Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-23486 | |
Entity Registrant Name | NN, Inc. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 62-1096725 | |
Entity Address, Address Line One | 6210 Ardrey Kell Road, Suite 600 | |
Entity Address, City or Town | Charlotte | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 28277 | |
City Area Code | 980 | |
Local Phone Number | 264-4300 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | NNBR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 43,033,548 | |
Entity Central Index Key | 0000918541 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement [Abstract] | ||||
Net sales | $ 117,244 | $ 113,761 | $ 367,205 | $ 308,506 |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 98,642 | 90,076 | 298,127 | 249,612 |
Selling, general, and administrative expense | 12,181 | 13,745 | 40,341 | 44,178 |
Depreciation and amortization | 11,605 | 11,435 | 34,860 | 34,119 |
Goodwill impairment | 0 | 0 | 0 | 92,942 |
Other operating expense (income), net | (572) | (39) | (901) | 4,138 |
Loss from operations | (4,612) | (1,456) | (5,222) | (116,483) |
Interest expense | 3,578 | 6,873 | 9,175 | 17,036 |
Loss on extinguishment of debt and write-off of debt issuance costs | 0 | 144 | 2,390 | 144 |
Derivative payments on interest rate swap | 0 | 0 | 1,717 | 0 |
Loss on interest rate swap | 0 | 0 | 2,033 | 0 |
Other expense (income), net | (4,346) | (262) | (2,788) | 67 |
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture | (3,844) | (8,211) | (17,749) | (133,730) |
Benefit (provision) for income taxes | (375) | 8,715 | 612 | 7,935 |
Share of net income from joint venture | 842 | 1,136 | 3,456 | 1,792 |
Income (loss) from continuing operations | (3,377) | 1,640 | (13,681) | (124,003) |
Income (loss) from discontinued operations, net of tax (Note 2) | 0 | 20,330 | 0 | (123,966) |
Net income (loss) | (3,377) | 21,970 | (13,681) | (247,969) |
Other comprehensive income (loss): | ||||
Foreign currency translation gain (loss) | (2,612) | 6,712 | (1,550) | (6,636) |
Change in fair value, net of tax | (176) | 21 | (176) | (12,443) |
Reclassification adjustment for losses included in net income (loss), net of tax | 22 | 3,148 | 2,873 | 6,838 |
Other comprehensive income (loss) | (2,766) | 9,881 | 1,147 | (12,241) |
Comprehensive income (loss) | $ (6,143) | $ 31,851 | $ (12,534) | $ (260,210) |
Basic net income (loss) per common share: | ||||
Loss from continuing operations per common share (in dollars per share) | $ (0.13) | $ (0.04) | $ (0.75) | $ (3.16) |
Loss from discontinued operations per common share (in dollars per share) | 0 | 0.49 | 0 | (2.94) |
Net loss per common share (in dollars per shares) | $ (0.13) | $ 0.45 | $ (0.75) | $ (6.10) |
Weighted average common shares outstanding, basic (in shares) | 44,455 | 42,202 | 43,862 | 42,170 |
Diluted net income (loss) per common share: | ||||
Loss from continuing operations per common share (in dollars per share) | $ (0.13) | $ (0.04) | $ (0.75) | $ (3.16) |
Loss from discontinued operations per common share (in dollars per share) | 0 | 0.49 | 0 | (2.94) |
Net loss per common share (in dollars per share) | $ (0.13) | $ 0.45 | $ (0.75) | $ (6.10) |
Weighted average common shares outstanding, diluted (in shares) | 44,455 | 42,202 | 43,862 | 42,170 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 24,611 | $ 48,138 |
Accounts receivable, net | 83,990 | 84,615 |
Inventories | 75,321 | 62,517 |
Income tax receivable | 11,742 | 8,800 |
Other current assets | 11,837 | 11,148 |
Total current assets | 207,501 | 215,218 |
Property, plant and equipment, net | 212,468 | 223,690 |
Operating lease right-of-use assets | 47,449 | 50,264 |
Intangible assets, net | 92,305 | 103,065 |
Investment in joint venture | 30,799 | 26,983 |
Deferred tax assets | 131 | 0 |
Other non-current assets | 4,053 | 5,742 |
Total assets | 594,706 | 624,962 |
Current liabilities: | ||
Accounts payable | 44,033 | 37,435 |
Accrued salaries, wages and benefits | 18,858 | 21,296 |
Income tax payable | 1,339 | 3,557 |
Current maturities of long-term debt | 3,355 | 4,885 |
Current portion of operating lease liabilities | 5,505 | 4,797 |
Other current liabilities | 11,983 | 31,261 |
Total current liabilities | 85,073 | 103,231 |
Deferred tax liabilities | 8,344 | 11,178 |
Long-term debt, net of current portion | 151,323 | 79,025 |
Operating lease liabilities, net of current portion | 52,417 | 55,053 |
Other non-current liabilities | 21,337 | 17,237 |
Total liabilities | 318,494 | 265,724 |
Commitments and contingencies (Note 11) | ||
Common stock - $0.01 par value per share, 90,000 shares authorized, 42,686 and 43,034 shares issued and outstanding at December 31, 2020 and September 30, 2021, respectively | 430 | 427 |
Additional paid-in capital | 476,540 | 493,332 |
Accumulated deficit | (219,556) | (205,875) |
Accumulated other comprehensive loss | (32,585) | (33,732) |
Total stockholders’ equity | 224,829 | 254,152 |
Total liabilities, preferred stock, and stockholders’ equity | 594,706 | 624,962 |
Series D Preferred Stock | ||
Current liabilities: | ||
Perpetual and convertible preferred stock | 51,383 | 0 |
Series B Preferred Stock | ||
Current liabilities: | ||
Perpetual and convertible preferred stock | $ 0 | $ 105,086 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 43,034,000 | 42,686,000 |
Common stock, shares outstanding (in shares) | 43,034,000 | 42,686,000 |
Series D Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 65,000 | |
Preferred stock, shares issued (in shares) | 65,000 | |
Preferred stock, shares outstanding (in shares) | 65,000 | |
Perpetual and convertible preferred stock | $ 51,383 | $ 0 |
Series B Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 100,000 | |
Preferred stock, shares issued (in shares) | 100,000 | |
Preferred stock, shares outstanding (in shares) | 100,000 | |
Perpetual and convertible preferred stock | $ 0 | $ 105,086 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional paid-in capital | Warrants | Accumulated deficit | Accumulated other comprehensive income (loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 42,313 | |||||
Beginning balance at Dec. 31, 2019 | $ 353,277 | $ 423 | $ 501,615 | $ 1,076 | $ (105,283) | $ (44,554) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Net loss | (247,969) | (247,969) | ||||
Dividends accrued for preferred stock | (9,133) | (9,133) | ||||
Share-based compensation expense (in shares) | 442 | |||||
Share-based compensation expense | 4,142 | $ 4 | 4,138 | |||
Restricted shares forgiven for taxes (in shares) | (16) | |||||
Restricted shares forgiven for taxes | (76) | $ 0 | (76) | |||
Change in estimate of share-based award vesting | (577) | (577) | ||||
Reclassification of warrants to liabilities (Note 17) | (1,076) | (1,076) | ||||
Change in fair value of interest rate swap, net of tax | (12,443) | (12,443) | ||||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 6,838 | 6,838 | ||||
Foreign currency translation gain (loss) | (6,636) | (6,636) | ||||
Ending balance (in shares) at Sep. 30, 2020 | 42,739 | |||||
Ending balance at Sep. 30, 2020 | 86,347 | $ 427 | 495,967 | 0 | (353,252) | (56,795) |
Beginning balance (in shares) at Jun. 30, 2020 | 42,747 | |||||
Beginning balance at Jun. 30, 2020 | 57,899 | $ 427 | 498,294 | 1,076 | (375,222) | (66,676) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Net loss | 21,970 | 21,970 | ||||
Dividends accrued for preferred stock | (3,139) | (3,139) | ||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 1,435 | $ 0 | 1,435 | |||
Restricted shares forgiven for taxes (in shares) | (8) | |||||
Restricted shares forgiven for taxes | (46) | (46) | ||||
Change in estimate of share-based award vesting | (577) | (577) | ||||
Reclassification of warrants to liabilities (Note 17) | (1,076) | (1,076) | ||||
Change in fair value of interest rate swap, net of tax | 21 | 21 | ||||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 3,148 | 3,148 | ||||
Foreign currency translation gain (loss) | 6,712 | 6,712 | ||||
Ending balance (in shares) at Sep. 30, 2020 | 42,739 | |||||
Ending balance at Sep. 30, 2020 | 86,347 | $ 427 | 495,967 | $ 0 | (353,252) | (56,795) |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Total stockholders' equity | 254,152 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 42,686 | |||||
Beginning balance at Dec. 31, 2020 | 254,152 | $ 427 | 493,332 | (205,875) | (33,732) | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Net loss | (13,681) | (13,681) | ||||
Dividends accrued for preferred stock | $ (19,054) | (19,054) | ||||
Shares issues for option exercises (in shares) | 6 | 6 | ||||
Stock Issued During Period, Value, Stock Options Exercised | $ 48 | $ 0 | 48 | |||
Share-based compensation expense (in shares) | 394 | |||||
Share-based compensation expense | 2,917 | $ 4 | 2,913 | |||
Restricted shares forgiven for taxes (in shares) | (52) | |||||
Restricted shares forgiven for taxes | (363) | $ (1) | (362) | |||
Change in estimate of share-based award vesting | (337) | (337) | ||||
Change in fair value of interest rate swap, net of tax | (176) | (176) | ||||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 2,873 | 2,873 | ||||
Foreign currency translation gain (loss) | (1,550) | (1,550) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 43,034 | |||||
Ending balance at Sep. 30, 2021 | 224,829 | $ 430 | 476,540 | (219,556) | (32,585) | |
Beginning balance (in shares) at Jun. 30, 2021 | 43,034 | |||||
Beginning balance at Jun. 30, 2021 | 232,355 | $ 430 | 477,923 | (216,179) | (29,819) | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Net loss | (3,377) | (3,377) | ||||
Dividends accrued for preferred stock | (2,314) | (2,314) | ||||
Share-based compensation expense (in shares) | 0 | |||||
Share-based compensation expense | 931 | $ 0 | 931 | |||
Change in fair value of interest rate swap, net of tax | (176) | (176) | ||||
Reclassification of interest rate swap settlement to net income (loss), net of tax | 22 | 22 | ||||
Foreign currency translation gain (loss) | (2,612) | (2,612) | ||||
Ending balance (in shares) at Sep. 30, 2021 | 43,034 | |||||
Ending balance at Sep. 30, 2021 | 224,829 | $ 430 | $ 476,540 | $ (219,556) | $ (32,585) | |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ||||||
Total stockholders' equity | $ 224,829 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||
Change in fair value of interest rate swap, tax | $ 53 | $ 6 | $ 53 | $ 3,764 |
Reclassification of interest rate swap settlement, tax | $ 7 | $ 952 | $ 868 | $ 2,068 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | ||
Net Cash Provided by (Used in) Operating Activities [Abstract] | |||
Net loss | $ (13,681) | $ (247,969) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization of continuing operations | 34,860 | 34,119 | |
Depreciation and amortization of discontinued operations | 0 | 35,731 | |
Amortization of debt issuance costs and discount | 1,049 | 4,981 | |
Goodwill impairment of continuing operations | 0 | 92,942 | |
Goodwill impairment of discontinued operations | 0 | 146,757 | |
Loss on extinguishment of debt and write-off of debt issuance costs | 2,390 | 1,532 | |
Total derivative loss, net of cash settlements | 3,750 | 0 | |
Share of net income from joint venture | (3,456) | (1,792) | |
Compensation expense from issuance of share-based awards | 2,580 | 3,565 | |
Deferred income taxes | (3,720) | (61,889) | |
Other | (1,834) | (1,516) | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 136 | 4,894 | |
Inventories | (13,252) | 4,149 | |
Accounts payable | 7,982 | (1,702) | |
Income taxes receivable and payable, net | (5,171) | (10,753) | |
Other | (5,942) | 16,295 | |
Net cash provided by operating activities | 5,691 | 19,344 | |
Cash flows from investing activities | |||
Acquisition of property, plant and equipment | (14,556) | (20,518) | |
Proceeds from sale of property, plant, and equipment | 1,177 | 3,153 | |
Cash paid for post-closing adjustments on sale of business | (3,880) | 0 | |
Cash settlements of interest rate swap | (15,420) | 0 | |
Net cash used in investing activities | (32,679) | (17,365) | |
Cash flows from financing activities | |||
Cash paid for debt issuance costs | (7,360) | (661) | |
Proceeds from issuance of preferred stock | 61,793 | 0 | |
Redemption of preferred stock | (122,434) | 0 | |
Proceeds from long-term debt | 166,000 | 64,716 | |
Repayments of long-term debt | (88,058) | (17,123) | |
Repayments of short-term debt, net | (1,563) | (849) | |
Other | (3,859) | (2,142) | |
Net cash provided by financing activities | 4,519 | 43,941 | |
Effect of exchange rate changes on cash flows | (1,058) | (5,506) | |
Net change in cash and cash equivalents | (23,527) | 40,414 | |
Cash and cash equivalents at beginning of period | [1] | 48,138 | 31,703 |
Cash cash equivalents at end of period | [1] | $ 24,611 | $ 72,117 |
[1] | Cash and cash equivalents include $16.0 million and $13.8 million of cash and cash equivalents that were included in current assets of discontinued operations as of September 30, 2020, and December 31, 2019, respectively. |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 16 | $ 13.8 |
Interim Financial Statements
