XML 43 R31.htm IDEA: XBRL DOCUMENT
v3.24.2

Restatement of Previously Filed Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2023
Disclosure Text Block [Abstract] |
Restatement of Previously Filed Financial Statements | 21. Restatement of Previously Filed Financial Statements The Company received comment letters from the Division of Corporation Finance of the SEC on June 3, 2024 related to their review of both the Company’s Registration Statement on Form S-4 filed with the SEC on May 1, 2024 and the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. As a result of one of the SEC's comments to the 2023 Form 10-K, we became aware of an error in the classification of certain inventory write-downs from 2021. We misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan. The Company classified these charges as "Restructuring and other charges"; however, these charges should have been classified in "Cost of sales" in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021, in accordance with ASC 420-10-S99-3. As a result, management concluded that the previously issued 2021 financial statements were materially misstated. The following table presents the impact of correcting the errors on the affected line items of our consolidated statement of income (loss) for the twelve months ended December 31, 2021:
|  | Twelve months ended December 31, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Restated |
|  | (In thousands, except per share data) |
Total Cost of sales |  | $ | 242,356 |  |  | $ | 66,910 |  |  | $ | 309,266 |
Restructuring and other charges |  |  | 78,933 |  |  |  | (66,910 | ) |  |  | 12,023 |
Income (loss) before income taxes |  |  | (125,547 | ) |  |  | - |  |  |  | (125,547 | )
Net income (loss) |  |  | (128,493 | ) |  |  | - |  |  |  | (128,493 | )
Net income (loss) per common share: |  |  |  |  |  |  |  |  |
Basic |  |  | (3.63 | ) |  |  | - |  |  |  | (3.63 | )
Diluted |  |  | (3.63 | ) |  |  | - |  |  |  | (3.63 | )
The Company has restated its Consolidated Financial Statements in Item 8 of Part II of this Amendment. The accompanying applicable Notes have also been updated to reflect the effects of the restatement. As the error is related to classification on the consolidated statement of income only there is no tax impact, no impact to the consolidated statements of stockholders equity, and no impact to operating, investing or financing activities on the consolidated statements of cash flow. The SEC comment letters also had other immaterial disclosure errors that have been addressed in this Amendment. Note 6, Revenue Recognition, was corrected to remove leasing revenue from the “Revenues from contracts with customers” table, in accordance with ASC 606-10-50- 4(a) and remove leasing balances from the “Contract Balances” table, in accordance with ASC 606-10-50-8. Note 9, Restructuring and Other Charges, was corrected to state that the inventory write-down from 2021 is a component of “Cost of sales” in our consolidated statements of income (loss). Note 12, Leases and Lease Commitments, was corrected to clarify the discount rate used for our leases. Note 13, Business Segments, was corrected to remove "Segment depreciation and amortization" and "Segment operating income (loss)" subtotals.

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

X
- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 + Details
Name: | us-gaap_ErrorCorrectionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration