economy, the company performed an assessment of intangible assets for impairment in the first quarter of 2020 and concluded there was no impairment to be recorded. For the second and third quarter of 2020, the company concluded that the facts and circumstances compared to the first quarter of 2020 had not changed materially. For the fourth quarter of 2020, the company concluded there was no impairment to be recorded. Definite-lived assets are determined to be impaired if the future undiscounted cash flows expected to be generated by the asset are less than the carrying value. Actual impairment amounts for definite-lived assets are then calculated using a discounted cash flow calculation. Any impairment for indefinite-lived intangible assets is calculated as the difference between the future discounted cash flows expected to be generated by the asset less than the carrying value for the asset. The company evaluated indefinite-lived intangible assets in the fourth quarter o f 2020 and concluded there was no impairment to be recorded. During 2019 and 2018, the company recognized an intangible asset impairment charge in the Institutional Products Group reporting unit, which is part of the North America segment, of $587,000 ($435,000 after-tax) and $583,000 ($431,000 after-tax) respectively, related to a trademark with an indefinite life. The fair value of the trademark was calculated using a relief from royalty payment methodology which requires applying an estimated market royalty rate to forecasted net sales and discounting the resulting cash flows to determine fair value. The fair values of the company's intangible assets were calculated using inputs that are not observable in the market and included management's own estimates regarding the assumptions that market participants would use and thus these inputs are deemed Level III inputs in regard to the fair value hierarchy. Amortization expense related to intangible assets was $377,000, $1,827,000 and $2,218,000 for 2020, 2019 and 2018, respectively. Amortization expense for 2019 and 2018 includes impairments. Estimated amortization expense for each of the next five years is expected to be $402,000 for 2021, $402,000 in 2022, $401,000 in 2023, $369,000 in 2024 and $213,000 in 2025. Amortized intangible assets are being amortized on a straight-line basis over remaining lives of 4 to 9 years with a weighted average remaining life of approximately 7.6 years. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Current Liabilities Accrued Expenses Accrued expenses as of December 31, 2020 and 2019 consisted of accruals for the following (in thousands): 2020 2019 Salaries and wages $ 34,029 $ 29,725 Taxes other than income taxes, primarily value added taxes 32,710 22,194 Warranty 10,991 11,626 Rebates 8,644 10,743 Professional 7,375 6,869 Severance 6,249 7,023 IT service contracts 3,799 6,125 Deferred revenue 3,516 3,173 Freight 3,190 3,744 Product liability, current portion 2,453 2,736 Interest 2,076 3,608 Derivatives (foreign currency forward exchange contracts) 1,432 905 Insurance 878 699 Rent 585 415 Supplemental Executive Retirement Program liability Plan (SERP) 391 391 Advance payment on sale of land & buildings — 3,471 IT licenses — 2,114 Other items, principally trade accruals 7,955 5,386 Accrued Expenses $ 126,273 $ 120,947 Generally, the company's products are covered by warranties against defects in material and workmanship for various periods depending on the product from the date of sales to the customer. Certain components carry a lifetime warranty. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. The company has established procedures to appropriate defer such revenue. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product field action and recalls, which could require additional warranty reserve provision. The increase in liability for taxes other than income taxes, primarily value added taxes, is attributable to measures introduced by the U.S. and other jurisdictions to allow the deferment of payment of 2020 liabilities to 2021. This benefit for the company is approximately $10,600,000 in 2020 and will be paid starting in 1Q21. Accrued rebates relate to several volume incentive programs the company offers its customers. The company accounts for these rebates as a reduction of revenue when the products are sold. Rebates are netted against gross accounts receivables. If rebates are in excess of such receivables, they are then classified as accrued expenses. In the fourth quarter of 2019, the company entered into an agreement with an IT provider to outsource substantially all of the company’s information technology business service activities, including, among other things, support, rationalization and upgrading of the company’s legacy information technology systems and implementation of a global ERP. Accrued expenses related to IT outsourcing are reflected in IT service contracts. Separately, the company entered into licenses for a new ERP system which are shown as IT licenses. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): 2020 2019 Balance as of January 1 $ 11,626 $ 16,353 Warranties provided during the period 6,144 5,504 Settlements made during the period (8,043) (10,882) Changes in liability for pre-existing warranties during the period, including expirations 1,264 651 Balance as of December 31 $ 10,991 $ 11,626 Warranty reserves are subject to adjustment in future periods as new developments change the company's estimate of the total cost. In 2020, warranty expense includes a provision of $768,000 for a product recall which was related to a component on a respiratory product, recorded in the North America segment. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Debt as of December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Convertible senior notes at 5.00%, due in February 2021 $ 1,242 $ 56,628 Convertible senior notes at 4.50%, due in June 2022 73,869 101,815 Convertible senior notes Series I at 5.00%, due in November 2024 62,984 60,817 Convertible senior notes Series II at 5.00%, due in November 2024 64,919 — Other obligations 42,039 262 245,053 219,522 Less current maturities of long-term debt (5,612) (58) Long-Term Debt $ 239,441 $ 219,464 On September 30, 2015, the company entered into an Amended and Restated Revolving Credit and Security Agreement, which was subsequently amended (the "Credit Agreement") and which matures on January 16, 2024. The Credit Agreement was entered into by and among the company, certain of the company’s direct and indirect U.S. and Canadian subsidiaries and certain of the company’s European subsidiaries (together with the company, the “Borrowers”), certain other of the company’s direct and indirect U.S., Canadian and European subsidiaries (the “Guarantors”), and PNC Bank, National Association (“PNC”), JPMorgan Chase Bank, N.A., J.P. Morgan Europe Limited, KeyBank National Association, and Citizens Bank, National Association (the “Lenders”). PNC is the administrative agent (the “Administrative Agent”) and J.P. Morgan Europe Limited is the European agent (the “European Agent”) under the Credit Agreement. In connection with entering into the company's Credit Agreement, the company incurred fees which were capitalized and are being amortized as interest expense. As of December 31, 2020, debt fees yet to be amortized through January 2024 totaled $619,000. The company had outstanding letters of credit of $7,752,000 and $8,011,000 as of December 31, 2020 and 2019, respectively. Outstanding letters of credit and other reserves impacting borrowing capacity were $7,616,000 and $8,827,000 as of December 31, 2020 and December 31, 2019, respectively. The company had outstanding borrowings of $20,000,000 under its U.S. and Canadian Credit Facility as of December 31, 2020. The company had outstanding borrowings of $7,636,000 (€6,400,000) under its French Credit Facility and $3,866,000 (£2,900,000) under its UK Credit Facility as of December 31, 2020, together referred to as the European Credit Facility. The company had no borrowings under the Credit Facilities as of December 31, 2019. For 2020 and 2019, the weighted average interest rate on all borrowings, excluding finance leases, was 4.6% and 4.78%, respectively. U.S. and Canadian Borrowers Credit Facility For the company's U.S. and Canadian Borrowers, the Credit Agreement provides for an asset-based-lending senior secured revolving credit facility which is secured by substantially all the company's U.S. and Canadian assets, other than real estate. The Credit Agreement provides the company and the other Borrowers with a credit facility in an aggregate principal amount of $60,000,000, subject to availability based on a borrowing base formula, under a senior secured revolving credit, letter of credit and swing line loan facility (the “U.S. and Canadian Credit Facility”). Up to $20,000,000 of the U.S. and Canadian Credit Facility will be available for issuance of letters of credit. The aggregate principal amount of the U.S. and Canadian Credit Facility may be increased by up to $25,000,000 to the extent requested by the company and agreed to by any Lender or new financial institution approved by the Administrative Agent. The aggregate borrowing availability under the U.S. and Canadian Credit Facility is determined based on a borrowing base formula. The aggregate usage under the U.S. and Canadian Credit Facility may not exceed an amount equal to the sum of (a) 85% of eligible U.S. accounts receivable plus (b) the lesser of (i) 70% of eligible U.S. inventory and eligible foreign in-transit inventory and (ii) 85% of the net orderly liquidation value of eligible U.S. inventory and eligible foreign in-transit inventory (not to exceed $4,000,000), plus (c) the lesser of (i) 85% of the net orderly liquidation value of U.S. eligible machinery and equipment and (ii) $0 as of December 31, 2020 (subject to reduction as provided in the Credit Agreement), plus (d) 85% of eligible Canadian accounts receivable, plus (e) the lesser of (i) 70% of eligible Canadian inventory and (ii) 85% of the net orderly liquidation value of eligible Canadian inventory, less (f) swing loans outstanding under the U.S. and Canadian Credit Facility, less (g) letters of credit issued and undrawn under the U.S. and Canadian Credit Facility, less (h) a $4,250,000 minimum availability reserve, less (i) other reserves required by the Administrative Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of December 31, 2020, the company was in compliance with all covenant requirements. As of December 31, 2020, the company had gross borrowing base of $43,874,000 and net borrowing availability of $24,508,000 under the U.S. and Canadian Credit Facility under the Credit Agreement, considering the minimum availability reserve, then-outstanding letters of credit, other reserves and the $7,500,000 dominion trigger amount described below. Borrowings under the U.S. and Canadian Credit Facility are secured by substantially all of the company's U.S. and Canadian assets, other than real estate. Interest will accrue on outstanding indebtedness under the Credit Agreement at the LIBOR rate, plus a margin ranging from 2.25% to 2.75%, or at the alternate base rate, plus a margin ranging from 1.25% to 1.75%, as selected by the company. Borrowings under the U.S. and Canadian Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The Credit Agreement contains customary representations, warranties and covenants. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale and leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement, as amended. The Credit Agreement also contains a covenant requiring the company to maintain minimum availability under the U.S. and Canadian Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the U.S. and Canadian Credit Facility for five (5) consecutive business days, or (ii) $6,000,000 on any business day. The company also is subject to dominion triggers under the U.S. and Canadian Credit Facility requiring the company to maintain borrowing capacity of not less than $7,500,000 on any business day or any five consecutive days in order to avoid triggering full control by an agent for the Lenders of the company's cash receipts for application to the company's obligations under the agreement. The Credit Agreement contains customary default provisions, with certain grace periods and exceptions, which provide for events of default that include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption of any material manufacturing facilities for more than 10 consecutive days. The proceeds of the U.S. and Canadian Credit Facility will be used to finance the working capital and other business needs of the company. There was $20,000,000 outstanding under the U.S. and Canadian Credit Facility at December 31, 2020. European Credit Facility The Credit Agreement also provides for a revolving credit, letter of credit and swing line loan facility which gives the company and the European Borrowers the ability to borrow up to an aggregate principal amount of $30,000,000, with a $5,000,000 sublimit for letters of credit and a $2,000,000 sublimit for swing line loans (the “European Credit Facility”). Up to $15,000,000 of the European Credit Facility will be available to each of Invacare Limited (the “UK Borrower”) and Invacare Poirier SAS (the “French Borrower” and, together with the UK Borrower, the “European Borrowers”). The European Credit Facility matures in January 2024, together with the U.S. and Canadian Credit Facility. The aggregate borrowing availability for each European Borrower under the European Credit Facility is determined based on a borrowing base formula. The aggregate borrowings of each of the European Borrowers under the European Credit Facility may not exceed an amount equal to (a) 85% of the European Borrower's eligible accounts receivable, less (b) the European Borrower's borrowings and swing line loans outstanding under the European Credit Facility, less (c) the European Borrower's letters of credit issued and undrawn under the European Credit Facility, less (d) a $3,000,000 minimum availability reserve, less (e) other reserves required by the European Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of December 31, 2020, the gross borrowing base to the European Borrowers under the European Credit Facility was $18,376,000 and net borrowing availability was $12,001,000, considering the $3,000,000 minimum availability reserve and a $3,375,000 dominion trigger amount described below. The aggregate principal amount of the European Credit Facility may be increased by up to $10,000,000 to the extent requested by the company and agreed to by any Lender or Lenders that wish to increase their lending participation or, if not agreed to by any Lender, a new financial institution that agrees to join the European Credit Facility and that is approved by the Administrative Agent and the European Agent. Interest will accrue on outstanding indebtedness under the European Credit Facility at the LIBOR rate, plus a margin ranging from 2.50% to 3.00%, or for swing line loans, at the overnight LIBOR rate, plus a margin ranging from 2.50% to 3.00%, as selected by the company. The margin will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all the personal property assets of the UK Borrower and its in-country subsidiaries, and all the receivables of the French Borrower and its in-country subsidiaries. The UK and French facilities (which comprise the European Credit Facility) are cross collateralized, and the US personal property assets previously pledged under the U.S. and Canadian Credit Facility also serve as collateral for the European Credit Facility. The European Credit Facility is subject to customary representations, warranties and covenants generally consistent with those applicable to the U.S. and Canadian Credit Facility. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale/leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement. The Credit Agreement also contains a covenant requiring the European Borrowers to maintain undrawn availability under the European Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the European Credit Facility for five (5) consecutive business days, or (ii) $3,000,000 on any business day. The European Borrowers also are subject to cash dominion triggers under the European Credit Facility requiring the European Borrower to maintain borrowing capacity of not less than $3,750,000 on any business day or $3,375,000 for five consecutive business days in order to avoid triggering full control by an agent for the Lenders of the European Borrower's cash receipts for application to its obligations under the European Credit Facility. The European Credit Facility is subject to customary default provisions, with certain grace periods and exceptions, consistent with those applicable to the U.S. and Canadian Credit Facility, which provide that events of default include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, cross-default, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption in the operations of any material manufacturing facility for more than 10 consecutive days. The proceeds of the European Credit Facility will be used to finance the working capital and other business needs of the company. As of December 31, 2020, the company had borrowings of $7,636,000 (€6,400,000) under its French Credit Facility and $3,866,000 (£2,900,000) under its UK Credit Facility as of December 31, 2020, together referred to as the European Credit Facility. On January 15, 2021, the company entered into an Eighth Amendment to Amended and Restated Revolving Credit and Security Agreement (the “Credit Agreement Amendment”), which amends the Amended and Restated Revolving Credit and Security Agreement, dated as of September 30, 2015 and amended as of February 16, 2016, May 3, 2016, September 30, 2016, November 30, 2016, June 7, 2017, November 13, 2019 and May 29, 2020 (as so amended, the “Credit Agreement”). The Credit Agreement Amendment provides for, among other things, the addition of the company's Netherlands subsidiary as a guarantor under the European revolving credit facility, amendments to the restrictive covenants in the Credit Agreement to (1) increase the maximum amount of permitted miscellaneous indebtedness to $30,000,000 from $10,000,000 and (2) permit up to $9,000,000 of financing based on certain European public and government receivables, and terms that, upon the occurrence of certain events related to a transition from the use of LIBOR, permit the agent for the lenders to amend the Credit Agreement to replace the LIBOR rate and/or the Euro rate with a benchmark replacement rate. Convertible senior notes due 2021 In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “2021 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2021 Notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2016. The 2021 Notes will mature on February 15, 2021, unless repurchased or converted in accordance with their terms prior to such date. Prior to August 15, 2020, the 2021 Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Prior to May 16, 2019, the 2021 Notes were convertible, subject to certain conditions, into cash only. On May 16, 2019, the company obtained shareholder approval under applicable New York Stock Exchange rules such that conversion of the 2021 Notes may be settled in cash, the company’s common shares or a combination of cash and the company’s common shares, at the company’s election. At December 31, 2020, $1,250,000 aggregate principal amount of the 2021 Notes remained outstanding, following the repurchase of $16,000,000 aggregate principal amount of 2021 Notes for cash in the third quarter of 2019, the exchange transactions completed in the fourth quarter of 2019 and the second quarter of 2020, as further discussed below, and the repurchases of $24,466,000 aggregate principal amount in the third quarter of 2020. The $24,466,000 repurchases in the third quarter of 2020, resulted in a $761,000 loss on debt extinguishment. Holders of the 2021 Notes could convert their 2021 Notes at their option at any time prior to the close of business on the business day immediately preceding August 15, 2020 only under the following circumstances: (1) during any fiscal quarter commencing after March 31, 2016 (and only during such fiscal quarter), if the last reported sale price of the company’s common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price for the 2021 Notes on each applicable trading day; (2) during the five Holders of the 2021 Notes will have the right to require the company to repurchase all or some of their 2021 Notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes. The initial conversion rate is 60.0492 common shares per $1,000 principal amount of 2021 Notes (equivalent to an initial conversion price of approximately $16.65 per common share). Until the company received shareholder approval on May 16, 2019 authorizing it to elect to settle future conversions of the 2021 Notes in common shares, the company separately accounted for the conversion features as a derivative. The derivative was capitalized on the balance sheet as a long-term liability with adjustment to reflect fair value each quarter until the change to the conversion features as a result of the shareholder approval received on May 16, 2019 resulted in the termination of the derivative. The fair value of the convertible debt conversion liability at issuance was $34,480,000. The company recognized a loss of $2,210,000 in 2019 related to the convertible debt conversion liability. In connection with the offering of the 2021 Notes, the company entered into privately negotiated convertible note hedge transactions with two financial institutions (the “option counterparties”). These transactions cover, subject to customary anti-dilution adjustments, the number of the company's common shares that will initially underlie the 2021 Notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the 2021 Notes. The company evaluated the note hedges under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the note hedges should be accounted for as derivatives. These derivatives were capitalized on the balance sheet as long-term assets and adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $27,975,000. The company recognized a gain of $2,852,000 in 2019 related to the convertible note hedge asset. The company entered into separate, privately negotiated warrant transactions with the option counterparties at a higher strike price relating to the same number of the company's common shares, subject to customary anti-dilution adjustments, pursuant to which the company sold warrants to the option counterparties. The warrants could have a dilutive effect on the company's outstanding common shares and the company's earnings per share to the extent that the price of the company's common shares exceeds the strike price of those warrants. The initial strike price of the warrants is $22.4175 per share and is subject to certain adjustments under the terms of the warrant transactions. The company evaluated the warrants under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the warrants met the definition of a derivative, are indexed to the company's own stock and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity was $12,376,000. The net proceeds from the offering of the 2021 Notes were approximately $144,034,000, after deducting fees and offering expenses of $5,966,000, which were paid in 2016. These debt issuance costs were capitalized and are being amortized as interest expense through February 2021. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Approximately $5,000,000 of the net proceeds from the offering were used to repurchase the company's common shares from purchasers of 2021 Notes in the offering in privately negotiated transactions. A portion of the net proceeds from the offering were used to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to the company from the warrant transactions), with a net cost of $15,600,000. During the third quarter of 2019, the company used an aggregate of $14,708,000 in cash to repurchase a total amount of $16,000,000 in principal amount of 2021 Notes. After recognizing expenses on unamortized fees and discounts associated with the repurchased 2021 Notes, the repurchases resulted in a net reduction of debt of $14,367,000 and a net loss on the repurchases of $280,000. During the fourth quarter of 2019, the company entered into separate privately negotiated agreements with certain holders of its 2021 Notes to exchange $72,909,000 in aggregate principal amount of 2021 Notes (the “Exchange Transactions”) for aggregate consideration of $72,909,000 in aggregate principal amount of new 5.00% Convertible Senior Exchange Notes due 2024 (the “Series I 2024 Notes”) of the company and $6,928,000 in cash. Refer to "Convertible senior notes Series I due 2024" below for more information. As a result of the exchange transaction in the fourth quarter of 2019 and the repurchase of $16,000,000 in principal amount of 2021 Notes in the third quarter of 2019, a partial unwind of the note hedge options and warrants entered into with the issuance of the 2021 Notes also occurred during the fourth quarter of 2019. Note hedge options outstanding were reduced from the original number of 300,000 to 138,182 and warrants were reduced from the initial number of 9,007,380 to 3,860,624. The partial unwind of the note hedge options and warrants resulted in no net impact to cash or paid in capital. During the second quarter of 2020, the company entered into separate, privately negotiated agreements with certain holders of its 2021 Notes and certain holders of its 2022 Notes to exchange $35,375,000 in aggregate principal amount of 2021 Notes and $38,500,000 in aggregate principal amount of 2022 notes, for aggregate consideration of $73,875,000 in aggregate principal amount of new 5.00% Series II Convertible Senior Exchange Notes due 2024 (the “Series II 2024 Notes”) of the company and $5,593,000 in cash. During the third quarter of 2020, the company repurchased $24,466,000 aggregate principal amount of 2021 Notes, resulting in a $761,000 loss on debt extinguishment. As a result of the repurchase of 2021 Notes in the third quarter of 2020 and the exchange of 2021 Notes for new notes in the second quarter of 2020, a partial unwind of the note hedge options and warrants entered into with the issuance of the 2021 Notes also occurred. Note hedge options outstanding were reduced from the original number of 300,000 to 62,341 and warrants were reduced from the initial number of 9,007,380 to 3,141,943. The partial unwind of the note hedge options and warrants resulted in no net impact to cash or paid in capital. The liability components of the 2021 Notes consist of the following (in thousands): December 31, 2020 December 31, 2019 Principal amount of liability component $ 1,250 $ 61,091 Unamortized discount (7) (3,916) Debt fees (1) (547) Net carrying amount of liability component $ 1,242 $ 56,628 The unamortized discount of $7,000 is to be amortized through February 2021. The effective interest rate on the liability component was 11.1%. Non-cash interest expense of $1,782,000 and $6,672,000 was recognized in 2020 and 2019, respectively, in comparison to actual interest expense accrued of $1,632,000 and $6,803,000 in 2020 and 2019, respectively, based on the stated coupon rate of 5.0%. The 2021 Notes were not convertible as of December 31, 2020 nor was the applicable conversion threshold met. Convertible senior notes due 2022 In the second quarter of 2017, the company issued $120,000,000 aggregate principal amount of 4.50% Convertible Senior Notes due 2022 (the “2022 Notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The 2022 Notes bear interest at a rate of 4.50% per year payable semi-annually in arrears on June 1 and December 1 of each year, beginning December 1, 2017. The 2022 Notes will mature on June 1, 2022, unless repurchased or converted in accordance with their terms prior to such date. Prior to December 1, 2021, the 2022 Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Prior to May 16, 2019, the 2022 Notes were convertible, subject to certain conditions, into cash only. On May 16, 2019, the company obtained shareholder approval under applicable New York Stock Exchange rules such that conversion of the 2022 Notes may be settled in cash, the company’s common shares or a combination of cash and the company’s common shares, at the company’s election. At December 31, 2020, $81,500,000 aggregate principal amount of the 2022 Notes remained outstanding, following the exchange transactions completed in the second quarter of 2020, as further discussed below. Holders of the 2022 Notes may convert their 2022 Notes at their option at any time prior to the close of business on the business day immediately preceding December 1, 2021 only under the following circumstances: (1) during any fiscal quarter commencing after September 30, 2017 (and only during such fiscal quarter), if the last reported sale price of the company’s common shares for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding fiscal quarter is greater than or equal to 130% of the applicable conversion price for the 2022 Notes on each applicable trading day; (2) during the five Holders of the 2022 Notes will have the right to require the company to repurchase all or some of their 2022 Notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes. The initial conversion rate is 61.6095 common shares per $1,000 principal amount of 2022 Notes (equivalent to an initial conversion price of approximately $16.23 per common share). Until the company received shareholder approval on May 16, 2019 authorizing it to elect to settle future conversions of the 2022 Notes in common shares, the company separately accounted for the conversion features as a derivative. The derivative was capitalized on the balance sheet as a long-term liability with adjustment to reflect fair value each quarter until the change to the conversion features as a result of the shareholder approval received on May 16, 2019 resulted in the termination of the derivative. The fair value of the convertible debt conversion liability at issuance was $28,859,000. The company recognized a loss of $6,193,000 in 2019 related to the convertible debt conversion liability. In connection with the offering of the 2022 Notes, the company entered into privately negotiated convertible note hedge transactions with one financial institution (the “option counterparty”). These transactions cover, subject to customary anti-dilution adjustments, the number of the company's common shares that will initially underlie the 2022 Notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the 2022 Notes. The company evaluated the note hedges under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the note hedges should be accounted for as derivatives. These derivatives were capitalized on the balance sheet as long-term assets and will be adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $24,780,000. The company recognized a gain of $6,748,000 in 2019 related to the convertible note hedge asset. The company entered into separate, privately negotiated warrant transactions with the option counterparty at a higher strike price relating to the same number of the company's common shares, subject to customary anti-dilution adjustments, pursuant to which the company sold warrants to the option counterparties. The warrants could have a dilutive effect on the company's outstanding common shares and the company's earnings per share to the extent that the price of the company's common shares exceeds the strike price of those warrants. The initial strike price of the warrants is $21.4375 per share and is subject to certain adjustments under the terms of the warrant transactions. The company evaluated the warrants under the applicable accounting literature, including Derivatives and Hedging , ASC 815, and determined that the warrants meet the definition of a derivative, are indexed to the company's own shares and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity was $14,100,000. The net proceeds from the offering of the 2022 Notes were approximately $115,289,000, after deducting fees and offering expenses of $4,711,000, which were paid in 2017. These debt issuance costs were capitalized and are being amortized as interest expense through June 2022. Debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. A portion of the net proceeds from the offering were used to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to the company from the warrant transactions), which net cost was $10,680,000. During the second quarter of 2020, the company entered into separate, privately negotiated agreements with certain holders of its 2021 Notes and certain holders of its 2022 Notes to exchange $35,375,000 in aggregate principal amount of 2021 Notes and $38,500,000 in aggregate principal amount of 2022 Notes, for aggregate consideration of $73,875,000 in aggregate principal amount of new 5.00% Series II Convertible Senior Exchange Notes due 2024 (the “Series II 2024 Notes”) of the company and $5,593,000 in cash. The liability components of the 2022 Notes consist of the following (in thousands): December 31, 2020 December 31, 2019 Principal amount of liability component $ 81,500 $ 120,000 Unamortized discount (6,772) (16,027) Debt fees (859) (2,158) Net carrying amount of liability component $ 73,869 $ 101,815 The unamortized discount of $6,772,000 is to be amortized through June 2022. The effective interest rate on the liability component was 10.9%. Non-cash interest expense of $4,894,000 and $5,448,000 was recognized in 2020 and 2019, respectively, in comparison to actual interest expense accrued of $4,404,000 and $5,400,000 for the same periods, based on the stated coupon rate of 4.5%. The 2022 Notes were not convertible as of December 31, 2020 nor was the applicable conversion threshold met. Convertible senior notes Series I due 2024 During the fourth quarter of 2019, the company entered into separate privately negotiated agreements with certain holders of its 2021 Notes to exchange $72,909,000 in aggregate principal amount of 2021 Notes for aggregate consideration of $72,909,000 in aggregate principal amount of new 5.00% Convertible Senior Exchange Notes due 2024 (the “Series I 2024 Notes”) of the company and $6,928,000 in cash. The notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2020. The notes will mature on November 15, 2024, unless repurchased, redeemed or converted in accordance with their terms prior to such date. Prior to May 15, 2024, the Series I 2024 Notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately pre |
