[X] | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
[ ] | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Ohio | 95-2680965 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
One Invacare Way, P.O. Box 4028, Elyria, Ohio | 44036 |
(Address of principal executive offices) | (Zip Code) |
Item | Page | |
PART I: FINANCIAL INFORMATION | ||
1 | ||
2 | ||
3 | ||
4 | ||
PART II: OTHER INFORMATION | ||
1 | ||
1A. | ||
2 | ||
6 | ||
(In thousands, except per share data) | Three Months Ended March 31, | ||||||
2016 | 2015 | ||||||
Net sales | $ | 257,552 | $ | 289,024 | |||
Cost of products sold | 189,692 | 211,929 | |||||
Gross Profit | 67,860 | 77,095 | |||||
Selling, general and administrative expenses | 73,213 | 81,240 | |||||
Charges related to restructuring activities | 102 | 240 | |||||
Operating Loss | (5,455 | ) | (4,385 | ) | |||
Gain on convertible debt derivatives | (604 | ) | — | ||||
Interest expense | 1,994 | 692 | |||||
Interest income | (54 | ) | (38 | ) | |||
Loss from Continuing Operations Before Income Taxes | (6,791 | ) | (5,039 | ) | |||
Income tax provision | 1,825 | 2,475 | |||||
Net loss from Continuing Operations | (8,616 | ) | (7,514 | ) | |||
Gain on Sale of Discontinued Operations (net of tax of $0 and $140) | — | 260 | |||||
Total Net Earnings from Discontinued Operations | — | 260 | |||||
Net Loss | $ | (8,616 | ) | $ | (7,254 | ) | |
Dividends Declared per Common Share | $ | 0.0125 | $ | 0.0125 | |||
Net Earnings (Loss) per Share—Basic | |||||||
Net Loss from Continuing Operations | $ | (0.27 | ) | $ | (0.23 | ) | |
Net Earnings from Discontinued Operations | $ | — | $ | 0.01 | |||
Net Loss per Share—Basic | $ | (0.27 | ) | $ | (0.23 | ) | |
Weighted Average Shares Outstanding—Basic | 32,371 | 32,125 | |||||
Net Earnings (Loss) per Share—Assuming Dilution | |||||||
Net Loss from Continuing Operations | $ | (0.27 | ) | $ | (0.23 | ) | |
Net Earnings from Discontinued Operations | $ | — | $ | 0.01 | |||
Net Loss per Share—Assuming Dilution | $ | (0.27 | ) | $ | (0.23 | ) | |
Weighted Average Shares Outstanding—Assuming Dilution | 32,600 | 32,389 | |||||
Net Loss | $ | (8,616 | ) | $ | (7,254 | ) | |
Other comprehensive income (loss): | |||||||
Foreign currency translation adjustments | 10,769 | (53,378 | ) | ||||
Defined Benefit Plans: | |||||||
Amortization of prior service costs and unrecognized gains | (190 | ) | 94 | ||||
Deferred tax adjustment resulting from defined benefit plan activity | (16 | ) | (33 | ) | |||
Valuation reserve associated with defined benefit plan activity | 16 | 33 | |||||
Current period unrealized gain on cash flow hedges | 1,165 | 2,020 | |||||
Deferred tax loss related to unrealized loss on cash flow hedges | (203 | ) | (96 | ) | |||
Other Comprehensive Income (Loss) | 11,541 | (51,360 | ) | ||||
Comprehensive Income (Loss) | $ | 2,925 | $ | (58,614 | ) |
March 31, 2016 | December 31, 2015 | ||||||
(In thousands) | |||||||
Assets | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 144,704 | $ | 60,055 | |||
Trade receivables, net | 141,519 | 133,655 | |||||
Installment receivables, net | 1,114 | 1,145 | |||||
Inventories, net | 143,814 | 132,807 | |||||
Other current assets | 37,060 | 34,459 | |||||
Total Current Assets | 468,211 | 362,121 | |||||
Other Assets | 33,663 | 4,659 | |||||
Intangibles | 31,265 | 31,000 | |||||
Property and Equipment, net | 77,625 | 78,683 | |||||
Goodwill | 370,963 | 361,680 | |||||
Total Assets | $ | 981,727 | $ | 838,143 | |||
Liabilities and Shareholders’ Equity | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 104,124 | $ | 105,608 | |||
Accrued expenses | 112,439 | 122,420 | |||||
Current taxes payable | 16,698 | 17,588 | |||||
Short-term debt and current maturities of long-term obligations | 2,033 | 2,028 | |||||
Total Current Liabilities | 235,294 | 247,644 | |||||
Long-Term Debt | 155,099 | 45,092 | |||||
Other Long-Term Obligations | 116,510 | 82,589 | |||||
Shareholders’ Equity | |||||||
Preferred Shares (Authorized 300 shares; none outstanding) | — | — | |||||
Common Shares (Authorized 100,000 shares; 35,332 and 35,024 issued in 2016 and 2015, respectively)—no par | 8,965 | 8,815 | |||||
Class B Common Shares (Authorized 12,000 shares; 734 issued and outstanding in 2016 and 2015, respectively)—no par | 184 | 184 | |||||
Additional paid-in-capital | 261,353 | 247,022 | |||||
Retained earnings | 301,567 | 310,583 | |||||
Accumulated other comprehensive income | 2,154 | (9,387 | ) | ||||
Treasury shares (3,585 and 3,194 shares in 2016 and 2015, respectively) | (99,399 | ) | (94,399 | ) | |||
Total Shareholders’ Equity | 474,824 | 462,818 | |||||
Total Liabilities and Shareholders’ Equity | $ | 981,727 | $ | 838,143 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Operating Activities | (In thousands) | ||||||
Net loss | $ | (8,616 | ) | $ | (7,254 | ) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
Gain on sale of businesses | — | (260 | ) | ||||
Depreciation and amortization | 4,032 | 5,353 | |||||
Provision for losses on trade and installment receivables | 47 | 272 | |||||
Provision (benefit) for deferred income taxes | (29 | ) | 82 | ||||
Provision for other deferred liabilities | 79 | 110 | |||||
Provision for stock-based compensation | 2,089 | 411 | |||||
Loss (gain) on disposals of property and equipment | 19 | (11 | ) | ||||
Loss on debt extinguishment including debt finance charges and associated fees | — | 668 | |||||
Amortization of convertible debt discount | 664 | 191 | |||||
Gain on convertible debt derivatives | (604 | ) | — | ||||
Changes in operating assets and liabilities: | |||||||
Trade receivables | (6,938 | ) | (9,756 | ) | |||
Installment sales contracts, net | (674 | ) | (402 | ) | |||
Inventories | (9,480 | ) | (2,066 | ) | |||
Other current assets | (2,495 | ) | 293 | ||||
Accounts payable | (2,529 | ) | 3,408 | ||||
Accrued expenses | (12,108 | ) | (14,179 | ) | |||
Other long-term liabilities | (2,162 | ) | 349 | ||||
Net Cash Used by Operating Activities | (38,705 | ) | (22,791 | ) | |||
Investing Activities | |||||||
Purchases of property and equipment | (1,464 | ) | (2,818 | ) | |||
Proceeds from sale of property and equipment | 4 | 78 | |||||
Change in other long-term assets | (103 | ) | 13,392 | ||||
Other | 42 | (3 | ) | ||||
Net Cash (Used) Provided by Investing Activities | (1,521 | ) | 10,649 | ||||
Financing Activities | |||||||
Proceeds from revolving lines of credit and long-term borrowings | 121,977 | 71,064 | |||||
Payments on revolving lines of credit and long-term borrowings | (497 | ) | (73,633 | ) | |||
Proceeds from exercise of stock options | 17 | 200 | |||||
Payment of financing costs | (4,562 | ) | (1,391 | ) | |||
Payment of dividends | (400 | ) | (397 | ) | |||
Issuance of warrants | 12,375 | — | |||||
Purchase of treasury stock | (5,000 | ) | — | ||||
Net Cash Provided (Used) by Financing Activities | 123,910 | (4,157 | ) | ||||
Effect of exchange rate changes on cash | 965 | (2,014 | ) | ||||
Increase (Decrease) in cash and cash equivalents | 84,649 | (18,313 | ) | ||||
Cash and cash equivalents at beginning of year | 60,055 | 38,931 | |||||
Cash and cash equivalents at end of period | $ | 144,704 | $ | 20,618 |
March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Current | Long- Term | Total | Current | Long- Term | Total | ||||||||||||||||||
Installment receivables | $ | 2,161 | $ | 3,087 | $ | 5,248 | $ | 2,309 | $ | 2,318 | $ | 4,627 | |||||||||||
Less: Unearned interest | (40 | ) | — | (40 | ) | (42 | ) | — | (42 | ) | |||||||||||||
2,121 | 3,087 | 5,208 | 2,267 | 2,318 | 4,585 | ||||||||||||||||||
Allowance for doubtful accounts | (1,007 | ) | (2,225 | ) | (3,232 | ) | (1,122 | ) | (1,670 | ) | (2,792 | ) | |||||||||||
$ | 1,114 | $ | 862 | $ | 1,976 | $ | 1,145 | $ | 648 | $ | 1,793 |
Three Months Ended March 31, 2016 | Year Ended December 31, 2015 | ||||||
Balance as of beginning of period | $ | 2,792 | $ | 5,852 | |||
Current period provision (benefit) | 547 | (332 | ) | ||||
Direct write-offs charged against the allowance | (107 | ) | (2,728 | ) | |||
Balance as of end of period | $ | 3,232 | $ | 2,792 |
Total Installment Receivables | Unpaid Principal Balance | Related Allowance for Doubtful Accounts | Interest Income Recognized | ||||||||||||
U.S. | |||||||||||||||
Impaired installment receivables with a related allowance recorded | $ | 4,248 | $ | 4,248 | $ | 3,153 | $ | — | |||||||
Canada | |||||||||||||||
Non-Impaired installment receivables with no related allowance recorded | 921 | 881 | — | 13 | |||||||||||
Impaired installment receivables with a related allowance recorded | 79 | 79 | 79 | — | |||||||||||
Total Canadian installment receivables | 1,000 | 960 | 79 | 13 | |||||||||||
Total | |||||||||||||||
Non-Impaired installment receivables with no related allowance recorded | 921 | 881 | — | 13 | |||||||||||
Impaired installment receivables with a related allowance recorded | 4,327 | 4,327 | 3,232 | — | |||||||||||
Total installment receivables | $ | 5,248 | $ | 5,208 | $ | 3,232 | $ | 13 |
Total Installment Receivables | Unpaid Principal Balance | Related Allowance for Doubtful Accounts | Interest Income Recognized | ||||||||||||
U.S. | |||||||||||||||
Impaired installment receivables with a related allowance recorded | $ | 3,618 | $ | 3,618 | $ | 2,729 | $ | — | |||||||
Canada | |||||||||||||||
Non-Impaired installment receivables with no related allowance recorded | 946 | 904 | — | 52 | |||||||||||
Impaired installment receivables with a related allowance recorded | 63 | 63 | 63 | — | |||||||||||
Total Canadian installment receivables | 1,009 | 967 | 63 | 52 | |||||||||||
Total | |||||||||||||||
Non-Impaired installment receivables with no related allowance recorded | 946 | 904 | — | 52 | |||||||||||
Impaired installment receivables with a related allowance recorded | 3,681 | 3,681 | 2,792 | — | |||||||||||
Total installment receivables | $ | 4,627 | $ | 4,585 | $ | 2,792 | $ | 52 |
March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Total | U.S. | Canada | Total | U.S. | Canada | ||||||||||||||||||
Current | $ | 899 | $ | — | $ | 899 | $ | 908 | $ | — | $ | 908 | |||||||||||
0-30 Days Past Due | 2 | — | 2 | 16 | — | 16 | |||||||||||||||||
31-60 Days Past Due | — | — | — | 12 | — | 12 | |||||||||||||||||
61-90 Days Past Due | — | — | — | 1 | — | 1 | |||||||||||||||||
90+ Days Past Due | 4,347 | 4,248 | 99 | 3,690 | 3,618 | 72 | |||||||||||||||||
$ | 5,248 | $ | 4,248 | $ | 1,000 | $ | 4,627 | $ | 3,618 | $ | 1,009 |
March 31, 2016 | December 31, 2015 | ||||||
Finished goods | $ | 75,507 | $ | 67,207 | |||
Raw materials | 57,432 | 54,005 | |||||
Work in process | 10,875 | 11,595 | |||||
$ | 143,814 | $ | 132,807 |
March 31, 2016 | December 31, 2015 | ||||||
Value added tax receivables | $ | 19,275 | $ | 18,031 | |||
Recoverable income taxes | 390 | 367 | |||||
Derivatives (foreign currency forward contracts) | 4,273 | 4,143 | |||||
Prepaid insurance | 2,166 | 2,538 | |||||
Prepaid and other current assets | 10,956 | 9,380 | |||||
$ | 37,060 | $ | 34,459 |
March 31, 2016 | December 31, 2015 | ||||||
Convertible Note Hedge Asset | $ | 29,297 | $ | — | |||
Cash surrender value of life insurance policies | 1,698 | 1,674 | |||||
Deferred financing fees | 891 | 1,088 | |||||
Investments | 161 | 160 | |||||
Installment receivables | 862 | 648 | |||||
Deferred taxes | 573 | 908 | |||||
Other | 181 | 181 | |||||
$ | 33,663 | $ | 4,659 |
March 31, 2016 | December 31, 2015 | ||||||
Machinery and equipment | $ | 301,908 | $ | 299,721 | |||
Land, buildings and improvements | 74,933 | 73,830 | |||||
Furniture and fixtures | 9,458 | 10,031 | |||||
Leasehold improvements | 11,795 | 11,966 | |||||
398,094 | 395,548 | ||||||
Less allowance for depreciation | (320,469 | ) | (316,865 | ) | |||
$ | 77,625 | $ | 78,683 |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Historical Cost | Accumulated Amortization | Historical Cost | Accumulated Amortization | ||||||||||||
Customer lists | $ | 50,940 | $ | 46,288 | $ | 49,858 | $ | 45,019 | |||||||
Trademarks | 25,005 | — | 24,524 | — | |||||||||||
License agreements | 1,150 | 1,150 | 1,098 | 1,098 | |||||||||||
Developed technology | 7,497 | 6,013 | 7,405 | 5,921 | |||||||||||
Patents | 5,545 | 5,455 | 5,959 | 5,843 | |||||||||||
Other | 1,162 | 1,128 | 1,161 | 1,124 | |||||||||||
$ | 91,299 | $ | 60,034 | $ | 90,005 | $ | 59,005 |
March 31, 2016 | December 31, 2015 | ||||||
Salaries and wages | $ | 31,591 | $ | 41,305 | |||
Taxes other than income taxes, primarily Value Added Taxes | 18,550 | 21,424 | |||||
Warranty cost | 24,154 | 22,820 | |||||
Supplemental Executive Retirement Program | 1,279 | 1,279 | |||||
Freight | 6,952 | 6,153 | |||||
Professional | 6,923 | 5,774 | |||||
Product liability, current portion | 3,193 | 3,127 | |||||
Rebates | 1,506 | 1,791 | |||||
Insurance | 644 | 695 | |||||
Interest | 1,529 | 872 | |||||
Derivative liabilities | 1,207 | 2,014 | |||||
Severance | 1,522 | 2,477 | |||||
Other items, principally trade accruals | 13,389 | 12,689 | |||||
$ | 112,439 | $ | 122,420 |
Balance as of January 1, 2016 | $ | 22,820 | |
Warranties provided during the period | 3,878 | ||
Settlements made during the period | (4,130 | ) | |
Changes in liability for pre-existing warranties during the period, including expirations | 1,586 | ||
Balance as of March 31, 2016 | $ | 24,154 |
March 31, 2016 | December 31, 2015 | ||||||
Senior secured revolving credit facility, due in January 2018 | $ | — | $ | — | |||
Convertible senior notes at 5.00%, due in February 2021 | 110,214 | — | |||||
Convertible senior subordinated debentures at 4.125%, due in February 2027 | 12,361 | 12,147 | |||||
Other notes and lease obligations | 34,557 | 34,973 | |||||
157,132 | 47,120 | ||||||
Less current maturities of long-term debt | (2,033 | ) | (2,028 | ) | |||
$ | 155,099 | $ | 45,092 |
• | the amendment of the negative covenant regarding indebtedness to permit the issuance of the convertible senior notes due 2021; |
• | the amendment of various negative covenants to permit the convertible note hedge and warrant transactions entered into by the company in connection with the issuance of the convertible senior notes; |
• | the amendment of the mandatory prepayment provision to eliminate the prepayment requirement that would have otherwise been required upon the receipt of proceeds from the issuance of the convertible senior notes and the sale of the warrants and the negative covenant regarding dividends to permit the issuance of certain equity interests, payment of interest on the notes and certain payments to be made upon conversion of the convertible notes, as well as upon the exercise, settlement or termination of the convertible note hedge and warrant transactions, so long as the company is not, and would not after giving pro-forma effect to any such transaction be, in default under the Credit Agreement and has had undrawn availability equal to at least 20% of the maximum revolving advance amount under its North American-based credit facility (which maximum amount is currently $100,000,000) for the 30 consecutive days ending delivered by the company under the Credit Agreement; |
• | the amendment of the negative covenant to permit the repurchase by the company of up to $5,000,000 of its common shares (which were subsequently repurchased in connection with the issuance of the convertible notes) so long as the company is not, and would not after giving pro-forma effect to any such repurchase be, in default under the Credit Agreement and has had undrawn availability equal to at least 20% of the maximum revolving advance amount under its North American-based credit facility (which maximum amount is currently $100,000,000) for the 30 consecutive days ending as of the date of the most recent North American borrowing base certificate delivered by the company under the Credit Agreement; |
• | the amendment of the negative covenant regarding capital expenditures to increase the aggregate amount of permitted expenditures from $20,000,000 to $35,000,000; |
• | the amendment of the negative covenant regarding investments to permit certain qualifying acquisitions for total aggregate consideration of up to $30,000,000; |
• | the amendment of the negative covenant regarding sales of assets to increase the aggregate amount of permitted dispositions from $20,000,000 to $25,000,000 (calculated as of the date of the Credit Agreement Amendment), so long as the company is not, and would not after giving pro-forma effect to any such disposition be, in default under the Credit Agreement and has had undrawn availability equal to at least 20% of the maximum revolving advance amount under its North American-based credit facility (which maximum amount is currently $100,000,000) for the 30 consecutive days ending as of the date of the most recent North American borrowing base certificate delivered by the company under the Credit Agreement; and |
• | the amendment of the availability block (which affects the company’s borrowing base) by reducing the block from $10,000,000 to $5,000,000, the effect of which is to increase borrowing capacity. |
March 31, 2016 | December 31, 2015 | ||||||
Principal amount of liability component | $ | 13,350 | $ | 13,350 | |||
Unamortized discount | (989 | ) | (1,203 | ) | |||
Net carrying amount of liability component | $ | 12,361 | $ | 12,147 |
March 31, 2016 | ||||
Principal amount of liability component | $ | 150,000 | ||
Unamortized discount | (34,029 | ) | ||
Debt fees | (5,757 | ) | ||
Net carrying amount of liability component | $ | 110,214 |
March 31, 2016 | December 31, 2015 | ||||||
Supplemental Executive Retirement Plan liability | $ | 4,895 | $ | 4,930 | |||
Product liability | 14,804 | 14,582 | |||||
Deferred income taxes | 32,608 | 32,115 | |||||
Convertible debt conversion liability | 35,198 | — | |||||
Deferred gain on sale leaseback | 6,910 | 6,978 | |||||
Deferred compensation | 3,824 | 4,167 | |||||
Pension | 10,191 | 9,868 | |||||
Uncertain tax obligation including interest | 3,745 | 4,467 | |||||
Other | 4,335 | 5,482 | |||||
Total long-term obligations | $ | 116,510 | $ | 82,589 |
For the Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Non-Qualified stock options | $ | 335 | $ | 172 | |||
Restricted stock and restricted stock units | 1,641 | 213 | |||||
Performance shares and performance share units | 113 | 26 | |||||
Total stock-based compensation expense | $ | 2,089 | $ | 411 |
March 31, 2016 | |||
Non-Qualified stock options | $ | 697 | |
Restricted stock and restricted stock units | 13,350 | ||
Performance shares and performance share units | 4,395 | ||
Total unrecognized stock-based compensation expense | $ | 18,442 |
March 31, 2016 | Weighted Average Exercise Price | |||||||
Options outstanding at January 1, 2016 | 2,942,783 | $ | 21.22 | |||||
Granted | — | — | ||||||
Exercised | (1,250 | ) | 13.82 | |||||
Canceled | (63,737 | ) | 26.10 | |||||
Options outstanding at March 31, 2016 | 2,877,796 | $ | 21.16 | |||||
Options exercise price range at March 31, 2016 | $ | 13.37 | to | |||||
$ | 33.36 | |||||||
Options exercisable at March 31, 2016 | 2,681,960 | |||||||
Shares available for grant at March 31, 2016* | 1,137,504 |
* | Shares available for grant as of March 31, 2016 reduced by net restricted stock and restricted stock unit award and performance share and performance share unit award activity of 1,935,984 shares and 1,377,872 shares, respectively for the first three months 2016. |
Options Outstanding | Options Exercisable | ||||||||||||||
Exercise Prices | Number Outstanding At 3/31/16 | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number Exercisable At 3/31/16 | Weighted Average Exercise Price | ||||||||||
$ 13.37 – $20.00 | 761,134 | 6.4 | $ | 14.12 | 565,298 | $ | 14.18 | ||||||||
$ 20.01 – $25.00 | 1,339,028 | 3.0 | 22.59 | 1,339,028 | 22.59 | ||||||||||
$ 25.01 – $30.00 | 773,138 | 3.4 | 25.55 | 773,138 | 25.55 | ||||||||||
$ 30.01 – $33.36 | 4,496 | 1.0 | 33.36 | 4,496 | 33.36 | ||||||||||
Total | 2,877,796 | 4.0 | $ | 21.16 | 2,681,960 | $ | 21.69 |
March 31, 2016 | Weighted Average Fair Value | |||||
Stock / Units unvested at January 1, 2016 | 641,505 | $ | 18.89 | |||
Granted | 433,872 | 12.93 | ||||
Vested | — | — | ||||
Canceled | (16,450 | ) | 17.21 | |||
Stock / Units unvested at March 31, 2016 | 1,058,927 | $ | 16.48 | |||
March 31, 2016 | Weighted Average Fair Value | |||||
Shares / Units unvested at January 1, 2016 | 198,401 | $ | 19.50 | |||
Granted | 234,402 | 12.82 | ||||
Vested | — | — | ||||
Canceled | (6,400 | ) | 20.05 | |||
Shares / Units unvested at March 31, 2016 | 426,403 | $ | 15.82 | |||
Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | ||||||||||||||||
December 31, 2015 | $ | (5,744 | ) | $ | 4,111 | $ | (9,757 | ) | $ | 2,003 | $ | (9,387 | ) | |||||||
OCI before reclassifications | 12,218 | (1,449 | ) | (195 | ) | 1,128 | 11,702 | |||||||||||||
Amount reclassified from accumulated OCI | — | — | 5 | (166 | ) | (161 | ) | |||||||||||||
Net current-period OCI | 12,218 | (1,449 | ) | (190 | ) | 962 | 11,541 | |||||||||||||
March 31, 2016 | $ | 6,474 | $ | 2,662 | $ | (9,947 | ) | $ | 2,965 | $ | 2,154 |
December 31, 2014 | $ | 86,236 | $ | (6,465 | ) | $ | (7,601 | ) | $ | (551 | ) | $ | 71,619 | |||||||
OCI before reclassifications | (68,154 | ) | 14,776 | 53 | 2,066 | (51,259 | ) | |||||||||||||
Amount reclassified from accumulated OCI | — | — | 41 | (142 | ) | (101 | ) | |||||||||||||
Net current-period OCI | (68,154 | ) | 14,776 | 94 | 1,924 | (51,360 | ) | |||||||||||||
March 31, 2015 | $ | 18,082 | $ | 8,311 | $ | (7,507 | ) | $ | 1,373 | $ | 20,259 |
Amount reclassified from OCI | Affected line item in the Statement of Comprehensive (Income) Loss | |||||||||
For the Three Months Ended March 31, | ||||||||||
2016 | 2015 | |||||||||
Defined Benefit Plans | ||||||||||
Service and interest costs | $ | 5 | $ | 41 | Selling, General and Administrative | |||||
Tax | — | — | Income Taxes | |||||||
Total after tax | $ | 5 | $ | 41 | ||||||
Derivatives | ||||||||||
Foreign currency forward contracts hedging sales | $ | (427 | ) | $ | 192 | Net Sales | ||||
Foreign currency forward contracts hedging purchases | 238 | (462 | ) | Cost of Products Sold | ||||||
Total before tax | (189 | ) | (270 | ) | ||||||
Tax | 23 | 128 | Income Taxes | |||||||
Total after tax | $ | (166 | ) | $ | (142 | ) |
Severance | Product Line Discontinuance | Contract Terminations | Other | Total | |||||||||||||||
December 31, 2010 Balance | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Charges | |||||||||||||||||||
NA/HME | 4,755 | — | — | 4 | 4,759 | ||||||||||||||
IPG | 123 | — | — | — | 123 | ||||||||||||||
Europe | 3,288 | 277 | 1,788 | 113 | 5,466 | ||||||||||||||
Asia/Pacific | 186 | — | — | — | 186 | ||||||||||||||
Total | 8,352 | 277 | 1,788 | 117 | 10,534 | ||||||||||||||
Payments | |||||||||||||||||||
NA/HME | (1,663 | ) | — | — | (4 | ) | (1,667 | ) | |||||||||||
IPG | (52 | ) | — | — | — | (52 | ) | ||||||||||||
Europe | (1,546 | ) | (277 | ) | (1,714 | ) | (113 | ) | (3,650 | ) | |||||||||
Asia/Pacific | (186 | ) | — | — | — | (186 | ) | ||||||||||||
Total | (3,447 | ) | (277 | ) | (1,714 | ) | (117 | ) | (5,555 | ) | |||||||||
December 31, 2011 Balance | |||||||||||||||||||
NA/HME | 3,092 | — | — | — | 3,092 | ||||||||||||||
IPG | 71 | — | — | — | 71 | ||||||||||||||
Europe | 1,742 | — | 74 | — | 1,816 | ||||||||||||||
Total | $ | 4,905 | $ | — | $ | 74 | $ | — | $ | 4,979 | |||||||||
Severance | Product Line Discontinuance | Contract Terminations | Other | Total | |||||||||||||||
Charges | |||||||||||||||||||
NA/HME | $ | 4,242 | $ | — | $ | 5 | $ | — | $ | 4,247 | |||||||||
IPG | 35 | — | — | — | 35 | ||||||||||||||
Europe | 817 | — | 53 | 1,223 | 2,093 | ||||||||||||||
Asia/Pacific | 1,681 | 491 | 1,667 | 1,181 | 5,020 | ||||||||||||||
Total | 6,775 | 491 | 1,725 | 2,404 | 11,395 | ||||||||||||||
Payments | |||||||||||||||||||
NA/HME | (3,587 | ) | — | (5 | ) | — | (3,592 | ) | |||||||||||
IPG | (106 | ) | — | — | — | (106 | ) | ||||||||||||
Europe | (1,964 | ) | — | (127 | ) | (1,223 | ) | (3,314 | ) | ||||||||||
Asia/Pacific | (812 | ) | (340 | ) | (42 | ) | (1,175 | ) | (2,369 | ) | |||||||||
Total | (6,469 | ) | (340 | ) | (174 | ) | (2,398 | ) | (9,381 | ) | |||||||||
December 31, 2012 Balance | |||||||||||||||||||
NA/HME | 3,747 | — | — | — | 3,747 | ||||||||||||||
Europe | 595 | — | — | — | 595 | ||||||||||||||
Asia/Pacific | 869 | 151 | 1,625 | 6 | 2,651 | ||||||||||||||
Total | 5,211 | 151 | 1,625 | 6 | 6,993 | ||||||||||||||
Charges | |||||||||||||||||||
NA/HME | 5,405 | — | 164 | 353 | 5,922 | ||||||||||||||
IPG | 267 | — | — | — | 267 | ||||||||||||||
Europe | 1,640 | — | — | — | 1,640 | ||||||||||||||
Asia/Pacific | 970 | — | 534 | 3 | 1,507 | ||||||||||||||
Total | 8,282 | — | 698 | 356 | 9,336 | ||||||||||||||
Payments | |||||||||||||||||||
NA/HME | (6,347 | ) | — | (164 | ) | (353 | ) | (6,864 | ) | ||||||||||
IPG | (175 | ) | — | — | — | (175 | ) | ||||||||||||
Europe | (1,146 | ) | — | — | — | (1,146 | ) | ||||||||||||
Asia/Pacific | (1,839 | ) | (151 | ) | (1,660 | ) | (9 | ) | (3,659 | ) | |||||||||
Total | (9,507 | ) | (151 | ) | (1,824 | ) | (362 | ) | (11,844 | ) | |||||||||
December 31, 2013 Balance | |||||||||||||||||||
NA/HME | 2,805 | — | — | — | 2,805 | ||||||||||||||
IPG | 92 | — | — | — | 92 | ||||||||||||||
Europe | 1,089 | — | — | — | 1,089 | ||||||||||||||
Asia/Pacific | — | — | 499 | — | 499 | ||||||||||||||
Total | 3,986 | — | 499 | — | 4,485 | ||||||||||||||
Charges | |||||||||||||||||||
NA/HME | 4,404 | — | — | — | 4,404 | ||||||||||||||
IPG | 1,163 | — | — | 761 | 1,924 | ||||||||||||||
Europe | 527 | — | — | 525 | 1,052 | ||||||||||||||
Asia/Pacific | 769 | — | (15 | ) | — | 754 | |||||||||||||
Other | 2,978 | — | — | — | 2,978 | ||||||||||||||
Total | $ | 9,841 | $ | — | $ | (15 | ) | $ | 1,286 | $ | 11,112 | ||||||||
Severance | Product Line Discontinuance | Contract Terminations | Other | Total | |||||||||||||||
Payments | |||||||||||||||||||
NA/HME | $ | (6,547 | ) | $ | — | $ | — | $ | — | $ | (6,547 | ) | |||||||
IPG | (1,107 | ) | — | — | (761 | ) | (1,868 | ) | |||||||||||
Europe | (1,195 | ) | — | — | (525 | ) | (1,720 | ) | |||||||||||
Asia/Pacific | (769 | ) | — | (227 | ) | — | (996 | ) | |||||||||||
Total | (9,618 | ) | — | (227 | ) | (1,286 | ) | (11,131 | ) | ||||||||||
December 31, 2014 Balance | |||||||||||||||||||
NA/HME | 662 | — | — | — | 662 | ||||||||||||||
IPG | 148 | — | — | — | 148 | ||||||||||||||
Europe | 421 | — | — | — | 421 | ||||||||||||||
Asia/Pacific | — | — | 257 | — | 257 | ||||||||||||||
Other | 2,978 | — | — | — | 2,978 | ||||||||||||||
Total | 4,209 | — | 257 | — | 4,466 | ||||||||||||||
Charges | |||||||||||||||||||
NA/HME | 1,069 | — | 292 | — | 1,361 | ||||||||||||||
IPG | 73 | — | — | — | 73 | ||||||||||||||
Europe | 510 | — | — | — | 510 | ||||||||||||||