Interim Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | Interim Financial Statements Nature of Business NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the automotive, general industrial, electrical, aerospace, defense, and medical markets. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2020, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. Historical periods presented reflect reclassifications for discontinued operations (see Note 2). In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three and nine months ended September 30, 2021 and 2020; financial position as of September 30, 2021, and December 31, 2020; and cash flows for the nine months ended September 30, 2021 and 2020, on a basis consistent with our audited consolidated financial statements other than the adoption of new accounting standards (see Accounting Standards Recently Adopted section below). These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the interim financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2020 Annual Report. The results for the three and nine months ended September 30, 2021, are not necessarily indicative of results for the year ending December 31, 2021, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. Accounting Standards Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard was effective for us beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and related disclosures. Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (“ASU 2020-06”) which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. We plan to adopt ASU 2020-06 effective January 1, 2022 using the modified retrospective adoption method. We do not anticipate that the adoption will have a material impact on our consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options , (“ASU 2021-04”) which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations In October 2020, we closed on the sale of our Life Sciences business under the terms of a Stock Purchase Agreement (the “SPA”) with affiliates of American Securities LLC for $753.3 million cash. The SPA includes a potential earnout payment of up to $70.0 million based on the performance of the Life Sciences business during the year ending December 31, 2022, measured by Adjusted EBITDA targets, as defined by the SPA. After working capital and other closing adjustments, we received cash proceeds at closing of $757.2 million in 2020 and paid $3.9 million to the buyer during the nine months ended September 30, 2021, for post-closing adjustments. Under the terms of a transition services agreement, we provided certain support services after the sale. In accordance with the terms of the SPA, we agreed to indemnify the buyer for certain tax liabilities on its consolidated federal income tax return related to the Life Sciences business during the portion of the year ended December 31, 2020, prior to the change in ownership on October 6, 2020. We estimate that the tax indemnification will result in a payment of approximately $1.2 million to the buyer during the year ending December 31, 2021, and we have recorded this estimated obligation in the “Other current liabilities” line item on the Condensed Consolidated Balance Sheets as of September 30, 2021, and December 31, 2020. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations , the operating results of the Life Sciences business are classified as discontinued operations. The presentation of discontinued operations includes revenues and expenses of the discontinued operations as well as any gain on the disposition of the business, all net of tax, as one line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for all historical periods presented have been revised to reflect this presentation. Accordingly, the results of the Life Sciences business have been excluded from continuing operations and segment results for all historical periods presented in the condensed consolidated financial statements and the accompanying notes unless otherwise stated. The Condensed Consolidated Statements of Cash Flows for historical periods include cash flows of the Life Sciences business in each line item unless otherwise stated. The following table presents the operating results of the discontinued operations. Three Months Ended Nine Months Ended Net sales $ 68,525 $ 223,944 Cost of sales (exclusive of depreciation and amortization shown separately below) 50,444 158,538 Selling, general, and administrative expense 6,164 20,189 Depreciation and amortization 12,030 35,731 Goodwill impairment — 146,757 Other operating expense, net 24 20 Loss from operations (137) (137,291) Interest expense 12,248 37,857 Loss on extinguishment of debt and write-off of debt issuance costs 1,388 1,388 Other income, net (234) (325) Loss from discontinued operations before costs of disposal and benefit for income taxes (13,539) (176,211) Benefit for income taxes 39,954 59,598 Income (loss) from discontinued operations before costs of disposal 26,415 (116,613) Costs of disposal of discontinued operations (1) (6,598) (7,956) Benefit for income taxes on costs of disposal 513 603 Income (loss) from discontinued operations, net of tax $ 20,330 $ (123,966) _______________________________ (1) Represents incremental direct costs related to the sale of the Life Sciences business that were incurred prior to the closing of the sale. During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The carrying value of the Life Sciences reporting unit exceeded its estimated fair value as of March 31, 2020. As a result of our analysis, we recorded an impairment loss on goodwill of $146.8 million for Life Sciences. The judgments, assumptions, and estimates involved in the goodwill impairment analysis for the Life Sciences reporting unit are consistent with those discussed in Note 5. Our previous credit facility, which was in place at the time, required us to use proceeds from the sale of the Life Sciences business to prepay a portion of our previous debt. We paid $700.0 million in the aggregate on our term loans immediately after the transaction closed on October 6, 2020. The prepayment was applied to debt in accordance with the prepayment provisions of the previous credit agreement, which was in place at the time. Average quarterly interest rates were multiplied by the required prepayment amounts to calculate interest expense to be reclassified to discontinued operations for historical periods presented. The following table summarizes the amount of interest expense related to the previous credit facility that has been reclassified to discontinued operations. Three Months Ended Nine Months Ended Interest on debt $ 11,060 $ 34,410 Amortization of debt issuance costs 1,215 3,692 Capitalized interest (114) (519) Other 87 274 Total interest expense of discontinued operations $ 12,248 $ 37,857 The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for the historical period presented. Nine Months Ended Depreciation and amortization $ 35,731 Goodwill impairment 146,757 Amortization of debt issuance costs 3,692 Loss on extinguishment of debt and write-off of debt issuance costs 1,388 Acquisition of property, plant and equipment 7,626 Right-of-use assets obtained in exchange for new finance lease liabilities 695 Right-of-use assets obtained in exchange for new operating lease liabilities (1) 6,174 _______________________________ (1) Includes new leases, renewals, and modifications. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information Our business is aggregated into the following two reportable segments: • Mobile Solutions, which is focused on growth in the automotive and general industrial end markets; and • Power Solutions, which is focused on growth in the electrical, general industrial, automotive, aerospace, defense, and medical end markets. These divisions are considered our two operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance. Historically, we had a third operating segment, Life Sciences, that was focused on growth in the medical end market. See Note 2 for information regarding the sale of the Life Sciences business on October 6, 2020. The results of the Life Sciences business are classified as discontinued operations for the three and nine months ended September 30, 2020, and therefore are not included in the tabular presentation below. The following tables present results of continuing operations by reportable segment. Mobile Power Corporate Total Three Months Ended September 30, 2021 Net sales $ 68,586 $ 48,680 $ (22) (a) $ 117,244 Income (loss) from operations (257) 1,252 (5,607) $ (4,612) Interest expense (3,578) Other 4,346 Loss from continuing operations before income taxes and share of net income from joint venture $ (3,844) Three Months Ended September 30, 2020 Net sales $ 70,371 $ 43,415 $ (25) (a) $ 113,761 Income (loss) from operations 4,953 1,143 (7,552) $ (1,456) Interest expense (6,873) Other 118 Loss from continuing operations before income taxes and share of net income from joint venture $ (8,211) Mobile Power Corporate Total Nine Months Ended September 30, 2021 Net sales $ 220,248 $ 147,026 $ (69) (a) $ 367,205 Income (loss) from operations 8,342 6,559 (20,123) $ (5,222) Interest expense (9,175) Other (3,352) Loss from continuing operations before income taxes and share of net income from joint venture $ (17,749) Nine Months Ended September 30, 2020 Net sales $ 181,292 $ 127,307 $ (93) (a) $ 308,506 Goodwill impairment — 92,942 — 92,942 Income (loss) from operations 625 (87,737) (29,371) $ (116,483) Interest expense (17,036) Other (211) Loss from continuing operations before income taxes and share of net income from joint venture $ (133,730) _______________________________ (a) Includes elimination of intersegment transactions occurring during the ordinary course of business. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Inventories are comprised of the following amounts: September 30, 2021 December 31, 2020 Raw materials $ 26,489 $ 22,589 Work in process 25,978 20,758 Finished goods 22,854 19,170 Total inventories $ 75,321 $ 62,517 |
Goodwill
Goodwill | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The goodwill impairment analysis required significant judgments to calculate the fair value for the Power Solutions reporting unit, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term growth rate for the operating segment, and determination of weighted average cost of capital. Our forecasts used in the goodwill impairment analysis reflected our expectations of declines in sales resulting from COVID-19. Significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate, and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. The carrying value of the Power Solutions reporting unit exceeded the estimated fair value as of the March 31, 2020, analysis. As a result of our analysis, we recorded an impairment loss on goodwill of $92.9 million to the “Goodwill impairment” line on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of September 30, 2021, and December 31, 2020, there was no remaining goodwill balance. |
Intangible Assets, Net
Intangible Assets, Net | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | Intangible Assets, Net The following table shows changes in the carrying amount of intangible assets, net, by reportable segment. Mobile Power Total Balance as of December 31, 2020 $ 29,062 $ 74,003 $ 103,065 Amortization (2,515) (8,245) (10,760) Balance as of September 30, 2021 $ 26,547 $ 65,758 $ 92,305 |
Investment in Joint Venture
Investment in Joint Venture | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | Investment in Joint Venture We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method. The following table shows changes in our investment in the JV. Balance as of December 31, 2020 $ 26,983 Share of earnings 3,456 Foreign currency translation gain 360 Balance as of September 30, 2021 $ 30,799 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate for continuing operations was (9.8)% and 3.5% for the three and nine months ended September 30, 2021, respectively, and 106.1% and 5.9% for the three and nine months ended September 30, 2020, respectively. The effective tax rate for the three and nine months ended September 30, 2021, differs from the U.S. federal statutory tax rate of 21% primarily due to the accrual of tax on non-permanently reinvested unremitted earnings of foreign subsidiaries and by limitation on the amount of tax benefit recorded for loss carryforwards in certain jurisdictions where we believe it is more likely than not that a portion of the future tax benefit may not be realized. In addition, the effective tax rate was unfavorably impacted by U.S. tax on the earnings of foreign subsidiaries under the global intangible low-taxed income (“GILTI”) regime. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The provisions of the legislation had a significant impact on our effective tax rate and income tax receivable as of and for the nine months ended September 30, 2020. Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, were carried back to preceding tax years when the federal tax rate was 35% rather than the currently enacted 21%. The effective tax rate for the three and nine months ended September 30, 2020, was also adversely impacted by the effect of the non-deductible goodwill impairment on the estimated annual effective tax rate and the impact of the minimum GILTI tax, partially offset by impacts from the CARES Act. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt On March 22, 2021, we entered into a new $150.0 million term loan facility (the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (the “ABL Facility”). The proceeds from the Term Loan Facility were used to prepay the amounts outstanding on our previous term loans. The previous credit facility was terminated and consisted of a Senior Secured Term Loan, Incremental Term Loan, and Senior Secured Revolver. No amounts were outstanding on the Senior Secured Revolver at the time of termination. The following table presents debt balances as of September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Term Loan Facility $ 149,250 $ — Senior Secured Term Loan — 47,728 Incremental Term Loan — 22,716 International lines of credit and other loans 11,398 14,418 Total principal 160,648 84,862 Less-current maturities of long-term debt 3,355 4,885 Principal, net of current portion 157,293 79,977 Less-unamortized debt issuance costs and discount (1) 5,970 952 Long-term debt, net of current portion $ 151,323 $ 79,025 _______________________________ (1) In addition to this amount, costs of $0.7 million related to the ABL Facility were recorded in other non-current assets as of September 30, 2021, and $1.8 million related to the Senior Secured Revolver were recorded in other non-current assets as of December 31, 2020. We capitalized interest costs of $0.2 million and $0.2 million in the nine months ended September 30, 2021 and 2020, respectively, related to construction in progress. Term Loan Facility Outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month LIBOR (subject to a 1.000% floor) plus an applicable margin of 6.875% or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. At September 30, 2021, the Term Loan Facility bore interest, based on one-month LIBOR, at 7.875%. The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due on the final maturity date of September 22, 2026. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all assets other than accounts receivable and inventory and has a second lien on accounts receivable and inventory. We were in compliance with all requirements under the Term Loan Facility as of September 30, 2021. The Term Loan Facility was issued at a $3.8 million discount. We capitalized an additional $2.8 million in new debt issuance costs related to the Term Loan Facility. Debt issuance costs and original issue discount related to the Term Loan Facility are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt. ABL Facility The ABL Facility provides for a senior secured revolving credit facility in the amount of $50.0 million, of which $30.0 million is available in the form of letters of credit and $5.0 million is available for the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. The variable borrowing rate is either 1) LIBOR plus an applicable margin of 1.75% or 2.00%, depending on availability, or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month LIBOR, subject to a 0.50% floor. Interest payments are due monthly on borrowings that utilize one-month LIBOR and quarterly on borrowings that utilize three-month or six-month LIBOR. At September 30, 2021, using one-month LIBOR plus a 1.75% spread, the weighted average interest rate on outstanding borrowings under the ABL Facility would have been 2.25% if there had been any balance outstanding. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 1.875% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026. We had no outstanding borrowings under the ABL Facility at September 30, 2021. Total capacity under the ABL Facility was $47.7 million as of September 30, 2021, of which $36.5 million was available for future borrowings after reductions for outstanding letters of credit as of September 30, 2021. The ABL Facility has a first lien on accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of September 30, 2021. We capitalized a total of $0.8 million in new debt issuance costs related to the ABL Facility. Costs related to the ABL Facility are recorded in other non-current assets and amortized over the term of the agreement. Senior Secured Term Loan Outstanding borrowings under the Senior Secured Term Loan bore interest at one-month LIBOR (subject to a 0.75% floor) plus an applicable margin of 5.75%. During 2021 until termination, the Senior Secured Term Loan bore interest at 6.50%. Incremental Term Loan Outstanding borrowings under the Incremental Term Loan bore interest at one-month LIBOR plus an applicable margin of 5.75%. During 2021 until termination, the Incremental Term Loan bore interest at 5.90%. Senior Secured Revolver Outstanding borrowings under the Senior Secured Revolver bore interest on a variable rate structure at either 1) one-month LIBOR plus an applicable margin of 4.00% or 2) the prime lending rate plus an applicable margin of 3.00%. We had no outstanding borrowings under the Senior Secured Revolver during 2021. We incurred a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver until it was terminated. Debt Issuance Costs We recognized a $2.4 million loss on extinguishment for unamortized debt issuance costs that were written off in the nine months ended September 30, 2021, in connection with the termination of our previous credit facility. Interest Rate Swaps On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of the Term Loan Facility to a fixed rate of 1.291%. The interest rate swap has a notional amount of $60.0 million and a maturity date of July 31, 2024. A portion of the proceeds from the Term Loan Facility was used to settle and terminate our previous fixed-rate interest rate swap agreement with a cash payment of $13.7 million during the first quarter of 2021. Refer to Note 17 for further discussion of the interest rate swap agreements. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Leases | Leases The following table contains supplemental cash flow information related to leases of continuing operations. Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 154 $ 127 Operating cash flows used in operating leases 10,369 10,739 Financing cash flows used in finance leases 3,545 1,203 Right-of-use assets obtained in exchange for new finance lease liabilities 1,541 733 Right-of-use assets obtained in exchange for new operating lease liabilities (1) — 9,328 _______________________________ (1) Includes new leases, renewals, and modifications. |
Leases | Leases The following table contains supplemental cash flow information related to leases of continuing operations. Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 154 $ 127 Operating cash flows used in operating leases 10,369 10,739 Financing cash flows used in finance leases 3,545 1,203 Right-of-use assets obtained in exchange for new finance lease liabilities 1,541 733 Right-of-use assets obtained in exchange for new operating lease liabilities (1) — 9,328 _______________________________ (1) Includes new leases, renewals, and modifications. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation (“Autocam”) in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax or “VAT”) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and therefore is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we don’t expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of September 30, 2021. Securities Offering Matter On November 1, 2019, Erie County Employees’ Retirement System, on behalf of a purported class of plaintiffs, filed a complaint in the Supreme Court of the State of New York, County of New York, against the Company, certain of the Company’s current and former officers and directors, and each of the underwriters involved in the Company’s public offering and sale of 14.4 million shares of its common stock pursuant to a preliminary prospectus supplement, dated September 10, 2018, a final prospectus supplement, dated September 13, 2018, and a base prospectus, dated April 19, 2017, relating to the Company’s effective shelf registration statement on Form S-3 (File No. 333-216737) (the “Offering”), which complaint was amended on January 24, 2020. The complaint alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 in connection with the Offering. The plaintiffs seek to represent a class of stockholders who purchased shares of the Company’s common stock in the Offering. The complaint seeks unspecified monetary damages and other relief. The Company believes the complaint and allegations to be without merit and intends to vigorously defend itself against these actions. The Company is unable at this time to determine whether the outcome of the litigation would have a material impact on the Company’s financial position, results of operations, or cash flows. Other Legal Matters On October 26, 2020, Corre Opportunities Qualified Master Fund, LP, and Corre Horizon Fund, LP, (collectively, “Corre Partners”) filed a complaint in the Chancery Court of the State of Delaware against the Company. The complaint alleged that the Company’s sale of its Life Sciences business without obtaining the prior consent of the plaintiffs was a breach of the terms of the Series B Preferred Stock. On May 13, 2021, the Company entered into a cooperation agreement with Corre Partners. In connection with the cooperation agreement, on May 13, 2021, the Company also entered into a settlement agreement with Corre Partners, which resolved the complaint. |
Preferred Stock and Stockholder
Preferred Stock and Stockholders' Equity | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Preferred Stock and Stockholders' Equity | Preferred Stock and Stockholders' Equity Series D Perpetual Preferred Stock On March 22, 2021, we completed a private placement of 65 thousand shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. On March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027. The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital). In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 17 discusses the accounting for these features. As of September 30, 2021, the carrying value of the Series D Preferred Stock shares was $51.4 million, which included $4.7 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the nine months ended September 30, 2021. Nine Months Ended Beginning balance $ — Proceeds from issuance of shares, net of issuance costs 61,793 Fair value of 2021 Warrants issued (14,839) Recognition of bifurcated embedded derivative (282) Accrual of in-kind dividends 4,142 Amortization 569 Ending balance $ 51,383 Net cash proceeds of $61.8 million from the issuance of the Series D Preferred Stock, along with part of the proceeds from the Term Loan Facility, were used to redeem all of the outstanding shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”). Series B Convertible Preferred Stock The Series B Preferred Stock had a liquidation preference of $1,000 per share and was redeemable in cash at our option, subject to the applicable redemption premium. Series B Preferred Stock shares earned cumulative dividends at a rate of 10.625% per year, and accrued whether or not earned or declared. The Series B Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and bifurcated embedded derivatives. The aggregate discount was amortized as a deemed dividend through December 31, 2023, which is the date the holders had a non-contingent conversion option into a variable number of common shares equal to the liquidation preference plus accrued and unpaid dividends. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital). At redemption on March 22, 2021, the carrying value of the Series B Preferred Stock shares included $14.3 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series B Preferred Stock carrying value during the nine months ended September 30, 2021. Nine Months Ended Beginning balance $ 105,086 Accrual of in-kind dividends 14,008 Amortization 335 Redemption (119,429) Ending balance $ — Preferred Share Purchase Rights |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services. The following tables summarize revenue by customer geographical region. Three Months Ended September 30, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 35,812 $ 38,313 $ (22) $ 74,103 China 10,849 749 — 11,598 Brazil 8,951 192 — 9,143 Mexico 4,981 4,627 — 9,608 Germany 1,080 159 — 1,239 Poland 698 3 — 701 Other 6,215 4,637 — 10,852 Total net sales $ 68,586 $ 48,680 $ (22) $ 117,244 Three Months Ended September 30, 2020 Mobile Power Intersegment Total United States and Puerto Rico $ 37,116 $ 35,299 $ (25) $ 72,390 China 12,785 1,580 — 14,365 Brazil 7,100 253 — 7,353 Mexico 4,454 3,239 — 7,693 Germany 1,400 132 — 1,532 Poland 1,342 4 — 1,346 Other 6,174 2,908 — 9,082 Total net sales $ 70,371 $ 43,415 $ (25) $ 113,761 Nine Months Ended September 30, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 108,534 $ 117,543 $ (69) $ 226,008 China 38,482 3,537 — 42,019 Brazil 28,604 727 — 29,331 Mexico 14,825 12,373 — 27,198 Germany 4,216 419 — 4,635 Poland 2,782 10 — 2,792 Other 22,805 12,417 — 35,222 Total net sales $ 220,248 $ 147,026 $ (69) $ 367,205 Nine Months Ended September 30, 2020 Mobile Power Intersegment Total United States and Puerto Rico $ 94,482 $ 104,455 $ (93) $ 198,844 China 31,203 3,989 — 35,192 Brazil 17,815 446 — 18,261 Mexico 11,746 9,501 — 21,247 Germany 4,401 261 — 4,662 Poland 3,441 11 — 3,452 Other 18,204 8,644 — 26,848 Total net sales $ 181,292 $ 127,307 $ (93) $ 308,506 The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing. Three Months Ended September 30, 2021 Mobile Power Intersegment Total Automotive $ 43,486 $ 12,455 $ — $ 55,941 General Industrial 21,396 12,273 — 33,669 Residential/Commercial Electrical — 16,257 — 16,257 Other 3,704 7,695 (22) 11,377 Total net sales $ 68,586 $ 48,680 $ (22) $ 117,244 Three Months Ended September 30, 2020 Mobile Power Intersegment Total Automotive $ 47,484 $ 10,629 $ — $ 58,113 General Industrial 19,912 13,142 — 33,054 Residential/Commercial Electrical — 12,996 — 12,996 Other 2,975 6,648 (25) 9,598 Total net sales $ 70,371 $ 43,415 $ (25) $ 113,761 Nine Months Ended September 30, 2021 Mobile Power Intersegment Total Automotive $ 139,877 $ 38,036 $ — $ 177,913 General Industrial 70,155 39,608 — 109,763 Residential/Commercial Electrical — 48,237 — 48,237 Other 10,216 21,145 (69) 31,292 Total net sales $ 220,248 $ 147,026 $ (69) $ 367,205 Nine Months Ended September 30, 2020 Mobile Power Intersegment Total Automotive $ 119,069 $ 29,810 $ — $ 148,879 General Industrial 55,069 37,030 — 92,099 Residential/Commercial Electrical — 39,695 — 39,695 Other 7,154 20,772 (93) 27,833 Total net sales $ 181,292 $ 127,307 $ (93) $ 308,506 Transaction Price Allocated to Future Performance Obligations We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of September 30, 2021, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less. Sales Concentration We recognized sales from a single customer of $11.1 million, or 10%, and $37.3 million, or 10%, of consolidated net sales, during the three and nine months ended September 30, 2021, respectively. Revenues from this customer are primarily in our Mobile Solutions segment. |
Shared-Based Compensation
