BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the allowance for doubtful accounts

Activity in the allowance for doubtful accounts for 2019 and 2018 was as follows:

	December 31, 2019		December 31, 2018
Beginning balance	$	530	$	341
Additional reserves		(5)		192
Writeoffs		(132)		—
Effect of foreign currency translation		12		(3)
Ending balance	$	405	$	530

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:

	December 31, 2019		December 31, 2018
Parts and raw materials	$	35,849	$	34,449
Work-in-process		6,951		7,557
Finished goods		10,585		12,965
Inventories	$	53,385	$	54,971

Schedule of classification of property, plant and equipment

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

		December 31,		December 31,
	Useful lives	2019		2018
Land		$	977	$	981
Building and improvements	5 - 39 years		13,366		13,054
Machinery, equipment, tools and dies	3 - 15 years		73,894		60,755
Furniture, fixtures and other	3 - 10 years		15,797		15,571
			104,034		90,361
Less accumulated depreciation			(51,026)		(42,326)
Property, plant and equipment, net		$	53,008	$	48,035

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2019, 2018 and 2017 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2019		2018		2017
Warranty reserve at beginning of the year	$	971	$	922	$	830
Warranty reserves acquired		—		117		—
Provision		210		(13)		234
Warranty expenditures		(101)		(34)		(200)
Effect of foreign currency translation		(5)		(21)		58
Warranty reserve at end of year	$	1,075	$	971	$	922

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2019		2018
Compensation and fringe benefits	$	12,967	$	11,642
Warranty reserve		1,075		971
Income taxes payable		2,231		1,182
Right of use liability		3,203		—
Other accrued expenses		3,525		4,927
	$	23,001	$	18,722

Schedule of basic and diluted weighted-average shares outstanding

	Year ended December 31,
	2019	2018	2017
Basic weighted average shares outstanding	9,398	9,265	9,153
Dilutive effect of equity awards	63	105	122
Diluted weighted average shares outstanding	9,461	9,370	9,275

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, 2019 and 2018, respectively, by level within the fair value hierarchy (in thousands):

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

	December 31, 2018
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	5,231	$	—	$	—
Other long-term assets		3,962		—		—
Interest rate swaps		—		434		—