Invacare 2015 Annual Report Download - page 58

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I-52
BUSINESS SEGMENT NET SALES
The following tables provide net sales change for continuing operations as reported and as adjusted to exclude the impact
of foreign exchange translation (constant currency net sales) as well as net sales further adjusted to exclude the impact of the sale
of the rentals businesses, which were sold in July 2015 and not deemed discontinued operations for financial reporting purposes.
Twelve months ended December 31, 2015 compared to December 31, 2014:
Reported
Foreign Currency
Translation Impact Constant Currency
North America / HME. . . . . . . . . . . . . . . . . . . . . . . . . . . . (6.6)% (1.0)% (5.6)%
Institutional Products Group . . . . . . . . . . . . . . . . . . . . . . . (15.2)% (0.8)% (14.4)%
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12.1)% (15.6)% 3.5 %
Asia/Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (9.0)% (16.5)% 7.5 %
Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.1)% (8.7)% (1.4)%
Reported
Impact of Rentals
Businesses
Reported excluding
Rentals Businesses
Institutional Products Group . . . . . . . . . . . . . . . . . . . . . . . (15.2)% (17.7)% 2.5 %
Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (10.1)% (1.2)% (8.9)%
Constant Currency
Impact of Rentals
Businesses
Constant Currency
excluding Rentals
Businesses
Institutional Products Group . . . . . . . . . . . . . . . . . . . . . . . (14.4)% (18.1)% 3.7 %
Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.4)% (1.4)% — %
Twelve months ended December 31, 2014 compared to December 31, 2013:
Reported
Foreign Currency
Translation Impact Constant Currency
North America / HME. . . . . . . . . . . . . . . . . . . . . . . . . . . . (13.8)% (0.5)% (13.3)%
Institutional Products Group . . . . . . . . . . . . . . . . . . . . . . . (8.5)% (0.3)% (8.2)%
Europe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 % 1.1 % 3.6 %
Asia/Pacific . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1.8)% (1.4)% (0.4)%
Consolidated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (4.8)% 0.2 % (5.0)%
CONTRACTUAL OBLIGATIONS
The company’s contractual obligations as of December 31, 2015 are as follows (in thousands):
Payments due by period
Total
Less than
1 year 1-3 years 3-5 years
More than
5 years
4.125% Convertible Senior Subordinated
Debentures due 2027 . . . . . . . . . . . . . . . . . . . . . $ 19,476 $ 551 $ 1,101 $ 1,101 $ 16,723
Operating lease obligations . . . . . . . . . . . . . . . . 32,623 15,067 13,809 3,479 268
Capital lease obligations . . . . . . . . . . . . . . . . . . 47,812 3,375 6,223 5,342 32,872
Purchase obligations (primarily computer
systems contracts) . . . . . . . . . . . . . . . . . . . . . . . 20,754 8,622 11,364 768 —
Product liability . . . . . . . . . . . . . . . . . . . . . . . . . 17,709 3,127 6,935 3,206 4,441
Tax liability . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,857 9,379 1,478 — —
Supplemental Executive Retirement Plan . . . . . 6,209 1,279 782 782 3,366
Other, principally deferred compensation . . . . . 4,321 155 310 141 3,715
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 159,761 $ 41,555 $ 42,002 $ 14,819 $ 61,385