XML 54 R25.htm IDEA: XBRL DOCUMENT
v3.19.1

Summary of Significant Accounting Policies and Other Information (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Revenue from External Customers by Geographic Areas | The following table summarizes net sales by end market:
(in thousands) |  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
End Market |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Industrial |  | $ | 190,724 |  |  | $ | 164,245 |  |  | $ | 174,203 |  |  | $ | 155,935 |
Energy |  | 159,008 |  |  | 115,367 |  |  | 137,190 |  |  | 191,528 |
Transportation |  | 66,884 |  |  | 59,853 |  |  | 50,994 |  |  | 117 |
Total |  | $ | 416,616 |  |  | $ | 339,465 |  |  | $ | 362,387 |  |  | $ | 347,580 |
The following table summarizes net sales by geographic area:
(in thousands) |  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
Geographic Area |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
North America |  | $ | 355,268 |  |  | $ | 304,621 |  |  | $ | 327,479 |  |  | $ | 323,474 |
Pacific Rim |  | 42,221 |  |  | 22,827 |  |  | 25,356 |  |  | 17,719 |
Europe |  | 14,205 |  |  | 11,065 |  |  | 9,552 |  |  | 5,705 |
Other |  | 4,922 |  |  | 952 |  |  | — |  |  | 682 |
Total |  | $ | 416,616 |  |  | $ | 339,465 |  |  | $ | 362,387 |  |  | $ | 347,580 |
Schedules of Concentration of Risk, by Risk Factor | The following table presents customers individually accounting for more than 10% of the Company’s net sales:
|  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
|  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Customer A |  | 16 | % |  | 17 | % |  | 16 | % |  | 10 | %
Customer B |  | 10 | % |  | ** |  |  | ** |  |  | ** |
Customer C |  | ** |  |  | 12 | % |  | ** |  |  | 10 | %
The following table presents customers individually accounting for more than 10% of the Company’s consolidated accounts receivable:
|  | As of December 31,
|  |  |  |  |  | 2015 |  | 2014
|  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Customer A |  | 18 | % |  | ** |  |  | 17 | % |  | 15 | %
Customer B |  | 13 | % |  | ** |  |  | ** |  |  | ** |
Customer C |  | ** |  |  | ** |  |  | 12 | % |  | ** |
Customer D |  | ** |  |  | 30 | % |  | ** |  |  | ** |
Customer E |  | ** |  |  | ** |  |  | ** |  |  | 16 | %
Customer F |  | ** |  |  | ** |  |  | ** |  |  | 11 | %
Customer G |  | ** |  |  | ** |  |  | 10 | % |  | 11 | %
The following table presents suppliers individually accounting for more than 10% of the Company’s purchases:
|  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
|  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Supplier A |  | 21 | % |  | 13 | % |  | 11 | % |  | 15 | %
Supplier B |  | ** |  |  | ** |  |  | 18 | % |  | 21 | %
** Less than 10% of the total
Schedule of Inventory, Current | Inventories consist of the following:
(in thousands) |  | As of December 31,
|  |  |  |  |  | 2015 |  | 2014
Inventories |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Raw materials |  | $ | 71,732 |  |  | $ | 70,498 |  |  | $ | 102,912 |  |  | $ | 92,360 |
Work in process |  | 4,535 |  |  | 9,270 |  |  | 12,315 |  |  | 6,021 |
Finished goods |  | 16,684 |  |  | 30,862 |  |  | 52,136 |  |  | 11,904 |
Total Inventories |  | 92,951 |  |  | 110,630 |  |  | 167,363 |  |  | 110,285 |
Inventory allowance |  | (6,227 | ) |  | (10,082 | ) |  | (5,268 | ) |  | (4,035 | )
Inventories, net |  | $ | 86,724 |  |  | $ | 100,548 |  |  | $ | 162,095 |  |  | $ | 106,250 |
Activity in the Company’s inventory allowance was as follows:
(in thousands) |  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
Inventory Allowance |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Balance at beginning of period |  | $ | 10,082 |  |  | $ | 5,268 |  |  | $ | 4,035 |  |  | $ | 2,982 |
Charged to expense |  | 421 |  |  | 5,341 |  |  | 1,712 |  |  | 1,856 |
Write-offs |  | (4,276 | ) |  | (527 | ) |  | (479 | ) |  | (803 | )
Balance at end of year |  | $ | 6,227 |  |  | $ | 10,082 |  |  | $ | 5,268 |  |  | $ | 4,035 |
Schedule of Other Current Assets | Prepaid expenses and other current assets consist of the following:
(in thousands) |  | As of December 31,
|  |  |  |  |  | 2015 |  | 2014
Prepaid Expenses and Other Current Assets |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Insurance proceeds receivable |  | $ | 10,563 |  |  | $ | 8,500 |  |  | $ | — |  |  | $ | — |
Prepaid expenses |  | 3,710 |  |  | 4,072 |  |  | 2,578 |  |  | 4,840 |
Other |  | 86 |  |  | 1,072 |  |  | 125 |  |  | — |
Total |  | $ | 14,359 |  |  | $ | 13,644 |  |  | $ | 2,703 |  |  | $ | 4,840 |
Property, Plant and Equipment | Estimated useful lives by each type of asset category are as follows:
|  | Years
Buildings |  | Up to 39
Leasehold improvements |  | Lesser of (i) expected useful life of improvement or (ii) life of lease (including likely extension thereof)
Machinery and equipment |  | 1 to 10
Property, plant and equipment by type were as follows:
(in thousands) |  | As of December 31,
