BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2024

BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of activity in the provision for credit losses

Activity in the provision for credit losses for 2024 and 2023 was as follows (in thousands):

	December 31, 2024		December 31, 2023
Beginning balance	$	1,240	$	1,192
Additional reserves		562		267
Write-offs		(190)		(225)
Effect of foreign currency translation		16		6
Ending balance	$	1,628	$	1,240

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, 2024		December 31, 2023
Parts and raw materials	$	78,725	$	87,381
Work-in-process		12,274		11,456
Finished goods		20,518		18,849
	$	111,517	$	117,686

Schedule of classification of property, plant and equipment

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

		December 31,		December 31,
	Useful lives	2024		2023
Land		$	1,770	$	973
Building and improvements	5 - 39 years		29,161		26,201
Machinery, equipment, tools and dies	3 - 15 years		110,194		99,711
Construction in progress			2,856		9,300
Furniture, fixtures and other	3 - 10 years		25,270		24,439
			169,251		160,624
Less accumulated depreciation			(103,566)		(93,161)
Property, plant, and equipment, net		$	65,685	$	67,463

Schedule of changes in the reserve for product warranty claims

Changes in the Company’s reserve for product warranty claims during 2024, 2023 and 2022 were as follows (in thousands):

	December 31,		December 31,		December 31,
	2024		2023		2022
Beginning balance	$	2,139	$	2,160	$	1,869
Warranty reserves acquired		—		—		45
Settlements		(272)		(296)		(66)
Warranty expenditures		196		243		409
Effect of foreign currency translation		(97)		32		(97)
Ending balance	$	1,966	$	2,139	$	2,160

Schedule of accrued liabilities

Accrued liabilities consist of the following (in thousands):

	December 31,		December 31,
	2024		2023
Compensation and fringe benefits	$	13,134	$	17,251
Accrued business acquisition consideration		—		12,638
Warranty reserve		1,966		2,139
Income taxes payable		1,472		2,483
Operating lease liabilities – current		5,088		5,142
Finance lease obligations – current		448		412
Contract liabilities		2,292		2,137
Contingent consideration – current		—		7,720
Other accrued expenses		5,821		6,566
	$	30,221	$	56,488

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,
	2024	2023	2022
Basic weighted average shares outstanding	16,529	15,963	15,448
Dilutive effect of potential common shares	74	309	503
Diluted weighted average shares outstanding	16,603	16,272	15,951

Schedule of supplemental cash flow

The following represents supplemental cash flow information for the years ended December 31, 2024, 2023, and 2022 (in thousands):

	Year ended December 31,
	2024		2023		2022
Cash paid during the year for:
Interest	$	12,059	$	12,200	$	7,298
Income taxes		7,804		12,687		7,499

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, 2024 and 2023, respectively, by level within the fair value hierarchy (in thousands):

	December 31, 2024
	Level 1		Level 2		Level 3
Assets (liabilities)
Pension plan assets	$	6,164	$	—	$	—
Deferred compensation plan assets		4,647		—		—
Foreign currency hedge contracts, net		—		(137)		—
Interest rate swaps, net		—		2,575		—

	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, net		—		54		—
Interest rate swaps, net		—		4,431		—
Contingent consideration		—		—		(7,990)