Other Long-Term Obligations
Other Long-Term Obligations | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities Disclosure | Other long-term obligations as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Deferred income taxes $ 23,234 $ 23,376 Product liability 12,304 13,414 Pension 9,088 7,006 Deferred gain on sale leaseback 5,502 5,819 Supplemental Executive Retirement Plan liability 5,368 5,433 Deferred compensation 5,318 5,354 Uncertain tax obligation including interest 3,114 2,612 Other 6,546 3,935 Other long-term obligations $ 70,474 $ 66,949 |
Leases and Commitments
Leases and Commitments | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases and Commitments | Leases and Commitments The company reviews new contracts to determine if the contracts include a lease. To the extent a lease agreement includes an extension option that is reasonably certain to be exercised, the company has recognized those amounts as part of the right-of-use assets and lease liabilities. The company combines lease and certain non-lease components, such as common area maintenance, in the calculation of the lease assets and related liabilities. As most lease agreements do not provide an implicit rate, the company uses an incremental borrowing rate (IBR) based on information available at commencement date in determining the present value of lease payments and to help classify the lease as operating or financing. The company calculates its IBR based on the secured rates of the company's recent debt issuances, the credit rating of the company, changes in currencies, lease repayment timing as well as other publicly available data. The company leases a portion of its facilities, transportation equipment, data processing equipment and certain other equipment. These leases have terms from 1 to 20 years and provide for renewal options. Generally, the company is required to pay taxes and normal expenses associated with operating the facilities and equipment. As of December 31, 2020, the company is committed under non-cancelable leases, which have initial or remaining terms in excess of one year and expire on various dates through 2040. On April 23, 2015, the company sold and leased back, under four separate lease agreements, four properties located in Ohio and one property in Florida for net proceeds of $23,000,000, which were used to reduce debt under the U.S. and Canadian Credit Facility . The initial total annual rent for the properties was $2,275,000 and can increase annually over the 20-year term of the leases based on the applicable geographical consumer price index (CPI). Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives, consistent with any other company leases. In connection with the transaction, the requirements for sale lease-back accounting were met. Accordingly, the company recorded the sale of the properties, removed the related property and equipment from the company's balance sheet, recognized an initial deferred gain of $7,414,000 and an immediate loss of $257,000 related to one property and recorded new lease liabilities. Specifically, the company recorded four finance leases totaling $32,339,000 and one operating lease related to leased land, which was not a material component of the transaction. The gains on the sales of the properties were required to be deferred and recognized over the life of the leases as the property sold is being leased back. The deferred gain is classified under Other Long-Term Obligations on the consolidated balance sheet. The gains realized were $305,000 and $295,000 in 2020 and 2019, respectively. In December 2018, the company entered into a 20-year lease agreement in Germany. The lease commenced in July 2020. The lease increased the company's finance lease obligation by $36,916,000. Lease expenses for the year ended December 31, 2020 and December 31, 2019, respectively, were as follows (in thousands): 2020 2019 Operating leases $ 8,138 $ 10,550 Variable and short-term leases 3,968 2,848 Total operating leases $ 12,106 $ 13,398 Finance lease interest cost $ 2,544 $ 1,316 Finance lease depreciation 3,479 2,658 Total finance leases $ 6,023 $ 3,974 Future minimum operating and finance lease commitments, as of December 31, 2020, are as follows (in thousands): Finance Operating Leases 2021 $ 7,416 $ 7,182 2022 6,466 4,282 2023 6,393 1,974 2024 6,335 1,389 2025 6,300 1,113 Thereafter 78,347 2,375 Total future minimum lease payments 111,257 18,315 Amounts representing interest (44,715) (3,305) Present value of minimum lease payments 66,542 15,010 Less: current maturities of lease obligations (3,405) (6,313) Long-term lease obligations $ 63,137 $ 8,697 Supplemental cash flow amounts for the year ended December 31, 2020 were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2020 Operating leases $ 12,527 Finance leases 5,316 Total $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2020 Operating leases $ 6,155 Finance leases 40,078 Total $ 46,233 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2020: December 31, 2020 Weighted-average remaining lease term - finance leases 17.0 years Weighted-average remaining lease term - operating leases 4.6 years Weighted-average discount rate - finance leases 6.41% Weighted-average discount rate - operating leases 7.82% |
Retirement and Benefit Plans
Retirement and Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement and Benefit Plans | Retirement and Benefit Plans Substantially all full-time salaried and hourly domestic employees are included in the Invacare Retirement Savings Plan sponsored by the company. The company makes matching cash contributions up to 66.7% of employees' contributions up to 3% of compensation. The company also makes quarterly contributions to this Plan equal to a percentage of qualified wages. This quarterly contribution, of 1% of qualified wages, was only made in the second quarter of 2020. The company may make discretionary contributions to the domestic plans based on an annual resolution of the Board of Directors. Contribution expense for the Invacare Retirement Savings Plan in 2020, 2019 and 2018 was $1,214,000, $1,765,000 and $1,786,000, respectively. The company sponsors a Deferred Compensation Plus Plan covering certain employees, which provides for elective deferrals and the company retirement deferrals so that the total retirement deferrals equal amounts that would have contributed to the company's principal retirement plans if it were not for limitations imposed by income tax regulations. The company sponsors a non-qualified defined benefit Supplemental Executive Retirement Plan (SERP) for certain key executives. Effective December 31, 2008, the SERP was amended, in part to comply with IRS Section 409A. As a result of the amendment, the plan became a defined benefit cash balance plan for the non-retired participants and thus, payments by the company since December 31, 2008 have been based upon a cash balance formula with interest credited at a rate determined annually by the Compensation and Management Development Committee of the Board of Directors. In 2020, 2019 and 2018, respectively, interest was credited at 0% for active participants in the SERP. The plan continues to be unfunded with individual hypothetical accounts maintained for each participant. The SERP projected benefit obligation related to this unfunded plan was $5,759,000 and $5,824,000 at December 31, 2020 and December 31, 2019, respectively, and the accumulated benefit obligation was $5,759,000 and $5,824,000 at December 31, 2020 and December 31, 2019, respectively. The projected benefit obligations for the SERP as well as the Death Benefit Only Plan discussed below were calculated using an assumed future salary increase of 3.25% at December 31, 2020 and 2019, respectively. The assumed discount rate, relevant for three participants unaffected by the plan conversion was 2.52% and 3.22% for 2020 and 2019, respectively, based upon the discount rate on high-quality fixed-income investments without adjustment. The retirement age was 67 for 2020 and 2019, respectively. The mortality assumptions used for 2020 and 2019 were based upon the Pri.A-2012 White Collar Fully Generational Mortality Table using Scale MP-2020 and the RP-2014 White Collar Fully Generational Mortality Table using Scale MP-2018, respectively. Expense for the SERP in 2020, 2019 and 2018 was $326,000, $574,000 and $5,000 , respectively. The expense was composed of interest expense of $213,000 in 2020, interest expense of $392,000 in 2019 and interest income of $193,000 in 2018, with the remaining non-interest expense related to service costs, prior service costs and other gains/losses. Benefit payments in 2020, 2019 and 2018 were $391,000, $391,000 and $391,000, respectively. The company also sponsors a Death Benefit Only Plan (DBO) for certain key executives that provides a benefit equal to three times the participant's final target earnings should the participant's death occur while an employee and a benefit equal to one time the participant's final earnings upon the participant's death after normal retirement or if a participant dies after his or her employment with the company is terminated following a change in control of the company. Expense for the plan in 2020 and 2019 was $640,000 and $561,000, respectively and income for the plan in 2018 of $151,000 . The 2020 and 2019 amounts contained service and accrual adjustment expense of $569,000 and $488,000, respectively, compared to income of $253,000 in 2018, with the remaining activity in each year related to interest costs. There were no benefit payments in 2020, 2019 or 2018. In conjunction with the company's DBO, the company has invested in life insurance policies related to certain employees to help satisfy the DBO obligations. In Europe, the company maintains a defined benefit plan in Switzerland. The statutory pension plan is maintained with a private insurance company and, in accordance with Swiss law, the plan functions as defined contribution plan whereby employee and employer contributions are defined as a percentage of individual salary depending on the age of the employee and a guaranteed interest rate, which is annually defined by the Swiss Pension Fund. Under U.S. GAAP, the plan is treated as defined benefit plan. Expense for the European plan was $1,678,000, $34,000 and $1,079,000 in 2020, 2019 and 2018, respectively. |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition [Abstract] | |
Revenue Disclosure | Revenue The company has two revenue streams: products and services. Services include repair, refurbishment, preventive maintenance and rental of products. Services for the North America (N.A.) segment include maintenance and repair of products. Services for the Europe segment include repair, refurbishment and preventive maintenance services. Services in All Other, are in the Asia Pacific region, and include rental and repair of products. The following tables disaggregate the company's revenues by major source and by reportable segment for the year ended December 31, 2020 and December 31, 2019 (in thousands): 2020 Products Service Total Europe $ 455,638 $ 12,403 $ 468,041 N.A. 347,476 831 348,307 All Other 29,755 4,586 34,341 Total $ 832,869 $ 17,820 $ 850,689 % Split 98% 2% 100% 2019 Products Service Total Europe $ 519,160 $ 13,888 $ 533,048 N.A. 346,642 1,559 348,201 All Other 41,852 4,863 46,715 Total $ 907,654 $ 20,310 $ 927,964 % Split 98% 2% 100% The company's revenues are principally related to the sale of products, approximately 98%, with the remaining 2% related to services including repair, refurbishment, preventive maintenance and rental of products. While the company has a significant amount of contract types, the sales split by contract type is estimated as follows: general terms and conditions (30%), large national customers (30%), governments, principally pursuant to tender contracts (21%) and other customers including buying groups and independent customers (19%). All product revenues and substantially all service revenues are recognized at a point in time. The remaining service revenue, recognized over time, are reflected in the Europe segment and include multiple performance obligations. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price. The company generally determines the standalone selling price based on the expected cost-plus margin methodology. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring products or providing services. The amount of consideration received and revenue recognized by the company can vary as a result of variable consideration terms included in the contracts related to customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. In addition, customers have the right to return products within the company's normal terms policy, and as such the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration it expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (refer to “Receivables” and "Accrued Expenses" in the Notes to the Consolidated Financial Statements include elsewhere in this report for more detail). Depending on the terms of the contract, the company may defer the recognition of a portion of the revenue at the end of a reporting period to align with transfer of control of the company's products to the customer. In addition, to the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. As of December 31, 2020 and December 31, 2019, the company had deferred revenue of $3,516,000 and $3,173,000, respectively, related to outstanding performance obligations. |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation | Equity Compensation The company's Common Shares have a $0.25 stated value. The Common Shares and the Class B Common Shares generally have identical rights, terms and conditions and vote together as a single class on most issues, except that the Class B Common Shares have ten votes per share and, in general, can only be transferred to family members or for estate planning purposes. Holders of Class B Common Shares are entitled to convert their shares into Common Shares at any time on a share-for-share basis. When Class B Common Shares are transferred out of a familial relationship, they automatically convert to Common Shares. The Board of Directors suspended further dividends on the Class B Common Shares. As of December 31, 2020, 3,667 Class B Common Shares remained outstanding. Prior conversions of Class B Common Shares have substantially diminished the significance of the company's dual class voting structure. As of December 31, 2020, the holders of the Common Shares represent approximately 99.9% of the company's total outstanding voting power. Equity Compensation Plan On May 17, 2018, the shareholders of the company approved the Invacare Corporation 2018 Equity Compensation Plan (the “2018 Plan”), which was adopted on March 27, 2018 by the company's Board of Directors (the “Board”). The company's Board adopted the 2018 Plan in order to authorize additional Common Shares for grant as equity compensation, and to reflect changes to Section 162(m) of the Internal Revenue Code (the “Code”) resulting from the U.S. Tax Cuts and Jobs Act of 2017. Following shareholder approval of the 2018 Plan, all of the Common Shares then-remaining available for issuance under the Invacare Corporation 2013 Equity Compensation Plan (the “2013 Plan”) and all of the Common Shares that were forfeited or remained unpurchased or undistributed upon termination or expiration of awards under the 2013 Plan and under the Invacare Corporation 2003 Performance Plan (the “2003 Plan”), become available for issuance under the 2018 Plan. Awards granted previously under the 2013 Plan and 2003 Plan will remain in effect under their original terms. The 2018 Plan uses a fungible share-counting method, under which each Common Share underlying an award of stock options or stock appreciation rights ("SAR") will count against the number of total shares available under the 2018 Plan as one share; and each Common Share underlying any award other than a stock option or a SAR will count against the number of total shares available under the 2018 Plan as two shares. Shares underlying awards made under the 2003 Plan or 2013 Plan that are forfeited or remain unpurchased or undistributed upon termination or expiration of the awards will become available under the 2018 Plan for use in future awards. Any Common Shares that are added back to the 2018 Plan as the result of forfeiture, termination or expiration of an award granted under the 2018 Plan or the 2013 Plan will be added back in the same manner such shares were originally counted against the total number of shares available under the 2018 Plan or 2013 Plan, as applicable. Each Common Share that is added back to the 2018 Plan due to a forfeiture, termination or expiration of an award granted under the 2003 Plan will be added back as one Common Share. The Compensation and Management Development Committee of the Board (the “Compensation Committee”), in its discretion, may grant an award under the 2018 Plan to any director or employee of the company or an affiliate. As of December 31, 2020, 3,540,534 Common Shares were available for future issuance under the 2018 Plan in connection with the following types of awards with respect to the company's Common Shares: incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, unrestricted stock and performance shares. The Compensation Committee also may grant performance units that are payable in cash. The Compensation Committee has the authority to determine which participants will receive awards, the amount of the awards and the other terms and conditions of the awards. The Common Shares authorized for issuance under the 2018 Plan includes an additional 1,400,000 Common Shares that were approved by shareholders at the company’s 2020 annual meeting on May 21, 2020. In the second quarter of 2020 the company transferred 1,004,079 shares into the 2018 Plan from the 2003 and 2013 Plans in total. At December 31, 2020, an aggregate of 336,666 Common Shares underlie awards which forfeited or expired unexercised under the 2003 and 2013 Plans and thus are available to be transferred under the 2018 Plan. The 2018 Plan provides that shares granted come from the company's authorized but unissued Common Shares or treasury shares. In addition, the company's stock-based compensation plans allow employee participants to exchange shares for minimum withholding taxes, which results in the company acquiring treasury shares. Under these provisions, the company acquired approximately 231,000 treasury shares for $1,707,000 in 2020, 112,000 shares for $894,000 in 2019 and 140,000 shares for $2,427,000 in 2018. The amounts of equity-based compensation expense recognized as part of SG&A expenses in All Other in business segment reporting were as follows (in thousands): 2020 2019 2018 Non-qualified and performance stock options $ — $ 1,939 $ 201 Restricted stock / units 5,332 4,772 4,305 Performance shares / units 3,313 4,399 777 Total stock-based compensation expense $ 8,645 $ 11,110 $ 5,283 As of December 31, 2020, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2020 2019 2018 Non-qualified and performance stock options $ — $ — $ 1,939 Restricted stock and restricted stock units 7,489 8,453 7,469 Performance shares and performance share units 7,260 8,269 7,441 Total unrecognized stock-based compensation expense $ 14,749 $ 16,722 $ 16,849 Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and for updated vesting assumptions for the performance share awards (refer to "Stock Options" and "Performance Shares and Performance Share Units" below). No tax benefits for stock compensation were realized during 2020, 2019 and 2018 due to a valuation allowance against deferred tax assets. In accordance with ASC 718, any tax benefits resulting from tax deductions in excess of the compensation expense recognized is classified as a component of financing cash flows. Stock Options Generally, non-qualified stock option awards have a term of 10 years and were granted with an exercise price per share equal to the fair market value of the company's Common Shares on the date of grant. Stock option awards granted in 2017 were performance-based awards which became exercisable based upon achievement of the performance goals established by the Compensation Committee as achieved over a 3-year period ending in 2019 which were subject to the Compensation Committee's exercise of negative discretion to reduce the number of options vested based on the progress towards other initiatives. The following table summarizes information about stock option activity for the three years ended 2020, 2019 and 2018: 2020 Weighted 2019 Weighted 2018 Weighted Options outstanding at January 1 1,441,202 $ 18.26 1,885,262 $ 18.78 2,631,469 $ 19.44 Exercised — — — — (184,549) 14.28 Forfeited (359,398) 24.84 (444,060) 20.49 (561,658) 23.34 Options outstanding at December 31 1,081,804 $ 16.07 1,441,202 $ 18.26 1,885,262 $ 18.78 Options exercise price range at December 31 $ 12.15 $ 12.15 $ 12.15 to to to $ 33.36 $ 33.36 $ 33.36 Options exercisable at December 31 1,081,804 910,267 1,354,202 Shares available for grant at December 31* 3,540,534 3,851,945 3,994,255 ________________________ * Shares available for grant under the 2018 Plan as of December 31, 2020 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 668,992 shares and 1,727,470 shares, respectively. The following table summarizes information about stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Weighted Average $12.15 – $20.00 777,159 4.9 $ 12.73 777,159 $ 12.73 $20.01 – $30.00 300,149 0.7 24.45 300,149 24.45 $30.01 – $33.36 4,496 0.4 33.36 4,496 33.36 Total 1,081,804 3.7 $ 16.07 1,081,804 $ 16.07 The 2018 Plan provides for a one-year minimum vesting period for stock options and, generally, options must be exercised within ten years from the date granted. No stock options were issued in 2020, 2019 or 2018 and those issued in 2017 were performance-based and vested after the conclusion of the three-year performance period ended December 31, 2019 based on achievement of performance goals established by the Compensation Committee and subject to the Compensation Committee's exercise of negative discretion to reduce the number of options vested based on the progress towards other initiatives. All other outstanding stock options were issued in 2014 or prior years and were not performance-based. For the stock options issued in 2014 and prior, 25% of such options vested one year following the issuance and provided a 4 years vesting period whereby options vest equally in 25% installments in each year. Options granted with graded vesting were accounted for as single options. The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: Expected dividend yield 0.4 % Expected stock price volatility 39.1 % Risk-free interest rate 2.31 % Expected life in years 7.8 Forfeiture percentage 5.0 % Expected dividend yields was based on historical dividends. Expected stock price volatility percentage was calculated at each date of grant based on historical stock prices for a period of time commensurate with the expected life of the option. The assumed expected life and forfeiture percentage were based on the company's historical analysis of option history. The weighted-average fair value of options granted in 2017 was $5.38. The weighted-average remaining contractual life of options outstanding at December 31, 2020, 2019 and 2018 was 3.7, 3.7 and 3.8 years, respectively. The weighted-average contractual life of options exercisable at December 31, 2020 was 3.7 years. The total intrinsic value of stock awards exercised in 2020, 2019 and 2018 was $0, $0 and $755,000, respectively. As of December 31, 2020 and 2019, the intrinsic value of all options outstanding and of all options exercisable was $0 and $0, respectively. The exercise of stock awards in 2020, 2019 and 2018 resulted in cash received by the company totaling $0, $0 and $2,626,000 for each period, respectively with no tax benefits for any period. The total fair value of awards vested during 2020, 2019 and 2018 was $0, $2,844,000 and $1,000, respectively. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value 2018 Weighted Average Fair Value Stock / Units unvested at January 1 965,085 $ 11.32 637,663 $ 15.04 776,520 $ 13.75 Granted 764,012 7.11 828,484 9.86 377,299 17.48 Vested (475,113) 11.39 (309,150) 14.26 (386,275) 15.05 Forfeited (108,526) 9.90 (191,912) 12.60 (129,881) 14.43 Stock / Units unvested at December 31 1,145,458 $ 8.62 965,085 $ 11.32 637,663 $ 15.04 The restricted stock awards generally vest ratably over the 3 years after the award date. Unearned restricted stock compensation, determined as the market value of the shares at the date of grant, is being amortized on a straight-line basis over the vesting period. Performance Shares and Performance Share Units The following table summarizes information about performance shares and performance share units (primarily for non-U.S. recipients): 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value 2018 Weighted Average Fair Value Shares / Units unvested at January 1 753,272 $ 11.82 448,294 $ 14.37 457,879 $ 12.33 Granted 523,329 7.82 576,737 9.93 205,164 17.48 Vested (183,840) 17.48 (255,259) 12.02 (155,766) 12.82 Forfeited (65,976) 9.48 (16,500) 11.99 (58,983) 13.43 Shares / Units unvested at December 31 1,026,785 $ 8.55 753,272 $ 11.82 448,294 $ 14.37 During 2020, 2019 and 2018, the performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a 3-year performance period with payouts based on achievement of certain performance goals. The awards are classified as equity awards as they will be settled in common shares upon vesting. The number of shares earned will be determined at the end of the three-year performance period based on achievement of performance criteria for January 1, 2018 through December 31, 2020, January 1, 2019 through December 31, 2021 and January 1, 2020 through December 31 2022, respectively established by the Compensation Committee at the time of grant. Recipients will be entitled to receive a number of Common Shares equal to the number of performance shares that vest based upon the levels of achievement which may range between 0% and 150% of the target number of shares with the target being 100% of the initial grant. The fair value of the performance awards is based on the stock price on the date of grant discounted for the estimated value of dividends foregone as the awards are not eligible for dividends except to the extent vested. The grant fair value is further updated each reporting period while variable accounting applies. The company assesses the probability that the performance targets will be met with expense recognized whenever it is probable that at least the minimum performance criteria will be achieved. Depending upon the company's assessment of the probability of achievement of the goals, the company may not recognize any expense associated with performance awards in a given period, may reverse prior expense recorded or record additional expense to recognize the cumulative estimated achievement level of proportionate term of the award. Performance award compensation expense is generally expected to be recognized over three years. Performance award expense was recognized at 75% of target for the 2016 awards, which vested on December 31, 2018, at 122.5% to 146.45% for the 2017 awards, which vested on December 31, 2019 and 114% of target for the 2018 awards, which vested on December 31, 2020 subject to the approval of the Compensation Committee. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) by Component | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2020 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 OCI before reclassifications 41,431 1,974 (1,015) (2,129) 40,261 Amount reclassified from accumulated OCI — — 640 1,407 2,047 Net current-period OCI 41,431 1,974 (375) (722) 42,308 December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 Changes in OCI during the year ended December 31, 2019 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2018 $ 12,244 $ 2,662 $ (2,703) $ 590 $ 12,793 OCI before reclassifications (3,346) (5,153) (1,157) 1,958 (7,698) Amount reclassified from accumulated OCI — — 561 (2,528) (1,967) Net current-period OCI (3,346) (5,153) (596) (570) (9,665) December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 Reclassifications out of accumulated OCI for the year ended December 31, 2020 and December 31, 2019 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss 2020 2019 Defined Benefit Plans: Service and interest costs $ 640 $ 561 Selling, General and Administrative Tax — — Income Taxes Total after tax $ 640 $ 561 Derivatives: Foreign currency forward contracts hedging sales $ (1,359) $ (52) Net Sales Foreign currency forward contracts hedging purchases 2,826 (2,673) Cost of Products Sold Total loss (income) before tax 1,467 (2,725) Tax (60) 197 Income Taxes Total after tax $ 1,407 $ (2,528) |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Capital Stock | Capital Stock Capital stock activity for 2020, 2019 and 2018 consisted of the following (in thousands of shares): Common Stock Class B Treasury January 1, 2018 Balance 36,532 6 (3,701) Exercise of stock options 185 — (50) Restricted stock awards 293 — (90) December 31, 2018 Balance 37,010 6 (3,841) Restricted and performance stock awards 599 — (112) December 31, 2019 Balance 37,609 6 (3,953) Conversion of Class B to Common 2 (2) — Restricted and performance stock awards 1,002 — (231) December 31, 2020 Balance 38,613 4 (4,184) Stock awards for 108,526, 191,912 and 129,881 shares were forfeited in 2020, 2019 and 2018, respectively. In 2020, dividends of $0.0125 per Common Share were declared and paid as the Board of Directors suspended the quarterly dividend in light of the impact of COVID-19 on the business effective May 2020. In 2019 and 2018, dividends of $0.05 per Common Share were declared and paid. |