Shared-Based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Shared-Based Compensation | Share-Based Compensation Share-based compensation cost is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) except for $(0.2) million and $0.2 million, attributable to discontinued operations for the three and nine months ended September 30, 2020, respectively. The following table lists the components of share-based compensation expense by type of award. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 59 $ 132 $ 207 $ 453 Restricted stock 521 963 1,660 2,791 Performance share units 351 340 1,050 898 Change in estimate of share-based award vesting (1) — (577) (337) (577) Share-based compensation expense $ 931 $ 858 $ 2,580 $ 3,565 _______________________________ (1) Amounts reflect the decrease in share-based compensation expense based on the change in estimate of the probability of vesting of share-based awards. Stock Options The following table presents stock option activity for the nine months ended September 30, 2021. Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2021 871 $ 12.41 Exercised (6) 7.93 Forfeited or expired (118) 15.25 Outstanding at September 30, 2021 747 $ 11.99 3.6 years $ — (1) Exercisable at September 30, 2021 651 $ 12.45 3.0 years $ — (1) _______________________________ (1) The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at September 30, 2021, was greater than the exercise price of any individual option grant. Restricted Stock During the nine months ended September 30, 2021, we granted 459 thousand shares of restricted stock to non-executive directors, officers and certain other key employees. The shares of restricted stock granted during the nine months ended September 30, 2021, vest pro-rata generally over three years for employees and over one year for non-executive directors. We determined the fair value of the shares awarded by using the closing price of our common stock as of the date of grant. The weighted average grant date fair value of restricted stock granted in the nine months ended September 30, 2021, was $6.84 per share. Total grant date fair value of restricted stock that vested in the nine months ended September 30, 2021, was $2.8 million. The following table presents the status of unvested restricted stock awards as of September 30, 2021, and changes during the nine months then ended. Nonvested Weighted Unvested at January 1, 2021 385 $ 9.42 Granted 459 6.84 Vested (303) 9.34 Forfeited (65) 7.20 Unvested at September 30, 2021 476 $ 7.28 Performance Share Units Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. PSUs granted in 2021 were made pursuant to the NN, Inc. 2019 Omnibus Incentive Plan and a Performance Share Unit Agreement (the “2019 Omnibus Agreement”). Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). The TSR Awards vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of the S&P SmallCap 600 Index during specified performance periods as defined in the 2019 Omnibus Agreement. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. Each performance period generally begins on January 1 of the year of grant and ends 3 years later on December 31. We recognize compensation expense over the performance period in which the performance and market conditions are measured. If the PSUs do not vest at the end of the performance periods, then the PSUs will expire automatically. Upon vesting, the PSUs will be settled by the issuance of shares of our common stock, subject to the award recipient’s continued employment. The actual number of shares of common stock to be issued to each award recipient at the end of the performance periods will be interpolated between a threshold and maximum payout amount based on actual performance results. No dividends will be paid on outstanding PSUs during the performance period; however, dividend equivalents will be paid based on dividends declared and the number of shares of common stock that are ultimately earned at the end of the performance periods. With respect to the TSR and ROIC Awards, a participant will earn 50% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” For performance levels falling between the values shown below, the percentages will be determined by interpolation. The following table presents the goals with respect to TSR Awards and ROIC Awards granted or modified in 2021. TSR Awards: Threshold Performance Target Performance Maximum Performance 2021 grants 35th Percentile 50th Percentile 75th Percentile ROIC Awards: Threshold Performance Target Performance Maximum Performance 2021 grants 6.3% 7.0% 8.6% 2020 grants (1) 6.7% 7.9% 8.7% _______________________________ (1) The performance levels for 2020 grants were modified by the compensation committee of the board of directors in the first quarter of 2021 to adjust for the sale of the Life Sciences business and the ongoing effects of the COVID-19 pandemic. We estimate the grant date fair value of TSR Awards using the Monte Carlo simulation model, as the total shareholder return metric is considered a market condition under ASC Topic 718, Compensation – stock compensation . The grant date fair value of ROIC Awards is based on the closing price of a share of our common stock on the date of grant. The following table presents the number of PSUs granted and the grant date fair value in the period presented. TSR Awards ROIC Awards Award Year Shares Grant Date Shares Grant Date 2021 142 $8.58 172 $7.20 We recognize expense for ROIC Awards based on the probable outcome of the associated performance condition. We generally recognize an expense for ROIC Awards based on the Target Performance threshold of 100% because, at the date of grant, the Target Performance is the probable level of performance achievement. The following table presents the status of unvested PSUs as of September 30, 2021, and changes during the nine months then ended. Nonvested TSR Awards Nonvested ROIC Awards Shares Weighted Shares Weighted Nonvested at January 1, 2021 138 $ 10.58 160 $ 9.13 Granted 142 8.58 172 7.20 Forfeited (61) 9.61 (71) 8.17 Nonvested at September 30, 2021 219 $ 9.55 261 $ 8.12 Change in Vesting Estimates During the nine months ended September 30, 2021, we recognized a decrease in share-based compensation expense in continuing operations of $0.3 million in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) to reverse cumulative expense for restricted stock and PSU awards that were forfeited upon termination of employment and were in excess of our estimated forfeiture rate. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”). Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at June 30, 2021 $ (29,819) $ — $ — $ (29,819) Other comprehensive income (loss) before reclassifications (2,612) (229) 53 (2,788) Amounts reclassified from AOCI to interest expense (2) — 29 (7) 22 Net other comprehensive income (loss) (2,612) (200) 46 (2,766) Balance at September 30, 2021 $ (32,431) $ (200) $ 46 $ (32,585) Balance at June 30, 2020 $ (48,507) $ (23,662) $ 5,493 $ (66,676) Other comprehensive income (loss) before reclassifications 6,712 27 (6) 6,733 Amounts reclassified from AOCI to interest expense (2) — 4,100 (952) 3,148 Net other comprehensive income (loss) 6,712 4,127 (958) 9,881 Balance at September 30, 2020 $ (41,795) $ (19,535) $ 4,535 $ (56,795) Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at December 31, 2020 $ (30,881) $ (3,712) $ 861 $ (33,732) Other comprehensive income (loss) before reclassifications (1,550) (229) 53 (1,726) Amounts reclassified from AOCI to interest expense (2) — 29 (7) 22 Amounts reclassified from AOCI to loss on interest rate swap (3) — 3,712 (861) 2,851 Net current-period other comprehensive income (loss) (1,550) 3,512 (815) 1,147 Balance at September 30, 2021 $ (32,431) $ (200) $ 46 $ (32,585) Balance at December 31, 2019 $ (35,159) $ (12,234) $ 2,839 $ (44,554) Other comprehensive income (loss) before reclassifications (6,636) (16,207) 3,764 (19,079) Amounts reclassified from AOCI to interest expense (2) — 8,906 (2,068) 6,838 Net current-period other comprehensive income (loss) (6,636) (7,301) 1,696 (12,241) Balance at September 30, 2020 $ (41,795) $ (19,535) $ 4,535 $ (56,795) _______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents interest rate swap settlements of effective hedge. (3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and convertible preferred stock. The following table summarizes the computation of basic and diluted net income (loss) per common share. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Numerator: Income (loss) from continuing operations $ (3,377) $ 1,640 $ (13,681) $ (124,003) Less: Preferred stock cumulative dividends and deemed dividends (2,314) (3,139) (19,054) (9,133) Numerator for basic and diluted income (loss) from continuing operations per common share (1) (5,691) (1,499) (32,735) (133,136) Income (loss) from discontinued operations, net of tax (Note 2) — 20,330 — (123,966) Numerator for basic and diluted undistributed net loss per common share (1) $ (5,691) $ 18,831 $ (32,735) $ (257,102) Denominator: Weighted average common shares outstanding 43,034 42,746 42,980 42,696 Adjustment for unvested restricted common stock (476) (544) (459) (526) Adjustment for 2021 Warrants outstanding (2) 1,897 — 1,341 — Shares used to calculate income (loss) per share, basic and diluted 44,455 42,202 43,862 42,170 Per common share net income (loss): Basic loss from continuing operations per common share $ (0.13) $ (0.04) $ (0.75) $ (3.16) Basic income (loss) from discontinued operations per common share — 0.49 — (2.94) Basic income (loss) per common share $ (0.13) $ 0.45 $ (0.75) $ (6.10) Diluted loss from continuing operations per common share $ (0.13) $ (0.04) $ (0.75) $ (3.16) Diluted income (loss) from discontinued operations per common share — 0.49 — (2.94) Diluted income (loss) per common share $ (0.13) $ 0.45 $ (0.75) $ (6.10) Cash dividends declared per common share $ — $ — $ — $ — _______________________________ (1) Preferred Stock does not participate in losses. (2) Weighted average 2021 Warrants outstanding are included in shares outstanding for calculation of basic earnings per share because they are exercisable at an exercise price of $0.01 per share, subject to certain adjustments (see Note 17). The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Options 752 875 812 875 2019 Warrants 1,500 1,500 1,500 1,500 Series B Preferred Stock, as-converted — 23,573 — 23,573 2,252 25,948 2,312 25,948 We have elected to allocate undistributed income to participating securities based on year-to-date results. As there was no undistributed income for the three and nine months ended September 30, 2021, no such allocation was necessary. In addition, given the undistributed loss from continuing operations in the three and nine months ended September 30, 2021 and 2020, options and the 2019 Warrants are considered anti-dilutive and were excluded from the calculation of diluted net loss per share. Stock options excluded from the calculations of diluted net loss per share had a per share exercise price ranging from $7.93 to |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2020 Annual Report. Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives, and long-term debt. As of September 30, 2021, the carrying values of these financial instruments approximated fair value. Derivative Financial Instruments Certain features were bifurcated and accounted for separately from the Series B Preferred Stock. The following features were recorded as derivatives. • Leverage ratio put feature. The Series B Preferred Stock included a redemption option based on a leverage ratio threshold that provided the preferred holder the option to convert the Series B Preferred Stock to a variable number of shares of common stock at a discount to the then fair value of our common stock. The conversion feature was considered a redemption right at a premium which was not clearly and closely related to the debt host. The conversion feature was terminated upon redemption of the Series B Preferred Stock in March 2021. • Dividends withholding. The Series B Preferred Stock bore a feature that could require us to make an effective distribution to purchasers which is indexed to the tax rate of the purchasers. This distribution would be partially offset by an adjustment to the redemption price and/or conversion rate. The dividends withholding feature was not clearly and closely related to the debt host. Upon redemption of the Series B Preferred Stock in March 2021, we made a net cash distribution of $3.0 million to settle this withholding feature after effectively receiving a $1.0 million offset from the purchasers upon redemption of the Series B Preferred Stock. • Warrants. In conjunction with our placement of the Series B Preferred Stock, we issued detachable warrants to purchase up to 1.5 million shares of our common stock (the “2019 Warrants”), which are exercisable, in full or in part, at any time prior to December 11, 2026. The original exercise price was $12.00 per share, subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events. The issuance of the 2021 Warrants resulted in an adjusted exercise price of $11.49 per share for the 2019 Warrants because the new warrants have an exercise price below market value. Certain features were bifurcated and accounted for separately from the Series D Preferred Stock that was issued on March 22, 2021. The following features were recorded as derivatives. • Change-in-control put feature. The Series D Preferred Stock includes a put feature that allows the holder to redeem the Series D Preferred Stock upon a change in control at the greater of 1) the liquidation preference plus accrued dividends or 2) 140% of the liquidation preference. The put feature is considered a redemption right at a premium and is not clearly and closely related to the debt host. • Warrants. In conjunction with our placement of the Series D Preferred Stock, we issued detachable warrants to purchase up to 1.9 million shares of our common stock. The 2021 Warrants are exercisable, in full or in part, at any time prior to March 22, 2027, at an exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. The following tables show the liabilities measured at fair value for the above derivatives as of September 30, 2021, and December 31, 2020. Fair Value Measurements as of September 30, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ — Derivative liability - other non-current liabilities 9,956 — 671 Total $ 9,956 $ — $ 671 Fair Value Measurements as of December 31, 2020 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ 2,453 Derivative liability - other non-current liabilities — — 664 Total $ — $ — $ 3,117 The following table presents the change in the above derivatives during the nine months ended September 30, 2021. Nine Months Ended September 30, 2021 Beginning balance $ 3,117 Issuances 15,121 Change in fair value (1) (4,606) Settlements (3,005) Ending balance $ 10,627 _______________________________ (1) Changes in the fair value are recognized in the “Other expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value