BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2021

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the allowance for doubtful accounts

Activity in the provision for credit losses for 2021 and 2020 was as follows (in thousands):

	December 31,		December 31,
	2021		2020
Beginning balance	$	382	$	405
Additional reserves		174		91
Write-offs		(44)		(123)
Effect of foreign currency translation		(6)		9
Ending balance	$	506	$	382

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,		December 31,
	2021		2020
Parts and raw materials	$	65,223	$	44,750
Work-in-process		9,529		6,186
Finished goods		14,981		12,042
	$	89,733	$	62,978

Schedule of classification of property, plant and equipment

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

		December 31,		December 31,
	Useful lives	2021		2020
Land		$	979	$	999
Building and improvements	5 - 39 years		14,398		14,169
Machinery, equipment, tools and dies	3 - 15 years		82,898		79,738
Construction work in progress			9,582		6,821
Furniture, fixtures and other	3 - 10 years		21,794		16,313
			129,651		118,040
Less accumulated depreciation			(72,668)		(62,612)
Property, plant and equipment, net		$	56,983	$	55,428

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2021, 2020 and 2019 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2021		2020		2019
Warranty reserve at beginning of the year	$	1,571	$	1,075	$	971
Warranty reserves acquired		15		465		—
Provision		543		34		210
Warranty expenditures		(204)		(97)		(101)
Effect of foreign currency translation		(56)		94		(5)
Warranty reserve at end of year	$	1,869	$	1,571	$	1,075

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2021		2020
Compensation and fringe benefits	$	14,666	$	11,184
Accrued business acquisition consideration (Note 2)		12,388		—
Right of use liabilities		4,532		4,666
Warranty reserve		1,869		1,571
Income taxes payable		970		1,459
Other accrued expenses		7,231		5,982
	$	41,656	$	24,862

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,
	2021	2020	2019
Basic weighted average shares outstanding	14,413	14,243	14,097
Dilutive effect of potential common shares	104	90	95
Diluted weighted average shares outstanding	14,517	14,333	14,192

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, 2021 and 2020, respectively, by level within the fair value hierarchy (in thousands):

	December 31, 2021
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	6,899	$	—	$	—
Deferred compensation plan assets		4,636		—		—
Foreign currency hedge contracts		—		39		—
Interest rate swaps, net		—		220		—
Contingent consideration (Note 2)		—		—		(4,900)

	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)		—