Asia/Pacific | 26 | — | 1 | — | 27 | ||||||||||||||
Total | 1,678 | — | 293 | — | 1,971 | ||||||||||||||
Payments | |||||||||||||||||||
NA/HME | (1,069 | ) | — | (55 | ) | — | (1,124 | ) | |||||||||||
IPG | (221 | ) | — | — | — | (221 | ) | ||||||||||||
Europe | (619 | ) | — | — | — | (619 | ) | ||||||||||||
Asia/Pacific | (26 | ) | — | (258 | ) | — | (284 | ) | |||||||||||
Other | (1,475 | ) | — | — | — | (1,475 | ) | ||||||||||||
Total | (3,410 | ) | — | (313 | ) | — | (3,723 | ) | |||||||||||
December 31, 2015 Balance | |||||||||||||||||||
NA/HME | 662 | — | 237 | — | 899 | ||||||||||||||
Europe | 312 | — | — | — | 312 | ||||||||||||||
Other | 1,503 | — | — | — | 1,503 | ||||||||||||||
Total | 2,477 | — | 237 | — | 2,714 | ||||||||||||||
Charges | |||||||||||||||||||
NA/HME | 61 | — | — | — | 61 | ||||||||||||||
Asia/Pacific | 41 | — | — | — | 41 | ||||||||||||||
Total | 102 | — | — | — | 102 | ||||||||||||||
Payments | |||||||||||||||||||
NA/HME | (488 | ) | — | (133 | ) | — | (621 | ) | |||||||||||
Europe | (292 | ) | — | — | — | (292 | ) | ||||||||||||
Asia/Pacific | (41 | ) | — | — | — | (41 | ) | ||||||||||||
Other | (236 | ) | — | — | — | (236 | ) | ||||||||||||
Total | (1,057 | ) | — | (133 | ) | — | (1,190 | ) | |||||||||||
March 31, 2016 Balance | |||||||||||||||||||
NA/HME | 235 | — | 104 | — | 339 | ||||||||||||||
Europe | 20 | — | — | — | 20 | ||||||||||||||
Other | 1,267 | — | — | — | 1,267 | ||||||||||||||
Total | $ | 1,522 | $ | — | $ | 104 | $ | — | $ | 1,626 |
(In thousands except per share data) | For the Three Months Ended March 31, | ||||||
2016 | 2015 | ||||||
Basic | |||||||
Average common shares outstanding | 32,371 | 32,125 | |||||
Net loss from continuing operations | $ | (8,616 | ) | $ | (7,514 | ) | |
Net earnings from discontinued operations | $ | — | $ | 260 | |||
Net loss | $ | (8,616 | ) | $ | (7,254 | ) | |
Net loss per common share from continuing operations | $ | (0.27 | ) | $ | (0.23 | ) | |
Net earnings per common share from discontinued operations | $ | — | $ | 0.01 | |||
Net loss per common share | $ | (0.27 | ) | $ | (0.23 | ) | |
Diluted | |||||||
Average common shares outstanding | 32,371 | 32,125 | |||||
Stock options and awards | 229 | 264 | |||||
Average common shares assuming dilution | 32,600 | 32,389 | |||||
Net loss from continuing operations | $ | (8,616 | ) | $ | (7,514 | ) | |
Net earnings from discontinued operations | $ | — | $ | 260 | |||
Net loss | $ | (8,616 | ) | $ | (7,254 | ) | |
Net loss per common share from continuing operations * | $ | (0.27 | ) | $ | (0.23 | ) | |
Net earnings per common share from discontinued operations | $ | — | $ | 0.01 | |||
Net loss per common share * | $ | (0.27 | ) | $ | (0.23 | ) |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Notional Amount | Unrealized Net Gain (Loss) | Notional Amount | Unrealized Net Gain (Loss) | ||||||||||||
USD / AUD | $ | 2,258 | $ | (197 | ) | $ | 2,910 | $ | (83 | ) | |||||
USD / CAD | 8,876 | 418 | 3,893 | 181 | |||||||||||
USD / CNY | 12,527 | (76 | ) | 16,786 | (282 | ) | |||||||||
USD / EUR | 64,149 | 625 | 72,758 | 2,681 | |||||||||||
USD / GBP | 3,164 | 261 | 3,862 | 22 | |||||||||||
USD / NZD | 3,689 | 29 | 4,893 | 37 | |||||||||||
USD / SEK | 3,558 | (29 | ) | 5,128 | 39 | ||||||||||
USD / MXP | 9,174 | 64 | 8,494 | (284 | ) | ||||||||||
EUR / AUD | 552 | (14 | ) | 669 | (10 | ) | |||||||||
EUR / CAD | 1,040 | 25 | 1,283 | (17 | ) | ||||||||||
EUR / CHF | 1,779 | (21 | ) | 1,944 | (17 | ) | |||||||||
EUR / GBP | 27,132 | 1,811 | 36,567 | (424 | ) | ||||||||||
EUR / SEK | 2,170 | (17 | ) | 2,464 | (42 | ) | |||||||||
EUR / NOK | 2,776 | 30 | 3,375 | (55 | ) | ||||||||||
EUR / NZD | 4,043 | 343 | 3,609 | 476 | |||||||||||
AUD / NZD | 277 | (4 | ) | 352 | 8 | ||||||||||
GBP / AUD | 662 | (85 | ) | 830 | (46 | ) | |||||||||
GBP / CHF | 361 | 30 | 463 | (7 | ) | ||||||||||
GBP / SEK | 1,610 | 146 | 2,067 | (1 | ) | ||||||||||
DKK / SEK | 26,284 | (3 | ) | 37,293 | 46 | ||||||||||
NOK / SEK | 2,549 | 13 | 3,524 | (39 | ) | ||||||||||
$ | 178,630 | $ | 3,349 | $ | 213,164 | $ | 2,183 |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Notional Amount | Gain (Loss) | Notional Amount | Gain (Loss) | ||||||||||||
AUD / USD | $ | 8,513 | $ | (122 | ) | $ | 8,051 | $ | 337 | ||||||
CAD / USD | — | — | 5,762 | (4 | ) | ||||||||||
CNY / USD | 9,943 | (161 | ) | 9,943 | (441 | ) | |||||||||
EUR / USD | — | — | 2,118 | 53 | |||||||||||
DKK / USD | — | — | 7,927 | 125 | |||||||||||
GBP / USD | — | — | 4,526 | (106 | ) | ||||||||||
NOK / USD | — | — | 1,838 | (18 | ) | ||||||||||
$ | 18,456 | $ | (283 | ) | $ | 40,165 | $ | (54 | ) |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Assets | Liabilities | Assets | Liabilities | ||||||||||||
Derivatives designated as hedging instruments under ASC 815 | |||||||||||||||
Foreign currency forward exchange contracts | $ | 4,273 | $ | 924 | $ | 3,626 | $ | 1,443 | |||||||
Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||
Foreign currency forward exchange contracts | — | 283 | 517 | 571 | |||||||||||
Total derivatives | $ | 4,273 | $ | 1,207 | $ | 4,143 | $ | 2,014 |
Derivatives in ASC 815 cash flow hedge relationships | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||
Three months ended March 31, 2016 | |||||||||||
Foreign currency forward exchange contracts | $ | 1,128 | $ | 166 | $ | — | |||||
Three months ended March 31, 2015 | |||||||||||
Foreign currency forward exchange contracts | $ | 2,066 | $ | 142 | $ | — | |||||
Derivatives not designated as hedging instruments under ASC 815 | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||
Three months ended March 31, 2016 | |||||||||||
Foreign currency forward exchange contracts | $ | (283 | ) | ||||||||
Three months ended March 31, 2015 | |||||||||||
Foreign currency forward exchange contracts | $ | (1,535 | ) |
March 31, 2016 | |||||||
Fair Value | Gain (Loss) | ||||||
Convertible debt conversion long-term liability | $ | (35,198 | ) | $ | (718 | ) | |
Convertible note hedge long-term asset | 29,297 | 1,322 | |||||
$ | (5,901 | ) | $ | 604 |
Basis for Fair Value Measurements at Reporting Date | |||||||||||||
Quoted Prices in Active Markets for Identical Assets / (Liabilities) | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||
Total | Level I | Level II | Level III | ||||||||||
March 31, 2016 | |||||||||||||
Forward exchange contracts—net | $ | 3,066 | — | $ | 3,066 | — | |||||||
Convertible Debt Conversion Liability | (35,198 | ) | — | (35,198 | ) | — | |||||||
Convertible Note Hedge Asset | 29,297 | — | 29,297 | — | |||||||||
December 31, 2015 | |||||||||||||
Forward exchange contracts—net | $ | 2,129 | — | $ | 2,129 | — |
March 31, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||
Cash and cash equivalents | $ | 144,704 | $ | 144,704 | $ | 60,055 | $ | 60,055 | |||||||
Other investments | 161 | 161 | 160 | 160 | |||||||||||
Installment receivables, net of reserves | 1,976 | 1,976 | 1,793 | 1,793 | |||||||||||
Long-term debt (including current maturities of long-term debt) * | (157,132 | ) | (161,603 | ) | (47,120 | ) | (47,369 | ) | |||||||
Convertible debt conversion liability in Other Long-Term Obligations | (35,198 | ) | (35,198 | ) | — | — | |||||||||
Convertible note hedge in Other Assets | 29,297 | 29,297 | — | — | |||||||||||
Forward contracts in Other Current Assets | 4,273 | 4,273 | 4,143 | 4,143 | |||||||||||
Forward contracts in Accrued Expenses | (1,207 | ) | (1,207 | ) | (2,014 | ) | (2,014 | ) |
For the Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues from external customers | |||||||
North America/HME | $ | 106,371 | $ | 125,164 | |||
Institutional Products Group | 18,244 | 23,914 | |||||
Europe | 123,332 | 129,001 | |||||
Asia/Pacific | 9,605 | 10,945 | |||||
Consolidated | $ | 257,552 | $ | 289,024 | |||
Intersegment revenues | |||||||
North America/HME | $ | 27,615 | $ | 23,862 | |||
Institutional Products Group | 416 | 146 | |||||
Europe | 2,592 | 2,515 | |||||
Asia/Pacific | 5,221 | 6,318 | |||||
Consolidated | $ | 35,844 | $ | 32,841 | |||
Restructuring charges before income taxes | |||||||
North America/HME | $ | 61 | $ | 199 | |||
Europe | — | 40 | |||||
Asia/Pacific | 41 | 1 | |||||
Consolidated | $ | 102 | $ | 240 | |||
Earnings (loss) before income taxes | |||||||
North America/HME | $ | (8,680 | ) | $ | (8,830 | ) | |
Institutional Products Group | 1,355 | 1,298 | |||||
Europe | 5,732 | 7,524 | |||||
Asia/Pacific | (742 | ) | (1,242 | ) | |||
All Other (1) | (4,456 | ) | (3,789 | ) | |||
Consolidated | $ | (6,791 | ) | $ | (5,039 | ) |
(1) | Consists of un-allocated corporate SG&A costs and intercompany profits, which do not meet the quantitative criteria for determining reportable segments and gain or loss on convertible debt derivatives. |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net cash used by operating activities | $ | (38,705 | ) | $ | (22,791 | ) | |
Plus: Net cash impact related to restructuring activities | 1,190 | 1,880 | |||||
Plus: Sales or property and equipment | 4 | 78 | |||||
Less: Purchases of property and equipment | (1,464 | ) | (2,818 | ) | |||
Free Cash Flow | $ | (38,975 | ) | $ | (23,651 | ) |
Reported | Foreign Exchange Translation Impact | Constant Currency | ||||||
North America / HME | (15.0 | )% | (0.5 | )% | (14.5 | )% | ||
Institutional Products Group | (23.7 | )% | (0.7 | )% | (23.0 | )% | ||
Europe | (4.4 | )% | (6.8 | )% | 2.4 | % | ||
Asia/Pacific | (12.2 | )% | (9.3 | )% | (2.9 | )% | ||
Consolidated | (10.9 | )% | (3.7 | )% | (7.2 | )% | ||
Reported | Impact of Rentals Businesses | Reported excluding Rentals Businesses | ||||||
Institutional Products Group | (23.7 | )% | (32.8 | )% | 9.1 | % | ||
Consolidated | (10.9 | )% | (2.3 | )% | (8.6 | )% | ||
Constant Currency | Impact of Rentals Businesses | Constant Currency excluding Rentals Businesses | ||||||
Institutional Products Group | (23.0 | )% | (33.1 | )% | 10.1 | % | ||
Consolidated | (7.2 | )% | (2.4 | )% | (4.8 | )% | ||
Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (3) | |||||||
1/1/2016 | - | 1/31/2016 | — | $ | — | — | 2,453,978 | ||||
2/1/2016 | - | 2/29/2016 | 390,320 (2) | 12.81 | — | 2,453,978 | |||||
3/1/2016 | - | 3/31/2016 | — | — | — | 2,453,978 | |||||
Total | 390,320 | $ | 12.81 | — | 2,453,978 |
(1) | No shares were repurchased between January 1, 2016 and March 31, 2016 or surrendered to the company by employees for minimum tax withholding purposes in conjunction with the vesting of restricted shares awarded to the employees by the company. |
(2) | The company used a portion of the net proceeds of its offering of 5.00% Convertible Senior Notes due 2021 to repurchase $5,000,000 of the company's common shares in negotiated transactions with institutional investors in the offering. In February 2016, the company repurchased a total of 390,320 Common Shares at $12.81 per share, which was the company's closing stock price on the pricing date of the offering. |
(3) | In 2001, the Board of Directors authorized the company to purchase up to 2,000,000 Common Shares, excluding any shares acquired from employees or directors as a result of the exercise of options or vesting of restricted shares pursuant to the company’s performance plans. The Board of Directors reaffirmed its authorization of this repurchase program on November 5, 2010, and on August 17, 2011 authorized an additional 2,046,500 shares for repurchase under the plan. To date, the company has purchased 1,592,522 shares under this program, with authorization remaining to purchase 2,453,978 shares. The company purchased no shares pursuant to this Board authorized program during the quarter ended March 31, 2016. |
Exhibit No. | |
10.1 | Waiver and Second Amendment to Amended and Restated Revolving Credit and Security Agreement, dated as of May 3, 2016. |
31.1 | Chief Executive Officer Rule 13a-14(a)/15d-14(a) Certification (filed herewith). |
32.1 | Chief Financial Officer Rule 13a-14(a)/15d-14(a) Certification (filed herewith). |
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (furnished herewith). |
101.INS* | XBRL instance document |
101.SCH* | XBRL taxonomy extension schema |
101.CAL* | XBRL taxonomy extension calculation linkbase |
101.DEF* | XBRL taxonomy extension definition linkbase |
101.LAB* | XBRL taxonomy extension label linkbase |
101.PRE* | XBRL taxonomy extension presentation linkbase |
INVACARE CORPORATION | ||||
Date: | May 6, 2016 | By: | /s/ Robert K. Gudbranson | |
Name: Robert K. Gudbranson | ||||
Title: Chief Financial Officer | ||||
(As Principal Financial and Accounting Officer and on behalf of the registrant) |
US BORROWERS: | |
Invacare Corporation, an Ohio corporation By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: Senior Vice President, Chief Financial Officer and Treasurer | |
Freedom Designs, Inc., a California corporation Alber USA, LLC, an Ohio limited liability company The Aftermarket Group, Inc., a Delaware corporation Medbloc, Inc., a Delaware corporation By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: Vice President and Treasurer | |
Garden City Medical Inc., a Delaware corporation By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: Treasurer | |
Invacare Continuing Care, Inc., a Missouri corporation By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: Vice President |
US GUARANTORS: | |
Adaptive Switch Laboratories, Inc., a Texas corporation The Helixx Group, Inc., an Ohio corporation Invacare Credit Corporation, an Ohio corporation Invacare International Corporation, an Ohio corporation Invacare Holdings, LLC, an Ohio limited liability company Invacare Florida Holdings, LLC, a Delaware limited liability company Invacare Florida Corporation, a Delaware corporation Invamex Holdings LLC, a Delaware limited liability company By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: Vice President and Treasurer | |
Invacare Canadian Holdings, Inc., a Delaware corporation Invacare Canadian Holdings, LLC, a Delaware limited liability company Invacare Canada Finance, LLC, a Delaware limited liability company By: /s/ Robert K. Gudbranson Name: Robert K. Gudbranson Title: President |
CANADIAN BORROWERS: | |
Invacare Canada L.P., an Ontario limited partnership, by its general partner, Invacare Canada General Partner Inc. Carroll Healthcare L.P., an Ontario limited partnership, by its general partner, Carroll Healthcare General Partner, Inc. Motion Concepts L.P., an Ontario limited partnership, by its general partner, Carroll Healthcare Inc. Perpetual Motion Enterprises Limited, an Ontario corporation By: /s/ Robert K. Gudbranson Name: Robert Gudbranson Title: Vice President and Treasurer | |
CANADIAN GUARANTORS: | |
Carroll Healthcare General Partner, Inc., an Ontario corporation Carroll Healthcare Inc., an Ontario corporation Invacare Canada General Partner Inc., a Canada corporation By: /s/ Robert K. Gudbranson Name: Robert Gudbranson Title: Vice President and Treasurer |
ENGLISH BORROWERS: | |
Invacare Limited, a company incorporated in England and Wales with company number 05178693 By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: Director |
ENGLISH GUARANTORS: | |
Invacare Limited, a company incorporated in England and Wales with company number 05178693 By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: Director | |
Invacare UK Operations Limited, a company incorporated in England and Wales with company number 03281202 By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: Director |
FRENCH BORROWERS: | |
Invacare Poirier SAS By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: President Duly Authorised |
FRENCH GUARANTORS: | |
Invacare Poirier SAS By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: President Duly Authorised | |
Invacare France Operations S.A.S. By: /s/ Theodore Vassiloudis Name: Theodore Vassiloudis Title: President Duly Authorised |
1. | I have reviewed this quarterly report on Form 10-Q of Invacare Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ MATTHEW E. MONAGHAN | ||
Date: | May 6, 2016 | Matthew E. Monaghan President and Chief Executive Officer (Principal Executive Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Invacare Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared; |
b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
/s/ ROBERT K. GUDBRANSON | ||
Date: | May 6, 2016 | Robert K. Gudbranson Chief Financial Officer (Principal Financial Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company. |
/s/ MATTHEW E. MONAGHAN | ||
Date: | May 6, 2016 | Matthew E. Monaghan President and Chief Executive Officer (Principal Executive Officer) |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the company. |
/s/ ROBERT K. GUDBRANSON | ||
Date: | May 6, 2016 | Robert K. Gudbranson Chief Financial Officer (Principal Financial Officer) |
DEI Document - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 04, 2016 |
|
Entity Information [Line Items] | ||
Entity Registrant Name | INVACARE CORPORATION | |
Entity Central Index Key | 0000742112 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 31,752,836 | |
Class B Common Shares [Member] | ||
Entity Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 733,309 |
Condensed Consolidated Statement of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Statement of Comprehensive Income [Abstract] | ||
Net Earnings from Discontinued Operations tax amts | $ 0 | $ 0 |
Gain on Sale of Discontinued Operations tax amts | $ 0 | $ 140 |
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Current Assets | ||
Cash and cash equivalents | $ 144,704 | $ 60,055 |
Trade receivables, net | 141,519 | 133,655 |
Installment receivables, net | 1,114 | 1,145 |
Inventories, net | 143,814 | 132,807 |
Other current assets | 37,060 | 34,459 |
Total Current Assets | 468,211 | 362,121 |
Other Assets | 33,663 | 4,659 |
Intangibles | 31,265 | 31,000 |
Property and Equipment, net | 77,625 | 78,683 |
Goodwill | 370,963 | 361,680 |
Total Assets | 981,727 | 838,143 |
Current Liabilities | ||
Accounts payable | 104,124 | 105,608 |
Accrued expenses | 112,439 | 122,420 |
Current taxes payable | 16,698 | 17,588 |
Short-term debt and current maturities of long-term obligations | 2,033 | 2,028 |
Total Current Liabilities | 235,294 | 247,644 |
Long-Term Debt | 155,099 | 45,092 |
Other Long-Term Obligations | 116,510 | 82,589 |
Shareholders’ Equity | ||
Preferred Shares (Authorized 300 shares; none outstanding) | 0 | 0 |
Additional paid-in-capital | 261,353 | 247,022 |
Retained earnings | 301,567 | 310,583 |
Accumulated other comprehensive income | 2,154 | (9,387) |
Treasury shares (3,585 and 3,194 shares in 2016 and 2015, respectively) | (99,399) | (94,399) |
Total Shareholders’ Equity | 474,824 | 462,818 |
Total Liabilities and Shareholders’ Equity | 981,727 | 838,143 |
Common Shares [Member] | ||
Shareholders’ Equity | ||
Common Shares | 8,965 | 8,815 |
Class B Common Shares [Member] | ||
Shareholders’ Equity | ||
Common Shares | $ 184 | $ 184 |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands, $ / shares in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Preferred Stock, Shares Authorized | 300 | 300 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Treasury Stock, Shares | 3,585 | 3,194 |
Common Shares [Member] | ||
Common Stock, Shares Authorized | 100,000 | 100,000 |
Common Stock, Shares, Issued | 35,332 | 35,024 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Class B Common Shares [Member] | ||
Common Stock, Shares Authorized | 12,000 | 12,000 |
Common Stock, Shares, Issued | 734 | 734 |
Common Stock, Par or Stated Value Per Share | $ 0 | $ 0 |
Condensed Consolidated Statement Of Cash Flows - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Operating Activities | ||
Net loss | $ (8,616,000) | $ (7,254,000) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Gain on sale of businesses | 0 | (260,000) |
Depreciation and amortization | 4,032,000 | 5,353,000 |
Provision for losses on trade and installment receivables | 47,000 | 272,000 |
Provision (benefit) for deferred income taxes | (29,000) | 82,000 |
Provision for other deferred liabilities | 79,000 | 110,000 |
Provision for stock-based compensation | 2,089,000 | 411,000 |
Loss (gain) on disposals of property and equipment | 19,000 | (11,000) |
Loss on debt extinguishment including debt finance charges and associated fees | 0 | 668,000 |
Amortization of convertible debt discount | 664,000 | 191,000 |
Gain on convertible debt derivatives | (604,000) | 0 |
Changes in operating assets and liabilities: | ||
Trade receivables | (6,938,000) | (9,756,000) |
Installment sales contracts, net | (674,000) | (402,000) |
Inventories | (9,480,000) | (2,066,000) |
Other current assets | (2,495,000) | 293,000 |
Accounts payable | (2,529,000) | 3,408,000 |
Accrued expenses | (12,108,000) | (14,179,000) |
Other long-term liabilities | (2,162,000) | 349,000 |
Net Cash Used by Operating Activities | (38,705,000) | (22,791,000) |
Investing Activities | ||
Purchases of property and equipment | (1,464,000) | (2,818,000) |
Proceeds from sale of property and equipment | 4,000 | 78,000 |
Change in other long-term assets | (103,000) | 13,392,000 |
Other | 42,000 | (3,000) |
Net Cash (Used) Provided by Investing Activities | (1,521,000) | 10,649,000 |
Financing Activities | ||
Proceeds from revolving lines of credit and long-term borrowings | 121,977,000 | 71,064,000 |
Payments on revolving lines of credit and long-term borrowings | (497,000) | (73,633,000) |
Proceeds from exercise of stock options | 17,000 | 200,000 |
Payment of financing costs | (4,562,000) | (1,391,000) |
Payment of dividends | (400,000) | (397,000) |
Issuance of warrants | 12,375,000 | 0 |
Purchase of treasury stock | (5,000,000) | 0 |
Net Cash Provided (Used) by Financing Activities | 123,910,000 | (4,157,000) |
Effect of exchange rate changes on cash | 965,000 | (2,014,000) |
Increase (Decrease) in cash and cash equivalents | 84,649,000 | (18,313,000) |
Cash and cash equivalents at beginning of year | 60,055,000 | 38,931,000 |
Cash and cash equivalents at end of period | $ 144,704,000 | $ 20,618,000 |
Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company’s distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and extended care markets. Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of March 31, 2016 and the results of its operations and changes in its cash flow for the three months ended March 31, 2016 and 2015, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a February 29 quarter end in order to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. Recent Accounting Pronouncements: In April 2014, the FASB issued ASU 2014-08 changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. This standard was required to be prospectively applied to all reporting periods presented in financial reports issued after the effective date. This standard can impact the presentation of the company's financial statements but does not affect the calculation of net income, comprehensive income or earnings per share. The company adopted ASU 2014-08 effective January 1, 2015 which impacted the company’s Condensed Consolidated Statement of Comprehensive Income (Loss), Balance Sheets and Statement of Cash Flows. Specifically, the disposal by the company of its United States Rentals businesses, in the third quarter of 2015, was not deemed to be a discontinued operation. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires a company to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance requires five steps to be applied: 1) identify the contract(s) with customers, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligation in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also requires both quantitative and qualitative disclosures, which are more comprehensive than existing revenue standards. The disclosures are intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flow. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The new accounting guidance is effective for annual periods beginning after December 15, 2017, due to an approved one-year deferral, and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2014-09 on the company's financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums. Debt issuance costs are currently reported on the balance sheet as assets and amortized as interest expense. ASU 2015-03 does not change the recognition and measurement guidance for debt issuance costs and requires retrospective application to all periods presented upon adoption. The company adopted ASU 2015-03 effective January 1, 2016 which did not have a material impact on the company's financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” to simplify the subsequent measurement of inventory. After effectiveness of this update, entities will be required to subsequently measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods, and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2015-11 on the company's financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires deferred tax assets and liabilities to be classified as noncurrent amounts on the balance sheet. The new accounting guidance is effective for fiscal periods beginning after December 15, 2016 and early adoption is permitted. The company adopted ASU 2015-17, on a prospective basis, effective October 1, 2015 and thus the company's deferred tax assets and liabilities have been classified as long-term in its Balance Sheet for all periods presented. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. The new accounting guidance is effective for fiscal periods beginning after December 15, 2018 and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-02 on the company's financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation: Topic 718: Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-09 on the company's financial statements. |
Operations Held For Sale |
3 Months Ended |
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Mar. 31, 2016 | |
Operations Held For Sale [Abstract] | |
