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 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
Large accelerated filer | ☐ | ☒ | ||||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||||||||
Emerging growth company |
Page | ||||||||
Item 1. | ||||||||
Note 1. Interim Financial Statements | ||||||||
Note 2. Discontinued Operations | ||||||||
Note 3. Segment Information | ||||||||
Note 4. Inventories | ||||||||
Note 5. Goodwill | ||||||||
Note 6. Intangible Assets, Net | ||||||||
Note 7. Investment in Joint Venture | ||||||||
Note 8. Income Taxes | ||||||||
Note 9. Debt | ||||||||
Note 10. Leases | ||||||||
Note 11. Commitments and Contingencies | ||||||||
Note 12. Preferred Stock and Stockholders' Equity | ||||||||
Note 13. Revenue from Contracts with Customers | ||||||||
Note 14. Share-Based Compensation | ||||||||
Note 15. Accumulated Other Comprehensive Income | ||||||||
Note 16. Net Income (Loss) Per Common Share | ||||||||
Note 17. Fair Value Measurements | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Three Months Ended March 31, | ||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | ||||||||||||
Net sales | $ | $ | ||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | ||||||||||||||
Selling, general, and administrative expense | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Goodwill impairment | ||||||||||||||
Other operating expense (income), net | ( | |||||||||||||
Income (loss) from operations | ( | |||||||||||||
Interest expense | ||||||||||||||
Loss on extinguishment of debt and write-off of debt issuance costs | ||||||||||||||
Derivative payments on interest rate swap | ||||||||||||||
Loss on interest rate swap | ||||||||||||||
Other expense (income), net | ( | |||||||||||||
Loss from continuing operations before benefit for income taxes and share of net income (loss) from joint venture | ( | ( | ||||||||||||
Benefit for income taxes | ||||||||||||||
Share of net income (loss) from joint venture | ( | |||||||||||||
Loss from continuing operations | ( | ( | ||||||||||||
Loss from discontinued operations, net of tax (Note 2) | ( | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive loss: | ||||||||||||||
Foreign currency translation loss | ( | ( | ||||||||||||
Interest rate swap: | ||||||||||||||
Change in fair value, net of tax | ( | |||||||||||||
Reclassification adjustment for losses included in net loss, net of tax | ||||||||||||||
Other comprehensive loss | $ | ( | $ | ( | ||||||||||
Comprehensive loss | $ | ( | $ | ( | ||||||||||
Basic net loss per common share: | ||||||||||||||
Loss from continuing operations per common share | $ | ( | $ | ( | ||||||||||
Loss from discontinued operations per common share | ( | |||||||||||||
Net loss per common share | $ | ( | $ | ( | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
Diluted net loss per common share: | ||||||||||||||
Loss from continuing operations per common share | $ | ( | $ | ( | ||||||||||
Loss from discontinued operations per common share | ( | |||||||||||||
Net loss per common share | $ | ( | $ | ( | ||||||||||
Weighted average common shares outstanding | ||||||||||||||
(in thousands, except per share data) | March 31, 2021 | December 31, 2020 | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable, net | ||||||||||||||
Inventories | ||||||||||||||
Income tax receivable | ||||||||||||||
Other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Operating lease right-of-use assets | ||||||||||||||
Intangible assets, net | ||||||||||||||
Investment in joint venture | ||||||||||||||
Other non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities, Preferred Stock, and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued salaries, wages and benefits | ||||||||||||||
Income tax payable | ||||||||||||||
Current maturities of long-term debt | ||||||||||||||
Current portion of operating lease liabilities | ||||||||||||||
Other current liabilities | ||||||||||||||
Total current liabilities | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Long-term debt, net of current portion | ||||||||||||||
Operating lease liabilities, net of current portion | ||||||||||||||
Other non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 11) | ||||||||||||||
Series D perpetual preferred stock - $ | ||||||||||||||
Series B convertible preferred stock - $ | ||||||||||||||
Stockholders' equity: | ||||||||||||||
Common stock - $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total liabilities, preferred stock, and stockholders’ equity | $ | $ |
Common Stock | ||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of shares | Par value | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income (loss) | Total | ||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||||||
Net loss | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||
Dividends accrued for preferred stock | — | — | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | ||||||||||||||||||||||||||||||||||||
Restricted shares forgiven for taxes | ( | ( | ( | — | — | ( | ||||||||||||||||||||||||||||||||
Reclassification of interest rate swap to net loss, net of tax of $ | — | — | — | — | ||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Number of shares | Par value | Additional paid-in capital | Warrants | Accumulated deficit | Accumulated other comprehensive income (loss) | Total | |||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||
Dividends accrued for preferred stock | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | — | |||||||||||||||||||||||||||||||||||||||||
Restricted shares forgiven for taxes | ( | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||
Change in fair value of interest rate swap, net of tax of $ | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Reclassification of interest rate swap settlement to net loss, net of tax of $ | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Foreign currency translation loss | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | ( | $ | ( | $ |
Three Months Ended March 31, | ||||||||||||||
(in thousands) | 2021 | 2020 | ||||||||||||
Cash flows from operating activities | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization of continuing operations | ||||||||||||||
Depreciation and amortization of discontinued operations | ||||||||||||||
Amortization of debt issuance costs | ||||||||||||||
Goodwill impairment of continuing operations | ||||||||||||||
Goodwill impairment of discontinued operations | ||||||||||||||
Loss on extinguishment of debt and write-off of debt issuance costs | ||||||||||||||
Total derivative loss, net of cash settlements | ||||||||||||||
Share of net income (loss) from joint venture, net of cash dividends received | ( | |||||||||||||
Compensation expense from issuance of share-based awards | ||||||||||||||
Deferred income taxes | ( | ( | ||||||||||||
Other | ( | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | |||||||||||||
Inventories | ( | ( | ||||||||||||
Accounts payable | ||||||||||||||
Income taxes receivable and payable, net | ( | ( | ||||||||||||
Other | ||||||||||||||
Net cash provided by operating activities | ||||||||||||||
Cash flows from investing activities | ||||||||||||||
Acquisition of property, plant and equipment | ( | ( | ||||||||||||
Proceeds from sale of property, plant, and equipment | ||||||||||||||
Cash settlements of interest rate swap | ( | |||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Cash flows from financing activities | ||||||||||||||
Cash paid for debt issuance costs | ( | ( | ||||||||||||
Proceeds from issuance of preferred stock | ||||||||||||||
Redemption of preferred stock | ( | |||||||||||||
Proceeds from long-term debt | ||||||||||||||
Repayments of long-term debt | ( | ( | ||||||||||||
Repayments of short-term debt, net | ( | ( | ||||||||||||
Other | ( | ( | ||||||||||||
Net cash provided by financing activities | ||||||||||||||
Effect of exchange rate changes on cash flows | ( | ( | ||||||||||||
Net change in cash and cash equivalents | ( | |||||||||||||
Cash and cash equivalents at beginning of period (1) | ||||||||||||||
Cash and cash equivalents at end of period (1) | $ | $ | ||||||||||||
Three Months Ended March 31, 2020 | ||||||||
Net sales | $ | |||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | ||||||||
Selling, general, and administrative expense | ||||||||
Depreciation and amortization | ||||||||
Goodwill impairment | ||||||||
Other operating expense, net | ||||||||
Loss from operations | ( | |||||||
Interest expense | ||||||||
Other income, net | ( | |||||||
Loss from discontinued operations before costs of disposal and benefit for income taxes | ( | |||||||
Benefit for income taxes | ||||||||
Loss from discontinued operations before costs of disposal | ( | |||||||
Costs of disposal of discontinued operations (1) | ( | |||||||
Benefit for income taxes on costs of disposal | ||||||||
Loss from discontinued operations, net of tax | $ | ( |
Three Months Ended March 31, 2020 | ||||||||
Interest on debt | $ | |||||||
Amortization of debt issuance costs | ||||||||
Capitalized interest and other | ( | |||||||
Other | ||||||||
Total interest expense of discontinued operations | $ |
Three Months Ended March 31, 2020 | ||||||||
Depreciation and amortization | $ | |||||||
Goodwill impairment | ||||||||
Amortization of debt issuance costs | ||||||||
Acquisition of property, plant and equipment | ||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | ||||||||
Mobile Solutions | Power Solutions | Corporate and Consolidations | Total | ||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | ( | (a) | $ | |||||||||||||||||||||||
Income (loss) from operations | ( | $ | |||||||||||||||||||||||||||
Interest expense | ( | ||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||
Loss from continuing operations before income taxes and share of net income from joint venture | $ | ( | |||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
Net sales | $ | $ | $ | ( | (a) | $ | |||||||||||||||||||||||
Goodwill impairment | $ | ||||||||||||||||||||||||||||
Income (loss) from operations | ( | ( | $ | ( | |||||||||||||||||||||||||
Interest expense | ( | ||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||
Loss from continuing operations before income taxes and share of net loss from joint venture | $ | ( |
March 31, 2021 | December 31, 2020 | |||||||||||||
Raw materials | $ | $ | ||||||||||||
Work in process | ||||||||||||||
Finished goods | ||||||||||||||
Total inventories | $ | $ |
Mobile Solutions | Power Solutions | Total | ||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | |||||||||||||||||
Amortization | ( | ( | ( | |||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ |
Balance as of December 31, 2020 | $ | ||||
Share of earnings | |||||
Foreign currency translation loss | ( | ||||
Balance as of March 31, 2021 | $ |
March 31, 2021 | December 31, 2020 | |||||||||||||
Term Loan Facility | $ | $ | ||||||||||||
Senior Secured Term Loan | ||||||||||||||
Incremental Term Loan | ||||||||||||||
International lines of credit and other loans | ||||||||||||||
Total principal | ||||||||||||||
Less-current maturities of long-term debt | ||||||||||||||
Principal, net of current portion | ||||||||||||||
Less-unamortized debt issuance costs (1) | ||||||||||||||
Long-term debt, net of current portion | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Cash paid for amounts included in the measurement of lease liabilities: | ||||||||||||||
Operating cash flows used in finance leases | $ | $ | ||||||||||||
Operating cash flows used in operating leases | ||||||||||||||
Financing cash flows used in finance leases | ||||||||||||||
Right-of-use assets obtained in exchange for new finance lease liabilities | ||||||||||||||
Right-of-use assets obtained in exchange for new operating lease liabilities (1) |