of the change-in-control put feature utilizes unobservable inputs based on the Company’s assessment of the probability of a change-in-control event occurring in a future period. The probability of a change-in-control event ranged from 1% to 10% as of September 30, 2021. The leverage ratio put feature, the dividends withholding feature, and the contingent dividends feature utilized unobservable inputs based on the best information available to determine the probability of the Series B Preferred Stock remaining outstanding for future periods. These inputs included probability assessments of how long the Series B Preferred Stock would remain outstanding and whether the leverage ratio threshold would be exceeded. Inputs also included the percentage of Series B Preferred Stock held by non-U.S. resident holders and the applicable tax withholding rates for those holders. The probability of the Series B Preferred Stock remaining in future periods ranged from 3% to 2% as of December 31, 2020. The leverage ratio put feature also utilized unobservable inputs to determine the probability of the leverage ratio put being exercisable as of March 31, 2023, which ranged from 10% to 1% as of December 31, 2020. These probabilities were determined based on management’s assessment of facts and circumstances at each reporting date. An increase in these probabilities would have resulted in an increase in the derivative liability fair value. Given the Series B Preferred Stock value changed by period as a result of dividends and redemption premiums, weighted average values for these assumptions are not meaningful. The fair value of the 2019 Warrants is determined using a valuation model that utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods. The probabilities resulted in a weighted average term of 3.6 years as of September 30, 2021, and 2.4 years as of December 31, 2020. The fair value of the 2021 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price. Interest Rate Swaps We manage our exposure to fluctuations in interest rates using a mix of fixed and variable rate debt. We utilize fixed-rate interest rate swap agreements to change the variable interest rate to a fixed rate on a portion of our variable rate debt. On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”). The 2021 Swap has a notional amount of $60.0 million and a maturity date of July 31, 2024. The objective of the 2021 Swap is to eliminate the variability of cash flows in interest payments on the first $60.0 million of variable rate debt attributable to changes in benchmark one-month LIBOR interest rates. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month LIBOR interest rates over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt. We designated the 2021 Swap as a cash flow hedge at inception. Cash settlements of the 2021 Swap are recognized in interest expense. On February 8, 2019, we entered into a $700.0 million fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575% (the “2019 Swap”). On March 22, 2021, we terminated the 2019 Swap with a $13.7 million cash payment in connection with the extinguishment of our previously outstanding long-term variable-rate debt. The 2019 Swap was designated as a cash flow hedge at inception. However, in the fourth quarter of 2020, the 2019 Swap no longer qualified as an effective hedge, and subsequent changes in fair value of the 2019 Swap were recognized in earnings. Amounts recognized in earnings related to the 2019 Swap are recorded in the “Loss on interest rate swap (2)” line on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) except that cash settlements prior to termination are recognized in “Derivative payments on interest rate swap.” Cash settlements during 2021 are presented in investing activities on the Condensed Consolidated Statements of Cash Flows. The following table presents the effect of the interest rate swaps on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest expense (1) $ 29 $ 4,100 $ 29 $ 8,906 Derivative payments on interest rate swap (2) — — 1,717 — Loss on interest rate swap (2) — — 2,033 — _______________________________ (1) Represents settlements on the interest rate swaps while the hedges are effective. (2) Represents settlements and changes in fair value on the 2019 Swap. The following tables present the liabilities measured at fair value on a recurring basis for the interest rate swaps as of September 30, 2021, and December 31, 2020. Fair Value Measurements as of September 30, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ 174 $ — Derivative liability - other non-current liabilities — 23 — Total $ — $ 197 $ — Fair Value Measurements as of December 31, 2020 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ 11,022 $ — Derivative liability - other non-current liabilities — 4,357 — Total $ — $ 15,379 $ — The inputs for determining fair value of the interest rate swaps are classified as Level 2 inputs. Level 2 fair value is based on estimates using standard pricing models. These standard pricing models use inputs which are derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. Counterparty to this derivative contract is a highly rated financial institution which we believe carries only a minimal risk of nonperformance. Fixed Rate Debt |
Interim Financial Statements (P
Interim Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2020, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. Historical periods presented reflect reclassifications for discontinued operations (see Note 2). In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three and nine months ended September 30, 2021 and 2020; financial position as of September 30, 2021, and December 31, 2020; and cash flows for the nine months ended September 30, 2021 and 2020, on a basis consistent with our audited consolidated financial statements other than the adoption of new accounting standards (see Accounting Standards Recently Adopted section below). These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the interim financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2020 Annual Report. The results for the three and nine months ended September 30, 2021, are not necessarily indicative of results for the year ending December 31, 2021, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. |
Accounting Standards Recently Adopted and Not Yet Adopted | Accounting Standards Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard was effective for us beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and related disclosures. Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (“ASU 2020-06”) which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. We plan to adopt ASU 2020-06 effective January 1, 2022 using the modified retrospective adoption method. We do not anticipate that the adoption will have a material impact on our consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options , (“ASU 2021-04”) which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations and Disposal Groups | The following table presents the operating results of the discontinued operations. Three Months Ended Nine Months Ended Net sales $ 68,525 $ 223,944 Cost of sales (exclusive of depreciation and amortization shown separately below) 50,444 158,538 Selling, general, and administrative expense 6,164 20,189 Depreciation and amortization 12,030 35,731 Goodwill impairment — 146,757 Other operating expense, net 24 20 Loss from operations (137) (137,291) Interest expense 12,248 37,857 Loss on extinguishment of debt and write-off of debt issuance costs 1,388 1,388 Other income, net (234) (325) Loss from discontinued operations before costs of disposal and benefit for income taxes (13,539) (176,211) Benefit for income taxes 39,954 59,598 Income (loss) from discontinued operations before costs of disposal 26,415 (116,613) Costs of disposal of discontinued operations (1) (6,598) (7,956) Benefit for income taxes on costs of disposal 513 603 Income (loss) from discontinued operations, net of tax $ 20,330 $ (123,966) _______________________________ (1) Represents incremental direct costs related to the sale of the Life Sciences business that were incurred prior to the closing of the sale. Three Months Ended Nine Months Ended Interest on debt $ 11,060 $ 34,410 Amortization of debt issuance costs 1,215 3,692 Capitalized interest (114) (519) Other 87 274 Total interest expense of discontinued operations $ 12,248 $ 37,857 The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for the historical period presented. Nine Months Ended Depreciation and amortization $ 35,731 Goodwill impairment 146,757 Amortization of debt issuance costs 3,692 Loss on extinguishment of debt and write-off of debt issuance costs 1,388 Acquisition of property, plant and equipment 7,626 Right-of-use assets obtained in exchange for new finance lease liabilities 695 Right-of-use assets obtained in exchange for new operating lease liabilities (1) 6,174 _______________________________ (1) Includes new leases, renewals, and modifications. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | The following tables present results of continuing operations by reportable segment. Mobile Power Corporate Total Three Months Ended September 30, 2021 Net sales $ 68,586 $ 48,680 $ (22) (a) $ 117,244 Income (loss) from operations (257) 1,252 (5,607) $ (4,612) Interest expense (3,578) Other 4,346 Loss from continuing operations before income taxes and share of net income from joint venture $ (3,844) Three Months Ended September 30, 2020 Net sales $ 70,371 $ 43,415 $ (25) (a) $ 113,761 Income (loss) from operations 4,953 1,143 (7,552) $ (1,456) Interest expense (6,873) Other 118 Loss from continuing operations before income taxes and share of net income from joint venture $ (8,211) Mobile Power Corporate Total Nine Months Ended September 30, 2021 Net sales $ 220,248 $ 147,026 $ (69) (a) $ 367,205 Income (loss) from operations 8,342 6,559 (20,123) $ (5,222) Interest expense (9,175) Other (3,352) Loss from continuing operations before income taxes and share of net income from joint venture $ (17,749) Nine Months Ended September 30, 2020 Net sales $ 181,292 $ 127,307 $ (93) (a) $ 308,506 Goodwill impairment — 92,942 — 92,942 Income (loss) from operations 625 (87,737) (29,371) $ (116,483) Interest expense (17,036) Other (211) Loss from continuing operations before income taxes and share of net income from joint venture $ (133,730) _______________________________ (a) Includes elimination of intersegment transactions occurring during the ordinary course of business. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Summary of Inventories | Inventories are comprised of the following amounts: September 30, 2021 December 31, 2020 Raw materials $ 26,489 $ 22,589 Work in process 25,978 20,758 Finished goods 22,854 19,170 Total inventories $ 75,321 $ 62,517 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amount of Intangible Assets Net | The following table shows changes in the carrying amount of intangible assets, net, by reportable segment. Mobile Power Total Balance as of December 31, 2020 $ 29,062 $ 74,003 $ 103,065 Amortization (2,515) (8,245) (10,760) Balance as of September 30, 2021 $ 26,547 $ 65,758 $ 92,305 |
Investment in Joint Venture (Ta
Investment in Joint Venture (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Activity Related to Investment in Joint Venture | The following table shows changes in our investment in the JV. Balance as of December 31, 2020 $ 26,983 Share of earnings 3,456 Foreign currency translation gain 360 Balance as of September 30, 2021 $ 30,799 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Summary of Debt | The following table presents debt balances as of September 30, 2021, and December 31, 2020. September 30, 2021 December 31, 2020 Term Loan Facility $ 149,250 $ — Senior Secured Term Loan — 47,728 Incremental Term Loan — 22,716 International lines of credit and other loans 11,398 14,418 Total principal 160,648 84,862 Less-current maturities of long-term debt 3,355 4,885 Principal, net of current portion 157,293 79,977 Less-unamortized debt issuance costs and discount (1) 5,970 952 Long-term debt, net of current portion $ 151,323 $ 79,025 _______________________________ (1) In addition to this amount, costs of $0.7 million related to the ABL Facility were recorded in other non-current assets as of September 30, 2021, and $1.8 million related to the Senior Secured Revolver were recorded in other non-current assets as of December 31, 2020. |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Leases [Abstract] | |
Lease, Cost | The following table contains supplemental cash flow information related to leases of continuing operations. Nine Months Ended 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows used in finance leases $ 154 $ 127 Operating cash flows used in operating leases 10,369 10,739 Financing cash flows used in finance leases 3,545 1,203 Right-of-use assets obtained in exchange for new finance lease liabilities 1,541 733 Right-of-use assets obtained in exchange for new operating lease liabilities (1) — 9,328 _______________________________ (1) Includes new leases, renewals, and modifications. |
Preferred Stock and Stockhold_2