Discontinued Operations Held For Sale Disclosure | Operations Held For Sale On May 14, 2015, the company's board of directors authorized the company and Invacare Continuing Care, Inc., a Missouri Corporation and wholly-owned subsidiary of the company ("ICC") to enter into an agreement to sell all the issued and outstanding membership interests of Dynamic Medical Systems, LLC, a Nevada limited liability company, and Invacare Outcomes Management, LLC, a Delaware limited liability company, each a wholly-owned subsidiary of ICC (“collectively, the rentals businesses”). The company determined on that date that the "held for sale" criteria of ASC 360-10-45-9 were met, and accordingly, the assets and liabilities of the rentals businesses (long-lived asset disposal group) are shown at their carrying amounts, which approximate their fair values. The rentals businesses had been operated on a stand-alone basis and reported as part of the Institutional Products Group (IPG) segment of the company. On July 2, 2015, ICC completed the sale (the "Transaction") of all the issued and outstanding membership interests in the rentals businesses, pursuant to a Membership Interest Purchase Agreement (the “Purchase Agreement”) among the company, ICC and Joerns Healthcare Parent, LLC, a Delaware limited liability company. The price paid to ICC for the rentals businesses was approximately $15,500,000 in cash, which was subject to certain post-closing adjustments required by the Purchase Agreement. Net proceeds from the Transaction were approximately $13,700,000, net of taxes and expenses. The company recorded a pre-tax gain of approximately $24,000 in the third quarter of 2015, which represents the excess of the net sales price over the book value of the assets and liabilities of the rentals businesses, as of the date of completion of the disposition. The company recorded expenses related to the sale of the rentals businesses totaling $1,792,000, of which $1,244,000 have been paid as of March 31, 2016. The sale of the rentals businesses was not dilutive to the company's results. The company utilized the net proceeds from the sale to reduce debt outstanding under its credit agreement. The company determined that the sale of the rentals businesses did not meet the criteria for classification as a discontinued operation in accordance with ASU 2014-08. The rentals businesses were treated as held for sale as of June 30, 2015 until sold on July 2, 2015. |
Discontinued Operations |
3 Months Ended |
---|---|
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations From 2012 through 2014, the company sold three businesses which were classified as discontinued operations. The company recorded cumulative expenses related to the sale of discontinued operations totaling $8,801,000, of which $8,405,000 have been paid as of March 31, 2016.The company recorded an incremental intra-period tax allocation expense to discontinued operations for the three months ended March 31, 2015 which represented the cumulative intra-period allocation expense to discontinued operations based on the company's March 31, 2015 estimates of the projected domestic taxable loss related to continuing operations for 2015. |
Receivables |
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Receivables | Receivables Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. Substantially all of the company’s receivables are due from health care, medical equipment providers and long term care facilities located throughout the United States, Australia, Canada, New Zealand, China and Europe. A significant portion of products sold to providers, both foreign and domestic, are ultimately funded through government reimbursement programs such as Medicare and Medicaid in the U.S. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. The estimated allowance for uncollectible amounts ($9,753,000 at March 31, 2016 and $10,487,000 at December 31, 2015) is based primarily on management’s evaluation of the financial condition of specific customers. In addition, as a result of the company's financing arrangement with De Lage Landen, Inc. ("DLL"), a third party financing company which the company has worked with since 2000, management monitors the collection status of these contracts in accordance with the company’s limited recourse obligations and provides amounts necessary for estimated losses in the allowance for doubtful accounts and establishes reserves for specific customers as needed. The company writes off uncollectible trade accounts receivable after such receivables are moved to collection status and legal remedies are exhausted. See Concentration of Credit Risk in the Notes to the Consolidated Financial Statements for a description of the financing arrangement. Long-term installment receivables are included in “Other Assets” on the consolidated balance sheet. The company’s U.S. customers electing to finance their purchases can do so using DLL. In addition, the company often provides financing directly for its Canadian customers for which DLL is not an option, as DLL typically provides financing to Canadian customers only on a limited basis. The installment receivables recorded on the books of the company represent a single portfolio segment of finance receivables to the independent provider channel and long-term care customers. The portfolio segment is comprised of two classes of receivables distinguished by geography and credit quality. The U.S. installment receivables are the first class and represent installment receivables re-purchased from DLL because the customers were in default. Default with DLL is defined as a customer being delinquent by three payments. The Canadian installment receivables represent the second class of installment receivables which were originally financed by the company because third party financing was not available to the HME providers. The Canadian installment receivables are typically financed for twelve months and historically have had a very low risk of default. The estimated allowance for uncollectible amounts and evaluation for impairment for both classes of installment receivables is based on the company’s quarterly review of the financial condition of each individual customer with the allowance for doubtful accounts adjusted accordingly. Installments are individually and not collectively reviewed for impairment. The company assesses the bad debt reserve levels based upon the status of the customer’s adherence to legally negotiated payment schedule and the company’s ability to enforce judgments, liens, etc. For purposes of granting or extending credit, the company utilizes a scoring model to generate a composite score that considers each customer’s consumer credit score and/or D&B credit rating, payment history, security collateral and time in business. Additional analysis is performed for most customers desiring credit greater than $250,000, which generally includes a detailed review of the customer’s financial statements as well as consideration of other factors such as exposure to changing reimbursement laws. Interest income is recognized on installment receivables based on the terms of the installment agreements. Installment accounts are monitored and if a customer defaults on payments and is moved to collection, interest income is no longer recognized. Subsequent payments received once an account is put on non-accrual status are generally first applied to the principal balance and then to the interest. Accruing of interest on collection accounts would only be restarted if the account became current again. All installment accounts are accounted for using the same methodology regardless of the duration of the installment agreements. When an account is placed in collection status, the company goes through a legal process for pursuing collection of outstanding amounts, the length of which typically approximates eighteen months. Any write-offs are made after the legal process has been completed. The company has not made any changes to either its accounting policies or methodology to estimate allowances for doubtful accounts in the last twelve months. Installment receivables consist of the following (in thousands):
Installment receivables purchased from DLL during the three months ended March 31, 2016 increased the gross installment receivables balance by $903,000. No sales of installment receivables were made by the company during the quarter. The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands):
Installment receivables by class as of March 31, 2016 consist of the following (in thousands):
Installment receivables by class as of December 31, 2015 consist of the following (in thousands):
Installment receivables with a related allowance recorded as noted in the table above represent those installment receivables on a non-accrual basis in accordance with ASU 2010-20. As of March 31, 2016, the company had no U.S. installment receivables past due of 90 days or more for which the company is still accruing interest. Individually, all U.S. installment receivables are assigned a specific allowance for doubtful accounts based on management’s review when the company does not expect to receive both the contractual principal and interest payments as specified in the loan agreement. In Canada, the company had an immaterial amount of Canadian installment receivables which were past due of 90 days or more as of March 31, 2016 and December 31, 2015 for which the company is still accruing interest. The aging of the company’s installment receivables was as follows (in thousands):
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Inventories |
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Inventories | Inventories Inventories consist of the following (in thousands):
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Other Current Assets |
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Other Current Assets | Other Current Assets Other current assets consist of the following (in thousands):
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Other Long-Term Assets |
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Other Long-Term Assets | Other Long-Term Assets Other long-term assets consist of the following (in thousands):
During the quarter ended March 31, 2016, the company issued $150,000,000 principle amount of Convertible Senior Notes due 2021. As part of the transaction, the company entered into related convertible note hedge derivatives which are included in the above table (Convertible Note Hedge Asset), the value of which will be adjusted quarterly to reflect fair value. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. |
Property And Equipment |
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Property And Equipment | Property and Equipment Property and equipment consist of the following (in thousands):
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Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill The change in goodwill from December 31, 2015 to March 31, 2016 was due to foreign currency translation. |
Intangibles |
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Other Intangibles | Intangibles All of the company’s intangible assets have been assigned definite lives and continue to be amortized over their useful lives, except for $25,005,000 related to trademarks, which have indefinite lives. The changes in intangible balances reflected on the balance sheet from December 31, 2015 to March 31, 2016 were the result of foreign currency translation and amortization. The company evaluates the carrying value of definite-lived assets whenever events or circumstances indicate possible impairment. Definite-lived assets are determined to be impaired if the future un-discounted cash flows expected to be generated by the asset are less than the carrying value. Actual impairment amounts for definite-lived assets are then calculated using a discounted cash flow calculation. The company reviews indefinite-lived assets for impairment annually in the fourth quarter of each year and whenever events or circumstances indicate possible impairment. Any impairment amounts for indefinite-lived assets are calculated as the difference between the future discounted cash flows expected to be generated by the asset less than the carrying value for the asset. The company's intangibles consist of the following (in thousands):
Amortization expense related to intangibles was $406,000 in the first three months of 2016 and is estimated to be $1,608,000 in 2016, $1,527,000 in 2017, $1,510,000 in 2018, $1,881,000 in 2019, $180,000 in 2020 and $178,000 in 2021. Amortized intangibles are being amortized on a straight-line basis over remaining lives of 1 to 10 years with the majority of the intangibles being amortized over an average remaining life of approximately 5 years. |
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Accrued Expenses | Accrued expenses consist of accruals for the following (in thousands):
Accrued rebates relate to several volume incentive programs the company offers its customers. The company accounts for these rebates as a reduction of revenue when the products are sold in accordance with the guidance in ASC 605-50, Customer Payments and Incentives. Generally, the company's products are covered by warranties against defects in material and workmanship for various periods depending on the product from the date of sales to the customer. Certain components carry a lifetime warranty. A provision for estimated warranty cost is recorded at the time of sale based upon actual experience. The company continuously assesses the adequacy of its product warranty accrual and makes adjustments as needed. Historical analysis is primarily used to determine the company's warranty reserves. Claims history is reviewed and provisions are adjusted as needed. However, the company does consider other events, such product field actions and recalls, which could warrant additional warranty reserve provision. In 2016, the company recorded additional warranty expense of $1,220,000 for a product recall which was related to a bed component, which was recorded in the North America/HME segment. The company's warranty reserves are subject to adjustment in future periods to the extent that new developments change the company's estimate of the total cost of these matters. The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):
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Long-Term Debt |
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Debt and Capital Leases Disclosures | Long-Term Debt Debt consists of the following (in thousands):
The company had outstanding letters of credit of $3,555,000 and $3,230,000 as of March 31, 2016 and December 31, 2015, respectively. As of March 31, 2016, the weighted average floating interest rate on all borrowings, excluding capital leases, was 4.83% compared to 3.83% as of December 31, 2015. There were no borrowings denominated in foreign currencies, excluding a portion of the company's capital leases, as of March 31, 2016 or December 31, 2015. On September 30, 2015 the company entered into an Amended and Restated Revolving Credit and Security Agreement (the “Credit Agreement”), amending and restating the company’s existing Revolving Credit and Security Agreement which was originally entered into on January 16, 2015 and amended on April 22, 2015 (the “Original Credit Agreement”) and which matures in January 2018. The Credit Agreement was entered into by and among the company, certain of the company’s direct and indirect U.S. and Canadian subsidiaries and certain of the company’s European subsidiaries (together with the company, the “Borrowers”), certain other of the company’s direct and indirect U.S., Canadian and European subsidiaries (the “Guarantors”), and PNC Bank, National Association (“PNC”), JPMorgan Chase Bank, N.A., J.P. Morgan Europe Limited, KeyBank National Association, and Citizens Bank, National Association (the “Lenders”). PNC is the administrative agent (the “Administrative Agent”) and J.P. Morgan Europe Limited is the European agent (the “European Agent”) under the Credit Agreement. In connection with entering into the company's Original Credit Agreement and the Credit Agreement, the company incurred $1,954,000 in fees which were capitalized and are being amortized through January 2018. In addition, as a result of terminating the previous credit agreement, which was scheduled to mature in October 2015, the company wrote off $668,000 in previously capitalized fees in the first quarter of 2015, which is reflected in the expense of the North America / HME segment. On February 16, 2016, in connection with the commencement of the company's offering of 5.00% convertible senior notes due 2021 described below, the company entered into a First Amendment to Amended and Restated Revolving Credit and Security Agreement (the “Credit Agreement Amendment”), which amended the Credit Agreement. The Credit Agreement Amendment provided for, among other things:
U.S. and Canadian Borrowers Credit Facility For the company's U.S. and Canadian Borrowers, the Credit Agreement provides for an asset-based-lending senior secured revolving credit facility which is secured by substantially all of the company’s U.S. and Canadian assets, other than real estate. The Credit Agreement provides the company and the other Borrowers with a credit facility in an aggregate principal amount of $100,000,000, subject to availability based on a borrowing base formula, under a senior secured revolving credit, letter of credit and swing line loan facility (the “U.S. and Canadian Credit Facility”). Up to $25,000,000 of the U.S. and Canadian Credit Facility will be available for issuance of letters of credit. The aggregate principal amount of the U.S. and Canadian Credit Facility may be increased by up to $25,000,000 to the extent requested by the company and agreed to by any Lender or new financial institution approved by the Administrative Agent. The aggregate borrowing availability under the U.S. and Canadian Credit Facility is determined based on a borrowing base formula set forth in the Credit Agreement and summarized below. Under the Credit Agreement, the aggregate usage under the U.S. and Canadian Credit Facility may not exceed an amount equal to the sum of (a) 85% of eligible U.S. accounts receivable plus (b) the lesser of (i) 70% of eligible U.S. inventory and eligible foreign in-transit inventory and (ii) 85% of the net orderly liquidation value of eligible U.S. inventory and eligible foreign in-transit inventory (not to exceed $4,000,000), plus (c) the lesser of (i) 85% of the net orderly liquidation value of U.S. eligible machinery and equipment and (ii) $2,631,000 (subject to reduction as provided in the Credit Agreement), plus (d) 85% of eligible Canadian accounts receivable, plus (e) the lesser of (i) 70% of eligible Canadian inventory and (ii) 85% of the net orderly liquidation value of eligible Canadian inventory, less (f) swing loans outstanding under the U.S. and Canadian Credit Facility, less (g) letters of credit issued and undrawn under the U.S. and Canadian Credit Facility, less (h) a $5,000,000 minimum availability reserve, less (i) other reserves required by the Administrative Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of March 31, 2016, the company was in compliance with all covenant requirements and had borrowing capacity on the U.S. and Canadian Credit Facility under the Credit Agreement of $42,738,000, taking into account the $5,000,000 minimum availability reserve, then-outstanding letters of credit, other reserves and the $11,250,000 dominion trigger amount noted. Interest will accrue on outstanding indebtedness under the Credit Agreement at the LIBOR rate, plus a margin ranging from 2.25% to 2.75%, or at the alternate base rate, plus a margin ranging from 1.25% to 1.75%, as selected by the company. Borrowings under the U.S. and Canadian Credit Facility are subject to commitment fees of 0.25% or 0.375% per year, depending on utilization. The Credit Agreement contains customary representations, warranties and covenants. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale and leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement. The Credit Agreement also contains a covenant requiring the company to maintain minimum availability under the U.S. and Canadian Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the U.S. and Canadian Credit Facility for five (5) consecutive business days, or (ii) $5,000,000 on any business day. The company also is subject to dominion triggers under the U.S. and Canadian Credit Facility (as defined below) requiring the company to maintain borrowing capacity of not less than $11,250,000 on any business day or $12,500,000 for five consecutive days in order to avoid triggering full control by an agent for the lenders of the company's cash receipts for application to the company’s obligations under the agreement. The Credit Agreement contains customary default provisions, with certain grace periods and exceptions, which provide that events of default that include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption of any material manufacturing facilities for more than 10 consecutive days. The initial borrowings under the U.S. and Canadian Credit Facility were used to repay and terminate the company’s previous credit agreement, which was scheduled to mature in October 2015. European Credit Facility The Credit Agreement also provides for a revolving credit, letter of credit and swing line loan facility which gives the European Borrowers the ability to borrow up to an aggregate principal amount of $30,000,000, with a $5,000,000 sublimit for letters of credit and a $2,000,000 sublimit for swing line loans (the “European Credit Facility”). Up to $15,000,000 of the European Credit Facility will be available to each of Invacare Limited (the “UK Borrower”) and Invacare Poirier SAS (the “French Borrower” and, together with the UK Borrower, the “European Borrowers”). The European Credit Facility matures in January 2018, together with the U.S. and Canadian Credit Facility. The aggregate borrowing availability for each European Borrower under the European Credit Facility is determined based on a borrowing base formula set forth in the Credit Agreement and summarized below. Under the Credit Agreement, the aggregate borrowings of each of the European Borrowers under the European Credit Facility may not exceed an amount equal to (a) 85% of the European Borrower’s eligible accounts receivable, less (b) the European Borrower’s borrowings and swing line loans outstanding under the European Credit Facility, less (c) the European Borrower’s letters of credit issued and undrawn under the European Credit Facility, less (d) a $3,000,000 minimum availability reserve, less (e) other reserves required by the European Agent, and in each case subject to the definitions and limitations in the Credit Agreement. As of March 31, 2016, as determined pursuant to the borrowing base formula, the aggregate borrowing base available to the European Borrowers under the European Credit Facility was approximately $22,851,000, with aggregate borrowing availability of approximately $16,476,000, taking into account the $3,000,000 minimum availability reserve and the $3,375,000 dominion trigger amount described below. The aggregate principal amount of the European Credit Facility may be increased by up to $10,000,000 to the extent requested by the company and agreed to by any Lender or Lenders that wish to increase their lending participation or, if not agreed to by any Lender, a new financial institution that agrees to join the European Credit Facility and that is approved by the Administrative Agent and the European Agent. Interest will accrue on outstanding indebtedness under the European Credit Facility at an adjusted LIBOR rate, plus a margin ranging from 2.50% to 3.00%, or for swing line loans, at the overnight LIBOR rate, plus a margin ranging from 2.50% to 3.00%. The margin that will be adjusted quarterly based on utilization. Borrowings under the European Credit Facility are subject to commitment fees of between 0.25% and 0.375% per year, depending on utilization. The European Credit Facility is secured by substantially all of the personal property assets of the UK Borrower and its in-country subsidiaries, and all of the receivables of the French Borrower and its in-country subsidiaries. The UK and French facilities (which comprise the European Credit Facility) are cross collateralized, and the US personal property assets previously pledged under the U.S. and Canadian Credit Facility also serve as collateral for the European Credit Facility. The European Credit Facility is subject to customary representations, warranties and covenants generally consistent with those applicable to the U.S. and Canadian Credit Facility. Exceptions to the operating covenants in the Credit Agreement provide the company with flexibility to, among other things, enter into or undertake certain sale/leaseback transactions, dispositions of assets, additional credit facilities, sales of receivables, additional indebtedness and intercompany indebtedness, all subject to limitations set forth in the Credit Agreement. The Credit Agreement also contains a covenant requiring the European Borrowers to maintain undrawn availability under the European Credit Facility of not less than the greater of (i) 11.25% of the maximum amount that may be drawn under the European Credit Facility for five (5) consecutive business days, or (ii) $3,000,000 on any business day. The European Borrowers also are subject to cash dominion triggers under the European Credit Facility requiring the European Borrower to maintain borrowing capacity of not less than $3,375,000 on any business day or 12.50% of the maximum amount that may be drawn under the European Credit Facility for five (5) consecutive business days in order to avoid triggering full control by an agent for the Lenders of the European Borrower’s cash receipts for application to its obligations under the European Credit Facility. The European Credit Facility is subject to customary default provisions, with certain grace periods and exceptions, consistent with those applicable to the U.S. and Canadian Credit Facility, which provide that events of default include, among other things, failure to pay amounts due, breach of covenants, representations or warranties, cross-default, bankruptcy, the occurrence of a material adverse effect, exclusion from any medical reimbursement program, and an interruption in the operations of any material manufacturing facility for more than 10 consecutive days. The proceeds of the European Credit Facility will be used to finance the working capital and other business needs of the company. Convertible senior subordinated debentures due 2027 In 2007, the company issued $135,000,000 principal amount of 4.125% Convertible Senior Subordinated Debentures due 2027 (the "debentures"), of which $13,350,000 principal amount remains outstanding. The debentures are unsecured senior subordinated obligations of the company guaranteed by substantially all of the company’s domestic subsidiaries, pay interest at 4.125% per annum on each February 1 and August 1, and are convertible upon satisfaction of certain conditions into cash, common shares of the company, or a combination of cash and common shares of the company, subject to certain conditions. The debentures allow the company to satisfy any such conversion using any combination of cash or stock, and at the company’s discretion. In the event of such a conversion, the company intends to satisfy the accreted value of the debentures using cash. Assuming adequate cash on hand at the time of conversion, the company also intends to satisfy the conversion spread using cash, as opposed to stock. The liability components of the debentures consist of the following (in thousands):
In the first quarter of 2016, the company executed a release, acknowledged by Wells Fargo Bank, N.A., as trustee, effecting the release as guarantors of all of the company’s subsidiaries that were guarantors of the debentures, issued pursuant to the terms of the indenture, dated as of February 12, 2007, between the company and the trustee. Convertible senior notes due 2021 In the first quarter of 2016, the company issued $150,000,000 aggregate principal amount of 5.00% Convertible Senior Notes due 2021 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The notes bear interest at a rate of 5.00% per year payable semi-annually in arrears on February 15 and August 15 of each year, beginning August 15, 2016. The notes will mature on February 15, 2021, unless repurchased or converted in accordance with their terms prior to such date. Prior to August 15, 2020, the notes will be convertible only upon satisfaction of certain conditions and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date. Unless and until the company obtains shareholder approval under applicable New York Stock Exchange rules, the notes will be convertible, subject to certain conditions, into cash. If the company obtains such shareholder approval, the notes may be settled in cash, the company’s common shares or a combination of cash and the company’s common shares, at the company’s election. Holders of the notes will have the right to require the company to repurchase all or some of their notes at 100% of their principal, plus any accrued and unpaid interest, upon the occurrence of certain fundamental changes. The initial conversion rate is 60.0492 common shares per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $16.65 per common share). The company evaluated the terms of the conversion features under the applicable accounting literature, including Derivatives and Hedging, ASC 815, and determined that the features did require separate accounting as a derivative. This derivative was capitalized on the balance sheet as a long-term liability and will be adjusted to reflect fair value each quarter. The fair value of the convertible debt conversion liability at issuance was $34,480.000. The fair value of the convertible debt conversion liability at March 31, 2016 was $35,198,000. The company recognized a loss of $718,000, which is reflected in the Other segment. In connection with the offering of the notes, the company entered into privately negotiated convertible note hedge transactions with two financial institutions (the “option counterparties”). These transactions cover, subject to customary anti-dilution adjustments, the number of the company’s common shares that will initially underlie the notes, and are expected generally to reduce the potential equity dilution, and/or offset any cash payments in excess of the principal amount due, as the case may be, upon conversion of the notes. The company evaluated the note hedges under the applicable accounting literature, including Derivatives and Hedging, ASC 815, and determined that the note hedges should be accounted for as derivatives. These derivatives were capitalized on the balance sheet as long-term assets and will be adjusted to reflect fair value each quarter. The fair value of the convertible note hedge assets at issuance was $27,975,000. The fair value of the convertible note hedge assets at March 31, 2016 was $29,297,000. The company recognized a gain of $1,322,000, which is reflected in the Other segment. The company entered into separate, privately negotiated warrant transactions with the option counterparties at a higher strike price relating to the same number of the company’s common shares, subject to customary anti-dilution adjustments, pursuant to which the company sold warrants to the option counterparties. The warrants could have a dilutive effect on the company’s outstanding common shares and the company’s earnings per share to the extent that the price of the company’s common shares exceeds the strike price of those warrants. The initial strike price of the warrants is $22.4175 per share and is subject to certain adjustments under the terms of the warrant transactions. The company evaluated the warrants under the applicable accounting literature, including Derivatives and Hedging, ASC 815, and determined that the warrants meet the definition of a derivative, are indexed to the company's own stock and should be classified in shareholder's equity. The amount paid for the warrants and capitalized in shareholder's equity at March 31, 2016 was $12,375,000. The net proceeds from the offering of the notes were approximately $144,096,000, after deducting fees and offering expenses of $5,904,000. These debt issuance costs were capitalized and are being amortized through February 2021. As of March 31, 2016, $4,562,000 of these costs were paid. In accordance with ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs, these debt issuance costs are presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability. Approximately $5,000,000 of the net proceeds from the offering were used to repurchase the company’s common shares from purchasers of notes in the offering in privately negotiated transactions. A portion of the net proceeds from the offering were used to pay the cost of the convertible note hedge transactions (after such cost is partially offset by the proceeds to the company from the warrant transactions), which net cost was $15,600,000. The liability components of the notes consist of the following (in thousands):
The unamortized discount of $34,029,000 is to be amortized through February 2021. The effective interest rate on the liability component was 11.1%. Non-cash interest expense of $450,000 was recognized in the quarter ended March 31, 2016, in comparison to actual interest expense accrued of $753,000, based on the stated coupon rate of 5.0%. The notes were not convertible as of March 31, 2016 nor was the applicable conversion threshold met. |
Other Long-Term Obligations |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Long-Term Obligations | Other Long-Term Obligations Other long-term obligations consist of the following (in thousands):
During the quarter ended March 31, 2016, the company issued $150,000,000 principal amount of its 5.00% Convertible Senior Notes due 2021. As a result of the issuance, a long-term liability representing the convertible debt conversion liability was recorded which will be adjusted to reflect fair value quarterly. The amounted included in the above table represents the fair value of the conversion liability as of March 31, 2016. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. On April 23, 2015, the company entered into a real estate sale leaseback transaction which resulted in the company recording an initial deferred gain of $7,414,000, the majority of which is included in Other Long-Term Obligations and will be recognized over the 20-year life of the leases. The gain realized for the three months ended March 31, 2016 was $66,000. The gain realized in 2015 was $171,000. |
Equity Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity Transactions | Equity Compensation On May 16, 2013, the shareholders of the company approved the Invacare Corporation 2013 Equity Compensation Plan (the “2013 Plan”), which was adopted on March 27, 2013 by the company's Board of Directors (the “Board”). The Board adopted the 2013 Plan to replace the company's prior equity plan, the Invacare Corporation Amended and Restated 2003 Performance Plan (the “2003 Plan”), which expired on May 21, 2013. Due to its expiration, no new awards may be granted under the 2003 Plan; however, awards granted prior to its expiration will remain in effect under their original terms. The 2013 Plan uses a fungible share-counting method, under which each common share underlying an award of stock options or stock appreciation rights (“SAR”) will count against the number of total shares available under the 2013 Plan as one share; and each common share underlying any award other than a stock option or a SAR will count against the number of total shares available under the 2013 Plan as two shares. Any common shares that are added back to the 2013 Plan as the result of the cancellation or forfeiture of an award granted under the 2013 Plan will be added back in the same manner such shares were originally counted against the total number of shares available under the 2013 Plan. Each common share that is added back to the 2013 Plan due to a cancellation or forfeiture of an award granted under the 2003 Plan will be added back as one common share. The Compensation and Management Development Committee of the Board (the “Compensation Committee”), in its discretion, may grant an award under the 2013 Plan to any director or employee of the company or an affiliate. The 2013 Plan initially allows the Compensation Committee to grant up to 4,460,337 common shares in connection with the following types of awards with respect to shares of the company's common shares: incentive stock options, nonqualified stock options, SARs, restricted stock, restricted stock units, unrestricted stock and performance shares. The Compensation Committee also may grant performance units that are payable in cash. The Committee has the authority to determine which participants will receive awards, the amount of the awards and the other terms and conditions of the awards. The 2013 Plan provides that shares granted come from the company's authorized but unissued common shares or treasury shares. In addition, the company's stock-based compensation plans allow employee participants to exchange shares for minimum withholding taxes, which results in the company acquiring treasury shares. The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses were as follows (in thousands):
As of March 31, 2016, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2013 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands):
Total unrecognized compensation cost will be adjusted for future changes in actual and estimated forfeitures and for updated vesting assumptions for the performance share awards (see "Performance Shares and Performance Share Units" below). No tax benefit for share-based compensation was realized for the three months ended March 31, 2016 and 2015 as a result of a valuation allowance against deferred tax assets. In accordance with ASC 718, any tax benefits resulting from tax deductions in excess of the compensation expense recognized is classified as a component of financing cash flows. Stock Options Generally, non-qualified stock option awards have a term of ten years and are granted with an exercise price per share equal to the fair market value of one of the company’s Common Shares on the date of grant. The company expects the compensation expense to be recognized over a weighted-average period of approximately two years. The following table summarizes information about stock option activity for the three months ended March 31, 2016:
________
The following table summarizes information about stock options outstanding at March 31, 2016:
Pursuant to the plans, the Committee has established that grants may not be exercised within one year from the date granted and options must be exercised within ten years from the date granted. Accordingly, for the stock options issued in 2014 and 2013, 25% of such options vested in the year following the issuance. The stock options awarded during such years provided a four-year vesting period whereby options vest in 25% installments in each year. Options granted with graded vesting are accounted for as single options. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with assumptions for expected dividend yield, expected stock price volatility, risk-free interest rate and expected life. The assumed expected life is based on the company's historical analysis of option history. The expected stock price volatility is also based on actual historical volatility, and expected dividend yield is based on historical dividends as the company has no current intention of changing its dividend policy. Restricted Stock and Restricted Stock Units The following table summarizes information about restricted shares and restricted share units (for non-U.S. recipients):
The restricted stock awards generally vest ratably over the three years after the award date, except for those awards granted in 2014, which vest after a three-year period. Unearned restricted stock compensation, determined as the market value of the shares at the date of grant, is being amortized on a straight-line basis over the vesting period. Performance Shares and Performance Share Units The following table summarizes information about performance shares and performance share units (for non-U.S. recipients):
During the three months ended March 31, 2016, performance shares and performance share units (for non-U.S. recipients) were granted as performance awards with a three year performance period with payouts based on achievement of certain performance goals. The awards are classified as equity awards as they will be settled in common shares upon vesting. The number of shares earned will be determined at the end of the performance period based on achievement of performance criteria for January 1, 2016 through December 31, 2018 established by the Compensation Committee at the time of grant. Recipients will be entitled to receive a number of common shares equal to the number of performance shares that vest based upon the levels of achievement which may range between 0% and 150% of the target number of shares with the target being 100% of the initial grant. The fair value of the performance awards is based on the stock price on the date of grant discounted for the estimated value of dividends foregone as the awards are not eligible for dividends except to the extent vested. The company assesses the probability that the performance targets will be met with expense recognized whenever it is probable that at least the minimum performance criteria will be achieved. Depending upon the company's assessment of the probability of achievement of the goals, the company may not recognize any expense associated with performance awards in a given period, may reverse prior expense recorded or record additional expense to make up for expense not recorded in a prior period. Performance award compensation expense is generally expected to be recognized over three years. No performance award expense has been recognized for the 2015 and 2014 awards as it is not considered probable that the performance goals for those awards will be met. |
Accumulated Other Comprehensive Income (Loss) by Component |
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Accumulated Other Comprehensive Income (Loss) by Component | Accumulated Other Comprehensive Income (Loss) by Component Changes in accumulated other comprehensive income ("OCI") for the three months ended March 31, 2016 and March 31, 2015, respectively, were as follows (in thousands):
Reclassifications out of accumulated OCI for the three months ended March 31, 2016 and March 31, 2015 were as follows (in thousands):
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Charges Related To Restructuring Activities |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charges Related To Restructuring Activities | Charges Related to Restructuring Activities The company's restructuring charges recorded since 2011 were necessitated primarily by continued declines in Medicare and Medicaid reimbursement by the U.S. government, as well as similar healthcare reimbursement pressures abroad, which negatively affect the company's customers (e.g. home health care providers) and continued pricing pressures faced by the company as a result of outsourcing by competitors to lower cost locations. In addition, restructuring decisions were also the result of reduced profitability in the North America/HME and Asia/Pacific segments. While the company's restructuring efforts have been executed on a timely basis resulting in operating cost savings, the savings have been more than offset by continued margin decline, principally as a result of product mix, reduced volumes and regulatory and compliance costs related to quality system improvements which are unrelated to the restructuring actions. The company expects any near-term cost savings from restructuring will be offset by other costs as a result of pressures on the business. The company's restructuring commenced in the second quarter of 2011 with the company's decision to close the Hong, Denmark assembly facility as part of the company's ongoing globalization initiative to reduce complexity in the company's supply chain, which is intended to reduce expenses to help offset pricing pressures. In the third quarter of 2011, the company continued to execute on the closure of the Hong, Denmark assembly facility and initiated the closure of a smaller facility in the U.S. Charges for the quarter ended December 31, 2011 were primarily incurred at the company's corporate headquarters for severance, with additional costs incurred as a result of the closure of the Hong, Denmark facility. The facility closures were completed in 2012 in addition to the elimination of various positions principally in the North America/HME and Asia/Pacific segments. Charges for the year ended December 31, 2011 totaled $10,534,000 including charges for severance ($8,352,000), contract exit costs primarily related to the closure of the Hong, Denmark assembly facility ($1,788,000) and inventory write-offs ($277,000) recorded in cost of products sold and other miscellaneous costs ($117,000). The majority of the 2011 North America/HME charges were incurred for severance, primarily at the corporate headquarters as the result of the elimination of various positions principally in sales and administration in Elyria, Ohio. These eliminations were permanent reductions in workforce that primarily resulted in reduced selling, general and administrative expenses. In Europe, the charges were the result of the closure of the company's Hong, Denmark facility. The assembly activities were transferred to other company facilities or outsourced to third parties. This closure enabled the company to reduce fixed operating costs related to the facility and reduce headcount with the transfer of a portion of the production to other company facilities. The 2011 charges have been fully paid/utilized and were funded with operating cash flows. Charges for the year ended December 31, 2012 totaled $11,395,000 including charges for severance ($6,775,000), lease termination costs ($1,725,000), building and asset write-downs, primarily related to the closure of the Hong, Denmark assembly facility, and other miscellaneous charges in Europe and Asia/Pacific ($2,404,000) and inventory write-offs ($491,000) in Asia/Pacific recorded in cost of products sold. Severance charges were primarily incurred in the North America/HME segment ($4,242,000), Asia/Pacific segment ($1,681,000) and Europe segment ($817,000). A portion of the North America/HME segment severance was related to positions eliminated, principally in sales and marketing as well as manufacturing, at the company's Taylor Street facility as a result of the FDA consent decree. The savings from these charges were reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the company. In Europe, positions were eliminated as a result of finalizing the exit from the manufacturing facility in Denmark and an elimination of a senior management position in Switzerland. In Asia/Pacific, at the end of October 2012, the company's management approved a plan to restructure the company's operations in this segment. In Australia, the company consolidated offices / warehouses, decreased staffing and exited various activities while returning to a focus on distribution. At the company's subsidiary, which produces microprocessor controllers, the company decided to cease the contract manufacturing business for companies outside of the healthcare industry. Payments for the year ended December 31, 2012 were $9,381,000 and were funded with operating cash flows. The 2012 charges have been paid out. Charges for the year ended December 31, 2013 totaled $9,336,000 including charges for severance ($8,282,000), lease termination costs ($698,000) and other miscellaneous charges principally in North America/HME ($356,000). Severance charges were primarily incurred in the North America/HME segment ($5,405,000), Europe segment ($1,640,000) and Asia/Pacific segment ($970,000). The charges were incurred as a result of the elimination of various positions as part of the company's globalization initiatives. North America/HME segment severance was principally related to positions eliminated due to lost sales volumes resulting from the impact of the FDA consent decree. The savings from these charges were reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the company. In Europe, severance was incurred for the elimination of certain sales and supply chain positions. In Asia/Pacific, severance was principally incurred at the company's subsidiary, which produces microprocessor controllers, as a result of the company's decision in 2012 to cease the contract manufacturing business for companies outside of the healthcare industry. The lease termination costs were principally related to Australia as a result of the restructuring announced in 2012. Payments for the year ended December 31, 2013 were $11,844,000 and were funded with operating cash flows and cash on hand. The 2013 charges have been paid out. Charges for the year ended December 31, 2014 totaled $11,112,000 including charges for severance ($9,841,000), other charges in IPG and Europe ($1,286,000) principally related to building write-downs, and lease termination cost reversals ($15,000). Severance charges were incurred in the North America/HME segment ($4,404,000), Other ($2,978,000), IPG segment ($1,163,000), Asia/Pacific segment ($769,000) and Europe segment ($527,000). The North America/HME segment severance was principally related to additional positions eliminated due to lost sales volumes resulting from the continued impact of the FDA consent decree. The Other severance related to the elimination of two senior corporate executive positions. IPG segment severance related principally to the closure of the London, Canada facility. Europe and Asia/Pacific severance related to the elimination of certain positions as a result of general restructuring efforts. The savings from these charges will be reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the company. Payments for the year ended December 31, 2014 were $11,131,000 and were funded with operating cash flows and cash on hand. The majority of the 2014 charges have been paid out other than certain executive charge payments which will be paid out over the next few years. Charges for the year ended December 31, 2015 totaled $1,971,000 including charges for severance ($1,678,000) and charges primarily in the North America/HME segment ($293,000) principally related to a building lease termination. Severance charges were incurred in the North America/HME segment ($1,069,000), Europe segment ($510,000), IPG segment ($73,000) and Asia/Pacific segment ($26,000) related to the elimination of certain positions as a result of general restructuring efforts. The savings from these charges will be reflected primarily in reduced selling, general and administrative expenses and manufacturing expenses for the company. Payments for the year ended December 31, 2015 were $3,723,000 and were funded with operating cash flows and cash on hand. The majority of the 2015 charges are expected to be paid out in 2016. Restructuring charges continued in 2016 resulting in charges of $102,000 in the first three months of 2016 related to severance costs incurred in the North America/HME segment ($61,000) and the Asia/Pacific segment ($41,000). Restructuring payments/utilization for the three months ended March 31, 2016 were $1,190,000 and the cash payments were funded with company's cash on hand. The majority of the outstanding restructuring charge accruals at March 31, 2016 are expected to be paid during the next twelve months. There have been no material changes in accrued balances related to the charges, either as a result of revisions to the plans or changes in estimates. In addition, the savings anticipated as a result of the company's restructuring plans have been or are expected to be achieved, primarily resulting in reduced salary and benefit costs principally impacting Selling, General and Administrative expenses, and to a lesser extent, Costs of Products Sold. However, in general, these savings have been more than offset by continued margin decline, principally as a result of customer and product mix, and higher regulatory and compliance costs related to quality system improvements as well as reduced net sales volumes. To date, the company's liquidity has not been materially impacted. A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands):
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Income Taxes |
3 Months Ended |
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Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The company had an effective tax rate of 26.9% and 49.1% on losses before tax from continuing operations for the three months ended March 31, 2016 and March 31, 2015, respectively, compared to an expected benefit at the U.S. statutory rate of 35% on the continuing operations pre-tax losses for each period. The company's effective tax rate for the three months ended March 31, 2016 and March 31, 2015 was unfavorable as compared to the U.S. federal statutory rate expected benefit, principally due to the negative impact of the company not being able to record tax benefits related to the significant losses in countries which had tax valuation allowances. The effective tax rate was reduced by certain taxes outside the United States, excluding countries with tax valuation allowances, that were at an effective rate lower than the U.S. statutory rate. Installment payments were made in the first quarter related to a previously disclosed liability for uncertain tax positions, and subsequent to the end of the first quarter, the company accelerated and paid the balance of the installment obligation, in order to reduce interest costs. |
Net Earnings (Loss) Per Common Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Earnings (Loss) Per Common Share | Net Earnings (Loss) Per Common Share The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated.