Three Months Ended March 31, 2021 | |||||
Beginning balance | $ | ||||
Proceeds from issuance of shares, net of issuance costs | |||||
Fair value of 2021 Warrants issued | ( | ||||
Recognition of bifurcated embedded derivative | ( | ||||
Accrual of in-kind dividends | |||||
Amortization | |||||
Ending balance | $ |
Three Months Ended March 31, 2021 | |||||
Beginning balance | $ | ||||
Accrual of in-kind dividends | |||||
Amortization | |||||
Redemption | ( | ||||
Ending balance | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
Mobile Solutions | Power Solutions | Intersegment Sales Eliminations | Total | |||||||||||||||||||||||
United States and Puerto Rico | $ | $ | $ | ( | $ | |||||||||||||||||||||
China | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||||
Germany | ||||||||||||||||||||||||||
Poland | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
Mobile Solutions | Power Solutions | Intersegment Sales Eliminations | Total | |||||||||||||||||||||||
United States and Puerto Rico | $ | $ | $ | ( | $ | |||||||||||||||||||||
China | ||||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||||
Germany | ||||||||||||||||||||||||||
Poland | ||||||||||||||||||||||||||
Other | ||||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ |
Three Months Ended March 31, 2021 | ||||||||||||||||||||||||||
Mobile Solutions | Power Solutions | Intersegment Sales Eliminations | Total | |||||||||||||||||||||||
Automotive | $ | $ | $ | |||||||||||||||||||||||
General Industrial | ||||||||||||||||||||||||||
Electrical | ||||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ |
Three Months Ended March 31, 2020 | ||||||||||||||||||||||||||
Mobile Solutions | Power Solutions | Intersegment Sales Eliminations | Total | |||||||||||||||||||||||
Automotive | $ | $ | $ | |||||||||||||||||||||||
General Industrial | ||||||||||||||||||||||||||
Electrical | ||||||||||||||||||||||||||
Other | ( | |||||||||||||||||||||||||
Total net sales | $ | $ | $ | ( | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Stock options | $ | $ | ||||||||||||
Restricted stock | ||||||||||||||
Performance share units | ||||||||||||||
Share-based compensation expense | $ | $ |
Number of Options (in thousands) | Weighted- Average Exercise Price (per share) | Weighted- Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||||||||||||||||||||
Outstanding at January 1, 2021 | $ | |||||||||||||||||||||||||||||||
Forfeited or expired | ( | |||||||||||||||||||||||||||||||
Outstanding at March 31, 2021 | $ | $ | (1) | |||||||||||||||||||||||||||||
Exercisable at March 31, 2021 | $ | $ | (1) |
Nonvested Restricted Shares (in thousands) | Weighted Average Grant-Date Fair Value (per share) | |||||||||||||
Unvested at January 1, 2021 | $ | |||||||||||||
Granted | ||||||||||||||
Vested | ( | |||||||||||||
Forfeited | ( | |||||||||||||
Unvested at March 31, 2021 | $ |
TSR Awards: | Threshold Performance (50% of Shares) | Target Performance (100% of Shares) | Maximum Performance (150% of Shares) | |||||||||||||||||
2021 grants | ||||||||||||||||||||
ROIC Awards: | Threshold Performance (50% of Shares) | Target Performance (100% of Shares) | Maximum Performance (150% of Shares) | |||||||||||||||||
2021 grants | ||||||||||||||||||||
2020 grants (1) | ||||||||||||||||||||
TSR Awards | ROIC Awards | |||||||||||||||||||||||||
Award Year | Shares (in thousands) | Grant Date Fair Value (per share) | Shares (in thousands) | Grant Date Fair Value (per share) | ||||||||||||||||||||||
2021 | $ | $ | ||||||||||||||||||||||||
Nonvested TSR Awards | Nonvested ROIC Awards | |||||||||||||||||||||||||
Shares (in thousands) | Weighted Average Grant-Date Fair Value (per share) | Shares (in thousands) | Weighted Average Grant-Date Fair Value (per share) | |||||||||||||||||||||||
Nonvested at January 1, 2021 | $ | $ | ||||||||||||||||||||||||
Granted | ||||||||||||||||||||||||||
Nonvested at March 31, 2021 | $ | $ |
Foreign Currency Translation | Interest rate swap | Income taxes (1) | Total | |||||||||||||||||||||||
Balance at December 31, 2020 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ||||||||||||||||||||||||
Amounts reclassified from AOCI to loss on interest rate swap (3) | ( | |||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at March 31, 2021 | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||
Amounts reclassified from AOCI to interest expense (2) | ( | |||||||||||||||||||||||||
Net other comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $ | ( | $ | $ | ( |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Numerator: | ||||||||||||||
Loss from continuing operations | $ | ( | $ | ( | ||||||||||
Less: Preferred stock cumulative dividends and deemed dividends | ( | ( | ||||||||||||
Numerator for basic and diluted loss from continuing operations per common share (1) | ( | ( | ||||||||||||
Loss from discontinued operations, net of tax (Note 2) | ( | |||||||||||||
Numerator for basic and diluted undistributed net loss per common share (1) | $ | ( | $ | ( | ||||||||||
Denominator: | ||||||||||||||
Weighted average common shares outstanding, basic and diluted | ||||||||||||||
Weighted average warrants outstanding, basic and diluted (2) | ||||||||||||||
Shares used to calculate income (loss) per share, basic and diluted | ||||||||||||||
Per common share net loss: | ||||||||||||||
Basic loss from continuing operations per common share | $ | ( | $ | ( | ||||||||||
Basic loss from discontinued operations per common share | ( | |||||||||||||
Basic net loss per common share | $ | ( | $ | ( | ||||||||||
Diluted loss from continuing operations per common share | $ | ( | $ | ( | ||||||||||
Diluted loss from discontinued operations per common share | ( | |||||||||||||
Diluted net loss per common share | $ | ( | $ | ( | ||||||||||
Cash dividends declared per common share | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Options | ||||||||||||||
2019 Warrants | ||||||||||||||
Preferred Stock, as-converted | ||||||||||||||
Fair Value Measurements as of March 31, 2021 | ||||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Derivative liability - other current liabilities | $ | $ | $ | |||||||||||||||||
Derivative liability - other non-current liabilities | ||||||||||||||||||||
Total | $ | $ | $ |
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Derivative liability - other current liabilities | $ | $ | $ | |||||||||||||||||
Derivative liability - other non-current liabilities | ||||||||||||||||||||
Total | $ | $ | $ |
Three Months Ended March 31, 2021 | ||||||||
Beginning balance | $ | |||||||
Issuances | ||||||||
Change in fair value (1) | ( | |||||||
Settlements | ( | |||||||
Ending balance | $ |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest expense | $ | $ | ||||||||||||
Derivative payments on interest rate swap | ||||||||||||||
Loss on interest rate swap |
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||||||
Description | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||
Derivative liability - other current liabilities | $ | $ | $ | |||||||||||||||||
Derivative liability - other non-current liabilities | ||||||||||||||||||||
Total | $ | $ | $ |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||||||||
Net sales | $ | 126,804 | $ | 116,213 | $ | 10,591 | |||||||||||||||||
Organic growth | $ | 11,248 | |||||||||||||||||||||
Foreign exchange effects | (657) | ||||||||||||||||||||||
Cost of sales (exclusive of depreciation and amortization shown separately below) | 99,688 | 94,478 | 5,210 | ||||||||||||||||||||
Selling, general, and administrative expense | 14,575 | 16,160 | (1,585) | ||||||||||||||||||||
Depreciation and amortization | 11,568 | 11,357 | 211 | ||||||||||||||||||||
Goodwill impairment | — | 92,942 | (92,942) | ||||||||||||||||||||
Other operating expense (income), net | (5) | 5,126 | (5,131) | ||||||||||||||||||||
Income (loss) from operations | 978 | (103,850) | 104,828 | ||||||||||||||||||||
Interest expense | 2,024 | 3,807 | (1,783) | ||||||||||||||||||||
Loss on extinguishment of debt and write-off of debt issuance costs | 2,390 | — | 2,390 | ||||||||||||||||||||
Derivative payments on interest rate swap | 1,717 | — | 1,717 | ||||||||||||||||||||
Loss on interest rate swap | 2,033 | — | 2,033 | ||||||||||||||||||||
Other expense (income), net | (122) | 1,544 | (1,666) | ||||||||||||||||||||
Loss from continuing operations before benefit for income taxes and share of net income (loss) from joint venture | (7,064) | (109,201) | 102,137 | ||||||||||||||||||||
Benefit for income taxes | 756 | 1,395 | (639) | ||||||||||||||||||||
Share of net income (loss) from joint venture | 1,395 | (271) | 1,666 | ||||||||||||||||||||
Loss from continuing operations | (4,913) | (108,077) | 103,164 | ||||||||||||||||||||
Income (loss) from discontinued operations, net of tax | — | (140,114) | 140,114 | ||||||||||||||||||||
Net loss | $ | (4,913) | $ | (248,191) | $ | 243,278 |
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest on debt | $ | 1,439 | $ | 1,851 | ||||||||||
Interest rate swap settlements | — | 1,370 | ||||||||||||
Amortization of debt issuance costs | 405 | 426 | ||||||||||||
Capitalized interest | (31) | (89) | ||||||||||||
Other | 211 | 249 | ||||||||||||
Total interest expense | $ | 2,024 | $ | 3,807 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||||||||
Net sales | $ | 77,776 | $ | 69,884 | $ | 7,892 | |||||||||||||||||
Organic growth | $ | 8,576 | |||||||||||||||||||||
Foreign exchange effects | (684) | ||||||||||||||||||||||
Income from operations | $ | 6,090 | $ | 264 | $ | 5,826 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | $ Change | |||||||||||||||||||||
Net sales | $ | 49,075 | $ | 46,401 | $ | 2,674 | |||||||||||||||||
Organic growth | $ | 2,647 | |||||||||||||||||||||
Foreign exchange effects | 27 | ||||||||||||||||||||||
Goodwill impairment | $ | — | $ | (92,942) | $ | 92,942 | |||||||||||||||||
Income (loss) from operations | $ | 2,432 | $ | (90,334) | $ | 92,766 |
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 (1) | Maximum Number (or Approximate Dollar Value) of Shares That May Yet Be Purchased Under the Plan or Programs (1) | ||||||||||||||||||||||
January 2021 | — | $ | — | — | — | |||||||||||||||||||||
February 2021 | 43,473 | 6.81 | — | — | ||||||||||||||||||||||
March 2021 | 6,188 | 7.82 | — | — | ||||||||||||||||||||||
Total | 49,661 | $ | 6.94 | — | — |
Exhibit Number | Description | |||||||
3.1 | ||||||||
4.1 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101.INS | XBRL Instance Document | |||||||
101.SCH | XBRL Taxonomy Extension Service | |||||||
101.CAL | Taxonomy Calculation Linkbase | |||||||
101.LAB | XBRL Taxonomy Label Linkbase | |||||||
101.PRE | XBRL Presentation Linkbase Document | |||||||
101.DEF | XBRL Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Management contract or compensatory plan or arrangement |
NN, Inc. | |||||
(Registrant) | |||||
Date: May 7, 2021 | /s/ Warren A. Veltman | ||||
Warren A. Veltman | |||||
President, Chief Executive Officer and Director | |||||
(Principal Executive Officer) | |||||
(Duly Authorized Officer) | |||||
Date: May 7, 2021 | /s/ Thomas D. DeByle | ||||
Thomas D. DeByle | |||||
Senior Vice President—Chief Financial Officer | |||||
(Principal Financial Officer) | |||||
(Duly Authorized Officer) | |||||
Date: May 7, 2021 | /s/ Michael C. Felcher | ||||
Michael C. Felcher | |||||
Vice President—Chief Accounting Officer | |||||
(Principal Accounting Officer) | |||||
May 7, 2021 | /s/ Warren A. Veltman | |||||||||||||
Warren A. Veltman | ||||||||||||||
President, Chief Executive Officer and Director | ||||||||||||||
(Principal Executive Officer) |
May 7, 2021 | /s/ Warren A. Veltman | |||||||||||||
Thomas D. DeByle | ||||||||||||||
Senior Vice President – Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
May 7, 2021 | /s/ Warren A. Veltman | |||||||||||||