Preferred Stock and Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | The following table presents the change in the Series D Preferred Stock carrying value during the nine months ended September 30, 2021. Nine Months Ended Beginning balance $ — Proceeds from issuance of shares, net of issuance costs 61,793 Fair value of 2021 Warrants issued (14,839) Recognition of bifurcated embedded derivative (282) Accrual of in-kind dividends 4,142 Amortization 569 Ending balance $ 51,383 Nine Months Ended Beginning balance $ 105,086 Accrual of in-kind dividends 14,008 Amortization 335 Redemption (119,429) Ending balance $ — |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Revenue from Contracts with Customers | Three Months Ended September 30, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 35,812 $ 38,313 $ (22) $ 74,103 China 10,849 749 — 11,598 Brazil 8,951 192 — 9,143 Mexico 4,981 4,627 — 9,608 Germany 1,080 159 — 1,239 Poland 698 3 — 701 Other 6,215 4,637 — 10,852 Total net sales $ 68,586 $ 48,680 $ (22) $ 117,244 Three Months Ended September 30, 2020 Mobile Power Intersegment Total United States and Puerto Rico $ 37,116 $ 35,299 $ (25) $ 72,390 China 12,785 1,580 — 14,365 Brazil 7,100 253 — 7,353 Mexico 4,454 3,239 — 7,693 Germany 1,400 132 — 1,532 Poland 1,342 4 — 1,346 Other 6,174 2,908 — 9,082 Total net sales $ 70,371 $ 43,415 $ (25) $ 113,761 Nine Months Ended September 30, 2021 Mobile Power Intersegment Total United States and Puerto Rico $ 108,534 $ 117,543 $ (69) $ 226,008 China 38,482 3,537 — 42,019 Brazil 28,604 727 — 29,331 Mexico 14,825 12,373 — 27,198 Germany 4,216 419 — 4,635 Poland 2,782 10 — 2,792 Other 22,805 12,417 — 35,222 Total net sales $ 220,248 $ 147,026 $ (69) $ 367,205 Nine Months Ended September 30, 2020 Mobile Power Intersegment Total United States and Puerto Rico $ 94,482 $ 104,455 $ (93) $ 198,844 China 31,203 3,989 — 35,192 Brazil 17,815 446 — 18,261 Mexico 11,746 9,501 — 21,247 Germany 4,401 261 — 4,662 Poland 3,441 11 — 3,452 Other 18,204 8,644 — 26,848 Total net sales $ 181,292 $ 127,307 $ (93) $ 308,506 The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing. Three Months Ended September 30, 2021 Mobile Power Intersegment Total Automotive $ 43,486 $ 12,455 $ — $ 55,941 General Industrial 21,396 12,273 — 33,669 Residential/Commercial Electrical — 16,257 — 16,257 Other 3,704 7,695 (22) 11,377 Total net sales $ 68,586 $ 48,680 $ (22) $ 117,244 Three Months Ended September 30, 2020 Mobile Power Intersegment Total Automotive $ 47,484 $ 10,629 $ — $ 58,113 General Industrial 19,912 13,142 — 33,054 Residential/Commercial Electrical — 12,996 — 12,996 Other 2,975 6,648 (25) 9,598 Total net sales $ 70,371 $ 43,415 $ (25) $ 113,761 Nine Months Ended September 30, 2021 Mobile Power Intersegment Total Automotive $ 139,877 $ 38,036 $ — $ 177,913 General Industrial 70,155 39,608 — 109,763 Residential/Commercial Electrical — 48,237 — 48,237 Other 10,216 21,145 (69) 31,292 Total net sales $ 220,248 $ 147,026 $ (69) $ 367,205 Nine Months Ended September 30, 2020 Mobile Power Intersegment Total Automotive $ 119,069 $ 29,810 $ — $ 148,879 General Industrial 55,069 37,030 — 92,099 Residential/Commercial Electrical — 39,695 — 39,695 Other 7,154 20,772 (93) 27,833 Total net sales $ 181,292 $ 127,307 $ (93) $ 308,506 |
Shared-Based Compensation (Tabl
Shared-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Components of Share-Based Compensation Expense by Type of Award | The following table lists the components of share-based compensation expense by type of award. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Stock options $ 59 $ 132 $ 207 $ 453 Restricted stock 521 963 1,660 2,791 Performance share units 351 340 1,050 898 Change in estimate of share-based award vesting (1) — (577) (337) (577) Share-based compensation expense $ 931 $ 858 $ 2,580 $ 3,565 _______________________________ (1) Amounts reflect the decrease in share-based compensation expense based on the change in estimate of the probability of vesting of share-based awards. |
Reconciliation of Option Activity | The following table presents stock option activity for the nine months ended September 30, 2021. Number of Options Weighted- Weighted- Aggregate Outstanding at January 1, 2021 871 $ 12.41 Exercised (6) 7.93 Forfeited or expired (118) 15.25 Outstanding at September 30, 2021 747 $ 11.99 3.6 years $ — (1) Exercisable at September 30, 2021 651 $ 12.45 3.0 years $ — (1) _______________________________ (1) The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at September 30, 2021, was greater than the exercise price of any individual option grant. |
Reconciliation of Restricted Stock Option Activity | The following table presents the status of unvested restricted stock awards as of September 30, 2021, and changes during the nine months then ended. Nonvested Weighted Unvested at January 1, 2021 385 $ 9.42 Granted 459 6.84 Vested (303) 9.34 Forfeited (65) 7.20 Unvested at September 30, 2021 476 $ 7.28 |
Schedule of Performance Based Awards Goals with Respect to TSR and ROIC | The following table presents the goals with respect to TSR Awards and ROIC Awards granted or modified in 2021. TSR Awards: Threshold Performance Target Performance Maximum Performance 2021 grants 35th Percentile 50th Percentile 75th Percentile ROIC Awards: Threshold Performance Target Performance Maximum Performance 2021 grants 6.3% 7.0% 8.6% 2020 grants (1) 6.7% 7.9% 8.7% _______________________________ |
Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods | The following table presents the number of PSUs granted and the grant date fair value in the period presented. TSR Awards ROIC Awards Award Year Shares Grant Date Shares Grant Date 2021 142 $8.58 172 $7.20 |
Summary of Status of Unvested PSU Awards | The following table presents the status of unvested PSUs as of September 30, 2021, and changes during the nine months then ended. Nonvested TSR Awards Nonvested ROIC Awards Shares Weighted Shares Weighted Nonvested at January 1, 2021 138 $ 10.58 160 $ 9.13 Granted 142 8.58 172 7.20 Forfeited (61) 9.61 (71) 8.17 Nonvested at September 30, 2021 219 $ 9.55 261 $ 8.12 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”). Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at June 30, 2021 $ (29,819) $ — $ — $ (29,819) Other comprehensive income (loss) before reclassifications (2,612) (229) 53 (2,788) Amounts reclassified from AOCI to interest expense (2) — 29 (7) 22 Net other comprehensive income (loss) (2,612) (200) 46 (2,766) Balance at September 30, 2021 $ (32,431) $ (200) $ 46 $ (32,585) Balance at June 30, 2020 $ (48,507) $ (23,662) $ 5,493 $ (66,676) Other comprehensive income (loss) before reclassifications 6,712 27 (6) 6,733 Amounts reclassified from AOCI to interest expense (2) — 4,100 (952) 3,148 Net other comprehensive income (loss) 6,712 4,127 (958) 9,881 Balance at September 30, 2020 $ (41,795) $ (19,535) $ 4,535 $ (56,795) Foreign Currency Translation Interest rate swap Income taxes (1) Total Balance at December 31, 2020 $ (30,881) $ (3,712) $ 861 $ (33,732) Other comprehensive income (loss) before reclassifications (1,550) (229) 53 (1,726) Amounts reclassified from AOCI to interest expense (2) — 29 (7) 22 Amounts reclassified from AOCI to loss on interest rate swap (3) — 3,712 (861) 2,851 Net current-period other comprehensive income (loss) (1,550) 3,512 (815) 1,147 Balance at September 30, 2021 $ (32,431) $ (200) $ 46 $ (32,585) Balance at December 31, 2019 $ (35,159) $ (12,234) $ 2,839 $ (44,554) Other comprehensive income (loss) before reclassifications (6,636) (16,207) 3,764 (19,079) Amounts reclassified from AOCI to interest expense (2) — 8,906 (2,068) 6,838 Net current-period other comprehensive income (loss) (6,636) (7,301) 1,696 (12,241) Balance at September 30, 2020 $ (41,795) $ (19,535) $ 4,535 $ (56,795) _______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents interest rate swap settlements of effective hedge. (3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting. |
Net Income (Loss) Per Common _2
Net Income (Loss) Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect. Three Months Ended Nine Months Ended 2021 2020 2021 2020 Options 752 875 812 875 2019 Warrants 1,500 1,500 1,500 1,500 Series B Preferred Stock, as-converted — 23,573 — 23,573 2,252 25,948 2,312 25,948 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Derivative Instruments | The following tables show the liabilities measured at fair value for the above derivatives as of September 30, 2021, and December 31, 2020. Fair Value Measurements as of September 30, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ — Derivative liability - other non-current liabilities 9,956 — 671 Total $ 9,956 $ — $ 671 Fair Value Measurements as of December 31, 2020 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ — $ 2,453 Derivative liability - other non-current liabilities — — 664 Total $ — $ — $ 3,117 The following table presents the change in the above derivatives during the nine months ended September 30, 2021. Nine Months Ended September 30, 2021 Beginning balance $ 3,117 Issuances 15,121 Change in fair value (1) (4,606) Settlements (3,005) Ending balance $ 10,627 _______________________________ |
Schedule of Interest Rate Derivatives | The following table presents the effect of the interest rate swaps on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Three Months Ended Nine Months Ended 2021 2020 2021 2020 Interest expense (1) $ 29 $ 4,100 $ 29 $ 8,906 Derivative payments on interest rate swap (2) — — 1,717 — Loss on interest rate swap (2) — — 2,033 — _______________________________ (1) Represents settlements on the interest rate swaps while the hedges are effective. |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present the liabilities measured at fair value on a recurring basis for the interest rate swaps as of September 30, 2021, and December 31, 2020. Fair Value Measurements as of September 30, 2021 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ 174 $ — Derivative liability - other non-current liabilities — 23 — Total $ — $ 197 $ — Fair Value Measurements as of December 31, 2020 Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs Derivative liability - other current liabilities $ — $ 11,022 $ — Derivative liability - other non-current liabilities — 4,357 — Total $ — $ 15,379 $ — |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands | Oct. 06, 2020 | Oct. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash paid for post-closing adjustments on sale of business | $ (3,880) | $ 0 | |||||
Goodwill impairment | $ 0 | $ 0 | 0 | 92,942 | |||
Repayments of debt | $ 700,000 | ||||||
Life Sciences | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Goodwill impairment | $ 146,800 | ||||||
Discontinued Operations, Disposed of by Sale | Life Sciences | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Aggregate purchase price of the stock purchase plan | $ 753,300 | ||||||
Potential earnout payment | 70,000 | ||||||
Cash paid for post-closing adjustments on sale of business | $ 757,200 | (3,900) | |||||
Estimated tax indemnification | $ 1,200 | $ 1,200 | $ 1,200 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Major Line Items Included in Results of Operations of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill impairment | $ 0 | $ 146,757 | ||
Income (loss) from discontinued operations, net of tax | $ 0 | $ 20,330 | $ 0 | (123,966) |
Discontinued Operations, Disposed of by Sale | Life Sciences | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net sales | 68,525 | 223,944 | ||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 50,444 | 158,538 | ||
Selling, general, and administrative expense | 6,164 | 20,189 | ||
Depreciation and amortization | 12,030 | 35,731 | ||
Goodwill impairment | 0 | 146,757 | ||
Other operating expense, net | 24 | 20 | ||
Loss from operations | (137) | (137,291) | ||
Interest expense | 12,248 | 37,857 | ||
Loss on extinguishment of debt and write-off of debt issuance costs | 1,388 | 1,388 | ||
Other income, net | (234) | (325) | ||
Loss from discontinued operations before costs of disposal and benefit for income taxes | (13,539) | (176,211) | ||
Benefit for income taxes | 39,954 | 59,598 | ||
Income (loss) from discontinued operations before costs of disposal | 26,415 | (116,613) | ||
Costs of disposal of discontinued operations | (6,598) | (7,956) | ||
Benefit for income taxes on costs of disposal | 513 | 603 | ||
Income (loss) from discontinued operations, net of tax | $ 20,330 | $ (123,966) |
Discontinued Operations - Inter
Discontinued Operations - Interest Expense Reclassified to Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Amortization of debt issuance costs and discount | $ 1,049 | $ 4,981 | ||
Interest expense | $ 3,578 | $ 6,873 | $ 9,175 | 17,036 |
Life Sciences | Discontinued Operations, Disposed of by Sale | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Interest on debt | 11,060 | 34,410 | ||
Amortization of debt issuance costs and discount | 1,215 | 3,692 | ||
Capitalized interest | (114) | (519) | ||
Other | 87 | 274 | ||
Interest expense | $ 12,248 | $ 37,857 |
Discontinued Operations - Sum_2
Discontinued Operations - Summary of Significant Noncash Items and Cash Paid for Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization of discontinued operations | $ 0 | $ 35,731 | |
Goodwill impairment | 0 | 146,757 | |
Amortization of debt issuance costs and discount | $ 1,049 | 4,981 | |
Discontinued Operations, Disposed of by Sale | Life Sciences | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Depreciation and amortization of discontinued operations | 35,731 | ||
Goodwill impairment | $ 0 | 146,757 | |
Amortization of debt issuance costs and discount | 1,215 | 3,692 | |
Loss on extinguishment of debt and write-off of debt issuance costs | $ 1,388 | 1,388 | |
Acquisition of property, plant and equipment | 7,626 | ||
Right-of-use assets obtained in exchange for new finance lease liabilities | 695 | ||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,174 |
Segment Information - Continuin
Segment Information - Continuing Operations by Reportable Segment (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)segment | Sep. 30, 2020USD ($) | |
Segment Reporting [Abstract] | ||||
Number of reportable segments | segment | 2 | |||
Number of operating segments | segment | 2 | |||
Segment Reporting Information [Line Items] | ||||
Net sales | $ 117,244 | $ 113,761 | $ 367,205 | $ 308,506 |
Goodwill impairment | 0 | 0 | 0 | 92,942 |
Income (loss) from operations | (4,612) | (1,456) | (5,222) | (116,483) |
Interest expense | (3,578) | (6,873) | (9,175) | (17,036) |
Other | 4,346 | 118 | (3,352) | (211) |
Loss before (provision) benefit for income taxes and share of net income from joint venture | (3,844) | (8,211) | (17,749) | (133,730) |
Operating Segments | Mobile Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 68,586 | 70,371 | 220,248 | 181,292 |
Income (loss) from operations | (257) | 4,953 | 8,342 | 625 |
Operating Segments | Power Solutions | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | 48,680 | 43,415 | 147,026 | 127,307 |
Goodwill impairment | 92,942 | |||
Income (loss) from operations | 1,252 | 1,143 | 6,559 | (87,737) |