|  |  |  |  |  | 2015 |  | 2014
Property, Plant and Equipment |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Land |  | $ | — |  |  | $ | — |  |  | $ | 260 |  |  | $ | 260 |
Buildings |  | — |  |  | — |  |  | 1,471 |  |  | 1,471 |
Leasehold improvements |  | 6,320 |  |  | 6,199 |  |  | 6,450 |  |  | 3,333 |
Machinery and equipment |  | 27,379 |  |  | 24,490 |  |  | 23,523 |  |  | 17,500 |
Construction in progress |  | 2,036 |  |  | 2,084 |  |  | 2,466 |  |  | 3,566 |
Total property, plant and equipment, at cost |  | 35,735 |  |  | 32,773 |  |  | 34,170 |  |  | 26,130 |
Accumulated depreciation |  | (16,775 | ) |  | (12,646 | ) |  | (11,361 | ) |  | (8,176 | )
Property, plant and equipment, net |  | $ | 18,960 |  |  | $ | 20,127 |  |  | $ | 22,809 |  |  | $ | 17,954 |
Schedule of Other Accrued Liabilities | Other accrued liabilities consisted of the following:
(in thousands) |  | As of December 31,
|  |  |  |  |  | 2015 |  | 2014
Other Accrued Liabilities |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Warranty |  | $ | 12,628 |  |  | $ | 10,200 |  |  | $ | 4,429 |  |  | $ | 2,428 |
Litigation reserves * |  | 12,137 |  |  | 10,287 |  |  | 3 |  |  | — |
Deferred revenue |  | 2,822 |  |  | 1,818 |  |  | 3,564 |  |  | 4,602 |
Accrued compensation and benefits |  | 2,593 |  |  | 3,975 |  |  | 3,825 |  |  | 5,476 |
Professional services |  | 1,974 |  |  | 1,509 |  |  | 544 |  |  | 500 |
Income taxes payable |  | 375 |  |  | 131 |  |  | 107 |  |  | 2,973 |
Other |  | 5,833 |  |  | 4,587 |  |  | 5,374 |  |  | 2,203 |
Total |  | $ | 38,362 |  |  | $ | 32,507 |  |  | $ | 17,846 |  |  | $ | 18,182 |
* | Litigation reserves primarily consist of accruals for the settlement of the Securities Litigation as of December 31, 2017 and 2016 as well as the tentative settlement of the Federal Derivative Litigation as of December 31, 2017. The Company concluded that insurance recovery was probable and recognized full recovery of the settlement amounts in “Prepaid expenses and other assets”. See Note 10. Commitments and Contingencies for additional information.
Schedule of Product Warranty Liability | Accrued product warranty activities are presented below:
(in thousands) |  | For the Year Ended December 31,
|  |  |  |  |  | 2015 |  | 2014
Accrued Product Warranty |  | 2017 |  | 2016 |  | (Restated) |  | (Restated)
Balance at beginning of year |  | $ | 10,200 |  |  | $ | 4,429 |  |  | $ | 2,428 |  |  | $ | 1,274 |
Current year provision |  | 5,405 |  |  | 5,716 |  |  | 2,953 |  |  | 1,348 |
Acquisitions |  | — |  |  | — |  |  | 963 |  |  | 1,600 |
Changes in estimates for preexisting warranties * |  | — |  |  | 1,894 |  |  | — |  |  | — |
Payments made during the period |  | (2,977 | ) |  | (1,839 | ) |  | (1,915 | ) |  | (1,794 | )
Balance at end of year |  | $ | 12,628 |  |  | $ | 10,200 |  |  | $ | 4,429 |  |  | $ | 2,428 |
* | Change in estimates for pre-existing warranties reflect changes in the Company’s estimate of warranty costs for products sold in prior periods. Such adjustments typically occur when claims experience deviates from historic and expected trends. The Company’s warranty liability is generally affected by failure rates, repair costs and the timing of failures. Future events and circumstances related to these factors could materially change the estimates and require adjustments to the warranty liability. In addition, new product launches require a greater use of judgment in developing estimates until historical experience becomes available. In 2016, the Company recorded charges for adjustments for changes in estimates of $1.9 million ($1.2 million, net of tax), or $0.11 per diluted share.

X
- References No definition available. + Details
Name: | us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
Name: | us-gaap_PropertyPlantAndEquipmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -Subparagraph a -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 + Details
Name: | us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249 + Details
Name: | us-gaap_ScheduleOfProductWarrantyLiabilityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the nature of a concentration, a benchmark to which it is compared, and the percentage that the risk is to the benchmark. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13537-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=109250915&loc=d3e13531-108611 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 20 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6404-108592 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 16 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6327-108592 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 18 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6351-108592 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=99393423&loc=d3e6442-108592 + Details
Name: | us-gaap_SchedulesOfConcentrationOfRiskByRiskFactorTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration