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Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Significant Accounting Policies

Schedule of Accounts Receivable and Concentration of Credit Risk

​

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Volvo	​	9	%	​	8	%	​	8	%
VW Group	​	9	%	​	9	%	​	9	%

Schedule of Inventory, Current

​

​	​	​	​	​	​	​
December 31		2021			2020
Raw materials	​	$	107,034	​	$	67,775
Work-in-progress	​	​	9,755	​	​	7,005
Finished goods	​	​	21,326	​	​	15,768
Total inventories, net	​	$	138,115	​	$	90,548

Property, Plant and Equipment

​

Property, plant and equipment are recorded at cost and consist of the following: ​	​	​	​	​	​	​
December 31		2021			2020
Land and land improvements	​	$	3,064	​	$	4,447
Buildings and improvements	​	​	28,842	​	​	39,784
Machinery and equipment	​	​	249,365	​	​	253,563
Office furniture and fixtures	​	​	8,701	​	​	9,993
Tooling	​	​	41,391	​	​	40,967
Information technology	​	​	30,454	​	​	28,491
Vehicles	​	​	741	​	​	654
Leasehold improvements	​	​	5,592	​	​	5,198
Construction in progress	​	​	12,584	​	​	19,744
Total property, plant, and equipment	​	​	380,734	​	​	402,841
Less: accumulated depreciation	​	​	(272,833)	​	​	(283,517)
Property, plant and equipment, net	​	$	107,901	​	$	119,324

Schedule of Property, Plant and Equipment Estimated Useful Lives

​

​	​	​	​
Buildings and improvements		​	10-40 years
Machinery and equipment	​	​	3-10 years
Office furniture and fixtures	​	​	3-10 years
Tooling	​	​	2-7 years
Information technology	​	​	3-7 years
Vehicles	​	​	3-7 years
Leasehold improvements	​	​	shorter of lease term or 3-10 years

Schedule of Goodwill

​

​	​	​	​	​	​	​
​		2021		​	​	2020
Balance at January 1	​	$	39,104	​	$	35,874
Currency translation	​	​	(2,717)	​	​	3,230
Balance at December 31	​	$	36,387	​	$	39,104

​

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

Other intangible assets, net at December 31, 2021 and 2020 consisted of the following:

​	​	​	​	​	​	​	​	​	​
​	​	Acquisition		​	Accumulated		​	​	​
As of December 31, 2021		cost			amortization			Net
Customer lists	​	$	45,000	​	$	(20,240)	​	$	24,760
Tradenames	​	​	16,016	​	​	(6,655)	​	​	9,361
Technology	​	​	12,855	​	​	(8,922)	​	​	3,933
Capitalized software development	​	​	12,433	​	​	(624)	​	​	11,809
Total	​	$	86,304	​	$	(36,441)	​	$	49,863

​

​	​	​	​	​	​	​	​	​	​
​	​	Acquisition		​	Accumulated		​	​	​
As of December 31, 2020		cost			amortization			Net
Customer lists	​	$	48,339	​	$	(18,530)	​	$	29,809
Tradenames	​	​	17,201	​	​	(6,290)	​	​	10,911
Technology	​	​	13,799	​	​	(8,079)	​	​	5,720
Capitalized software development	​	​	8,954	​	​	-	​	​	8,954
Total	​	$	88,293	​	$	(32,899)	​	$	55,394

Accrued Expenses and Other Current Liabilities

​

​	​	​	​	​	​	​
As of December 31		2021			2020
Compensation related liabilities	​	$	18,716	​	$	21,852
Product warranty and recall obligations	​	​	6,752	​	​	9,044
Other (A)	​	​	44,671	​	​	21,376
Total accrued expenses and other current liabilities	​	$	70,139	​	$	52,272

(A) “Other” is comprised of miscellaneous accruals, none of which individually contributed a significant portion of the total.

Schedule of Product Warranty and Recall Liability

​

​	​	​	​	​	​	​
Year ended December 31,		2021			2020
Product warranty and recall at beginning of period	​	$	12,691	​	$	10,796
Accruals for warranties established during period	​	​	7,037	​	​	5,898
Aggregate changes in pre-existing liabilities due to claim developments	​	​	201	​	​	1,794
Settlements made during the period	​	​	(9,647)	​	​	(6,297)
Foreign currency translation	​	​	(436)	​	​	500
Product warranty and recall at end of period	​	$	9,846	​	$	12,691

Schedule of Weighted-Average Number of Shares

​

​	​	​	​	​	​	​
Year ended December 31,		2021		2020		2019
Basic weighted-average Common Shares outstanding	​	27,114,359	​	27,024,571	​	27,791,799
Effect of dilutive shares	​	301,175	​	-	​	478,296
Diluted weighted-average Common Shares outstanding	​	27,415,534	​	27,024,571	​	28,270,095

Schedule of Changes in Accumulated Other Comprehensive Loss by Component

​

​	​	​	​	​	​	​	​	​	​
​	​	Foreign		​	Unrealized		​	​	​
​	​	currency		​	gain (loss)		​	​	​
​		translation			on derivatives			Total
Balance at January 1, 2021	​	$	(88,795)	​	$	(840)	​	$	(89,635)
Other comprehensive (loss) income before reclassifications	​	​	(8,408)	​	​	859	​	​	(7,549)
Amounts reclassified from accumulated other comprehensive loss	​	​	-	​	​	160	​	​	160
Net other comprehensive (loss) income, net of tax	​	​	(8,408)	​	​	1,019	​	​	(7,389)
Balance at December 31, 2021	​	$	(97,203)	​	$	179	​	$	(97,024)
​	​	​	​	​	​	​	​	​	​
Balance at January 1, 2020	​	$	(91,472)	​	$	-	​	$	(91,472)
Other comprehensive income (loss) before reclassifications	​	​	2,677	​	​	(2,366)	​	​	311
Amounts reclassified from accumulated other comprehensive loss	​	​	-	​	​	1,526	​	​	1,526
Net other comprehensive income (loss), net of tax	​	​	2,677	​	​	(840)	​	​	1,837
Balance at December 31, 2020	​	$	(88,795)	​	$	(840)	​	$	(89,635)

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