Corporate and Eliminations | ||||
Segment Reporting Information [Line Items] | ||||
Net sales | (22) | (69) | ||
Income (loss) from operations | $ (5,607) | $ (7,552) | $ (20,123) | $ (29,371) |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 26,489 | $ 22,589 |
Work in process | 25,978 | 20,758 |
Finished goods | 22,854 | 19,170 |
Inventories | $ 75,321 | $ 62,517 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 92,942 | |
Goodwill | $ 0 | $ 0 | $ 0 | ||
Power Solutions | |||||
Goodwill [Line Items] | |||||
Goodwill impairment | $ 92,900 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | $ 103,065 |
Amortization | (10,760) |
Ending balance | 92,305 |
Mobile Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 29,062 |
Amortization | (2,515) |
Ending balance | 26,547 |
Power Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 74,003 |
Amortization | (8,245) |
Ending balance | $ 65,758 |
Investment in Joint Venture - A
Investment in Joint Venture - Additional Information (Detail) | Sep. 30, 2021 |
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Investment in joint venture | 49.00% |
Investment in Joint Venture - S
Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Method Investments [Roll Forward] | ||||
Beginning Balance | $ 26,983 | |||
Share of earnings | $ 842 | $ 1,136 | 3,456 | $ 1,792 |
Ending Balance | 30,799 | 30,799 | ||
Joint Venture | ||||
Equity Method Investments [Roll Forward] | ||||
Beginning Balance | 26,983 | |||
Share of earnings | 3,456 | |||
Foreign currency translation gain | 360 | |||
Ending Balance | $ 30,799 | $ 30,799 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Effective tax rate from continuing operations | (9.80%) | 106.10% | 3.50% | 5.90% |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 22, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||||||
Debt issuance costs, line of credit arrangements, net | $ 700 | $ 700 | $ 1,800 | |||
Cash settlements for interest rate swaps | 15,420 | $ 0 | ||||
Capitalized interest costs | (200) | (200) | ||||
Loss on extinguishment of debt and write-off of debt issuance costs | 0 | $ 144 | 2,390 | $ 144 | ||
Interest Rate Swap | ||||||
Debt Instrument [Line Items] | ||||||
Cash settlements for interest rate swaps | $ 13,700 | |||||
Term Loan Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowings | $ 150,000 | |||||
Interest rate during period | 7.875% | |||||
Principal payment amount | $ 400 | |||||
Issuance discount | 3,800 | 3,800 | ||||
Debt issuance costs | 2,800 | 2,800 | ||||
Outstanding borrowings | 149,250 | $ 149,250 | 0 | |||
Term Loan Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 6.875% | |||||
Term Loan Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 1.00% | |||||
Term Loan Facility | Various Benchmark Rates | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 5.875% | |||||
ABL Facility | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 50,000 | |||||
Interest rate during period | 2.25% | |||||
Debt instrument, LIBOR floor rate | 0.50% | |||||
Unused capacity, commitment fee percentage | 0.375% | |||||
Outstanding borrowings | 0 | $ 0 | ||||
Available capacity | 47,700 | 47,700 | ||||
Remaining borrowing capacity | 36,500 | 36,500 | ||||
Debt issuance costs, line of credit arrangements, net | $ 800 | $ 800 | ||||
ABL Facility | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 1.75% | |||||
ABL Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 2.00% | |||||
ABL Facility | Federal Funds Or Prime Rate | Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 0.75% | |||||
ABL Facility | Federal Funds Or Prime Rate | Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 1.00% | |||||
Senior Secured Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate during period | 6.50% | |||||
Debt instrument, LIBOR floor rate | 0.75% | 0.75% | ||||
Outstanding borrowings | $ 0 | $ 0 | 47,728 | |||
Senior Secured Term Loan | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 5.75% | |||||
Incremental Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate during period | 5.90% | |||||
Outstanding borrowings | $ 0 | $ 0 | $ 22,716 | |||
Incremental Term Loan | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 5.75% | |||||
Senior Secured Revolver | ||||||
Debt Instrument [Line Items] | ||||||
Unused capacity, commitment fee percentage | 0.50% | |||||
Senior Secured Revolver | London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 4.00% | |||||
Senior Secured Revolver | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Applicable margin | 3.00% | |||||
Letters of credit | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 30,000 | |||||
Unused capacity, commitment fee percentage | 1.875% | |||||
Swingline loans | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 5,000 |
Debt - Summary of Debt (Detail)
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total principal | $ 160,648 | $ 84,862 |
Less-current maturities of long-term debt | 3,355 | 4,885 |
Principal, net of current portion | 157,293 | 79,977 |
Less-unamortized debt issuance costs | 5,970 | 952 |
Long-term debt, net of current portion | 151,323 | 79,025 |
Debt issuance costs, line of credit arrangements, net | 700 | 1,800 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Term loans | 149,250 | 0 |
Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Term loans | 0 | 47,728 |
Incremental Term Loan | ||
Debt Instrument [Line Items] | ||
Term loans | 0 | 22,716 |
Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
International lines of credit and other loans | $ 11,398 | $ 14,418 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used in finance leases | $ 154 | $ 127 |
Operating cash flows used in operating leases | 10,369 | 10,739 |
Financing cash flows used in finance leases | 3,545 | 1,203 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 1,541 | 733 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 9,328 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Millions | 1 Months Ended |
Mar. 31, 2020USD ($) | |
Leases [Abstract] | |
Increase (decrease) in operating lease, right-of-use asset | $ (8.1) |
Decrease in operating lease, liability, noncurrent | 10.5 |
Decrease in operating lease, liability, current | 0.6 |
Increase (decrease) in change between operating lease right-of-use assets and operating lease, liabilities | 3 |
Loss on termination of lease | 4.4 |
Impairment charge on termination of lease | $ 2.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions | Nov. 01, 2019 | Sep. 30, 2021 |
Loss Contingencies [Line Items] | ||
Stock issued during period, shares, new issues (in shares) | 14.4 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 5 |
Preferred Stock and Stockhold_3
Preferred Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 22, 2026 | Mar. 22, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | Apr. 15, 2020 |
Temporary Equity [Line Items] | ||||||
Proceeds from issuance of preferred stock | $ 61,793 | $ 0 | ||||
Series C Junior Participating Preferred Stock | Common Stock | ||||||
Temporary Equity [Line Items] | ||||||
Purchase right, number of shares called by each right (in shares) | 1 | |||||
Series D Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,900,000 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | |||||
Temporary equity, liquidation preference per share (in dollars per share) | $ 1,000 | |||||
Temporary equity, dividend rate, percentage | 10.00% | |||||
Increase in dividend rate if no cash dividends paid | 12.00% | |||||
Carrying value | $ 51,383 | $ 0 | ||||
Accrual of in-kind dividends | 4,142 | |||||
Proceeds from issuance of preferred stock | $ 61,800 | |||||
Temporary Equity Dividends Unpaid Deemed | $ 4,700 | |||||
Series D Preferred Stock | Forecast | ||||||
Temporary Equity [Line Items] | ||||||
Annual increase in dividend rate | 2.50% | |||||
Series D Preferred Stock | Private Placement | ||||||
Temporary Equity [Line Items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 65,000 | |||||
Temporary equity, par value (in dollars per share) | $ 0.01 | |||||
Sale of stock, price per share (in dollars per share) | $ 1,000 | |||||
Series B Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,500,000 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12 | |||||
Temporary equity, liquidation preference per share (in dollars per share) | $ 1,000 | |||||
Temporary equity, dividend rate, percentage | 10.625% | |||||
Carrying value | $ 0 | $ 105,086 | ||||
Accrual of in-kind dividends | 14,008 | |||||
Temporary Equity Dividends Unpaid Deemed | $ 14,300 |
Preferred Stock and Stockhold_4
Preferred Stock and Stockholders' Equity - Carrying Value Roll Forward (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Series D Preferred Stock | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | $ 0 |
Proceeds from issuance of shares, net of issuance costs | 61,793 |
Fair value of 2021 Warrants issued | (14,839) |
Recognition of bifurcated embedded derivative | (282) |
Accrual of in-kind dividends | 4,142 |
Amortization | 569 |
Ending balance | 51,383 |
Series B Preferred Stock | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 105,086 |
Accrual of in-kind dividends | 14,008 |
Amortization | 335 |
Redemption | (119,429) |
Ending balance | $ 0 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Net sales | $ 117,244 | $ 113,761 | $ 367,205 | $ 308,506 |
Automotive | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 55,941 | 58,113 | 177,913 | 148,879 |
General Industrial | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 33,669 | 33,054 | 109,763 | 92,099 |
Residential/Commercial Electrical | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 16,257 | 12,996 | 48,237 | 39,695 |
Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 11,377 | 9,598 | 31,292 | 27,833 |
United States and Puerto Rico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 74,103 | 72,390 | 226,008 | 198,844 |
China | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 11,598 | 14,365 | 42,019 | 35,192 |
Brazil | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 9,143 | 7,353 | 29,331 | 18,261 |
Mexico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 9,608 | 7,693 | 27,198 | 21,247 |
Germany | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 1,239 | 1,532 | 4,635 | 4,662 |
Poland | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 701 | 1,346 | 2,792 | 3,452 |
Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 10,852 | 9,082 | 35,222 | 26,848 |
Operating Segments | Mobile Solutions | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 68,586 | 70,371 | 220,248 | 181,292 |
Operating Segments | Mobile Solutions | Automotive | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 43,486 | 47,484 | 139,877 | 119,069 |
Operating Segments | Mobile Solutions | General Industrial | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 21,396 | 19,912 | 70,155 | 55,069 |
Operating Segments | Mobile Solutions | Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 3,704 | 2,975 | 10,216 | 7,154 |
Operating Segments | Mobile Solutions | United States and Puerto Rico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 35,812 | 37,116 | 108,534 | 94,482 |
Operating Segments | Mobile Solutions | China | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 10,849 | 12,785 | 38,482 | 31,203 |
Operating Segments | Mobile Solutions | Brazil | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 8,951 | 7,100 | 28,604 | 17,815 |
Operating Segments | Mobile Solutions | Mexico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 4,981 | 4,454 | 14,825 | 11,746 |
Operating Segments | Mobile Solutions | Germany | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 1,080 | 1,400 | 4,216 | 4,401 |
Operating Segments | Mobile Solutions | Poland | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 698 | 1,342 | 2,782 | 3,441 |
Operating Segments | Mobile Solutions | Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 6,215 | 6,174 | 22,805 | 18,204 |
Operating Segments | Power Solutions | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 48,680 | 43,415 | 147,026 | 127,307 |
Operating Segments | Power Solutions | Automotive | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 12,455 | 10,629 | 38,036 | 29,810 |
Operating Segments | Power Solutions | General Industrial | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 12,273 | 13,142 | 39,608 | 37,030 |
Operating Segments | Power Solutions | Residential/Commercial Electrical | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 16,257 | 12,996 | 48,237 | 39,695 |
Operating Segments | Power Solutions | Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 7,695 | 6,648 | 21,145 | 20,772 |
Operating Segments | Power Solutions | United States and Puerto Rico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 38,313 | 35,299 | 117,543 | 104,455 |
Operating Segments | Power Solutions | China | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 749 | 1,580 | 3,537 | 3,989 |
Operating Segments | Power Solutions | Brazil | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 192 | 253 | 727 | 446 |
Operating Segments | Power Solutions | Mexico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 4,627 | 3,239 | 12,373 | 9,501 |
Operating Segments | Power Solutions | Germany | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 159 | 132 | 419 | 261 |
Operating Segments | Power Solutions | Poland | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 3 | 4 | 10 | 11 |
Operating Segments | Power Solutions | Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | 4,637 | 2,908 | 12,417 | 8,644 |
Intersegment Sales Eliminations | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | (22) | (25) | (69) | (93) |
Intersegment Sales Eliminations | Other | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | (22) | (25) | (69) | (93) |
Intersegment Sales Eliminations | United States and Puerto Rico | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | $ (22) | $ (25) | $ (69) | $ (93) |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Net sales | $ 117,244 | $ 113,761 | $ 367,205 | $ 308,506 |
Major Customer | ||||
Revenue, Major Customer [Line Items] | ||||
Net sales | $ 11,100 | $ 37,300 | ||
