BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2020

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the allowance for doubtful accounts

	December 31, 2020		December 31, 2019
Beginning balance	$	405	$	530
Additional reserves		91		(5)
Write-offs		(123)		(132)
Effect of foreign currency translation		9		12
Ending balance	$	382	$	405

Schedule of inventories including costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value

Inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value, as follows (in thousands):

	December 31, 2020		December 31, 2019
Parts and raw materials	$	44,750	$	35,849
Work-in-process		6,186		6,951
Finished goods		12,042		10,585
	$	62,978	$	53,385

Schedule of classification of property, plant and equipment

Property, plant and equipment is classified as follows (in thousands):

		December 31,		December 31,
	Useful lives	2020		2019
Land		$	999	$	977
Building and improvements	5 - 39 years		14,169		13,366
Machinery, equipment, tools and dies	3 - 15 years		79,738		58,358
Construction work in progress			6,821		15,536
Furniture, fixtures and other	3 - 10 years		16,313		15,797
			118,040		104,034
Less accumulated depreciation			(62,612)		(51,026)
Property, plant and equipment, net		$	55,428	$	53,008

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2020, 2019 and 2018 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2020		2019		2018
Warranty reserve at beginning of the year	$	1,075	$	971	$	922
Warranty reserves acquired		465		—		117
Provision		34		210		(13)
Warranty expenditures		(97)		(101)		(34)
Effect of foreign currency translation		94		(5)		(21)
Warranty reserve at end of year	$	1,571	$	1,075	$	971

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2020		2019
Compensation and fringe benefits	$	11,184	$	12,967
Warranty reserve		1,571		1,075
Income taxes payable		1,459		2,231
Right of use liabilities		4,666		3,203
Other accrued expenses		5,982		3,525
	$	24,862	$	23,001

Schedule of basic and diluted weighted-average shares outstanding

Basic and diluted weighted-average shares outstanding are as follows (in thousands):

	Year ended December 31,
	2020	2019	2018
Basic weighted average shares outstanding	9,495	9,398	9,265
Dilutive effect of equity awards	60	63	105
Diluted weighted average shares outstanding	9,555	9,461	9,370

Schedule of financial assets that are accounted for at fair value on a recurring basis

The following table presents the Company’s financial assets that are accounted for at fair value on a recurring basis as of December 31, 2020 and 2019, respectively, by level within the fair value hierarchy (in thousands):

	December 31, 2020
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	6,347	$	—	$	—
Deferred compensation plan assets		5,386		—		—
Interest rate swaps		—		(1,889)		—

	December 31, 2019
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	6,099	$	—	$	—
Deferred compensation plan assets		4,690		—		—
Interest rate swaps		—		(363)		—