Charges Related To Restructurin
Charges Related To Restructuring Activities | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Charges Related To Restructuring Activities | Charges Related to Restructuring Activities The company's restructuring charges were originally necessitated primarily by continued declines in Medicare and Medicaid reimbursement by the U.S. government, as well as similar healthcare reimbursement pressures abroad, which negatively affect the company's customers (e.g. home health care providers) and continued pricing pressures faced by the company due to the outsourcing by competitors to lower cost locations. Restructuring decisions were also the result of reduced profitability in each of the segments. Restructuring actions have continued into 2020. Charges for the year ended December 31, 2018 totaled $3,481,000 which were related to North America ($1,359,000), Europe ($1,773,000) and All Other ($349,000). In North America, costs were incurred related to severance ($1,471,000) and lease termination reversals were recognized ($112,000). The European and All Other charges were incurred related to severance costs. Payments for the year ended December 31, 2018 were $5,804,000 and the cash payments were funded with company's cash on hand. The 2018 charges have been paid out. Charges for the year ended December 31, 2019 totaled $11,829,000 which were related to North America ($1,617,000), Europe ($9,579,000) and All Other ($633,000). In North America, costs were incurred related to severance ($1,573,000) and lease termination costs ($44,000). The European charges were incurred related to severance ($9,356,000) and lease termination costs ($223,000) primarily related to the closure of a German Manufacturing facility. All Other charges were related to severance. Most of the 2019 charges have been paid out. Charges for the year ended December 31, 2020 totaled $7,358,000 which were related to North America ($1,306,000), Europe ($5,934,000) and All Other ($118,000). The North America and All Other costs were for severance costs. The European charges were incurred related to severance ($5,588,000) and contract terminations of ($346,000) related to the closure of a German manufacturing facility. The 2020 charges are expected to be paid out within twelve months. There have been no material changes in accrued balances related to the charges, either as a result of revisions to the plans or changes in estimates. In addition, the savings anticipated as a result of the company's restructuring plans have been or are expected to be achieved, primarily resulting in reduced salary and benefit costs principally impacting Selling, General and Administrative expenses, and to a lesser extent, Costs of Products Sold. To date, the company's liquidity has been sufficient to absorb these charges. A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Contract Terminations Total January 1, 2018 Balance North America $ 2,439 $ 167 $ 2,606 Europe 249 134 383 All Other 1,016 — 1,016 Total 3,704 301 4,005 Charges North America 1,471 (112) 1,359 Europe 1,773 — 1,773 All Other 349 — 349 Total 3,593 (112) 3,481 Payments North America (3,254) (30) (3,284) Europe (1,841) (134) (1,975) All Other (545) — (545) Total (5,640) (164) (5,804) Severance Contract Terminations Total December 31, 2018 Balance North America 656 25 681 Europe 181 — 181 All Other 820 — 820 Total 1,657 25 1,682 Charges North America 1,573 44 1,617 Europe 9,356 223 9,579 All Other 633 — 633 Total 11,562 267 11,829 Payments North America (2,018) (69) (2,087) Europe (3,131) (219) (3,350) All Other (1,047) — (1,047) Total (6,196) (288) (6,484) December 31, 2019 Balance North America 211 — 211 Europe 6,406 4 6,410 All Other 406 — 406 Total 7,023 4 7,027 Charges North America 1,306 0 1,306 Europe 5,588 346 5,934 All Other 118 0 118 Total 7,012 346 346 7,358 Payments North America (1,338) — (1,338) Europe (6,090) (346) (6,436) All Other (358) — (358) Total (7,786) (346) (8,132) December 31, 2020 Balance North America 179 — 179 Europe 5,904 4 5,908 All Other 166 — 166 Total $ 6,249 $ 4 $ 6,253 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Earnings (loss) before income taxes consist of the following (in thousands): 2020 2019 2018 Domestic $ (42,213) $ (66,135) $ (72,703) Foreign 17,774 22,110 38,601 $ (24,439) $ (44,025) $ (34,102) The company has provided for income taxes (benefits) as follows (in thousands): 2020 2019 2018 Current: Federal $ 45 $ 152 $ (202) State (180) (90) 147 Foreign 6,168 10,070 12,675 6,033 10,132 12,620 Deferred: Federal (26) (148) (2,073) State — — — Foreign (2,166) (682) (727) (2,192) (830) (2,800) Income Taxes $ 3,841 $ 9,302 $ 9,820 Included in the 2018 Federal deferred taxes is a benefit of $680,000 related to an intra-period allocation. A charge in an equal amount is in other comprehensive income. In addition, included in deferred federal taxes is a benefit of $148,000 in 2019 which resulted from the effect of indefinite intangibles and a related 2018 indefinite loss carryforward created, due to the U.S. tax reform legislation, resulting in a deferred tax benefit. The company has historically considered the undistributed earnings of the company's foreign subsidiaries to be indefinitely reinvested, and, accordingly, no taxes have been provided on such earnings (other than earnings from the company's Chinese subsidiary which was sold in March 2020 as part of the sale of the Dynamic business). The company reversed withholding taxes in the amount of $988,000 which were previously provided as a result of the company position that the earnings from the Chinese subsidiary were not permanently reinvested. The sale of the business occurred without dividends paid from this subsidiary. The company continues to evaluate its plans for reinvestment or repatriation of unremitted foreign. As a result of U.S. tax reform legislation, distributions of profits from non-U.S. subsidiaries are not expected to cause a significant incremental U.S. tax impact in the future. However, these distributions may be subject to non-U.S. withholding taxes if profits are distributed from certain jurisdictions. Undistributed profits of non-U.S. subsidiaries of approximately $24,600,000 are considered indefinitely reinvested. Determination of the amount of unrecognized deferred tax liability related to indefinitely reinvested profits is not practicable. The company regularly reviews its cash positions and its determination of permanent reinvestment of foreign earnings. If the company determines all or a portion of such foreign earnings are no longer indefinitely reinvested, the company may be subject to additional foreign withholding taxes and U.S. state income taxes. A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2020 2019 2018 Statutory federal income tax rate (benefit) (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal income tax benefit (0.6) (0.2) 0.3 Non-taxable disposition of subsidiaries (11.2) — — Expiring foreign tax credits 16.5 40.2 4.7 Foreign taxes at other than the federal statutory rate (including tax holidays) 8.8 5.1 12.9 Federal and foreign valuation allowances (4.3) (20.4) 35.6 Withholding taxes 0.1 0.1 0.2 Unremitted earnings (4.0) 0.1 — Debt repurchase 3.2 1.7 — Foreign branch activity 19.3 12.4 0.1 Uncertain tax positions 2.9 1.4 (1.9) Intraperiod allocations to OCI — — (2.0) Other, net 6.0 1.7 (0.1) Effective federal income tax rate 15.7 % 21.1 % 28.8 % At December 31, 2020, total deferred tax assets were $179,985,000, total deferred tax liabilities were $37,873,000 and the tax valuation allowances total was $163,298,000 for a net deferred income tax liability of $21,186,000 compared to total deferred tax assets of $178,632,000, total deferred tax liabilities of $38,290,000 and a tax valuation allowances total of $162,790,000 for a net deferred income tax liability of $22,448,000 at December 31, 2019. The company recorded a valuation allowance for its U.S. and certain foreign country net deferred tax assets where it is or is projected to be in a three-year cumulative loss. Significant components of long-term deferred income tax assets and liabilities at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Bad debt $ 417 $ 841 Warranty 1,280 1,391 Other accrued expenses and reserves 1,709 1,515 Inventory 3,797 2,993 Goodwill and intangibles (24,291) (22,686) Convertible debt 2,623 (1,530) Fixed assets (13,582) (13,421) Compensation and benefits 6,349 5,965 Loss and credit carryforwards 118,290 121,602 Product liability 1,797 3,113 State and local taxes 32,835 31,499 Valuation allowances (163,298) (162,790) Lease liability 9,258 9,713 Other, net 1,630 (653) Net Deferred Income Taxes $ (21,186) $ (22,448) The company made net payments for income taxes of $4,377,000, $12,463,000, and $15,820,000 during the years ended December 31, 2020, 2019 and 2018, respectively. The company has a federal domestic net operating loss carryforward of $365,509,000 of which $276,958,000 expires between 2034 and 2037 and the remaining are non-expiring; domestic interest carryforward of $74,164,000 which is non-expiring and federal tax credit carryforwards of $11,816,000 of which $885,000 expire between 2021 and 2022 and $9,070,000 expire between 2023 and 2027, $1,861,000 expire between 2031 and 2037. At December 31, 2020, the company also had $651,804,000 of domestic state and local tax loss carryforwards, of which $148,967,000 expire between 2021 and 2024, $270,823,000 expire between 2025 and 2034 and $205,272,000 expire after 2034 and $26,742,000 have an unlimited carryforward. At December 31, 2020, the company had foreign tax loss carryforwards of approximately $59,075,000 of which $25,365,000 expire by 2027 and the remaining are non-expiring all of which are offset by valuation allowances except for $2,583,000. As of December 31, 2020 and 2019, the company had a liability for uncertain tax positions, excluding interest and penalties of $2,604,000 and $2,082,000, respectively. The total liabilities associated with unrecognized tax benefits that, if recognized, would impact the effective tax rates were $2,604,000 and $2,082,000 at December 31, 2020 and 2019, respectively. A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2020 2019 Balance at beginning of year $ 2,872 $ 2,355 Additions to: Positions taken during the current year 782 641 Positions taken during a prior year 3 52 Exchange rate impact 52 14 Deductions due to: Positions taken during a prior year (167) — Lapse of statute of limitations (280) (190) Balance at end of year $ 3,262 $ 2,872 The company recognizes interest and penalties associated with uncertain tax positions in income tax expense. During 2020, 2019 and 2018 the expense (benefit) for interest and penalties was $(20,000), $13,000 and $(322,000), respectively. The company had approximately $510,000 and $530,000 of accrued interest and penalties as of December 31, 2020 and 2019, respectively. The company and its subsidiaries file income tax returns in the U.S. and certain foreign jurisdictions. The company is subject to U.S. federal income tax examinations for calendar years 2017 to 2020 with limited exceptions, and is subject to various U.S. state income tax examinations for 2016 to 2020. With regards to foreign income tax jurisdictions, the company is generally subject to examinations for the periods 2014 to 2020. |
Net Earnings (Loss) Per Common
Net Earnings (Loss) Per Common Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) Per Common Share | Net Loss Per Common Share The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated. 2020 2019 2018 (In thousands, except per share data) Basic Average common shares outstanding 34,266 33,594 33,124 Net loss $ (28,280) $ (53,327) $ (43,922) Net loss per common share $ (0.83) $ (1.59) $ (1.33) Diluted Average common shares outstanding 34,266 33,594 33,124 Stock options and awards 109 48 419 Average common shares assuming dilution 34,375 33,642 33,543 Net loss $ (28,280) $ (53,327) $ (43,922) Net loss per common share * $ (0.83) $ (1.59) $ (1.33) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic for the periods in which there was a net loss. At December 31, 2020, 2019 and 2018, incremental shares associated with equity compensation plans of 2,275,832, 3,626,828 and 741,380, respectively, were excluded from the average common shares assuming dilution, as they were anti-dilutive. At December 31, 2020, the majority of the anti-dilutive shares were granted at an exercise price of $12.15, which was higher than the average fair market value price of $7.42 for 2020. In 2019, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $6.93 for 2019. In 2018, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value price of $15.27 for 2018. For 2020, 2019 and 2018 the diluted net loss per share calculation, all the shares associated with stock options were anti-dilutive because of the company's loss. For 2020, 2019 and 2018, no shares were included in the common shares assuming dilution related to the company's issued warrants as the average market price of the company stock for these periods did not exceed the strike price of the warrants. |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Concentration Of Credit Risk | Concentration of Credit Risk The company manufactures and distributes durable medical equipment to the home health care, retail and extended care markets. The company performs credit evaluations of its customers' financial condition. The company utilizes De Lage Landen, Inc. (“DLL”), a third-party financing company, to provide lease financing to Invacare's U.S. customers. The DLL agreement provides for direct leasing between DLL and the Invacare customer. The company retains a recourse obligation of $1,312,000 at December 31, 2020 to DLL for events of default under the contracts, which total $8,923,000 at December 31, 2020. Guarantees, ASC 460, requires the company to record a guarantee liability as it relates to the limited recourse obligation. As such, the company has recorded a liability of $28,000 for this guarantee obligation within accrued expenses. The company's recourse is reevaluated by DLL biannually, considers activity between the biannual dates and excludes any receivables purchased by the company from DLL. The company monitors the collections status of these contracts and has provided amounts for estimated losses in its allowances for doubtful accounts in accordance with Receivables, ASC 310-10-05-4 . Credit losses are provided for in the financial statements. Substantially all the company's receivables are due from health care, medical equipment providers and long-term care facilities located throughout the United States, Australia, Canada, New Zealand and Europe or also direct from governmental entities in certain countries. A significant portion of products sold to dealers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid. The company has also seen a significant shift in reimbursement to customers from managed care entities. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. In addition, reimbursement guidelines in the home health care industry have a substantial impact on the nature and type of equipment an end user can obtain as well as the timing of reimbursement and, thus, affect the product mix, pricing and payment patterns of the company's customers. The company's top 10 customers accounted for approximately 18.2% of 2020 net sales. The loss of business of one or more of these customers may have a significant impact on the company, although no single customer accounted for more than 5.9% of the company's 2020 net sales. Providers who are part of a buying group generally make individual purchasing decisions and are invoiced directly by the company. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives ASC 815 requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. Cash Flow Hedging Strategy The company uses derivative instruments in an attempt to manage its exposure to transactional foreign currency exchange risk. Foreign forward exchange contracts are used to manage the price risk associated with forecasted sales denominated in foreign currencies and the price risk associated with forecasted purchases of inventory over the next twelve months. The company recognizes its derivative instruments as assets or liabilities in the consolidated balance sheet measured at fair value. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. To protect against increases/decreases in forecasted foreign currency cash flows resulting from inventory purchases/sales over the next year, the company utilizes foreign currency forward contracts to hedge portions of its forecasted purchases/sales denominated in foreign currencies. The gains and losses are included in cost of products sold and selling, general and administrative expenses on the consolidated statement of comprehensive income (loss). If it is later determined that a hedged forecasted transaction is unlikely to occur, any prospective gains or losses on the forward contracts would be recognized in earnings. The company does not expect any material amount of hedge ineffectiveness related to forward contract cash flow hedges during the next twelve months. The company has historically not recognized any material amount of ineffectiveness related to forward contract cash flow hedges because the company generally limits its hedges to between 50% and 90% of total forecasted transactions for a given entity's exposure to currency rate changes and the transactions hedged are recurring in nature. Furthermore, most of the hedged transactions are related to intercompany sales and purchases for which settlement occurs on a specific day each month. Forward contracts with a total notional amount in USD of $210,029,000 and $148,874,000 matured during the twelve months ended December 31, 2020 and 2019, respectively. Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2020 December 31, 2019 Notional Unrealized Notional Unrealized USD / AUD $ — $ — $ 3,840 $ (106) USD / CAD — — 3,888 32 USD / CHF 1,675 (11) — — USD / EUR 56,187 (636) 110,905 122 USD / GBP 2,467 (19) 3,972 (8) USD / NZD — — 2,760 (166) USD / SEK 2,658 (41) 5,062 (38) USD / MXN 2,230 334 6,763 346 EUR / CAD — — 4,151 24 EUR / CHF 5,037 10 9,821 10 EUR / GBP 19,060 44 29,824 (216) EUR / NOK 4,167 (64) 5,797 15 EUR / SEK 10,162 (73) 9,493 (46) AUD / NZD 781 (13) — — DKK / SEK 3,329 9 5,936 24 NOK / SEK 3,431 (50) 5,151 18 AUD / THB 4,963 (221) — — NZD / THB 1,755 (55) — — USD / THB 4,152 (56) — — EUR / THB 1,332 18 — — GBP / THB 842 10 — — $ 124,228 $ (814) $ 207,363 $ 11 Derivatives Not Qualifying or Designated for Hedge Accounting Treatment The company utilizes foreign currency forward contracts that are not designated as hedges in accordance with ASC 815. These contracts are entered into to eliminate the risk associated with the settlement of short-term intercompany trading receivables and payables between Invacare Corporation and its foreign subsidiaries. The currency forward contracts are entered into at the same time as the intercompany receivables or payables are created so that upon settlement, the gain/loss on the settlement is offset by the gain/loss on the foreign currency forward contract. No material net gain or loss was realized by the company in 2020 or 2019 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2020 and 2019, respectively, and outstanding were as follows (in thousands USD): December 31, 2020 December 31, 2019 Notional Gain Notional Gain AUD / USD $ 6,046 $ (159) $ 10,000 $ (94) CAD / USD 8,320 88 8,000 $ (50) EUR / USD — — 10,000 104 DKK / USD 8,690 207 — — GBP / USD 16,062 338 7,000 40 NZD / USD — — 4,500 (101) NZD / AUD 6,579 (35) 7,900 23 NOK / USD 9,053 264 — — $ 54,750 $ 703 $ 47,400 $ (78) The fair values of the company's derivative instruments were as follows (in thousands): December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 424 $ 1,238 $ 668 $ 657 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 897 194 170 248 Total derivatives $ 1,321 $ 1,432 $ 838 $ 905 The fair values of the company's foreign currency forward exchange contract assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Year ended December 31, 2020 $ (2,129) $ (1,407) $ — Year ended December 31, 2019 $ 1,958 $ 2,528 $ — Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Year ended December 31, 2020 $ 703 Year ended December 31, 2019 $ (78) The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales and in cost of product sold for hedges of inventory purchases. In 2020, net sales were increased by $1,359,000 and cost of product sold was increased by $2,826,000 for a net pre-tax realized loss of $1,467,000. In 2019, net sales were increased by $52,000 and cost of products sold was decreased by $2,673,000 for a net pre-tax realized gain of $2,725,000. In 2018, net sales were decreased by $1,352,000 and cost of products sold was decreased by $1,591,000 for a net realized pre-tax gain of $239,000. A gain of $703,000 in 2020, a loss of $78,000 in 2019 and a gain of $150,000 in 2018 were recognized in selling, general and administrative (SG&A) expenses related to forward contracts not designated as hedging instruments. The forward contracts were entered into to offset gains/losses that were also recorded in SG&A expenses on intercompany trade receivables or payables. The gains/losses on the non-designated hedging instruments were substantially offset by gains/losses on intercompany trade payables. The company's derivative agreements provide the counterparties with a right of set off in the event of a default. The right of set off would enable the counterparty to offset any net payment due by the counterparty to the company under the applicable agreement by any amount due by the company to the counterparty under any other agreement. For example, the terms of the agreement would permit a counterparty to a derivative contract that is also a lender under the company's Credit Agreement to reduce any derivative settlement amounts owed to the company under the derivative contract by any amounts owed to the counterparty by the company under the Credit Agreement. In addition, the agreements contain cross-default provisions that could trigger a default by the company under the agreement in the event of a default by the company under another agreement with the same counterparty. The company does not present any derivatives on a net basis in its financial statements, other than the conversion and bond hedge derivatives which are presented net on the Consolidated Statement of Comprehensive Income (Loss), and all derivative balances presented are subject to provisions that are similar to master netting agreements. During the first quarter of 2016, the company entered into privately negotiated convertible 2021 note hedges and 2021 warrants in connection with its sale of $150,000,000 in aggregate principal amount of the company's 5.00% Convertible Senior Notes due 2021. The 2021 warrants, which increased paid in capital by $12,376,000, are clearly and closely related to the convertible 2021 notes and thus classified as equity. The 2021 note hedge asset and 2021 convertible debt conversion liability were recorded, based on initial fair values, as an asset of $27,975,000 and a liability of $34,480,000, respectively, with the offset to the income statement. During the second quarter of 2017, the company entered into privately negotiated convertible 2022 note hedges and warrants in connection with its sale of $120,000,000 in aggregate principal amount of the company's 4.50% Convertible Senior Notes due 2022. The 2022 warrants, which increased paid in capital by $14,100,000, are clearly and closely related to the convertible 2022 notes and thus classified as equity. The 2022 note hedge assets and 2022 convertible debt conversion liability were recorded, based on initial fair values, as an asset of $24,780,000 and a liability of $28,859,000, respectively, with the offset to the income statement. The fair values of the outstanding convertible note derivatives as of December 31, 2020 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Fair Value Twelve Months Ended December 31, 2020 December 31, 2020 December 31, 2019 Convertible 2021 debt conversion long-term liability $ — $ — $ (2,210) Convertible 2022 debt conversion long-term liability — — (6,193) Convertible 2021 note hedge long-term asset — — 2,852 Convertible 2022 note hedge long-term asset — — 6,748 Net fair value and net gains (losses) on convertible debt derivatives $ — $ — $ 1,197 The 2021 and 2022 convertible debt conversion liability amounts and the 2021 and 2022 note hedge asset amounts are included in Other Long-Term Obligations and Other Long-Term Assets, respectively, in the company's Consolidated Balance Sheets. The year-to-date changes in the fair values of the convertible debt conversion liabilities and note hedge derivatives were significantly impacted by the change in the company's stock price. On May 16, 2019, the company received shareholder approval authorizing it to elect to settle future conversions of convertible notes in common shares. As a result of the shareholder approval, the note hedge assets and conversion liabilities may no longer be bifurcated and accounted for as separate derivatives and thus were eliminated together with a corresponding offset to additional paid-in-capital. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Values Pursuant to ASC 820, the inputs used to derive the fair value of assets and liabilities are analyzed and assigned a level I, II or III priority, with level I being the highest and level III being the lowest in the hierarchy. Level I inputs are quoted prices in active markets for identical assets or liabilities. Level II inputs are quoted prices for similar assets or liabilities in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level III inputs are based on valuations derived from valuation techniques in which one or more significant inputs are unobservable. The following table provides a summary of the company's assets and liabilities that are measured on a recurring basis (in thousands): Basis for Fair Value Measurements at Reporting Date Quoted Prices in Active Markets Significant Significant Level I Level II Level III December 31, 2020 Forward exchange contracts—net — $ (111) — December 31, 2019 Forward exchange contracts—net — $ (67) — The carrying and fair values of the company's financial instruments at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 105,298 $ 105,298 $ 80,063 $ 80,063 Other investments 85 85 85 85 Installment receivables, net of reserves 1,322 1,322 913 913 Total debt (including current maturities of long-term debt) * (245,053) (237,948) (219,522) (207,193) Forward contracts in Other Current Assets 1,321 1,321 838 838 Forward contracts in Accrued Expenses (1,432) (1,432) (905) (905) ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes due 2021, 2022 and 2024 on the company's consolidated balance sheet. Accordingly, the fair values of the convertible senior notes due 2021, 2022 and 2024 are included in the long-term debt presented in this table are also shown net of the discount and fees. Total debt amounts exclude operating and finance lease obligations. The company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash, cash equivalents: The carrying value reported in the balance sheet for cash, cash equivalents equals its fair value. Other investments: The company has an investment in a limited partnership, which is accounted for using the cost method, adjusted for any estimated declines in value. The investment was acquired in a private placement and there is no quoted market price or stated rate of return. The company does not have the ability to easily sell the investment. The company completes an evaluation of the residual value related to such investments in the fourth quarter of each year. No impairment was recognized in 2020, 2019 or 2018. Installment receivables: The carrying value reported in the balance sheet for installment receivables approximates its fair value. The interest rates associated with these receivables have not varied significantly since inception. Management believes that after consideration of the credit risk, the net book value of the installment receivables approximates market value. Total debt: Fair value for the company's convertible debt is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair value is based upon an estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. Forward Contracts: The company operates internationally, and as a result, is exposed to foreign currency fluctuations. Specifically, the exposure includes intercompany loans and third-party sales or payments. In an attempt to reduce this exposure, foreign currency forward contracts are utilized and accounted for as hedging instruments. The forward contracts are used to hedge the following currencies: AUD, CAD, CHF, DKK, EUR, GBP, MXN, NOK, NZD, SEK, THB and USD. The company does not use derivative financial instruments for speculative purposes. Fair values for the company's foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities. The company's forward contracts are included in Other Current Assets or Accrued Expenses in the consolidated balance sheets. