BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the allowance for doubtful accounts

Activity in the provision for credit losses for 2023 and 2022 was as follows (in thousands):

	December 31, 2023		December 31, 2022
Beginning balance	$	1,192	$	506
Additional reserves		267		803
Write-offs		(225)		(107)
Effect of foreign currency translation		6		(10)
Ending balance	$	1,240	$	1,192

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, 2023		December 31, 2022
Parts and raw materials	$	87,381	$	89,100
Work-in-process		11,456		11,686
Finished goods		18,849		16,322
	$	117,686	$	117,108

Schedule of classification of property, plant and equipment

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

		December 31,		December 31,
	Useful lives	2023		2022
Land		$	973	$	965
Building and improvements	5 - 39 years		26,201		25,093
Machinery, equipment, tools and dies	3 - 15 years		99,711		89,144
Construction in progress			9,300		14,197
Furniture, fixtures and other	3 - 10 years		24,439		22,461
			160,624		151,860
Less accumulated depreciation			(93,161)		(83,220)
Property, plant, and equipment, net		$	67,463	$	68,640

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2023, 2022 and 2021 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2023		2022		2021
Beginning balance	$	2,160	$	1,869	$	1,571
Warranty reserves acquired		—		45		15
Provision		(296)		(66)		543
Warranty expenditures		243		409		(204)
Effect of foreign currency translation		32		(97)		(56)
Ending balance	$	2,139	$	2,160	$	1,869

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2023		2022
Compensation and fringe benefits	$	17,251	$	15,818
Accrued business acquisition consideration		12,638		12,500
Warranty reserve		2,139		2,160
Income taxes payable		2,483		3,934
Operating lease liabilities – current		5,142		4,224
Finance lease obligations – current		412		377
Contract liabilities		2,137		4,807
Contingent consideration – current		7,720		—
Other accrued expenses		6,566		4,301
	$	56,488	$	48,121

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,
	2023	2022	2021
Basic weighted average shares outstanding	15,963	15,448	14,413
Dilutive effect of potential common shares	309	503	104
Diluted weighted average shares outstanding	16,272	15,951	14,517

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, 2023 and 2022, respectively, by level within the fair value hierarchy (in thousands):

	December 31, 2023
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	5,859	$	—	$	—
Deferred compensation plan assets		4,305		—		—
Foreign currency hedge contracts		—		54		—
Interest rate swaps, net		—		4,431		—
Contingent consideration		—		—		(7,990)

	December 31, 2022
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	5,324	$	—	$	—
Deferred compensation plan assets		3,870		—		—
Foreign currency hedge contracts		—		48		—
Interest rate swaps, net		—		7,236		—
Contingent consideration		—		—		(4,100)