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As Of Filer Filing For·On·As Docs:Size 4/14/23 Invacare Corp. 10-K 12/31/22 158:23M |
Document/Exhibit Description Pages Size
1: 10-K Annual Report HTML 4.43M
3: EX-10.AS Material Contract HTML 60K
4: EX-10.AW Material Contract HTML 46K
5: EX-10.AX Material Contract HTML 57K
6: EX-10.AY Material Contract HTML 44K
7: EX-10.BA Material Contract HTML 127K
8: EX-10.BE Material Contract HTML 78K
9: EX-10.BF Material Contract HTML 40K
2: EX-10.G Material Contract HTML 828K
10: EX-21 Subsidiaries List HTML 46K
11: EX-23 Consent of Expert or Counsel HTML 40K
12: EX-31.1 Certification -- §302 - SOA'02 HTML 42K
13: EX-31.2 Certification -- §302 - SOA'02 HTML 42K
14: EX-32.1 Certification -- §906 - SOA'02 HTML 39K
15: EX-32.2 Certification -- §906 - SOA'02 HTML 39K
21: R1 Document And Entity Information HTML 112K
22: R2 Consolidated Statement Of Comprehensive Income HTML 156K
(Loss)
23: R3 Consolidated Balance Sheets HTML 152K
24: R4 Consolidated Balance Sheets (Parenthetical) HTML 151K
25: R5 Consolidated Statement Of Cash Flows HTML 156K
26: R6 Consolidated Statement of Shareholders' Equity HTML 108K
27: R7 Accounting Policies HTML 83K
28: R8 Operations Held for Sale (Notes) HTML 58K
29: R9 Receivables HTML 140K
30: R10 Inventories HTML 46K
31: R11 Other Current Assets HTML 51K
32: R12 Other Long-Term Assets HTML 48K
33: R13 Property And Equipment HTML 55K
34: R14 Goodwill HTML 65K
35: R15 Intangibles HTML 60K
36: R16 Accrued Expenses HTML 67K
37: R17 Long-Term Debt HTML 180K
38: R18 Other Long-Term Obligations HTML 53K
39: R19 Leases and Commitments HTML 147K
40: R20 Retirement and Benefit Plans HTML 50K
41: R21 Revenues (Notes) HTML 65K
42: R22 Equity Compensation HTML 132K
43: R23 Accumulated Other Comprehensive Income (Loss) by HTML 90K
Component
44: R24 Capital Stock HTML 58K
45: R25 Charges Related To Restructuring Activities HTML 182K
46: R26 Income Taxes HTML 129K
47: R27 Net Earnings (Loss) Per Common Share HTML 62K
48: R28 Concentration Of Credit Risk HTML 44K
49: R29 Derivatives HTML 123K
50: R30 Fair Value of Financial Instruments HTML 84K
51: R31 Business Segments HTML 164K
52: R32 Contingencies HTML 59K
53: R33 Interim Financial Information HTML 78K
54: R34 Schedule II - Valuation and Qualifying Accounts HTML 81K
55: R35 Subsequent Events HTML 64K
56: R36 Accounting Policies (Policies) HTML 130K
57: R37 Operations Held for Sale (Tables) HTML 49K
58: R38 Receivables (Tables) HTML 162K
59: R39 Inventories (Tables) HTML 47K
60: R40 Other Current Assets (Tables) HTML 51K
61: R41 Other Long-Term Assets (Tables) HTML 48K
62: R42 Property And Equipment (Tables) HTML 49K
63: R43 Goodwill (Tables) HTML 58K
64: R44 Intangibles (Tables) HTML 76K
65: R45 Accrued Expenses (Tables) HTML 66K
66: R46 Long-Term Debt (Tables) HTML 86K
67: R47 Other Long-Term Obligations (Tables) HTML 51K
68: R48 Leases and Commitments (Tables) HTML 106K
69: R49 Revenues (Tables) HTML 61K
70: R50 Equity Compensation (Tables) HTML 129K
71: R51 Accumulated Other Comprehensive Income (Loss) by HTML 91K
Component (Tables)
72: R52 Capital Stock (Tables) HTML 56K
73: R53 Charges Related To Restructuring Activities HTML 177K
(Tables)
74: R54 Income Taxes (Tables) HTML 126K
75: R55 Net Earnings Per Common Share (Tables) HTML 59K
76: R56 Derivatives (Tables) HTML 113K
77: R57 Fair Values of Financial Instruments (Tables) HTML 80K
78: R58 Business Segments (Tables) HTML 160K
79: R59 Interim Financial Information (Tables) HTML 70K
80: R60 Accounting Policies - Property and Equipment HTML 47K
(Details)
81: R61 Accounting Policies - Product Liability Cost HTML 43K
(Details)
82: R62 Accounting Policies - Additional Information HTML 57K
(Details)
83: R63 Accounting Policies - Derivative Instruments HTML 53K
(Details)
84: R64 Accounting Policies (Details) HTML 44K
85: R65 Operations Held for Sale (Details) HTML 88K
86: R66 Receivables - Narrative (Details) HTML 65K
87: R67 Receivables - Accounts Receivable (Details) HTML 50K
88: R68 Receivables - Installment Receivables (Details) HTML 74K
89: R69 Receivables - Rollforward of Allowance for HTML 48K
Doubtful Accounts (Details)
90: R70 Receivables - Installment Receivables by Class HTML 67K
(Details)
91: R71 Receivables - Allowance for Credit losses HTML 43K
(Details)
92: R72 Receivables - Aging of Installment Receivables HTML 60K
(Details)
93: R73 Inventories - (Details) HTML 54K
94: R74 Other Current Assets - Components of Other Current HTML 59K
Assets (Details)
95: R75 Other Long-Term Assets - (Details) HTML 53K
96: R76 Property And Equipment - (Details) HTML 63K
97: R77 Goodwill - (Details) HTML 54K
98: R78 Intangibles - Narrative (Details) HTML 62K
99: R79 Intangibles - Finite and Indefinite Lived HTML 59K
Intangibles (Details)
100: R80 Intangibles - Finite-Lived Intangible Asset Future HTML 49K
Amortization Expense (Details)
101: R81 Accrued Expenses - Components of Current HTML 76K
Liabilities (Details)
102: R82 Accrued Expenses - Warranty Schedule (Details) HTML 47K
103: R83 Long-Term Debt - Debt (Details) HTML 220K
104: R84 Long-Term Debt - Convertible Debt (Details) HTML 65K
105: R85 Long-Term Debt - Narrative (Details) HTML 564K
106: R86 Other Long-Term Obligations - (Details) HTML 59K
107: R87 Other Long-Term Obligations - Narrative (Details) HTML 43K
108: R88 Leases and Commitments - Narrative (Details) HTML 53K
109: R89 Leases and Commitments - Lease Costs (Details) HTML 51K
110: R90 Leases and Commitments - Future Minimum Lease HTML 86K
Commitments (Details)
111: R91 Leases and Commitments - Sale Leaseback HTML 52K
Transactions (Details)
112: R92 Leases and Commitments - Schedule of Cash Flows HTML 51K
Supplemental Information (Details)
113: R93 Leases and Commitments - Weighted-Average HTML 47K
Remaining Lease Terms and Discount Rates (Details)
114: R94 Retirement and Benefit Plans - (Details) HTML 78K
115: R95 Revenues (Details) HTML 94K
116: R96 Equity Compensation - Narrative (Details) HTML 83K
117: R97 Equity Compensation - Share-based Compensation HTML 47K
Expense (Details)
118: R98 Equity Compensation - Unrecognized Compensation HTML 45K
Expense (Details)
119: R99 Equity Compensation - Options Activity (Details) HTML 69K
120: R100 Equity Compensation - Stock Options Outstanding by HTML 80K
Exercise Price (Details)
121: R101 Equity Compensation - Restricted Stock Activity HTML 63K
(Details)
122: R102 Equity Compensation - Performance Share Activity HTML 63K
(Details)
123: R103 Accumulated Other Comprehensive Income (Loss) by HTML 72K
Component - Changes in Accumulated Comprehensive
Income (Details)
124: R104 Accumulated Other Comprehensive Income (Loss) by HTML 83K
Component - Reclassifications out of Accumulated
Other Comprehensive Income (Details)
125: R105 Capital Stock - (Details) HTML 58K
126: R106 Charges Related To Restructuring Activities - HTML 93K
(Details)
127: R107 Charges Related To Restructuring Activities - HTML 77K
Narrative (Details)
128: R108 Income Taxes - Income Before Income Tax (Details) HTML 49K
129: R109 Income Taxes - Income Tax Expense (Benefit) HTML 66K
(Details)
130: R110 Income Taxes - Rate Reconciliation (Details) HTML 75K
131: R111 Income Taxes - Components of Deferred Income Tax HTML 68K
(Details)
132: R112 Income Taxes - Unrecognized Tax Liability HTML 59K
(Details)
133: R113 Income Taxes - (Narrative) (Details) HTML 105K
134: R114 Net Earnings (Loss) Per Common Share - Computation HTML 77K
of Basic and Diluted Net Earnings Per Common Share
(Details)
135: R115 Net Earnings (Loss) Per Common Share - Narrative HTML 46K
(Details)
136: R116 Concentration Of Credit Risk - (Details) HTML 55K
137: R117 Derivatives - Notional Amounts - Designated as HTML 52K
Hedges (Details)
138: R118 Derivatives - Notional Amounts - Not Designated as HTML 66K
Hedges (Details)
139: R119 Derivatives - Balance Sheet Location (Details) HTML 55K
140: R120 Derivatives - Gain (Loss) in Statement of Finacial HTML 58K
Position (Details)
141: R121 Derivatives - Narrative (Details) HTML 73K
142: R122 Derivatives - Fair Value of Convertible Debt HTML 42K
Hedges (Details)
143: R123 Fair Values of Financial Instruments - Assets and HTML 51K
Liabilities Measured at Fair Value on a Recurring
Basis (Details)
144: R124 Fair Values of Financial Instruments - Details of HTML 83K
Book Value and Fair Value of Financial Instruments
(Details)
145: R125 Fair Values of Financial Instruments - Narrative HTML 40K
(Details)
146: R126 Business Segments - (Narrative) (Details) HTML 42K
147: R127 Business Segments - (Information by Segment) HTML 138K
(Details)
148: R128 Business Segments - (Net Sales by Product) HTML 92K
(Details)
149: R129 Interim Financial Information - (Details) HTML 90K
150: R130 Interim Financial Information - Narrative HTML 92K
(Details)
151: R131 Schedule II - Valuation and Qualifying Accounts - HTML 60K
(Details)
152: R132 Subsequent Events (Details) HTML 71K
153: R9999 Uncategorized Items - ivc-20221231.htm HTML 39K
156: XML IDEA XML File -- Filing Summary XML 286K
154: XML XBRL Instance -- ivc-20221231_htm XML 4.97M
155: EXCEL IDEA Workbook of Financial Reports XLSX 371K
17: EX-101.CAL XBRL Calculations -- ivc-20221231_cal XML 312K
18: EX-101.DEF XBRL Definitions -- ivc-20221231_def XML 1.91M
19: EX-101.LAB XBRL Labels -- ivc-20221231_lab XML 3.81M
20: EX-101.PRE XBRL Presentations -- ivc-20221231_pre XML 2.64M
16: EX-101.SCH XBRL Schema -- ivc-20221231 XSD 457K
157: JSON XBRL Instance as JSON Data -- MetaLinks 857± 1.36M
158: ZIP XBRL Zipped Folder -- 0000742112-23-000036-xbrl Zip 1.61M
| ivc-20221231 |
| i Ohio | i 95-2680965 | ||||
| (State
or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification Number) | ||||
| Large Accelerated filer | ☐ | Accelerated filer | ☐ | Emerging growth company | i ☐ | ||||||||||||
| i Non-accelerated filer | ☒ | Smaller reporting company | i ☒ | ||||||||||||||
| Item | Page | |||||||
| PART I: | ||||||||
| 1 | ||||||||
| 1A. | ||||||||
| 1B. | ||||||||
| 2 | ||||||||
| 3 | ||||||||
| 4 | ||||||||
| PART II: | ||||||||
| 5 | ||||||||
| 6 | ||||||||
| 7 | ||||||||
| 7A. | ||||||||
| 8 | ||||||||
| 9 | ||||||||
| 9A. | ||||||||
| 9C. | ||||||||
| PART III: | ||||||||
| 10 | ||||||||
| 11 | ||||||||
| 12 | ||||||||
| 13 | ||||||||
| 14 | ||||||||
| PART IV: | ||||||||
| 15 | ||||||||
| 16 | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
December 31, 2022 global gender demographics | ||||||||
| Female | Male | |||||||
| Manager Level and Above | 30% | 70% | ||||||
| Individual Contributors | 43% | 57% | ||||||
| Manufacturing and Warehouse Associates | 31% | 69% | ||||||
| Total Invacare | 37% | 63% | ||||||
December 31,
2022 U.S. race and ethnicity demographics | |||||||||||||||||
| Total U.S. | M&W 1 | IC 2 | Mgr and Above 3 | ||||||||||||||
| Black / African American | 10% | 16% | 7% | 3% | |||||||||||||
| Asian | 2% | 2% | 3% | 3% | |||||||||||||
| Hispanic / Latino | 24% | 42% | 11% | 6% | |||||||||||||
| White | 61% | 38% | 76% | 86% | |||||||||||||
| Multiracial, Native American and Pacific Islander | 3% | 2% | 3% | 2% | |||||||||||||
1
Manufacturing and Warehousing | |||||||||||||||||
2 Individual Contributors (below manager who do not supervise others) | |||||||||||||||||
3 Manager and Above | |||||||||||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1. Business | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1A. Risk Factors | ||||||||
| Part I | ||||||||
| Item 1B. Unresolved Staff Comments | ||||||||
| Part I | ||||||||
| Item 2. Properties | ||||||||
| Owned | Leased | ||||||||||||||||||||||
| Number | Square Feet | Number | Square Feet | ||||||||||||||||||||
| Manufacturing Facilities | |||||||||||||||||||||||
| Europe | 2 | 305,146 | 5 | 507,675 | |||||||||||||||||||
| North America | 1 | 152,256 | 6 | 463,856 | |||||||||||||||||||
| 3 | 457,402 | 11 | 971,531 | ||||||||||||||||||||
| Warehouse and Office Facilities | |||||||||||||||||||||||
| Europe | 2 | 33,444 | 39 | 422,484 | |||||||||||||||||||
| North America | — | — | 11 | 329,742 | |||||||||||||||||||
| All Other (Asia Pacific) | — | — | 4 | 32,616 | |||||||||||||||||||
| 2 | 33,444 | 54 | 784,842 | ||||||||||||||||||||
| Part I | ||||||||
| Item 3. Legal Proceedings | ||||||||
| Part I | ||||||||
| Item 3. Legal Proceedings | ||||||||
| Part I | ||||||||
| Executive Officers of the Registrant | ||||||||
| Name | Age | Position | ||||||
| Geoffrey P. Purtill | 57 | President and Chief Executive Officer | ||||||
| Kathleen P. Leneghan | 59 | Senior Vice President and Chief Financial Officer | ||||||
| Anthony C. LaPlaca | 64 | Senior Vice President, General Counsel, Chief Administrative Officer and Secretary | ||||||
| Cintia Ferreira | 48 | Chief Human Resources Officer | ||||||
| Part II | ||||||||
| Items 5 - 6 | ||||||||
| Period | Total
Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs (2) | |||||||||||||||||||||||||
| 10/1/2022 | - | 10/31/22 | — | $ __ | — | 2,453,978 | |||||||||||||||||||||||
| 11/1/2022 | - | 11/30/22 | 204 | 0.42 | — | 2,453,978 | |||||||||||||||||||||||
| 12/1/2022 | - | 12/31/22 | — | — | — | 2,453,978 | |||||||||||||||||||||||
| Total | 204 | $0.42 | — | 2,453,978 | |||||||||||||||||||||||||
| Part II | ||||||||
| Items 5 - 6 | ||||||||
| Part II | ||||||||
| Management Discussion & Analysis - Overview | ||||||||
| Part II | ||||||||
| Management Discussion & Analysis - Overview | ||||||||
| Part II | ||||||||
| Management Discussion & Analysis - Overview | ||||||||
| Table of Contents | Part II | |||||||
| Management Discussion & Analysis - Overview | ||||||||
| Part II | ||||||||
| MD&A - Results of Operations | ||||||||
| ($ in thousands USD) | 2022 | 2021 | %
Change Fav/(Unfav) | Foreign Exchange % Impact | Constant Currency % Change Fav/(Unfav) | |||||||||||||||||||||||||||||||||
| Europe | 434,372 | 499,118 | (13.0) | (10.5) | (2.5) | |||||||||||||||||||||||||||||||||
| North America | 276,891 | 340,980 | (18.8) | (0.2) | (18.6) | |||||||||||||||||||||||||||||||||