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The company operates in two primary business segments: North America and Europe with each selling the company's primary product categories, which include: lifestyle, mobility and seating and respiratory therapy products. Sales in Asia Pacific are reported in All Other and include products similar to those sold in North America and Europe. The accounting policies of each segment are the same as those described in the summary of significant accounting policies for the company's consolidated financial statements. Intersegment sales and transfers are based on the costs to manufacture plus a reasonable profit element. Segment performance is measured and resources are allocated based on a number of factors, with the primary profit or loss measure being segment operating income (loss). Segment operating income (loss) represents net sales less cost of products sold less selling general and administrative expenses. Segment operating income (loss) excludes unallocated corporate general and administrative expenses not allocated to the segments and intersegment sales and profit eliminations, which are included in All Other. In addition, segment operating income (loss) further excludes charges related to restructuring activities, asset impairment and gain on sale of business (as applicable). This performance measure, segment operating income (loss), is used by the Chief Operating Decision Maker (CODM) for purposes of making decisions about allocating resources to a segment and assessing its performance. In addition, this metric is reviewed by the company's Board of Directors regarding segment performance and is a key metric in the performance management assessment of the company's employees. The information by segment is as follows (in thousands): 2020 2019 2018 Revenues from external customers Europe $ 468,041 $ 533,048 $ 558,518 North America 348,307 348,201 364,590 All Other (Asia Pacific) 34,341 46,715 49,239 Consolidated $ 850,689 $ 927,964 $ 972,347 Intersegment revenues Europe $ 17,384 $ 14,185 $ 15,784 North America 80,748 80,727 90,944 All Other (Asia Pacific) 2,528 13,033 17,737 Consolidated $ 100,660 $ 107,945 $ 124,465 Restructuring charges before income taxes Europe $ 5,934 $ 9,579 $ 1,773 North America 1,306 1,617 1,359 All Other 118 633 349 Consolidated $ 7,358 $ 11,829 $ 3,481 Depreciation and amortization Europe $ 7,615 $ 7,851 $ 8,125 North America 6,013 6,429 6,228 All Other (1) 689 1,283 1,203 Consolidated $ 14,317 $ 15,563 $ 15,556 Net interest expense Europe $ 1,884 $ 368 $ 225 North America 26,510 28,070 27,355 All Other 12 209 222 Consolidated $ 28,406 $ 28,647 $ 27,802 Operating income (loss) Europe $ 22,682 $ 36,174 $ 32,673 2020 2019 2018 North America 9,449 (7,592) (32,506) All Other (1) (23,236) (26,576) (14,397) Charges related to restructuring activities (7,358) (11,829) (3,481) Gain on sale of business 9,790 — — Asset write-off — (587) (583) Consolidated operating income (loss) 11,327 (10,410) (18,294) Net gain on convertible derivatives — 1,197 11,994 Loss on debt extinguishment including debt finance charges and fees (7,360) (6,165) — Net interest expense (28,406) (28,647) (27,802) Loss before income taxes $ (24,439) $ (44,025) $ (34,102) Assets Europe $ 705,314 $ 602,471 $ 611,230 North America 207,347 212,733 242,341 All Other 33,320 36,922 32,284 Consolidated $ 945,981 $ 852,126 $ 885,855 Long-lived assets Europe $ 472,599 $ 408,847 $ 407,021 North America 92,195 79,369 77,009 All Other 6,721 8,033 4,415 Consolidated $ 571,515 $ 496,249 $ 488,445 Expenditures for assets Europe $ 5,221 $ 6,041 $ 5,348 North America (2) 16,473 3,679 3,648 All Other 610 1,154 827 Consolidated $ 22,304 $ 10,874 $ 9,823 ________________________ (1) Consists of unallocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (2) The 2020 expenditure for assets primarily driven by the company's ERP project. Net sales by product line, are as follows (in thousands): 2020 2019 2018 Europe Lifestyle $ 222,668 $ 245,987 $ 263,340 Mobility and Seating 200,687 249,144 252,997 Respiratory Therapy 24,786 19,258 23,736 Other (1) 19,900 18,659 18,445 $ 468,041 $ 533,048 $ 558,518 North America Lifestyle $ 165,267 $ 173,039 $ 172,622 Mobility and Seating 109,923 121,955 122,013 Respiratory Therapy 72,285 51,649 67,797 Other (1) 832 1,558 2,158 $ 348,307 $ 348,201 $ 364,590 All Other (Asia Pacific) Mobility and Seating $ 14,150 $ 28,448 $ 31,286 Lifestyle 13,503 10,831 10,829 Respiratory Therapy 1,383 1,283 1,330 Other (1) 5,305 6,153 5,794 $ 34,341 $ 46,715 $ 49,239 Total Consolidated $ 850,689 $ 927,964 $ 972,347 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies General In the ordinary course of its business, the company is a defendant in a number of lawsuits, primarily product liability actions in which various plaintiffs seek damages for injuries allegedly caused by defective products. All the product liability lawsuits that the company faces in the United States have been referred to the company's captive insurance company and/or excess insurance carriers while all non-U.S. lawsuits have been referred to the company's commercial insurance carriers. All such lawsuits are generally contested vigorously. The coverage territory of the company's insurance is worldwide with the exception of those countries with respect to which, at the time the product is sold for use or at the time a claim is made, the U.S. government has suspended or prohibited diplomatic or trade relations. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. As a medical device manufacturer, the company is subject to extensive government regulation, including numerous laws directed at preventing fraud and abuse and laws regulating reimbursement under various government programs. The marketing, invoicing, documenting, developing, testing, manufacturing, labeling, promoting, distributing and other practices of health care suppliers and medical device manufacturers are all subject to government scrutiny. Most of the company's facilities are subject to inspection at any time by the FDA or similar medical device regulatory agencies in other jurisdictions. Violations of law or regulations can result in administrative, civil and criminal penalties and sanctions, which could have a material adverse effect on the company's business. Medical Device Regulatory Matters The FDA in the United States and comparable medical device regulatory authorities in other jurisdictions regulate virtually all aspects of the marketing, invoicing, documenting, development, testing, manufacturing, labeling, promotion, distribution and other practices regarding medical devices. The company and its products are subject to the laws and regulations of the FDA and other regulatory bodies in the various jurisdictions where the company's products are manufactured or sold. The company's failure to comply with the regulatory requirements of the FDA and other applicable medical device regulatory requirements can subject the company to administrative or judicially imposed sanctions or enforcement actions. These sanctions include injunctions, consent decrees, warning letters, civil penalties, criminal penalties, product seizure or detention, product recalls and total or partial suspension of production. In December 2012, the company became subject to a consent decree of injunction filed by the FDA with respect to the company's Corporate facility and its Taylor Street manufacturing facility in Elyria, Ohio. The consent decree initially limited the company's (i) manufacture and distribution of power and manual wheelchairs, wheelchair components and wheelchair sub-assemblies at or from its Taylor Street manufacturing facility, except in verified cases of medical necessity, (ii) design activities related to wheelchairs and power beds that take place at the impacted Elyria facilities and (iii) replacement, service and repair of products already in use from the Taylor Street manufacturing facility. Under the terms of the consent decree, in order to resume full operations, the company had to successfully complete independent, third-party expert certification audits at the impacted Elyria facilities, comprising three distinct certification reports separately submitted to, and subject to acceptance by, the FDA; submit its own report to the FDA; and successfully complete a reinspection by the FDA of the company's Corporate and Taylor Street facilities. On July 24, 2017, following its June 2017 reinspection of the Corporate and Taylor Street facilities, the FDA notified the company that it is in substantial compliance with the FDA Act, FDA regulations and the terms of the consent decree and, that the company was permitted to resume full operations at those facilities including the resumption of unrestricted sales of products made in those facilities. The consent decree will continue in effect for at least five years from July 24, 2017, during which time the company's Corporate and Taylor Street facilities must complete two semi-annual audits in the first year and then four annual audits in the next four years performed by a company-retained expert firm. The expert audit firm will determine whether the facilities remain in continuous compliance with the FDA Act, FDA regulations and the terms of the consent decree. The FDA has the authority to inspect these facilities and any other FDA registered facility, at any time. The FDA has continued to actively inspect the company's facilities, other than through the processes established under the consent decree. The company expects that the FDA will, from time to time, inspect substantially all the company's domestic and foreign FDA-registered facilities. The results of regulatory claims, proceedings, investigations, or litigation are difficult to predict. An unfavorable resolution or outcome of any FDA warning letters or inspectional observations, or other FDA enforcement related to company facilities, could materially and adversely affect the company's business, financial condition, and results of operations. The limitations previously imposed by the FDA consent decree negatively affected net sales in the North America segment and, to a certain extent, the Asia Pacific region beginning in 2012. The limitations led to delays in new product introductions. Further, uncertainty regarding how long the limitations would be in effect limited the company's ability to renegotiate and bid on certain customer contracts and otherwise led to a decline in customer orders. Although the company has been permitted to resume full operations at the Corporate and Taylor Street facilities, the negative effect of the consent decree on customer orders and net sales in the North America segment and Asia Pacific region has been considerable, and it is uncertain as to whether, or how quickly, the company will be able to rebuild net sales to more typical historical levels, irrespective of market conditions. Accordingly, when compared to the company's 2010 results, the previous limitations in the consent decree had, and likely may continue to have, a material adverse effect on the company's business, financial condition and results of operations. Warranty Matters The company's warranty reserves are subject to adjustment in future periods based on historical analysis of warranty claims and as new developments occur that may change the company's estimates related to specific product recalls. Refer to Current Liabilities in the Notes to the Consolidated Financial Statements for the total provision amounts and a reconciliation of the changes in the warranty accrual. |
Interim Financial Information
Interim Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Information | Interim Financial Information (In thousands, except per share data - unaudited) QUARTER ENDED 2020 March 31, June 30, September 30, December 31, Net sales $ 218,440 $ 196,300 $ 211,906 $ 224,043 Gross profit 62,988 56,650 60,040 65,574 Income (Loss) before income taxes 2,832 (15,869) (5,226) (6,176) Net income (loss) 732 (16,619) (7,276) (5,117) Net income (loss) per share—basic 0.02 (0.48) (0.21) (0.15) Net income (loss) per share—assuming dilution * 0.02 (0.48) (0.21) (0.15) 2019 March 31, June 30, September 30, December 31, Net sales $ 223,419 $ 235,858 $ 235,774 $ 232,913 Gross profit 61,455 65,066 67,585 67,961 Loss from before income taxes (11,936) (10,642) (4,741) (16,706) Net loss (13,886) (12,717) (8,041) (18,683) Net loss per share—basic (0.42) (0.38) (0.24) (0.56) Net loss per share—assuming dilution * (0.42) (0.38) (0.24) (0.56) ________________________ * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. The description of significant items affecting each quarter presented are detailed below. Net income and earnings per share for the quarter ended March 31, 2020 reflects restructuring charges of $1,392,000 ($1,181,000 after tax or $0.03 per share assuming dilution) and net gain on sale of business of $9,590,000 ($10,578,000 after tax or $0.31 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2020 reflects restructuring charges of $1,685,000 ($1,304,000 after tax or $0.04 per share assuming dilution) and l oss on debt extinguishment including debt finance charges and fees of $6,599,000 ($6,599,000 after tax or $0.19 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2020 reflects restructuring charges of $1,580,000 ($1,092,000 after tax or $0.03 per share assuming dilution) and l oss on debt extinguishment including debt finance charges and fees of $761,000 ($761,000 after tax or $0.02 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2020 reflects restructuring charges of $2,701,000 pre-tax ($2,062,000 after tax or $0.06 per share assuming dilution). Loss and loss per share for the quarter ended March 31, 2019 reflects restructuring charges of $692,000 ($642,000 after tax or $0.02 per share assuming dilution) and net loss on convertible debt derivatives of $273,000 ($273,000 after tax or $0.01 per share assuming dilution). Loss and loss per share for the quarter ended June 30, 2019 reflects restructuring charges of $1,321,000 ($1,200,000 after tax or $0.04 per share assuming dilution) and net gain on convertible debt derivatives of $1,470,000 ($1,470,000 after tax or $0.04 per share assuming dilution). Loss and loss per share for the quarter ended September 30, 2019 reflects restructuring charges of $1,628,000 ($1,229,000 after tax or $0.04 per share assuming dilution). Loss and loss per share for the quarter ended December 31, 2019 reflects restructuring charges of $8,188,000 pre-tax ($5,932,000 after tax or $0.18 per share assuming dilution), l oss on debt extinguishment including debt finance charges and fees of $5,885,000 pre-tax ($5,885,000 after tax or $0.17 per share assuming dilution) and an intangible asset impairment of $587,000 ($435,000 after-tax expense or $0.01 per share assuming dilution). |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS COL A. COL B. COL C. COL D. Balance Charged Additions Balance (In thousands) Year Ended December 31, 2020 Deducted from asset accounts— Allowance for doubtful accounts $ 6,318 $ 427 $ (2,227) (A) $ 4,518 Inventory obsolescence reserve 18,178 3,304 (817) (B) 20,665 Tax valuation allowances 162,790 (701) 1,209 (C) 163,298 Accrued warranty cost 11,626 7,408 (8,043) (B) 10,991 Accrued product liability 16,150 1,139 (2,532) (D) 14,757 Year Ended December 31, 2019 Deducted from asset accounts— Allowance for doubtful accounts $ 6,810 $ 955 $ (1,447) (A) $ 6,318 Inventory obsolescence reserve 18,342 3,542 (3,706) (B) 18,178 Tax valuation allowances 174,659 (8,413) (3,456) (C) 162,790 Accrued warranty cost 16,353 6,155 (10,882) (B) 11,626 Accrued product liability 16,593 2,527 (2,970) (D) 16,150 Year Ended December 31, 2018 Deducted from asset accounts— Allowance for doubtful accounts $ 7,757 $ 2,029 $ (2,976) (A) $ 6,810 Inventory obsolescence reserve 19,003 3,673 (4,334) (B) 18,342 Tax valuation allowances 167,203 13,517 (6,061) (C) 174,659 Accrued warranty cost 22,468 7,616 (13,731) (B) 16,353 Accrued product liability 16,480 5,586 (5,473) (D) 16,593 ________________________ Note (A)—Uncollectible accounts written off, net of recoveries and net of foreign currency translation adjustment. Note (B)—Amounts written off or payments incurred, net of foreign currency translation adjustment. Note (C)—Other activity not affecting federal or foreign tax expense, net of foreign currency translation adjustment. Note (D)—Losses paid and loss adjustments, net of foreign currency translation adjustment. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company's distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and continuing care markets. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of December 31, 2020 and the results of its operations and changes in its cash flow for the years ended December 31, 2020, 2019 and 2018, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a November 30 fiscal year end to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. |
Use of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. |
Cash and Cash Equivalents, Policy | Cash and Cash Equivalents : The company's policy is to treat investments that are readily convertible to cash and with maturities so near that there is little risk of changes in value due to changes in interest rates as cash and cash equivalents. Cash and cash equivalents are carried at cost, which approximates fair value. |
Accounts Receivables | Accounts Receivable: The company records accounts receivable when control of the product or service transfers to its unaffiliated customers, risk of loss is passed and title is transferred. The estimated allowance for uncollectible amounts is based primarily on management's evaluation of the financial condition of specific customers. The company records accounts receivable reserves for amounts that may become uncollectible in the future. The company writes off accounts receivable when it becomes apparent, based upon customer circumstances, that such amounts will not be collected and legal remedies are exhausted. Reserves for customer bonus and cash discounts are recorded as a reduction in revenue and netted against gross |
Inventories | Inventories: Inventories are stated at the lower of cost or net realizable value with cost determined by the first-in, first-out method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Finished goods and work in process inventories include material, labor and manufacturing overhead costs. Inventories have been reduced by an allowance for excess and obsolete inventories. The estimated allowance is based on management's review of inventories on hand compared to estimated future usage and sales. |
Property and Equipment | Property and Equipment: Property and equipment are stated based on cost. The company principally uses the straight-line method of depreciation for financial reporting purposes based on annual rates sufficient to amortize the cost of the assets over their estimated useful lives. Machinery and equipment, internal use software as well as furniture and fixtures are generally depreciated using lives of 3 to 10 years, while buildings and improvements are depreciated using lives of 5 to 40 years. Accelerated methods of depreciation are used for federal income tax purposes. Expenditures for maintenance and repairs are charged to expense as incurred. Amortization of assets under finance leases is included in depreciation expense. Long-lived assets are assessed for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. An asset would be considered impaired when the future net undiscounted cash flows generated by the asset or asset group are less than its carrying value. An impairment loss would be recognized based on the amount by which the carrying value of the asset exceeds its fair value. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles: In accordance with Intangibles—Goodwill and Other , ASC 350, goodwill and indefinite lived intangibles are subject impairment. The company completes its annual impairment assessment in the fourth quarter of each year or whenever events or changes in circumstances indicate the carrying value could be below a reporting unit's fair value. For purposes of the |
Accrued Warranty Cost | Accrued Warranty Cost: Generally, the company's products are covered by assurance-type warranties against defects in material and workmanship for various periods depending on the product from the date of sale to the customer. Certain components carry a lifetime warranty. In addition, the company has sold extended warranties that, while immaterial, require the company to defer the revenue associated with those warranties until earned. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such as a product recall, which could necessitate additional warranty reserve provisions. Refer to Accrued Expenses in the Notes to the Consolidated Financial Statements for a reconciliation of the changes in the warranty accrual. |
Product Liability Cost | Product Liability Cost: The company is self-insured in North America for product liability exposures through its captive insurance company, Invatection Insurance Company, which currently has a policy year that runs from September 1 to August 31 and insures annual policy losses up to $10,000,000 per occurrence and $13,000,000 in the aggregate. The company also has additional layers of external insurance coverage, related to all lines of insurance coverage, insuring up to $75,000,000 in aggregate losses per policy year arising from individual claims anywhere in the world that exceed the captive insurance company policy limits or the limits of the company's per country foreign liability limits, as applicable. There can be no assurance that Invacare's current insurance levels will continue to be adequate or available at affordable rates. Product liability reserves are recorded for individual claims based upon historical experience, industry expertise |
Revenue Recognition | Revenue Recognition: The company recognizes revenues when control of the product or service is transferred to unaffiliated customers. Revenues from Contracts with Customers , ASC 606, provides guidance on the application of generally accepted accounting principles to revenue recognition issues. The company has concluded that its revenue recognition policy is appropriate and in accordance with GAAP under ASC 606. All of the company's product-related contracts, and a portion related to services, have a single performance obligation, which is the promise to transfer an individual good or service, with revenue recognized at a point in time. Certain service-related contracts contain multiple performance obligations that require the company to allocate the transaction price to each performance obligation. For such contracts, the company allocates revenue to each performance obligation based on its relative standalone selling price at inception of the contract. The company determined the standalone selling price based on the expected cost-plus margin methodology. Revenue related to the service contracts with multiple performance obligations is recognized over time. To the extent performance obligations are satisfied over time, the company defers revenue recognition until the performance obligations are satisfied. The determination of when and how much revenue to recognize can require the use of significant judgment. Revenue is recognized when obligations under the terms of a contract with the customer are satisfied; generally, this occurs with the transfer of control of the company's products and services to the customer. Revenue is measured as the amount of consideration expected to be received in exchange for transferring the product or providing services. The amount of consideration received and recognized as revenue by the company can vary as a result of variable consideration terms included in the contracts such as customer rebates, cash discounts and return policies. Customer rebates and cash discounts are estimated based on the most likely amount principle and these estimates are based on historical experience and anticipated performance. Customers have the right to return product within the company's normal terms policy, and as such, the company estimates the expected returns based on an analysis of historical experience. The company adjusts its estimate of revenue at the earlier of when the most likely amount of consideration the company expects to receive changes or when the consideration becomes fixed. The company generally does not expect that there will be significant changes to its estimates of variable consideration (refer to Receivables in the Notes to the Consolidated Financial Statements include elsewhere in this report). Depending on the terms of the contract, the company may defer recognizing a portion of the revenue at the end of a given period as the result of title transfer terms that are based upon delivery and or acceptance which align with transfer of control of the company's products to its customers. Sales are made only to customers with whom the company believes collection is reasonably assured based upon a credit analysis, which may include obtaining a credit application, a signed security agreement, personal guarantee and/or a cross corporate guarantee depending on the credit history of the customer. Credit lines are established for new customers after an evaluation of their credit report and/or other relevant financial information. Existing credit lines are regularly reviewed and adjusted with consideration given to any outstanding past due amounts. The company records distributed product sales gross as a principal since the company takes title to the products and has the risks of loss for collections, delivery and returns. The company's payment terms are for relatively short periods and thus do not contain any element of financing. Additionally, no contract costs are incurred that would require capitalization and amortization. Sales, value added, and other taxes the company collects concurrent with revenue producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. Shipping and handling costs are included in cost of products sold. The majority of the company's warranties are considered assurance-type warranties and continue to be recognized as expense when the products are sold (refer to |
Research and Development | Research and Development: Research and development costs are expensed as incurred and included in cost of products sold. |
Advertising | Advertising: Advertising costs are expensed as incurred and included in selling, general an d administrative expenses. Advertising expenses amounted to $5,107,000, $7,871,000 and $10,109,000 for 2020, 2019 and 2018, respectively, the majority of which is incurred for advertising in the United States and Europe. |
Income Taxes | Income Taxes: The company uses the liability method in measuring the provision for income taxes and recognizing deferred tax assets and liabilities on the balance sheet. The liability method requires that deferred income taxes reflect the tax consequences of currently enacted rates for differences between the tax and financial reporting bases of assets and liabilities. |
Value Added Taxes, Policy | Value Added Taxes: The company operates internationally and is required to comply with value added tax (VAT) or goods and service tax (GST) regulations, particularly in Europe and Asia Pacific. VAT and GST are taxes on consumption in which the company pays tax on its purchases of goods and services and charges customers on the sale of product. The difference between billings to customers and payments on purchases is then remitted or received from the government as filings are due. The |
Derivative Instruments | Derivative Instruments: Derivatives and Hedging, ASC 815, requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. A majority of the company's derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. |
Foreign Currency Translation | Foreign Currency Translation: The functional currency of the company's subsidiaries outside the United States is the applicable local currency. The assets and liabilities of the company's foreign subsidiaries are translated into U.S. dollars at year-end exchange rates. Revenues and expenses are translated at monthly average exchange rates. Gains and losses resulting from translation of balance sheet items are included in accumulated other comprehensive earnings. |
Net Earnings Per Share | Net Earnings Per Share: Basic earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding during the year. Diluted earnings per share are computed based on the weighted-average number of Common Shares and Class B Common Shares outstanding plus the effects of dilutive stock options and awards outstanding during the year. For periods in which there was a net loss, loss per share assuming dilution utilized weighted average shares-basic. |
Defined Benefit Plans | Defined Benefit Plans: The company's benefit plans are accounted for in accordance with Compensation-Retirement Benefits , ASC 715 which requires plan sponsors to recognize the funded status of their defined benefit postretirement benefit plans in the consolidated balance sheet, measure the fair value of plan assets and benefit obligations as of the balance sheet date and to recognize changes in that funded status in the year in which the changes occur through comprehensive income. |
Reclassifications | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements (Already Adopted): In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Statements." ASU 2016-13 requires a new credit loss standard for most financial assets and certain other instruments. For example, entities are required to use an "expected loss" model that will generally require earlier recognition of allowances for losses for trade receivables. The standard also requires additional disclosures, including disclosures regarding how an entity tracks credit quality. The company adopted ASU 2016-13, effective on January 1, 2020, which resulted in an increase for credit losses of $243,000 with the offsetting impact recorded to retained earnings. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." The guidance in ASU 2017-04 eliminates the requirement to determine the fair value of individual assets and liabilities of a reporting unit to measure goodwill impairment. Under the amendments in the new ASU, goodwill impairment testing will be performed by comparing the fair value of the reporting unit with its carrying amount and recognizing |
New Accounting Pronouncements Not yet Adopted | Recent Accounting Pronouncements (Not Yet Adopted): In August 2020, the FASB issued ASU 2020-06 "Debt with Conversion and Other Options" (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity's Own Equity (Subtopic 815-40)", which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 removes from U.S. GAAP the separation models for (1) convertible debt with a cash conversion feature (CCF) and (2) convertible instrument with a beneficial conversion feature (BCF). As a result, after adopting the ASU’s guidance, entities will not separately present in equity an embedded conversion feature in such debt. Instead, they will account for a convertible debt instrument wholly as debt, and for convertible preferred stock wholly as preferred stock (i.e., as a single unit of account), unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC 815 or (2) a convertible debt instrument was issued at a substantial premium. The guidance may be early adopted for fiscal years beginning after December 15, 2020, and interim periods within those |
Operations Held for Sale (Table
Operations Held for Sale (Tables) | 2 Months Ended |
Mar. 07, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets and Liabilities of Divested Business | The assets and liabilities of Dynamic Controls as of March 7, 2020 and December 31, 2019 consisted of the following (in thousands): March 7, 2020 December 31, 2019 Trade receivables, net $ 4,129 $ 1,804 Inventories, net 3,082 3,008 Other assets 855 933 Property and equipment, net 600 707 Operating lease assets, net 2,127 1,870 Total assets $ 10,793 $ 8,322 Accounts payable $ 4,692 $ 4,501 Accrued expenses 2,473 2,108 Current taxes payable 41 92 Current portion of operating lease obligations 366 393 Long-term obligations 1,019 1,754 Total liabilities $ 8,591 $ 8,848 |
Receivables (Tables)
Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule of Accounts Receivable | Receivables as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Accounts receivable, gross $ 131,055 $ 141,732 Customer rebate reserve (10,730) (13,922) Allowance for doubtful accounts (4,031) (4,804) Cash discount reserves (7,320) (5,326) Other, principally returns and allowances reserves (386) (1,011) Accounts receivable, net $ 108,588 $ 116,669 |
Allowance for Credit Losses | The movement in the trade receivables allowance for doubtful accounts was as follows (in thousands): 2020 Balance as of beginning of period $ 4,804 Current period provision 361 Direct write-offs charged against the allowance (1,134) Balance as of end of period $ 4,031 |
Schedule of Installment Receivables | Installment receivables as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Current Long- Total Current Long- Total Installment receivables $ 704 $ 1,105 $ 1,809 $ 1,192 $ 1,257 $ 2,449 Less: Unearned interest — — — (22) — (22) 704 1,105 1,809 1,170 1,257 2,427 Allowance for doubtful accounts (325) (162) (487) (434) (1,080) (1,514) Installment receivables, net $ 379 $ 943 $ 1,322 $ 736 $ 177 $ 913 |
Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands): 2020 2019 Balance as of beginning of period $ 1,514 $ 1,542 Current period provision 66 479 Direct write-offs charged against the allowance (1,093) (507) Balance as of end of period $ 487 $ 1,514 |
Schedule of Installment Receivables by Class | Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 Installment receivables by class as of December 31, 2019 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 1,762 $ 1,762 $ 1,497 $ — Canada Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 17 17 17 — Total Canadian installment receivables 687 665 17 92 Total Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 1,779 1,779 1,514 — Total installment receivables $ 2,449 $ 2,427 $ 1,514 $ 92 |
