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BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended
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Dec. 31, 2018
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Schedule of activity in the allowance for doubtful accounts | Activity in the allowance for doubtful accounts for 2018, 2017 and 2016 was as follows (in thousands):
|  | December 31, 2018 |  | December 31, 2017 |  | December 31, 2016
Beginning balance |  | $ | 341 |  | $ | 362 |  | $ | 611
Additional reserves |  |  | 192 |  |  | 39 |  |  | 167
Writeoffs |  |  | — |  |  | (61) |  |  | (414)
Effect of foreign currency translation |  |  | (3) |  |  | 1 |  |  | (2)
Ending balance |  | $ | 530 |  | $ | 341 |  | $ | 362
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, 2018 |  | December 31, 2017
Parts and raw materials |  | $ | 34,449 |  | $ | 20,509
Work-in-process |  |  | 7,557 |  |  | 5,984
Finished goods |  |  | 12,965 |  |  | 6,075
Inventories |  | $ | 54,971 |  | $ | 32,568
Schedule of classification of property, plant and equipment | Property, plant and equipment is classified as follows (in thousands):
|  |  |  | December 31, |  | December 31,
|  | Useful lives |  | 2018 |  | 2017
Land |  |  |  | $ | 981 |  | $ | 993
Building and improvements |  | 5 - 39 years |  |  | 13,054 |  |  | 10,678
Machinery, equipment, tools and dies |  | 3 - 15 years |  |  | 60,755 |  |  | 49,083
Furniture, fixtures and other |  | 3 - 10 years |  |  | 15,571 |  |  | 12,931
|  |  |  |  | 90,361 |  |  | 73,685
Less accumulated depreciation |  |  |  |  | (42,326) |  |  | (35,282)
Property, plant and equipment, net |  |  |  | $ | 48,035 |  | $ | 38,403
Schedule of changes in the reserve for product warranty claims | Changes in the Company’s reserve for product warranty claims during 2018, 2017 and 2016 were as follows (in thousands):
|  | December 31, |  | December 31, |  | December 31,
|  | 2018 |  | 2017 |  | 2016
Warranty reserve at beginning of the year |  | $ | 922 |  | $ | 830 |  | $ | 780
Warranty reserves acquired |  |  | 117 |  |  | — |  |  | 297
Provision |  |  | (13) |  |  | 234 |  |  | (138)
Warranty expenditures |  |  | (34) |  |  | (200) |  |  | (96)
Effect of foreign currency translation |  |  | (21) |  |  | 58 |  |  | (13)
Warranty reserve at end of year |  | $ | 971 |  | $ | 922 |  | $ | 830
Schedule of accrued liabilities | Accrued liabilities consist of the following (in thousands):
|  | December 31, |  | December 31,
|  | 2018 |  | 2017
Compensation and fringe benefits |  | $ | 11,642 |  | $ | 7,459
Warranty reserve |  |  | 971 |  |  | 922
Income taxes payable |  |  | 1,182 |  |  | 2,397
Other accrued expenses |  |  | 4,927 |  |  | 3,492
|  | $ | 18,722 |  | $ | 14,270
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, 2018 and 2017, respectively, by level within the fair value hierarchy (in thousands):
|  | 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 |  |  | —
|  | December 31, 2017
|  | Level 1 |  | Level 2 |  | Level 3
Assets (liabilities) |  |  |  |  |  |  |  |  |
Pension plan assets |  | $ | 5,362 |  | $ | — |  | $ | —
Other long-term assets |  |  | 3,929 |  |  | — |  |  | —
Interest rate swaps |  |  | — |  |  | 196 |  |  | —

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- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(13)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 + Details
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- Definition Tabular disclosure of the changes in the guarantor's aggregate product warranty liability, including the beginning balance of the aggregate product warranty liability, the aggregate reductions in that liability for payments made (in cash or in kind) under the warranty, the aggregate changes in the liability for accruals related to product warranties issued during the reporting period, the aggregate changes in the liability for accruals related to preexisting warranties (including adjustments related to changes in estimates), and the ending balance of the aggregate product warranty liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=68068213&loc=d3e12565-110249 + Details
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