| All Other (Asia Pacific) | 30,470 | 32,359 | (5.8) | (8.8) | 3.0 | |||||||||||||||||||||||||||||||||
| Consolidated | 741,733 | 872,457 | (15.0) | (6.4) | (8.6) | |||||||||||||||||||||||||||||||||
| Part II | ||||||||
| MD&A - Net Sales | ||||||||
| ($ in thousands USD) | 2021 | 2020 | Reported % Change | Foreign Exchange % Impact | Divestiture % Impact | Constant Currency % Change | ||||||||||||||||||||||||||||||||
| Europe | 499,118 | 468,041 | 6.6 | 5.8 | — | 0.8 | ||||||||||||||||||||||||||||||||
| North America | 340,980 | 348,307 | (2.1) | 0.5 | — | (2.6) | ||||||||||||||||||||||||||||||||
| All Other (Asia Pacific) | 32,359 | 34,341 | (5.8) | 7.4 | (8.2) | (5.0) | ||||||||||||||||||||||||||||||||
| Consolidated | 872,457 | 850,689 | 2.6 | 3.7 | (0.3) | (0.8) | ||||||||||||||||||||||||||||||||
| Part II | ||||||||
| MD&A - Gross Profit | ||||||||
| Part II | ||||||||
| MD&A - Gross Profit | ||||||||
| Part II | ||||||||
| MD&A - SG&A | ||||||||
| ($ in thousands USD) | 2022 | 2021 | Reported Change | Foreign Exchange Impact | Constant Currency Change | |||||||||||||||
| SG&A Expenses - $ | 226,780 | 232,242 | (5,462) | (11,254) | 5,792 | |||||||||||||||
| SG&A Expenses - % change | (2.4) | (4.9) | 2.5 | |||||||||||||||||
| % to net sales | 30.6 | 26.6 | ||||||||||||||||||
| Part II | ||||||||
| MD&A - SG&A | ||||||||
| ($ in thousands USD) | 2021 | 2020 | Reported Change | Foreign Exchange Impact | Divestiture Impact | Constant Currency Change | ||||||||||||||
| SG&A Expenses - $ | 232,242 | 236,357 | (4,115) | 7,583 | (826) | (10,872) | ||||||||||||||
| SG&A Expenses - % change | (1.7) | 3.2 | (0.3) | (4.6) | ||||||||||||||||
| % to net sales | 26.6 | 27.8 | ||||||||||||||||||
| Part II | ||||||||
| MD&A - Operating Income (Loss) | ||||||||
| 2022 vs. 2021 | 2021 vs. 2020 | ||||||||||||||||||||||
| ($ in thousands USD) | 2022 | 2021 | 2020 | $ Change | % Change | $ Change | % Change | ||||||||||||||||
| Europe | 13,413 | 33,769 | 22,682 | (20,356) | (60.3) | 11,087 | 48.9 | ||||||||||||||||
| North America | (34,197) | (1,928) | 9,449 | (32,269) | (1,673.7) | (11,377) | 120.4 | ||||||||||||||||
| All Other | (30,603) | (24,977) | (23,236) | (5,626) | (22.5) | (1,741) | (7.5) | ||||||||||||||||
| Gain on sale of business | — | — | 9,790 | — | — | (9,790) | (100.0) | ||||||||||||||||
| Charges related to restructuring | (25,820) | (2,534) | (7,358) | (23,286) | (918.9) | 4,824 | 65.6 | ||||||||||||||||
| Impairment of goodwill | — | (28,564) | — | 28,564 | (100.0) | (28,564) | (100.0) | ||||||||||||||||
| Impairment of intangible assets | (3,259) | — | — | (3,259) | 100.0 | — | — | ||||||||||||||||
| Consolidated Operating Income (Loss) | (80,466) | (24,234) | 11,327 | (56,232) | (232.0) | (35,561) | 313.9 | ||||||||||||||||
| Part II | ||||||||
| MD&A - Operating Income (Loss) | ||||||||
| Part II | ||||||||
| MD&A - Other Items | ||||||||
| ($ in thousands USD) | 2022 | 2021 | ||||||||||||
| Impairment of intangible assets | 3,259 | — | ||||||||||||
| ($ in thousands USD) | 2022 | 2021 | ||||||||||||
| Impairment of goodwill | — | 28,564 | ||||||||||||
| ($ in thousands USD) | 2022 | 2021 | ||||||||||||
| Net gain on convertible debt derivatives | (1,510) | — | ||||||||||||
| ($ in thousands USD) | 2022 | 2021 | ||||||||||||
| Net gain on debt extinguishment including debt finance fees | (9,419) | (9,422) | ||||||||||||
| ($ in thousands USD) | 2022 | 2021 | ||||||||||||
| Interest Expense | 28,520 | 24,307 | ||||||||||||
| Interest Income | (56) | (1) | ||||||||||||
| Part II | ||||||||
| MD&A - Other Items | ||||||||
| Part II | ||||||||
| MD&A - Other Items | ||||||||
| ($ in thousands USD) | 2021 | 2020 | ||||||||||||
| Impairment of goodwill | 28,564 | — | ||||||||||||
| ($ in thousands USD) | 2021 | 2020 | ||||||||||||
| Net loss (gain) on debt extinguishment including debt finance fees | (9,422) | 7,360 | ||||||||||||
| ($ in thousands USD) | 2021 | 2020 | ||||||||||||
| Interest Expense | 24,307 | 28,499 | ||||||||||||
| Interest Income | (1) | (93) | ||||||||||||
| Part II | ||||||||
| MD&A - Liquidity and Capital Resources | ||||||||
| ($ in thousands USD) | December 31, 2022 | December 31, 2021 | $ Change | % Change | ||||||||||
| Cash and cash equivalents | 58,792 | 83,745 | (24,953) | (29.8) | ||||||||||
Working capital (1) | 79,183 | 138,134 | (58,951) | (42.7) | ||||||||||
Total
debt (2) | 430,394 | 382,586 | 47,808 | 12.5 | ||||||||||
Long-term debt (2) | 427,134 | 376,462 | 50,672 | 13.5 | ||||||||||
| Total shareholders' equity | 81,092 | 218,489 | (137,397) | (62.9) | ||||||||||
Credit
agreement borrowing availability (3) | 15,288 | 41,845 | (26,557) | (63.5) | ||||||||||
| Part II | ||||||||
| MD&A - Liquidity and Capital Resources | ||||||||
| Part II | ||||||||
| MD&A - Cash Flows | ||||||||
| Part II | ||||||||
| MD&A - Cash Flows | ||||||||
| ($ in thousands USD) | Twelve Months Ended December 31, | ||||||||||
| 2022 | 2021 | ||||||||||
| Net cash used by operating activities | $ | (55,251) | $ | (14,309) | |||||||
| Plus: Sales of property and equipment | 5 | 33 | |||||||||
| Less: Purchases of property and equipment | (3,778) | (17,698) | |||||||||
| Free Cash Flow (usage) | $ | (59,024) | $ | (31,974) | |||||||
| Part II | ||||||||
| MD&A - Accounting Estimates and Pronouncements | ||||||||
| Part II | ||||||||
| MD&A - Accounting Estimates and Pronouncements | ||||||||
| Part II | ||||||||
| MD&A - Accounting Estimates and Pronouncements | ||||||||
| Part II | ||||||||
| MD&A - Accounting Estimates and Pronouncements | ||||||||
| Part II | ||||||||
| MD&A - Accounting Estimates and Pronouncements | ||||||||
| Part II | ||||||||
| Items 7-9 | ||||||||
| Part II | ||||||||
| Items 7 - 9 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Director | Audit Committee | Nominating
and Governance Committee | Compensation and Management Development Committee | Strategy and Operational Improvement Committee | Special Committee | Regulatory and Compliance Committee | ||||||||||||||
| Edward F. Crawford | Member | Member | ||||||||||||||||||
| Petra Danielsohn-Weil, PhD | Member | Member | Chair | |||||||||||||||||
| Marc M. Gibeley | Chair | Member | Member | |||||||||||||||||
| Clifford D. Nastas | Chair | Chair | Member | |||||||||||||||||
| Michael J. Merriman Jr. (Chairman of the Board) | Member | Member | Member | Member | ||||||||||||||||
| Steven H. Rosen | Member | Member | Member | |||||||||||||||||
| Aron I. Schwartz | Chair | Member | Chair | Member | ||||||||||||||||
| Geoffrey P. Purtill | Member | |||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Effective January 2022 | Effective April 2022 | Effective September 2022 | |||||||||
| Annual Cash Retainer | $ | 65,000 | $ | 105,000 | $ | 105,000 | |||||
| Lead Independent Director Additional Fee | 20,000 | 20,000 | — | ||||||||
| Non-Executive Chairman Fee | — | — | 40,000 | ||||||||
| Committee Chair Additional Fees: | |||||||||||
| Audit | 15,000 | 15,000 | 15,000 | ||||||||
| Compensation and Management Development | 15,000 | 15,000 | 15,000 | ||||||||
| Regulatory and Compliance | 15,000 | 15,000 | 15,000 | ||||||||
| Nominating and Governance | 10,000 | 10,000 | 10,000 | ||||||||
| Special Committee* | — | — | 20,000 | ||||||||
| Fee per meeting in excess of 24 meetings | 1,500 | 1,500 | 1,500 | ||||||||
Name
| Fees Earned or Paid in Cash ($) (2) | Stock Awards ($)(1) | Total ($) | |||||||||||||||||||||||||||||||||||||||||||||||
| Susan H. Alexander | 100,000 | (3) | 58,422 | 158,422 | ||||||||||||||||||||||||||||||||||||||||||||||
| Julie A. Beck | 75,372 | (4) | 58,422 | 133,794 | ||||||||||||||||||||||||||||||||||||||||||||||
| Edward F. Crawford | 11,128 | (5) | 19,984 | 31,112 | ||||||||||||||||||||||||||||||||||||||||||||||
| Petra Danielsohn-Weil, PhD | 86,500 | (6) | 58,422 | 144,922 | ||||||||||||||||||||||||||||||||||||||||||||||
| Stephanie L. Fehr | 73,872 | (7) | 58,422 | 132,294 | ||||||||||||||||||||||||||||||||||||||||||||||
| Diana S. Ferguson | 24,667 | (8) | — | 24,667 | ||||||||||||||||||||||||||||||||||||||||||||||
| Marc M. Gibeley | 107,250 | (9) | 58,422 | 165,672 | ||||||||||||||||||||||||||||||||||||||||||||||
| C. Martin Harris, M.D. | 72,167 | (10) | — | 72,167 | ||||||||||||||||||||||||||||||||||||||||||||||
| Michael J. Merriman, Jr. | 13,003 | (11) | 157,949 | 170,952 | ||||||||||||||||||||||||||||||||||||||||||||||
| Clifford D. Nastas | 104,040 | (12) | 58,422 | 162,462 | ||||||||||||||||||||||||||||||||||||||||||||||
| Steven H. Rosen | 11,128 | (13) | 19,984 | 31,112 | ||||||||||||||||||||||||||||||||||||||||||||||
| Aron I. Schwartz | 60,208 | (14) | 58,422 | 118,630 | ||||||||||||||||||||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
Option
Awards | Stock Awards | |||||||||||||||||||||||||||||||
Name (3) | Number of Securities Underlying Unexercised Options Exercisable (#) | Option Exercise Price
($) | Option Expiration Date | Number of Shares or Units of Stock That Have not Vested (#) | Market Value of Shares or Units of Stock That Have not Vested
($) | |||||||||||||||||||||||||||
| Edward F. Crawford | — | (1) | — | |||||||||||||||||||||||||||||
| Petra Danielsohn-Weil, PhD | 39,474 | (2) | 16,579 | |||||||||||||||||||||||||||||
| Marc M. Gibeley | 39,474 | (2) | 16,579 | |||||||||||||||||||||||||||||
| Clifford D. Nastas | 39,474 | (2) | 16,579 | |||||||||||||||||||||||||||||
| Michael J. Merriman, Jr. | 154,852 | (3) | 65,038 | |||||||||||||||||||||||||||||
| Steven H. Rosen | — | (1) | — | |||||||||||||||||||||||||||||
| Aron I. Schwartz | 39,474 | (2) | 16,579 | |||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
Name
and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Non- Equity Incentive Plan Compen- sation ($)
| Non-qualified Deferred Compen-sation Earnings ($)(2) | All Other Compen-sation ($)(3) | Total ($) | ||||||||||||||||||||||||||||||||||||||||||||||||
| Geoffrey P. Purtill | 2022 | 486,314 | 52,456 | 179,160 | — | 200,354 | (4) | 918,284 | ||||||||||||||||||||||||||||||||||||||||||||||||
| President and Chief Executive Officer | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Matthew E. Monaghan | 2022 | 648,831 | — | 1,089,247 | — | — | 5,716 | (5) | 1,743,794 | |||||||||||||||||||||||||||||||||||||||||||||||
| Former Chairman, President and Chief Executive Officer | 2021 | 955,000 | — | 4,998,751 | — | — | 39,485 | (5) | 5,993,236 | |||||||||||||||||||||||||||||||||||||||||||||||
| Kathleen P. Leneghan | 2022 | 484,100 | — | 276,516 | — | — | 16,493 | (6) | 777,109 | |||||||||||||||||||||||||||||||||||||||||||||||
| Senior Vice President and Chief Financial Officer | 2021 | 470,000 | — | 1,268,983 | — | — | 15,862 | (6) | 1,754,845 | |||||||||||||||||||||||||||||||||||||||||||||||
| Anthony C. LaPlaca | 2022 | 475,417 | — | 77,160 | — | — | 8,467 | (7) | 561,044 | |||||||||||||||||||||||||||||||||||||||||||||||
| Senior Vice President, General Counsel, Chief Administrative Officer and Secretary | 2021 | 461,570 | — | 354,101 | — | — | 6,077 | (7) | 821,748 | |||||||||||||||||||||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| 2022 Target Award (% of Base Salary) | 2022 Actual Payout (% of Target) | 2022 Actual Payout Amount | |||||||||
| Mr. Purtill* | 75% | 0% | $0 | ||||||||
| Mr. Monaghan | 107.9% | 0% | $0 | ||||||||
| Ms. Leneghan | 75% | 0% | $0 | ||||||||
| Mr. LaPlaca | 75% | 0% | $0 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
Option
Awards | Stock Awards | |||||||||||||||||||||||||||||||||||||||||||
Name | Number of Securities Underlying Unexercised Options Exercisable (#) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($)
| Option Expiration Date | Number of Shares or Units of Stock That Have not Vested (#) | Market Value of Shares or Units of Stock That Have not Vested
($) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have not Vested (#) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have not Vested ($) | ||||||||||||||||||||||||||||||||||||
| Geoffrey P. Purtill | 5,000 | 14.49 | 03/18/23 | |||||||||||||||||||||||||||||||||||||||||
| 17,611 | 12.15 | 03/16/27 | ||||||||||||||||||||||||||||||||||||||||||
| 1,425 | (1) | 599 | ||||||||||||||||||||||||||||||||||||||||||
| 2,680 | (2) | 1,126 | ||||||||||||||||||||||||||||||||||||||||||
| 14,063 | (6) | 5,906 | ||||||||||||||||||||||||||||||||||||||||||
| 5,000 | (3) | 2,100 | ||||||||||||||||||||||||||||||||||||||||||
| 20,854 | (4) | 8,759 | ||||||||||||||||||||||||||||||||||||||||||
| 20,854 | (7) | 8,759 | ||||||||||||||||||||||||||||||||||||||||||
| 100,000 | (5) | 42,000 | ||||||||||||||||||||||||||||||||||||||||||
| Kathleen P. Leneghan | 8,000 | 14.49 | 03/18/23 | |||||||||||||||||||||||||||||||||||||||||
| 11,281 | (1) | 4,738 | ||||||||||||||||||||||||||||||||||||||||||
| 22,148 | (2) | 9,302 | ||||||||||||||||||||||||||||||||||||||||||
| 116,243 | (6) | 48,822 | ||||||||||||||||||||||||||||||||||||||||||
| 74,734 | (3) | 31,388 | ||||||||||||||||||||||||||||||||||||||||||
| 74,734 | (7) | 31,388 | ||||||||||||||||||||||||||||||||||||||||||
| Anthony C. LaPlaca | 13,500 | 14.49 | 03/18/23 | |||||||||||||||||||||||||||||||||||||||||
| 44,963 | 12.15 | 03/16/27 | ||||||||||||||||||||||||||||||||||||||||||
| 3,385 | (1) | 1,422 | ||||||||||||||||||||||||||||||||||||||||||
| 6,180 | (2) | 2,596 | ||||||||||||||||||||||||||||||||||||||||||
| 32,438 | (6) | 13,624 | ||||||||||||||||||||||||||||||||||||||||||
| 20,854 | (3) | 8,759 | ||||||||||||||||||||||||||||||||||||||||||
| 20,854 | (7) | 8,759 | ||||||||||||||||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Column (a) | Column (b) | Column (c) | ||||||||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||||||||||
| Equity compensation plans approved by security holders | 189,689 | $13.43 | 5,285,644 | (1) | ||||||||||||||||||||||
| Equity compensation plans not approved by security holders | 416 | (2) | — | — | ||||||||||||||||||||||
| Total | 190,105 | $13.43 | 5,285,644 | |||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Name