Warren A. Veltman | ||||||||||||||
President, Chief Executive Officer and Director | ||||||||||||||
(Principal Executive Officer) |
May 7, 2021 | /s/ Thomas D. DeByle | |||||||||||||
Thomas D. DeByle | ||||||||||||||
Senior Vice President – Chief Financial Officer | ||||||||||||||
(Principal Financial Officer) |
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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000,000 | 90,000,000 |
Common stock, shares issued (in shares) | 43,049,000 | 42,686,000 |
Common stock, shares outstanding (in shares) | 43,049,000 | 42,686,000 |
Series D Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 5,000,000 | |
Preferred stock, shares outstanding (in shares) | 65,000 | |
Preferred stock, shares issued (in shares) | 65,000 | |
Perpetual and convertible preferred stock | $ 46,858 | $ 0 |
Series B Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized (in shares) | 100,000 | |
Preferred stock, shares outstanding (in shares) | 100,000 | |
Preferred stock, shares issued (in shares) | 100,000 | |
Perpetual and convertible preferred stock | $ 0 | $ 105,086 |
Condensed Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||
Change in fair value of interest rate swap, tax | $ 3,390 | |
Reclassification of interest rate swap settlement, tax | $ 861 | $ 318 |
Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions |
Mar. 31, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 11.7 | $ 13.8 |
Interim Financial Statements |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Financial Statements | Interim Financial Statements Nature of Business NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the automotive, general industrial, electrical, aerospace and defense, and medical markets. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2020, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. Historical periods presented reflect reclassifications for discontinued operations (see Note 2). In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2021 and 2020; financial position as of March 31, 2021, and December 31, 2020; and cash flows for the three months ended March 31, 2021 and 2020, on a basis consistent with our audited consolidated financial statements other than the adoption of new accounting standards (see Accounting Standards Recently Adopted section below). These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the interim financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2020 Annual Report. The results for the three months ended March 31, 2021, are not necessarily indicative of results for the year ending December 31, 2021, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. Accounting Standards Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard was effective for us beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and related disclosures. Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (“ASU 2020-06”) which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. Either the full or modified retrospective adoption method is allowed. We are currently evaluating the impact on our consolidated financial statements and related disclosures.
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Discontinued Operations |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations In October 2020, we closed on the sale of our Life Sciences business under the terms of a Stock Purchase Agreement (the “SPA”) with affiliates of American Securities LLC for $753.3 million cash. The SPA includes a potential earnout payment of up to $70 million based on the performance of the Life Sciences business during the year ending December 31, 2022, measured by Adjusted EBITDA targets, as defined by the SPA. After working capital and other closing adjustments, we received cash proceeds at closing of $757.2 million and have recorded a $3.9 million payable as of March 31, 2021, and December 31, 2020, for the balance. Under the terms of a transition services agreement, we provided certain support services after the sale. In accordance with the terms of the SPA, we agreed to indemnify the buyer for certain tax liabilities on its consolidated federal income tax return related to the Life Sciences business during the portion of the year ended December 31, 2020, prior to the change in ownership on October 6, 2020. We estimate that the tax indemnification will result in a payment of approximately $1.2 million to the buyer during the year ending December 31, 2021, and we have recorded this estimated obligation in the “Other current liabilities” line item on the Condensed Consolidated Balance Sheets as of March 31, 2021, and December 31, 2020. In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the operating results of the Life Sciences business are classified as discontinued operations. The presentation of discontinued operations includes revenues and expenses of the discontinued operations as well as any gain on the disposition of the business, all net of tax, as one line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for all historical periods presented have been revised to reflect this presentation. Accordingly, the results of the Life Sciences business have been excluded from continuing operations and segment results for all historical periods presented in the condensed consolidated financial statements and the accompanying notes unless otherwise stated. The Condensed Consolidated Statements of Cash Flows for historical periods include cash flows of the Life Sciences business in each line item unless otherwise stated. The following table presents the operating results of the discontinued operations.
_______________________________ (1)Represents incremental direct costs related to the sale of the Life Sciences business that were incurred prior to the closing of the sale. During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The carrying value of the Life Sciences reporting unit exceeded its estimated fair value as of March 31, 2020. As a result of our analysis, we recorded an impairment loss on goodwill of $146.8 million for Life Sciences. The judgments, assumptions, and estimates involved in the goodwill impairment analysis for the Life Sciences reporting unit are consistent with those discussed in Note 5. Our previous credit facility, which was in place at the time, required us to use proceeds from the sale of the Life Sciences business to prepay a portion of our previous debt. We paid $700 million in the aggregate on our term loans immediately after the transaction closed on October 6, 2020. The prepayment was applied to debt in accordance with the prepayment provisions of the previous credit agreement which was in place at the time. Average quarterly interest rates were multiplied by the required prepayment amounts to calculate interest expense to be reclassified to discontinued operations for historical periods presented. The following table summarizes the amount of interest expense related to the previous credit facility that has been reclassified to discontinued operations.
The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each historical period presented.
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Segment Information |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | Segment Information Our business is aggregated into the following two reportable segments: •Mobile Solutions, which is focused on growth in the automotive and general industrial end markets; and •Power Solutions, which is focused on growth in the electrical, general industrial, automotive, and aerospace and defense, and medical end markets. These divisions are considered our two operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance. Historically, we had a third operating segment, Life Sciences, that was focused on growth in the medical end market. See Note 2 for information regarding the sale of the Life Sciences business on October 6, 2020. The results of the Life Sciences business are classified as discontinued operations for the three months ended March 31, 2020, and therefore are not included in the tabular presentation below. The following tables present results of continuing operations by reportable segment.
_______________________________ (a)Includes elimination of intersegment transactions occurring during the ordinary course of business. As of March 31, 2021, and December 31, 2020, one customer represented 10% and 11%, respectively, of consolidated accounts receivable. Amounts due from this customer are primarily related to Mobile Solutions.
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Inventories |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories are comprised of the following amounts:
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Goodwill |
3 Months Ended |
---|---|
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The goodwill impairment analysis required significant judgments to calculate the fair value for the Power Solutions reporting unit, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term growth rate for the operating segment, and determination of weighted average cost of capital. Our forecasts used in the goodwill impairment analysis reflected our expectations of declines in sales resulting from COVID-19. Significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate, and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. The carrying value of the Power Solutions reporting unit exceeded the estimated fair value as of the March 31, 2020, analysis. As a result of our analysis, we recorded an impairment loss on goodwill of $92.9 million to the “Goodwill impairment” line on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). As of March 31, 2021, and December 31, 2020, there was no remaining goodwill balance. |
Intangible Assets, Net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, Net | Intangible Assets, Net The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.
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Investment in Joint Venture |
3 Months Ended | ||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||
Investment in Joint Venture | Investment in Joint Venture We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method. The following table shows changes in our investment in the JV.
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Income Taxes |
3 Months Ended |
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Mar. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Our effective tax rate for continuing operations was 10.7% and 1.3% for the three months ended March 31, 2021 and 2020, respectively. The effective tax rate for the three months ended March 31, 2021, differs from the U.S. federal statutory tax rate of 21% primarily due to the accrual of tax on non-permanently reinvested unremitted earnings of foreign subsidiaries and by limitation on the amount of tax benefit recorded for loss carryforwards in certain jurisdictions where we believe it is more likely than not a portion of the future tax benefit may not be realized. In addition, the effective tax rate was unfavorably impacted by U.S. tax on the earnings of foreign subsidiaries under the global intangible low-taxed income (“GILTI”) regime. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. The provisions of the legislation had a significant impact on the effective tax rate and income tax receivable of the Company for the three months ended March 31, 2020. Under the CARES Act, NOLs arising in tax years beginning after December 31, 2017, were carried back to preceding tax years when the federal tax rate was 35% rather than the currently enacted 21%. The effective tax rate for the three months ended March 31, 2020, was also adversely impacted by the non-deductible goodwill impairment recorded in that period, partially offset by impacts from the CARES Act.
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Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt | Debt On March 22, 2021, we entered into a new $150.0 million term loan facility (the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (the “ABL Facility”). The proceeds from the Term Loan Facility were used to prepay the amounts outstanding on our previous term loans. The previous credit facility was terminated and consisted of a Senior Secured Term Loan, Incremental Term Loan, and Senior Secured Revolver. No amounts were outstanding on the Senior Secured Revolver at the time of termination. The following table presents debt balances as of March 31, 2021, and December 31, 2020.
_______________________________ (1) In addition to this amount, costs of $0.8 million related to the ABL Facility are recorded in other non-current assets as of March 31, 2021, and $1.8 million related to the Senior Secured Revolver are recorded in other non-current assets as of December 31, 2020. Term Loan Facility Outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month LIBOR (subject to a 1.000% floor) plus an applicable margin of 6.875% or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. At March 31, 2021, the Term Loan Facility bore interest based on one-month LIBOR at 7.875%. The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due on the final maturity date of September 22, 2026. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all assets other than accounts receivable and inventory and has a second lien on accounts receivable and inventory. We were in compliance with all requirements under the Term Loan Facility as of March 31, 2021. The Term Loan Facility was issued at a $3.8 million discount. We capitalized a total of $2.4 million in new debt issuance costs related to the Term Loan Facility. Debt issuance costs and original issue discount related to the Term Loan Facility are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt. ABL Facility The ABL Facility provides for a senior secured revolving credit facility in the amount of $50.0 million, of which $30.0 million is available in the form of letters of credit and $5.0 million is available for the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. The variable borrowing rate is either 1) LIBOR plus an applicable margin of 1.75% or 2.00%, depending on availability, or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month LIBOR, subject to a 0.50% floor. Interest payments are due monthly on borrowings that utilize one-month LIBOR and quarterly on borrowings that utilize three-month or six-month LIBOR. At March 31, 2021, using one-month LIBOR plus a 1.75% spread, the weighted average interest rate on outstanding borrowings under the ABL Facility would have been 2.25% if there had been any balance outstanding. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 0.125% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026. We had no outstanding borrowings under the ABL Facility at March 31, 2021. Total capacity under the ABL Facility was $47.3 million as of March 31, 2021, with $32.9 million available for future borrowings after reductions for outstanding letters of credit as of March 31, 2021. The ABL Facility has a first lien on accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of March 31, 2021. We capitalized a total of $0.8 million in new debt issuance costs related to the ABL Facility. Costs related to the ABL Facility are recorded in other non-current assets and amortized over the term of the agreement. Senior Secured Term Loan Outstanding borrowings under the Senior Secured Term Loan, bore interest at one-month LIBOR (subject to a 0.75% floor) plus an applicable margin of 5.75%. During 2021 until termination, the Senior Secured Term Loan bore interest at 6.50%. Incremental Term Loan Outstanding borrowings under the Incremental Term Loan bore interest at one-month LIBOR plus an applicable margin of 5.75%. During 2021 until termination, the Incremental Term Loan bore interest at 5.90%. Senior Secured Revolver Outstanding borrowings under the Senior Secured Revolver bore interest on a variable rate structure at either 1) one-month LIBOR plus an applicable margin of 4.00% or 2) the prime lending rate plus an applicable margin of 3.00%. We had no outstanding borrowings under the Senior Secured Revolver during 2021. We incurred a commitment fee of 0.50% for unused capacity under the Senior Secured Revolver until it was terminated. Debt Issuance Costs We recognized a $2.4 million loss on extinguishment for unamortized debt issuance costs that were written off in the three months ended March 31, 2021, in connection with the termination of our previous credit facility. Interest Rate Swap A portion of the proceeds from the Term Loan Facility was used to settle and terminate our fixed-rate interest rate swap agreement with a cash payment of $13.7 million. Refer to Note 17 for further discussion of the interest rate swap agreement.
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Leases |
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Leases | Leases The following table contains supplemental cash flow information related to leases of continuing operations.
_______________________________ (1) Includes new leases, renewals, and modifications. As disclosed in our 2020 Annual Report, we amended the lease of our corporate headquarters building in March 2020 to exit over half of the previously leased space and reduce annual base rent payments. The amendment was accounted for as a lease modification, and the remeasurement of the lease resulted in an $8.1 million decrease in the operating lease right-of-use (“ROU”) asset, a $10.5 million decrease in the noncurrent portion of the operating lease liability, and a $0.6 million decrease in the current portion of the operating lease liability. The $3.0 million difference between the change in the operating lease ROU asset and the operating lease liabilities was recognized in “Other operating expense (income), net,” on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In connection with the discontinued use of the previously leased space, we also recognized a $4.4 million termination charge and a $2.9 million impairment charge on the associated leasehold improvements, all of which were also recognized in “Other operating expense (income), net.”
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Leases | Leases The following table contains supplemental cash flow information related to leases of continuing operations.
_______________________________ (1) Includes new leases, renewals, and modifications. As disclosed in our 2020 Annual Report, we amended the lease of our corporate headquarters building in March 2020 to exit over half of the previously leased space and reduce annual base rent payments. The amendment was accounted for as a lease modification, and the remeasurement of the lease resulted in an $8.1 million decrease in the operating lease right-of-use (“ROU”) asset, a $10.5 million decrease in the noncurrent portion of the operating lease liability, and a $0.6 million decrease in the current portion of the operating lease liability. The $3.0 million difference between the change in the operating lease ROU asset and the operating lease liabilities was recognized in “Other operating expense (income), net,” on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In connection with the discontinued use of the previously leased space, we also recognized a $4.4 million termination charge and a $2.9 million impairment charge on the associated leasehold improvements, all of which were also recognized in “Other operating expense (income), net.”
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation in 2014 (“Autocam”), Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax or “VAT”) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and therefore is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we don’t expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of March 31, 2021. Securities Offering Matter On November 1, 2019, Erie County Employees’ Retirement System, on behalf of a purported class of plaintiffs, filed a complaint in the Supreme Court of the State of New York, County of New York, against the Company, certain of the Company’s current and former officers and directors, and each of the underwriters involved in the Company’s public offering and sale of 14.4 million shares of its common stock pursuant to a preliminary prospectus supplement, dated September 10, 2018, a final prospectus supplement, dated September 13, 2018, and a base prospectus, dated April 19, 2017, relating to the Company’s effective shelf registration statement on Form S-3 (File No. 333-216737) (the “Offering”), which complaint was amended on January 24, 2020. The complaint alleges violations of Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 in connection with the Offering. The plaintiffs seek to represent a class of stockholders who purchased shares of the Company’s common stock in the Offering. The complaint seeks unspecified monetary damages and other relief. The Company believes the complaint and allegations to be without merit and intends to vigorously defend itself against these actions. The Company is unable at this time to determine whether the outcome of the litigation would have a material impact on the Company’s financial position, results of operations, or cash flows. Other Legal Matters On October 26, 2020, Corre Opportunities Qualified Master Fund, LP, and Corre Horizon Fund, LP, filed a complaint in the Chancery Court of the State of Delaware against the Company. The complaint alleges that the Company’s sale of its Life Sciences business without obtaining the prior consent of the plaintiffs was a breach of the terms of the Series B Preferred Stock. The complaint seeks unspecified monetary damages and other relief. The Company believes the complaint and allegations to be without merit and intends to vigorously defend itself against these actions. The Company is unable at this time to determine whether the outcome of the litigation would have a material impact on the Company’s financial position, results of operations, or cash flows. All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes.
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Preferred Stock and Stockholders' Equity |
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Temporary Equity Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred Stock and Stockholders' Equity | Preferred Stock and Stockholders' Equity Series D Perpetual Preferred Stock On March 22, 2021, we completed a private placement of 65 thousand shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”) at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has a liquidation preference of $1,000 per share and is redeemable at our option in cash, subject to the applicable redemption premium. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. On March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027. The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital). In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 17 discusses the accounting for these features. As of March 31, 2021, the carrying value of the Series D Preferred Stock shares was $46.9 million which included $0.2 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2021.
Net cash proceeds of $61.8 million from the issuance of the Series D Preferred Stock, along with part of the proceeds from the Term Loan Credit Facility, were used to redeem all of the outstanding shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”). Series B Convertible Preferred Stock The Series B Preferred Stock had a liquidation preference of $1,000 per share and was redeemable in cash at our option, subject to the applicable redemption premium. Series B Preferred Stock shares earned cumulative dividends at a rate of 10.625% per year, and accrued whether or not earned or declared. The Series B Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and bifurcated embedded derivatives. The aggregate discount was amortized as a deemed dividend through December 31, 2023, which is the date the holders had a non-contingent conversion option into a variable number of common shares equal to the liquidation preference plus accrued and unpaid dividends. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital). At redemption on March 22, 2021, the carrying value of the Series B Preferred Stock shares included $14.3 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series B Preferred Stock carrying value during the three months ended March 31, 2021.
Preferred Share Purchase Rights On April 15, 2020, our Board of Directors authorized and declared a dividend of one preferred share purchase right for each outstanding share of common stock to shareholders of record on April 27, 2020. The rights expired on March 31, 2021.
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Revenue from Contracts with Customers |
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Revenue from Contracts with Customers | Revenue from Contracts with Customers Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services. The company provides disaggregated revenue by geographical region and customer industry.
Transaction Price Allocated to Future Performance Obligations We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2021, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less. Sales Concentration We recognized sales from a single customer of $13.1 million, or 10% of consolidated net sales, during the three months ended March 31, 2021. We recognized sales from another customer of $11.1 million, or 10% of consolidated net sales, during the three months ended March 31, 2020. Revenues from these customers are primarily in our Mobile Solutions segment.
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Shared-Based Compensation |
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Share-based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shared-Based Compensation | Share-Based Compensation Share-based compensation cost is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) except for $0.2 million, attributable to discontinued operations for the three months ended March 31, 2020. The following table lists the components of share-based compensation expense by type of award.
Stock Options The following table presents stock option activity for the three months ended March 31, 2021.