________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. At March 31, 2016, 2,250,416 shares associated with stock options were excluded from the average common shares assuming dilution for the three months ended March 31, 2016 as they were anti-dilutive. At March 31, 2016, the majority of the anti-dilutive shares were granted at an exercise price of $25.24, which was higher than the average fair market value prices of $14.18 for the three months ended March 31, 2016, respectively. At March 31, 2015, 2,771,375 shares associated with stock options were excluded from the average common shares assuming dilution for the three months ended March 31, 2015 as they were anti-dilutive. At March 31, 2015, the majority of the anti-dilutive shares were granted at an exercise price of $41.87, which was higher than the average fair market value prices of $17.32 for the three months ended March 31, 2015. For both the three months ended March 31, 2016 and March 31, 2015, respectively, there were no shares necessary to settle a conversion spread on the convertible notes due February 2027 to be included in the common shares assuming dilution as the average market price of the company stock for these periods did not exceed the conversion price. |
Concentration Of Credit Risk |
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Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration Of Credit Risk | Concentration of Credit Risk The company manufactures and distributes durable medical equipment to the home health care, retail and extended care markets. The company performs credit evaluations of its customers’ financial condition. The company utilizes De Lage Landen, Inc. (“DLL”), a third party financing company, to provide the majority of future lease financing to the company’s North America customers. The DLL agreement provides for direct leasing between DLL and the Invacare customer. The company retains a recourse obligation of $4,419,000 at March 31, 2016 to DLL for events of default under the contracts, which total $39,929,000 at March 31, 2016. Guarantees, ASC 460, requires the company to record a guarantee liability as it relates to the limited recourse obligation. The company's recourse is re-evaluated by DLL biannually, considering activity between the biannual dates and excluding any receivables repurchased by the company from DLL. The company monitors the collections status of these contracts and has provided amounts for estimated losses in its allowances for doubtful accounts in accordance with Receivables, ASC 310-10-05-4. Credit losses are provided for in the financial statements. Substantially all of the company’s receivables are due from health care, medical equipment providers and long term care facilities located throughout the United States, Australia, Canada, New Zealand and Europe. A significant portion of products sold to dealers, both foreign and domestic, is ultimately funded through government reimbursement programs such as Medicare and Medicaid. The company has also seen a significant shift in reimbursement to customers from managed care entities. As a consequence, changes in these programs can have an adverse impact on dealer liquidity and profitability. In addition, reimbursement guidelines in the home health care industry have a substantial impact on the nature and type of equipment an end user can obtain as well as the timing of reimbursement and, thus, affect the product mix, pricing and payment patterns of the company’s customers. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives ASC 815 requires companies to recognize all derivative instruments in the consolidated balance sheet as either assets or liabilities at fair value. The accounting for changes in fair value of a derivative is dependent upon whether or not the derivative has been designated and qualifies for hedge accounting treatment and the type of hedging relationship. For derivatives designated and qualifying as hedging instruments, the company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. Cash Flow Hedging Strategy The company uses derivative instruments in an attempt to manage its exposure to transactional foreign currency exchange risk and interest rate risk. Foreign forward exchange contracts are used to manage the price risk associated with forecasted sales denominated in foreign currencies and the price risk associated with forecasted purchases of inventory generally over the next twelve months. The company recognizes its derivative instruments as assets or liabilities in the consolidated balance sheet measured at fair value. A majority of the company’s derivative instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the fair value of the hedged item, if any, is recognized in current earnings during the period of change. To protect against increases/decreases in forecasted foreign currency cash flows resulting from inventory purchases/sales generally over the next year, the company utilizes foreign currency forward contracts to hedge portions of its forecasted purchases/sales denominated in foreign currencies. The gains and losses are included in cost of products sold and selling, general and administrative expenses on the consolidated statement of comprehensive income (loss). If it is later determined that a hedged forecasted transaction is unlikely to occur, any prospective gains or losses on the forward contracts would be recognized in earnings. The company does not expect any material amount of hedge ineffectiveness related to forward contract cash flow hedges during the periods covered by the hedges. The company has historically not recognized any material amount of ineffectiveness related to forward contract cash flow hedges because the company generally limits its hedges to between 50% and 90% of total forecasted transactions for a given entity’s exposure to currency rate changes and the transactions hedged are recurring in nature. Furthermore, the majority of the hedged transactions are related to intercompany sales and purchases for which settlement occurs on a specific day each month. Forward contracts with a total notional amount in USD of $53,328,000 and $31,233,000 matured for the three months ended March 31, 2016 and March 31, 2015, respectively. Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD):
Derivatives Not Qualifying or Designated for Hedge Accounting Treatment The company also utilizes foreign currency forward contracts that are not designated as hedges in accordance with ASC 815. These contracts are entered into to eliminate the risk associated with the settlement of short-term intercompany trading receivables and payables between Invacare Corporation and its foreign subsidiaries. The currency forward contracts are entered into at the same time as the intercompany receivables or payables are created so that upon settlement, the gain/loss on the settlement is offset by the gain/loss on the foreign currency forward contract. No material net gain or loss was realized by the company in 2016 or 2015 related to these contracts and the associated short-term intercompany trading receivables and payables. Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment entered into in 2016 and 2015, respectively, and outstanding were as follows (in thousands USD):
The fair values of the company’s derivative instruments were as follows (in thousands):
The fair values of the company’s foreign currency forward exchange contract assets and liabilities are included in Other Current Assets and Accrued Expenses, respectively in the Consolidated Balance Sheets. The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands):
The gains or losses recognized as the result of the settlement of cash flow hedge foreign currency forward contracts are recognized in net sales for hedges of inventory sales and in cost of product sold for hedges of inventory purchases. For the three and three months ended March 31, 2016, net sales were increased by $427,000 while cost of product sold was increased by $238,000 for net pre-tax realized gain of $189,000. For the three and three months ended March 31, 2015, net sales were decreased by $192,000 while cost of product sold was decreased by $462,000 for net realized pre-tax gain of $270,000. A loss of $283,000 was recognized in selling, general and administrative (SG&A) expenses for the three months ended March 31, 2016 compared to a loss of $1,535,000 for the three months ended March 31, 2015 on ineffective forward contracts and forward contracts not designated as hedging instruments that were entered into to offset gains/losses that were also recorded in SG&A expenses on intercompany trade receivables or payables. Any gains/losses on the non-designated hedging instruments were substantially offset by gains/losses also recorded in SG&A expenses on intercompany trade payables. The company's derivative agreements provide the counterparties with a right of set off in the event of a default that would enable the counterparty to offset any net payment due by the counterparty to the company under the applicable agreement by any amount due by the company to the counterparty under any other agreement. For example, the terms of the agreement would permit a counterparty to a derivative contract that is also a lender under the company's Amended and Restated Credit Agreement to reduce any derivative settlement amounts owed to the company under the derivative contract by any amounts owed to the counterparty by the company under the Amended and Restated Credit Agreement. In addition, the agreements contain cross-default provisions that could trigger a default by the company under the agreement in the event of a default by the company under another agreement with the same counterparty. The company does not present any derivatives on a net basis in its financial statements, other than the conversion and bond hedge derivatives which are presented net on the Condensed Consolidated Statement of Comprehensive Income (Loss), and all derivative balances presented are subject to provisions that are similar to master netting agreements. During the first quarter of 2016, the company entered into privately negotiated convertible note hedges and warrants (the “agreements”) in connection with its sale of $150,000,000 in aggregate principal amount of the company’s 5.00% Convertible Senior Notes due 2021. The warrants, which increased paid in capital by $12,375,000, are clearly and closely related to the convertible notes and thus classified as equity. The note hedge assets and conversion liabilities were recorded, based on initial fair values, as an asset of $27,975,000 and a liability of $34,480,000, respectively, whose fair values will be updated quarterly with the offset to the income statement. See "Long-Term Debt" in the notes to the Consolidated Financial Statements included elsewhere in this report for more detail. The fair values of the outstanding convertible note derivatives and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands):
The convertible debt conversion liability and the note hedge asset amounts are included in Other Long-Term Obligations and Other Long-Term Assets, respectively, in the company's Consolidated Balance Sheets. |
Fair Values |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Values Pursuant to ASC 820, the inputs used to derive the fair value of assets and liabilities are analyzed and assigned a level I, II or III priority, with level I being the highest and level III being the lowest in the hierarchy. Level I inputs are quoted prices in active markets for identical assets or liabilities. Level II inputs are quoted prices for similar assets or liabilities in active markets: quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level III inputs are based on valuations derived from valuation techniques in which one or more significant inputs are unobservable. The following table provides a summary of the company’s assets and liabilities that are measured on a recurring basis (in thousands):
Forward Contracts: The company operates internationally and as a result is exposed to foreign currency fluctuations. Specifically, the exposure includes intercompany loans and third party sales or payments. In an attempt to reduce this exposure, foreign currency forward contracts are utilized and accounted for as hedging instruments. The forward contracts are used to hedge the following currencies: AUD, CAD, CHF, CNY, DKK, EUR, GBP, MXP, NOK, NZD, SEK and USD. The company does not use derivative financial instruments for speculative purposes. Fair values for the company’s foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities. The carrying values and fair values of the company’s financial instruments are as follows (in thousands):
________ * The company's long-term debt is shown net of discount and fees associated with the Convertible Senior Notes due 2021 on the company's condensed consolidated balance sheet. Accordingly, the fair value of long-term debt presented in this table is also shown net of the discount and fees. The company, in estimating its fair value disclosures for financial instruments, used the following methods and assumptions: Cash, cash equivalents: The carrying value reported in the balance sheet for cash, cash equivalents equals its fair value. Other investments: The company has made other investments in limited partnerships and non-marketable equity securities, which are accounted for using the cost method, adjusted for any estimated declines in value. These investments were acquired in private placements and there are no quoted market prices or stated rates of return. The company does not have the ability to easily sell these investments. The company completes an evaluation of the residual value related to these investments in the fourth quarter each year. Installment receivables: The carrying value reported in the balance sheet for installment receivables approximates its fair value. The interest rates associated with these receivables have not varied significantly since inception. Management believes that after consideration of the credit risk, the net book value of the installment receivables approximates market value. Long-term debt: Fair value for the company’s convertible debt is based on quoted market-based estimates as of the end of the period, while the revolving credit facility fair value is based upon an estimate of the market for similar borrowing arrangements. The fair values are deemed to be categorized as Level 2 in the fair value hierarchy. Convertible debt derivatives: The fair values for the convertible debt conversion liability and note hedge derivatives are based on valuation models in which all the significant inputs are observable in active markets. Forward contracts: Fair values for the company’s foreign exchange forward contracts are based on quoted market prices for contracts with similar maturities. |
Business Segments |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments | Business Segments The company operates in four primary business segments: North America/Home Medical Equipment (North America/HME), Institutional Products Group (IPG), Europe and Asia/Pacific. The North America/HME segment sells each of three primary product lines, which includes: lifestyle, mobility and seating and respiratory therapy products. IPG sells, and rented prior to the disposition of the rentals businesses, long-term care medical equipment, health care furnishings and accessory products. Europe and Asia/Pacific sell product lines similar to North America/HME and IPG. The company evaluates performance and allocates resources based on profit or loss from operations before income taxes for each reportable segment. The accounting policies of each segment are the same as those described in the summary of significant accounting policies for the company’s consolidated financial statements. Intersegment sales and transfers are based on the costs to manufacture plus a reasonable profit element. Therefore, intercompany profit or loss on intersegment sales and transfers is not considered in evaluating segment performance except for Asia/Pacific due to its significant intercompany sales volume relative to the segment. The information by segment is as follows (in thousands):
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Contingencies |
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Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies General In the ordinary course of its business, the company is a defendant in a number of lawsuits, primarily product liability actions in which various plaintiffs seek damages for injuries allegedly caused by defective products. All of the product liability lawsuits that the company faces in the United States have been referred to the company's captive insurance company and/or excess insurance carriers while all non-U.S. lawsuits have been referred to the company's commercial insurance carriers. All such lawsuits are generally contested vigorously. The coverage territory of the company's insurance is worldwide with the exception of those countries with respect to which, at the time the product is sold for use or at the time a claim is made, the U.S. government has suspended or prohibited diplomatic or trade relations. The amount recorded for identified contingent liabilities is based on estimates. Amounts recorded are reviewed periodically and adjusted to reflect additional technical and legal information that becomes available. Actual costs to be incurred in future periods may vary from the estimates, given the inherent uncertainties in evaluating certain exposures. As a medical device manufacturer, the company is subject to extensive government regulation, including numerous laws directed at preventing fraud and abuse and laws regulating reimbursement under various government programs. The marketing, invoicing, documenting, developing, testing, manufacturing, labeling, promoting, distributing and other practices of health care suppliers and medical device manufacturers are all subject to government scrutiny. Most of the company's facilities are subject to inspection at any time by the FDA or similar medical device regulatory agencies in other jurisdictions. Violations of law or regulations can result in administrative, civil and criminal penalties and sanctions, which could have a material adverse effect on the company's business. On September 12, 2014, an amended complaint, in a lawsuit originally instituted on August 26, 2013, was filed against Invacare Corporation, former officer and director Gerald B. Blouch, former officer and director A. Malachi Mixon III and the company's senior Vice President, Human Resources, Patricia Stumpp, as well as outside directors Dale C. LaPorte and Michael F. Delaney and former outside director Charles S. Robb, in the U.S. District Court for the Northern District of Ohio, alleging that the defendants breached their fiduciary duties and violated the Employee Retirement Income Security Act (ERISA) in the administration and maintenance of the company stock fund in the company’s Retirement Savings Plan (401(k) Plan). The lawsuit seeks class certification and unspecified damages and attorneys' fees for participants in the company's stock fund of the 401(k) Plan between July 22, 2010 and the present. On August 28, 2015, the Court limited plaintiff’s claim to the time period between July 22, 2010 and December 8, 2011. This lawsuit has been referred to the company's insurance carriers. After mediation on April 21, 2016, the parties agreed in principle to settle the lawsuit, subject to the parties entering into a written settlement agreement and subject to final court approval. The settlement amount is expected to be paid by the company's insurance carriers, except for the remaining insurance deductible to be paid by the company. Medical Device Regulatory Matters The FDA in the United States and comparable medical device regulatory authorities in other jurisdictions regulate virtually all aspects of the marketing, invoicing, documenting, development, testing, manufacturing, labeling, promotion, distribution and other practices regarding medical devices. The company and its products are subject to the laws and regulations of the FDA and other regulatory bodies in the various jurisdictions where the company's products are manufactured or sold. The company's failure to comply with the regulatory requirements of the FDA and other applicable medical device regulatory requirements can subject the company to administrative or judicially imposed sanctions or enforcement actions. These sanctions include injunctions, consent decrees, warning letters, civil penalties, criminal penalties, product seizure or detention, product recalls and total or partial suspension of production. In December 2012, the company reached agreement with the FDA on the terms of a consent decree of injunction with respect to the company's Corporate facility and its Taylor Street wheelchair manufacturing facility in Elyria, Ohio. A complaint and consent decree were filed in the U.S. District Court for the Northern District of Ohio, and on December 21, 2012, the Court approved the consent decree and it became effective. The consent decree limits the company's manufacture and distribution of power and manual wheelchairs, wheelchair components and wheelchair sub-assemblies at or from its Taylor Street manufacturing facility. The decree also initially limited design activities related to wheelchairs and power beds that take place at the impacted Elyria, Ohio facilities. The company is entitled to continue to produce from the Taylor Street manufacturing facility certain medically necessary wheelchairs provided that documentation and record-keeping requirements are followed, as well as ongoing replacement, service and repair of products already in use, under terms delineated in the consent decree. Under the terms of the consent decree, in order to resume full operations at the impacted facilities, the company must successfully complete third-party expert certification audits at the impacted Elyria facilities, which is comprised of three distinct reports that must be submitted to, and accepted by, the FDA. During 2013, the company completed the first two of the third-party expert certification audits, and the FDA found the results of both to be acceptable. In these reports, the third-party expert certified that the company's equipment and process validation procedures and its design control systems are compliant with the FDA's QSR. As a result of the FDA's acceptance of the first certification report on May 13, 2013, the Taylor Street facility was able to resume supplying parts and components for the further manufacturing of medical devices at other company facilities. The company's receipt of the FDA's acceptance of the second certification report on July 15, 2013, resulted in the company being able to resume design activities at the impacted facilities related to power wheelchairs and power beds. In February, 2016, the independent expert auditor issued its certification report for the third phase of the consent decree indicating substantial compliance with the FDA's QSR and the report was submitted to the FDA. Similar to the first and second certification processes, the FDA has responded to this report with clarifying questions that the company and the independent expert are in the process of addressing. When the FDA's questions are satisfactorily addressed, the company intends to request a meeting with the FDA prior to submitting its own written report required by the terms of the consent decree. Under the terms of the consent decree, the company must submit its own written report to the FDA regarding its compliance status together with its written responses to any observations in the independent expert's report. Both the independent expert auditor's third certification report as well as the company's own report must be accepted by the FDA before the agency reinspects the impacted Elyria facilities. If the FDA is satisfied with the company's compliance, the FDA will provide written notification that the company is permitted to resume full operations at the impacted facilities. The company cannot predict the acceptance of these reports by the FDA, the timing of the inspection, nor any remaining work that may be needed to meet the FDA's requirements to resume full operations at the impacted facilities. The FDA has the authority to inspect any FDA registered facility at any time. After resumption of full operations, the company must undergo five years of audits by a third-party expert auditor to determine whether the facilities are in continuous compliance with FDA's QSR and the consent decree. The auditor will inspect the Corporate and Taylor Street facilities’ activities every six months during the first year following the resumption of full operations and then every 12 months for the next four years thereafter. As described above, because the limitations on production are not expected to be permanent in nature, and partial production is allowed, the company does not anticipate any major repair, replacement or scrapping of its fixed assets at the Taylor Street manufacturing facility. Based on the company's expectations at the time of filing of this Quarterly Report on Form 10-Q with respect to the utilization of such raw material and with respect to expected future cash flows from production at the Taylor Street manufacturing facility, the company concluded that there is no impairment in the value of the fixed assets related to the Taylor Street manufacturing facility at March 31, 2016. The majority of the production from the Taylor Street facility is "made to order" custom wheelchairs for customers and, as a result, there was not a significant amount of finished goods inventory on hand at March 31, 2016, and the inventory is expected to be fully utilized. Accordingly, the company concluded that there was not an impairment of the work in process and finished goods at the Taylor Street facility at March 31, 2016. Further, based on its analysis of the raw material inventory at the Taylor Street facility and the company's expectations at the time of filing of this Quarterly Report on Form 10-Q with respect