XML 19 R9.htm IDEA: XBRL DOCUMENT

Select balance sheet data

9 Months Ended

Sep. 30, 2025

Note 3. Select balance sheet data

Inventory

Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production costs consisting of material, labor, and overhead.

Inventories as of September 30, 2025 and December 31, 2024 consist of:


	September 30,		December 31,
	2025		2024
Finished goods and purchased parts	$	29,839	$	25,952
Raw materials		21,842		19,386
Work-in-process		9,538		9,418
Total	$	61,219	$	54,756

Property, plant and equipment

Property, plant and equipment as of September 30, 2025 and December 31, 2024 consist of:


	Useful Lives		September 30,		December 31,
	Years		2025		2024
Land		Indefinite	$	2,564	$	2,564
Land improvements		15-39		4,740		4,261
Building and building improvements		15-39		80,286		79,553
Machinery, equipment and tooling		3-10		325,387		310,300
Vehicles		5		4,978		4,377
Office furniture and fixtures		3-7		25,420		23,034
Construction in progress		N/A		2,861		3,263
Total property, plant and equipment, gross				446,236		427,352
Less accumulated depreciation				292,950		270,824
Total property, plant and equipment, net			$	153,286	$	156,528

Depreciation expense was $8,012 and $7,748 for the three months ended September 30, 2025 and 2024, respectively, and $23,630 and $22,927 for the nine months ended September 30, 2025 and 2024, respectively.

Additionally, the Company completed the closure of its Wautoma, WI manufacturing facility during the fourth quarter of the prior year period. The net amount of property, plant and equipment associated with the facility was $1,402, which is classified in assets held for sale on the Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024.

Goodwill

The following table sets forth the changes in the carrying amount of goodwill as of September 30, 2025. The carrying value of goodwill was increased by $47,639 during the nine months ended September 30, 2025, related to the acquisition of Accu-Fab.


Balance as of December 31, 2024	$	92,650
Acquisition		47,639
Balance as of September 30, 2025	$	140,289

Intangible Assets

The following is a listing of definite-lived intangible assets, the useful lives in years (amortization period) and accumulated amortization as of September 30, 2025 and December 31, 2024:


			September 30, 2025
	Useful Lives		Gross Carrying		Accumulated
	Years		Amount		Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts		9-17	$	163,040	$	62,513	$	100,527
Trade name		10		14,780		10,033		4,747
Developed technology		7		4,900		1,575		3,325
Patents		19		24		16		8
Non-compete agreements		2		2,200		275		1,925
Total definite-lived assets			$	184,944	$	74,412	$	110,532


			December 31, 2024
	Useful Lives		Gross Carrying		Accumulated
	Years		Amount		Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts		9-17	$	96,040	$	57,832	$	38,208
Trade name		10		14,780		8,924		5,856
Non-compete agreements		5		8,800		8,800		—
Developed technology		7		4,900		1,050		3,850
Patents		19		24		15		9
Total definite-lived assets			$	124,544	$	76,621	$	47,923

Additionally, the Company reported an indefinite lived non-amortizable brand name asset with a balance of $3,811 as of September 30, 2025 and December 31, 2024.

Changes in definite-lived intangible assets between December 31, 2024 and September 30, 2025 consist of:


Balance as of December 31, 2024	$	47,923
Amortization expense		(6,591)
Acquisition (see Note 2)		69,200
Balance as of September 30, 2025	$	110,532

Amortization expense was $3,125 and $1,733 for the three months ended September 30, 2025 and 2024, respectively, and $6,591 and $5,200 for the nine months ended September 30, 2025 and 2024.

Future amortization expense is expected to be as followed:


Year ending December 31,
2025 (remainder)	$	3,125
2026	$	12,500
2027	$	11,950
2028	$	11,343
2029	$	9,922
Thereafter	$	61,692