_______________________________ (1)The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at March 31, 2021, was greater than the exercise price of any individual option grant. Restricted Stock During the three months ended March 31, 2021, we granted 425 thousand shares of restricted stock to non-executive directors, officers and certain other key employees. The shares of restricted stock granted during the three months ended March 31, 2021, vest pro-rata generally over three years for employees and over one year for non-executive directors. We determined the fair value of the shares awarded by using the closing price of our common stock as of the date of grant. The weighted average grant date fair value of restricted stock granted in the three months ended March 31, 2021, was $6.79 per share. Total grant date fair value of restricted stock that vested in the three months ended March 31, 2021, was $2.7 million. The following table presents the status of unvested restricted stock awards as of March 31, 2021, and changes during the three months then ended.
Performance Share Units Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. PSUs granted in 2021 were made pursuant to the NN, Inc. 2019 Omnibus Incentive Plan and a Performance Share Unit Agreement (the “2019 Omnibus Agreement”). Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). The TSR Awards vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of the S&P SmallCap 600 Index during specified performance periods as defined in the 2019 Omnibus Agreement. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. Each performance period generally begins on January 1 of the year of grant and ends 36 months later on December 31. We recognize compensation expense over the performance period in which the performance and market conditions are measured. If the PSUs do not vest at the end of the performance periods, then the PSUs will expire automatically. Upon vesting, the PSUs will be settled by the issuance of shares of our common stock, subject to the award recipient’s continued employment. The actual number of shares of common stock to be issued to each award recipient at the end of the performance periods will be interpolated between a threshold and maximum payout amount based on actual performance results. No dividends will be paid on outstanding PSUs during the performance period; however, dividend equivalents will be paid based on the number of shares of common stock that are ultimately earned at the end of the performance periods. With respect to the TSR and ROIC Awards, a participant will earn 50% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” For performance levels falling between the values shown below, the percentages will be determined by interpolation. The following table presents the goals with respect to TSR Awards and ROIC Awards granted or modified in 2021.
_______________________________ (1)The performance levels for 2020 grants were modified by the compensation committee of the board of directors in the first quarter of 2021 to adjust for the sale of the Life Sciences business and the ongoing effects of the COVID-19 pandemic. We estimate the grant date fair value of TSR Awards using the Monte Carlo simulation model, as the total shareholder return metric is considered a market condition under ASC Topic 718, Compensation – stock compensation. The grant date fair value of ROIC Awards is based on the closing price of a share of our common stock on the date of grant. The following table presents the number of PSUs granted and the grant date fair value in the period presented.
We recognize expense for ROIC Awards based on the probable outcome of the associated performance condition. We generally recognize an expense for ROIC Awards based on the Target Performance threshold of 100% because, at the date of grant, the Target Performance is the probable level of performance achievement. The following table presents the status of unvested PSUs as of March 31, 2021, and changes during the three months then ended.
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Accumulated Other Comprehensive Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following tables present the components of accumulated other comprehensive income (“AOCI”).
_______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents settlements on the interest rate swap while the hedge was effective. (3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting.
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Net Income (Loss) Per Common Share |
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Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, a company that has participating securities is required to utilize the two-class method for calculating earnings per share (“EPS”) unless the treasury stock method results in lower EPS. The two-class method is an allocation of earnings between the holders of common stock and a company’s participating securities. Basic EPS is calculated by dividing income or loss attributable to common stockholders by the weighted average number of shares of common stock outstanding. To calculate diluted EPS, basic EPS is further adjusted to include the effect of potentially dilutive stock options, warrants, and convertible preferred stock. The following table summarizes the computation of basic and diluted net loss per common share.
_______________________________ (1) Preferred Stock does not participate in losses. (2) The 2021 Warrants are included in shares outstanding for calculation of basic earnings per share because they are exercisable with little to no consideration (see Note 17). The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2020 Annual Report. Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, derivatives, and long-term debt. As of March 31, 2021, the carrying values of these financial instruments approximated fair value. Derivative Financial Instruments Certain features were bifurcated and accounted for separately from the Series B Preferred Stock. The following features were recorded as derivatives. •Leverage ratio put feature. The Series B Preferred Stock included a redemption option based on a leverage ratio threshold that provided the preferred holder the option to convert the Series B Preferred Stock to a variable number of shares of common stock at a discount to the then fair value of our common stock. The conversion feature was considered a redemption right at a premium which was not clearly and closely related to the debt host. The conversion feature was terminated upon redemption of the Series B Preferred Stock in March 2021. •Dividends withholding. The Series B Preferred Stock bore a feature that could require us to make an effective distribution to purchasers which is indexed to the tax rate of the purchasers. This distribution would be partially offset by an adjustment to the redemption price and/or conversion rate. The dividends withholding feature was not clearly and closely related to the debt host. Upon redemption of the Series B Preferred Stock in March 2021, we made a net cash distribution of $3.0 million to settle this withholding feature after effectively receiving a $1.0 million offset from the purchasers upon redemption of the Series B Preferred Stock. •Warrants. The warrants issued with the Series B Preferred Stock (the “2019 Warrants”) are exercisable, in full or in part, at any time prior to December 11, 2026. The original exercise price was $12.00 per share, subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events. The issuance of additional warrants with the Series D Preferred Stock in March 2021 resulted in an adjusted exercise price of $11.49 per share because the new warrants have an exercise price below market value. Certain features were bifurcated and accounted for separately from the Series D Preferred Stock that was issued on March 22, 2021. The following features were recorded as derivatives. •Change-in-control put feature. The Series D Preferred Stock includes a put feature that allows the holder to redeem the Series D Preferred Stock upon a change in control at the greater of 1) the liquidation preference plus accrued dividends or 2) 140% of the liquidation preference. The put feature is considered a redemption right at a premium and is not clearly and closely related to the debt host. •Warrants. The warrants issued with the Series D Preferred Stock (the “2021 Warrants”) are exercisable, in full or in part, at any time prior to March 22, 2027, at an exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. The following tables show the liabilities measured at fair value for the above derivatives as of March 31, 2021, and December 31, 2020.
The following table presents the change in the above derivatives during the three months ended March 31, 2021.
_______________________________ (1) Changes in the fair value are recognized in the “Other expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). The fair value of the change-in-control put feature utilizes unobservable inputs based on the Company’s assessment of the probability of a change-in-control event occurring in a future period. The probability of a change-in-control event ranged from 1% to 10% as of March 31, 2021. The leverage ratio put feature, the dividends withholding feature, and the contingent dividends feature utilized unobservable inputs based on the best information available to determine the probability of the Series B Preferred Stock remaining outstanding for future periods. These inputs included probability assessments of how long the preferred stock would remain outstanding and whether the leverage ratio threshold would be exceeded. Inputs also included the percentage of Series B Preferred Stock held by non-U.S. resident holders and the applicable tax withholding rates for those holders. The probability of the Series B Preferred Stock remaining in future periods ranged from 3% to 2% as of December 31, 2020. The leverage ratio put feature also utilized unobservable inputs to determine the probability of the leverage ratio put being exercisable as of March 31, 2023, which ranged from 10% to 1% as of December 31, 2020. These probabilities were determined based on management’s assessment of facts and circumstances at each reporting date. An increase in these probabilities would result in an increase in the derivative liability fair value. Given the Series B Preferred Stock value changes by period as a result of dividends and redemption premiums, weighted average values for these assumptions are not meaningful. The fair value of the 2019 Warrants is determined using a valuation model, which utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods. The probabilities resulted in a weighted average term of 4.3 years as of March 31, 2021, and 2.4 years as of December 31, 2020. The fair value of the 2021 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price. Interest Rate Swap We manage our exposure to fluctuations in interest rates using a mix of fixed and variable rate debt. We had a fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575% (the “interest rate swap”). On March 22, 2021, we terminated the interest rate swap agreement with a $13.7 million cash payment in connection with the extinguishment of our previously outstanding long-term variable-rate debt. The interest rate swap was designated as a cash flow hedge at inception. However, in the fourth quarter of 2020, the interest rate swap no longer qualified as an effective hedge, and subsequent changes in fair value of the interest rate swap were recognized in earnings. Amounts recognized in earnings related to the interest rate swap are recorded in the “Loss on interest rate swap” line on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) except that cash settlements prior to termination are recognized in “Derivative payments on interest rate swap.” Cash settlements during 2021 are presented in investing activities on the Condensed Consolidated Statements of Cash Flows. The following table presents the effect of the interest rate swap on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
The following table presents the liabilities measured at fair value on a recurring basis for the interest rate swap as of December 31, 2020.
The inputs for determining fair value of the interest rate swap are classified as Level 2 inputs. Level 2 fair value is based on estimates using standard pricing models. These standard pricing models use inputs which are derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. Counterparty to this derivative contract is a highly rated financial institution which we believe carries only a minimal risk of nonperformance. Fixed Rate Debt The fair value of our outstanding fixed-rate debt included in the “International lines of credit and other loans” line item within Note 9 to these Notes to Condensed Consolidated Financial Statements approximated carrying value as of March 31, 2021, and December 31, 2020, respectively. These fair values represent Level 2 under the three-tier hierarchy described above. The carrying value of this fixed-rate debt was $12.5 million and $14.4 million as of March 31, 2021 and December 31, 2020, respectively.
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Interim Financial Statements (Policies) |
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Mar. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2020, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020 (the “2020 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 15, 2021. Historical periods presented reflect reclassifications for discontinued operations (see Note 2). In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2021 and 2020; financial position as of March 31, 2021, and December 31, 2020; and cash flows for the three months ended March 31, 2021 and 2020, on a basis consistent with our audited consolidated financial statements other than the adoption of new accounting standards (see Accounting Standards Recently Adopted section below). These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the interim financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2020 Annual Report. The results for the three months ended March 31, 2021, are not necessarily indicative of results for the year ending December 31, 2021, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands.
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Accounting Standards Recently Adopted and Not Yet Adopted | Accounting Standards Recently Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, (“ASU 2019-12”) as part of its initiative to reduce complexity in accounting standards. ASU 2019-12 removes certain exceptions and provides simplification to specific tax items to improve consistent application. This standard was effective for us beginning January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on our consolidated financial statements and related disclosures. Accounting Standards Not Yet Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity, (“ASU 2020-06”) which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, with early adoption permitted. Either the full or modified retrospective adoption method is allowed. We are currently evaluating the impact on our consolidated financial statements and related disclosures.
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Discontinued Operations (Tables) |
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Discontinued Operations and Disposal Groups [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Discontinued Operations and Disposal Groups | The following table presents the operating results of the discontinued operations.
