2017
Cash and cash equivalents | $ | 6,755 |
|
Accounts receivable, net of allowance for doubtful accounts of $0.3 million | 47,611 |
|
Inventories | 50,796 |
|
Prepaid expenses and other current assets | 1,584 |
|
Current assets of discontinued operations held for sale | 106,746 |
|
Property, plant and equipment, net | 135,195 |
|
Goodwill | 150,368 |
|
Other intangible assets, net | 57,520 |
|
Other noncurrent assets | 1,551 |
|
Noncurrent assets of discontinued operations held for sale | 344,634 |
|
Total assets | 451,380 |
|
Accounts payable and other current liabilities held for sale | 47,703 |
|
Deferred taxes and other long-term liabilities held for sale | 14,966 |
|
Total liabilities | 62,669 |
|
Net assets | $ | 388,711 |
|
(2.) DISCONTINUED OPERATIONS AND DIVESTITURES (Continued)
Income (loss) from discontinued operations, net of taxes, for fiscal years 2018, 2017 and 2016 were as follows (in thousands):
|
| | | | | | | | | | | |
| 2018 | | 2017 | | 2016 |
Sales | $ | 178,020 |
| | $ | 325,841 |
| | $ | 311,276 |
|
Cost of sales | 148,357 |
| | 286,300 |
| | 270,656 |
|
Gross profit | 29,663 |
| | 39,541 |
| | 40,620 |
|
Selling, general and administrative expenses | 8,905 |
| | 18,500 |
| | 16,847 |
|
Research, development and engineering costs | 2,352 |
| | 6,397 |
| | 7,102 |
|
Other operating expenses | 1,805 |
| | 854 |
| | 1,324 |
|
Interest expense | 22,833 |
| | 42,488 |
| | 42,939 |
|
Gain on sale of discontinued operations | (194,965 | ) | | — |
| | — |
|
Other (income) loss, net | 420 |
| | (1,266 | ) | | (612 | ) |
Income (loss) from discontinued operations before taxes | 188,313 |
| | (27,432 | ) | | (26,980 | ) |
Provision (benefit) for income taxes | 67,382 |
| | (7,024 | ) | | (8,063 | ) |
Income (loss) from discontinued operations | $ | 120,931 |
| | $ | (20,408 | ) | | $ | (18,917 | ) |
Interest expense included in discontinued operations reflects an estimate of interest expense related to the debt that was required to be repaid with the proceeds from the sale of the AS&O Product Line.
Cash flow information from discontinued operations for fiscal years 2018, 2017 and 2016 was as follows (in thousands):
|
| | | | | | | | | | | |
| 2018 | | 2017 | | 2016 |
Cash used in operating activities | $ | (12,498 | ) | | $ | 3,167 |
| | $ | 3,596 |
|
Cash provided by (used in) investing activities | 577,833 |
| | (16,771 | ) | | (17,367 | ) |
| | | | | |
Depreciation and amortization | $ | 7,450 |
| | $ | 21,613 |
| | $ | 17,656 |
|
Capital expenditures | 3,610 |
| | 16,844 |
| | 17,656 |
|
Spin-off of Nuvectra Corporation
On March 14, 2016, Integer completed the spin-off of a portion of its former QiG segment through a tax-free distribution of all of the shares of its former QiG Group, LLC subsidiary to the stockholders of Integer on a pro rata basis. Immediately prior to completion of the Spin-off, QiG Group, LLC was converted into a corporation organized under the laws of Delaware and changed its name to Nuvectra Corporation (“Nuvectra”). On March 14, 2016, each of the Company’s stockholders of record as of the close of business on March 7, 2016 (the “Record Date”) received one share of Nuvectra common stock for every three shares of Integer common stock held as of the Record Date. Upon completion of the Spin-off, Nuvectra became an independent publicly traded company whose common stock is listed on the Nasdaq stock exchange under the symbol “NVTR.”
The portion of the former QiG segment spun-off consisted of QiG Group, LLC and its subsidiaries: (i) Algostim, LLC (“Algostim”), (ii) PelviStim LLC (“PelviStim”), and (iii) the Company’s NeuroNexus Technologies (“NeuroNexus”) subsidiary. The operations of Centro de Construcción de Cardioestimuladores del Uruguay (“CCC”) and certain other existing QiG research and development capabilities were retained by the Company and not included as part of the Spin-off. As the Company continues to focus on the design and development of complete medical device systems and components, and more specifically on medical device systems and components in the neuromodulation market, the Spin-off was not considered a strategic shift that had a major effect on the Company’s operations and financial results. Accordingly, the Spin-off is not presented as a discontinued operation in the Company’s Consolidated Financial Statements. The results of Nuvectra are included in the Consolidated Statements of Operations through the date of the Spin-off.
In connection with the Spin-off, during the first quarter of 2016, the Company made a cash capital contribution of $75 million to Nuvectra and divested assets of $130.8 million and liabilities of $2.1 million. Nuvectra contributed a pre-tax loss of $5.2 million to the Company’s results of operations for the fiscal year ended December 30, 2016.
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