and business address of beneficial owner | Common Shares Beneficially Owned | Percentage of Total Voting Power Beneficially Owned | ||||||||||||||||||||||||||||||
Number of Shares | Percentage of Outstanding Shares
| |||||||||||||||||||||||||||||||
| Charles Schwab Investment Management, Inc | 3,575,752 | 9.5% | 9.5% | |||||||||||||||||||||||||||||
| 211 Main Street | ||||||||||||||||||||||||||||||||
| San Francisco, CA 94105 (1)(2) | ||||||||||||||||||||||||||||||||
| Azurite Management LLC (together its investment group) | 3,775,433 | 9.9% | 9.9% | |||||||||||||||||||||||||||||
| 25101 Chagrin Blvd, Suite 350 | ||||||||||||||||||||||||||||||||
| Cleveland, OH 44122 (1)(3) | ||||||||||||||||||||||||||||||||
| First Manhattan Co. LLC | 3,000,000 | 8.0% | 8.0% | |||||||||||||||||||||||||||||
| 399 Park Avenue | ||||||||||||||||||||||||||||||||
| New York, NY 10022 (1)(4) | ||||||||||||||||||||||||||||||||
| Renaissance Technologies LLC | 1,841,441 | 5.3% | 5.3% | |||||||||||||||||||||||||||||
| 800 Third Avenue | ||||||||||||||||||||||||||||||||
| New York, NY 10022 (1)(5) | ||||||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
Name
of beneficial owner | Common Shares Beneficially Owned | Percentage of Total Voting Power Beneficially Owned(1) | ||||||||||||||||||||||||||||||
Number of Shares | Percentage of Outstanding Shares | |||||||||||||||||||||||||||||||
| Edward F. Crawford (2), (3) | 110,200 | <1% | <1% | |||||||||||||||||||||||||||||
| Petra Danielsohn-Weil, PhD (2) | 91,936 | <1% | <1% | |||||||||||||||||||||||||||||
| Marc M. Gibeley (2) | 109,465 | <1% | <1% | |||||||||||||||||||||||||||||
| Anthony C. LaPlaca (2) | 116,120 | <1% | <1% | |||||||||||||||||||||||||||||
| Kathleen P. Leneghan (2) | 236,352 | <1% | <1% | |||||||||||||||||||||||||||||
| Michael J. Merriman, Jr. (2) | 154,852 | <1% | <1% | |||||||||||||||||||||||||||||
| Clifford D. Nastas (2) | 125,592 | <1% | <1% | |||||||||||||||||||||||||||||
| Geoffrey P. Purtill (2) | 156,086 | <1% | <1% | |||||||||||||||||||||||||||||
| Steven H. Rosen (2), (4) | 3,665,233 | 9.7% | 9.7% | |||||||||||||||||||||||||||||
| Aron I. Schwartz (2) | 39,474 | <1% | <1% | |||||||||||||||||||||||||||||
| All executive officers and Directors as a group (10 persons) (2) | 4,805,310 | 12.6% | 12.6% | |||||||||||||||||||||||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| Part III | ||||||||
| Items 10 - 14 | ||||||||
| 2022 | 2021 | ||||||||||
| Audit Fees | $ | 3,178,000 | $ | 3,145,000 | |||||||
| Audit-Related Fees | 250,542 | 434,700 | |||||||||
| Total Audit and Audit-Related Fees | 3,428,542 | 3,579,700 | |||||||||
| Tax Fees | |||||||||||
| Tax Compliance Services | 463,400 | 577,600 | |||||||||
| Tax Advisory Services | 175,100 | 449,100 | |||||||||
| Total Tax Fees | 638,500 | 1,026,700 | |||||||||
| All Other Fees | — | 425,000 | |||||||||
| Total Fees | $ | 4,067,042 | $ | 5,031,400 | |||||||
| Part IV | ||||||||
| Items 15 - 16 | ||||||||
| INVACARE CORPORATION | ||||||||
| By: | ||||||||
| Geoffrey P. Purtill | ||||||||
| President and Chief Executive Officer | ||||||||
| Official Exhibit No. | Description | Reference | |||||||||
| Securities Purchase Agreement among Allied Motion Christchurch Limited, Invacare Holdings New Zealand and Invacare Corporation, dated March 6, 2020. (Pursuant to Item 601(b)(2) of Regulation S-K, the registrant hereby agrees to supplementally furnish to the Securities and Exchange Commission upon request any omitted schedule or exhibit to the agreement.) | (A) | ||||||||||
| Asset Purchase Agreement with Ventec Life Systems, Inc. and the company, dated January 30, 2023 | (HHH) | ||||||||||
| Second Amended and Restated Articles of Incorporation | (B) | ||||||||||
Second Amended and Restated Code of
Regulations, as amended | (C) | ||||||||||
| Amendment No. 1 to the Second Amended and Restated Articles of Incorporation | (D) | ||||||||||
| Indenture, dated as of June 14, 2017, by and between Invacare Corporation and Wells Fargo Bank, National Association (including the form of the 4.50% Convertible Senior Notes due 2022). | (E) | ||||||||||
| Indenture, dated as of November 19, 2019, by and between Invacare Corporation and Wells Fargo Bank, N.A., as Trustee (including the form of the 5.00% Convertible Senior Exchange Notes due 2024). | (F) | ||||||||||
| Indenture,
dated as of June 4, 2020, by and between Invacare Corporation and Wells Fargo Bank, N.A., as Trustee (including the form of the 5.00% Series II Convertible Senior Exchange Notes due 2024). | (G) | ||||||||||
| Indenture, dated as of March 16, 2021, by and between Invacare Corporation and Wells Fargo Bank, N.A., as Trustee (including the form of the 4.25% Convertible Senior Exchange Notes due 2026). | (H) | ||||||||||
| Description of Securities Registered Under the Exchange Act. | (I) | ||||||||||
| Indenture, dated as of July 26, 2022, by and between Invacare Corporation and Computershare Trust Company, N.A., as Trustee (including the form of the 5.68% Convertible Senior Secured Notes due 2026, Tranche I and form of Guarantee). | (YY) | ||||||||||
| Indenture, dated as of July 26, 2022, by and between Invacare Corporation and Computershare Trust Company, N.A., as Trustee (including the form of the 5.68% Convertible Senior Secured Notes due 2026, Tranche II and form of Guarantee). | (YY) | ||||||||||
| Resale Registration Rights Agreement, dated as of July 26, 2022, by and between Highbridge Tactical Credit Master Fund, L.P. and Highbridge Convertible Dislocation Fund, L.P. | (YY) | ||||||||||
| First Supplemental Indenture to 5.68% Convertible Senior Secured Notes due 2026, Tranche I, dated as of October 3, 2022. | (BBB) | ||||||||||
| First Supplemental Indenture to 5.68% Convertible Senior Secured Notes due 2026, Tranche II, dated as of October 3, 2022. | (BBB) | ||||||||||
| Credit Agreement, dated as of July 26, 2022, by and between Cantor Fitzgerald Securities, as Administrative Agent, and GLAS Trust Corporation Limited, as Collateral Agent. | (YY) | ||||||||||
| Second Amended and Restated Revolving Credit and Security Agreement, dated as of July 26, 2022, by and between PNC Bank, National Association as a Lender and Agent and The other Lenders Party Hereto with PNC Capital Markets LLC as Lead Arranger and Bookrunner. | (YY) | ||||||||||
| Amendment Agreement and Joinder to Foreign Guarantee Agreement, dated as of October 3, 2022. | (YY) | ||||||||||
| Amendment No. 1 to Credit Agreement and Joinder to Foreign Guarantee Agreement, dated as of October 3, 2022,. by and among Invacare Corporation, the lenders party thereto, Cantor Fitzgerald Securities, as administrative agent, and GLAS Trust Corporation Limited, as collateral agent. | (BBB) | ||||||||||
| Amendment Agreement, dated as of December 23, 2022, by and among Invacare Corporation, the lenders party thereto and Cantor Fitzgerald Securities, as administrative agent. | (FFF) | ||||||||||
| Restructuring Support Agreement, dated as of January 31, 2023, by and among the Company Parties and the Consenting Stakeholders | (HHH) | ||||||||||
| Official Exhibit No. | Description | Reference | |||||||||
| First Amended and Restated Backstop Commitment Agreement, dated as of March 29, 2023, by and among the Invacare Corporation, the company parties listed in schedule 1 thereto, and the backstop party thereto. | ** | ||||||||||
| Superpriority Secured Debtor-In-Possession Credit Agreement, dated February 2, 2023. | (III) | ||||||||||
| Debtor-In-Possession Revolving Credit and Security Agreement, dated February 2, 2023. | (III) | ||||||||||
| Retention Bonus Letter Agreement Swiss Form | (GGG)* | ||||||||||
| Retention Bonus Letter Agreement US Form | (GGG)* | ||||||||||
| Cooperation Agreement, dated as of August 22, 2022, by and among Azurite Management LLC | (ZZ) | ||||||||||
| Amendment No. 1 to Cooperation Agreement, dated as of November 21, 2022, by and among Azurite Management LLC. | (CCC) | ||||||||||
| Invacare Retirement Savings Plan, effective January 1, 2001, as amended | (J)* | ||||||||||
| Invacare Corporation 401(K) Plus Benefit Equalization Plan, effective January 1, 2003, as amended and restated | (J)* | ||||||||||
| Invacare Corporation Deferred Compensation Plus Plan, effective January 1, 2005, as amended August 19, 2009 and on November 23, 2010 | (K)* | ||||||||||
| Amendment No. 3 to Invacare Corporation Deferred Compensation Plus Plan, effective November 18, 2011 | (L)* | ||||||||||
| Invacare Corporation Death Benefit Only Plan, effective January 1, 2005, as amended | (J)* | ||||||||||
| Cash Balance Supplemental Executive Retirement Plan, as amended and restated, effective December 31, 2008 | (M)* | ||||||||||
| Amendment No. 1 to the Cash Balance Supplemental Executive Retirement Plan, effective August 19, 2009 | (WW)* | ||||||||||
| Form of Participation Agreement, for current participants in the Cash Balance Supplemental Executive Retirement Plan, as of December 31, 2008, entered into by and between the company and certain participants and a schedule of all such agreements with participants | (O)* | ||||||||||
| Invacare Corporation Amended and Restated 2003 Performance Plan | (N)* | ||||||||||
| Form of Director Stock Option Award under Invacare Corporation 2003 Performance Plan | (J)* | ||||||||||
| Form of Director Deferred Option Award under Invacare Corporation 2003 Performance Plan | (K)* | ||||||||||
| Form of Restricted Stock Award under Invacare Corporation 2003 Performance Plan | (L)* | ||||||||||
| Form of Stock Option Award under Invacare Corporation 2003 Performance Plan | (J)* | ||||||||||
| Form of Executive Stock Option Award under Invacare Corporation 2003 Performance Plan | (J)* | ||||||||||
| Form of Switzerland Stock Option Award under Invacare Corporation 2003 Performance Plan | (J)* | ||||||||||
| Form of Switzerland Executive Stock Option Award under Invacare Corporation 2003 Performance Plan | (J)* | ||||||||||
Invacare Corporation 2013 Equity Compensation Plan | (P)* | ||||||||||
| Amendment No. 1 to the Invacare Corporation 2013 Equity Compensation Plan | (S)* | ||||||||||
Form of Executive Stock Option Award under the Invacare Corporation 2013 Equity Compensation
Plan | (R)* | ||||||||||
Form of Stock Option Award under the Invacare Corporation 2013 Equity Compensation Plan | (R)* | ||||||||||
Form
of Executive Stock Option Award for Swiss Employees under the Invacare Corporation 2013 Equity Compensation Plan | (R)* | ||||||||||
Form of Stock Option Award for Swiss Employees under the Invacare Corporation 2013 Equity Compensation Plan | (R)* | ||||||||||
Form
of Director Restricted Stock Award under the Invacare Corporation 2013 Equity Compensation Plan | (R)* | ||||||||||
| Official Exhibit No. | Description | Reference | |||||||||
Form
of Restricted Stock Award under the Invacare Corporation 2013 Equity Compensation Plan | (R)* | ||||||||||
Form of Performance Share Award Agreement under the Invacare Corporation 2013 Equity Compensation Plan | (S)* | ||||||||||
Form
of Restricted Stock Award Agreement for Employees under the Invacare Corporation 2013 Equity Compensation Plan | (T)* | ||||||||||
Form of Director Restricted Stock Unit under the Invacare Corporation 2013 Equity Compensation Plan | (U)* | ||||||||||
| Invacare Corporation Executive Incentive Bonus Plan, as amended and restated | (Q)* | ||||||||||
Employment Agreement, dated as of March 27, 2020, by and between the company and Matthew E. Monaghan. | (Y)* | ||||||||||
Letter
Agreement, dated as of February 20, 2018, by and between Invacare Corporation and Kathleen P. Leneghan. | (Z)* | ||||||||||
| Letter agreement, dated as of July 31, 2008, by and between the company and Anthony C. LaPlaca. | (O)* | ||||||||||
| Separation Agreement, dated as of November 29, 2022, by and between the company and Rick A. Cassiday | * | ||||||||||
| Separation Agreement and General Release, dated December 5, 2022, by and between the company and Matthew E. Monaghan. | (DDD)* | ||||||||||
Amended
and Restated Employment Agreement, dated as of March 3, 2022, between Invacare International GmbH and Geoffrey P. Purtill. | (EEE)* | ||||||||||
| Letter agreement, dated as of September 13, 2022, by and between the company and Geoffrey P. Purtill. | (AAA)* | ||||||||||
| Letter agreement, dated as of November 21, 2022, by and between the company and Geoffrey P. Purtill. | ** | ||||||||||
Employment
Agreement, dated as of September 16, 2020, between Invacare International GmbH and Cintia Ferreira. | ** | ||||||||||
Letter agreement, dated as of January 3, 2023, between Corporation and Cintia Ferreira. | ** | ||||||||||
| Change of Control Agreement, dated as of December 31, 2008, by and between the company and Anthony C. LaPlaca. | (AA)* | ||||||||||
| Form of Change of Control Agreement entered into by and between the company and certain of its executive officers and schedule of all such agreements with certain executive officers. | * | ||||||||||
| Technical Information & Non-Competition Agreement, dated April 1, 2015, entered into by and between the company and Matthew E. Monaghan. | (O)* | ||||||||||
| Technical Information & Non-Competition Agreement entered into by and between the company and certain of its executive officers and schedule of all such agreements with executive officers. | (BB)* | ||||||||||
| Indemnity Agreement, dated April 1, 2015, entered into by and between the company and Matthew E. Monaghan. | (O)* | ||||||||||
| Form of Indemnity Agreement entered into by and between the company and its directors and certain of its executive officers and schedule of all such agreements with directors and executive. | * | ||||||||||
| Director Compensation Schedule | * | ||||||||||
| 2012 Non-employee Directors Deferred Compensation Plan, effective January 1, 2012, Amended and Restated as of November 17, 2016 | (U)* | ||||||||||
| Purchase and Sale Agreement, dated as of February 24, 2015, by and between the company and Industrial Realty Group, LLC. | (CC) | ||||||||||
| Form
of Lease Agreement by and among the company and the affiliates of Industrial Realty Group, LLC named therein. | (CC) | ||||||||||
| Promissory Note dated May 13, 2020, between Invacare Corporation and Key Bank National Association. | (OO) | ||||||||||
| Official Exhibit No. | Description | Reference | |||||||||
| Form of Performance-Based Stock Option Award under Invacare Corporation 2013 Equity Compensation Plan. | (PP)* | ||||||||||
| Base Call Option Transaction Confirmation, dated June 8, 2017, between Goldman Sachs & Co. LLC and Invacare Corporation. | (E) | ||||||||||
| Base Warrants Confirmation, dated June 8, 2017, between Goldman Sachs & Co. LLC and Invacare Corporation. | (E) | ||||||||||
| Additional Call Option Transaction Confirmation, dated June 9, 2017, between Goldman Sachs & Co. LLC and Invacare Corporation. | (E) | ||||||||||
| Additional Warrants Confirmation, dated June 9, 2017, between Goldman Sachs & Co. LLC and Invacare Corporation. | (E) | ||||||||||
Invacare Corporation 2018 Equity Compensation Plan | (QQ) | ||||||||||
| Amendment No. 1 to Invacare Corporation 2018 Equity Compensation Plan | (D)* | ||||||||||
| Amendment No. 2 to Invacare Corporation 2018 Equity Compensation Plan | (RR)* | ||||||||||
| Amendment No. 3 to Invacare Corporation 2018 Equity Compensation Plan | (SS)* | ||||||||||
| Form of Restricted Stock Award under Invacare Corporation 2018 Equity Compensation Plan | (TT)* | ||||||||||
| Form of Restricted Stock Unit Award under Invacare Corporation 2018 Equity Compensation Plan | (TT)* | ||||||||||
| Form of Director Restricted Stock Unit Award under Invacare Corporation 2018 Equity Compensation Plan | (TT)* | ||||||||||
| Form of Performance Award under Invacare Corporation 2018 Equity Compensation Plan | (TT)* | ||||||||||
| Form of Performance Unit Award under Invacare Corporation 2018 Equity Compensation Plan | (TT)* | ||||||||||
| Form of Performance Unit Award under Invacare Corporation 2018 Equity Compensation Plan | (XX)* | ||||||||||
| Omnibus Amendment | (BB)* | ||||||||||
| Master Information Technology Services Agreement by and between Invacare Corporation and Birlasoft Solutions, Inc. effective October 1, 2019. | (UU) | ||||||||||
| Subsidiaries of the company | |||||||||||
| Consent of Independent Registered Public Accounting Firm | |||||||||||
| Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||||
| Consent Decree of Permanent Injunction, as filed with the U.S. District Court for the Northern District of Ohio on December 20, 2012. | (VV) | ||||||||||
| 101.INS** | Inline XBRL instance document | ||||||||||
| 101.SCH** | Inline XBRL taxonomy extension schema | ||||||||||
| 101.CAL** | Inline XBRL taxonomy extension calculation linkbase | ||||||||||
| 101.DEF** | Inline XBRL taxonomy extension definition linkbase | ||||||||||
| 101.LAB** | Inline XBRL taxonomy extension label linkbase | ||||||||||
| 101.PRE** | Inline XBRL taxonomy extension presentation linkbase | ||||||||||
| 104 | Cover Page Interactive Data File - The cover page from the company's Annual Report on Form 10-K for the year ended December 31, 2022, formatted in Inline XBRL (included in Exhibit 101). | ||||||||||
| Signatures | ||||||||
| Signature | Title | |||||||
| /s/ GEOFFREY P. PURTILL | Director, President and Chief Executive Officer (Principal Executive Officer) | |||||||
| Geoffrey P. Purtill | ||||||||
| /s/ KATHLEEN P. LENEGHAN | Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) | |||||||
| Kathleen P. Leneghan | ||||||||
| /s/ MICHAEL J. MERRIMAN, JR. | Chair of the Board | |||||||
| Michael J. Merriman, Jr. | ||||||||
| /s/ EDWARD F. CRAWFORD | Director | |||||||
| Edward F. Crawford | ||||||||
| /s/ PETRA DANIELSOHN-WEIL, PhD | Director | |||||||
| Petra Danielsohn-Weil, PhD | ||||||||
| /s/ MARC M. GIBELEY | Director | |||||||
| Marc M. Gibeley | ||||||||
| /s/ CLIFFORD D. NASTAS | Director | |||||||
| Clifford D. Nastas | ||||||||
| /s/ STEVEN H. ROSEN | Director | |||||||
| Steven H. Rosen | ||||||||
| /s/ ARON I. SCHWARTZ | Director | |||||||
| Aron I. Schwartz | ||||||||
| Report of Independent Registered Public Accounting Firm | ||||||||
| Report of Independent Registered Public Accounting Firm | ||||||||
| Valuation of Goodwill | |||||
| Description of the matter | At December 31, 2022, the carrying amount of the Company’s goodwill was $326.3 million. As discussed in the Accounting Policies and Long-Term Assets - Goodwill notes to the consolidated financial statements, goodwill is assessed for impairment at the reporting unit level at least annually or whenever events or changes in circumstances indicate its carrying value may not be recoverable. | ||||
| Auditing management’s goodwill impairment assessment was complex and judgmental due to the significant estimation required to determine the fair value of a reporting unit. In particular, the fair value estimate was sensitive to significant assumptions, such as projected future cash flows of the reporting unit and the weighted average cost of capital used in the valuation process to discount future cash flows, which are affected by expectations about future market or economic conditions and the planned business and operating strategies. | |||||
| How we addressed the matter in our audit | To test the estimated fair value of the reporting unit, our audit procedures included, among others, assessing the valuation methodologies, testing the significant assumptions used to develop the projected financial information, and testing the underlying data used by the Company in its analysis. We compared the projected financial information developed by management to current industry and economic trends as well as to the historical performance of the reporting unit and evaluated the expected impacts of the Company’s operating strategies and initiatives on the significant assumptions. We also performed analyses to evaluate the sensitivity of the fair value of the reporting unit resulting from changes in the significant assumptions. In addition, we evaluated the reasonableness of management’s reconciliation of the fair value of the reporting unit to the market capitalization of the Company. In addition, we involved our internal valuation specialists to assist in our evaluation of the methodologies applied and assumptions used by management. | ||||
| Financial Statements | ||||||||
| Consolidated Statements of Comprehensive Income (Loss) | ||||||||
| Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| Net sales | $ | i 741,733 | $ | i 872,457 | $ | i 850,689 | |||||||||||
| Cost of products sold | i 566,340 | i 633,351 | i 605,437 | ||||||||||||||
| Gross Profit | i 175,393 | i 239,106 | i 245,252 | ||||||||||||||
| Selling, general and administrative expenses | i 226,780 | i 232,242 | i 236,357 | ||||||||||||||
| Gain on sale of business | i — | i — | ( i 9,790) | ||||||||||||||
| Charges related to restructuring activities | i 25,820 | i 2,534 | i 7,358 | ||||||||||||||
| Impairment of goodwill | i — | i 28,564 | i — | ||||||||||||||
| Impairment of intangible assets | i 3,259 | i — | i — | ||||||||||||||
| Operating Income (Loss) | ( i 80,466) | ( i 24,234) | i 11,327 | ||||||||||||||
| Net gain on convertible debt derivatives | ( i 1,510) | i — | i — | ||||||||||||||
| Loss (gain) on debt extinguishment including debt finance charges and fees | ( i 9,419) | ( i 9,422) | i 7,360 | ||||||||||||||
| Interest expense | i 28,520 | i 24,307 | i 28,499 | ||||||||||||||
| Interest income | ( i 56) | ( i 1) | ( i 93) | ||||||||||||||
| Loss Before Income Taxes | ( i 98,001) | ( i 39,118) | ( i 24,439) | ||||||||||||||
| Income tax provision | i 3,070 | i 6,445 | i 3,841 | ||||||||||||||
| Net Loss | $ | ( i 101,071) | $ | ( i 45,563) | $ | ( i 28,280) | |||||||||||
| Net Loss per Share—Basic | $ | ( i 2.77) | $ | ( i 1.31) | $ | ( i 0.83) | |||||||||||
| Weighted Average Shares Outstanding—Basic | i 36,517 | i 34,875 | i 34,266 | ||||||||||||||
| Net Loss per Share—Assuming Dilution | $ | ( i 2.77) | $ | ( i 1.31) | $ | ( i 0.83) | |||||||||||
| Weighted Average Shares Outstanding—Assuming Dilution | i 36,629 | i 35,274 | i 34,375 | ||||||||||||||
| Net Loss | $ | ( i 101,071) | $ | ( i 45,563) | $ | ( i 28,280) | |||||||||||
| Other comprehensive income (loss): | |||||||||||||||||
| Foreign currency translation adjustments | ( i 48,197) | ( i 28,724) | i 43,405 | ||||||||||||||
| Defined benefit plans: | |||||||||||||||||
| Amortization of prior service costs and unrecognized losses | i 6,487 | ( i 427) | ( i 375) | ||||||||||||||
| Deferred tax adjustment resulting from defined benefit plan activity | ( i 197) | ( i 39) | i 55 | ||||||||||||||
| Valuation reserve associated with defined benefit plan activity | i 197 | i 39 | ( i 55) | ||||||||||||||
| Current period gain (loss) on cash flow hedges | ( i 1) | i 815 | ( i 825) | ||||||||||||||
| Deferred tax benefit (expense) related to gain (loss) on cash flow hedges | i — | ( i 112) | i 103 | ||||||||||||||
| Other Comprehensive Income (Loss) | ( i 41,711) | ( i 28,448) | i 42,308 | ||||||||||||||
| Comprehensive Income (Loss) | $ | ( i 142,782) | $ | ( i 74,011) | $ | i 14,028 | |||||||||||
| Financial Statements | ||||||||
| Balance Sheets | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Assets | (In thousands) | ||||||||||
| Current Assets | |||||||||||
| Cash and cash equivalents | $ | i 58,792 | $ | i 83,745 | |||||||
| Trade receivables, net | i 87,952 | i 117,115 | |||||||||
| Installment receivables, net | i 311 | i 218 | |||||||||
| Inventories, net | i 112,561 | i 144,274 | |||||||||
| Other current assets | i 39,702 | i 40,036 | |||||||||
| Total Current Assets | i 299,318 | i 385,388 | |||||||||
| Other Assets | i 5,159 | i 5,362 | |||||||||
| Intangibles | i 21,669 | i 26,356 | |||||||||
| Property and Equipment, net | i 51,533 | i 60,921 | |||||||||
| Finance Lease Assets, net | i 56,272 | i 63,029 | |||||||||
| Operating Lease Assets, net | i 10,737 | i 12,600 | |||||||||
| Goodwill | i 326,281 | i 355,875 | |||||||||
| Total Assets | $ | i 770,969 | $ | i 909,531 | |||||||
| Liabilities and Shareholders' Equity | |||||||||||
| Current Liabilities | |||||||||||
| Accounts payable | $ | i 104,590 | $ | i 130,036 | |||||||
| Accrued expenses | i 106,091 | i 102,971 | |||||||||
| Current taxes payable | i 2,774 | i 3,914 | |||||||||
| Current portion of long-term debt | i 154 | i 3,107 | |||||||||
| Current portion of finance lease obligations | i 3,106 | i 3,009 | |||||||||
| Current portion of operating lease obligations | i 3,420 | i 4,217 | |||||||||
| Total Current Liabilities | i 220,135 | i 247,254 | |||||||||
| Long-Term Debt | i 354,087 | i 305,022 | |||||||||
| Long-Term Obligations - Finance Leases | i 57,994 | i 63,736 | |||||||||
| Long-Term Obligations - Operating Leases | i 7,259 | i 8,234 | |||||||||
| Other Long-Term Obligations | i 50,402 | i 66,796 | |||||||||
| Shareholders' Equity | |||||||||||
Preferred Shares (Authorized i i 300 / shares;
i i none / outstanding) | i — | i — | |||||||||
Common
Shares (Authorized i 150,000 shares; i 42,540 and i 39,416
issued and outstanding at December 31, 2022 and December 31, 2021, respectively)—no par | i 10,812 | i 9,977 | |||||||||
Class B
Common Shares (Authorized i 12,000 shares; i 4 and i 4
issued and outstanding at December 31, 2022 and December 31, 2021, respectively)—no par | i 2 | i 2 | |||||||||
| Additional paid-in-capital | i 281,366 | i 276,665 | |||||||||
| Retained earnings (accumulated deficit) | ( i 78,426) | i 22,645 | |||||||||
| Accumulated other comprehensive income (loss) | ( i 24,723) | i 16,988 | |||||||||
Treasury
Shares ( i 4,536 and i 4,397 shares at December 31, 2022 and December
31, 2021, respectively) | ( i 107,939) | ( i 107,788) | |||||||||
| Total Shareholders' Equity | i 81,092 | i 218,489 | |||||||||
| Total Liabilities and Shareholders' Equity | $ | i 770,969 | $ | i 909,531 | |||||||
| Financial Statements | ||||||||
| Consolidated Statements of Cash Flows | ||||||||
| Years Ended December 31, | |||||||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Operating Activities | (In thousands) | ||||||||||||||||
| Net loss | $ | ( i 101,071) | $ | ( i 45,563) | $ | ( i 28,280) | |||||||||||
| Adjustments to reconcile net earnings to net cash used by operating activities: | |||||||||||||||||
| Gain on sale of business | i — | i — | ( i 9,790) | ||||||||||||||
| Depreciation and amortization | i 15,491 | i 16,821 | i 14,317 | ||||||||||||||
| Amortization operating lease right of use assets | i 4,862 | i 6,273 | i 6,951 | ||||||||||||||
| Provision (benefit) for losses on trade and installment receivables | i 862 | ( i 16) | i 427 | ||||||||||||||
| Benefit for deferred income taxes | ( i 241) | ( i 224) | ( i 2,192) | ||||||||||||||
| Provision for other deferred liabilities | ( i 1,431) | i 160 | i 971 | ||||||||||||||
| Provision for equity compensation | i 2,080 | i 4,323 | i 8,645 | ||||||||||||||
| Loss (gain) on disposals of property and equipment | i 126 | ( i 278) | ( i 1,046) | ||||||||||||||
| Loss (gain) on debt extinguishment including debt finance charges and associated fees | ( i 9,419) | ( i 9,422) | i 7,360 | ||||||||||||||
| Impairment of intangible assets | i 3,259 | i — | i — | ||||||||||||||
| Impairment of goodwill | i — | i 28,564 | i — | ||||||||||||||
| Inventory write-downs and product line exit obligations | i 8,651 | i — | i — | ||||||||||||||
| Amortization of convertible debt discount, term loan original issuance discount and accretion of convertible debt | i 3,891 | i 3,534 | i 11,487 | ||||||||||||||
| Amortization of debt fees | i 2,684 | i 2,236 | i 1,690 | ||||||||||||||
| Net gain on convertible debt derivatives | ( i 1,510) | i — | i — | ||||||||||||||
| Other non-cash | i 573 | i — | i — | ||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Trade receivables | i 23,178 | ( i 11,028) | i 7,692 | ||||||||||||||
| Installment sales contracts, net | i 317 | i 388 | ( i 481) | ||||||||||||||