Schedule of Financing Receivables | Installment receivables by class as of December 31, 2020 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 615 $ 615 $ 487 $ — Asia Pacific Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — — Canada Non-impaired installment receivables with no related allowance recorded — — — 29 Total Non-impaired installment receivables with no related allowance recorded 1,194 1,194 — 29 Impaired installment receivables with a related allowance recorded 615 615 487 — Total installment receivables $ 1,809 $ 1,809 $ 487 $ 29 Installment receivables by class as of December 31, 2019 consist of the following (in thousands): Total Unpaid Related Interest U.S. Impaired installment receivables with a related allowance recorded $ 1,762 $ 1,762 $ 1,497 $ — Canada Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 17 17 17 — Total Canadian installment receivables 687 665 17 92 Total Non-impaired installment receivables with no related allowance recorded 670 648 — 92 Impaired installment receivables with a related allowance recorded 1,779 1,779 1,514 — Total installment receivables $ 2,449 $ 2,427 $ 1,514 $ 92 |
Schedule of Aging of Installment Receivables | The aging of the company's installment receivables was as follows as of December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Total U.S. Asia Pacific Total U.S. Canada Current $ 1,194 $ — $ 1,194 $ 659 $ — $ 659 0-30 days past due — — — 2 — 2 31-60 days past due — — — 4 — 4 61-90 days past due — — — — — — 90+ days past due 615 615 — 1,784 1,762 22 $ 1,809 $ 615 $ 1,194 $ 2,449 $ 1,762 $ 687 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Finished goods $ 55,264 $ 54,064 Raw materials 51,174 54,638 Work in process 9,046 11,798 Inventories, net $ 115,484 $ 120,500 |
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 Other current assets as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Tax receivables principally value added taxes $ 22,500 $ 16,049 Prepaid insurance 3,963 2,918 Receivable due from information technology provider 2,995 6,262 Prepaid inventory and freight 2,700 684 Recoverable income taxes 2,182 297 Derivatives (foreign currency forward contracts) 1,321 838 Service contracts 633 2,013 Prepaid debt fees 208 207 Prepaid social charges 43 1,216 Prepaid and other current assets 8,172 7,425 Other Current Assets $ 44,717 $ 37,909 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | Other long-term assets as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Cash surrender value of life insurance policies 2,327 2,124 Deferred income taxes 2,048 928 Installment receivables 943 177 Deferred financing fees 411 602 Investments 85 85 Other 111 300 Other Long-Term Assets $ 5,925 $ 4,216 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property and equipment as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Machinery and equipment $ 294,045 $ 296,078 Land, buildings and improvements 28,509 33,054 Furniture and fixtures 10,001 9,898 Leasehold improvements 8,194 9,023 Capitalized software 17,527 3,509 Property and Equipment, gross 358,276 351,562 Accumulated depreciation (302,033) (304,955) Property and Equipment, net $ 56,243 $ 46,607 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The carrying amount of goodwill by reporting unit is as follows (in thousands): Institutional Europe Consolidated Balance at December 31, 2018 $ 27,377 $ 353,896 $ 381,273 Foreign currency translation adjustments 785 (8,655) (7,870) Balance at December 31, 2019 28,162 345,241 373,403 Foreign currency translation adjustments 323 28,735 29,058 Balance at December 31, 2020 $ 28,485 $ 373,976 $ 402,461 |
Intangibles (Tables)
Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2020 December 31, 2019 Historical Accumulated Historical Accumulated Customer lists $ 54,502 $ 54,502 $ 51,108 $ 51,108 Trademarks 25,112 — 23,479 — Developed technology $ 7,924 $ 7,204 $ 7,483 $ 6,642 Patents 5,556 5,556 5,521 5,521 License agreements 2,899 979 2,884 770 Other 1,162 1,151 1,163 1,150 Intangibles $ 97,155 $ 69,392 $ 91,638 $ 65,191 |
Schedule of Finite Lived Intangible Assets | The company's intangibles consist of the following (in thousands): December 31, 2020 December 31, 2019 Historical Accumulated Historical Accumulated Customer lists $ 54,502 $ 54,502 $ 51,108 $ 51,108 Trademarks 25,112 — 23,479 — Developed technology $ 7,924 $ 7,204 $ 7,483 $ 6,642 Patents 5,556 5,556 5,521 5,521 License agreements 2,899 979 2,884 770 Other 1,162 1,151 1,163 1,150 Intangibles $ 97,155 $ 69,392 $ 91,638 $ 65,191 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued expenses as of December 31, 2020 and 2019 consisted of accruals for the following (in thousands): 2020 2019 Salaries and wages $ 34,029 $ 29,725 Taxes other than income taxes, primarily value added taxes 32,710 22,194 Warranty 10,991 11,626 Rebates 8,644 10,743 Professional 7,375 6,869 Severance 6,249 7,023 IT service contracts 3,799 6,125 Deferred revenue 3,516 3,173 Freight 3,190 3,744 Product liability, current portion 2,453 2,736 Interest 2,076 3,608 Derivatives (foreign currency forward exchange contracts) 1,432 905 Insurance 878 699 Rent 585 415 Supplemental Executive Retirement Program liability Plan (SERP) 391 391 Advance payment on sale of land & buildings — 3,471 IT licenses — 2,114 Other items, principally trade accruals 7,955 5,386 Accrued Expenses $ 126,273 $ 120,947 |
Accrued Warranty Costs | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands): 2020 2019 Balance as of January 1 $ 11,626 $ 16,353 Warranties provided during the period 6,144 5,504 Settlements made during the period (8,043) (10,882) Changes in liability for pre-existing warranties during the period, including expirations 1,264 651 Balance as of December 31 $ 10,991 $ 11,626 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | Debt as of December 31, 2020 and 2019 consisted of the following (in thousands): 2020 2019 Convertible senior notes at 5.00%, due in February 2021 $ 1,242 $ 56,628 Convertible senior notes at 4.50%, due in June 2022 73,869 101,815 Convertible senior notes Series I at 5.00%, due in November 2024 62,984 60,817 Convertible senior notes Series II at 5.00%, due in November 2024 64,919 — Other obligations 42,039 262 245,053 219,522 Less current maturities of long-term debt (5,612) (58) Long-Term Debt $ 239,441 $ 219,464 |
Liability Components of Convertible 2021 Note | The liability components of the 2021 Notes consist of the following (in thousands): December 31, 2020 December 31, 2019 Principal amount of liability component $ 1,250 $ 61,091 Unamortized discount (7) (3,916) Debt fees (1) (547) Net carrying amount of liability component $ 1,242 $ 56,628 |
Liability Components of Convertible 2022 Note | The liability components of the 2022 Notes consist of the following (in thousands): December 31, 2020 December 31, 2019 Principal amount of liability component $ 81,500 $ 120,000 Unamortized discount (6,772) (16,027) Debt fees (859) (2,158) Net carrying amount of liability component $ 73,869 $ 101,815 |
Liability Components of Convertible 2024 Note | The liability components of the Series I 2024 Notes consist of the following (in thousands): December 31, 2020 December 31, 2019 Principal amount of liability component $ 72,909 $ 72,909 Unamortized discount (8,888) (10,733) Debt fees (1,037) (1,359) Net carrying amount of liability component $ 62,984 $ 60,817 |
Liability Components of Convertible Series II 2024 Note | The liability components of the Series II 2024 Notes consist of the following (in thousands): December 31, 2020 Principal amount of liability component - including accretion $ 75,688 Unamortized discount (9,461) Debt fees (1,308) Net carrying amount of liability component $ 64,919 |
Other Long-Term Obligations (Ta
Other Long-Term Obligations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Liabilities, Noncurrent | Other long-term obligations as of December 31, 2020 and 2019 consist of the following (in thousands): 2020 2019 Deferred income taxes $ 23,234 $ 23,376 Product liability 12,304 13,414 Pension 9,088 7,006 Deferred gain on sale leaseback 5,502 5,819 Supplemental Executive Retirement Plan liability 5,368 5,433 Deferred compensation 5,318 5,354 Uncertain tax obligation including interest 3,114 2,612 Other 6,546 3,935 Other long-term obligations $ 70,474 $ 66,949 |
Leases and Commitments (Tables)
Leases and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease Expense | Lease expenses for the year ended December 31, 2020 and December 31, 2019, respectively, were as follows (in thousands): 2020 2019 Operating leases $ 8,138 $ 10,550 Variable and short-term leases 3,968 2,848 Total operating leases $ 12,106 $ 13,398 Finance lease interest cost $ 2,544 $ 1,316 Finance lease depreciation 3,479 2,658 Total finance leases $ 6,023 $ 3,974 |
Schedule of Future Minimum Rental Payments for Operating Leases | Future minimum operating and finance lease commitments, as of December 31, 2020, are as follows (in thousands): Finance Operating Leases 2021 $ 7,416 $ 7,182 2022 6,466 4,282 2023 6,393 1,974 2024 6,335 1,389 2025 6,300 1,113 Thereafter 78,347 2,375 Total future minimum lease payments 111,257 18,315 Amounts representing interest (44,715) (3,305) Present value of minimum lease payments 66,542 15,010 Less: current maturities of lease obligations (3,405) (6,313) Long-term lease obligations $ 63,137 $ 8,697 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum operating and finance lease commitments, as of December 31, 2020, are as follows (in thousands): Finance Operating Leases 2021 $ 7,416 $ 7,182 2022 6,466 4,282 2023 6,393 1,974 2024 6,335 1,389 2025 6,300 1,113 Thereafter 78,347 2,375 Total future minimum lease payments 111,257 18,315 Amounts representing interest (44,715) (3,305) Present value of minimum lease payments 66,542 15,010 Less: current maturities of lease obligations (3,405) (6,313) Long-term lease obligations $ 63,137 $ 8,697 Supplemental cash flow amounts for the year ended December 31, 2020 were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2020 Operating leases $ 12,527 Finance leases 5,316 Total $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2020 Operating leases $ 6,155 Finance leases 40,078 Total $ 46,233 Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2020: December 31, 2020 Weighted-average remaining lease term - finance leases 17.0 years Weighted-average remaining lease term - operating leases 4.6 years Weighted-average discount rate - finance leases 6.41% Weighted-average discount rate - operating leases 7.82% |
Schedule of Cash Flow, Supplemental Disclosures | Supplemental cash flow amounts for the year ended December 31, 2020 were as follows (in thousands): Cash Activity: Cash paid in measurement of amounts for lease liabilities December 31, 2020 Operating leases $ 12,527 Finance leases 5,316 Total $ 17,843 Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations December 31, 2020 Operating leases $ 6,155 Finance leases 40,078 Total $ 46,233 |
Weighted-Average Remaining Lease Terms and Discount Rates | Weighted-average remaining lease terms and discount rates for finance and operating leases are as follows as of December 31, 2020: December 31, 2020 Weighted-average remaining lease term - finance leases 17.0 years Weighted-average remaining lease term - operating leases 4.6 years Weighted-average discount rate - finance leases 6.41% Weighted-average discount rate - operating leases 7.82% |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |
Revenue Recognition, Multiple-deliverable Arrangements [Table Text Block] | The following tables disaggregate the company's revenues by major source and by reportable segment for the year ended December 31, 2020 and December 31, 2019 (in thousands): 2020 Products Service Total Europe $ 455,638 $ 12,403 $ 468,041 N.A. 347,476 831 348,307 All Other 29,755 4,586 34,341 Total $ 832,869 $ 17,820 $ 850,689 % Split 98% 2% 100% 2019 Products Service Total Europe $ 519,160 $ 13,888 $ 533,048 N.A. 346,642 1,559 348,201 All Other 41,852 4,863 46,715 Total $ 907,654 $ 20,310 $ 927,964 % Split 98% 2% 100% |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan | The amounts of equity-based compensation expense recognized as part of SG&A expenses in All Other in business segment reporting were as follows (in thousands): 2020 2019 2018 Non-qualified and performance stock options $ — $ 1,939 $ 201 Restricted stock / units 5,332 4,772 4,305 Performance shares / units 3,313 4,399 777 Total stock-based compensation expense $ 8,645 $ 11,110 $ 5,283 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | As of December 31, 2020, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2018 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands): 2020 2019 2018 Non-qualified and performance stock options $ — $ — $ 1,939 Restricted stock and restricted stock units 7,489 8,453 7,469 Performance shares and performance share units 7,260 8,269 7,441 Total unrecognized stock-based compensation expense $ 14,749 $ 16,722 $ 16,849 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the three years ended 2020, 2019 and 2018: 2020 Weighted 2019 Weighted 2018 Weighted Options outstanding at January 1 1,441,202 $ 18.26 1,885,262 $ 18.78 2,631,469 $ 19.44 Exercised — — — — (184,549) 14.28 Forfeited (359,398) 24.84 (444,060) 20.49 (561,658) 23.34 Options outstanding at December 31 1,081,804 $ 16.07 1,441,202 $ 18.26 1,885,262 $ 18.78 Options exercise price range at December 31 $ 12.15 $ 12.15 $ 12.15 to to to $ 33.36 $ 33.36 $ 33.36 Options exercisable at December 31 1,081,804 910,267 1,354,202 Shares available for grant at December 31* 3,540,534 3,851,945 3,994,255 ________________________ * Shares available for grant under the 2018 Plan as of December 31, 2020 reduced by net restricted stock and restricted stock unit and performance share and performance share unit award activity of 668,992 shares and 1,727,470 shares, respectively. |
Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2020: Options Outstanding Options Exercisable Exercise Prices Number Weighted Average Weighted Average Number Weighted Average $12.15 – $20.00 777,159 4.9 $ 12.73 777,159 $ 12.73 $20.01 – $30.00 300,149 0.7 24.45 300,149 24.45 $30.01 – $33.36 4,496 0.4 33.36 4,496 33.36 Total 1,081,804 3.7 $ 16.07 1,081,804 $ 16.07 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted is estimated on the date of grant using the Black-Scholes option-pricing model. The calculated fair value of the 2017 performance option awards was $5.38 based on the following assumptions: Expected dividend yield 0.4 % Expected stock price volatility 39.1 % Risk-free interest rate 2.31 % Expected life in years 7.8 Forfeiture percentage 5.0 % |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes information about restricted shares and restricted share units (primarily for non-U.S. recipients): 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value 2018 Weighted Average Fair Value Stock / Units unvested at January 1 965,085 $ 11.32 637,663 $ 15.04 776,520 $ 13.75 Granted 764,012 7.11 828,484 9.86 377,299 17.48 Vested (475,113) 11.39 (309,150) 14.26 (386,275) 15.05 Forfeited (108,526) 9.90 (191,912) 12.60 (129,881) 14.43 Stock / Units unvested at December 31 1,145,458 $ 8.62 965,085 $ 11.32 637,663 $ 15.04 |
Share-based Compensation, Performance Shares Award Unvested Activity | The following table summarizes information about performance shares and performance share units (primarily for non-U.S. recipients): 2020 Weighted Average Fair Value 2019 Weighted Average Fair Value 2018 Weighted Average Fair Value Shares / Units unvested at January 1 753,272 $ 11.82 448,294 $ 14.37 457,879 $ 12.33 Granted 523,329 7.82 576,737 9.93 205,164 17.48 Vested (183,840) 17.48 (255,259) 12.02 (155,766) 12.82 Forfeited (65,976) 9.48 (16,500) 11.99 (58,983) 13.43 Shares / Units unvested at December 31 1,026,785 $ 8.55 753,272 $ 11.82 448,294 $ 14.37 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income ("OCI") during the year ended December 31, 2020 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 OCI before reclassifications 41,431 1,974 (1,015) (2,129) 40,261 Amount reclassified from accumulated OCI — — 640 1,407 2,047 Net current-period OCI 41,431 1,974 (375) (722) 42,308 December 31, 2020 $ 50,329 $ (517) $ (3,674) $ (702) $ 45,436 Changes in OCI during the year ended December 31, 2019 were as follows (in thousands): Foreign Currency Long-Term Notes Defined Benefit Plans Derivatives Total December 31, 2018 $ 12,244 $ 2,662 $ (2,703) $ 590 $ 12,793 OCI before reclassifications (3,346) (5,153) (1,157) 1,958 (7,698) Amount reclassified from accumulated OCI — — 561 (2,528) (1,967) Net current-period OCI (3,346) (5,153) (596) (570) (9,665) December 31, 2019 $ 8,898 $ (2,491) $ (3,299) $ 20 $ 3,128 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the year ended December 31, 2020 and December 31, 2019 were as follows (in thousands): Amount reclassified from OCI Affected line item in the Statement of Comprehensive (Income) Loss 2020 2019 Defined Benefit Plans: Service and interest costs $ 640 $ 561 Selling, General and Administrative Tax — — Income Taxes Total after tax $ 640 $ 561 Derivatives: Foreign currency forward contracts hedging sales $ (1,359) $ (52) Net Sales Foreign currency forward contracts hedging purchases 2,826 (2,673) Cost of Products Sold Total loss (income) before tax 1,467 (2,725) Tax (60) 197 Income Taxes Total after tax $ 1,407 $ (2,528) |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Capital Stock | Capital stock activity for 2020, 2019 and 2018 consisted of the following (in thousands of shares): Common Stock Class B Treasury January 1, 2018 Balance 36,532 6 (3,701) Exercise of stock options 185 — (50) Restricted stock awards 293 — (90) December 31, 2018 Balance 37,010 6 (3,841) Restricted and performance stock awards 599 — (112) December 31, 2019 Balance 37,609 6 (3,953) Conversion of Class B to Common 2 (2) — Restricted and performance stock awards 1,002 — (231) December 31, 2020 Balance 38,613 4 (4,184) |
Charges Related To Restructur_2
Charges Related To Restructuring Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands): Severance Contract Terminations Total January 1, 2018 Balance North America $ 2,439 $ 167 $ 2,606 Europe 249 134 383 All Other 1,016 — 1,016 Total 3,704 301 4,005 Charges North America 1,471 (112) 1,359 Europe 1,773 — 1,773 All Other 349 — 349 Total 3,593 (112) 3,481 Payments North America (3,254) (30) (3,284) Europe (1,841) (134) (1,975) All Other (545) — (545) Total (5,640) (164) (5,804) Severance Contract Terminations Total December 31, 2018 Balance North America 656 25 681 Europe 181 — 181 All Other 820 — 820 Total 1,657 25 1,682 Charges North America 1,573 44 1,617 Europe 9,356 223 9,579 All Other 633 — 633 Total 11,562 267 11,829 Payments North America (2,018) (69) (2,087) Europe (3,131) (219) (3,350) All Other (1,047) — (1,047) Total (6,196) (288) (6,484) December 31, 2019 Balance North America 211 — 211 Europe 6,406 4 6,410 All Other 406 — 406 Total 7,023 4 7,027 Charges North America 1,306 0 1,306 Europe 5,588 346 5,934 All Other 118 0 118 Total 7,012 346 346 7,358 Payments North America (1,338) — (1,338) Europe (6,090) (346) (6,436) All Other (358) — (358) Total (7,786) (346) (8,132) December 31, 2020 Balance North America 179 — 179 Europe 5,904 4 5,908 All Other 166 — 166 Total $ 6,249 $ 4 $ 6,253 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Earnings (loss) before income taxes consist of the following (in thousands): 2020 2019 2018 Domestic $ (42,213) $ (66,135) $ (72,703) Foreign 17,774 22,110 38,601 $ (24,439) $ (44,025) $ (34,102) |
Schedule of Components of Income Tax Expense (Benefit) | The company has provided for income taxes (benefits) as follows (in thousands): 2020 2019 2018 Current: Federal $ 45 $ 152 $ (202) State (180) (90) 147 Foreign 6,168 10,070 12,675 6,033 10,132 12,620 Deferred: Federal (26) (148) (2,073) State — — — Foreign (2,166) (682) (727) (2,192) (830) (2,800) Income Taxes $ 3,841 $ 9,302 $ 9,820 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation to the effective income tax rate from the federal statutory rate is as follows: 2020 2019 2018 Statutory federal income tax rate (benefit) (21.0) % (21.0) % (21.0) % State and local income taxes, net of federal income tax benefit (0.6) (0.2) 0.3 Non-taxable disposition of subsidiaries (11.2) — — Expiring foreign tax credits 16.5 40.2 4.7 Foreign taxes at other than the federal statutory rate (including tax holidays) 8.8 5.1 12.9 Federal and foreign valuation allowances (4.3) (20.4) 35.6 Withholding taxes 0.1 0.1 0.2 Unremitted earnings (4.0) 0.1 — Debt repurchase 3.2 1.7 — Foreign branch activity 19.3 12.4 0.1 Uncertain tax positions 2.9 1.4 (1.9) Intraperiod allocations to OCI — — (2.0) Other, net 6.0 1.7 (0.1) Effective federal income tax rate 15.7 % 21.1 % 28.8 % |
Schedule of Deferred Tax Assets and Liabilities | Significant components of long-term deferred income tax assets and liabilities at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Bad debt $ 417 $ 841 Warranty 1,280 1,391 Other accrued expenses and reserves 1,709 1,515 Inventory 3,797 2,993 Goodwill and intangibles (24,291) (22,686) Convertible debt 2,623 (1,530) Fixed assets (13,582) (13,421) Compensation and benefits 6,349 5,965 Loss and credit carryforwards 118,290 121,602 Product liability 1,797 3,113 State and local taxes 32,835 31,499 Valuation allowances (163,298) (162,790) Lease liability 9,258 9,713 Other, net 1,630 (653) Net Deferred Income Taxes $ (21,186) $ (22,448) |
Summary of Deferred Tax Liability Not Recognized | A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows (in thousands): 2020 2019 Balance at beginning of year $ 2,872 $ 2,355 Additions to: Positions taken during the current year 782 641 Positions taken during a prior year 3 52 Exchange rate impact 52 14 Deductions due to: Positions taken during a prior year (167) — Lapse of statute of limitations (280) (190) Balance at end of year $ 3,262 $ 2,872 |
Net Earnings Per Common Share (
Net Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings (Loss) Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated. 2020 2019 2018 (In thousands, except per share data) Basic Average common shares outstanding 34,266 33,594 33,124 Net loss $ (28,280) $ (53,327) $ (43,922) Net loss per common share $ (0.83) $ (1.59) $ (1.33) Diluted Average common shares outstanding 34,266 33,594 33,124 Stock options and awards 109 48 419 Average common shares assuming dilution 34,375 33,642 33,543 Net loss $ (28,280) $ (53,327) $ (43,922) Net loss per common share * $ (0.83) $ (1.59) $ (1.33) * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic for the periods in which there was a net loss. |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD): December 31, 2020 December 31, 2019 Notional Unrealized Notional Unrealized USD / AUD $ — $ — $ 3,840 $ (106) USD / CAD — — 3,888 32 USD / CHF 1,675 (11) — — USD / EUR 56,187 (636) 110,905 122 USD / GBP 2,467 (19) 3,972 (8) USD / NZD — — 2,760 (166) USD / SEK 2,658 (41) 5,062 (38) USD / MXN 2,230 334 6,763 346 EUR / CAD — — 4,151 24 EUR / CHF 5,037 10 9,821 10 EUR / GBP 19,060 44 29,824 (216) EUR / NOK 4,167 (64) 5,797 15 EUR / SEK 10,162 (73) 9,493 (46) AUD / NZD 781 (13) — — DKK / SEK 3,329 9 5,936 24 NOK / SEK 3,431 (50) 5,151 18 AUD / THB 4,963 (221) — — NZD / THB 1,755 (55) — — USD / THB 4,152 (56) — — EUR / THB 1,332 18 — — GBP / THB 842 10 — — $ 124,228 $ (814) $ 207,363 $ 11 |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment, as well as ineffective hedges, entered into in 2020 and 2019, respectively, and outstanding were as follows (in thousands USD): December 31, 2020 December 31, 2019 Notional Gain Notional Gain AUD / USD $ 6,046 $ (159) $ 10,000 $ (94) CAD / USD 8,320 88 8,000 $ (50) EUR / USD — — 10,000 104 DKK / USD 8,690 207 — — GBP / USD 16,062 338 7,000 40 NZD / USD — — 4,500 (101) NZD / AUD 6,579 (35) 7,900 23 NOK / USD 9,053 264 — — $ 54,750 $ 703 $ 47,400 $ (78) |
Schedule of Derivatives Instruments Statements of Financial Performance and Financial Position, Location | The fair values of the company's derivative instruments were as follows (in thousands): December 31, 2020 December 31, 2019 Assets Liabilities Assets Liabilities Derivatives designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts $ 424 $ 1,238 $ 668 $ 657 Derivatives not designated as hedging instruments under ASC 815 Foreign currency forward exchange contracts 897 194 170 248 Total derivatives $ 1,321 $ 1,432 $ 838 $ 905 |
Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) was as follows (in thousands): Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships Amount of Gain Amount of Gain (Loss) Amount of Gain (Loss) Year ended December 31, 2020 $ (2,129) $ (1,407) $ — Year ended December 31, 2019 $ 1,958 $ 2,528 $ — Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 Amount of Gain (Loss) Year ended December 31, 2020 $ 703 Year ended December 31, 2019 $ (78) |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The fair values of the outstanding convertible note derivatives as of December 31, 2020 and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands): Gain (Loss) Fair Value Twelve Months Ended December 31, 2020 December 31, 2020 December 31, 2019 Convertible 2021 debt conversion long-term liability $ — $ — $ (2,210) Convertible 2022 debt conversion long-term liability — — (6,193) Convertible 2021 note hedge long-term asset — — 2,852 Convertible 2022 note hedge long-term asset — — 6,748 Net fair value and net gains (losses) on convertible debt derivatives $ — $ — $ 1,197 |
Fair Values of Financial Instru
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides a summary of the company's assets and liabilities that are measured on a recurring basis (in thousands): Basis for Fair Value Measurements at Reporting Date Quoted Prices in Active Markets Significant Significant Level I Level II Level III December 31, 2020 Forward exchange contracts—net — $ (111) — December 31, 2019 Forward exchange contracts—net — $ (67) — |
Fair Value, by Balance Sheet Grouping | The carrying and fair values of the company's financial instruments at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Carrying Fair Value Carrying Fair Value Cash and cash equivalents $ 105,298 $ 105,298 $ 80,063 $ 80,063 Other investments 85 85 85 85 Installment receivables, net of reserves 1,322 1,322 913 913 Total debt (including current maturities of long-term debt) * (245,053) (237,948) (219,522) (207,193) Forward contracts in Other Current Assets 1,321 1,321 838 838 Forward contracts in Accrued Expenses (1,432) (1,432) (905) (905) ________ * The company's total debt is shown net of discount and fees associated with the convertible senior notes due 2021, 2022 and 2024 on the company's consolidated balance sheet. Accordingly, the fair values of the convertible senior notes due 2021, 2022 and 2024 are included in the long-term debt presented in this table are also shown net of the discount and fees. Total debt amounts exclude operating and finance lease obligations. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands): 2020 2019 2018 Revenues from external customers Europe $ 468,041 $ 533,048 $ 558,518 North America 348,307 348,201 364,590 All Other (Asia Pacific) 34,341 46,715 49,239 Consolidated $ 850,689 $ 927,964 $ 972,347 Intersegment revenues Europe $ 17,384 $ 14,185 $ 15,784 North America 80,748 80,727 90,944 All Other (Asia Pacific) 2,528 13,033 17,737 Consolidated $ 100,660 $ 107,945 $ 124,465 Restructuring charges before income taxes Europe $ 5,934 $ 9,579 $ 1,773 North America 1,306 1,617 1,359 All Other 118 633 349 Consolidated $ 7,358 $ 11,829 $ 3,481 Depreciation and amortization Europe $ 7,615 $ 7,851 $ 8,125 North America 6,013 6,429 6,228 All Other (1) 689 1,283 1,203 Consolidated $ 14,317 $ 15,563 $ 15,556 Net interest expense Europe $ 1,884 $ 368 $ 225 North America 26,510 28,070 27,355 All Other 12 209 222 Consolidated $ 28,406 $ 28,647 $ 27,802 Operating income (loss) Europe $ 22,682 $ 36,174 $ 32,673 2020 2019 2018 North America 9,449 (7,592) (32,506) All Other (1) (23,236) (26,576) (14,397) Charges related to restructuring activities (7,358) (11,829) (3,481) Gain on sale of business 9,790 — — Asset write-off — (587) (583) Consolidated operating income (loss) 11,327 (10,410) (18,294) Net gain on convertible derivatives — 1,197 11,994 Loss on debt extinguishment including debt finance charges and fees (7,360) (6,165) — Net interest expense (28,406) (28,647) (27,802) Loss before income taxes $ (24,439) $ (44,025) $ (34,102) Assets Europe $ 705,314 $ 602,471 $ 611,230 North America 207,347 212,733 242,341 All Other 33,320 36,922 32,284 Consolidated $ 945,981 $ 852,126 $ 885,855 Long-lived assets Europe $ 472,599 $ 408,847 $ 407,021 North America 92,195 79,369 77,009 All Other 6,721 8,033 4,415 Consolidated $ 571,515 $ 496,249 $ 488,445 Expenditures for assets Europe $ 5,221 $ 6,041 $ 5,348 North America (2) 16,473 3,679 3,648 All Other 610 1,154 827 Consolidated $ 22,304 $ 10,874 $ 9,823 ________________________ (1) Consists of unallocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments. (2) The 2020 expenditure for assets primarily driven by the company's ERP project. |
Revenue from External Customers by Products and Services | Net sales by product line, are as follows (in thousands): 2020 2019 2018 Europe Lifestyle $ 222,668 $ 245,987 $ 263,340 Mobility and Seating 200,687 249,144 252,997 Respiratory Therapy 24,786 19,258 23,736 Other (1) 19,900 18,659 18,445 $ 468,041 $ 533,048 $ 558,518 North America Lifestyle $ 165,267 $ 173,039 $ 172,622 Mobility and Seating 109,923 121,955 122,013 Respiratory Therapy 72,285 51,649 67,797 Other (1) 832 1,558 2,158 $ 348,307 $ 348,201 $ 364,590 All Other (Asia Pacific) Mobility and Seating $ 14,150 $ 28,448 $ 31,286 Lifestyle 13,503 10,831 10,829 Respiratory Therapy 1,383 1,283 1,330 Other (1) 5,305 6,153 5,794 $ 34,341 $ 46,715 $ 49,239 Total Consolidated $ 850,689 $ 927,964 $ 972,347 ________________________ (1) Includes various services, including repair services, equipment rentals and external contracting. |
Interim Financial Information (
Interim Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | (In thousands, except per share data - unaudited) QUARTER ENDED 2020 March 31, June 30, September 30, December 31, Net sales $ 218,440 $ 196,300 $ 211,906 $ 224,043 Gross profit 62,988 56,650 60,040 65,574 Income (Loss) before income taxes 2,832 (15,869) (5,226) (6,176) Net income (loss) 732 (16,619) (7,276) (5,117) Net income (loss) per share—basic 0.02 (0.48) (0.21) (0.15) Net income (loss) per share—assuming dilution * 0.02 (0.48) (0.21) (0.15) 2019 March 31, June 30, September 30, December 31, Net sales $ 223,419 $ 235,858 $ 235,774 $ 232,913 Gross profit 61,455 65,066 67,585 67,961 Loss from before income taxes (11,936) (10,642) (4,741) (16,706) Net loss (13,886) (12,717) (8,041) (18,683) Net loss per share—basic (0.42) (0.38) (0.24) (0.56) Net loss per share—assuming dilution * (0.42) (0.38) (0.24) (0.56) ________________________ * Net earnings (loss) per share assuming dilution calculated utilizing weighted average shares outstanding - basic in periods in which there is a net loss. |
Accounting Policies - Property
Accounting Policies - Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Furniture and fixtures | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and fixtures | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Building and Building Improvements [Member] | Minimum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building and Building Improvements [Member] | Maximum | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 40 years |
Accounting Policies - Product L
Accounting Policies - Product Liability Cost (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accounting Policies [Abstract] | |
Annual policy losses insured per occurence | $ 10,000,000 |
Annual policy losses, in aggregate | 13,000,000 |
Annual policy losses, external insurance coverage, in aggregate | $ 75,000,000 |
Accounting Policies - Additiona
Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounting Policies [Abstract] | |||
Research and development expense | $ 12,275,000 | $ 15,836,000 | $ 17,377,000 |
Advertising expense | $ 5,107,000 | $ 7,871,000 | $ 10,109,000 |
Accounting Policies - Derivativ
Accounting Policies - Derivative Instruments (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Convertible Senior Notes at 5.00% February 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250,000 | $ 61,091,000 | $ 150,000,000 | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% | 5.00% | ||||