Major Customer | Customer Concentration Risk | Sales Revenue, Net | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration risk, percentage | 10.00% | 10.00% |
Shared-Based Compensation - Add
Shared-Based Compensation - Additional Information (Detail) shares in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2021USD ($)shares | |
Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 459 |
Total grant-date fair value of restricted stock, vested | $ | $ 2.8 |
TSR Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 142 |
Award performance period | 3 years |
Percentage of shares issuable based on threshold performance | 50.00% |
Percentage of shares issuable based on target performance | 100.00% |
Percentage of shares issuable based on maximum performance | 150.00% |
ROIC Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock units issued (in shares) | 172 |
Percentage of shares issuable based on target performance | 100.00% |
Employees | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted vesting period | 3 years |
Non-executive Directors | Restricted stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock awards granted vesting period | 1 year |
Shared-Based Compensation - Com
Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 931 | $ 858 | $ 2,580 | $ 3,565 |
Discontinued Operations | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | (200) | 200 | ||
Stock options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 59 | 132 | 207 | 453 |
Restricted stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 521 | 963 | 1,660 | 2,791 |
Performance share units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | 351 | 340 | 1,050 | 898 |
Change in estimate of share-based award vesting (1) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation | $ 0 | $ (577) | $ (337) | $ (577) |
Shared-Based Compensation - Rec
Shared-Based Compensation - Reconciliation of Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($)$ / sharesshares | |
Number of Options (in thousands) | |
Beginning balance (in shares) | shares | 871 |
Forfeitures or expired (in shares) | shares | (118) |
Ending balance (in shares) | shares | 747 |
Options exercisable (in shares) | shares | 651 |
Weighted- Average Exercise Price (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 12.41 |
Forfeitures or expired (in dollars per share) | $ / shares | 15.25 |
Ending balance (in dollars per share) | $ / shares | 11.99 |
Options exercisable (in dollars per share) | $ / shares | $ 12.45 |
Weighted- Average Remaining Contractual Term | |
Outstanding | 3 years 7 months 6 days |
Options exercisable | 3 years |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 0 |
Options exercisable | $ | $ 0 |
Exercised (in dollars per share) | $ / shares | $ 7.93 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | (6) |
Shared-Based Compensation - R_2
Shared-Based Compensation - Reconciliation of Restricted Stock Option Activity (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Restricted stock | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 385 |
Nonvested restricted shares, granted (in shares) | shares | 459 |
Nonvested restricted shares, vested (in shares) | shares | (303) |
Nonvested restricted shares, forfeited (in shares) | shares | (65) |
Nonvested restricted shares, ending balance (in shares) | shares | 476 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 9.42 |
Granted (in dollars per share) | $ / shares | 6.84 |
Vested (in dollars per share) | $ / shares | 9.34 |
Forfeited (in dollars per share) | $ / shares | 7.20 |
Ending balance (in dollars per share) | $ / shares | $ 7.28 |
TSR Awards | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 138 |
Nonvested restricted shares, granted (in shares) | shares | 142 |
Nonvested restricted shares, forfeited (in shares) | shares | (61) |
Nonvested restricted shares, ending balance (in shares) | shares | 219 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 10.58 |
Granted (in dollars per share) | $ / shares | 8.58 |
Forfeited (in dollars per share) | $ / shares | 9.61 |
Ending balance (in dollars per share) | $ / shares | $ 9.55 |
ROIC Awards | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 160 |
Nonvested restricted shares, granted (in shares) | shares | 172 |
Nonvested restricted shares, forfeited (in shares) | shares | (71) |
Nonvested restricted shares, ending balance (in shares) | shares | 261 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 9.13 |
Granted (in dollars per share) | $ / shares | 7.20 |
Forfeited (in dollars per share) | $ / shares | 8.17 |
Ending balance (in dollars per share) | $ / shares | $ 8.12 |
Shared-Based Compensation - Sch
Shared-Based Compensation - Schedule of Performance Based Awards Goals with Respect to TSR and ROIC (Detail) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
TSR Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold performance, percentage | 35.00% | |
Target performance, percentage | 50.00% | |
Maximum performance, percentage | 75.00% | |
ROIC Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold performance, percentage | 6.30% | 6.70% |
Target performance, percentage | 7.00% | 7.90% |
Maximum performance, percentage | 8.60% | 8.70% |
Shared-Based Compensation - Sum
Shared-Based Compensation - Summary of Number of Awards Granted and Grand Date Fair Value (Detail) shares in Thousands | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
TSR Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-option equity instruments, outstanding (in shares) | shares | 142 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.58 |
ROIC Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-option equity instruments, outstanding (in shares) | shares | 172 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.20 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | $ 232,355 | $ 57,899 | $ 254,152 | $ 353,277 |
OCI before reclassifications, net of tax | (2,788) | 6,733 | (1,726) | (19,079) |
Net other comprehensive income (loss), net of tax | (2,766) | 9,881 | 1,147 | (12,241) |
Ending balance | 224,829 | 86,347 | 224,829 | 86,347 |
Derivative | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, tax | (861) | |||
Interest Expense | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, net of tax | 22 | 3,148 | 22 | 6,838 |
Accumulated other comprehensive income (loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (29,819) | (66,676) | (33,732) | (44,554) |
Ending balance | (32,585) | (56,795) | (32,585) | (56,795) |
Accumulated other comprehensive income (loss) | Derivative | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, net of tax | 2,851 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | (29,819) | (48,507) | (30,881) | (35,159) |
OCI before reclassifications and tax | (2,612) | 6,712 | (1,550) | (6,636) |
Net other comprehensive income (loss), before tax | (2,612) | 6,712 | (1,550) | (6,636) |
Ending balance | (32,431) | (41,795) | (32,431) | (41,795) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Derivative | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, before tax | 0 | |||
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | Interest Expense | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, before tax | 0 | 0 | 0 | 0 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | (23,662) | (3,712) | (12,234) |
OCI before reclassifications and tax | (229) | 27 | (229) | (16,207) |
Net other comprehensive income (loss), before tax | (200) | 4,127 | 3,512 | (7,301) |
Ending balance | (200) | (19,535) | (200) | (19,535) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Derivative | Interest Rate Swap | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, before tax | 3,712 | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | Interest Expense | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, before tax | 29 | 4,100 | 29 | 8,906 |
Income taxes | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning balance | 0 | 5,493 | 861 | 2,839 |
OCI before reclassifications, tax | 53 | (6) | 53 | 3,764 |
Net other comprehensive income (loss), tax | 46 | (958) | (815) | 1,696 |
Ending balance | 46 | 4,535 | 46 | 4,535 |
Income taxes | Interest Expense | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Amounts reclassified from AOCI, tax | $ (7) | $ (952) | $ (7) | $ (2,068) |
Net Income (Loss) Per Common _3
Net Income (Loss) Per Common Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted Average Number of Shares Issued, Basic | 43,034 | 42,746 | 42,980 | 42,696 |
Income (loss) from continuing operations | $ (3,377) | $ 1,640 | $ (13,681) | $ (124,003) |
Less: Preferred stock cumulative dividends and deemed dividends | (2,314) | (3,139) | (19,054) | (9,133) |
Numerator for basic income (loss) from continuing operations per common share | (5,691) | (1,499) | (32,735) | (133,136) |
Numerator for diluted income (loss) from continuing operations per common share | (5,691) | (1,499) | (32,735) | (133,136) |
Income (loss) from discontinued operations, net of tax (Note 2) | 0 | 20,330 | 0 | (123,966) |
Numerator for basic undistributed net loss per common share | (5,691) | 18,831 | (32,735) | (257,102) |
Numerator for diluted undistributed net loss per common share | $ (5,691) | $ 18,831 | $ (32,735) | $ (257,102) |
Weighted Average Number of Shares, Restricted Stock | (476) | (544) | (459) | (526) |
Weighted average common shares outstanding, diluted (in shares) | 44,455 | 42,202 | 43,862 | 42,170 |
Basic loss from continuing operations per common share (in dollars per share) | $ (0.13) | $ (0.04) | $ (0.75) | $ (3.16) |
Basic loss from discontinuing operations per common share (in dollars per share) | 0 | 0.49 | 0 | (2.94) |
Basic net loss per share (in dollars per share) | (0.13) | 0.45 | (0.75) | (6.10) |
Diluted loss from continuing operations per common share (in dollars per share) | (0.13) | (0.04) | (0.75) | (3.16) |
Diluted loss from discontinuing operations per common share (in dollars per share) | 0 | 0.49 | 0 | (2.94) |
Diluted net loss per share (in dollars per share) | (0.13) | 0.45 | (0.75) | (6.10) |
Cash dividends declared per share (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 1,897 | 0 | 1,341 | 0 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 44,455 | 42,202 | 43,862 | 42,170 |
Net Income (Loss) Per Common _4
Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,252 | 25,948 | 2,312 | 25,948 |
Stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 752 | 875 | 812 | 875 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,500 | 1,500 | 1,500 | 1,500 |
Series B Preferred Stock, as-converted | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 23,573 | 0 | 23,573 |
Net Income (Loss) Per Common _5
Net Income (Loss) Per Common Share - Additional Information (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per share, minimum price range (in dollars per share) | $ 7.93 | $ 7.93 | $ 7.93 | $ 7.93 |
Anti dilutive securities excluded from computation of earnings per share, maximum price range (in dollars per share) | $ 25.16 | $ 25.16 | $ 25.16 | $ 25.16 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Warrants term | 3 years 7 months 6 days | 2 years 4 months 24 days | |
Cash settlements for interest rate swaps | $ 15,420 | $ 0 | |
Foreign Line of Credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
International lines of credit and other loans | 11,398 | $ 14,418 | |
Significant Other Observable Inputs (Level 2) | Foreign Line of Credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Long-term debt, fair value | $ 11,400 | $ 14,400 | |
Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change-in-control put feature | 1.00% | ||
Preferred stock remaining in future periods, probability percentage | 2.00% | ||
Probability percentage of leverage ratio put being exercisable | 1.00% | ||
Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change-in-control put feature | 10.00% | ||
Preferred stock remaining in future periods, probability percentage | 3.00% | ||
Probability percentage of leverage ratio put being exercisable | 10.00% | ||
Interest Rate Swap | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative, fixed interest rate | 1.291% | 2.4575% | |
Cash settlements for interest rate swaps | $ 13,700 | ||
Derivative, notional amount | 60,000 | $ 700,000 | |
Series B Preferred Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Dividends withholdings net cash distribution | 3,000 | ||
Dividends withholdings offset from purchasers upon redemption | $ 1,000 | ||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12 | ||
Adjusted exercise price of warrants or rights (in dollars per share) | $ 11.49 | ||
Series D Preferred Stock | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | ||
Liquidation preference | 140.00% |
Fair Value Measurements - Liabi
Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 9,956 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 9,956 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 671 | $ 3,117 |
Significant Unobservable Inputs (Level 3) | Other Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 2,453 | |
Significant Unobservable Inputs (Level 3) | Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 671 | $ 664 |
Fair Value Measurements - Roll
Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 3,117 |
Issuances | 15,121 |
Change in fair value | (4,606) |
Settlements | (3,005) |
Ending balance | $ 10,627 |
Fair Value Measurements - Effec
Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Derivative [Line Items] | ||||
Interest expense | $ 3,578 | $ 6,873 | $ 9,175 | $ 17,036 |
Derivative payments on interest rate swap | 0 | 0 | 1,717 | 0 |
Loss on interest rate swap (2) | 0 | 0 | 2,033 | 0 |
Interest Rate Swap | ||||
Derivative [Line Items] | ||||
Interest expense | $ 29 | $ 4,100 | $ 29 | $ 8,906 |
Fair Value Measurements - Inter
Fair Value Measurements - Interest Rate Swap (Details) - Significant Other Observable Inputs (Level 2) - Fair Value, Measurements, Recurring - Interest Rate Swap - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Derivative liability - other current liabilities | $ 174 | $ 11,022 |
Derivative liability - other non-current liabilities | 23 | 4,357 |
Total | $ 197 | $ 15,379 |