| Inventories, net | i 17,108 | ( i 33,129) | i 8,955 | ||||||||||||||
| Other current assets | i 3,209 | i 2,755 | ( i 5,313) | ||||||||||||||
| Accounts payable | ( i 19,156) | i 47,101 | ( i 2,359) | ||||||||||||||
| Accrued expenses | ( i 3,970) | ( i 26,868) | i 1,713 | ||||||||||||||
| Other long-term liabilities | ( i 4,744) | i 64 | i 1,170 | ||||||||||||||
| Net Cash Provided (Used) by Operating Activities | ( i 55,251) | ( i 14,309) | i 21,917 | ||||||||||||||
| Investing Activities | |||||||||||||||||
| Purchases of property and equipment | ( i 3,778) | ( i 17,698) | ( i 22,304) | ||||||||||||||
| Proceeds from sale of property and equipment | i 5 | i 33 | i 396 | ||||||||||||||
| Proceeds from sale of business | i — | i — | i 14,563 | ||||||||||||||
| Change in other long-term assets | ( i 7) | ( i 252) | ( i 27) | ||||||||||||||
| Other | ( i 540) | i 115 | ( i 2,175) | ||||||||||||||
| Net Cash Used by Investing Activities | ( i 4,320) | ( i 17,802) | ( i 9,547) | ||||||||||||||
| Financing Activities | |||||||||||||||||
| Proceeds from revolving lines of credit and long-term borrowings | i 110,512 | i 155,033 | i 86,081 | ||||||||||||||
| Repurchases of convertible debt, payments on revolving lines of credit and finance leases | ( i 61,000) | ( i 116,250) | ( i 70,603) | ||||||||||||||
| Payment of financing costs | ( i 11,037) | ( i 5,369) | ( i 1,505) | ||||||||||||||
| Payment of dividends | i — | i — | ( i 414) | ||||||||||||||
| Purchases of capped calls | i — | ( i 18,787) | i — | ||||||||||||||
| Payments to debt holders | i — | i — | ( i 5,593) | ||||||||||||||
| Purchases of treasury shares | ( i 151) | ( i 1,754) | ( i 1,707) | ||||||||||||||
| Net Cash Provided by Financing Activities | i 38,324 | i 12,873 | i 6,259 | ||||||||||||||
| Effect of exchange rate changes on cash | ( i 3,706) | ( i 2,315) | i 6,606 | ||||||||||||||
| Increase (decrease) in cash and cash equivalents | ( i 24,953) | ( i 21,553) | i 25,235 | ||||||||||||||
| Cash and cash equivalents at beginning of year | i 83,745 | i 105,298 | i 80,063 | ||||||||||||||
| Cash and cash equivalents at end of year | $ | i 58,792 | $ | i 83,745 | $ | i 105,298 | |||||||||||
| Financial Statements | ||||||||
| Consolidated Statements of Shareholders' Equity | ||||||||
| (In thousands) | Common Shares | Class B Shares | Additional Paid-in- Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive Income (Loss) | Treasury Shares | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| January 1, 2020 Balance | $ | i 9,588 | $ | i 2 | $ | i 312,650 | $ | i 87,475 | $ | i 3,128 | $ | ( i 104,327) | $ | i 308,516 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance awards | i 91 | — | i 3,222 | — | — | ( i 1,123) | i 2,190 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted share awards | i 137 | — | i 5,195 | — | — | ( i 584) | i 4,748 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( i 28,280) | — | — | ( i 28,280) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | i 43,405 | — | i 43,405 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on cash flow hedges | — | — | — | — | ( i 722) | — | ( i 722) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit plans: Amortization of prior service costs and unrecognized losses and credits | — | — | — | — | ( i 375) | — | ( i 375) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive income | — | — | — | — | — | — | i 14,028 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Exchange of convertible notes | i 5,021 | i 5,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption of credit loss standard | ( i 243) | ( i 243) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dividends | — | — | — | ( i 414) | — | — | ( i 414) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2020 Balance | i 9,816 | i 2 | i 326,088 | i 58,538 | i 45,436 | ( i 106,034) | i 333,846 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance awards | i 52 | — | ( i 1,179) | — | — | ( i 668) | ( i 1,795) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted share awards | i 109 | — | i 5,341 | — | — | ( i 1,086) | i 4,364 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( i 45,563) | — | — | ( i 45,563) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | ( i 28,724) | — | ( i 28,724) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized gain on cash flow hedges | — | — | — | — | i 703 | — | i 703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit plans: Amortization of prior service costs and unrecognized losses and credits | — | — | — | — | ( i 427) | — | ( i 427) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive loss | — | — | — | — | — | — | ( i 74,011) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adoption of ASU 2020-06 | ( i 34,798) | i 9,670 | ( i 25,128) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase of capped calls | ( i 18,787) | ( i 18,787) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2021 Balance | i 9,977 | i 2 | i 276,665 | i 22,645 | i 16,988 | ( i 107,788) | i 218,489 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performance awards | i — | — | ( i 844) | — | — | i — | ( i 844) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restricted share awards | i 160 | — | i 2,764 | — | — | ( i 151) | i 2,773 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net loss | — | — | — | ( i 101,071) | — | — | ( i 101,071) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency translation adjustments | — | — | — | — | ( i 48,197) | — | ( i 48,197) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unrealized loss on cash flow hedges | — | — | — | — | ( i 1) | — | ( i 1) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Defined benefit plans: Amortization of prior service costs and unrecognized losses and credits | — | — | — | — | i 6,487 | — | i 6,487 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total comprehensive loss | — | — | — | — | — | — | ( i 142,782) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common shares | i 675 | — | i 2,781 | — | — | — | i 3,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 Balance | i 10,812 | i 2 | i 281,366 | ( i 78,426) | ( i 24,723) | ( i 107,939) | i 81,092 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Accounting Policies | ||||||||
| Notes to Financial Statements | ||||||||
| Accounting Policies | ||||||||
| Notes to Financial Statements | ||||||||
| Accounting Policies | ||||||||
| Notes to Financial Statements | ||||||||
| Accounting Policies | ||||||||
| Notes to Financial Statements | ||||||||
| Accounting Policies | ||||||||
| Notes to Financial Statements | ||||||||
| Divested Businesses | ||||||||
| March 7, 2020 | |||||||||||
| Trade receivables, net | $ | i 4,129 | |||||||||
| Inventories, net | i 3,082 | ||||||||||
| Other assets | i 855 | ||||||||||
| Property and equipment, net | i 600 | ||||||||||
| Operating lease assets, net | i 2,127 | ||||||||||
| Total assets | $ | i 10,793 | |||||||||
| Accounts payable | $ | i 4,692 | |||||||||
| Accrued expenses | i 2,473 | ||||||||||
| Current taxes payable | i 41 | ||||||||||
| Current portion of operating lease obligations | i 366 | ||||||||||
| Long-term obligations | i 1,019 | ||||||||||
| Total liabilities | $ | i 8,591 | |||||||||
| Notes to Financial Statements | ||||||||
| Divested Businesses | ||||||||
| Notes to Financial Statements | ||||||||
| Current Assets | ||||||||
| 2022 | 2021 | ||||||||||
| Accounts receivable, gross | $ | i 112,659 | $ | i 142,806 | |||||||
| Customer rebate reserve | ( i 11,569) | ( i 12,267) | |||||||||
| Allowance for doubtful accounts | ( i 3,279) | ( i 3,642) | |||||||||
| Cash discount reserves | ( i 8,756) | ( i 9,179) | |||||||||
| Other, principally returns and allowances reserves | ( i 1,103) | ( i 603) | |||||||||
| Accounts receivable, net | $ | i 87,952 | $ | i 117,115 | |||||||
| Notes to Financial Statements | ||||||||
| Current Assets | ||||||||
| 2022 | |||||
Balance
as of beginning of period | $ | i 3,642 | |||
| Current period provision | i 862 | ||||
| Recoveries (direct write-offs), net | ( i 1,225) | ||||
| Balance as of end of period | $ | i 3,279 | |||
| Notes to Financial Statements | ||||||||
| Current Assets | ||||||||
| 2022 | 2021 | ||||||||||||||||||||||||||||||||||
| Current | Long- Term | Total | Current | Long- Term | Total | ||||||||||||||||||||||||||||||
| Installment receivables | $ | i 311 | $ | i 266 | $ | i 577 | $ | i 218 | $ | i 734 | $ | i 952 | |||||||||||||||||||||||
| Less: Unearned interest | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
| i 311 | i 266 | i 577 | i 218 | i 734 | i 952 | ||||||||||||||||||||||||||||||
| Allowance for doubtful accounts | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
| Installment receivables, net | $ | i 311 | $ | i 266 | $ | i 577 | $ | i 218 | $ | i 734 | $ | i 952 | |||||||||||||||||||||||
| 2022 | 2021 | ||||||||||
| Balance as of beginning of period | $ | i — | $ | i 487 | |||||||
| Current period provision (benefit) | i — | ( i 75) | |||||||||
| Direct write-offs charged against the allowance | i — | ( i 412) | |||||||||
| Balance as of end of period | $ | i — | $ | i — | |||||||
| Total Installment Receivables | Unpaid Principal Balance | Related Allowance for Doubtful Accounts | Interest Income Recognized | ||||||||||||||||||||
| Asia Pacific | |||||||||||||||||||||||
| Non-impaired installment receivables with no related allowance recorded | i 577 | i 577 | — | i — | |||||||||||||||||||
| Total | |||||||||||||||||||||||
| Non-impaired installment receivables with no related allowance recorded | i 577 | i 577 | — | i — | |||||||||||||||||||
| Impaired installment receivables with a related allowance recorded | i — | i — | i — | i — | |||||||||||||||||||
| Total installment receivables | $ | i 577 | $ | i 577 | $ | i — | $ | i — | |||||||||||||||
| Notes to Financial Statements | ||||||||
| Current Assets | ||||||||
| Total Installment Receivables | Unpaid Principal Balance | Related Allowance for Doubtful Accounts | Interest Income Recognized | ||||||||||||||||||||
| Asia Pacific | |||||||||||||||||||||||
| Non-impaired installment receivables with no related allowance recorded | i 952 | i 952 | — | — | |||||||||||||||||||
| Total | |||||||||||||||||||||||
| Non-impaired installment receivables with no related allowance recorded | i 952 | i 952 | — | i — | |||||||||||||||||||
| Impaired installment receivables with a related allowance recorded | i — | i — | i — | i — | |||||||||||||||||||
| Total installment receivables | $ | i 952 | $ | i 952 | $ | i — | $ | i — | |||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
| Total | U.S. | Asia Pacific | Total | U.S. | Canada | ||||||||||||||||||||||||||||||
| Current | $ | i 533 | $ | i — | $ | i 533 | $ | i 952 | $ | i — | $ | i 952 | |||||||||||||||||||||||
| 0-30 days past due | i 44 | i — | i 44 | i — | i — | i — | |||||||||||||||||||||||||||||
| 31-60 days past due | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
| 61-90 days past due | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
| 90+ days past due | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
| $ | i 577 | $ | i — | $ | i 577 | $ | i 952 | $ | i — | $ | i 952 | ||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Current Assets | ||||||||
| 2022 | 2021 | ||||||||||
| Raw materials | $ | i 57,174 | $ | i 69,371 | |||||||
| Finished goods | i 45,476 | i 62,124 | |||||||||
| Work in process | i 9,911 | i 12,779 | |||||||||
| Inventories, net | $ | i 112,561 | $ | i 144,274 | |||||||
| 2022 | 2021 | ||||||||||
| Tax receivables principally value added taxes | $ | i 22,946 | $ | i 21,943 | |||||||
| Prepaid insurance | i 1,223 | i 4,462 | |||||||||
| Prepaid inventory and freight | i 3,077 | i 2,394 | |||||||||
| Recoverable income taxes | i 1,990 | i 2,301 | |||||||||
| Service contracts | i 1,366 | i 304 | |||||||||
| Derivatives (foreign currency forward contracts) | i 1,117 | i 386 | |||||||||
| Receivable due from information technology provider | i 934 | i 612 | |||||||||
| Prepaid debt fees | i 339 | i 379 | |||||||||
| Prepaid and other current assets | i 6,710 | i 7,255 | |||||||||
| Other Current Assets | $ | i 39,702 | $ | i 40,036 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Assets | ||||||||
| 2022 | 2021 | ||||||||||
| Cash surrender value of life insurance policies | i 2,686 | i 2,481 | |||||||||
| Deferred income taxes | i 1,102 | i 1,540 | |||||||||
| Deferred financing fees | i 733 | i 409 | |||||||||
| Installment receivables | i 266 | i 734 | |||||||||
| Investments | i 85 | i 86 | |||||||||
| Other | i 287 | i 112 | |||||||||
| Other Long-Term Assets | $ | i 5,159 | $ | i 5,362 | |||||||
| 2022 | 2021 | ||||||||||
| Machinery and equipment | $ | i 269,835 | $ | i 278,347 | |||||||
| Capitalized software | i 30,923 | i 30,448 | |||||||||
| Land, buildings and improvements | i 25,095 | i 27,299 | |||||||||
| Furniture and fixtures | i 8,053 | i 8,943 | |||||||||
| Leasehold improvements | i 4,802 | i 6,782 | |||||||||
| Property and Equipment, gross | i 338,708 | i 351,819 | |||||||||
| Accumulated depreciation | ( i 287,175) | ( i 290,898) | |||||||||
| Property and Equipment, net | $ | i 51,533 | $ | i 60,921 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Assets | ||||||||
| North America | Europe | Consolidated | |||||||||||||||
| Balance at December 31, 2020 | $ | i 28,485 | $ | i 373,976 | $ | i 402,461 | |||||||||||
| Foreign currency translation adjustments | i 79 | ( i 18,101) | ( i 18,022) | ||||||||||||||
| Impairment of goodwill | ( i 28,564) | — | ( i 28,564) | ||||||||||||||
| Balance at December 31, 2021 | i — | i 355,875 | i 355,875 | ||||||||||||||
| Foreign currency translation adjustments | i — | ( i 29,594) | ( i 29,594) | ||||||||||||||