Convertible Senior Notes at 4.50% February 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 81,500,000 | $ 120,000,000 | $ 120,000,000 | $ 120,000,000 | ||
Interest rate (as a percent) | 4.50% | 4.50% |
Operations Held for Sale (Detai
Operations Held for Sale (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 07, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Operations Held For Sale, Costs Incurred | $ (2,892,000) | ||||
Operations Held for Sale, Payment of Sale Costs | 2,377,000 | ||||
Disposal Group, Including Discontinued Operation, Revenue | $ 5,331,000 | $ 30,261,000 | |||
Disposal Group, Including Discontinued Operation, Inter-company Revenue | 2,532,000 | 13,087,000 | |||
Disposal Group, Including Discontinued Operation, Earnings Before Taxes | 445,000 | 853,000 | |||
Disposal Group, Including Discontinued Operation, Payments for Divestiture Costs | 1,796,000 | ||||
Disposal Group, Including Discontinued Operation, Accounts, Notes and Loans Receivable, Net | 4,129,000 | 1,804,000 | |||
Disposal Group, Including Discontinued Operation, Inventory | 3,082,000 | 3,008,000 | |||
Disposal Group, Including Discontinued Operation, Other Assets | 855,000 | 933,000 | |||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | 600,000 | 707,000 | |||
Disposal Group, Including Discontinued Operation, Operating Lease Right-of-Use Asset | 2,127,000 | 1,870,000 | |||
Disposal Group, Including Discontinued Operation, Assets | 10,793,000 | 8,322,000 | |||
Disposal Group, Including Discontinued Operation, Accounts Payable | 4,692,000 | 4,501,000 | |||
Disposal Group, Including Discontinued Operation, Accrued Liabilities | 2,473,000 | 2,108,000 | |||
Disposal Group, Including Discontinued Operation, Accrued Income Tax Payable | 41,000 | 92,000 | |||
Disposal Group, Including Discontinued Operation, Operating Lease, Liability, Current | 366,000 | 393,000 | |||
Disposal Group, Including Discontinued Operation, Operating Lease, Liability, NonCurrent | 1,019,000 | 1,754,000 | |||
Disposal Group, Including Discontinued Operation, Liabilities | $ 8,591,000 | 8,848,000 | |||
Disposal Group, Including Discontinued Operation, Divestiture Costs Incurred | 2,150,000 | ||||
Proceeds from sale of business | 14,563,000 | 0 | $ 0 | ||
Gain on sale of business | $ 9,590,000 | $ 9,790,000 | $ 0 | $ 0 |
Discontinued Operations - Narra
Discontinued Operations - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Total expenses related to discontinued operations | $ 8,801,000 |
Payments for expenses related to discontinued operations | $ 8,405,000 |
Receivables - Narrative (Detail
Receivables - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)payment | Dec. 31, 2019USD ($) | |
Receivables [Abstract] | ||
Number of missed payments before delinquent | payment | 3 | |
Typical financing period | 12 months | |
Credit amount requiring additional analysis | $ 250,000 | |
Average period of adjudication | 18 months | |
Installment receivable purchased from DLL | $ 346,000 | $ 89,000 |
Contingent Liability, Guarantee | $ 306,000 | |
Risk Level, Low | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, North America excluding Canada | 1.00% | |
Receivables, Expected Loss Percentage, Canada | 0.20% | |
Receivables, Expected Loss Percentage, Europe | 0.40% | |
Receivables, Expected Loss Percentage, AsiaPac | 0.30% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Europe | 0.40% | |
Receivables, Expected Loss Percentage, Canada | 0.20% | |
Receivables, Expected Loss Percentage, AsiaPac | 0.30% | |
Receivables, Expected Loss Percentage, North America excluding Canada | 1.00% | |
Risk Level, Medium | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, Canada | 1.50% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Canada | 1.50% | |
Risk Level, High | ||
Receivables [Abstract] | ||
Receivables, Expected Loss Percentage, Canada | 2.50% | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Receivables, Expected Loss Percentage, Canada | 2.50% |
Receivables - Accounts Receivab
Receivables - Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Receivable [Abstract] | ||
Accounts Receivable, Gross | $ 131,055 | $ 141,732 |
Customer Rebate Reserve | (10,730) | (13,922) |
Cash Discount Reserves | (7,320) | (5,326) |
Allowance for Doubtful Accounts Receivable | (4,031) | (4,804) |
Returns and Allowances Reserve | (386) | (1,011) |
Accounts Receivable, Net | $ 108,588 | $ 116,669 |
Receivables - Installment Recei
Receivables - Installment Receivables (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | |||
Installment receivables, current | $ 704,000 | $ 1,192,000 | |
Installment receivables, long-term | 1,105,000 | 1,257,000 | |
Total Installment Receivables | 1,809,000 | 2,449,000 | |
Unearned Interest - Current | 0 | 22,000 | |
Unearned interest, long-term | 0 | 0 | |
Total Unearned Interest | 3,516,000 | 3,173,000 | |
Unearned Interest | 0 | 22,000 | |
Installment receivables net of unearned interest, current | 704,000 | 1,170,000 | |
Installment receivables net of unearned interest, long-term | 1,105,000 | 1,257,000 | |
Total installment receivables net of unearned interest | 1,809,000 | 2,427,000 | |
Allowance for doubtful accounts, current | (325,000) | (434,000) | |
Allowance for doubtful accounts, long-term | (162,000) | (1,080,000) | |
Allowance for doubtful accounts | (487,000) | (1,514,000) | $ (1,542,000) |
Installment receivables, net | 379,000 | 736,000 | |
Installment receivables, long-term | 943,000 | 177,000 | |
Total installment receivables, net | $ 1,322,000 | $ 913,000 |
Receivables - Rollforward of Al
Receivables - Rollforward of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of beginning of period | $ 1,514 | $ 1,542 |
Current period provision | 66 | 479 |
Direct write-offs charged against the allowance | (1,093) | (507) |
Balance as of end of period | $ 487 | $ 1,514 |
Receivables - Installment Rec_2
Receivables - Installment Receivables by Class (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | $ 1,194 | $ 670 |
Impaired installment receivables with a related allowance recorded | 615 | 1,779 |
Total installment receivables | 1,809 | 2,449 |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 1,194 | 648 |
Impaired installment receivables with a related allowance recorded | 615 | 1,779 |
Total installment receivables | 1,809 | 2,427 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 487 | 1,514 |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 29 | 92 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 29 | 92 |
AsiaPac | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 1,194 | |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 1,194 | |
Interest Income Recognized | ||
Impaired installment receivables with a related allowance recorded | 0 | |
IVC Canada | ||
Total Installment Receivables | ||
Non-impaired installment receivables with no related allowance recorded | 0 | 670 |
Impaired installment receivables with a related allowance recorded | 17 | |
Total installment receivables | 687 | |
Unpaid Principal Balance | ||
Non-impaired installment receivables with no related allowance recorded | 0 | 648 |
Impaired installment receivables with a related allowance recorded | 17 | |
Total installment receivables | 665 | |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 17 | |
Interest Income Recognized | ||
Non-impaired installment receivables with no related allowance recorded | 29 | 92 |
Impaired installment receivables with a related allowance recorded | 0 | |
Total installment receivables | 92 | |
USA | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 615 | 1,762 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 615 | 1,762 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 487 | 1,497 |
Interest Income Recognized | ||
Impaired installment receivables with a related allowance recorded | $ 0 | $ 0 |
Receivables - Allowance for Cre
Receivables - Allowance for Credit losses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Allowance for Credit Losses | $ 4,031 | $ 4,804 |
Allowance for Losses, Adjustments, Other | 361 | |
Allowance for Credit Losses, Write-downs | $ (1,134) |
Receivables - Aging of Installm
Receivables - Aging of Installment Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,194 | $ 659 |
Installment Receivable, 1 to 29 Days Past Due | 0 | 2 |
Installment Receivable, 30 to 59 Days Past Due | 0 | 4 |
Installment Sales, 60 to 89 Days Past Due | 0 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 615 | 1,784 |
Total | 1,809 | 2,449 |
USA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
Installment Receivable, 1 to 29 Days Past Due | 0 | 0 |
Installment Receivable, 30 to 59 Days Past Due | 0 | 0 |
Installment Sales, 60 to 89 Days Past Due | 0 | 0 |
Installment Receivable, Greater than 90 Days Past Due | 615 | 1,762 |
Total | 615 | 1,762 |
AsiaPac | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 1,194 | |
Installment Receivable, 1 to 29 Days Past Due | 0 | |
Installment Receivable, 30 to 59 Days Past Due | 0 | |
Installment Sales, 60 to 89 Days Past Due | 0 | |
Installment Receivable, Greater than 90 Days Past Due | 0 | |
Total | $ 1,194 | |
IVC Canada | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 659 | |
Installment Receivable, 1 to 29 Days Past Due | 2 | |
Installment Receivable, 30 to 59 Days Past Due | 4 | |
Installment Sales, 60 to 89 Days Past Due | 0 | |
Installment Receivable, Greater than 90 Days Past Due | 22 | |
Total | $ 687 |
Inventories - (Details)
Inventories - (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 55,264 | $ 54,064 |
Raw materials | 51,174 | 54,638 |
Work in process | 9,046 | 11,798 |
Inventory, Net | $ 115,484 | $ 120,500 |
Other Current Assets - Componen
Other Current Assets - Components of Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Tax receivables principally value added taxes | $ 22,500 | $ 16,049 |
Prepaid insurance | 3,963 | 2,918 |
Receivable due from information technology provider | 2,995 | 6,262 |
Prepaid inventory and freight | 2,700 | 684 |
Recoverable income taxes | 2,182 | 297 |
Derivatives (foreign currency forward contracts) | 1,321 | 838 |
Service contracts | 633 | 2,013 |
Prepaid debt fees | 208 | 207 |
Prepaid social charges | 43 | 1,216 |
Prepaid and other current assets | 8,172 | 7,425 |
Other current assets | $ 44,717 | $ 37,909 |
Other Long-Term Assets - (Detai
Other Long-Term Assets - (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Cash surrender value of life insurance policies | $ 2,327 | $ 2,124 |
Installment receivables | 943 | 177 |
Deferred financing fees | 411 | 602 |
Investments | 85 | 85 |
Other | 111 | 300 |
Other Assets | 5,925 | 4,216 |
Deferred Tax Assets, Tax Deferred Expense | $ 2,048 | $ 928 |
Other Long-Term Assets - Narrat
Other Long-Term Assets - Narrative (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Convertible Senior Notes at 4.50% February 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 81,500,000 | $ 120,000,000 | $ 120,000,000 | $ 120,000,000 | ||
Convertible Senior Notes at 5.00% February 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250,000 | $ 61,091,000 | $ 150,000,000 | $ 150,000,000 |
Property And Equipment - (Detai
Property And Equipment - (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | |
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 358,276,000 | $ 351,562,000 | |||
Less allowance for depreciation | (302,033,000) | (304,955,000) | |||
Property and equipment, net | 56,243,000 | 46,607,000 | |||
Net Book Value of Assets Sold | $ 2,900,000 | ||||
Advance payment from sale of property | 0 | 0 | $ 3,524,000 | ||
Gain (Loss) on Sale of Properties | $ 971,000 | ||||
Machinery and equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 294,045,000 | 296,078,000 | |||
Land, buildings and improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 28,509,000 | 33,054,000 | |||
Furniture and fixtures | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 10,001,000 | 9,898,000 | |||
Leasehold improvements | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | 8,194,000 | 9,023,000 | |||
Capitalized software | |||||
Property, Plant and Equipment [Line Items] | |||||
Property and equipment, gross | $ 17,527,000 | $ 3,509,000 |
Goodwill - (Details)
Goodwill - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | |||
Beginning Balance | $ 373,403 | $ 381,273 | |
Foreign currency translation adjustments | 29,058 | (7,870) | |
Ending Balance | $ 402,461 | $ 373,403 | $ 381,273 |
Discounted cash flow, discount rate | 11.27% | 11.88% | 12.41% |
Institutional Products Group | |||
Goodwill [Roll Forward] | |||
Beginning Balance | $ 28,162 | $ 27,377 | |
Foreign currency translation adjustments | 323 | 785 | |
Ending Balance | 28,485 | 28,162 | $ 27,377 |
Europe | |||
Goodwill [Roll Forward] | |||
Beginning Balance | 345,241 | 353,896 | |
Foreign currency translation adjustments | 28,735 | (8,655) | |
Ending Balance | $ 373,976 | $ 345,241 | $ 353,896 |
Intangibles - Narrative (Detail
Intangibles - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of Intangible Assets | $ 377,000 | $ 1,827,000 | $ 2,218,000 |
Trademarks | |||
Finite-Lived Intangible Assets [Line Items] | |||
Historical Cost | 25,112,000 | 23,479,000 | |
Trademarks | Institutional Products Group | |||
Finite-Lived Intangible Assets [Line Items] | |||
Indefinite Lived Intangible Assets, Impairment Losses After Tax | 435,000 | 431,000 | |
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 587,000 | $ 583,000 | |
Minimum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 4 years | ||
Maximum | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 9 years | ||
Weighted Average | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful life of intangible assets | 7 years 7 months 6 days |
Intangibles - Finite and Indefi
Intangibles - Finite and Indefinite Lived Intangibles (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 97,155 | $ 91,638 |
Accumulated Amortization | 69,392 | 65,191 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 54,502 | 51,108 |
Accumulated Amortization | 54,502 | 51,108 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 2,899 | 2,884 |
Accumulated Amortization | 979 | 770 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,924 | 7,483 |
Accumulated Amortization | 7,204 | 6,642 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,556 | 5,521 |
Accumulated Amortization | 5,556 | 5,521 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,162 | 1,163 |
Accumulated Amortization | 1,151 | 1,150 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 25,112 | $ 23,479 |
Intangibles - Finite-Lived Inta
Intangibles - Finite-Lived Intangible Asset Future Amortization Expense (Details) | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, 2021 | $ 402,000 |
Future amortization expense, 2022 | 402,000 |
Future amortization expense, 2023 | 401,000 |
Future amortization expense, 2024 | 369,000 |
Future amortization expense, 2025 | $ 213,000 |
Accrued Expenses - Components o
Accrued Expenses - Components of Current Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Salaries and wages | $ 34,029 | $ 29,725 | |
Taxes other than income taxes, primarily value added taxes | 32,710 | 22,194 | |
Warranty | 10,991 | 11,626 | $ 16,353 |
Rebates | 8,644 | 10,743 | |
Professional | 7,375 | 6,869 | |
Severance | 6,249 | 7,023 | |
IT service contracts | 3,799 | 6,125 | |
Deferred revenue | 3,516 | 3,173 | |
Freight | 3,190 | 3,744 | |
Product liability, current portion | 2,453 | 2,736 | |
Interest | 2,076 | 3,608 | |
Derivatives (foreign currency forward exchange contracts) | 1,432 | 905 | |
Insurance | 878 | 699 | |
Rent | 585 | 415 | |
Supplemental Executive Retirement Program liability Plan (SERP) | 391 | 391 | |
Advance payment on sale of land & buildings | 0 | 3,471 | |
IT licenses | 0 | 2,114 | |
Other items, principally trade accruals | 7,955 | 5,386 | |
Accrued expenses | 126,273 | $ 120,947 | |
Deferment of Taxes | $ 10,600 |
Accrued Expenses - Warranty Sch
Accrued Expenses - Warranty Schedule (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Product Warranty Liability [Line Items] | ||
Extended Product Warranty Accrual, Increase for Warranties Issued | $ 768 | |
Balance as of January 1 | 11,626 | $ 16,353 |
Warranties provided during the period | 6,144 | 5,504 |
Settlements made during the period | (8,043) | (10,882) |
Changes in liability for pre-existing warranties during the period, including expirations | 1,264 | 651 |
Balance as of December 31 | $ 10,991 | $ 11,626 |
Long-Term Debt - Debt (Details)
Long-Term Debt - Debt (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 245,053,000 | $ 219,522,000 | ||||
Less current maturities of long-term debt | (5,612,000) | (58,000) | ||||
Long-term debt of current maturities | 239,441,000 | 219,464,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 1,250,000 | 61,091,000 | $ 150,000,000 | $ 150,000,000 | ||
Long-term debt | 1,242,000 | 56,628,000 | ||||
Debt Instrument, Unamortized Discount | (7,000) | (3,916,000) | ||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,000) | (547,000) | ||||
Debt Instrument, Net Carrying Amount | 1,242,000 | 56,628,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 81,500,000 | 120,000,000 | $ 120,000,000 | $ 120,000,000 | ||
Long-term debt | 73,869,000 | 101,815,000 | ||||
Debt Instrument, Unamortized Discount | (6,772,000) | (16,027,000) | ||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (859,000) | (2,158,000) | ||||
Debt Instrument, Net Carrying Amount | 73,869,000 | 101,815,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 72,909,000 | 72,909,000 | ||||
Long-term debt | 62,984,000 | 60,817,000 | ||||
Debt Instrument, Unamortized Discount | (8,888,000) | (10,733,000) | ||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,037,000) | (1,359,000) | ||||
Debt Instrument, Net Carrying Amount | 62,984,000 | 60,817,000 | ||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 75,688,000 | |||||
Long-term debt | 64,919,000 | 0 | ||||
Debt Instrument, Unamortized Discount | (9,461,000) | |||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,308,000) | |||||
Debt Instrument, Net Carrying Amount | 64,919,000 | |||||
Other obligations | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | $ 42,039,000 | $ 262,000 |
Long-Term Debt - Convertible De
Long-Term Debt - Convertible Debt (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 16,909,000 | $ 15,042,000 | $ 14,526,000 | ||
Long-term debt | $ 245,053,000 | 219,522,000 | |||
Convertible Senior Notes at 5.00% February 2024 | Convertible Subordinated Debt | |||||
Debt Disclosure [Abstract] | |||||
Initial conversion price | $ 14.78 | ||||
Debt Instrument [Line Items] | |||||
Interest rate (as a percent) | 5.00% | ||||
Debt Instrument, Face Amount | $ 72,909,000 | 72,909,000 | |||
Effective Interest Rate | 8.77% | ||||
Unamortized discount | $ (8,888,000) | (10,733,000) | |||
Long-term debt | 62,984,000 | 60,817,000 | |||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 1,845,000 | 205,000 | |||
Debt Instrument, Increase, Accrued Interest | 3,646,000 | 456,000 | |||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,037,000) | (1,359,000) | |||
Debt Instrument, Net Carrying Amount | $ 62,984,000 | 60,817,000 | |||
Convertible Senior Notes at 5.00% February 2021 | Convertible Subordinated Debt | |||||
Debt Disclosure [Abstract] | |||||
Initial conversion price | $ 16.65 | ||||
Debt Instrument [Line Items] | |||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||
Interest rate (as a percent) | 5.00% | 5.00% | |||
Debt Instrument, Face Amount | $ 150,000,000 | $ 1,250,000 | 61,091,000 | $ 150,000,000 | |
Convertible Debt Conversion Feature, Fair Value at Issuance | $ 34,480,000 | ||||
Effective Interest Rate | 11.10% | ||||
Unamortized discount | $ (7,000) | (3,916,000) | |||
Long-term debt | 1,242,000 | 56,628,000 | |||
Convertible Debt Conversion Feature Gain (Loss) | 0 | (2,210,000) | |||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | ||||
Convertible Debt Note Hedge Gain (Loss) | 0 | 2,852,000 | |||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 1,782,000 | 6,672,000 | |||
Debt Instrument, Increase, Accrued Interest | 1,632,000 | 6,803,000 | |||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,000) | (547,000) | |||
Debt Instrument, Net Carrying Amount | $ 1,242,000 | $ 56,628,000 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2017 | Mar. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 15, 2020 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||||||||||||
Write off of deferred debt issuance cost | $ 273,000 | ||||||||||||
Weighted average interest rate | 4.78% | 4.60% | 4.78% | ||||||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 16,909,000 | $ 15,042,000 | $ 14,526,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Year One | 5,620,000 | ||||||||||||
Year Two | 87,667,000 | ||||||||||||
Year Three | 0 | ||||||||||||
Year Four | 180,099,000 | ||||||||||||
Year Five | 0 | ||||||||||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||||||||||
Payments for Repurchase of Common Stock | 1,707,000 | 894,000 | 2,427,000 | ||||||||||
Gain (Loss) on Extinguishment of Debt | (280,000) | ||||||||||||
Loss on debt extinguishment including debt finance charges and associated fees | $ 761,000 | $ 6,599,000 | $ 5,885,000 | $ (7,360,000) | (6,165,000) | $ 0 | |||||||
Accretion Rate | 4.70% | ||||||||||||
Accretion Expense | $ 1,813,000 | ||||||||||||
CARES Act Loan | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Interest rate (as a percent) | 1.00% | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Unsecured Debt | $ 10,000,000 | ||||||||||||
Unsecured Debt, Current | $ 4,062,000 | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | 3,916,000 | $ 7,000 | 3,916,000 | ||||||||||
Interest rate (as a percent) | 5.00% | 5.00% | |||||||||||
Debt Instrument, Net Carrying Amount | 56,628,000 | $ 1,242,000 | 56,628,000 | ||||||||||
Debt Instrument, Face Amount | 61,091,000 | 150,000,000 | $ 1,250,000 | 61,091,000 | $ 150,000,000 | ||||||||
Initial conversion price | $ 16.65 | ||||||||||||
Effective Interest Rate | 11.10% | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Proceeds from Issuance of Warrants | 12,376,000 | ||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 60.0492 | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||
Convertible Debt Conversion Feature, Fair Value at Issuance | 34,480,000 | ||||||||||||
Convertible Debt Conversion Feature Gain (Loss) | 0 | (2,210,000) | |||||||||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | ||||||||||||
Convertible Debt Note Hedge Gain (Loss) | $ 0 | 2,852,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 22.4175 | ||||||||||||
Debt Instrument, Net Proceeds | 144,034,000 | ||||||||||||
Debt Instrument, Fee Amount | 5,966,000 | ||||||||||||
Payments for Repurchase of Common Stock | $ 5,000,000 | ||||||||||||
Derivative, Amount of Hedged Item | $ 15,600,000 | ||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 1,782,000 | 6,672,000 | |||||||||||
Debt Instrument, Increase, Accrued Interest | $ 1,632,000 | $ 6,803,000 | |||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 14,708,000 | ||||||||||||
Debt Instrument, Repurchase Amount | $ 24,466,000 | 16,000,000 | |||||||||||
Debt Instrurment Repurchase Amount, Net Reduction of debt | $ 14,367,000 | ||||||||||||
Debt Instrument Exchange Amount | 35,375,000 | $ 72,909,000 | |||||||||||
Debt Instrument, Hedge Options | 62,341 | 138,182 | 300,000 | 138,182 | |||||||||
Debt Instrument, Warrants Issued and Outstanding | 3,141,943 | 3,860,624 | 9,007,380 | 3,860,624 | |||||||||
Business Day Period | 5 days | ||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (547,000) | $ (1,000) | $ (547,000) | ||||||||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 5.00% February 2021 [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Amortization of Debt Issuance Costs | 619,000 | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | 10,733,000 | $ 8,888,000 | 10,733,000 | ||||||||||
Interest rate (as a percent) | 5.00% | ||||||||||||
Debt Instrument, Net Carrying Amount | 60,817,000 | $ 62,984,000 | 60,817,000 | ||||||||||
Debt Instrument, Face Amount | 72,909,000 | $ 72,909,000 | 72,909,000 | ||||||||||
Initial conversion price | $ 14.78 | ||||||||||||
Debt Instrument, Loss on Exchange | 5,885,000 | ||||||||||||
Effective Interest Rate | 8.77% | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 67.6819 | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||
Debt Instrument, Fee Amount | 1,394,000 | 1,394,000 | |||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 1,845,000 | 205,000 | |||||||||||
Debt Instrument, Increase, Accrued Interest | $ 3,646,000 | 456,000 | |||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | 6,928,000 | 6,928,000 | |||||||||||
Business Day Period | 5 days | ||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (1,359,000) | $ (1,037,000) | (1,359,000) | ||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | 16,027,000 | $ 6,772,000 | 16,027,000 | ||||||||||
Interest rate (as a percent) | 4.50% | 4.50% | |||||||||||
Debt Instrument, Net Carrying Amount | 101,815,000 | $ 73,869,000 | 101,815,000 | ||||||||||
Debt Instrument, Face Amount | 120,000,000 | $ 120,000,000 | $ 81,500,000 | 120,000,000 | $ 120,000,000 | ||||||||
Initial conversion price | $ 16.23 | ||||||||||||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | 28,859,000 | ||||||||||||
Effective Interest Rate | 10.90% | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Proceeds from Issuance of Warrants | $ 14,100,000 | 14,100,000 | |||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 61.6095 | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||
Convertible Debt Conversion Feature Gain (Loss) | 0 | (6,193,000) | |||||||||||
Convertible Debt Note Hedge Gain (Loss) | 0 | 6,748,000 | |||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 21.4375 | ||||||||||||
Debt Instrument, Net Proceeds | $ 115,289,000 | ||||||||||||
Debt Instrument, Fee Amount | 4,711,000 | ||||||||||||
Derivative, Amount of Hedged Item | $ (10,680,000) | ||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 4,894,000 | 5,448,000 | |||||||||||
Debt Instrument, Increase, Accrued Interest | $ 4,404,000 | 5,400,000 | |||||||||||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | $ 24,780,000 | ||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||
Debt Instrument Exchange Amount | 38,500,000 | ||||||||||||
Business Day Period | 5 days | ||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | (2,158,000) | $ (859,000) | (2,158,000) | ||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Unamortized Discount | $ 9,461,000 | ||||||||||||
Interest rate (as a percent) | 5.00% | ||||||||||||
Debt Instrument, Net Carrying Amount | $ 64,919,000 | ||||||||||||
Debt Instrument, Face Amount | $ 75,688,000 | ||||||||||||
Initial conversion price | $ 14.78 | ||||||||||||
Debt Instrument, Loss on Exchange | 6,599,000 | ||||||||||||
Effective Interest Rate | 8.99% | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | ||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 67.6819 | ||||||||||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | ||||||||||||
Debt Instrument, Fee Amount | 1,505,000 | ||||||||||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | 2,966,000 | ||||||||||||
Debt Instrument, Increase, Accrued Interest | $ 2,123,000 | ||||||||||||
Last Reported Sales Price Period, Common Stock | 20 days | ||||||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||||||
Percent of the Applicable Conversion Price | 130.00% | ||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||
Percent of the Product of the Last Reported Sale Price, Common Shares | 98.00% | ||||||||||||
Debt Instrument Repurchase Amount, Cash Paid | $ 5,593,000 | ||||||||||||
Debt Instrument Exchange Amount | $ 73,875,000 | ||||||||||||
Debt Instrument, Fee Amount, Net Balance Shown as a Liability | $ (1,308,000) | ||||||||||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% November 2024 [Domain] | |||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Debt Instrument, Convertible, Threshold Trading Days | 10 | ||||||||||||
Convertible Subordinated Debt | Series II Convertible Senior Notes at 5.00% November 2024 [Domain] | |||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Business Day Period | 5 days | ||||||||||||
Letters of Credit | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit outstanding | 8,827,000 | $ 7,616,000 | 8,827,000 | ||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Letters of Credit Outstanding, Amount | $ 8,011,000 | 7,752,000 | $ 8,011,000 | ||||||||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | 5,000,000 | ||||||||||||
Letters of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | 20,000,000 | ||||||||||||
Swing Line Loans [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | 2,000,000 | ||||||||||||
Amount Available to Invacare Limited and Invacare Poirier SAS [Domain] | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | 15,000,000 | ||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Borrowing capacity | $ 30,000,000 | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 3,000,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,750,000 | ||||||||||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn Balance | 5 days | ||||||||||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 12,001,000 | ||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | ||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 3,000,000 | ||||||||||||
Remaining borrowing capacity | 30,000,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Line of Credit Facility, Covenant Feature, Prior Increase Limit | 10,000,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Increase Limit Based on receivables | 9,000,000 | ||||||||||||
Line Of Credit Facility Gross Borrowing Base | 18,376,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger for Five Consecutive Days | 3,375,000 | ||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Additional Long-Lived Asset Amount | $ 0 | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Foreign, Percent | 85.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Percent | 70.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Foreign, Liquidation Value, Percent | 85.00% | ||||||||||||
Letters of credit outstanding | $ 20,000,000 | ||||||||||||
Borrowing capacity | 60,000,000 | ||||||||||||
Line of Credit Facility, Additional Borrowing Capacity | $ 25,000,000 | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Domestic, Percent | 85.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Domestic, Percent | 70.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Percent | 85.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Inventories, Liquidation Value, Amount | $ 4,000,000 | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Property, Plant and Equipment, Liquidation Value, Percent | 85.00% | ||||||||||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Availability Reserve, Minimum | $ 4,250,000 | ||||||||||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 7,500,000 | ||||||||||||
Line of Credit, Covenant Compliance, Interruption of Manufacturing Facilities Period | 10 days | ||||||||||||
Line of Credit Facility, Current Borrowing Capacity | $ 24,508,000 | ||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Minimum, Percent | 11.25% | ||||||||||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Balance | 5 days | ||||||||||||
Line of Credit, Covenant Compliance, Required Undrawn Balance, Amount | $ 6,000,000 | ||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 7,636,000 | ||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | 3,866,000 | ||||||||||||
Line Of Credit Facility Gross Borrowing Base | 43,874,000 | ||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | Euro Member Countries, Euro | |||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (France) | 6,400,000 | ||||||||||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | United Kingdom, Pounds | |||||||||||||
Long-term Debt, Fiscal Year Maturity [Abstract] | |||||||||||||