_______________________________ (1)Represents incremental direct costs related to the sale of the Life Sciences business that were incurred prior to the closing of the sale. The following table summarizes the amount of interest expense related to the previous credit facility that has been reclassified to discontinued operations.
The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each historical period presented.
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Segment Information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | The following tables present results of continuing operations by reportable segment.
_______________________________ (a)Includes elimination of intersegment transactions occurring during the ordinary course of business.
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Inventories (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories are comprised of the following amounts:
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Intangible Assets, Net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Carrying Amount of Intangible Assets Net | The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.
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Investment in Joint Venture (Tables) |
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Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||||||||||||||||||||
Summarized Activity Related to Investment in Joint Venture | The following table shows changes in our investment in the JV.
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Debt (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Debt | The following table presents debt balances as of March 31, 2021, and December 31, 2020.
_______________________________ (1) In addition to this amount, costs of $0.8 million related to the ABL Facility are recorded in other non-current assets as of March 31, 2021, and $1.8 million related to the Senior Secured Revolver are recorded in other non-current assets as of December 31, 2020.
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Leases (Tables) |
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Lease, Cost | The following table contains supplemental cash flow information related to leases of continuing operations.
_______________________________ (1) Includes new leases, renewals, and modifications.
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Preferred Stock and Stockholders' Equity (Tables) |
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Temporary Equity | The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2021.
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Revenue from Contracts with Customers (Tables) |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Revenue from Contracts with Customers |
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Shared-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Share-Based Compensation Expense by Type of Award | The following table lists the components of share-based compensation expense by type of award.
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Reconciliation of Option Activity | The following table presents stock option activity for the three months ended March 31, 2021.
_______________________________ (1)The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at March 31, 2021, was greater than the exercise price of any individual option grant.
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Reconciliation of Restricted Stock Option Activity | The following table presents the status of unvested restricted stock awards as of March 31, 2021, and changes during the three months then ended.
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Schedule of Performance Based Awards Goals with Respect to TSR and ROIC | The following table presents the goals with respect to TSR Awards and ROIC Awards granted or modified in 2021.
_______________________________ (1)The performance levels for 2020 grants were modified by the compensation committee of the board of directors in the first quarter of 2021 to adjust for the sale of the Life Sciences business and the ongoing effects of the COVID-19 pandemic.
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Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods | The following table presents the number of PSUs granted and the grant date fair value in the period presented.
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Summary of Status of Unvested PSU Awards | The following table presents the status of unvested PSUs as of March 31, 2021, and changes during the three months then ended.
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Accumulated Other Comprehensive Income (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income | The following tables present the components of accumulated other comprehensive income (“AOCI”).
_______________________ (1) Income tax effect of changes in interest rate swap. (2) Represents settlements on the interest rate swap while the hedge was effective. (3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting.
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Net Income (Loss) Per Common Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Net Income (Loss) Per Share | The following table summarizes the computation of basic and diluted net loss per common share.
_______________________________ (1) Preferred Stock does not participate in losses. (2) The 2021 Warrants are included in shares outstanding for calculation of basic earnings per share because they are exercisable with little to no consideration (see Note 17).
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.
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Fair Value Measurements (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments | The following tables show the liabilities measured at fair value for the above derivatives as of March 31, 2021, and December 31, 2020.
The following table presents the change in the above derivatives during the three months ended March 31, 2021.
_______________________________ (1) Changes in the fair value are recognized in the “Other expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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Schedule of Interest Rate Derivatives | The following table presents the effect of the interest rate swap on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
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Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents the liabilities measured at fair value on a recurring basis for the interest rate swap as of December 31, 2020.
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Discontinued Operations - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Oct. 06, 2020 |
Oct. 31, 2020 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment | $ 0 | $ 92,942 | |||
Repayments of debt | $ 700,000 | ||||
Life Sciences | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Goodwill impairment | $ 146,800 | ||||
Discontinued Operations, Disposed of by Sale | Life Sciences | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Aggregate purchase price of the stock purchase plan | $ 753,300 | ||||
Potential earnout payment | 70,000 | ||||
Proceeds from sale of business, net of cash sold | $ 757,200 | ||||
Disposal group payables | 3,900 | $ 3,900 | |||
Estimated tax indemnification | $ 1,200 | $ 1,200 |
Discontinued Operations - Summary of Major Line Items Included in Results of Operations of Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2021 |
Mar. 31, 2020 |
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Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Goodwill impairment | $ 0 | $ 146,757 |
Loss from discontinued operations, net of tax | $ 0 | (140,114) |
Discontinued Operations, Disposed of by Sale | Life Sciences | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Net sales | 83,532 | |
Cost of sales (exclusive of depreciation and amortization shown separately below) | 57,763 | |
Selling, general, and administrative expense | 8,405 | |
Depreciation and amortization | 11,827 | |
Goodwill impairment | 146,757 | |
Other operating expense, net | 3 | |
Loss from operations | (141,223) | |
Interest expense | 13,270 | |
Other income, net | (424) | |
Loss from discontinued operations before costs of disposal and benefit for income taxes | (154,069) | |
Benefit for income taxes | 14,187 | |
Loss from discontinued operations before costs of disposal | (139,882) | |
Costs of disposal of discontinued operations | (259) | |
Benefit for income taxes on costs of disposal | 27 | |
Loss from discontinued operations, net of tax | $ (140,114) |
Discontinued Operations - Interest Expense Reclassified to Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Amortization of debt issuance costs | $ 405 | $ 1,652 |
Total interest expense of discontinued operations | $ 2,024 | 3,807 |
Life Sciences | Discontinued Operations, Disposed of by Sale | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Interest on debt | 12,136 | |
Amortization of debt issuance costs | 1,226 | |
Capitalized interest and other | (223) | |
Other | 131 | |
Total interest expense of discontinued operations | $ 13,270 |
Discontinued Operations - Summary of Significant Noncash Items and Cash Paid for Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization of discontinued operations | $ 0 | $ 11,827 |
Goodwill impairment | 0 | 146,757 |
Amortization of debt issuance costs | $ 405 | 1,652 |
Discontinued Operations, Disposed of by Sale | Life Sciences | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Depreciation and amortization of discontinued operations | 11,827 | |
Goodwill impairment | 146,757 | |
Amortization of debt issuance costs | 1,226 | |
Acquisition of property, plant and equipment | 4,084 | |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 694 |
Segment Information - Continuing Operations by Reportable Segment (Detail) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021
USD ($)
segment
|
Mar. 31, 2020
USD ($)
|
|
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Number of operating segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 126,804 | $ 116,213 |
Goodwill impairment | 0 | 92,942 |
Income (loss) from operations | 978 | (103,850) |
Interest expense | (2,024) | (3,807) |
Other | (6,018) | (1,544) |
Loss from continuing operations before benefit for income taxes and share of net income (loss) from joint venture | (7,064) | (109,201) |
Operating Segments | Mobile Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 77,776 | 69,884 |
Goodwill impairment | 0 | |
Income (loss) from operations | 6,090 | 264 |
Operating Segments | Power Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 49,075 | 46,401 |
Goodwill impairment | 92,942 | |
Income (loss) from operations | 2,432 | (90,334) |
Corporate and Eliminations | ||
Segment Reporting Information [Line Items] | ||
Net sales | (47) | (72) |
Goodwill impairment | 0 | |
Income (loss) from operations | $ (7,544) | $ (13,780) |
Segment Information - Additional Information (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Major Customer | Accounts receivable | Customer Concentration Risk | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 10.00% | 11.00% |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 23,605 | $ 22,589 |
Work in process | 22,626 | 20,758 |
Finished goods | 21,300 | 19,170 |
Inventories | $ 67,531 | $ 62,517 |
Goodwill - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Goodwill [Line Items] | |||
Goodwill impairment | $ 0 | $ 92,942 | |
Goodwill | $ 0 | $ 0 | |
Power Solutions | |||
Goodwill [Line Items] | |||
Goodwill impairment | $ 92,900 |
Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | $ 103,065 |
Amortization | (3,586) |
Ending balance | 99,479 |
Mobile Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 29,062 |
Amortization | (838) |
Ending balance | 28,224 |
Power Solutions | |
Finite-lived Intangible Assets [Roll Forward] | |
Beginning Balance | 74,003 |
Amortization | (2,748) |
Ending balance | $ 71,255 |
Investment in Joint Venture - Additional Information (Detail) |
Mar. 31, 2021 |
---|---|
Wuxi Weifu Autocam Precision Machinery Company, Ltd. | |
Schedule of Equity Method Investments [Line Items] | |
Investment in joint venture | 49.00% |
Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Equity Method Investments [Roll Forward] | ||
Beginning Balance | $ 26,983 | |
Share of earnings | 1,395 | $ (271) |
Ending Balance | 28,207 | |
Joint Venture | ||
Equity Method Investments [Roll Forward] | ||
Beginning Balance | 26,983 | |
Share of earnings | 1,395 | |
Foreign currency translation loss | (171) | |
Ending Balance | $ 28,207 |
Income Taxes - Additional Information (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Income Tax Disclosure [Abstract] | ||
Effective tax rate from continuing operations | 10.70% | 1.30% |
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 21.00% |
Debt - Additional Information (Detail) - USD ($) |