to the time frame for FDA's acceptance of the third-party expert certification audit and FDA inspection, the company concluded that the value of the inventory was not excessive nor impaired at March 31, 2016. However, if the company's expectations regarding the impacts of the limitations in the consent decree or the time frame for acceptance of the third-party expert certification audit and FDA inspection were to change, the company may, in future periods, conclude that an impairment exists with respect to its fixed assets or inventory at the Taylor Street facility. Although the North America/HME segment is the segment primarily impacted by the limitations in the FDA consent decree, the Asia/Pacific segment also is negatively affected as a result of the consent decree due to the lower sales volume of microprocessor controllers. During 2012, before the effective date of the consent decree, the company started to experience decreases in net sales in the North America/HME and Asia/Pacific segments. The company believes that those decreases, which continued beyond 2012, were driven in large part by the consent decree which led to delays in new product introductions and to uncertainty regarding the timing of exiting the consent decree, which limited the company's ability to renegotiate and bid on certain customer contracts and otherwise led to a decline in customer orders. The negative effect of the consent decree on customer orders and net sales in these segments has been considerable, and the company expects to continue to experience low levels of net sales in the North America/HME and Asia/Pacific segments at least until it has successfully completed the previously-described FDA re-inspection and has received written notification from the FDA that the company may resume full operations at the Corporate and Taylor Street facilities. Even after the company is permitted to resume full operations at the affected facilities, it is uncertain as to whether, or how quickly, the company will be able to rebuild net sales to more typical historical levels, irrespective of market conditions. Accordingly, when compared to the company's 2010 results, the limitations in the consent decree had, and likely will continue to have, a material adverse effect on the company's business, financial condition and results of operations. Separately, net sales in the North America/HME segment have likely been impacted by uncertainty on the part of the company's customers as they coped with prepayment reviews and post-payment audits by the Centers for Medicare and Medicaid Services ("CMS") and contemplated their participation in the National Competitive Bidding ("NCB") process. In addition, net sales in the North America/HME segment declined as a result of the company's strategic focus away from lower margin, less differentiated products as the company becomes more focused on its clinically complex products. For additional information regarding the consent decree, please see the following sections of company's Annual Report on Form 10-K for the year ended December 31, 2015: Item 1. Business - Government Regulation and Item 1A. Risk Factors; Item 3. Legal Proceedings; and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Outlook and - Liquidity and Capital Resources. The company's warranty reserves are subject to adjustment in future periods based on historical analysis of warranty claims and as new developments occur that may change the company's estimates related to specific product recalls. See Current Liabilities in the Notes to the Consolidated Financial Statements for the total provision amounts and a reconciliation of the changes in the warranty accrual. In December 2010, the company received a warning letter from the FDA related to quality system processes and procedures at the company's Sanford, Florida facility. In January 2014, the FDA conducted inspections at the company’s manufacturing facility in Suzhou, China and at the company’s electronic components subsidiary in Christchurch, New Zealand, covering quality systems and current Good Manufacturing Practice regulations. In August 2014, the FDA inspected Alber GmbH in Albstadt, Germany. The FDA issued its inspectional observations on Forms 483 to the company after these inspections, and the company submitted its responses to the agency in a timely manner. In October 2014, the FDA conducted an inspection at the Sanford facility and, at the conclusion, issued its Form 483 observations. In December 2015, the FDA issued Form 483 observations following a 2015 inspection of approximately 5 months at the Corporate and Taylor Street facilities in Elyria, Ohio which included a review of the company’s compliance with the terms of the consent decree and the matters covered by the first and second expert certification reports previously accepted in 2013. The company has timely filed its responses to these Forms 483 with the FDA and continues to work on addressing the FDA's observations. The results of regulatory claims, proceedings, investigations, or litigation are difficult to predict. An unfavorable resolution or outcome of the FDA warning letter or other FDA enforcement related to the Sanford or other company facilities could materially and adversely affect the company's business, financial condition, and results of operations. Any of the above contingencies could have an adverse impact on the company's financial condition or results of operations. |
Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of Operations [Text Block] | Nature of Operations: Invacare Corporation is a leading manufacturer and distributor of medical equipment used in the home based upon the company’s distribution channels, breadth of product line and net sales. The company designs, manufactures and distributes an extensive line of health care products for the non-acute care environment, including the home health care, retail and extended care markets. |
Principles of Consolidation | Principles of Consolidation: The consolidated financial statements include the accounts of the company and its wholly owned subsidiaries and include all adjustments, which were of a normal recurring nature, necessary to present fairly the financial position of the company as of March 31, 2016 and the results of its operations and changes in its cash flow for the three months ended March 31, 2016 and 2015, respectively. Certain foreign subsidiaries, represented by the European segment, are consolidated using a February 29 quarter end in order to meet filing deadlines. No material subsequent events have occurred related to the European segment, which would require disclosure or adjustment to the company's financial statements. All significant intercompany transactions are eliminated. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year. |
Use of Estimates | Use of Estimates: The consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States, which require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results may differ from these estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements: In April 2014, the FASB issued ASU 2014-08 changing the presentation of discontinued operations on the statements of income and other requirements for reporting discontinued operations. Under the new standard, a disposal of a component or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when the component meets the criteria to be classified as held for sale or is disposed. The amendments in this update also require additional disclosures about discontinued operations and disposal of an individually significant component of an entity that does not qualify for discontinued operations. This standard was required to be prospectively applied to all reporting periods presented in financial reports issued after the effective date. This standard can impact the presentation of the company's financial statements but does not affect the calculation of net income, comprehensive income or earnings per share. The company adopted ASU 2014-08 effective January 1, 2015 which impacted the company’s Condensed Consolidated Statement of Comprehensive Income (Loss), Balance Sheets and Statement of Cash Flows. Specifically, the disposal by the company of its United States Rentals businesses, in the third quarter of 2015, was not deemed to be a discontinued operation. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 requires a company to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods and services. The guidance requires five steps to be applied: 1) identify the contract(s) with customers, 2) identify the performance obligations in the contract, 3) determine the transaction price, 4) allocate the transaction price to the performance obligation in the contract and 5) recognize revenue when (or as) the entity satisfies a performance obligation. The guidance also requires both quantitative and qualitative disclosures, which are more comprehensive than existing revenue standards. The disclosures are intended to enable financial statement users to understand the nature, timing and uncertainty of revenue and the related cash flow. An entity can apply the new revenue standard retrospectively to each prior reporting period presented or retrospective with the cumulative effect of initially applying the standard recognized at the date of initial application in retained earnings. The new accounting guidance is effective for annual periods beginning after December 15, 2017, due to an approved one-year deferral, and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2014-09 on the company's financial statements. In April 2015, the FASB issued ASU 2015-03, "Simplifying the Presentation of Debt Issuance Costs." ASU 2015-03 requires debt issuance costs to be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, which is similar to the presentation of debt discounts or premiums. Debt issuance costs are currently reported on the balance sheet as assets and amortized as interest expense. ASU 2015-03 does not change the recognition and measurement guidance for debt issuance costs and requires retrospective application to all periods presented upon adoption. The company adopted ASU 2015-03 effective January 1, 2016 which did not have a material impact on the company's financial statements. In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory,” to simplify the subsequent measurement of inventory. After effectiveness of this update, entities will be required to subsequently measure inventory at the lower of cost or net realizable value rather than at the lower of cost or market. This update is effective for annual reporting periods beginning after December 15, 2016, including interim periods within those annual periods, and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2015-11 on the company's financial statements. In November 2015, the FASB issued ASU 2015-17, "Balance Sheet Classification of Deferred Taxes." ASU 2015-17 requires deferred tax assets and liabilities to be classified as noncurrent amounts on the balance sheet. The new accounting guidance is effective for fiscal periods beginning after December 15, 2016 and early adoption is permitted. The company adopted ASU 2015-17, on a prospective basis, effective October 1, 2015 and thus the company's deferred tax assets and liabilities have been classified as long-term in its Balance Sheet for all periods presented. In February 2016, the FASB issued ASU 2016-02, "Leases." ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. The new accounting guidance is effective for fiscal periods beginning after December 15, 2018 and early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-02 on the company's financial statements. In March 2016, the FASB issued ASU 2016-09, "Compensation – Stock Compensation: Topic 718: Improvements to Employee Share-Based Payment Accounting." ASU 2016-09 is intended to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The company is currently reviewing the impact of the adoption of ASU 2016-09 on the company's financial statements. |
Receivables (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Installment Receivables | Installment receivables consist of the following (in thousands):
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Schedule of Installment Receivables Allowance for Doubtful Accounts | The movement in the installment receivables allowance for doubtful accounts was as follows (in thousands):
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Schedule of Installment Receivables by Class | Installment receivables by class as of March 31, 2016 consist of the following (in thousands):
Installment receivables by class as of December 31, 2015 consist of the following (in thousands):
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Schedule of Financing Receivables | Installment receivables by class as of March 31, 2016 consist of the following (in thousands):
Installment receivables by class as of December 31, 2015 consist of the following (in thousands):
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Schedule of Aging of Installment Receivables | The aging of the company’s installment receivables was as follows (in thousands):
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory | Inventories consist of the following (in thousands):
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Other Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Assets | Other current assets consist of the following (in thousands):
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Other Long-Term Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets, Noncurrent | Other long-term assets consist of the following (in thousands):
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Property And Equipment (Tables) |
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Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | Property and equipment consist of the following (in thousands):
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Intangibles (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Indefinite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands):
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Schedule of Finite-Lived Intangible Assets | The company's intangibles consist of the following (in thousands):
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Accrued Expenses (Tables) |
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Payables and Accruals [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expenses | Accrued expenses consist of accruals for the following (in thousands):
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Schedule of Product Warranty Liability [Table Text Block] | The following is a reconciliation of the changes in accrued warranty costs for the reporting period (in thousands):
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Long-Term Debt (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Long-term Debt Instruments | Debt consists of the following (in thousands):
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Schedule of Convertible Debt | The liability components of the debentures consist of the following (in thousands):
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Liability Components of Convertible Note | The liability components of the notes consist of the following (in thousands):
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Other Long-Term Obligations (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Noncurrent Liabilities | Other long-term obligations consist of the following (in thousands):
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Equity Compensation (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The amounts of equity-based compensation expense recognized as part of selling, general and administrative expenses were as follows (in thousands):
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Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | As of March 31, 2016, unrecognized compensation expense related to equity-based compensation arrangements granted under the company's 2013 Plan and previous plans, which is related to non-vested options and shares, was as follows (in thousands):
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Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about stock option activity for the three months ended March 31, 2016:
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Schedule of Share-based Compensation, Stock Options Outstanding | The following table summarizes information about stock options outstanding at March 31, 2016:
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Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes information about restricted shares and restricted share units (for non-U.S. recipients):
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Share-based Compensation, Performance Shares Award Unvested Activity [Table Text Block] | The following table summarizes information about performance shares and performance share units (for non-U.S. recipients):
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Accumulated Other Comprehensive Income (Loss) by Component (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income ("OCI") for the three months ended March 31, 2016 and March 31, 2015, respectively, were as follows (in thousands):
|
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | Reclassifications out of accumulated OCI for the three months ended March 31, 2016 and March 31, 2015 were as follows (in thousands):
|
Charges Related To Restructuring Activities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring and Related Costs | A progression by reporting segment of the accruals recorded as a result of the restructuring is as follows (in thousands):
|
Net Earnings (Loss) Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net earnings (loss) per common share for the periods indicated.
________ * Net loss per common share assuming dilution calculated utilizing weighted average shares outstanding-basic for the periods in which there was a net loss. |
Derivatives (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The fair values of the outstanding convertible note derivatives and their effect on the Statement of Comprehensive Income (Loss) were as follows (in thousands):
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Schedule of Notional Amounts of Outstanding Derivative Positions | Outstanding foreign currency forward exchange contracts qualifying and designated for hedge accounting treatment were as follows (in thousands USD):
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Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | Foreign currency forward exchange contracts not qualifying or designated for hedge accounting treatment entered into in 2016 and 2015, respectively, and outstanding were as follows (in thousands USD):
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Schedule of Derivatives Instruments Statements of Financial Position, Fair Value | The fair values of the company’s derivative instruments were as follows (in thousands):
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Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) | The effect of derivative instruments on Accumulated Other Comprehensive Income (OCI) and the Statement of Comprehensive Income (Loss) and was as follows (in thousands):
|
Fair Values (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table provides a summary of the company’s assets and liabilities that are measured on a recurring basis (in thousands):
|
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Fair Value, by Balance Sheet Grouping | The carrying values and fair values of the company’s financial instruments are as follows (in thousands):
|
Business Segments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | The information by segment is as follows (in thousands):
________
|
Operations Held For Sale Assets and Liabilities of Operations Held For Sale (Details) - Rentals Businesses - USD ($) |
3 Months Ended | ||
---|---|---|---|
Jul. 02, 2015 |
Mar. 31, 2016 |
Sep. 30, 2015 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from sale of business | $ 15,500,000 | ||
Proceeds from sale of Business, net | 13,700,000 | ||
Gain on sale of businesses (pre-tax) | $ 24,000 | ||
Operations Held For Sale, Costs Incurred During the Period | $ 1,792,000 | ||
Operations Held for Sale, Payments for Sale Costs | $ 1,244,000 |
Discontinued Operations Narrative (Details) - Altimate Medical, Inc. [Member] |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Expenses related to sale | $ 8,801,000 |
Expenses related to sale of business paid | $ 8,405,000 |
Receivables (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016
USD ($)
payment
|
Dec. 31, 2015
USD ($)
|
|
Receivables [Abstract] | ||
Allowance for doubtful accounts receivable | $ 9,753,000 | $ 10,487,000 |
Number of missed payments before delinquent | payment | 3 | |
Typical financing period | 12 months | |
Credit amount requiring additional analysis | $ 250,000 | |
Average period of adjudication | 18 months | |
Installment receivable purchased from DLL | $ 903,000 |
Receivables (Installment Recevables) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Receivables [Abstract] | |||
Non-Impaired Financing Receivable, Related Allowance | $ 0 | $ 0 | |
Installment Receivables, Current | 2,161 | 2,309 | |
Installment Receivables, Long-Term | 3,087 | 2,318 | |
Total Installment Receivables | 5,248 | 4,627 | |
Unearned Interest, Current | (40) | (42) | |
Unearned Interest, Noncurrent | 0 | 0 | |
Total Unearned Interest | (40) | (42) | |
Installment Receivables Net of Unearned Interest Current | 2,121 | 2,267 | |
Installment Receivables Net of Unearned Interest Noncurrent | 3,087 | 2,318 | |
Installment Receivables, Net of Unearned Interest | 5,208 | 4,585 | |
Allowance for doubtful accounts, current | (1,007) | (1,122) | |
Allowance for doubtful accounts, long-term | (2,225) | (1,670) | |
Allowance for doubtful accounts | (3,232) | (2,792) | $ (5,852) |
Installment receivables, net | 1,114 | 1,145 | |
Installment receivables, net, long-term | 862 | 648 | |
Installment receivables, net | $ 1,976 | $ 1,793 |
Receivables (Rollforward of Allowance for Doubtful Accounts) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Allowance for Doubtful Accounts [Roll Forward] | ||
Balance as of beginning of period | $ 2,792 | $ 5,852 |
Current period provision (benefit) | 547 | (332) |
Direct write-offs charged against the allowance | (107) | (2,728) |
Balance as of end of period | $ 3,232 | $ 2,792 |
Receivables (Installment Receivables by Class) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Total Installment Receivables | ||
Non-Impaired installment receivables with no related allowance recorded | $ 921 | $ 946 |
Impaired installment receivables with a related allowance recorded | 4,327 | 3,681 |
Total installment receivables | 5,248 | 4,627 |
Unpaid Principal Balance | ||
Non-Impaired installment receivables with no related allowance recorded | 881 | 904 |
Impaired installment receivables with a related allowance recorded | 4,327 | 3,681 |
Total installment receivables | 5,208 | 4,585 |
Non-Impaired Financing Receivable, Related Allowance | 0 | 0 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 3,232 | 2,792 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | 13 | 52 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | 13 | 52 |
U.S. | ||
Total Installment Receivables | ||
Impaired installment receivables with a related allowance recorded | 4,248 | 3,618 |
Unpaid Principal Balance | ||
Impaired installment receivables with a related allowance recorded | 4,248 | 3,618 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 3,153 | 2,729 |
Interest Income Recognized | ||
Impaired installment receivables with a related allowance recorded | 0 | 0 |
CANADA | ||
Total Installment Receivables | ||
Non-Impaired installment receivables with no related allowance recorded | 921 | 946 |
Impaired installment receivables with a related allowance recorded | 79 | 63 |
Total installment receivables | 1,000 | 1,009 |
Unpaid Principal Balance | ||
Non-Impaired installment receivables with no related allowance recorded | 881 | 904 |
Impaired installment receivables with a related allowance recorded | 79 | 63 |
Total installment receivables | 960 | 967 |
Non-Impaired Financing Receivable, Related Allowance | 0 | 0 |
Related Allowance for Doubtful Accounts | ||
Impaired installment receivables with a related allowance recorded | 79 | 63 |
Interest Income Recognized | ||
Non-Impaired installment receivables with no related allowance recorded | 13 | 52 |
Impaired installment receivables with a related allowance recorded | 0 | 0 |
Total installment receivables | $ 13 | $ 52 |
Receivables (Aging of Installment Receivables) (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 899 | $ 908 |
0-30 Days Past Due | 2 | 16 |
31-60 Days Past Due | 0 | 12 |
61-90 Days Past Due | 0 | 1 |
90 Days Past Due | 4,347 | 3,690 |
Total Installment Receivables Past Due | 5,248 | 4,627 |
U.S. | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 0 | 0 |
0-30 Days Past Due | 0 | 0 |
31-60 Days Past Due | 0 | 0 |
61-90 Days Past Due | 0 | 0 |
90 Days Past Due | 4,248 | 3,618 |
Total Installment Receivables Past Due | 4,248 | 3,618 |
CANADA | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 899 | 908 |
0-30 Days Past Due | 2 | 16 |
31-60 Days Past Due | 0 | 12 |
61-90 Days Past Due | 0 | 1 |
90 Days Past Due | 99 | 72 |
Total Installment Receivables Past Due | $ 1,000 | $ 1,009 |
Inventories (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Finished goods | $ 75,507 | $ 67,207 |
Raw materials | 57,432 | 54,005 |
Work in process | 10,875 | 11,595 |
Inventory, net | $ 143,814 | $ 132,807 |
Other Current Assets Components of Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Value added tax receivables | $ 19,275 | $ 18,031 |
Recoverable income taxes | 390 | 367 |
Derivatives (foreign currency forward contracts) | 4,273 | 4,143 |
Prepaid insurance | 2,166 | 2,538 |
Prepaid and other current assets | 10,956 | 9,380 |
Other current assets | $ 37,060 | $ 34,459 |
Other Long-Term Assets Components of Other Long-Term Assets(Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Convertible Note Hedge Asset | $ 29,297,000 | $ 0 |
