BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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12 Months Ended |
Dec. 31, 2023 |
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| BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 |
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| 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 | | | | | | | |
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| 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) |
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