3 Months Ended | |||
---|---|---|---|---|
Mar. 22, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Debt Instrument [Line Items] | ||||
Debt issuance costs, line of credit arrangements, net | $ 800,000 | $ 1,800,000 | ||
Unamortized debt issuance cost, written-off | 2,400,000 | |||
Cash settlements for interest rate swaps | $ 15,420,000 | $ 0 | ||
Interest Rate Swap | ||||
Debt Instrument [Line Items] | ||||
Cash settlements for interest rate swaps | $ 13,700,000 | |||
Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Borrowings | $ 150,000,000.0 | |||
Interest rate during period | 7.875% | |||
Principal payment amount | $ 400,000 | |||
Issuance discount | 3,800,000 | |||
Debt issuance costs | 2,400,000 | |||
Outstanding borrowings | $ 150,000,000 | 0 | ||
Term Loan Facility | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 6.875% | |||
Term Loan Facility | London Interbank Offered Rate (LIBOR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 1.00% | |||
Term Loan Facility | Various Benchmark Rates | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 5.875% | |||
ABL Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 50,000,000.0 | |||
Interest rate during period | 2.25% | |||
Debt instrument, LIBOR floor rate | 0.50% | |||
Unused capacity, commitment fee percentage | 0.375% | |||
Outstanding borrowings | $ 0 | |||
Available capacity | 47,300,000 | |||
Remaining borrowing capacity | 32,900,000 | |||
Debt issuance costs, line of credit arrangements, net | $ 800,000 | |||
ABL Facility | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 1.75% | |||
ABL Facility | London Interbank Offered Rate (LIBOR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 2.00% | |||
ABL Facility | Federal Funds Or Prime Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 0.75% | |||
ABL Facility | Federal Funds Or Prime Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 1.00% | |||
Senior Secured Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 6.50% | |||
Debt instrument, LIBOR floor rate | 0.75% | |||
Outstanding borrowings | $ 0 | 47,728,000 | ||
Senior Secured Term Loan | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 5.75% | |||
Incremental Term Loan | ||||
Debt Instrument [Line Items] | ||||
Interest rate during period | 5.90% | |||
Outstanding borrowings | $ 0 | $ 22,716,000 | ||
Incremental Term Loan | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 5.75% | |||
Senior Secured Revolver | ||||
Debt Instrument [Line Items] | ||||
Unused capacity, commitment fee percentage | 0.50% | |||
Minimum required cash proceeds | $ 0 | |||
Senior Secured Revolver | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 4.00% | |||
Senior Secured Revolver | Prime Rate | ||||
Debt Instrument [Line Items] | ||||
Applicable margin | 3.00% | |||
Letters of credit | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 30,000,000.0 | |||
Unused capacity, commitment fee percentage | 0.125% | |||
Swingline loans | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 5,000,000.0 |
Debt - Summary of Debt (Detail) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Instrument [Line Items] | ||
International lines of credit and other loans | $ 12,500 | $ 14,400 |
Total principal | 162,547 | 84,862 |
Less-current maturities of long-term debt | 4,844 | 4,885 |
Principal, net of current portion | 157,703 | 79,977 |
Less-unamortized debt issuance costs | 6,152 | 952 |
Long-term debt, net of current portion | 151,551 | 79,025 |
Debt issuance costs, line of credit arrangements, net | 800 | 1,800 |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Term loans | 150,000 | 0 |
Senior Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Term loans | 0 | 47,728 |
Incremental Term Loan | ||
Debt Instrument [Line Items] | ||
Term loans | 0 | 22,716 |
Foreign Line of Credit | ||
Debt Instrument [Line Items] | ||
International lines of credit and other loans | $ 12,547 | $ 14,418 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows used in finance leases | $ 57 | $ 61 |
Operating cash flows used in operating leases | 4,103 | 3,348 |
Financing cash flows used in finance leases | 846 | 580 |
Right-of-use assets obtained in exchange for new finance lease liabilities | 60 | 710 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 13,241 |
Leases - Narrative (Details) $ in Millions |
1 Months Ended |
---|---|
Mar. 31, 2020
USD ($)
| |
Leases [Abstract] | |
Increase (decrease) in operating lease, right-of-use asset | $ (8.1) |
Decrease in operating lease, liability, noncurrent | 10.5 |
Decrease in operating lease, liability, current | 0.6 |
Increase (decrease) in change between operating lease right-of-use assets and operating lease, liabilities | 3.0 |
Loss on termination of lease | 4.4 |
Impairment charge on termination of lease | $ 2.9 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) shares in Millions, $ in Millions |
Nov. 01, 2019 |
Mar. 31, 2021 |
---|---|---|
Loss Contingencies [Line Items] | ||
Stock issued during period, shares, new issues (in shares) | 14.4 | |
Maximum | ||
Loss Contingencies [Line Items] | ||
Loss contingency, estimate of possible loss | $ 5.0 |
Preferred Stock and Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Mar. 22, 2026 |
Mar. 22, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
Apr. 15, 2020 |
|
Temporary Equity [Line Items] | ||||||
Accrual of in-kind dividends | $ 14,300 | |||||
Proceeds from issuance of preferred stock | 61,918 | $ 0 | ||||
Series C Junior Participating Preferred Stock | Common Stock | ||||||
Temporary Equity [Line Items] | ||||||
Purchase right, number of shares called by each right (in shares) | 1 | |||||
Series D Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Class of warrant or right, number of securities called by warrants or rights (in shares) | 1,900,000 | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | |||||
Temporary equity, liquidation preference per share (in dollars per share) | $ 1,000 | |||||
Temporary equity, dividend rate, percentage | 10.00% | |||||
Increase in dividend rate if no cash dividends paid | 12.00% | |||||
Carrying value | 46,858 | $ 0 | ||||
Accrual of in-kind dividends | $ 168 | |||||
Proceeds from issuance of preferred stock | $ 61,800 | |||||
Series D Preferred Stock | Forecast | ||||||
Temporary Equity [Line Items] | ||||||
Annual increase in dividend rate | 2.50% | |||||
Series D Preferred Stock | Private Placement | ||||||
Temporary Equity [Line Items] | ||||||
Sale of stock, number of shares issued in transaction (in shares) | 65,000 | |||||
Temporary equity, par value (in dollars per share) | $ 0.01 | |||||
Sale of stock, price per share (in dollars per share) | $ 1,000 | |||||
Series B Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12.00 | |||||
Temporary equity, liquidation preference per share (in dollars per share) | $ 1,000 | |||||
Temporary equity, dividend rate, percentage | 10.625% | |||||
Carrying value | $ 0 | $ 105,086 | ||||
Accrual of in-kind dividends | $ 14,008 |
Preferred Stock and Stockholders' Equity - Carrying Value Roll Forward (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Accrual of in-kind dividends | $ 14,300 |
Series D Preferred Stock | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 0 |
Proceeds from issuance of shares, net of issuance costs | 61,793 |
Fair value of 2021 Warrants issued | (14,839) |
Recognition of bifurcated embedded derivative | (282) |
Accrual of in-kind dividends | 168 |
Amortization | 18 |
Ending balance | 46,858 |
Series B Preferred Stock | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |
Beginning balance | 105,086 |
Accrual of in-kind dividends | 14,008 |
Amortization | 335 |
Redemption | (119,429) |
Ending balance | $ 0 |
Revenue from Contracts with Customers - Summary of Revenue from Contracts with Customers (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue, Major Customer [Line Items] | ||
Net sales | $ 126,804 | $ 116,213 |
Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 63,604 | 61,438 |
General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 38,020 | 30,522 |
Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 15,182 | 13,861 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 9,998 | 10,392 |
United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 77,197 | 75,354 |
China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 15,920 | 8,849 |
Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 9,860 | 8,713 |
Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 8,412 | 6,979 |
Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,931 | 2,189 |
Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,184 | 1,763 |
Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 12,300 | 12,366 |
Operating Segments | Mobile Solutions | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 77,776 | 69,884 |
Operating Segments | Mobile Solutions | Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 50,144 | 49,074 |
Operating Segments | Mobile Solutions | General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 24,310 | 17,979 |
Operating Segments | Mobile Solutions | Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Operating Segments | Mobile Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 3,322 | 2,831 |
Operating Segments | Mobile Solutions | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 37,438 | 37,129 |
Operating Segments | Mobile Solutions | China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 14,414 | 7,692 |
Operating Segments | Mobile Solutions | Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 9,668 | 8,583 |
Operating Segments | Mobile Solutions | Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 5,015 | 4,836 |
Operating Segments | Mobile Solutions | Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,767 | 2,150 |
Operating Segments | Mobile Solutions | Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,180 | 1,758 |
Operating Segments | Mobile Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 8,294 | 7,736 |
Operating Segments | Power Solutions | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 49,075 | 46,401 |
Operating Segments | Power Solutions | Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 13,460 | 12,364 |
Operating Segments | Power Solutions | General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 13,710 | 12,543 |
Operating Segments | Power Solutions | Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 15,182 | 13,861 |
Operating Segments | Power Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 6,723 | 7,633 |
Operating Segments | Power Solutions | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 39,806 | 38,297 |
Operating Segments | Power Solutions | China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 1,506 | 1,157 |
Operating Segments | Power Solutions | Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 192 | 130 |
Operating Segments | Power Solutions | Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 3,397 | 2,143 |
Operating Segments | Power Solutions | Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 164 | 39 |
Operating Segments | Power Solutions | Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 4 | 5 |
Operating Segments | Power Solutions | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 4,006 | 4,630 |
Intersegment Sales Eliminations | ||
Revenue, Major Customer [Line Items] | ||
Net sales | (47) | (72) |
Intersegment Sales Eliminations | Automotive | ||
Revenue, Major Customer [Line Items] | ||
Net sales | ||
Intersegment Sales Eliminations | General Industrial | ||
Revenue, Major Customer [Line Items] | ||
Net sales | ||
Intersegment Sales Eliminations | Electrical | ||
Revenue, Major Customer [Line Items] | ||
Net sales | ||
Intersegment Sales Eliminations | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | (47) | (72) |
Intersegment Sales Eliminations | United States and Puerto Rico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | (47) | (72) |
Intersegment Sales Eliminations | China | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales Eliminations | Brazil | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales Eliminations | Mexico | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales Eliminations | Germany | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales Eliminations | Poland | ||
Revenue, Major Customer [Line Items] | ||
Net sales | 0 | 0 |
Intersegment Sales Eliminations | Other | ||
Revenue, Major Customer [Line Items] | ||
Net sales | $ 0 | $ 0 |
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Revenue, Major Customer [Line Items] | ||
Net sales | $ 126,804 | $ 116,213 |
Major Customer | ||
Revenue, Major Customer [Line Items] | ||
Net sales | $ 13,100 | $ 11,100 |
Major Customer | Customer Concentration Risk | Sales Revenue, Net | ||
Revenue, Major Customer [Line Items] | ||
Concentration risk, percentage | 10.00% | 10.00% |
Shared-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 886 | $ 1,296 |