Cash surrender value of life insurance policies | 1,698,000 | 1,674,000 |
Deferred financing fees | 891,000 | 1,088,000 |
Investments | 161,000 | 160,000 |
Installment receivables | 862,000 | 648,000 |
Deferred taxes | 573,000 | 908,000 |
Other | 181,000 | 181,000 |
Other Assets | $ 33,663,000 | $ 4,659,000 |
Other Long-Term Assets Narrative (Details) |
Mar. 31, 2016
USD ($)
|
---|---|
Convertible Senior Notes at 5.00% February 2021 [Member] | Convertible Subordinated Debt | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 150,000,000 |
Property And Equipment (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 398,094 | $ 395,548 |
Less allowance for depreciation | (320,469) | (316,865) |
Property and equipment, net | 77,625 | 78,683 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 301,908 | 299,721 |
Land, buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 74,933 | 73,830 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 9,458 | 10,031 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 11,795 | $ 11,966 |
Intangibles (Narrative) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Finite-Lived Intangible Assets [Line Items] | |
Amortization expense | $ 406,000 |
Minimum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 1 year |
Maximum | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 10 years |
Weighted Average | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived intangible assets, useful life | 5 years |
Intangibles (Intangible Table) (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 91,299,000 | $ 90,005,000 |
Accumulated Amortization | 60,034,000 | 59,005,000 |
Customer lists | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 50,940,000 | 49,858,000 |
Accumulated Amortization | 46,288,000 | 45,019,000 |
License agreements | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,150,000 | 1,098,000 |
Accumulated Amortization | 1,150,000 | 1,098,000 |
Developed technology | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 7,497,000 | 7,405,000 |
Accumulated Amortization | 6,013,000 | 5,921,000 |
Patents | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 5,545,000 | 5,959,000 |
Accumulated Amortization | 5,455,000 | 5,843,000 |
Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | 1,162,000 | 1,161,000 |
Accumulated Amortization | 1,128,000 | 1,124,000 |
Trademarks | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Historical Cost | $ 25,005,000 | $ 24,524,000 |
Intangibles (Finite-Lived Intangible Asset Future Amortization Expense) (Details) |
Mar. 31, 2016
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
Future amortization expense, remainder of fiscal year | $ 1,608,000 |
Future amortization expense, 2016 | 1,527,000 |
Future amortization expense, 2017 | 1,510,000 |
Future amortization expense, 2018 | 1,881,000 |
Future amortization expense, 2019 | 180,000 |
Future amortization expense, 2020 | $ 178,000 |
Accrued Expenses Components of Accrued Expenses - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Payables and Accruals [Abstract] | ||
Salaries and wages | $ 31,591 | $ 41,305 |
Taxes other than income taxes, primarily Value Added Taxes | 18,550 | 21,424 |
Warranty cost | 24,154 | 22,820 |
Supplemental Executive Retirement Program | 1,279 | 1,279 |
Freight | 6,952 | 6,153 |
Professional | 6,923 | 5,774 |
Product liability, current portion | 3,193 | 3,127 |
Rebates | 1,506 | 1,791 |
Insurance | 644 | 695 |
Interest | 1,529 | 872 |
Derivative liabilities | 1,207 | 2,014 |
Severance | 1,522 | 2,477 |
Other items, principally trade accruals | 13,389 | 12,689 |
Accrued expenses | $ 112,439 | $ 122,420 |
Accrued Expenses Warranty Schedule (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Product Liability Contingency | |
Balance as of January 1, 2016 | $ 22,820,000 |
Warranties provided during the period | 3,878,000 |
Settlements made during the period | (4,130,000) |
Changes in liability for pre-existing warranties during the period, including expirations | 1,586,000 |
Balance as of March 31, 2016 | 24,154,000 |
North America/HME | |
Product Liability Contingency | |
Loss Contingency Accrual | $ 1,220,000 |
Long-Term Debt (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Long-term debt | $ 157,132 | $ 47,120 |
Less current maturities of long-term debt | (2,033) | (2,028) |
Long-term debt net of current maturities | 155,099 | 45,092 |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 110,214 | 0 |
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt | 12,361 | 12,147 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 34,557 | 34,973 |
Senior secured revolving credit facility, due in January 2018 [Member] | Line of Credit | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 0 | $ 0 |
Long-Term Debt Components of Convertible Debt (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Debt Instrument [Line Items] | |||
Issuance of warrants | $ 12,375,000 | $ 0 | |
Convertible Debt Conversion Feature | 35,198,000 | $ 0 | |
Convertible Note Hedge Asset | 29,297,000 | 0 | |
Long-term debt | $ 157,132,000 | 47,120,000 | |
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 4.125% | ||
Principal amount of liability component | $ 13,350,000 | 13,350,000 | |
Unamortized discount | (989,000) | (1,203,000) | |
Long-term debt | $ 12,361,000 | 12,147,000 | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | |||
Debt Instrument [Line Items] | |||
Interest rate (as a percent) | 5.00% | ||
Unamortized discount | $ (34,029,000) | ||
Long-term debt | $ 110,214,000 | $ 0 |
Long-Term Debt Narrative (Details) - USD ($) |
2 Months Ended | 3 Months Ended | ||||
---|---|---|---|---|---|---|
Mar. 31, 2016 |
Feb. 15, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Feb. 17, 2007 |
|
Debt Instrument [Line Items] | ||||||
Convertible Debt Conversion Feature, Fair Value at Issuance | $ 34,480.000 | $ 34,480.000 | ||||
Convertible Debt Conversion Feature | 35,198,000 | 35,198,000 | $ 0 | |||
Convertible Debt Conversion Feature Gain (Loss) | 718,000 | |||||
Convertible due 2021 - Bond Hedge, Fair Value at Issuance | 27,975,000 | 27,975,000 | ||||
Convertible Note Hedge Asset | 29,297,000 | 29,297,000 | 0 | |||
Convertible Debt Note Hedge Gain (Loss) | 1,322,000 | |||||
Issuance of warrants | 12,375,000 | $ 0 | ||||
Payments for Repurchase of Common Stock | 5,000,000 | $ 0 | ||||
Convertible Subordinated Debt | Convertible Senior Subordinated Debentures at 4.125% February 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Write off of capitalized fees | 668,000 | |||||
Debt Instrument, Face Amount | $ 135,000,000 | |||||
Principal amount of liability component | $ 13,350,000 | $ 13,350,000 | 13,350,000 | |||
Interest rate (as a percent) | 4.125% | 4.125% | ||||
Debt Instrument, Unamortized Discount | $ (989,000) | $ (989,000) | $ (1,203,000) | |||
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Fee Amount | 5,904,000 | 5,904,000 | ||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | ||||
Interest rate (as a percent) | 5.00% | 5.00% | ||||
Convertible Senior Notes, Percentage of Principal Required for Repurchase | 100.00% | 100.00% | ||||
Convertible Preferred Stock, Shares Issued upon Conversion | 60.0492 | 60.0492 | ||||
Convertible Debt, Conversion Rate of Commmon Shares, Principal | $ 1,000 | $ 1,000 | ||||
Debt Instrument, Convertible, Conversion Price | $ 16.65 | $ 16.65 | ||||
Derivative, Price Risk Option Strike Price | $ 22.4175 | $ 22.4175 | ||||
Debt Instrument, Net Proceeds | $ 144,096,000 | $ 144,096,000 | ||||
Debt Instrument, Net Proceeds | 110,214,000 | 110,214,000 | ||||
Debt Instrument, Fee Amount | (5,757,000) | (5,757,000) | ||||
Debt Instrument, Fee Amount Paid to Date | 4,562,000 | |||||
Derivative, Amount of Hedged Item | (15,600,000) | (15,600,000) | ||||
Debt Instrument, Unamortized Discount | $ (34,029,000) | $ (34,029,000) | ||||
Debt Instrument, Interest Rate, Effective Percentage | 11.10% | 11.10% | ||||
Debt Instrument, Non-Cash Interest Expense Recognized in the Period | $ 450,000 | |||||
Debt Instrument, Increase, Accrued Interest | 753,000 | |||||
Revolving Credit Facility | Line of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Debt issuance costs | $ 1,954,000 | |||||
Weighted average interest rate (as a percent) | 4.83% | 4.83% | 3.83% | |||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 30,000,000 | $ 30,000,000 | ||||
Line of Credit, Covenant Compliance, Maximum Borrowing Capacity, Trade Receivables, Europe, Percent | 85.00% | |||||
Minimum availability reserve | 3,000,000 | $ 3,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 22,851,000 | 22,851,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | $ 3,375,000 | $ 3,375,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger Maximum Percentage | 12.50% | 12.50% | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 16,476,000 | $ 16,476,000 | ||||
Remaining borrowing capacity | $ 10,000,000 | $ 10,000,000 | ||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||
Consecutive business days for minimum undrawn balance | 5 days | |||||
Required undrawn balance, minimum | $ 3,000,000 | $ 3,000,000 | ||||
Interruption of material manufacturing facilities, period | 10 days | |||||
Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 100,000,000 | $ 100,000,000 | ||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Availability | 30 days | |||||
Line of Credit, Covenant Compliance, Availability Block | 5,000,000 | $ 10,000,000 | ||||
Line of Credit, Covenant Compliance, Capital Expenditures Limit | 35,000,000 | 20,000,000 | ||||
Line of Credit, Covenant Compliance, Acquisition Limit Maximum | $ 30,000,000 | |||||
Line of Credit, Covenant Compliance, Sales of Assets Limit | 25,000,000 | $ 20,000,000 | ||||
Line of Credit, Covenant Compliance, Repurchase of Common Shares Limit | 5,000,000 | |||||
Additional increase in borrowing capacity available | 25,000,000 | $ 25,000,000 | ||||
Percentage of domestic accounts receivable | 85.00% | |||||
Percentage of eligible domestic inventory and in-transit inventory | 70.00% | |||||
Percentage of net orderly liquidation value of domestic inventory | 85.00% | |||||
Maximum value of net orderly liquidation value domestic inventory and in-transit inventory | 4,000,000 | $ 4,000,000 | ||||
Net orderly liquidation value of domestic eligible machinery and equipment | 85.00% | |||||
Additional amount of machinery and equipment | 2,631,000 | $ 2,631,000 | ||||
Percentage of eligible Canadian accounts receivable | 85.00% | |||||
Percentage of eligible Canadian inventory | 70.00% | |||||
Percentage of net orderly liquidation value of eligible Canadian inventory | 85.00% | |||||
Minimum availability reserve | 5,000,000 | $ 5,000,000 | ||||
Line of Credit Facility, Current Borrowing Capacity | 42,738,000 | 42,738,000 | ||||
Line of Credit Facility, Covenant Feature, Dominion Trigger | 11,250,000 | 11,250,000 | ||||
LIne of Credit Facility, Covenant Feature Dominion Trigger for Five Consecutive Days | $ 12,500,000 | $ 12,500,000 | ||||
Line of Credit, Covenant Compliance, Undrawn Availability, Domestic, Percent | 20.00% | |||||
Minimum required undrawn balance (as a percent) | 11.25% | 11.25% | ||||
Line of Credit, Covenant Compliance, Consecutive Business Days for Undrawn_Balance | 5 days | |||||
Required undrawn balance, minimum | $ 5,000,000 | $ 5,000,000 | ||||
Interruption of material manufacturing facilities, period | 10 days | |||||
Letter of Credit | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 3,555,000 | $ 3,555,000 | $ 3,230,000 | |||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 5,000,000 | 5,000,000 | ||||
Letter of Credit | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 25,000,000 | 25,000,000 | ||||
Swing Line Loans | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | 2,000,000 | 2,000,000 | ||||
Amount Available to Invacare Limited and Invacare Poirier SAS | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 15,000,000 | $ 15,000,000 | ||||
Base Rate | Revolving Credit Facility | Line of Credit | Credit Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 0.25% | |||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 0.25% | |||||
Minimum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 0.25% | |||||
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
Minimum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.50% | |||||
Minimum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 0.375% | |||||
Maximum | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Commitment fee percentage | 0.375% | |||||
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Maximum | London Interbank Offered Rate (LIBOR) | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 2.75% | |||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (Europe Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 3.00% | |||||
Maximum | Base Rate | Revolving Credit Facility | Line of Credit | Revolving Credit and Security Agreement (New Credit Agreement) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate | 1.75% |
Long-Term Debt Sale Leaseback Transactions (Details) |
Mar. 31, 2016
USD ($)
|
---|---|
Sale Leaseback Transaction [Line Items] | |
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 |
Other Long-Term Obligations (Details) - USD ($) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Other Liabilities Disclosure [Abstract] | ||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 7,414,000 | |
Supplemental Executive Retirement Plan liability | 4,895,000 | $ 4,930,000 |
Product liability | 14,804,000 | 14,582,000 |
Deferred income taxes | 32,608,000 | 32,115,000 |
Convertible debt conversion liability | 35,198,000 | 0 |
Deferred compensation | 3,824,000 | 4,167,000 |
Pension | 10,191,000 | 9,868,000 |
Uncertain tax obligation including interest | 3,745,000 | 4,467,000 |
Other | 4,335,000 | 5,482,000 |
Total long-term obligations | 116,510,000 | 82,589,000 |
Sale Leaseback Transaction, Deferred Gain, Net | 6,910,000 | 6,978,000 |
Sale Leaseback Transaction, Current Period Gain Recognized | $ 66,000 | $ 171,000 |
Other Long-Term Obligations Convertible Senior Notes (Details) - Convertible Subordinated Debt - Convertible Senior Notes at 5.00% February 2021 [Member] |
Mar. 31, 2016
USD ($)
|
---|---|
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount | $ 150,000,000 |
Interest rate (as a percent) | 5.00% |
Equity Compensation (Narrative) (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 16, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted (in shares) | 0 | |
Period for recognition of unrecognized compensation costs | 2 years | |
Restricted Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net award activity (in shares) | 1,935,984 | |
Award vesting period | 3 years | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Expiration period | 10 years | |
Award vesting period | 4 years | |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Net award activity (in shares) | 1,377,872 | |
Award requisite service period | 3 years | |
Performance achievement level, lower range | 0.00% | |
Performance achievement level, upper range | 150.00% | |
Performance achievement level, target range | 100.00% | |
2013 Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized | 4,460,337 | |
Weighted Average | Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period for recognition of unrecognized compensation costs | 3 years |
Equity Compensation Share-based Compensation Expense (Details) - Selling, General and Administrative Expenses - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 2,089 | $ 411 |
Restricted Stock and Restricted Stock Units (RSUs) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 1,641 | 213 |
Performance Shares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 113 | 26 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 335 | $ 172 |
Equity Compensation Unrecognized Compensation Expense (Details) $ in Thousands |
Mar. 31, 2016
USD ($)
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 18,442 |
Stock Options | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 697 |
Restricted Stock and Restricted Stock Units (RSUs) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 13,350 |
Performance Shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4,395 |
Equity Compensation (Options Activity) (Details) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016
$ / shares
shares
| ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Options outstanding at beginning of period (in shares) | shares | 2,942,783 | |||
Granted (in shares) | shares | 0 | |||
Excercised (in shares) | shares | (1,250) | |||
Canceled (in shares) | shares | (63,737) | |||
Options outstanding at end of period (in shares) | shares | 2,877,796 | |||
Weighted Average Exercise Price | ||||
Options outstanding at beginning of period - Weighted Average Exercise Price (in dollars per share) | $ 21.22 | |||
Granted - Weighted Average Exercise Price (in dollars per share) | 0 | |||
Excercised - Weighted Average Exercise Price (in dollars per share) | 13.82 | |||
Canceled - Weighted Average Exercise Price (in dollars per share) | 26.10 | |||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 21.16 | |||
Options exercisable at end of period (in shares) | shares | 2,681,960 | |||
Stock Options | ||||
Weighted Average Exercise Price | ||||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 21.16 | |||
Options available for grant at end of period (in shares) | shares | 1,137,504 | [1] | ||
$ 13.37 – $20.00 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, lower limit (in dollars per share) | $ 13.37 | |||
Exercise price range, upper limit (in dollars per share) | 20.00 | |||
$ 13.37 – $20.00 | Stock Options | ||||
Weighted Average Exercise Price | ||||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | 14.12 | |||
$ 30.01 – $33.36 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise price range, lower limit (in dollars per share) | 30.01 | |||
Exercise price range, upper limit (in dollars per share) | 33.36 | |||
$ 30.01 – $33.36 | Stock Options | ||||
Weighted Average Exercise Price | ||||
Options outstanding at end of period - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |||
|
Equity Compensation (Stock Options Outstanding by Exercise Price) (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 21.16 | $ 21.22 |
$ 13.37 – $20.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 13.37 | |
Exercise price range, upper limit (in dollars per share) | 20.00 | |
$ 20.01 – $25.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 20.01 | |
Exercise price range, upper limit (in dollars per share) | 25.00 | |
$ 25.01 – $30.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 25.01 | |
Exercise price range, upper limit (in dollars per share) | 30.00 | |
$ 30.01 – $33.36 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price range, lower limit (in dollars per share) | 30.01 | |
Exercise price range, upper limit (in dollars per share) | $ 33.36 | |
Stock Options | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 2,877,796 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 4 years 13 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 21.16 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 2,681,960 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 21.69 | |
Stock Options | $ 13.37 – $20.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 761,134 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 6 years 5 months 4 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 14.12 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 565,298 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 14.18 | |
Stock Options | $ 20.01 – $25.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 1,339,028 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 13 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 22.59 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 1,339,028 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 22.59 | |
Stock Options | $ 25.01 – $30.00 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 773,138 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 3 years 4 months 10 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 25.55 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 773,138 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 25.55 | |
Stock Options | $ 30.01 – $33.36 | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options Outstanding - Number Outstanding at end of period (in shares) | 4,496 | |
Options Outstanding - Weighted Average Remaining Contractual Life | 1 year 13 days | |
Options Outstanding - Weighted Average Exercise Price (in dollars per share) | $ 33.36 | |
Options Exercisable - Number Exercisable At end of period (in shares) | 4,496 | |
Options Exercisable - Weighted Average Exercise Price (in dollars per share) | $ 33.36 |
Equity Compensation Restricted Stock Activity (Details) - Restricted Stock and Restricted Stock Units (RSUs) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,058,927 | 641,505 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 16.48 | $ 18.89 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 433,872 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.93 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0.00 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (16,450) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 17.21 |
Equity Compensation Performance Share Activity (Details) - Performance Shares - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 426,403 | 198,401 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.82 | $ 19.50 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 234,402 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 12.82 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 0.00 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (6,400) | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 20.05 |
Accumulated Other Comprehensive Income (Loss) by Component (Changes in Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | $ (9,387) | $ 71,619 |
OCI before reclassifications | 11,702 | (51,259) |
Amount reclassified from accumulated OCI | (161) | (101) |
Other Comprehensive Income (Loss) | 11,541 | (51,360) |
Ending Balance | 2,154 | 20,259 |
Accumulated Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (5,744) | 86,236 |
OCI before reclassifications | 12,218 | (68,154) |
Amount reclassified from accumulated OCI | 0 | 0 |
Other Comprehensive Income (Loss) | 12,218 | (68,154) |
Ending Balance | 6,474 | 18,082 |
Accumulated Long-Term Notes Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 4,111 | (6,465) |
OCI before reclassifications | (1,449) | 14,776 |
Amount reclassified from accumulated OCI | 0 | 0 |
Other Comprehensive Income (Loss) | (1,449) | 14,776 |
Ending Balance | 2,662 | 8,311 |
Accumulated Defined Benefit Plans Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | (9,757) | (7,601) |
OCI before reclassifications | (195) | 53 |
Amount reclassified from accumulated OCI | 5 | 41 |
Other Comprehensive Income (Loss) | (190) | 94 |
Ending Balance | (9,947) | (7,507) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||
Beginning Balance | 2,003 | (551) |
OCI before reclassifications | 1,128 | 2,066 |
Amount reclassified from accumulated OCI | (166) | (142) |
Other Comprehensive Income (Loss) | 962 | 1,924 |
Ending Balance | $ 2,965 | $ 1,373 |
Accumulated Other Comprehensive Income (Loss) by Component (Reclassified Out of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Sales | $ 257,552 | $ 289,024 |
Cost of Products Sold | (189,692) | (211,929) |
Amortization of prior service costs and unrecognized gains | (73,213) | (81,240) |
Income tax provision | (1,825) | (2,475) |
Net loss from Continuing Operations | (8,616) | (7,514) |
Accumulated Defined Benefit Plans Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of prior service costs and unrecognized gains | 5 | 41 |
Income tax provision | 0 | 0 |
Net loss from Continuing Operations | 5 | 41 |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Income (Loss) from Continuing Operations before Income Taxes | (189) | (270) |
Income tax provision | 23 | 128 |
Net loss from Continuing Operations | (166) | (142) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | Reclassification out of Accumulated Other Comprehensive Income | Foreign currency forward contracts | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net Sales | (427) | 192 |
Cost of Products Sold | $ 238 | $ (462) |
Charges Related To Restructuring Activities (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | $ 2,714,000 | $ 4,466,000 | $ 4,466,000 | $ 4,485,000 | $ 6,993,000 | $ 4,979,000 | $ 0 |
Charges | 102,000 | 240,000 | 1,971,000 | 11,112,000 | 9,336,000 | 11,395,000 | 10,534,000 |
Payments | (1,190,000) | (3,723,000) | (11,131,000) | (11,844,000) | (9,381,000) | (5,555,000) | |
Ending Balance | 1,626,000 | 2,714,000 | 4,466,000 | 4,485,000 | 6,993,000 | 4,979,000 | |
Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 2,477,000 | 4,209,000 | 4,209,000 | 3,986,000 | 5,211,000 | 4,905,000 | 0 |
Charges | 102,000 | 1,678,000 | 9,841,000 | 8,282,000 | 6,775,000 | 8,352,000 | |
Payments | (1,057,000) | (3,410,000) | (9,618,000) | (9,507,000) | (6,469,000) | (3,447,000) | |
Ending Balance | 1,522,000 | 2,477,000 | 4,209,000 | 3,986,000 | 5,211,000 | 4,905,000 | |
Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 151,000 | 0 | 0 |
Charges | 0 | 0 | 0 | 0 | 491,000 | 277,000 | |
Payments | 0 | 0 | 0 | (151,000) | (340,000) | (277,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 151,000 | 0 | |
Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 237,000 | 257,000 | 257,000 | 499,000 | 1,625,000 | 74,000 | 0 |
Charges | 0 | 293,000 | 15,000 | 698,000 | 1,725,000 | 1,788,000 | |
Payments | (133,000) | (313,000) | (227,000) | (1,824,000) | (174,000) | (1,714,000) | |
Ending Balance | 104,000 | 237,000 | 257,000 | 499,000 | 1,625,000 | 74,000 | |
Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 6,000 | 0 | 0 |
Charges | 0 | 0 | 1,286,000 | 356,000 | 2,404,000 | 117,000 | |
Payments | 0 | 0 | (1,286,000) | (362,000) | (2,398,000) | (117,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 6,000 | 0 | |
NA/HME | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 899,000 | 662,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |
Charges | 61,000 | 199,000 | 1,361,000 | 4,404,000 | 5,922,000 | 4,247,000 | 4,759,000 |
Payments | (621,000) | (1,124,000) | (6,547,000) | (6,864,000) | (3,592,000) | (1,667,000) | |
Ending Balance | 339,000 | 899,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |
NA/HME | Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 662,000 | 662,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |
Charges | 61,000 | 1,069,000 | 4,404,000 | 5,405,000 | 4,242,000 | 4,755,000 | |
Payments | (488,000) | (1,069,000) | (6,547,000) | (6,347,000) | (3,587,000) | (1,663,000) | |
Ending Balance | 235,000 | 662,000 | 662,000 | 2,805,000 | 3,747,000 | 3,092,000 | |
NA/HME | Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Charges | 0 | 0 | 0 | 0 | 0 | 0 | |
Payments | 0 | 0 | 0 | 0 | 0 | 0 | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
NA/HME | Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 237,000 | 0 | 0 | 0 | 0 | 0 | |
Charges | 0 | 292,000 | 0 | 164,000 | 5,000 | 0 | |
Payments | (133,000) | (55,000) | 0 | (164,000) | (5,000) | 0 | |
Ending Balance | 104,000 | 237,000 | 0 | 0 | 0 | 0 | |
NA/HME | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Charges | 0 | 0 | 0 | 353,000 | 0 | 4,000 | |
Payments | 0 | 0 | 0 | (353,000) | 0 | (4,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
IPG | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 148,000 | 148,000 | 92,000 | 71,000 | |||
Charges | 73,000 | 1,924,000 | 267,000 | 35,000 | 123,000 | ||
Payments | (221,000) | (1,868,000) | (175,000) | (106,000) | (52,000) | ||
Ending Balance | 148,000 | 92,000 | 71,000 | ||||
IPG | Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 148,000 | 148,000 | 92,000 | 71,000 | |||
Charges | 73,000 | 1,163,000 | 267,000 | 35,000 | 123,000 | ||
Payments | (221,000) | (1,107,000) | (175,000) | (106,000) | (52,000) | ||
Ending Balance | 148,000 | 92,000 | 71,000 | ||||
IPG | Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||
Charges | 0 | 0 | 0 | 0 | 0 | ||
Payments | 0 | 0 | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | ||||
IPG | Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||
Charges | 0 | 0 | 0 | 0 | 0 | ||
Payments | 0 | 0 | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | ||||
IPG | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | |||
Charges | 0 | 761,000 | 0 | 0 | 0 | ||
Payments | 0 | (761,000) | 0 | 0 | 0 | ||
Ending Balance | 0 | 0 | 0 | ||||
Europe | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 312,000 | 421,000 | 421,000 | 1,089,000 | 595,000 | 1,816,000 | |
Charges | 510,000 | 1,052,000 | 1,640,000 | 2,093,000 | 5,466,000 | ||
Payments | (292,000) | (619,000) | (1,720,000) | (1,146,000) | (3,314,000) | (3,650,000) | |
Ending Balance | 20,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,816,000 | |
Europe | Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 312,000 | 421,000 | 421,000 | 1,089,000 | 595,000 | 1,742,000 | |
Charges | 510,000 | 527,000 | 1,640,000 | 817,000 | 3,288,000 | ||
Payments | (292,000) | (619,000) | (1,195,000) | (1,146,000) | (1,964,000) | (1,546,000) | |
Ending Balance | 20,000 | 312,000 | 421,000 | 1,089,000 | 595,000 | 1,742,000 | |
Europe | Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Charges | 0 | 0 | 0 | 0 | 277,000 | ||
Payments | 0 | 0 | 0 | 0 | 0 | (277,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Europe | Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 74,000 | |
Charges | 0 | 0 | 0 | 53,000 | 1,788,000 | ||
Payments | 0 | 0 | 0 | 0 | (127,000) | (1,714,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 74,000 | |
Europe | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Charges | 0 | 525,000 | 0 | 1,223,000 | 113,000 | ||
Payments | 0 | 0 | (525,000) | 0 | (1,223,000) | (113,000) | |
Ending Balance | 0 | 0 | 0 | 0 | 0 | 0 | |
Asia/Pacific | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 257,000 | 257,000 | 499,000 | 2,651,000 | |||
Charges | 41,000 | 27,000 | 754,000 | 1,507,000 | 5,020,000 | 186,000 | |
Payments | (41,000) | (284,000) | (996,000) | (3,659,000) | (2,369,000) | (186,000) | |
Ending Balance | 257,000 | 499,000 | 2,651,000 | ||||
Asia/Pacific | Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 869,000 | |||
Charges | 41,000 | 26,000 | 769,000 | 970,000 | 1,681,000 | 186,000 | |
Payments | (41,000) | (26,000) | (769,000) | (1,839,000) | (812,000) | (186,000) | |
Ending Balance | 0 | 0 | 869,000 | ||||
Asia/Pacific | Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 151,000 | |||
Charges | 0 | 0 | 0 | 0 | 491,000 | 0 | |
Payments | 0 | 0 | 0 | (151,000) | (340,000) | 0 | |
Ending Balance | 0 | 0 | 151,000 | ||||
Asia/Pacific | Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 257,000 | 257,000 | 499,000 | 1,625,000 | |||
Charges | 0 | 1,000 | 15,000 | 534,000 | 1,667,000 | 0 | |
Payments | 0 | (258,000) | (227,000) | (1,660,000) | (42,000) | 0 | |
Ending Balance | 257,000 | 499,000 | 1,625,000 | ||||
Asia/Pacific | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | 6,000 | |||
Charges | 0 | 0 | 0 | 3,000 | 1,181,000 | 0 | |
Payments | 0 | 0 | 0 | (9,000) | (1,175,000) | $ 0 | |
Ending Balance | 0 | $ 0 | $ 6,000 | ||||
All Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 1,503,000 | 2,978,000 | 2,978,000 | ||||
Charges | 2,978,000 | ||||||
Payments | (236,000) | (1,475,000) | |||||
Ending Balance | 1,267,000 | 1,503,000 | 2,978,000 | ||||
All Other | Severance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 1,503,000 | 2,978,000 | 2,978,000 | ||||
Charges | 2,978,000 | ||||||
Payments | (236,000) | (1,475,000) | |||||
Ending Balance | 1,267,000 | 1,503,000 | 2,978,000 | ||||
All Other | Product Line Discontinuance | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | ||||
Charges | 0 | ||||||
Payments | 0 | 0 | |||||
Ending Balance | 0 | 0 | 0 | ||||
All Other | Contract Termination | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | 0 | 0 | ||||
Charges | 0 | ||||||
Payments | 0 | 0 | |||||
Ending Balance | 0 | 0 | 0 | ||||
All Other | Other | |||||||
Restructuring Reserve [Roll Forward] | |||||||
Beginning Balance | 0 | $ 0 | 0 | ||||
Charges | 0 | ||||||
Payments | 0 | 0 | |||||
Ending Balance | $ 0 | $ 0 | $ 0 |
Charges Related To Restructuring Activities Narrative (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | $ 102,000 | $ 240,000 | $ 1,971,000 | $ 11,112,000 | $ 9,336,000 | $ 11,395,000 | $ 10,534,000 |
Restructuring and Related Activities, Expected Payout Period | 12 months | ||||||
Payments | $ 1,190,000 | 3,723,000 | 11,131,000 | 11,844,000 | 9,381,000 | 5,555,000 | |
Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 102,000 | 1,678,000 | 9,841,000 | 8,282,000 | 6,775,000 | 8,352,000 | |
Payments | 1,057,000 | 3,410,000 | 9,618,000 | 9,507,000 | 6,469,000 | 3,447,000 | |
Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 293,000 | 15,000 | 698,000 | 1,725,000 | 1,788,000 | |
Payments | 133,000 | 313,000 | 227,000 | 1,824,000 | 174,000 | 1,714,000 | |
Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 491,000 | 277,000 | |
Payments | 0 | 0 | 0 | 151,000 | 340,000 | 277,000 | |
Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 1,286,000 | 356,000 | 2,404,000 | 117,000 | |
Payments | 0 | 0 | 1,286,000 | 362,000 | 2,398,000 | 117,000 | |
Europe | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 510,000 | 1,052,000 | 1,640,000 | 2,093,000 | 5,466,000 | ||
Payments | 292,000 | 619,000 | 1,720,000 | 1,146,000 | 3,314,000 | 3,650,000 | |
Europe | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 510,000 | 527,000 | 1,640,000 | 817,000 | 3,288,000 | ||
Payments | 292,000 | 619,000 | 1,195,000 | 1,146,000 | 1,964,000 | 1,546,000 | |
Europe | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 53,000 | 1,788,000 | ||
Payments | 0 | 0 | 0 | 0 | 127,000 | 1,714,000 | |
Europe | Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 277,000 | ||
Payments | 0 | 0 | 0 | 0 | 0 | 277,000 | |
Europe | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 525,000 | 0 | 1,223,000 | 113,000 | ||
Payments | 0 | 0 | 525,000 | 0 | 1,223,000 | 113,000 | |
Asia/Pacific | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 41,000 | 27,000 | 754,000 | 1,507,000 | 5,020,000 | 186,000 | |
Payments | 41,000 | 284,000 | 996,000 | 3,659,000 | 2,369,000 | 186,000 | |
Asia/Pacific | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 41,000 | 26,000 | 769,000 | 970,000 | 1,681,000 | 186,000 | |
Payments | 41,000 | 26,000 | 769,000 | 1,839,000 | 812,000 | 186,000 | |
Asia/Pacific | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 1,000 | 15,000 | 534,000 | 1,667,000 | 0 | |
Payments | 0 | 258,000 | 227,000 | 1,660,000 | 42,000 | 0 | |
Asia/Pacific | Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 491,000 | 0 | |
Payments | 0 | 0 | 0 | 151,000 | 340,000 | 0 | |
Asia/Pacific | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 3,000 | 1,181,000 | 0 | |
Payments | 0 | 0 | 0 | 9,000 | 1,175,000 | 0 | |
NA/HME | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 61,000 | $ 199,000 | 1,361,000 | 4,404,000 | 5,922,000 | 4,247,000 | 4,759,000 |
Payments | 621,000 | 1,124,000 | 6,547,000 | 6,864,000 | 3,592,000 | 1,667,000 | |
NA/HME | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 61,000 | 1,069,000 | 4,404,000 | 5,405,000 | 4,242,000 | 4,755,000 | |
Payments | 488,000 | 1,069,000 | 6,547,000 | 6,347,000 | 3,587,000 | 1,663,000 | |
NA/HME | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 292,000 | 0 | 164,000 | 5,000 | 0 | |
Payments | 133,000 | 55,000 | 0 | 164,000 | 5,000 | 0 | |
NA/HME | Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 0 | 0 | |
Payments | 0 | 0 | 0 | 0 | 0 | 0 | |
NA/HME | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 353,000 | 0 | 4,000 | |
Payments | 0 | 0 | 0 | 353,000 | 0 | 4,000 | |
All Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 2,978,000 | ||||||
Payments | 236,000 | 1,475,000 | |||||
All Other | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 2,978,000 | ||||||
Payments | 236,000 | 1,475,000 | |||||
All Other | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | ||||||
Payments | 0 | 0 | |||||
All Other | Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | ||||||
Payments | 0 | 0 | |||||
All Other | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | ||||||
Payments | $ 0 | 0 | |||||
IPG | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 73,000 | 1,924,000 | 267,000 | 35,000 | 123,000 | ||
Payments | 221,000 | 1,868,000 | 175,000 | 106,000 | 52,000 | ||
IPG | Severance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 73,000 | 1,163,000 | 267,000 | 35,000 | 123,000 | ||
Payments | 221,000 | 1,107,000 | 175,000 | 106,000 | 52,000 | ||
IPG | Contract Termination | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||
Payments | 0 | 0 | 0 | 0 | 0 | ||
IPG | Product Line Discontinuance | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 0 | 0 | 0 | 0 | ||
Payments | 0 | 0 | 0 | 0 | 0 | ||
IPG | Other | |||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Charges | 0 | 761,000 | 0 | 0 | 0 | ||
Payments | $ 0 | $ 761,000 | $ 0 | $ 0 | $ 0 |
Income Taxes (Narrative) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Valuation Allowance [Line Items] | ||
Effective income tax rate, continuing operations | (26.90%) | (49.10%) |
U.S. statutory income tax rate | 35.00% |
Net Earnings (Loss) Per Common Share Computation of Basic and Diluted Net Earnings (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Net Earnings (Loss) per Share—Basic | |||||
Average common shares outstanding | 32,371 | 32,125 | |||
Net loss from continuing operations | $ (8,616) | $ (7,514) | |||
Net earnings from discontinued operations | 0 | 260 | |||
Net Loss | $ (8,616) | $ (7,254) | |||
Net loss per common share from continuing operations (in dollars per share) | $ (0.27) | $ (0.23) | |||
Net earnings per common share from discontinued operations (in dollars per share) | 0.00 | 0.01 | |||
Net earnings (loss) per common share | $ (0.27) | $ (0.23) | |||
Net Earnings (Loss) per Share—Assuming Dilution | |||||
Average common shares outstanding | 32,371 | 32,125 | |||
Stock options and awards | 229 | 264 | |||
Average common shares assuming dilution | 32,600 | 32,389 | |||
Net loss from continuing operations | $ (8,616) | $ (7,514) | |||
Net earnings from discontinued operations | 0 | 260 | |||
Net Loss | $ (8,616) | $ (7,254) | |||
Net loss per common share from continuing operations (in dollars per share) | [1] | $ (0.27) | $ (0.23) | ||
Net earnings per common share from discontinued operations (in dollars per share) | 0.00 | 0.01 | |||
Net earnings (loss) per per common share—assuming dilution (in dollars per share) | [1] | $ (0.27) | $ (0.23) | ||
|
Net Earnings (Loss) Per Common Share Textuals (Details) - Stock Options - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,250,416 | 2,771,375 |
Antidilutive share granted, average exercise price | $ 25.24 | $ 41.87 |
Fair value stock price | $ 14.18 | $ 17.32 |
Concentration Of Credit Risk (Details) |
Mar. 31, 2016
USD ($)
|
---|---|
Risks and Uncertainties [Abstract] | |
Retained Recourse Obligation For Events Of Default Under Contracts | $ 4,419,000 |
Events of Default Under Contract by Third Party | $ 39,929,000 |
Derivatives Notional Amounts - Designated as Hedges (Details) - Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Derivative [Line Items] | ||
Notional Amount | $ 178,630 | $ 213,164 |
Unrealized Gain (Loss) | 3,349 | 2,183 |
USD / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 2,258 | 2,910 |
Unrealized Gain (Loss) | (197) | (83) |
USD / CAD | ||
Derivative [Line Items] | ||
Notional Amount | 8,876 | 3,893 |
Unrealized Gain (Loss) | 418 | 181 |
USD / CNY | ||
Derivative [Line Items] | ||
Notional Amount | 12,527 | 16,786 |
Unrealized Gain (Loss) | (76) | (282) |
USD / EUR | ||
Derivative [Line Items] | ||
Notional Amount | 64,149 | 72,758 |
Unrealized Gain (Loss) | 625 | 2,681 |
USD / GBP | ||
Derivative [Line Items] | ||
Notional Amount | 3,164 | 3,862 |
Unrealized Gain (Loss) | 261 | 22 |
USD / NZD | ||
Derivative [Line Items] | ||
Notional Amount | 3,689 | 4,893 |
Unrealized Gain (Loss) | 29 | 37 |
USD / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 3,558 | 5,128 |
Unrealized Gain (Loss) | (29) | 39 |
USD / MXP | ||
Derivative [Line Items] | ||
Notional Amount | 9,174 | 8,494 |
Unrealized Gain (Loss) | 64 | (284) |
EUR / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 552 | 669 |
Unrealized Gain (Loss) | (14) | (10) |
EUR / CAD | ||
Derivative [Line Items] | ||
Notional Amount | 1,040 | 1,283 |
Unrealized Gain (Loss) | 25 | (17) |
EUR / CHF | ||
Derivative [Line Items] | ||
Notional Amount | 1,779 | 1,944 |
Unrealized Gain (Loss) | (21) | (17) |
EUR / GBP | ||
Derivative [Line Items] | ||
Notional Amount | 27,132 | 36,567 |
Unrealized Gain (Loss) | 1,811 | (424) |
EUR / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 2,170 | 2,464 |
Unrealized Gain (Loss) | (17) | (42) |
EUR / NOK | ||
Derivative [Line Items] | ||
Notional Amount | 2,776 | 3,375 |
Unrealized Gain (Loss) | 30 | (55) |
EUR / NZD | ||
Derivative [Line Items] | ||
Notional Amount | 4,043 | 3,609 |
Unrealized Gain (Loss) | 343 | 476 |
AUD / NZD | ||
Derivative [Line Items] | ||
Notional Amount | 277 | 352 |
Unrealized Gain (Loss) | (4) | 8 |
GBP / AUD | ||
Derivative [Line Items] | ||
Notional Amount | 662 | 830 |
Unrealized Gain (Loss) | (85) | (46) |
GBP / CHF | ||
Derivative [Line Items] | ||
Notional Amount | 361 | 463 |
Unrealized Gain (Loss) | 30 | (7) |
GBP / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 1,610 | 2,067 |
Unrealized Gain (Loss) | 146 | (1) |
DKK / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 26,284 | 37,293 |
Unrealized Gain (Loss) | (3) | 46 |
NOK / SEK | ||
Derivative [Line Items] | ||
Notional Amount | 2,549 | 3,524 |
Unrealized Gain (Loss) | $ 13 | $ (39) |
Derivatives Notional Amounts - Not Designated as Hedges (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Derivative [Line Items] | |||
Notional Amount | $ 18,456 | $ 40,165 | |
Gain (Loss) | (283) | (54) | |
Forward exchange contracts—net | |||
Derivative [Line Items] | |||
Gain (Loss) | (283) | $ (1,535) | |
AUD / USD | |||
Derivative [Line Items] | |||
Notional Amount | 8,513 | 8,051 | |
Gain (Loss) | (122) | 337 | |
CAD / USD | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 5,762 | |
Gain (Loss) | 0 | (4) | |
CNY / USD | |||
Derivative [Line Items] | |||
Notional Amount | 9,943 | 9,943 | |
Gain (Loss) | (161) | (441) | |
DKK / USD | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 2,118 | |
Gain (Loss) | 0 | 53 | |
DKK / USD | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 7,927 | |
Gain (Loss) | 0 | 125 | |
GBP / USD | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 4,526 | |
Gain (Loss) | 0 | (106) | |
NOK / USD | |||
Derivative [Line Items] | |||
Notional Amount | 0 | 1,838 | |
Gain (Loss) | $ 0 | $ (18) |
Derivatives Balance Sheet Location (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Current Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 4,273 | $ 4,143 |
Other Current Assets | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 4,273 | 3,626 |
Other Current Assets | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 0 | 517 |
Accrued Expenses | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 1,207 | 2,014 |
Accrued Expenses | Foreign currency forward contracts | Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | 924 | 1,443 |
Accrued Expenses | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities | $ 283 | $ 571 |
Derivatives Gain (Loss) in Statement of Finacial Position (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 189,000 | $ 270,000 | |
Foreign currency forward contracts | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivatives (Effective Portion) | 1,128,000 | 2,066,000 | |
Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | 166,000 | 142,000 | |
Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | (283,000) | $ (54,000) | |
Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (283,000) | $ (1,535,000) |
Derivatives Narrative (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Derivative [Line Items] | ||
Proceeds from Issuance of Warrants | $ 12,375,000 | $ 0 |
Convertible due 2021 - Bond Hedge, Initial Fair Value | 27,975,000 | |
Convertible Debt Conversion Feature, Initial Fair Value | (34,480,000) | |
Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional amount of derivatives, matured during period | 53,328,000 | 31,233,000 |
Selling, General and Administrative Expenses | Foreign currency forward contracts | ||
Derivative [Line Items] | ||
Loss on derivative | $ (283,000) | (1,535,000) |
Minimum | ||
Derivative [Line Items] | ||
Derivative, percentage of forcasted transactions with currency rate exposure | 50.00% | |
Maximum | ||
Derivative [Line Items] | ||
Derivative, percentage of forcasted transactions with currency rate exposure | 90.00% | |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Gain (Loss) | $ (189,000) | (270,000) |
Cash Flow Hedging [Member] | Sales [Member] | ||
Derivative [Line Items] | ||
Gain recognized in income | 427,000 | |
Loss on derivative | (192,000) | |
Cash Flow Hedging [Member] | Cost of Sales [Member] | ||
Derivative [Line Items] | ||
Gain recognized in income | $ 462,000 | |
Loss on derivative | (238,000) | |
Convertible Subordinated Debt | Convertible Senior Notes at 5.00% February 2021 [Member] | ||
Derivative [Line Items] | ||
Debt Instrument, Face Amount | $ 150,000,000 | |
Interest rate (as a percent) | 5.00% |
Derivatives Fair Value of Convertible Debt Hedges (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature | $ (35,198,000) | $ 0 |
Convertible Debt Conversion Feature Gain (Loss) | (718,000) | |
Convertible Note Hedge Asset | 29,297,000 | $ 0 |
Convertible Debt Note Hedge Gain (Loss) | 1,322,000 | |
Fair Values Convertible Debt Hedges, Net | (5,901,000) | |
Fair Values Convertible Debt Hedges, Gain (Loss) | 604,000 | |
Fair Value, Inputs, Level 2 | Convertible Debt Conversion Feature [Member] | Fair Value, Measurements, Recurring | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Debt Conversion Feature | (35,198,000) | |
Fair Value, Inputs, Level 2 | Convertible Debt Bond Hedge [Member] | Fair Value, Measurements, Recurring | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Convertible Note Hedge Asset | $ 29,297,000 |
Fair Values (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Forward exchange contracts—net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 3,066 | $ 2,129 |
Forward exchange contracts—net | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | 0 |
Forward exchange contracts—net | Fair Value, Inputs, Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 3,066 | 2,129 |
Forward exchange contracts—net | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | $ 0 |
Convertible Debt Conversion Feature [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | (35,198) | |
Convertible Debt Conversion Feature [Member] | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt Conversion Feature [Member] | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt Bond Hedge [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 29,297 | |
Convertible Debt Bond Hedge [Member] | Quoted Prices in Active Markets for Identical Assets / (Liabilities) - Level I | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | 0 | |
Convertible Debt Bond Hedge [Member] | Significant Other Unobservable Inputs - Level III | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets (liabilities), at fair value, net | $ 0 |
Fair Values (Details of Book Value and Fair Value of Financial Instruments) (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible due 2021 - Bond Hedge | $ 29,297,000 | $ 0 | ||
Convertible Debt Conversion Feature | 35,198,000 | 0 | ||
Cash and cash equivalents | 144,704,000 | 60,055,000 | $ 20,618,000 | $ 38,931,000 |
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 144,704,000 | 60,055,000 | ||
Other investments | 161,000 | 160,000 | ||
Installment receivables, net of reserves | 1,976,000 | 1,793,000 | ||
Long-term debt (including current maturities of long-term debt) | (157,132,000) | (47,120,000) | ||
Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 144,704,000 | 60,055,000 | ||
Other investments | 161,000 | 160,000 | ||
Installment receivables, net of reserves | 1,976,000 | 1,793,000 | ||
Long-term debt (including current maturities of long-term debt) | (161,603,000) | (47,369,000) | ||
Other Debt Obligations [Member] | Foreign currency forward contracts | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (35,198,000) | 0 | ||
Other Debt Obligations [Member] | Foreign currency forward contracts | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (35,198,000) | 0 | ||
Other Long-Term Assets [Member] | Foreign currency forward contracts | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 29,297,000 | 0 | ||
Other Long-Term Assets [Member] | Foreign currency forward contracts | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 29,297,000 | 0 | ||
Other Current Assets | Foreign currency forward contracts | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 4,273,000 | 4,143,000 | ||
Other Current Assets | Foreign currency forward contracts | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative assets | 4,273,000 | 4,143,000 | ||
Accrued Expenses | Foreign currency forward contracts | Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (1,207,000) | (2,014,000) | ||
Accrued Expenses | Foreign currency forward contracts | Fair Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Derivative liabilities | (1,207,000) | $ (2,014,000) | ||
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Convertible Debt Conversion Feature [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible Debt Conversion Feature | 35,198,000 | |||
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Convertible Debt Bond Hedge [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Convertible due 2021 - Bond Hedge | $ 29,297,000 |
Business Segments (Information by Segment) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 257,552,000 | $ 289,024,000 | |||||||
Charges | (102,000) | (240,000) | $ (1,971,000) | $ (11,112,000) | $ (9,336,000) | $ (11,395,000) | $ (10,534,000) | ||
Earnings (loss) before income taxes | (6,791,000) | (5,039,000) | |||||||
North America/HME | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 106,371,000 | 125,164,000 | |||||||
Charges | (61,000) | (199,000) | (1,361,000) | (4,404,000) | (5,922,000) | (4,247,000) | (4,759,000) | ||
Earnings (loss) before income taxes | (8,680,000) | (8,830,000) | |||||||
Institutional Products Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 18,244,000 | 23,914,000 | |||||||
Charges | $ (73,000) | (1,924,000) | $ (267,000) | $ (35,000) | $ (123,000) | ||||
Earnings (loss) before income taxes | 1,355,000 | 1,298,000 | |||||||
Europe | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 123,332,000 | 129,001,000 | |||||||
Charges | 0 | (40,000) | |||||||
Earnings (loss) before income taxes | 5,732,000 | 7,524,000 | |||||||
Asia/Pacific | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 9,605,000 | 10,945,000 | |||||||
Charges | (41,000) | (1,000) | |||||||
Earnings (loss) before income taxes | (742,000) | (1,242,000) | |||||||
All Other | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Charges | $ (2,978,000) | ||||||||
Earnings (loss) before income taxes | [1] | (4,456,000) | (3,789,000) | ||||||
Intersegment revenues | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 35,844,000 | 32,841,000 | |||||||
Intersegment revenues | North America/HME | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 27,615,000 | 23,862,000 | |||||||
Intersegment revenues | Institutional Products Group | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 416,000 | 146,000 | |||||||
Intersegment revenues | Europe | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | 2,592,000 | 2,515,000 | |||||||
Intersegment revenues | Asia/Pacific | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net sales | $ 5,221,000 | $ 6,318,000 | |||||||
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