Line of Credit Facility, Foreign Currency Fair Value of Amount Outstanding (UK) | $ 2,900,000 | ||||||||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||||||||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.375% | ||||||||||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||
Maximum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.75% | ||||||||||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.75% | ||||||||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||||||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.50% | ||||||||||||
Minimum | Adjusted LIBOR | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.25% | ||||||||||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) [Member] [Domain] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 2.50% | ||||||||||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable rate | 1.25% |
Other Long-Term Obligations - (
Other Long-Term Obligations - (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 23, 2015 |
Other Liabilities Disclosure [Abstract] | |||
Deferred income taxes | $ 23,234,000 | $ 23,376,000 | |
Product liability | 12,304,000 | 13,414,000 | |
Pension | 9,088,000 | 7,006,000 | |
Deferred gain on sale leaseback | 5,502,000 | 5,819,000 | $ 7,414,000 |
Supplemental Executive Retirement Plan liability | 5,368,000 | 5,433,000 | |
Deferred compensation | 5,318,000 | 5,354,000 | |
Uncertain tax obligation including interest | 3,114,000 | 2,612,000 | |
Other | 6,546,000 | 3,935,000 | |
Other long-term obligations | $ 70,474,000 | $ 66,949,000 |
Other Long-Term Obligations - N
Other Long-Term Obligations - Narrative (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2016 | Mar. 31, 2016 | Apr. 23, 2015 | |
Income Tax Examination [Line Items] | ||||||
Net Book Value of Assets Sold | $ 2,900,000 | |||||
Deferred gain on sale leaseback | $ 5,502,000 | $ 5,819,000 | $ 7,414,000 | |||
Sale Leaseback Transaction, Current Period Gain Recognized | 305,000 | 295,000 | ||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | ||||||
Income Tax Examination [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250,000 | $ 61,091,000 | $ 150,000,000 | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% | 5.00% |
Other Long-Term Obligations Lon
Other Long-Term Obligations Long Term Debt (Details) - Convertible Subordinated Debt - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Convertible Senior Notes at 5.00% February 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 1,250,000 | $ 61,091,000 | $ 150,000,000 | $ 150,000,000 | ||
Interest rate (as a percent) | 5.00% | 5.00% | ||||
Convertible Senior Notes at 4.50% February 2022 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 81,500,000 | $ 120,000,000 | $ 120,000,000 | $ 120,000,000 | ||
Interest rate (as a percent) | 4.50% | 4.50% |
Leases and Commitments - Narrat
Leases and Commitments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jul. 01, 2020 | |
Operating Leased Assets [Line Items] | |||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 305,000 | $ 295,000 | |
Finance Lease, Liability | $ 36,916,000 | ||
Minimum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 1 year | ||
Maximum | |||
Operating Leased Assets [Line Items] | |||
Lease term | 20 years |
Leases and Commitments - Lease
Leases and Commitments - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease, Cost [Abstract] | ||
Operating Lease, Expense | $ 8,138 | $ 10,550 |
Short-term Lease, Cost | 3,968 | 2,848 |
Operating Lease, Cost | 12,106 | 13,398 |
Finance Lease, Interest Expense | 2,544 | 1,316 |
Finance Lease, Right-of-Use Asset, Amortization | 3,479 | 2,658 |
Financing Lease, Cost | $ 6,023 | $ 3,974 |
Leases and Commitments - Future
Leases and Commitments - Future Minimum Lease Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finance Leases | ||
Capital Leases - 2021 | $ 7,416 | |
Capital Leases - 2022 | 6,466 | |
Capital Leases - 2023 | 6,393 | |
Capital Leases - 2024 | 6,335 | |
Capital Leases - 2025 | 6,300 | |
Capital Leases - Thereafter | 78,347 | |
Total future minimum lease payments | 111,257 | |
Amounts representing interest | (44,715) | |
Operating Leases, Future Minimum Payments, Interest Included in Payments | (3,305) | |
Present value of minimum lease payments | 66,542 | |
Operating Leases | ||
Operating Leases - 2021 | 7,182 | |
Operating Leases - 2022 | 4,282 | |
Operating Leases - 2023 | 1,974 | |
Operating Leases - 2024 | 1,389 | |
Operating Leases - 2025 | 1,113 | |
Operating Leases - Thereafter | 2,375 | |
Total future minimum lease payments | 18,315 | |
Operating Leases, Future Minimum Payments, Present Value of Net Minimum Payments | 15,010 | |
Finance Lease, Liability, Current | (3,405) | $ (2,514) |
Operating Lease, Liability, Current | (6,313) | (6,790) |
Long-Term Obligations - Finance Leases | 63,137 | 26,480 |
Long-Term Obligations - Operating Leases | $ 8,697 | $ 12,060 |
Leases and Commitments - Sale L
Leases and Commitments - Sale Leaseback Transactions (Details) - USD ($) | Apr. 23, 2015 | Dec. 31, 2020 | Dec. 31, 2015 | Dec. 31, 2019 |
Sale Leaseback Transaction [Line Items] | ||||
Sale Leaseback Transaction, Net Proceeds, Investing Activities | $ 23,000,000 | |||
Sale Leaseback Transaction, Annual Rental Payments | $ 2,275,000 | |||
Sale Leaseback Transaction, Lease Term | 20 years | |||
Sale Leaseback Transaction, Lease Terms | Each of the four lease agreements contains three 10-year renewals with the rent for each option term based on the greater of the then-current fair market rent for each property or the then- current rate and increasing annually by the applicable CPI. Under the terms of the lease agreements, the company is responsible for all taxes, insurance and utilities. The company is required to adequately maintain each of the properties and any leasehold improvements will be amortized over the lesser of the lives of the improvements or the remaining lease lives, consistent with any other company leases. | |||
Deferred gain on sale leaseback | $ 7,414,000 | $ 5,502,000 | $ 5,819,000 | |
Sale Leaseback Transaction, Immediate Loss Recognized | 257,000 | |||
Capital Lease Obligations | $ 32,339,000 |
Leases and Commitments - Schedu
Leases and Commitments - Schedule of Cash Flows Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of Cash Flows Supplemental Information [Abstract] | |
Operating Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | $ 12,527 |
Financing Leases, Cash Paid in Measurement of Amounts for Lease Liabilities | 5,316 |
Total Cash Paid in Measurement of Amounts for Lease Liabilities | 17,843 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | 6,155 |
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability | 40,078 |
Right-of-Use Asset Obtained in Exchange for Total Lease Liability | $ 46,233 |
Leases and Commitments - Weight
Leases and Commitments - Weighted-Average Remaining Lease Terms and Discount Rates (Details) | Dec. 31, 2020 |
Weighted-Average Remaining Lease Terms and Discount Rates [Abstract] | |
Finance Lease, Weighted Average Remaining Lease Term | 17 years |
Operating Lease, Weighted Average Remaining Lease Term | 4 years 7 months 6 days |
Finance Lease, Weighted Average Discount Rate, Percent | 6.41% |
Operating Lease, Weighted Average Discount Rate, Percent | 7.82% |
Retirement and Benefit Plans -
Retirement and Benefit Plans - (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Retirement Benefits [Abstract] | |||
Company matching employee contributions | 66.70% | ||
Maximum percentage of matching contribution for total compensation | 3.00% | ||
Discretionary contributions, percentage of qualified wages | 1.00% | ||
Contribution expense | $ 1,214,000 | $ 1,765,000 | $ 1,786,000 |
Supplemental Executive Retirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest credited for active participants (as a percent) | 0.00% | ||
Accumulated benefit obligation | $ 5,759,000 | $ 5,824,000 | |
Assumption, future salary increase rate | 3.25% | ||
Assumed discount rate | 2.52% | 3.22% | |
Retirement age | yr | 67 | ||
Projected benefit obligation | $ 5,759,000 | $ 5,824,000 | |
Interest (benefit) cost | (213,000) | (392,000) | (193,000) |
Net periodic benefit (income) costs | 326,000 | 574,000 | 5,000 |
Defined Benefit Plan, Benefit Obligation, Benefits Paid | 391,000 | 391,000 | 391,000 |
Domestic Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net periodic benefit (income) costs | 640,000 | 561,000 | (151,000) |
Service cost and accrual adjustments | 569,000 | 488,000 | (253,000) |
Foreign Plan | Foreign Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amounts recognized in other comprehensive income (loss) | $ 1,678,000 | $ 34,000 | $ 1,079,000 |
Revenues (Details)
Revenues (Details) - USD ($) | 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 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 224,043,000 | $ 211,906,000 | $ 196,300,000 | $ 218,440,000 | $ 232,913,000 | $ 235,774,000 | $ 235,858,000 | $ 223,419,000 | $ 850,689,000 | $ 927,964,000 | $ 972,347,000 |
Net Revenue | 100.00% | 100.00% | |||||||||
Deferred Revenue | $ 3,516,000 | $ 3,173,000 | $ 3,516,000 | $ 3,173,000 | |||||||
Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 468,041,000 | 533,048,000 | 558,518,000 | ||||||||
North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 348,307,000 | 348,201,000 | 364,590,000 | ||||||||
All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 34,341,000 | 46,715,000 | $ 49,239,000 | ||||||||
Product [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 832,869,000 | $ 907,654,000 | |||||||||
Net Revenue | 98.00% | 98.00% | |||||||||
Product [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 455,638,000 | $ 519,160,000 | |||||||||
Product [Member] | North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 347,476,000 | 346,642,000 | |||||||||
Product [Member] | All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 29,755,000 | 41,852,000 | |||||||||
Service [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 17,820,000 | $ 20,310,000 | |||||||||
Net Revenue | 2.00% | 2.00% | |||||||||
Service [Member] | Europe | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 12,403,000 | $ 13,888,000 | |||||||||
Service [Member] | North America | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | 831,000 | 1,559,000 | |||||||||
Service [Member] | All Other | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Revenues | $ 4,586,000 | $ 4,863,000 | |||||||||
General Terms and Conditions [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 30.00% | ||||||||||
Large National Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 30.00% | ||||||||||
Government Tenders [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 21.00% | ||||||||||
Other Customers [Member] | |||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||||
Contract Type Sales Split | 19.00% |
Equity Compensation - Narrative
Equity Compensation - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020shares | Dec. 31, 2020USD ($)votes$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock par value (in dollars per share) | $ / shares | $ 0.25 | |||
Stock option related treasury stock, shares acquired | shares | 231,000 | 112,000 | 140,000 | |
Payments for Repurchase of Common Stock | $ | $ 1,707,000 | $ 894,000 | $ 2,427,000 | |
Proceeds from exercise of stock options | $ | 0 | 0 | 2,626,000 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Payments for Repurchase of Common Stock | $ | $ 1,707,000 | $ 894,000 | $ 2,427,000 | |
Expiration period | 10 years | |||
Award vesting percentage | 25.00% | |||
Weighted-average fair value of options granted | $ / shares | $ 5.38 | |||
Weighted average remaining contractual term of options outstanding | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 9 months 18 days | |
Weighted-average remaining contractual term of options exercisable | 3 years 8 months 12 days | |||
Intrinsic value of exercises in period | $ | $ 0 | $ 0 | $ 755,000 | |
Intrinsic value of options outstanding | $ | 0 | |||
Intrinsic value of options exercisable | $ | 0 | |||
Proceeds from exercise of stock options | $ | 0 | 0 | 2,626,000 | |
Fair value of awards vested in period | $ | $ 0 | $ 2,844,000 | $ 1,000 | |
Award vesting period | 4 years | |||
Restricted stock and restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Decrease of shares available for grant due to award activity | shares | 668,992 | |||
Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |||
Decrease of shares available for grant due to award activity | shares | 1,727,470 | |||
Performance achievement level, lower range | 0.00% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Performance Award Target Acheivement, Upper Range, Percentage | 150.00% | |||
Performance achievement level, target range | 100.00% | |||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Incremental Expense | $ | $ 605,000 | |||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent Vested Related to 2016 Awards | 75.00% | |||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent Vested Related to 2018 Awards | 114.00% | |||
Restricted Stock and Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 3,540,534 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares | 1,400,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Transferred from Prior Plans | shares | 1,004,079 | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | shares | 3,851,945 | 3,994,255 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Share Awards Underlying from 2003 Plan | shares | 336,666 | |||
Weighted Average | Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense, period for recognition | 3 years | |||
Minimum | Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent Vested Related to 2016 Awards | 122.50% | |||
Maximum | Performance shares and performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
hare-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Percent Vested Related to 2016 Awards | 146.45% | |||
Class B Common Shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of votes per share of Class B common stock to common stock | votes | 10 | |||
Common Stock, Shares, Outstanding | shares | 3,667 | |||
Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common Stock, Holders Percentage of Total Outstanding | 99.90% |
Equity Compensation - Share-bas
Equity Compensation - Share-based Compensation Expense (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, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 2,190 | $ 4,051 | $ 777 |
Selling, general and administrative expense | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 8,645 | 11,110 | 5,283 |
Selling, general and administrative expense | Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 0 | 1,939 | 201 |
Selling, general and administrative expense | Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 5,332 | 4,772 | 4,305 |
Selling, general and administrative expense | Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $ 3,313 | $ 4,399 | $ 777 |
Equity Compensation - Unrecogni
Equity Compensation - Unrecognized Compensation Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 14,749 | $ 16,722 | $ 16,849 |
Non-qualified stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 0 | 0 | 1,939 |
Restricted stock and restricted stock units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 7,489 | 8,453 | 7,469 |
Performance shares and performance share units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 7,260 | $ 8,269 | $ 7,441 |
Equity Compensation - Options A
Equity Compensation - Options Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,081,804 | 1,441,202 | 1,885,262 | 2,631,469 |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 16.07 | $ 18.26 | $ 18.78 | $ 19.44 |
Exercise of stock options | 0 | (184,549) | ||
Excercised - Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 | $ 14.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (359,398) | (444,060) | (561,658) | |
Canceled - Weighted Average Exercise Price (in dollars per share) | $ 24.84 | $ 20.49 | $ 23.34 | |
Options exercisable at end of period (in shares) | 1,081,804 | 910,267 | 1,354,202 | |
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 16.07 | |||
Exercise of stock options | 0 | |||
$12.15 – $20.00 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 12.15 | $ 12.15 | $ 12.15 | |
$12.15 – $20.00 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 20 | |||
$12.15 – $20.00 | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | 12.73 | |||
$30.01 – $33.36 | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 30.01 | |||
$30.01 – $33.36 | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 33.36 | $ 33.36 | $ 33.36 | |
$30.01 – $33.36 | Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |||
2018 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 3,540,534 | |||
2013 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 3,851,945 | 3,994,255 |
Equity Compensation - Stock Opt
Equity Compensation - Stock Options Outstanding by Exercise Price (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 16.07 | $ 18.26 | $ 18.78 | $ 19.44 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,081,804 | 1,441,202 | 1,885,262 | 2,631,469 |
Exercise of stock options | 0 | (184,549) | ||
Excercised - Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 | $ 14.28 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (359,398) | (444,060) | (561,658) | |
Canceled - Weighted Average Exercise Price (in dollars per share) | $ 24.84 | $ 20.49 | $ 23.34 | |
Options exercisable at end of period (in shares) | 1,081,804 | 910,267 | 1,354,202 | |
2018 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of shares authorized | 3,540,534 | |||
2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Number of shares authorized | 3,851,945 | 3,994,255 | ||
$12.15 – $20.00 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 12.15 | $ 12.15 | $ 12.15 | |
$12.15 – $20.00 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 20 | |||
$20.01 – $30.00 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 20.01 | |||
$20.01 – $30.00 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 30 | |||
$30.01 – $33.36 | Minimum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | 30.01 | |||
$30.01 – $33.36 | Maximum | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise price range, upper limit (in dollars per shares) | $ 33.36 | $ 33.36 | $ 33.36 | |
Stock Options | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Number Outstanding at end of period (in shares) | 1,081,804 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 8 months 12 days | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 16.07 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 1,081,804 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 16.07 | |||
Exercise of stock options | 0 | |||
Stock Options | $12.15 – $20.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Number Outstanding at end of period (in shares) | 777,159 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 4 years 10 months 24 days | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 12.73 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 777,159 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 12.73 | |||
Stock Options | $20.01 – $30.00 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Number Outstanding at end of period (in shares) | 300,149 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 8 months 12 days | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 24.45 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 300,149 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 24.45 | |||
Stock Options | $30.01 – $33.36 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding - Number Outstanding at end of period (in shares) | 4,496 | |||
Options Outstanding - Weighted Average Remaining Contractual Life | 4 months 24 days | |||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |||
Options Exercisable - Number Exercisable at end of period (in shares) | 4,496 | |||
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 33.36 |
Equity Compensation - Assumptio
Equity Compensation - Assumptions (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Expected dividend yield | 0.40% |
Expected stock price volatility | 39.10% |
Risk free interest rate | 2.31% |
Expected life in years | 7 years 9 months 18 days |
Forfeiture percentage | 5.00% |
Equity Compensation - Restricte
Equity Compensation - Restricted Stock Activity (Details) - Restricted stock and restricted stock units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 965,085 | 637,663 | 776,520 |
Granted (in shares) | 764,012 | 828,484 | 377,299 |
Vested (in shares) | (475,113) | (309,150) | (386,275) |
Canceled (in shares) | (108,526) | (191,912) | (129,881) |
Stock / Units unvested at end of period (in shares) | 1,145,458 | 965,085 | 637,663 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 11.32 | $ 15.04 | $ 13.75 |
Granted - Weighted Average Fair Value (in dollars per share) | 7.11 | 9.86 | 17.48 |
Vested - Weighted Average Fair Value (in dollars per share) | 11.39 | 14.26 | 15.05 |
Canceled - Weighted Average Fair Value (in dollars per share) | 9.90 | 12.60 | 14.43 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 8.62 | $ 11.32 | $ 15.04 |
Equity Compensation - Performan
Equity Compensation - Performance Share Activity (Details) - Performance shares and performance share units - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Stock / Units unvested at beginning of period (in shares) | 753,272 | 448,294 | 457,879 |
Granted (in shares) | 523,329 | 576,737 | 205,164 |
Vested (in shares) | (183,840) | (255,259) | (155,766) |
Canceled (in shares) | (65,976) | (16,500) | (58,983) |
Stock / Units unvested at end of period (in shares) | 1,026,785 | 753,272 | 448,294 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Stock / Units unvested at beginning of period - Weighted Average Fair Value (in dollars per share) | $ 11.82 | $ 14.37 | $ 12.33 |
Granted - Weighted Average Fair Value (in dollars per share) | 7.82 | 9.93 | 17.48 |
Vested - Weighted Average Fair Value (in dollars per share) | 17.48 | 12.02 | 12.82 |
Canceled - Weighted Average Fair Value (in dollars per share) | 9.48 | 11.99 | 13.43 |
Stock / Units unvested at end of period - Weighted Average Fair Value (in dollars per share) | $ 8.55 | $ 11.82 | $ 14.37 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) by Component - Changes in Accumulated Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 3,128 | $ 12,793 | |
OCI before reclassifications | 40,261 | (7,698) | |
Amount reclassified from accumulated OCI | 2,047 | (1,967) | |
Other Comprehensive Income (Loss) | 42,308 | (9,665) | $ (24,077) |
Ending balance | 45,436 | 3,128 | 12,793 |
Foreign Currency | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 8,898 | 12,244 | |
OCI before reclassifications | 41,431 | (3,346) | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | 41,431 | (3,346) | |
Ending balance | 50,329 | 8,898 | 12,244 |
Long-Term Notes | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (2,491) | 2,662 | |
OCI before reclassifications | 1,974 | (5,153) | |
Amount reclassified from accumulated OCI | 0 | 0 | |
Other Comprehensive Income (Loss) | 1,974 | (5,153) | |
Ending balance | (517) | (2,491) | 2,662 |
Defined Benefit Plans | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (3,299) | (2,703) | |
OCI before reclassifications | (1,015) | (1,157) | |
Amount reclassified from accumulated OCI | 640 | 561 | |
Other Comprehensive Income (Loss) | (375) | (596) | |
Ending balance | (3,674) | (3,299) | (2,703) |
Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 20 | 590 | |
OCI before reclassifications | (2,129) | 1,958 | |
Amount reclassified from accumulated OCI | 1,407 | (2,528) | |
Other Comprehensive Income (Loss) | (722) | (570) | |
Ending balance | $ (702) | $ 20 | $ 590 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) by Component - Reclassifications out of Accumulated Other Comprehensive Income (Details) - 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 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Cost of products sold | $ (605,437) | $ (665,897) | $ (704,671) | ||||||||
Selling, general and administrative expenses | (236,357) | (260,061) | (281,906) | ||||||||
Earnings (loss) before income taxes | $ (6,176) | $ (5,226) | $ (15,869) | $ 2,832 | $ (16,706) | $ (4,741) | $ (10,642) | $ (11,936) | (24,439) | (44,025) | (34,102) |
Income taxes | (3,841) | (9,302) | (9,820) | ||||||||
Revenues | $ (224,043) | $ (211,906) | $ (196,300) | $ (218,440) | $ (232,913) | $ (235,774) | $ (235,858) | $ (223,419) | (850,689) | (927,964) | $ (972,347) |
Defined Benefit Plans | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Selling, general and administrative expenses | 640 | 561 | |||||||||
Income taxes | 0 | 0 | |||||||||
Loss from Continuing Operations | 640 | 561 | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Earnings (loss) before income taxes | 1,467 | (2,725) | |||||||||
Income taxes | (60) | 197 | |||||||||
Loss from Continuing Operations | 1,407 | (2,528) | |||||||||
Derivatives | Reclassification out of Accumulated Other Comprehensive Income | Foreign exchange forward | |||||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||||||||||
Cost of products sold | 2,826 | (2,673) | |||||||||
Revenues | $ (1,359) | $ (52) |
Capital Stock - (Details)
Capital Stock - (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capital Stock [Roll Forward] | |||
Treasury Shares, Beginning Balance | (3,953,000) | (3,841,000) | (3,701,000) |
Exercise of stock options | 0 | (184,549) | |
Treasury Shares, Ending Balance | (4,184,000) | (3,953,000) | (3,841,000) |
Number of stock awards canceled | 108,526 | 191,912 | 129,881 |
Common Stock | |||
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 37,609,000 | 37,010,000 | 36,532,000 |
Exercise of stock options | (185,000) | ||
Restricted stock awards | 1,002,000 | 599,000 | 293,000 |
Common Stock, Ending Balance | 38,613,000 | 37,609,000 | 37,010,000 |
Conversion of Class B Shares to Common Shares | 2,000 | ||
Dividends | $ 0.0125 | $ 0.05 | |
Class B Common Shares | |||
Capital Stock [Roll Forward] | |||
Common Stock, Beginning Balance | 6,000 | 6,000 | 6,000 |
Exercise of stock options | 0 | ||
Restricted stock awards | 0 | 0 | 0 |
Common Stock, Ending Balance | 4,000 | 6,000 | 6,000 |
Conversion of Class B Shares to Common Shares | (2,000) | ||
Dividends | $ 0.023 | ||
Dividends and Interest Paid | $ 0.034 | ||
Treasury Shares | |||
Capital Stock [Roll Forward] | |||
Exercise of stock options | (50,000) | ||
Restricted stock awards | (231,000) | (112,000) | (90,000) |
Charges Related To Restructur_3
Charges Related To Restructuring Activities - (Details) - USD ($) | 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 | |
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | $ 7,027,000 | $ 1,682,000 | $ 7,027,000 | $ 1,682,000 | $ 4,005,000 | ||||||
Charges | $ (2,701,000) | $ (1,580,000) | $ (1,685,000) | (1,392,000) | $ (8,188,000) | $ (1,628,000) | $ (1,321,000) | (692,000) | (7,358,000) | (11,829,000) | (3,481,000) |
Payments | (8,132,000) | (6,484,000) | (5,804,000) | ||||||||
Ending Balance | 6,253,000 | 7,027,000 | 6,253,000 | 7,027,000 | 1,682,000 | ||||||
Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 7,023,000 | 1,657,000 | 7,023,000 | 1,657,000 | 3,704,000 | ||||||
Charges | (7,012,000) | (11,562,000) | (3,593,000) | ||||||||
Payments | (7,786,000) | (6,196,000) | (5,640,000) | ||||||||
Ending Balance | 6,249,000 | 7,023,000 | 6,249,000 | 7,023,000 | 1,657,000 | ||||||
Contract Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 4,000 | 25,000 | 4,000 | 25,000 | 301,000 | ||||||
Charges | (346,000) | (267,000) | 112,000 | ||||||||
Payments | (346,000) | (288,000) | (164,000) | ||||||||
Ending Balance | 4,000 | 4,000 | 4,000 | 4,000 | 25,000 | ||||||
North America | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 211,000 | 681,000 | 211,000 | 681,000 | 2,606,000 | ||||||
Charges | (1,306,000) | (1,617,000) | (1,359,000) | ||||||||
Payments | (1,338,000) | (2,087,000) | (3,284,000) | ||||||||
Ending Balance | 179,000 | 211,000 | 179,000 | 211,000 | 681,000 | ||||||
North America | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 211,000 | 656,000 | 211,000 | 656,000 | 2,439,000 | ||||||
Charges | (1,306,000) | (1,573,000) | (1,471,000) | ||||||||
Payments | (1,338,000) | (2,018,000) | (3,254,000) | ||||||||
Ending Balance | 179,000 | 211,000 | 179,000 | 211,000 | 656,000 | ||||||
North America | Contract Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 0 | 25,000 | 0 | 25,000 | 167,000 | ||||||
Charges | 0 | (44,000) | (112,000) | ||||||||
Payments | 0 | (69,000) | (30,000) | ||||||||
Ending Balance | 0 | 0 | 0 | 0 | 25,000 | ||||||
Europe | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 6,410,000 | 181,000 | 6,410,000 | 181,000 | 383,000 | ||||||
Charges | (5,934,000) | (9,579,000) | (1,773,000) | ||||||||
Payments | (6,436,000) | (3,350,000) | (1,975,000) | ||||||||
Ending Balance | 5,908,000 | 6,410,000 | 5,908,000 | 6,410,000 | 181,000 | ||||||
Europe | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 6,406,000 | 181,000 | 6,406,000 | 181,000 | 249,000 | ||||||
Charges | (5,588,000) | (9,356,000) | (1,773,000) | ||||||||
Payments | (6,090,000) | (3,131,000) | (1,841,000) | ||||||||
Ending Balance | 5,904,000 | 6,406,000 | 5,904,000 | 6,406,000 | 181,000 | ||||||
Europe | Contract Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 4,000 | 0 | 4,000 | 0 | 134,000 | ||||||
Charges | (346,000) | (223,000) | 0 | ||||||||
Payments | (346,000) | (219,000) | (134,000) | ||||||||
Ending Balance | 4,000 | 4,000 | 4,000 | 4,000 | 0 | ||||||
All Other | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 406,000 | 820,000 | 406,000 | 820,000 | 1,016,000 | ||||||
Charges | (118,000) | (633,000) | (349,000) | ||||||||
Payments | (358,000) | (1,047,000) | (545,000) | ||||||||
Ending Balance | 166,000 | 406,000 | 166,000 | 406,000 | 820,000 | ||||||
All Other | Severance | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | 406,000 | 820,000 | 406,000 | 820,000 | 1,016,000 | ||||||
Charges | (118,000) | (633,000) | (349,000) | ||||||||
Payments | (358,000) | (1,047,000) | (545,000) | ||||||||
Ending Balance | 166,000 | 406,000 | 166,000 | 406,000 | 820,000 | ||||||
All Other | Contract Terminations | |||||||||||
Restructuring Reserve [Roll Forward] | |||||||||||
Beginning Balance | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Charges | 0 | 0 | 0 | ||||||||
Payments | 0 | 0 | 0 | ||||||||
Ending Balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Charges Related To Restructur_4
Charges Related To Restructuring Activities - Narrative (Details) - USD ($) | 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 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | $ (2,701,000) | $ (1,580,000) | $ (1,685,000) | $ (1,392,000) | $ (8,188,000) | $ (1,628,000) | $ (1,321,000) | $ (692,000) | $ (7,358,000) | $ (11,829,000) | $ (3,481,000) |
Payments | (8,132,000) | (6,484,000) | (5,804,000) | ||||||||
Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (7,012,000) | (11,562,000) | (3,593,000) | ||||||||
Payments | (7,786,000) | (6,196,000) | (5,640,000) | ||||||||
Contract Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (346,000) | (267,000) | 112,000 | ||||||||
Payments | (346,000) | (288,000) | (164,000) | ||||||||
North America | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,306,000) | (1,617,000) | (1,359,000) | ||||||||
Payments | (1,338,000) | (2,087,000) | (3,284,000) | ||||||||
North America | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (1,306,000) | (1,573,000) | (1,471,000) | ||||||||
Payments | (1,338,000) | (2,018,000) | (3,254,000) | ||||||||
North America | Contract Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 0 | (44,000) | (112,000) | ||||||||
Payments | 0 | (69,000) | (30,000) | ||||||||
Europe | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (5,934,000) | (9,579,000) | (1,773,000) | ||||||||
Payments | (6,436,000) | (3,350,000) | (1,975,000) | ||||||||