Discontinued Operations | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 200 | |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 548 | $ 892 |
Stock units issued (in shares) | 425 | |
Fair value assumptions, exercise price (in dollars per share) | $ 6.79 | |
Total grant-date fair value of restricted stock, vested | $ 2,700 | |
TSR Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units issued (in shares) | 142 | |
Award performance period | 36 months | |
Percentage of shares issuable based on threshold performance | 50.00% | |
Percentage of shares issuable based on target performance | 100.00% | |
Percentage of shares issuable based on maximum performance | 150.00% | |
ROIC Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock units issued (in shares) | 172 | |
Percentage of shares issuable based on target performance | 100.00% | |
Employees | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards granted vesting period | 3 years | |
Non-executive Directors | Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards granted vesting period | 1 year |
Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 886 | $ 1,296 |
Stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 89 | 181 |
Restricted stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 548 | 892 |
Performance share units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 249 | $ 223 |
Shared-Based Compensation - Reconciliation of Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
$ / shares
shares
| |
Number of Options (in thousands) | |
Beginning balance (in shares) | shares | 871 |
Forfeitures or expired (in shares) | shares | (24) |
Ending balance (in shares) | shares | 847 |
Options exercisable (in shares) | shares | 751 |
Weighted- Average Exercise Price (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 12.41 |
Forfeitures or expired (in dollars per share) | $ / shares | 13.41 |
Ending balance (in dollars per share) | $ / shares | 12.38 |
Options exercisable (in dollars per share) | $ / shares | $ 12.83 |
Weighted- Average Remaining Contractual Term | |
Outstanding | 3 years 8 months 12 days |
Options exercisable | 3 years |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 0 |
Options exercisable | $ | $ 0 |
Shared-Based Compensation - Reconciliation of Restricted Stock Option Activity (Detail) shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
Restricted stock | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 385 |
Nonvested restricted shares, granted (in shares) | shares | 425 |
Nonvested restricted shares, vested (in shares) | shares | (284) |
Nonvested restricted shares, forfeited (in shares) | shares | (12) |
Nonvested restricted shares, ending balance (in shares) | shares | 514 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 9.42 |
Granted (in dollars per share) | $ / shares | 6.79 |
Vested (in dollars per share) | $ / shares | 9.50 |
Forfeited (in dollars per share) | $ / shares | 7.76 |
Ending balance (in dollars per share) | $ / shares | $ 7.24 |
TSR Awards | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 138 |
Nonvested restricted shares, granted (in shares) | shares | 142 |
Nonvested restricted shares, ending balance (in shares) | shares | 280 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 10.58 |
Granted (in dollars per share) | $ / shares | 8.58 |
Ending balance (in dollars per share) | $ / shares | $ 9.56 |
ROIC Awards | |
Nonvested Shares (in thousands) | |
Nonvested restricted shares, beginning balance (in shares) | shares | 160 |
Nonvested restricted shares, granted (in shares) | shares | 172 |
Nonvested restricted shares, ending balance (in shares) | shares | 332 |
Weighted Average Grant-Date Fair Value (per share) | |
Beginning balance (in dollars per share) | $ / shares | $ 9.13 |
Granted (in dollars per share) | $ / shares | 7.20 |
Ending balance (in dollars per share) | $ / shares | $ 8.13 |
Shared-Based Compensation - Schedule of Performance Based Awards Goals with Respect to TSR and ROIC (Detail) |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
TSR Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold performance, percentage | 35.00% | |
Target performance, percentage | 50.00% | |
Maximum performance, percentage | 75.00% | |
ROIC Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Threshold performance, percentage | 6.30% | 6.70% |
Target performance, percentage | 7.00% | 7.90% |
Maximum performance, percentage | 8.60% | 8.70% |
Shared-Based Compensation - Summary of Number of Awards Granted and Grand Date Fair Value (Detail) shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
$ / shares
shares
| |
TSR Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-option equity instruments, outstanding (in shares) | shares | 142 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 8.58 |
ROIC Awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Non-option equity instruments, outstanding (in shares) | shares | 172 |
Grant Date Fair Value (in dollars per share) | $ / shares | $ 7.20 |
Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 254,152 | $ 353,277 |
OCI before reclassifications, net of tax | (3,347) | (25,551) |
Net other comprehensive income (loss), net of tax | (496) | (24,499) |
Ending balance | 234,755 | 78,902 |
Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, net of tax | 2,851 | |
Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, net of tax | 1,052 | |
Accumulated other comprehensive income (loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (33,732) | (44,554) |
Ending balance | (34,228) | (69,053) |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (30,881) | (35,159) |
OCI before reclassifications and tax | (3,347) | (14,342) |
Net other comprehensive income (loss), before tax | (3,347) | (14,342) |
Ending balance | (34,228) | (49,501) |
Foreign Currency Translation | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 0 | |
Foreign Currency Translation | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 0 | |
Interest rate swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (3,712) | (12,234) |
OCI before reclassifications and tax | 0 | (14,599) |
Net other comprehensive income (loss), before tax | 3,712 | (13,229) |
Ending balance | 0 | (25,463) |
Interest rate swap | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 3,712 | |
Interest rate swap | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, before tax | 1,370 | |
Income taxes | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 861 | 2,839 |
OCI before reclassifications, tax | 0 | 3,390 |
Net other comprehensive income (loss), tax | (861) | 3,072 |
Ending balance | 0 | 5,911 |
Income taxes | Loss on Interest Rate Swap | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, tax | $ (861) | |
Income taxes | Interest Expense | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Amounts reclassified from AOCI, tax | $ (318) |
Net Income (Loss) Per Common Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Loss from continuing operations | $ (4,913) | $ (108,077) |
Less: Preferred stock cumulative dividends and deemed dividends | (14,529) | (2,951) |
Numerator for basic income (loss) from continuing operations per common share | (19,442) | (111,028) |
Numerator for diluted income (loss) from continuing operations per common share | (19,442) | (111,028) |
Loss from discontinued operations, net of tax (Note 2) | 0 | (140,114) |
Numerator for basic undistributed net loss per common share | (19,442) | (251,142) |
Numerator for diluted undistributed net loss per common share | $ (19,442) | $ (251,142) |
Weighted average common shares outstanding, basic (in shares) | 42,461 | 42,111 |
Weighted average common shares outstanding, diluted (in shares) | 42,461 | 42,111 |
Weighted average warrants outstanding, basic (in shares) | 211 | 0 |
Weighted average warrants outstanding, diluted (in shares) | 211 | 0 |
Weighted average common shares outstanding, basic (in shares) | 42,672 | 42,111 |
Weighted average common shares outstanding, diluted (in shares) | 42,672 | 42,111 |
Basic loss from continuing operations per common share (in dollars per share) | $ (0.46) | $ (2.64) |
Basic loss from discontinuing operations per common share (in dollars per share) | 0 | (3.32) |
Basic net loss per share (in dollars per share) | (0.46) | (5.96) |
Diluted loss from continuing operations per common share (in dollars per share) | (0.46) | (2.64) |
Diluted loss from discontinuing operations per common share (in dollars per share) | 0 | (3.32) |
Diluted net loss per share (in dollars per share) | (0.46) | (5.96) |
Cash dividends declared per share (in dollars per share) | $ 0 | $ 0 |
Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2,347 | 28,672 |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 847 | 897 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,500 | 1,500 |
Preferred Stock, as-converted | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0 | 26,275 |
Net Income (Loss) Per Common Share - Additional Information (Detail) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share, minimum price range (in dollars per share) | $ 7.93 | $ 7.93 |
Anti dilutive securities excluded from computation of earnings per share, maximum price range (in dollars per share) | $ 25.16 | $ 25.16 |
Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Mar. 22, 2021 |
Mar. 31, 2021 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Dec. 31, 2020 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Warrants term | 4 years 3 months 18 days | 4 years 3 months 18 days | 2 years 4 months 24 days | ||
Cash settlements for interest rate swaps | $ 15,420 | $ 0 | |||
International lines of credit and other loans | $ 12,500 | $ 12,500 | $ 14,400 | ||
Minimum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change-in-control put feature | 1.00% | ||||
Preferred stock remaining in future periods, probability percentage | 2.00% | ||||
Probability percentage of leverage ratio put being exercisable | 1.00% | ||||
Maximum | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Change-in-control put feature | 10.00% | ||||
Preferred stock remaining in future periods, probability percentage | 3.00% | ||||
Probability percentage of leverage ratio put being exercisable | 10.00% | ||||
Interest Rate Swap | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Derivative, fixed interest rate | 2.4575% | ||||
Cash settlements for interest rate swaps | $ 13,700 | ||||
Series B Preferred Stock | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Dividends withholdings net cash distribution | $ 3,000 | ||||
Dividends withholdings offset from purchasers upon redemption | $ 1,000 | ||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 12.00 | ||||
Adjusted exercise price of warrants or rights (in dollars per share) | $ 11.49 | $ 11.49 | |||
Series D Preferred Stock | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Class of warrant or right, exercise price of warrants or rights (in dollars per share) | $ 0.01 | ||||
Liquidation preference | 140.00% |
Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands |
Mar. 31, 2021 |
Dec. 31, 2020 |
---|---|---|
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 13,414 | $ 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 13,414 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 1,370 | 3,117 |
Significant Unobservable Inputs (Level 3) | Other Current Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | 0 | 2,453 |
Significant Unobservable Inputs (Level 3) | Other Noncurrent Liabilities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative liability, fair value, gross liability | $ 1,370 | $ 664 |
Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2021
USD ($)
| |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Beginning balance | $ 3,117 |
Issuances | 15,121 |
Change in fair value | (449) |
Settlements | (3,005) |
Ending balance | $ 14,784 |
Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2021 |
Mar. 31, 2020 |
|
Derivative [Line Items] | ||
Interest expense | $ 2,024 | $ 3,807 |
Derivative payments on interest rate swap | 1,717 | 0 |
Loss on interest rate swap | 2,033 | 0 |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Interest expense | $ 0 | $ 1,370 |
Fair Value Measurements - Interest Rate Swap (Details) - Fair Value, Measurements, Recurring - Interest Rate Swap $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Quoted Prices in Active Markets for Identical Assets (Level 1) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | $ 0 |
Derivative liability - other non-current liabilities | 0 |
Total | 0 |
Significant Other Observable Inputs (Level 2) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | 11,022 |
Derivative liability - other non-current liabilities | 4,357 |
Total | 15,379 |
Significant Unobservable Inputs (Level 3) | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Derivative liability - other current liabilities | 0 |
Derivative liability - other non-current liabilities | 0 |
Total | $ 0 |
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