| Balance at December 31, 2022 | $ | i — | $ | i 326,281 | $ | i 326,281 | |||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Assets | ||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Assets | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Historical Cost | Accumulated Amortization | Historical Cost | Accumulated Amortization | ||||||||||||||||||||
| Customer lists | $ | i 48,515 | $ | i 48,515 | $ | i 52,447 | $ | i 52,447 | |||||||||||||||
| Trademarks | i 18,867 | — | i 24,137 | — | |||||||||||||||||||
| Developed technology | i 7,154 | i 6,859 | i 7,652 | i 7,149 | |||||||||||||||||||
| Patents | i 4,092 | i 4,092 | i 5,543 | i 5,543 | |||||||||||||||||||
| License agreements | i 3,981 | i 1,480 | i 2,905 | i 1,196 | |||||||||||||||||||
| Other | i 1,148 | i 1,142 | i 1,147 | i 1,140 | |||||||||||||||||||
| Intangibles | $ | i 83,757 | $ | i 62,088 | $ | i 93,831 | $ | i 67,475 | |||||||||||||||
| Notes to Financial Statements | ||||||||
| Current Liabilities | ||||||||
| 2022 | 2021 | ||||||||||
| Taxes other than income taxes, primarily value added taxes | $ | i 27,106 | $ | i 24,012 | |||||||
| Salaries and wages | i 19,307 | i 23,217 | |||||||||
| Professional | i 11,267 | i 8,697 | |||||||||
| Warranty | i 7,981 | i 11,198 | |||||||||
| Interest | i 6,900 | i 3,297 | |||||||||
| IT service contracts | i 5,581 | i 4,013 | |||||||||
| Rebates | i 4,923 | i 6,569 | |||||||||
| Freight | i 4,542 | i 5,460 | |||||||||
| Product line exit obligations | i 3,743 | i — | |||||||||
| Severance | i 3,472 | i 400 | |||||||||
| Deferred revenue | i 2,279 | i 4,156 | |||||||||
| Product liability, current portion | i 2,125 | i 2,362 | |||||||||
| Insurance | i 951 | i 625 | |||||||||
| Supplemental Executive Retirement Program liability Plan (SERP) | i 391 | i 391 | |||||||||
| Derivatives (foreign currency forward exchange contracts) | i 137 | i 1,938 | |||||||||
| Other items, principally trade accruals | i 5,386 | i 6,636 | |||||||||
| Accrued Expenses | $ | i 106,091 | $ | i 102,971 | |||||||
| Notes to Financial Statements | ||||||||
| Current Liabilities | ||||||||
| 2022 | 2021 | ||||||||||
| Balance as of January 1 | $ | i 11,198 | $ | i 10,991 | |||||||
| Warranties provided during the period | i 2,202 | i 6,361 | |||||||||
| Settlements made during the period | ( i 5,577) | ( i 6,718) | |||||||||
| Changes in liability for pre-existing warranties during the period, including expirations | i 158 | i 564 | |||||||||
| Balance as of December 31 | $ | i 7,981 | $ | i 11,198 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| 2022 | 2021 | ||||||||||
| Convertible senior notes at 4.50%, due in June 2022 | $ | i — | $ | i 2,642 | |||||||
| Convertible senior notes Series I at 5.00%, due in November 2024 | i 72,408 | i 72,140 | |||||||||
| Convertible senior notes Series II at 5.00%, due in November 2024 | i 76,719 | i 78,251 | |||||||||
| Convertible senior notes at 4.25%, due in March 2026 | i 67,665 | i 119,036 | |||||||||
| Secured convertible senior notes at 5.68%, due in July 2026 | i 37,240 | i — | |||||||||
| Term loan, due in July 2026 | i 82,808 | i — | |||||||||
| Other obligations | i 17,401 | i 36,060 | |||||||||
| i 354,241 | i 308,129 | ||||||||||
| Less current maturities of long-term debt | ( i 154) | ( i 3,107) | |||||||||
| Long-Term Debt | $ | i 354,087 | $ | i 305,022 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Principal amount of liability component | $ | i — | $ | i 2,650 | |||||||
| Debt fees | i — | ( i 8) | |||||||||
| Net carrying amount of liability component | $ | i — | $ | i 2,642 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | December 31, 2021 | |||||||||||||||||||
| Principal amount of liability component | $ | i 72,909 | $ | i 72,909 | ||||||||||||||||
| Debt fees | ( i 501) | ( i 769) | ||||||||||||||||||
| Net carrying amount of liability component | $ | i 72,408 | $ | i 72,140 | ||||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Principal amount of liability component - including accretion | $ | i 77,309 | $ | i 79,222 | |||||||||||||||||||
| Debt fees | ( i 590) | ( i 971) | |||||||||||||||||||||
| Net carrying amount of liability component | $ | i 76,719 | $ | i 78,251 | |||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Principal amount of liability component | $ | i 69,700 | $ | i 125,000 | |||||||||||||||||||
| Debt fees | ( i 2,035) | ( i 5,964) | |||||||||||||||||||||
| Net carrying amount of liability component | $ | i 67,665 | $ | i 119,036 | |||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | |||||||||||||||||
| Principal amount of liability component | $ | i 41,475 | |||||||||||||||
| Unamortized discount | ( i 1,447) | ||||||||||||||||
| Debt fees | ( i 2,788) | ||||||||||||||||
| Net carrying amount of liability component | $ | i 37,240 | |||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| December 31, 2022 | |||||||||||||||||
| Principal amount of liability component | $ | i 90,500 | |||||||||||||||
| Unamortized original issuance discount | ( i 1,846) | ||||||||||||||||
| Debt fees | ( i 5,846) | ||||||||||||||||
| Net carrying amount of liability component | $ | i 82,808 | |||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| 2022 | 2021 | ||||||||||
| Deferred income taxes | $ | i 18,771 | $ | i 21,664 | |||||||
| Product liability | i 10,438 | i 11,342 | |||||||||
| Deferred compensation | i 4,970 | i 6,174 | |||||||||
| Deferred gain on sale leaseback | i 4,834 | i 5,174 | |||||||||
| Supplemental Executive Retirement Plan liability | i 4,383 | i 5,106 | |||||||||
| Uncertain tax obligation including interest | i 2,891 | i 3,171 | |||||||||
| Death benefit obligation plan | i 2,533 | i 4,568 | |||||||||
| Pension | i 1,019 | i 7,814 | |||||||||
| Secured Convertible 2026 debt conversion liability | i 85 | i — | |||||||||
| Other | i 478 | i 1,783 | |||||||||
| Other Long-Term Obligations | $ | i 50,402 | $ | i 66,796 | |||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| 2022 | 2021 | 2020 | ||||||||||||||||||
| Operating leases | $ | i 5,712 | $ | i 7,394 | $ | i 8,138 | ||||||||||||||
| Variable and short-term leases | i 2,549 | i 3,541 | i 3,968 | |||||||||||||||||
| Total operating leases | $ | i 8,261 | $ | i 10,935 | $ | i 12,106 | ||||||||||||||
| Finance lease interest cost | $ | i 4,256 | $ | i 4,601 | $ | i 2,544 | ||||||||||||||
| Finance lease depreciation | i 4,246 | i 4,996 | i 3,479 | |||||||||||||||||
| Total finance leases | $ | i 8,502 | $ | i 9,597 | $ | i 6,023 | ||||||||||||||
| Notes to Financial Statements | ||||||||
| Long-Term Liabilities | ||||||||
| Finance Leases | Operating Leases | ||||||||||
| 2023 | $ | i 6,828 | $ | i 4,181 | |||||||
| 2024 | i 6,764 | i 3,085 | |||||||||
| 2025 | i 6,667 | i 2,482 | |||||||||
| 2026 | i 6,554 | i 1,303 | |||||||||
| 2027 | i 6,441 | i 395 | |||||||||
| Thereafter | i 62,531 | i 1,341 | |||||||||
| Total future minimum lease payments | i 95,785 | i 12,787 | |||||||||
| Amounts representing interest | ( i 34,685) | ( i 2,108) | |||||||||
| Present value of minimum lease payments | i 61,100 | i 10,679 | |||||||||
| Less: current maturities of lease obligations | ( i 3,106) | ( i 3,420) | |||||||||
| Long-term lease obligations | $ | i 57,994 | $ | i 7,259 | |||||||
| Cash Activity: Cash paid in measurement of amounts for lease liabilities | December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||||
| Operating leases | $ | i 7,618 | $ | i 11,089 | $ | i 12,527 | ||||||||||||||
| Finance leases | i 7,260 | i 8,166 | i 5,316 | |||||||||||||||||
| Total | $ | i 14,878 | $ | i 19,255 | $ | i 17,843 | ||||||||||||||
| Non-Cash Activity: Right-of-use assets obtained in exchange for lease obligations | December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||||
| Operating leases | $ | i 4,652 | $ | i 7,491 | $ | i 6,155 | ||||||||||||||
| Finance leases | i 969 | i 6,572 | i 40,078 | |||||||||||||||||
| Total | $ | i 5,621 | $ | i 14,063 | $ | i 46,233 | ||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||
| Weighted-average remaining lease term - finance leases | i 14.8 years | i 15.8 years | |||||||||
| Weighted-average remaining lease term - operating leases | i 4.6 years | i 5.0 years | |||||||||
| Weighted-average discount rate - finance leases | i 3.74% | i 6.43% | |||||||||
| Weighted-average discount rate - operating leases | i 9.36% | i 7.1% | |||||||||
| Notes to Financial Statements | ||||||||
| Retirement and Benefit Plans | ||||||||
| Notes to Financial Statements | ||||||||
| Revenue | ||||||||
| 2022 | ||||||||||||||||||||
| Products | Service | Total | ||||||||||||||||||
| Europe | $ | i 422,440 | $ | i 11,932 | $ | i 434,372 | ||||||||||||||
| N.A. | i 275,508 | i 1,383 | i 276,891 | |||||||||||||||||
| All Other | i 25,592 | i 4,878 | i 30,470 | |||||||||||||||||
| Total | $ | i 723,540 | $ | i 18,193 | $ | i 741,733 | ||||||||||||||
| % Split | i 98% | i 2% | i 100% | |||||||||||||||||
| 2021 | ||||||||||||||||||||
| Products | Service | Total | ||||||||||||||||||
| Europe | $ | i 486,190 | $ | i 12,928 | $ | i 499,118 | ||||||||||||||
| N.A. | i 340,269 | i 711 | i 340,980 | |||||||||||||||||
| All Other | i 27,221 | i 5,138 | i 32,359 | |||||||||||||||||
| Total | $ | i 853,680 | $ | i 18,777 | $ | i 872,457 | ||||||||||||||
| % Split | i 98% | i 2% | i 100% | |||||||||||||||||
| Notes to Financial Statements | ||||||||
| Equity Compensation | ||||||||
| Notes to Financial Statements | ||||||||
| Equity Compensation | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Restricted stock / units | i 2,924 | i 5,450 | i 5,332 | ||||||||||||||
| Performance shares / units | ( i 844) | ( i 1,127) | i 3,313 | ||||||||||||||
| Total stock-based compensation expense | $ | i 2,080 | $ | i 4,323 | $ | i 8,645 | |||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Restricted stock and restricted stock units | i 2,146 | i 6,866 | i 7,489 | ||||||||||||||
| Performance shares and performance share units | i 75 | i 1,746 | i 7,260 | ||||||||||||||
| Total unrecognized stock-based compensation expense | $ | i 2,221 | $ | i 8,612 | $ | i 14,749 | |||||||||||
| 2022 | Weighted Average Exercise Price | 2021 | Weighted Average Exercise Price | 2020 | Weighted Average Exercise Price | ||||||||||||||||||||||||||||||
| Options outstanding at January 1 | i 750,159 | $ | i 12.69 | i 1,081,804 | $ | i 16.07 | i 1,441,202 | $ | i 18.26 | ||||||||||||||||||||||||||
| Forfeited | ( i 560,470) | i 12.44 | ( i 331,645) | i 23.71 | ( i 359,398) | i 24.84 | |||||||||||||||||||||||||||||
| Options outstanding at December 31 | i 189,689 | $ | i 13.43 | i 750,159 | $ | i 12.69 | i 1,081,804 | $ | i 16.07 | ||||||||||||||||||||||||||
| Options exercise price range at December 31 | $ | i 12.15 | $ i 12.15 | $ i 12.15 | |||||||||||||||||||||||||||||||
| to | to | to | |||||||||||||||||||||||||||||||||
| $ | i 14.49 | $ | i 17.47 | $ | i 33.36 | ||||||||||||||||||||||||||||||
| Options exercisable at December 31 | i 189,689 | i 750,159 | i 1,081,804 | ||||||||||||||||||||||||||||||||
| Shares available for grant at December 31* | i 5,285,644 | i 3,475,496 | i 3,540,534 | ||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Equity Compensation | ||||||||
| Options Outstanding | Options Exercisable | ||||||||||||||||||||||||||||
| Exercise Prices | Number Outstanding At 12/31/22 | Weighted Average Remaining Contractual Life (Years) | Weighted Average Exercise Price | Number Exercisable At 12/31/22 | Weighted Average Exercise Price | ||||||||||||||||||||||||
$ i 12.15
– $ i 20.00 | i 189,689 | i 2.0 | $ | i 13.43 | i 189,689 | $ | i 13.43 | ||||||||||||||||||||||
| 2022 | Weighted Average Fair Value | 2021 | Weighted Average Fair Value | 2020 | Weighted Average Fair Value | |||||||||||||||||||||
| Stock / Units unvested at January 1 | i 1,160,847 | $ | i 8.17 | i 1,145,058 | $ | i 8.62 | i 965,085 | $ | i 11.32 | |||||||||||||||||
| Granted | i 1,341,019 | i 1.22 | i 652,743 | i 8.42 | i 764,012 | i 7.11 | ||||||||||||||||||||
| Vested | ( i 803,550) | i 5.94 | ( i 558,424) | i 9.33 | ( i 475,113) | i 11.39 | ||||||||||||||||||||
| Forfeited | ( i 636,449) | i 4.40 | ( i 78,530) | i 8.44 | ( i 108,926) | i 9.90 | ||||||||||||||||||||
| Stock / Units unvested at December 31 | i 1,061,867 | $ | i 2.75 | i 1,160,847 | $ | i 8.17 | i 1,145,058 | $ | i 8.62 | |||||||||||||||||
| 2022 | Weighted Average Fair Value | 2021 | Weighted Average Fair Value | 2020 | Weighted Average Fair Value | ||||||||||||||||||||||||||||||
| Shares / Units unvested at January 1 | i 972,288 | $ | i 7.76 | i 1,026,785 | $ | i 8.55 | i 753,272 | $ | i 11.82 | ||||||||||||||||||||||||||
| Granted | i 460,187 | i 1.48 | i 471,819 | i 8.49 | i 523,329 | i 7.82 | |||||||||||||||||||||||||||||
| Vested | i — | i — | i — | i — | ( i 183,840) | i 17.48 | |||||||||||||||||||||||||||||
| Forfeited | ( i 1,114,404) | i 5.92 | ( i 526,316) | i 9.25 | ( i 65,976) | i 9.48 | |||||||||||||||||||||||||||||
| Shares / Units unvested at December 31 | i 318,071 | $ | i 5.15 | i 972,288 | $ | i 7.76 | i 1,026,785 | $ | i 8.55 | ||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Equity Compensation | ||||||||
| Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | ||||||||||||||||||||||||||||
| December 31, 2021 | $ | i 18,961 | $ | i 2,127 | $ | ( i 4,101) | $ | i 1 | $ | i 16,988 | ||||||||||||||||||||||
| OCI before reclassifications | ( i 42,840) | ( i 5,357) | i 6,953 | i 3,483 | ( i 37,761) | |||||||||||||||||||||||||||
| Amount reclassified from accumulated OCI | i — | i — | ( i 466) | ( i 3,484) | ( i 3,950) | |||||||||||||||||||||||||||
| Net current-period OCI | ( i 42,840) | ( i 5,357) | i 6,487 | ( i 1) | ( i 41,711) | |||||||||||||||||||||||||||
| December 31, 2022 | $ | ( i 23,879) | $ | ( i 3,230) | $ | i 2,386 | $ | i — | $ | ( i 24,723) | ||||||||||||||||||||||
| Foreign Currency | Long-Term Notes | Defined Benefit Plans | Derivatives | Total | ||||||||||||||||||||||||||||
| December 31, 2020 | $ | i 50,329 | $ | ( i 517) | $ | ( i 3,674) | $ | ( i 702) | $ | i 45,436 | ||||||||||||||||||||||
| OCI before reclassifications | ( i 31,368) | i 2,644 | ( i 457) | ( i 557) | ( i 29,738) | |||||||||||||||||||||||||||
| Amount reclassified from accumulated OCI | i — | i — | i 30 | i 1,260 | i 1,290 | |||||||||||||||||||||||||||
| Net current-period OCI | ( i 31,368) | i 2,644 | ( i 427) | i 703 | ( i 28,448) | |||||||||||||||||||||||||||
| December 31, 2021 | $ | i 18,961 | $ | i 2,127 | $ | ( i 4,101) | $ | i 1 | $ | i 16,988 | ||||||||||||||||||||||
| Amount reclassified from OCI | Affected line item in the Statement of Comprehensive (Income) Loss | |||||||||||||||||||
| 2022 | 2021 | |||||||||||||||||||
| Defined Benefit Plans: | ||||||||||||||||||||
| Service and interest costs | $ | ( i 466) | $ | i 30 | Selling, general and administrative | |||||||||||||||
| Tax | i — | i — | Income taxes | |||||||||||||||||
| Total after tax | $ | ( i 466) | $ | i 30 | ||||||||||||||||
| Derivatives: | ||||||||||||||||||||
| Foreign currency forward contracts hedging sales | $ | ( i 137) | $ | i 1,058 | Net sales | |||||||||||||||
| Foreign currency forward contracts hedging purchases | ( i 3,610) | i 428 | Cost of products sold | |||||||||||||||||
| Total loss (income) before tax | ( i 3,747) | i 1,486 | ||||||||||||||||||
| Tax | i 263 | ( i 226) | Income taxes | |||||||||||||||||
| Total after tax | $ | ( i 3,484) | $ | i 1,260 | ||||||||||||||||
| Notes to Financial Statements | ||||||||
| Capital Stock | ||||||||
| Common Stock Shares | Class B Shares | Treasury Shares | |||||||||||||||
| December 31, 2020 Balance | i 38,613 | i 4 | ( i 4,184) | ||||||||||||||
| Restricted and performance stock awards | i 803 | i — | ( i 213) | ||||||||||||||
| December 31, 2021 Balance | i 39,416 | i 4 | ( i 4,397) | ||||||||||||||
| Restricted and performance stock awards | i 424 | i — | ( i 139) | ||||||||||||||
| Issuance of common shares | i 2,700 | — | — | ||||||||||||||
| December 31, 2022 Balance | i 42,540 | i 4 | ( i 4,536) | ||||||||||||||
| Notes to Financial Statements | ||||||||
| Charges Related to Restructuring | ||||||||
| Severance | Other | Total | |||||||||||||||||||||||||||
| January 1, 2020 Balance | |||||||||||||||||||||||||||||
| North America | i 211 | i — | i 211 | ||||||||||||||||||||||||||
| Europe | i 6,406 | i 4 | i 6,410 | ||||||||||||||||||||||||||
| All Other | i 406 | i — | i 406 | ||||||||||||||||||||||||||
| Total | i 7,023 | i 4 | i 7,027 | ||||||||||||||||||||||||||
| Charges | |||||||||||||||||||||||||||||
| North America | i 1,306 | i — | i 1,306 | ||||||||||||||||||||||||||
| Europe | i 5,588 | i 346 | i 5,934 | ||||||||||||||||||||||||||
| All Other | i 118 | i — | i 118 | ||||||||||||||||||||||||||
| Total | i 7,012 | i 346 | i 7,358 | ||||||||||||||||||||||||||
| Payments | |||||||||||||||||||||||||||||
| North America | ( i 1,338) | i — | ( i 1,338) | ||||||||||||||||||||||||||
| Europe | ( i 6,090) | ( i 346) | ( i 6,436) | ||||||||||||||||||||||||||
| All Other | ( i 358) | i — | ( i 358) | ||||||||||||||||||||||||||
| Total | ( i 7,786) | ( i 346) | ( i 8,132) | ||||||||||||||||||||||||||
| December 31, 2020 Balance | |||||||||||||||||||||||||||||
| North America | i 179 | i — | i 179 | ||||||||||||||||||||||||||
| Europe | i 5,904 | i 4 | i 5,908 | ||||||||||||||||||||||||||
| All Other | i 166 | i — | i 166 | ||||||||||||||||||||||||||
| Total | i 6,249 | i 4 | i 6,253 | ||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Charges Related to Restructuring | ||||||||
| Severance | Other | Total | |||||||||||||||||||||||||||
| Charges | |||||||||||||||||||||||||||||
| North America | i 964 | i — | i 964 | ||||||||||||||||||||||||||
| Europe | i 886 | i 674 | i 1,560 | ||||||||||||||||||||||||||
| All Other | i 10 | i — | i 10 | ||||||||||||||||||||||||||
| Total | i 1,860 | i 674 | i 2,534 | ||||||||||||||||||||||||||
| Payments | |||||||||||||||||||||||||||||
| North America | ( i 661) | i — | ( i 661) | ||||||||||||||||||||||||||
| Europe | ( i 6,790) | ( i 678) | ( i 7,468) | ||||||||||||||||||||||||||
| All Other | ( i 176) | i — | ( i 176) | ||||||||||||||||||||||||||
| Total | ( i 7,627) | ( i 678) | ( i 8,305) | ||||||||||||||||||||||||||
| December 31, 2021 Balance | |||||||||||||||||||||||||||||
| North America | i 482 | i — | i 482 | ||||||||||||||||||||||||||
| Total | $ | i 482 | $ | i — | $ | i 482 | |||||||||||||||||||||||
| Charges | |||||||||||||||||||||||||||||
| North America | i 2,472 | i 8,174 | i 10,646 | ||||||||||||||||||||||||||
| Europe | i 5,359 | i 8,559 | i 13,918 | ||||||||||||||||||||||||||
| All Other | i 1,256 | i — | i 1,256 | ||||||||||||||||||||||||||
| Total | $ | i 9,087 | $ | i 16,733 | $ | i 25,820 | |||||||||||||||||||||||
| Payments | |||||||||||||||||||||||||||||
| North America | ( i 1,987) | ( i 5,148) | ( i 7,135) | ||||||||||||||||||||||||||
| Europe | ( i 4,045) | ( i 7,066) | ( i 11,111) | ||||||||||||||||||||||||||
| All Other | ( i 65) | i — | ( i 65) | ||||||||||||||||||||||||||
| Total | $ | ( i 6,097) | $ | ( i 12,214) | $ | ( i 18,311) | |||||||||||||||||||||||
| December 31, 2022 Balance | |||||||||||||||||||||||||||||
| North America | i 967 | i 3,026 | i 3,993 | ||||||||||||||||||||||||||
| Europe | i 1,314 | i 1,493 | i 2,807 | ||||||||||||||||||||||||||
| All Other | i 1,191 | i — | i 1,191 | ||||||||||||||||||||||||||
| Total | $ | i 3,472 | $ | i 4,519 | $ | i 7,991 | |||||||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Income Taxes | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Domestic | $ | ( i 95,070) | $ | ( i 53,916) | $ | ( i 42,213) | |||||||||||
| Foreign | ( i 2,931) | i 14,798 | i 17,774 | ||||||||||||||
| $ | ( i 98,001) | $ | ( i 39,118) | $ | ( i 24,439) | ||||||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Current: | |||||||||||||||||
| Federal | $ | i 362 | $ | i 85 | $ | i 45 | |||||||||||
| State | ( i 105) | ( i 12) | ( i 180) | ||||||||||||||
| Foreign | i 3,054 | i 6,596 | i 6,168 | ||||||||||||||
| i 3,311 | i 6,669 | i 6,033 | |||||||||||||||
| Deferred: | |||||||||||||||||
| Federal | i — | ( i 662) | ( i 26) | ||||||||||||||
| State | i — | i — | i — | ||||||||||||||
| Foreign | ( i 241) | i 438 | ( i 2,166) | ||||||||||||||
| ( i 241) | ( i 224) | ( i 2,192) | |||||||||||||||
| Income Taxes | $ | i 3,070 | $ | i 6,445 | $ | i 3,841 | |||||||||||
| Notes to Financial Statements | ||||||||
| Income Taxes | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Statutory federal income tax rate (benefit) | ( i 21.0) | % | ( i 21.0) | % | ( i 21.0) | % | |||||||||||
| State and local income taxes, net of federal income tax benefit | ( i 0.1) | i — | ( i 0.6) | ||||||||||||||
Non-taxable
disposition of subsidiaries | i — | i — | ( i 11.2) | ||||||||||||||
| Expiring foreign tax credits | i 0.2 | i 1.7 | i 16.5 | ||||||||||||||
| Foreign taxes at other than the federal statutory rate | i 1.0 | i 3.9 | i 8.8 | ||||||||||||||
| Federal and foreign valuation allowances | i 21.3 | i 20.4 | ( i 4.3) | ||||||||||||||
| Withholding taxes | i — | i 0.1 | i 0.1 | ||||||||||||||
| Unremitted earnings | i — | i — | ( i 4.0) | ||||||||||||||
| Debt repurchase | i — | i — | i 3.2 | ||||||||||||||
| Foreign branch activity | i 1.0 | i 4.0 | i 19.3 | ||||||||||||||
| Uncertain tax positions | i — | i 0.6 | i 2.9 | ||||||||||||||
| Nontaxable loan forgiveness | i — | ( i 5.4) | i — | ||||||||||||||
Foreign
goodwill write-off | i — | i 9.0 | i — | ||||||||||||||
| Other, net | i 0.7 | i 3.2 | i 6.0 | ||||||||||||||
| Effective federal income tax rate | i 3.1 | % | i 16.5 | % | i 15.7 | % | |||||||||||
| Notes to Financial Statements | ||||||||
| Income Taxes | ||||||||
| 2022 | 2021 | ||||||||||
| Bad debt | $ | i 483 | $ | i 387 | |||||||
| Warranty | i 1,011 | i 1,426 | |||||||||
| Other accrued expenses and reserves | i 398 | i 484 | |||||||||
| Inventory | i 4,625 | i 3,624 | |||||||||
| Goodwill and intangibles | ( i 17,556) | ( i 19,910) | |||||||||
| Convertible debt | i 3,327 | i 5,193 | |||||||||
| Fixed assets | ( i 22,494) | ( i 24,026) | |||||||||
| Compensation and benefits | i 3,432 | i 4,271 | |||||||||
| Loss and credit carryforwards | i 149,853 | i 127,397 | |||||||||
| Product liability | i 870 | i 1,596 | |||||||||
| State and local taxes | i 37,584 | i 34,794 | |||||||||
| Valuation allowances | ( i 198,797) | ( i 176,230) | |||||||||
| Lease liability | i 17,496 | i 19,649 | |||||||||
| Other, net | i 2,099 | i 1,221 | |||||||||
| Net Deferred Income Taxes | $ | ( i 17,669) | $ | ( i 20,124) | |||||||
| 2022 | 2021 | ||||||||||
| Balance at beginning of year | $ | i 3,149 | $ | i 3,262 | |||||||
| Additions to: | |||||||||||
| Positions taken during the current year | i 13 | i 238 | |||||||||
| Positions taken during a prior year | i — | i 3 | |||||||||
| Exchange rate impact | i — | i — | |||||||||
| Deductions due to: | |||||||||||
| Exchange rate impact | ( i 139) | ( i 66) | |||||||||
| Positions taken during a prior year | ( i 11) | ( i 76) | |||||||||
| Lapse of statute of limitations | ( i 216) | ( i 212) | |||||||||
| Balance at end of year | $ | i 2,796 | $ | i 3,149 | |||||||
| Notes to Financial Statements | ||||||||
| Income Taxes | ||||||||
| Notes to Financial Statements | ||||||||
| Net Loss per Common Share | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||
| Basic | |||||||||||||||||
| Weighted average common shares outstanding | i 36,517 | i 34,875 | i 34,266 | ||||||||||||||
| Net loss | $ | ( i 101,071) | $ | ( i 45,563) | $ | ( i 28,280) | |||||||||||
| Net loss per common share | $ | ( i 2.77) | $ | ( i 1.31) | $ | ( i 0.83) | |||||||||||
| Diluted | |||||||||||||||||
| Weighted average common shares outstanding | i 36,517 | i 34,875 | i 34,266 | ||||||||||||||
| Stock options and awards | i 112 | i 399 | i 109 | ||||||||||||||
| Weighted average common shares assuming dilution | i 36,629 | i 35,274 | i 34,375 | ||||||||||||||
| Net loss | $ | ( i 101,071) | $ | ( i 45,563) | $ | ( i 28,280) | |||||||||||
| Net loss per common share * | $ | ( i 2.77) | $ | ( i 1.31) | $ | ( i 0.83) | |||||||||||
| Notes to Financial Statements | ||||||||
| Concentration of Credit Risk | ||||||||
| Notes to Financial Statements | ||||||||
| Derivatives | ||||||||
| Notes to Financial Statements | ||||||||
| Derivatives | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Notional Amount | Unrealized Net Gain (Loss) | Notional Amount | Unrealized Net Gain (Loss) | ||||||||||||||||||||
| USD / MXN | i — | i — | i 23 | i 1 | |||||||||||||||||||
| $ | i — | $ | i — | $ | i 23 | $ | i 1 | ||||||||||||||||
| Notes to Financial Statements | ||||||||
| Derivatives | ||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Notional Amount | Gain (Loss) | Notional Amount | Gain (Loss) | ||||||||||||||||||||
| USD / AUD | $ | i — | $ | i — | $ | i 3,792 | $ | ( i 57) | |||||||||||||||
| USD / CAD | i — | i — | i 14,556 | $ | ( i 24) | ||||||||||||||||||
| USD / EUR | i 60,964 | i 980 | i 70,454 | ( i 1,104) | |||||||||||||||||||
| USD / DKK | i — | i — | i 10,850 | ( i 257) | |||||||||||||||||||
| USD / GBP | i — | i — | i 4,028 | i 32 | |||||||||||||||||||
| AUD / NZD | i — | i — | i 7,366 | ( i 17) | |||||||||||||||||||
| USD / NOK | i — | i — | i 2,352 | ( i 81) | |||||||||||||||||||
| USD / SEK | i — | i — | i 2,344 | ( i 131) | |||||||||||||||||||
| USD / THB | i — | i — | i 4,500 | i 86 | |||||||||||||||||||
| $ | i 60,964 | $ | i 980 | $ | i 120,242 | $ | ( i 1,553) | ||||||||||||||||
| December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
| Assets | Liabilities | Assets | Liabilities | ||||||||||||||||||||
| Derivatives designated as hedging instruments under ASC 815 | |||||||||||||||||||||||
| Foreign currency forward exchange contracts | $ | i — | $ | i — | $ | i 1 | $ | i — | |||||||||||||||
| Derivatives not designated as hedging instruments under ASC 815 | |||||||||||||||||||||||
| Foreign currency forward exchange contracts | i 1,117 | i 137 | i 385 | i 1,938 | |||||||||||||||||||
| Total derivatives | $ | i 1,117 | $ | i 137 | $ | i 386 | $ | i 1,938 | |||||||||||||||
| Derivatives (foreign currency forward exchange contracts) in ASC 815 cash flow hedge relationships | Amount of Gain (Loss) Recognized in Accumulated OCI on Derivatives (Effective Portion) | Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | Amount of Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | ||||||||||||||
| Year ended December 31, 2022 | $ | i 3,483 | $ | i 3,484 | $ | i — | |||||||||||
| Year ended December 31, 2021 | $ | ( i 557) | $ | ( i 1,260) | $ | i — | |||||||||||
| Derivatives (foreign currency forward exchange contracts) not designated as hedging instruments under ASC 815 | Amount of Gain (Loss) Recognized in Income on Derivatives | ||||||||||||||||
| Year ended December 31, 2022 | $ | i 980 | |||||||||||||||
| Year ended December 31, 2021 | $ | ( i 1,553) | |||||||||||||||
| Notes to Financial Statements | ||||||||
| Derivatives | ||||||||
| Fair Value | Gain | ||||||||||||||||
| Secured Convertible 2026 Notes conversion long-term liability | $ | i 85 | $ | i 1,510 | |||||||||||||
| Notes to Financial Statements | ||||||||
| Fair Values | ||||||||
| Basis for Fair Value Measurements at Reporting Date | |||||||||||||||||||||||
| Quoted
Prices in Active Markets for Identical Assets / (Liabilities) | Significant Other Observable Inputs | Significant Other Unobservable Inputs | |||||||||||||||||||||
| Level I | Level II | Level III | |||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Forward exchange contracts—net | i — | $ | i 980 | i — | |||||||||||||||||||
| Secured convertible 2026 debt conversion liability | — | ( i 85) | — | ||||||||||||||||||||
| December 31, 2021 | |||||||||||||||||||||||
| Forward exchange contracts—net | i — | $ | ( i 1,552) | i — | |||||||||||||||||||
| 2022 | 2021 | ||||||||||||||||||||||
| Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||
| Cash and cash equivalents | $ | i 58,792 | $ | i 58,792 | $ | i 83,745 | $ | i 83,745 | |||||||||||||||
| Forward contracts in Other Current Assets | 1,117 | 1,117 | 386 | 386 | |||||||||||||||||||