Europe | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (5,588,000) | (9,356,000) | (1,773,000) | ||||||||
Payments | (6,090,000) | (3,131,000) | (1,841,000) | ||||||||
Europe | Contract Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (346,000) | (223,000) | 0 | ||||||||
Payments | (346,000) | (219,000) | (134,000) | ||||||||
All Other | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (118,000) | (633,000) | (349,000) | ||||||||
Payments | (358,000) | (1,047,000) | (545,000) | ||||||||
All Other | Severance | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | (118,000) | (633,000) | (349,000) | ||||||||
Payments | (358,000) | (1,047,000) | (545,000) | ||||||||
All Other | Contract Terminations | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Charges | 0 | 0 | 0 | ||||||||
Payments | $ 0 | $ 0 | $ 0 |
Income Taxes - Income Before In
Income Taxes - Income Before Income Tax (Details) - 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 | |
Income Tax Disclosure [Abstract] | |||||||||||
Domestic | $ (42,213) | $ (66,135) | $ (72,703) | ||||||||
Foreign | 17,774 | 22,110 | 38,601 | ||||||||
Earnings (loss) before income taxes | $ (6,176) | $ (5,226) | $ (15,869) | $ 2,832 | $ (16,706) | $ (4,741) | $ (10,642) | $ (11,936) | $ (24,439) | $ (44,025) | $ (34,102) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 45 | $ 152 | $ (202) |
State | (180) | (90) | 147 |
Foreign | 6,168 | 10,070 | 12,675 |
Current Income Tax Expense (Benefit) | 6,033 | 10,132 | 12,620 |
Deferred: | |||
Federal | (26) | (148) | (2,073) |
State | 0 | 0 | 0 |
Foreign | (2,166) | (682) | (727) |
Deferred Income Tax Expense (Benefit) | (2,192) | (830) | (2,800) |
Income Taxes | $ 3,841 | $ 9,302 | $ 9,820 |
Income Taxes - Rate Reconciliat
Income Taxes - Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | 0.00% | 0.00% | (2.00%) |
Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate (benefit) | (21.00%) | (21.00%) | (21.00%) |
State and local income taxes, net of federal income tax benefit | (0.60%) | (0.20%) | 0.30% |
Effective Income Tax Rate Reconciliation, Disposition of Business, Percent | (11.20%) | 0.00% | 0.00% |
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent | 16.50% | (40.20%) | (4.70%) |
Foreign taxes at other than the federal statutory rate (including tax holidays) | 8.80% | 5.10% | 12.90% |
Federal and foreign valuation allowances | (4.30%) | (20.40%) | 35.60% |
Withholding taxes | 0.10% | 0.10% | 0.20% |
Unremitted earnings | (4.00%) | 0.10% | 0.00% |
Debt repurchase | 3.20% | 1.70% | 0.00% |
Foreign branch activity | 19.30% | 12.40% | 0.10% |
Uncertain tax positions | 2.90% | 1.40% | (1.90%) |
Other, net | 6.00% | (1.70%) | 0.10% |
Effective Income Tax Rate, Continuing Operations | 15.70% | 21.10% | 28.80% |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term deferred income tax assets (liabilities), net: | ||
Bad debt | $ 417,000 | $ 841,000 |
Warranty | 1,280,000 | 1,391,000 |
Other accrued expenses and reserves | 1,709,000 | 1,515,000 |
Inventory | 3,797,000 | 2,993,000 |
Goodwill and intangibles | (24,291,000) | (22,686,000) |
Convertible debt | 2,623,000 | 1,530,000 |
Fixed assets | (13,582,000) | (13,421,000) |
Compensation and benefits | 6,349,000 | 5,965,000 |
Loss and credit carryforwards | 118,290,000 | 121,602,000 |
Product liability | 1,797,000 | 3,113,000 |
State and local taxes | 32,835,000 | 31,499,000 |
Valuation allowances | (163,298,000) | (162,790,000) |
Deferred Tax Liabilities, Leasing Arrangements | 9,258,000 | 9,713,000 |
Other, net | 1,630,000 | (653,000) |
Net Deferred Income Taxes | $ 21,186,000 | $ 22,448,000 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 2,872 | $ 2,355 |
Additions to: | ||
Positions taken during the current year | 782 | 641 |
Positions taken during a prior year | 3 | 52 |
Exchange rate impact | 52 | 14 |
Deductions due to: | ||
Positions taken during a prior year | (167) | 0 |
Lapse of statute of limitations | (280) | (190) |
Balance at end of year | $ 3,262 | $ 2,872 |
Income Taxes - (Narrative) (Det
Income Taxes - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | |||
Income taxes (benefit) | $ 3,841,000 | $ 9,302,000 | $ 9,820,000 |
Deferred tax assets, gross | 179,985,000 | 178,632,000 | |
Deferred tax liabilities | 37,873,000 | 38,290,000 | |
Deferred tax assets, valuation allowance | 163,298,000 | 162,790,000 | |
Income Taxes Paid, Net | 4,377,000 | 12,463,000 | 15,820,000 |
Domestic state and local tax loss carryforwards | 651,804,000 | ||
Tax credit carryforwards | 11,816,000 | ||
Unrecognized tax benefits, excluding interest and penalties | 2,604,000 | 2,082,000 | |
Unrecognized tax benefits that would impact effective tax rate | 2,604,000 | 2,082,000 | |
Income tax penalties and interest expense | (20,000) | 13,000 | $ 322,000 |
Income tax penalties and interest accrued | $ 510,000 | 530,000 | |
Deferred Federal Tax Benefit, Revaluation | $ 148,000 | ||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | 0.00% | 0.00% | (2.00%) |
Reversal of Withholding Taxes | $ 988,000 | ||
Undistributed Profits of Non-U.S. Subsidiaries, indefinitely reinvested | 24,600,000 | ||
Income Tax Expense (Benefit), Intraperiod Tax Allocation | $ 680,000 | ||
Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 365,509,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Other | 74,164,000 | ||
Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 59,075,000 | ||
Deferred Tax Assets, Other Tax Carryforwards | 2,583,000 | ||
Tax Year 2034 [Member] | Foreign Tax Authority [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 25,365,000 | ||
Tax Year 2014 to 2017 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 148,967,000 | ||
Tax year 2018 to 2027 | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 270,823,000 | ||
Tax Year 2014 to 2018 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 885,000 | ||
Tax Year 2019 to 2022 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | 9,070,000 | ||
Tax Year 2028 and Thereafter | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 205,272,000 | ||
Unlimited Carryover [Member] | State and Local Jurisdiction [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards, Subject to Expiration | 26,742,000 | ||
Tax Year 2034 to 2036 [Member] | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Federal tax credit carryforwards | 276,958,000 | ||
Tax Year 2031 | Domestic tax authority | |||
Tax Credit Carryforward [Line Items] | |||
Tax credit carryforwards | $ 1,861,000 |
Net Earnings (Loss) Per Commo_2
Net Earnings (Loss) Per Common Share - Computation of Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ 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 | |
Net Earnings (Loss) per Share—Basic: | |||||||||||
Average common shares outstanding | 34,266 | 33,594 | 33,124 | ||||||||
Net Loss | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (18,683) | $ (8,041) | $ (12,717) | $ (13,886) | $ (28,280) | $ (53,327) | $ (43,922) |
Net earnings per common share | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (0.56) | $ (0.24) | $ (0.38) | $ (0.42) | $ (0.83) | $ (1.59) | $ (1.33) |
Diluted | |||||||||||
Average common shares outstanding | 34,266 | 33,594 | 33,124 | ||||||||
Stock options and awards | 109 | 48 | 419 | ||||||||
Average common shares assuming dilution | 34,375 | 33,642 | 33,543 | ||||||||
Net Loss | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (18,683) | $ (8,041) | $ (12,717) | $ (13,886) | $ (28,280) | $ (53,327) | $ (43,922) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (0.56) | $ (0.24) | $ (0.38) | $ (0.42) | $ (0.83) | $ (1.59) | $ (1.33) |
Net Earnings (Loss) Per Commo_3
Net Earnings (Loss) Per Common Share - Narrative (Details) - Stock Options - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount | 2,275,832 | 3,626,828 | 741,380 |
Average exercise price | $ 12.15 | $ 25.24 | $ 25.24 |
Fair value stock price | $ 7.42 | $ 6.93 | $ 15.27 |
Concentration Of Credit Risk -
Concentration Of Credit Risk - (Details) | 12 Months Ended |
Dec. 31, 2020USD ($)Customer | |
Net Sales | Customer Concentration Risk | |
Concentration Risk [Line Items] | |
Number of Customers Used For Concentration Risk Disclosure | Customer | 10 |
Concentration risk, percentage | 18.20% |
Maximum percent of revenue from single customer | 5.90% |
Payment Guarantee | |
Concentration Risk [Line Items] | |
Retained recourse obligation | $ 1,312,000 |
Total contracts | 8,923,000 |
Other Long-Term Obligations | Payment Guarantee | |
Concentration Risk [Line Items] | |
Guarantee obligation at carrying value | $ 28,000 |
Derivatives - Notional Amounts
Derivatives - Notional Amounts - Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | $ 54,750,000 | $ 47,400,000 | |
Gain (Loss) | 703,000 | (78,000) | |
Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 124,228,000 | 207,363,000 | |
Unrealized Gain (Loss) | (814,000) | 11,000 | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | (1,467,000) | 2,725,000 | $ 239,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 703,000 | (78,000) | |
USD / AUD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 3,840,000 | |
Unrealized Gain (Loss) | 0 | (106,000) | |
USD / CAD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 3,888,000 | |
Unrealized Gain (Loss) | 0 | 32,000 | |
USD / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 1,675,000 | 0 | |
Unrealized Gain (Loss) | (11,000) | 0 | |
USD / EUR | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 56,187,000 | 110,905,000 | |
Unrealized Gain (Loss) | (636,000) | 122,000 | |
USD / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 2,467,000 | 3,972,000 | |
Unrealized Gain (Loss) | (19,000) | (8,000) | |
USD / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 2,760,000 | |
Unrealized Gain (Loss) | 0 | (166,000) | |
USD / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 2,658,000 | 5,062,000 | |
Unrealized Gain (Loss) | (41,000) | (38,000) | |
USD / MXN | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 2,230,000 | 6,763,000 | |
Unrealized Gain (Loss) | 334,000 | 346,000 | |
EUR / CAD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 4,151,000 | |
Unrealized Gain (Loss) | 0 | 24,000 | |
EUR / CHF | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 5,037,000 | 9,821,000 | |
Unrealized Gain (Loss) | 10,000 | 10,000 | |
EUR / GBP | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 19,060,000 | 29,824,000 | |
Unrealized Gain (Loss) | 44,000 | (216,000) | |
EUR / NOK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 4,167,000 | 5,797,000 | |
Unrealized Gain (Loss) | (64,000) | 15,000 | |
EUR / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 10,162,000 | 9,493,000 | |
Unrealized Gain (Loss) | (73,000) | (46,000) | |
AUD / NZD | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 781,000 | 0 | |
Unrealized Gain (Loss) | (13,000) | 0 | |
DKK / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 3,329,000 | 5,936,000 | |
Unrealized Gain (Loss) | 9,000 | 24,000 | |
NOK / SEK | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 3,431,000 | 5,151,000 | |
Unrealized Gain (Loss) | (50,000) | 18,000 | |
AUD / THB | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 4,963,000 | 0 | |
Unrealized Gain (Loss) | (221,000) | 0 | |
NZD / THB | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 1,755,000 | 0 | |
Unrealized Gain (Loss) | (55,000) | 0 | |
USD / THB | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 4,152,000 | 0 | |
Unrealized Gain (Loss) | (56,000) | 0 | |
EUR / THB | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 1,332,000 | 0 | |
Unrealized Gain (Loss) | 18,000 | 0 | |
GBP / THB | Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 842,000 | 0 | |
Unrealized Gain (Loss) | $ 10,000 | $ 0 |
Derivatives - Notional Amount_2
Derivatives - Notional Amounts - Not Designated as Hedges (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | $ 54,750,000 | $ 47,400,000 | |
Gain (Loss) | 703,000 | (78,000) | |
Foreign exchange forward | |||
Derivative [Line Items] | |||
Gain (Loss) | (1,467,000) | 2,725,000 | $ 239,000 |
Foreign exchange forward | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Gain (Loss) | 703,000 | (78,000) | |
AUD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 6,046,000 | 10,000,000 | |
Gain (Loss) | (159,000) | (94,000) | |
CAD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 8,320,000 | 8,000,000 | |
Gain (Loss) | 88,000 | (50,000) | |
EUR / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 10,000,000 | |
Gain (Loss) | 0 | 104,000 | |
DKK / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 8,690,000 | 0 | |
Gain (Loss) | 207,000 | 0 | |
GBP / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 16,062,000 | 7,000,000 | |
Gain (Loss) | 338,000 | 40,000 | |
NZD / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 0 | 4,500,000 | |
Gain (Loss) | 0 | (101,000) | |
NZD / AUD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 6,579,000 | 7,900,000 | |
Gain (Loss) | (35,000) | 23,000 | |
NOK / USD | Not Designated as Hedging Instrument | |||
Derivative [Line Items] | |||
Notional Amount, Derivative | 9,053,000 | 0 | |
Gain (Loss) | $ 264,000 | $ 0 |
Derivatives - Balance Sheet Loc
Derivatives - Balance Sheet Location (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Assets | $ 1,321 | $ 838 |
Other Current Assets | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 424 | 668 |
Other Current Assets | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Assets | 897 | 170 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,432 | 905 |
Accrued Expenses | Foreign exchange forward | Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | 1,238 | 657 |
Accrued Expenses | Foreign exchange forward | Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Liabilities | $ 194 | $ 248 |
Derivatives - Gain (Loss) in St
Derivatives - Gain (Loss) in Statement of Finacial Position (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | $ (825,000) | $ (571,000) | $ 1,894,000 |
Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,467,000) | 2,725,000 | 239,000 |
Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | (1,467,000) | 2,725,000 | $ 239,000 |
Foreign exchange forward | Cash Flow Hedging | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | (2,129,000) | 1,958,000 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (1,407,000) | 2,528,000 | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | |
Not Designated as Hedging Instrument | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | 703,000 | (78,000) | |
Not Designated as Hedging Instrument | Foreign exchange forward | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 703,000 | $ (78,000) |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Mar. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||||
Minimum | |||||||
Derivative [Line Items] | |||||||
Percentage of forcasted transactions with currency rate exposure | 50.00% | ||||||
Maximum | |||||||
Derivative [Line Items] | |||||||
Percentage of forcasted transactions with currency rate exposure | 90.00% | ||||||
Foreign exchange forward | |||||||
Derivative [Line Items] | |||||||
Notional amount of derivatives, matured during period | $ 210,029,000 | $ 148,874,000 | |||||
Gain (Loss) | 1,467,000 | (2,725,000) | $ (239,000) | ||||
Selling, general and administrative expense | Foreign exchange forward | |||||||
Derivative [Line Items] | |||||||
Gain (Loss) | (703,000) | 78,000 | 150,000 | ||||
Cash Flow Hedging | |||||||
Derivative [Line Items] | |||||||
Gain (Loss) | 1,467,000 | (2,725,000) | (239,000) | ||||
Cash Flow Hedging | Net sales | |||||||
Derivative [Line Items] | |||||||
Gain (Loss) | (1,359,000) | (52,000) | |||||
Derivative, Gain on Derivative | (1,352,000) | ||||||
Cash Flow Hedging | Cost of products sold | |||||||
Derivative [Line Items] | |||||||
Loss on derivative | $ 1,591,000 | ||||||
Derivative, Gain on Derivative | (2,826,000) | (2,673,000) | |||||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 | |||||||
Derivative [Line Items] | |||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 1,250,000 | 61,091,000 | $ 150,000,000 | |||
Interest rate (as a percent) | 5.00% | 5.00% | |||||
Proceeds from Issuance of Warrants | $ 12,376,000 | ||||||
Convertible due 2021 - Bond Hedge, Initial Fair Value | 27,975,000 | ||||||
Convertible Debt 2021 Conversion Feature, Initial Fair Value | $ 34,480,000 | ||||||
Convertible Subordinated Debt | Convertible Senior Notes at 4.50% February 2022 | |||||||
Derivative [Line Items] | |||||||
Debt Instrument, Face Amount | $ 120,000,000 | $ 81,500,000 | $ 120,000,000 | $ 120,000,000 | |||
Interest rate (as a percent) | 4.50% | 4.50% | |||||
Proceeds from Issuance of Warrants | $ 14,100,000 | $ 14,100,000 | |||||
Convertible due 2022 - Bond Hedge, Fair Value at Issuance | 24,780,000 | ||||||
Convertible Debt 2022 Conversion Feature, Initial Fair Value | $ 28,859,000 |
Derivatives - Fair Value of Con
Derivatives - Fair Value of Convertible Debt Hedges (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Fair Values Convertible Debt Hedges, Net | $ 0 | |
Fair Values Convertible Debt Hedges, Gain (Loss) | 0 | $ 1,197,000 |
Convertible Senior Notes at 5.00% February 2021 | Convertible Subordinated Debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature Gain (Loss) | 0 | (2,210,000) |
Convertible Debt Note Hedge Gain (Loss) | 0 | 2,852,000 |
Convertible Senior Notes at 4.50% February 2022 | Convertible Subordinated Debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature Gain (Loss) | 0 | (6,193,000) |
Convertible Debt Note Hedge Gain (Loss) | 0 | $ 6,748,000 |
Fair Value, Measurements, Recurring | Convertible Debt 2021 Conversion Feature [Member] | Fair Value, Inputs, Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt 2021 Conversion Feature, Fair Value | 0 | |
Fair Value, Measurements, Recurring | Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Inputs, Level 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt 2022 Conversion Feature, Fair Value | $ 0 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Convertible Debt Bond Hedge [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible 2021 note hedge asset | $ 0 | |
Convertible due 2022 - Bond Hedge, Fair Value | 0 | |
Foreign exchange forward | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | $ 0 |
Foreign exchange forward | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (111) | (67) |
Foreign exchange forward | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | $ 0 |
Convertible Debt 2021 Conversion Feature [Member] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt 2021 Conversion Feature, Fair Value | 0 | |
Convertible Debt 2022 Conversion Feature [Domain] | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Convertible Debt 2022 Conversion Feature, Fair Value | $ 0 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 105,298 | $ 80,063 |
Other investments | 85 | 85 |
Installment receivables, net of reserves | 1,322 | 913 |
Long-term debt (including current maturities of long-term debt) | (245,053) | (219,522) |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 105,298 | 80,063 |
Other investments | 85 | 85 |
Installment receivables, net of reserves | 1,322 | 913 |
Long-term debt (including current maturities of long-term debt) | (237,948) | (207,193) |
Foreign exchange forward | Other Current Assets | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,321 | 838 |
Foreign exchange forward | Other Current Assets | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative assets | 1,321 | 838 |
Foreign exchange forward | Accrued Expenses | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | (1,432) | (905) |
Foreign exchange forward | Accrued Expenses | Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liabilities | $ (1,432) | $ (905) |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Maturity of corporate debt with similar credit risk | 20 years | ||
US treasury bond maturity | 20 years | ||
Discounted cash flow, discount rate | 11.27% | 11.88% | 12.41% |
Discounted cash flow sensitivity analysis discount rate rncrease | 10000.00% | ||
Foreign exchange forward | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Gain (Loss) | $ (1,467,000) | $ 2,725,000 | $ 239,000 |
Business Segments - (Narrative)
Business Segments - (Narrative) (Details) | Dec. 31, 2020 |
Customer Concentration Risk | Net Sales | |
Segment Reporting Information [Line Items] | |
Maximum percent of revenue from single customer | 5.90% |
Business Segments - (Informatio
Business Segments - (Information by Segment) (Details) - USD ($) | 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] | |||||||||||
Revenues | $ 224,043,000 | $ 211,906,000 | $ 196,300,000 | $ 218,440,000 | $ 232,913,000 | $ 235,774,000 | $ 235,858,000 | $ 223,419,000 | $ 850,689,000 | $ 927,964,000 | $ 972,347,000 |
Charges | 2,701,000 | 1,580,000 | 1,685,000 | 1,392,000 | 8,188,000 | $ 1,628,000 | 1,321,000 | $ 692,000 | 7,358,000 | 11,829,000 | 3,481,000 |
Depreciation and amortization | 14,317,000 | 15,563,000 | 15,556,000 | ||||||||
Net interest expense (income) | 28,406,000 | 28,647,000 | 27,802,000 | ||||||||
Operating Income (Loss) | 11,327,000 | (10,410,000) | (18,294,000) | ||||||||
Restructuring Charges, Net of Inventory Adjustments | (7,358,000) | (11,829,000) | (3,481,000) | ||||||||
Asset write-downs to intangible assets | (587,000) | 0 | (587,000) | (583,000) | |||||||
Loss (gain) on Convertible Debt Derivatives | $ (1,470,000) | 0 | 1,197,000 | 11,994,000 | |||||||
Loss on debt extinguishment including debt finance charges and associated fees | $ 761,000 | $ 6,599,000 | 5,885,000 | (7,360,000) | (6,165,000) | 0 | |||||
Interest Revenue (Expense), Net | (28,406,000) | (28,647,000) | (27,802,000) | ||||||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (24,439,000) | (44,025,000) | (34,102,000) | ||||||||
Assets | 945,981,000 | 852,126,000 | 945,981,000 | 852,126,000 | 885,855,000 | ||||||
Long-lived assets | 571,515,000 | 496,249,000 | 571,515,000 | 496,249,000 | 488,445,000 | ||||||
Expenditures for assets | 22,304,000 | 10,874,000 | 9,823,000 | ||||||||
Gain on sale of business | $ 9,590,000 | 9,790,000 | 0 | 0 | |||||||
Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 468,041,000 | 533,048,000 | 558,518,000 | ||||||||
Charges | 5,934,000 | 9,579,000 | 1,773,000 | ||||||||
Depreciation and amortization | 7,615,000 | 7,851,000 | 8,125,000 | ||||||||
Net interest expense (income) | 1,884,000 | 368,000 | 225,000 | ||||||||
Operating Income (Loss) | 22,682,000 | 36,174,000 | 32,673,000 | ||||||||
Assets | 705,314,000 | 602,471,000 | 705,314,000 | 602,471,000 | 611,230,000 | ||||||
Long-lived assets | 472,599,000 | 408,847,000 | 472,599,000 | 408,847,000 | 407,021,000 | ||||||
Expenditures for assets | 5,221,000 | 6,041,000 | 5,348,000 | ||||||||
North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 348,307,000 | 348,201,000 | 364,590,000 | ||||||||
Charges | 1,306,000 | 1,617,000 | 1,359,000 | ||||||||
Depreciation and amortization | 6,013,000 | 6,429,000 | 6,228,000 | ||||||||
Net interest expense (income) | 26,510,000 | 28,070,000 | 27,355,000 | ||||||||
Operating Income (Loss) | 9,449,000 | (7,592,000) | (32,506,000) | ||||||||
Assets | 207,347,000 | 212,733,000 | 207,347,000 | 212,733,000 | 242,341,000 | ||||||
Long-lived assets | 92,195,000 | 79,369,000 | 92,195,000 | 79,369,000 | 77,009,000 | ||||||
Expenditures for assets | 16,473,000 | 3,679,000 | 3,648,000 | ||||||||
All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 34,341,000 | 46,715,000 | 49,239,000 | ||||||||
Charges | 118,000 | 633,000 | 349,000 | ||||||||
Depreciation and amortization | 689,000 | 1,283,000 | 1,203,000 | ||||||||
Net interest expense (income) | 12,000 | 209,000 | 222,000 | ||||||||
Operating Income (Loss) | (23,236,000) | (26,576,000) | (14,397,000) | ||||||||
Assets | 33,320,000 | 36,922,000 | 33,320,000 | 36,922,000 | 32,284,000 | ||||||
Long-lived assets | $ 6,721,000 | $ 8,033,000 | 6,721,000 | 8,033,000 | 4,415,000 | ||||||
Expenditures for assets | 610,000 | 1,154,000 | 827,000 | ||||||||
Operating Segments | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 468,041,000 | 533,048,000 | 558,518,000 | ||||||||
Operating Segments | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 348,307,000 | 348,201,000 | 364,590,000 | ||||||||
Operating Segments | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 34,341,000 | 46,715,000 | 49,239,000 | ||||||||
Intersegment Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 100,660,000 | 107,945,000 | 124,465,000 | ||||||||
Intersegment Eliminations | Europe | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 17,384,000 | 14,185,000 | 15,784,000 | ||||||||
Intersegment Eliminations | North America | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 80,748,000 | 80,727,000 | 90,944,000 | ||||||||
Intersegment Eliminations | All Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 2,528,000 | $ 13,033,000 | $ 17,737,000 |
Business Segments - (Net Sales
Business Segments - (Net Sales by Product) (Details) - 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 | |
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 224,043 | $ 211,906 | $ 196,300 | $ 218,440 | $ 232,913 | $ 235,774 | $ 235,858 | $ 223,419 | $ 850,689 | $ 927,964 | $ 972,347 |
Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 468,041 | 533,048 | 558,518 | ||||||||
North America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 348,307 | 348,201 | 364,590 | ||||||||
All Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 34,341 | 46,715 | 49,239 | ||||||||
Operating Segments | Europe | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 468,041 | 533,048 | 558,518 | ||||||||
Operating Segments | Europe | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 222,668 | 245,987 | 263,340 | ||||||||
Operating Segments | Europe | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 200,687 | 249,144 | 252,997 | ||||||||
Operating Segments | Europe | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 24,786 | 19,258 | 23,736 | ||||||||
Operating Segments | Europe | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 19,900 | 18,659 | 18,445 | ||||||||
Operating Segments | North America | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 348,307 | 348,201 | 364,590 | ||||||||
Operating Segments | North America | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 165,267 | 173,039 | 172,622 | ||||||||
Operating Segments | North America | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 109,923 | 121,955 | 122,013 | ||||||||
Operating Segments | North America | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 72,285 | 51,649 | 67,797 | ||||||||
Operating Segments | North America | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 832 | 1,558 | 2,158 | ||||||||
Operating Segments | All Other | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 34,341 | 46,715 | 49,239 | ||||||||
Operating Segments | All Other | Lifestyle Products | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 13,503 | 10,831 | 10,829 | ||||||||
Operating Segments | All Other | Mobility and Seating | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 14,150 | 28,448 | 31,286 | ||||||||
Operating Segments | All Other | Respiratory Therapy | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | 1,383 | 1,283 | 1,330 | ||||||||
Operating Segments | All Other | Other Products and Services | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Revenues | $ 5,305 | $ 6,153 | $ 5,794 |
Interim Financial Information -
Interim Financial Information - (Details) - 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] | |||||||||||
Revenues | $ 224,043 | $ 211,906 | $ 196,300 | $ 218,440 | $ 232,913 | $ 235,774 | $ 235,858 | $ 223,419 | $ 850,689 | $ 927,964 | $ 972,347 |
Gross profit | 65,574 | 60,040 | 56,650 | 62,988 | 67,961 | 67,585 | 65,066 | 61,455 | 245,252 | 262,067 | 267,676 |
Earnings (loss) before income taxes | (6,176) | (5,226) | (15,869) | 2,832 | (16,706) | (4,741) | (10,642) | (11,936) | (24,439) | (44,025) | (34,102) |
Net loss | $ (5,117) | $ (7,276) | $ (16,619) | $ 732 | $ (18,683) | $ (8,041) | $ (12,717) | $ (13,886) | $ (28,280) | $ (53,327) | $ (43,922) |
Net earnings (loss) per share - basic | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (0.56) | $ (0.24) | $ (0.38) | $ (0.42) | $ (0.83) | $ (1.59) | $ (1.33) |
Net Earnings (loss) per Share - Assuming Dilution (in dollars per share) | $ (0.15) | $ (0.21) | $ (0.48) | $ 0.02 | $ (0.56) | $ (0.24) | $ (0.38) | $ (0.42) | $ (0.83) | $ (1.59) | $ (1.33) |
Interim Financial Information_2
Interim Financial Information - Narrative (Details) - USD ($) | 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 | |
Finite-Lived Intangible Assets [Line Items] | |||||||||||
Gain (Loss) on Extinguishment of Debt, Net of Tax Per Diluted Share | $ 0.02 | $ 0.19 | $ 0.17 | ||||||||
Impairment of an intangible asset | $ 587,000 | $ 0 | $ 587,000 | $ 583,000 | |||||||
Gain on sale of business | $ 9,590,000 | 9,790,000 | 0 | 0 | |||||||
Gain (Loss) on Disposition of Business, Net of Tax | $ 10,578,000 | ||||||||||
Gain (Loss) on Sale of Business, Net of Tax, Per Diluted Share | $ 0.31 | ||||||||||
Loss on debt extinguishment including debt finance charges and associated fees | $ 761,000 | $ 6,599,000 | 5,885,000 | (7,360,000) | (6,165,000) | 0 | |||||
Gain (Loss) on Extinguishment of Debt, Net of tax | 761,000 | 6,599,000 | $ 5,885,000 | ||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Diluted Share | $ 0.01 | ||||||||||
Asset Impairment Charges, Net of Tax | $ 435,000 | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill), Net of Tax Per Diluted Share | $ 0.01 | ||||||||||
Loss (gain) on Convertible Debt Derivatives, Net of Tax | $ 1,470,000 | ||||||||||
Loss (gain) on Convertible Debt Derivatives, Per Diluted Share | $ (0.04) | ||||||||||
Charges | $ 2,701,000 | 1,580,000 | 1,685,000 | $ 1,392,000 | $ 8,188,000 | $ 1,628,000 | $ 1,321,000 | $ 692,000 | 7,358,000 | 11,829,000 | 3,481,000 |
Restructuring charges, net of tax | $ 2,062,000 | $ 1,092,000 | $ 1,304,000 | $ 1,181,000 | $ 5,932,000 | $ 1,229,000 | $ 1,200,000 | $ 642,000 | |||
Restructuring charges, net of tax, per diluted share | $ 0.06 | $ 0.03 | $ 0.04 | $ 0.03 | $ 0.18 | $ 0.04 | $ 0.04 | $ 0.02 | |||
Loss on debt extinguishment including debt finance charges and associated fees | $ 761,000 | $ 6,599,000 | $ 5,885,000 | (7,360,000) | (6,165,000) | 0 | |||||
Net gain on convertible debt derivatives | $ 1,470,000 | $ 0 | $ (1,197,000) | $ (11,994,000) | |||||||
Write off of debt fees | $ 273,000 | ||||||||||
Write off of debt fees, net of tax | $ 273,000 | ||||||||||
Write off of debt fees per diluted share | $ 0.01 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts - (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for doubtful accounts [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | $ 6,318 | $ 6,810 | $ 7,757 |
Charged To Cost And Expenses | 427 | 955 | 2,029 |
Additions (Deductions) Describe | (2,227) | (1,447) | (2,976) |
Balance At End of Period | 4,518 | 6,318 | 6,810 |
Inventory obsolescense reserve [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 18,178 | 18,342 | 19,003 |
Charged To Cost And Expenses | 3,304 | 3,542 | 3,673 |
Additions (Deductions) Describe | (817) | (3,706) | (4,334) |
Balance At End of Period | 20,665 | 18,178 | 18,342 |
Tax valuation allowances [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 162,790 | 174,659 | 167,203 |
Charged To Cost And Expenses | (701) | (8,413) | 13,517 |
Additions (Deductions) Describe | 1,209 | (3,456) | (6,061) |
Balance At End of Period | 163,298 | 162,790 | 174,659 |
Accrued warranty cost [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 11,626 | 16,353 | 22,468 |
Charged To Cost And Expenses | 7,408 | 6,155 | 7,616 |
Additions (Deductions) Describe | (8,043) | (10,882) | (13,731) |
Balance At End of Period | 10,991 | 11,626 | 16,353 |
Accrued product liability [Member] | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance At Beginning of Period | 16,150 | 16,593 | 16,480 |
Charged To Cost And Expenses | 1,139 | 2,527 | 5,586 |
Additions (Deductions) Describe | (2,532) | (2,970) | (5,473) |
Balance At End of Period | $ 14,757 | $ 16,150 | $ 16,593 |