BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the allowance for doubtful accounts

Activity in the provision for credit losses for 2022 and 2021 was as follows (in thousands):

	December 31, 2022		December 31, 2021
Beginning balance	$	506	$	382
Additional reserves		803		174
Write-offs		(107)		(44)
Effect of foreign currency translation		(10)		(6)
Ending balance	$	1,192	$	506

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, 2022		December 31, 2021
Parts and raw materials	$	89,100	$	65,223
Work-in-process		11,686		9,529
Finished goods		16,322		14,981
	$	117,108	$	89,733

Schedule of classification of property, plant and equipment

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

		December 31,		December 31,
	Useful lives	2022		2021
Land		$	965	$	979
Building and improvements	5 - 39 years		25,093		14,398
Machinery, equipment, tools and dies	3 - 15 years		89,144		82,898
Construction work in progress			14,197		9,582
Furniture, fixtures and other	3 - 10 years		22,462		21,794
			151,860		129,651
Less accumulated depreciation			(83,220)		(72,668)
Property, plant, and equipment, net		$	68,640	$	56,983

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2022, 2021 and 2020 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2022		2021		2020
Beginning balance	$	1,869	$	1,571	$	1,075
Warranty reserves acquired		45		15		465
Provision		(66)		543		34
Warranty expenditures		409		(204)		(97)
Effect of foreign currency translation		(97)		(56)		94
Ending balance	$	2,160	$	1,869	$	1,571

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2022		2021
Compensation and fringe benefits	$	15,818	$	14,666
Accrued business acquisition consideration		12,500		12,388
Warranty reserve		2,160		1,869
Operating lease liabilities - current		4,224		4,532
Finance lease obligations - current		377		—
Deferred revenue		4,807		2,425
Other accrued expenses		8,235		5,776
	$	48,121	$	41,656

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,
	2022	2021	2020
Basic weighted average shares outstanding	15,448	14,413	14,243
Dilutive effect of potential common shares	503	104	90
Diluted weighted average shares outstanding	15,951	14,517	14,333

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, 2022 and 2021, respectively, by level within the fair value hierarchy (in thousands):

	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)

	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		—		—		(4,900)