| Forward contracts in Accrued Expenses | (137) | (137) | (1,938) | (1,938) | |||||||||||||||||||
| Total debt (including current maturities of long-term debt) * | ( i 354,241) | ( i 278,027) | ( i 308,129) | ( i 259,472) | |||||||||||||||||||
| 2022 Notes | i — | i — | ( i 2,642) | ( i 2,632) | |||||||||||||||||||
| Series I 2024 Notes | ( i 72,408) | ( i 62,460) | ( i 72,140) | ( i 64,897) | |||||||||||||||||||
| Series II 2024 Notes | ( i 76,719) | ( i 64,678) | ( i 78,251) | ( i 74,165) | |||||||||||||||||||
| 2026 Notes | ( i 67,665) | ( i 32,276) | ( i 119,036) | ( i 81,718) | |||||||||||||||||||
| 2026 Secured Notes | ( i 37,240) | ( i 34,341) | i — | i — | |||||||||||||||||||
| 2026 Term Loan | ( i 82,808) | ( i 66,871) | i — | i — | |||||||||||||||||||
| Other | ( i 17,401) | ( i 17,401) | ( i 36,060) | ( i 36,060) | |||||||||||||||||||
| Secured Convertible 2026 debt conversion liability in Other Long-Term Obligations | ( i 85) | ( i 85) | i — | i — | |||||||||||||||||||
| Notes to Financial Statements | ||||||||
| Fair Values | ||||||||
| Notes to Financial Statements | ||||||||
| Business Segments | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Revenues from external customers | |||||||||||||||||
| Europe (1) | $ | i 434,372 | $ | i 499,118 | $ | i 468,041 | |||||||||||
| North America (2) | i 276,891 | i 340,980 | i 348,307 | ||||||||||||||
| All Other (Asia Pacific) | i 30,470 | i 32,359 | i 34,341 | ||||||||||||||
| Consolidated | $ | i 741,733 | $ | i 872,457 | $ | i 850,689 | |||||||||||
| Intersegment revenues | |||||||||||||||||
| Europe | $ | i 14,708 | $ | i 21,864 | $ | i 17,384 | |||||||||||
| North America | i 32,229 | i 56,681 | i 80,748 | ||||||||||||||
| All Other (Asia Pacific) | i — | i — | i 2,528 | ||||||||||||||
| Consolidated | $ | i 46,937 | $ | i 78,545 | $ | i 100,660 | |||||||||||
| Restructuring charges before income taxes | |||||||||||||||||
| Europe | $ | i 13,918 | $ | i 1,560 | $ | i 5,934 | |||||||||||
| North America | i 10,646 | i 964 | i 1,306 | ||||||||||||||
| All Other | i 1,256 | i 10 | i 118 | ||||||||||||||
| Consolidated | $ | i 25,820 | $ | i 2,534 | $ | i 7,358 | |||||||||||
| Depreciation and amortization | |||||||||||||||||
| Europe | $ | i 6,513 | $ | i 8,557 | $ | i 7,615 | |||||||||||
| North America | i 8,427 | i 7,623 | i 6,013 | ||||||||||||||
| All Other (3) | i 551 | i 641 | i 689 | ||||||||||||||
| Consolidated | $ | i 15,491 | $ | i 16,821 | $ | i 14,317 | |||||||||||
| Net interest expense | |||||||||||||||||
| Europe | $ | i 483 | $ | i 2,790 | $ | i 1,884 | |||||||||||
| North America | i 27,773 | i 21,764 | i 26,510 | ||||||||||||||
| All Other | i 208 | ( i 248) | i 12 | ||||||||||||||
| Consolidated | $ | i 28,464 | $ | i 24,306 | $ | i 28,406 | |||||||||||
| Operating income (loss) | |||||||||||||||||
| Europe | $ | i 13,413 | $ | i 33,769 | $ | i 22,682 | |||||||||||
| Notes to Financial Statements | ||||||||
| Business Segments | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| North America | ( i 34,197) | ( i 1,928) | i 9,449 | ||||||||||||||
| All Other (3) | ( i 30,603) | ( i 24,977) | ( i 23,236) | ||||||||||||||
| Charges related to restructuring activities | ( i 25,820) | ( i 2,534) | ( i 7,358) | ||||||||||||||
| Gain on sale of business | i — | i — | i 9,790 | ||||||||||||||
| Impairment of goodwill | i — | ( i 28,564) | i — | ||||||||||||||
| Impairment of intangible assets | ( i 3,259) | i — | i — | ||||||||||||||
| Consolidated operating income (loss) | ( i 80,466) | ( i 24,234) | i 11,327 | ||||||||||||||
| Net gain on convertible derivatives | i 1,510 | i — | i — | ||||||||||||||
| Gain (loss) on debt extinguishment including debt finance charges and fees | i 9,419 | i 9,422 | ( i 7,360) | ||||||||||||||
| Net interest expense | ( i 28,464) | ( i 24,306) | ( i 28,406) | ||||||||||||||
| Loss before income taxes | $ | ( i 98,001) | $ | ( i 39,118) | $ | ( i 24,439) | |||||||||||
| Assets | |||||||||||||||||
| Europe | $ | i 575,632 | $ | i 675,051 | $ | i 705,314 | |||||||||||
| North America | i 170,997 | i 205,998 | i 207,347 | ||||||||||||||
| All Other | i 24,340 | i 28,482 | i 33,320 | ||||||||||||||
| Consolidated | $ | i 770,969 | $ | i 909,531 | $ | i 945,981 | |||||||||||
| Long-lived assets | |||||||||||||||||
| Europe (4) | $ | i 404,433 | $ | i 450,026 | $ | i 472,599 | |||||||||||
| North America (5) | i 61,738 | i 68,240 | i 92,195 | ||||||||||||||
| All Other | i 5,480 | i 5,877 | i 6,721 | ||||||||||||||
| Consolidated | $ | i 471,651 | $ | i 524,143 | $ | i 571,515 | |||||||||||
| Expenditures for assets | |||||||||||||||||
| Europe | $ | i 727 | $ | i 2,419 | $ | i 5,221 | |||||||||||
| North America (6) | i 2,530 | i 14,055 | i 16,473 | ||||||||||||||
| All Other | i 521 | i 1,224 | i 610 | ||||||||||||||
| Consolidated | $ | i 3,778 | $ | i 17,698 | $ | i 22,304 | |||||||||||
| Notes to Financial Statements | ||||||||
| Business Segments | ||||||||
| 2022 | 2021 | 2020 | |||||||||||||||
| Europe | |||||||||||||||||
| Lifestyle | $ | i 216,325 | $ | i 248,325 | $ | i 222,668 | |||||||||||
| Mobility and Seating | i 186,153 | i 214,398 | i 200,687 | ||||||||||||||
| Respiratory Therapy | i 14,003 | i 19,348 | i 24,786 | ||||||||||||||
| Other (1) | i 17,891 | i 17,047 | i 19,900 | ||||||||||||||
| $ | i 434,372 | $ | i 499,118 | $ | i 468,041 | ||||||||||||
| North America | |||||||||||||||||
| Lifestyle | $ | i 135,615 | $ | i 148,369 | $ | i 165,267 | |||||||||||
| Mobility and Seating | i 99,116 | i 110,998 | i 109,923 | ||||||||||||||
| Respiratory Therapy | i 41,083 | i 80,903 | i 72,285 | ||||||||||||||
| Other (1) | i 1,077 | i 710 | i 832 | ||||||||||||||
| $ | i 276,891 | $ | i 340,980 | $ | i 348,307 | ||||||||||||
| All Other (Asia Pacific) | |||||||||||||||||
| Mobility and Seating | $ | i 11,917 | $ | i 12,112 | $ | i 14,150 | |||||||||||
| Lifestyle | i 11,221 | i 11,438 | i 13,503 | ||||||||||||||
| Respiratory Therapy | i 2,049 | i 3,101 | i 1,383 | ||||||||||||||
| Other (1) | i 5,283 | i 5,708 | i 5,305 | ||||||||||||||
| $ | i 30,470 | $ | i 32,359 | $ | i 34,341 | ||||||||||||
| Total Consolidated | $ | i 741,733 | $ | i 872,457 | $ | i 850,689 | |||||||||||
| Notes to Financial Statements | ||||||||
| Contingencies | ||||||||
| Notes to Financial Statements | ||||||||
| Contingencies | ||||||||
| Notes to Financial Statements | ||||||||
| Contingencies | ||||||||
| Notes to Financial Statements | ||||||||
| Subsequent Events | ||||||||
| Notes to Financial Statements | ||||||||
| Subsequent Events | ||||||||
| Notes to Financial Statements | ||||||||
| Subsequent Events | ||||||||
| Notes to Financial Statements | ||||||||
| Interim Financial Information | ||||||||
| (In thousands, except per share data) | QUARTER ENDED | ||||||||||||||||||||||
| 2022 | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
| Net sales | $ | i 200,988 | $ | i 189,017 | $ | i 170,408 | $ | i 181,320 | |||||||||||||||
| Gross profit | i 47,729 | i 47,982 | i 31,379 | i 48,303 | |||||||||||||||||||
| Income (Loss) before income taxes | ( i 22,877) | ( i 21,023) | ( i 33,434) | ( i 20,667) | |||||||||||||||||||
| Net income (loss) | ( i 24,197) | ( i 21,943) | ( i 34,354) | ( i 20,577) | |||||||||||||||||||
| Net income (loss) per share—basic | ( i 0.69) | ( i 0.62) | ( i 0.92) | ( i 0.54) | |||||||||||||||||||
| Net income (loss) per share—assuming dilution * | ( i 0.69) | ( i 0.62) | ( i 0.92) | ( i 0.54) | |||||||||||||||||||
| 2021 | March 31, | June 30, | September 30, | December 31, | |||||||||||||||||||
| Net sales | $ | i 196,202 | $ | i 225,864 | $ | i 224,200 | $ | i 226,191 | |||||||||||||||
| Gross profit | i 54,638 | i 60,818 | i 60,310 | i 63,340 | |||||||||||||||||||
| Income (Loss) from before income taxes | ( i 12,174) | ( i 9,578) | ( i 20,919) | i 3,553 | |||||||||||||||||||
| Net income (loss) | ( i 14,044) | ( i 10,698) | ( i 22,759) | i 1,938 | |||||||||||||||||||
| Net income (loss) per share—basic | ( i 0.41) | ( i 0.31) | ( i 0.65) | i 0.06 | |||||||||||||||||||
| Net income (loss) per share—assuming dilution * | ( i 0.41) | ( i 0.31) | ( i 0.65) | i 0.05 | |||||||||||||||||||
| Schedule II - Valuation and Qualifying Accounts | ||||||||
| COL A. | COL B. | COL C. | COL D. | ||||||||||||||||||||
| Balance At Beginning of Period | Charged To Cost And Expenses | Additions (Deductions) Described Below | Balance At End of Period | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Year Ended December 31, 2022 | |||||||||||||||||||||||
| Deducted from asset accounts— | |||||||||||||||||||||||
| Allowance for doubtful accounts | i 3,642 | i 862 | ( i 1,225) | (A) | i 3,279 | ||||||||||||||||||
| Inventory obsolescence reserve | i 19,201 | i 7,574 | ( i 2,202) | (B)(E) | i 24,573 | ||||||||||||||||||
| Tax valuation allowances | i 176,230 | i 21,025 | i 1,542 | (C) | i 198,797 | ||||||||||||||||||
| Accrued warranty cost | i 11,198 | i 2,360 | ( i 5,577) | (B) | i 7,981 | ||||||||||||||||||
| Accrued product liability | i 13,704 | i 1,478 | ( i 2,619) | (D) | i 12,563 | ||||||||||||||||||
| Year Ended December 31, 2021 | |||||||||||||||||||||||
| Deducted from asset accounts— | |||||||||||||||||||||||
| Allowance for doubtful accounts | $ | i 4,518 | $ | ( i 16) | $ | ( i 860) | (A) | $ | i 3,642 | ||||||||||||||
| Inventory obsolescence reserve | i 20,665 | i 2,389 | ( i 3,853) | (B) | i 19,201 | ||||||||||||||||||
| Tax valuation allowances | i 163,298 | i 10,311 | i 2,621 | (C) | i 176,230 | ||||||||||||||||||
| Accrued warranty cost | i 10,991 | i 6,925 | ( i 6,718) | (B) | i 11,198 | ||||||||||||||||||
| Accrued product liability | i 14,757 | i 1,084 | ( i 2,137) | (D) | i 13,704 | ||||||||||||||||||
| Year Ended December 31, 2020 | |||||||||||||||||||||||
| Deducted from asset accounts— | |||||||||||||||||||||||
| Allowance for doubtful accounts | $ | i 6,318 | $ | i 427 | $ | ( i 2,227) | (A) | $ | i 4,518 | ||||||||||||||
| Inventory obsolescence reserve | i 18,178 | i 3,304 | ( i 817) | (B) | i 20,665 | ||||||||||||||||||
| Tax valuation allowances | i 162,790 | ( i 701) | i 1,209 | (C) | i 163,298 | ||||||||||||||||||
| Accrued warranty cost | i 11,626 | i 7,408 | ( i 8,043) | (B) | i 10,991 | ||||||||||||||||||
| Accrued product liability | i 16,150 | i 1,139 | ( i 2,532) | (D) | i 14,757 | ||||||||||||||||||
| This ‘10-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 7/26/26 | ||||
| 7/1/26 | ||||
| 3/15/26 | ||||
| 1/16/26 | ||||
| 9/15/25 | ||||
| 12/31/24 | ||||
| 11/15/24 | ||||
| 10/1/24 | ||||
| 5/15/24 | ||||
| 3/20/24 | ||||
| 1/16/24 | ||||
| 12/31/23 | ||||
| 11/15/23 | ||||
| 8/31/23 | ||||
| 5/16/23 | ||||
| 5/15/23 | ||||
| Filed on: | 4/14/23 | |||
| 4/12/23 | ||||
| 4/5/23 | 8-K | |||
| 3/30/23 | ||||
| 3/29/23 | 8-K | |||
| 3/17/23 | ||||
| 2/16/23 | 25-NSE | |||
| 2/14/23 | SC 13G | |||
| 2/13/23 | SC 13G/A | |||
| 2/3/23 | 8-K, SC 13G | |||
| 2/2/23 | ||||
| 2/1/23 | 8-K | |||
| 1/31/23 | 8-K | |||
| 1/30/23 | ||||
| 1/27/23 | 8-K | |||
| 1/26/23 | ||||
| 1/3/23 | ||||
| 1/1/23 | ||||
| For Period end: | 12/31/22 | NT 10-K | ||
| 12/27/22 | 8-K | |||
| 12/23/22 | 8-K | |||
| 12/15/22 | ||||
| 12/9/22 | 8-K | |||
| 12/8/22 | ||||
| 12/5/22 | 8-K | |||
| 11/29/22 | ||||
| 11/22/22 | 8-K/A, SC 13D/A | |||
| 11/21/22 | 4, 8-K, 8-K/A | |||
| 11/17/22 | 4 | |||
| 11/16/22 | 4, 8-K | |||
| 10/3/22 | 8-K | |||
| 10/1/22 | ||||
| 9/30/22 | 10-Q | |||
| 9/15/22 | 4, 8-K | |||
| 9/13/22 | 4, 8-K | |||
| 9/1/22 | ||||
| 8/28/22 | 3, 8-K | |||
| 8/24/22 | 3, 4, EFFECT, SC 13D/A | |||
| 8/22/22 | 4, 8-K, CORRESP | |||
| 7/26/22 | 8-K | |||
| 7/25/22 | ||||
| 6/30/22 | 10-Q | |||
| 6/1/22 | ||||
| 5/15/22 | 4 | |||
| 3/31/22 | 10-Q | |||
| 3/21/22 | 3, 8-K | |||
| 3/3/22 | ||||
| 2/20/22 | ||||
| 1/19/22 | 8-K | |||
| 1/1/22 | ||||
| 12/31/21 | 10-K, SD | |||
| 12/29/21 | ||||
| 11/18/21 | ||||
| 11/16/21 | ||||
| 9/30/21 | 10-Q | |||
| 9/15/21 | ||||
| 6/30/21 | 10-Q | |||
| 6/24/21 | ||||
| 5/26/21 | S-8 | |||
| 5/21/21 | 8-K | |||
| 5/15/21 | 4 | |||
| 3/31/21 | 10-Q | |||
| 3/16/21 | 4, 8-K | |||
| 3/10/21 | 8-K | |||
| 1/21/21 | 8-K | |||
| 1/1/21 | ||||
| 12/31/20 | 10-K, SD | |||
| 12/15/20 | ||||
| 11/15/20 | ||||
| 9/16/20 | ||||
| 6/30/20 | 10-Q | |||
| 6/4/20 | 8-K | |||
| 6/1/20 | 8-K | |||
| 5/21/20 | 3, 8-K | |||
| 5/15/20 | 4, 8-K, DEFA14A | |||
| 5/13/20 | ||||
| 3/27/20 | 4, 8-K | |||
| 3/9/20 | 10-K, 8-K | |||
| 3/7/20 | ||||
| 3/6/20 | 8-K | |||
| 1/1/20 | ||||
| 12/31/19 | 10-K, SD | |||
| 11/19/19 | 8-K | |||
| 11/14/19 | 8-K | |||
| 11/13/19 | 8-K | |||
| 10/1/19 | ||||
| 9/30/19 | 10-Q | |||
| 5/16/19 | 8-K | |||
| 12/31/18 | 10-K, SD | |||
| 6/30/18 | 10-Q | |||
| 5/18/18 | 8-K | |||
| 5/17/18 | 3, 4, 8-K, 8-K/A | |||
| 3/27/18 | ||||
| 2/23/18 | 4, 8-K | |||
| 2/20/18 | 4, 8-K | |||
| 12/31/17 | 10-K, 5, SD | |||
| 12/22/17 | ||||
| 12/1/17 | ||||
| 7/24/17 | 8-K | |||
| 6/14/17 | 8-K | |||
| 6/9/17 | ||||
| 6/8/17 | 8-K | |||
| 6/7/17 | 8-K | |||
| 3/31/17 | 10-Q | |||
| 12/31/16 | 10-K, 5, SD | |||
| 11/30/16 | 8-K | |||
| 11/17/16 | 3, 4 | |||
| 3/7/16 | 4, 8-K | |||
| 2/23/16 | 8-K | |||
| 2/16/16 | 8-K | |||
| 12/31/15 | 10-K, 5, 5/A, SD | |||
| 9/30/15 | 10-Q, 8-K | |||
| 5/15/15 | 4, 8-K | |||
| 5/14/15 | 3, 4, 8-K | |||
| 4/23/15 | 8-K, ARS | |||
| 4/1/15 | 3, 4 | |||
| 2/24/15 | ||||
| 3/7/14 | 4, 8-K | |||
| 2/13/14 | 4, 5, 8-K, SC 13G/A | |||
| 9/30/13 | 10-Q | |||
| 5/21/13 | 8-K | |||
| 12/20/12 | 8-K | |||
| 1/1/12 | ||||
| 12/31/11 | 10-K, 10-K/A, 5, ARS | |||
| 11/18/11 | ||||
| 8/17/11 | ||||
| 7/1/11 | ||||
| 12/31/10 | 10-K, 5, ARS | |||
| 11/23/10 | 4, 8-K | |||
| 11/5/10 | 10-Q | |||
| 5/20/10 | 8-K, DEF 14A, PRE 14A | |||
| 9/30/09 | 10-Q | |||
| 8/19/09 | 4, 4/A | |||
| 5/28/09 | 8-K | |||
| 12/31/08 | 10-K, 5, 8-K, ARS | |||
| 7/31/08 | ||||
| 1/1/08 | ||||
| 12/31/07 | 10-K, 5, ARS | |||
| 5/25/05 | 3, 4, DEF 14A | |||
| 1/1/05 | ||||
| 1/1/03 | ||||
| 1/1/01 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/06/23 Invacare Holdings Corp. S-8 6/06/23 4:116K |