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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
Schedule of Accounts Receivable and Concentration of Credit Risk | The Company’s largest customers are PACCAR and Traton, primarily related to the Electronics reportable segment and accounted for the following percentages of consolidated net sales:
| 2023 |  | 2022 |  | 2021
PACCAR | 16 | % |  | 15 | % |  | 6 | %
Traton | 15 | % |  | 11 | % |  | 9 | %
Schedule of Inventory, Current | Management uses its judgment to forecast sales or usage and to determine what constitutes a reasonable period. Inventory cost includes material, labor and overhead. Inventories consist of the following:
December 31 |  | 2023 |  | 2022
Raw materials |  | $ | 142,744 |  |  | $ | 121,983 |
Work-in-progress |  | 11,907 |  |  | 7,812 |
Finished goods |  | 33,107 |  |  | 22,785 |
Total inventories, net |  | $ | 187,758 |  |  | $ | 152,580 |
Schedule of Property, Plant and Equipment | Property, plant and equipment are recorded at cost and consist of the following:
December 31 |  | 2023 |  | 2022
Land and land improvements |  | $ | 3,133 |  |  | $ | 3,030 |
Buildings and improvements |  | 32,097 |  |  | 29,703 |
Machinery and equipment |  | 254,738 |  |  | 247,237 |
Office furniture and fixtures |  | 9,708 |  |  | 9,100 |
Tooling |  | 47,191 |  |  | 42,950 |
Information technology |  | 36,853 |  |  | 32,584 |
Vehicles |  | 789 |  |  | 783 |
Leasehold improvements |  | 5,249 |  |  | 5,199 |
Construction in progress |  | 27,589 |  |  | 20,676 |
Total property, plant, and equipment |  | 417,347 |  |  | 391,262 |
Less: accumulated depreciation |  | (307,221) |  |  | (286,619) |
Property, plant and equipment, net |  | $ | 110,126 |  |  | $ | 104,643 |
Schedule of Property, Plant and Equipment Estimated Useful Lives | Depreciable lives within each property classification are as follows:
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 | Goodwill and changes in the carrying amount of goodwill for the Electronics segment for the years ended December 31, 2023 and 2022 were as follows:
| 2023 |  | 2022
Balance at January 1 | $ | 34,225 |  |  | $ | 36,387 |
Currency translation | 1,070 |  |  | (2,162) |
Balance at December 31 | $ | 35,295 |  |  | $ | 34,225 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other intangible assets, net at December 31, 2023 and 2022 consisted of the following:
As of December 31, 2023 |  | Acquisition cost |  | Accumulated amortization |  | Net
Customer lists |  | $ | 46,393 |  |  | $ | (27,580) |  |  | $ | 18,813 |
Tradenames |  | 17,423 |  |  | (9,118) |  |  | 8,305 |
Technology and patents |  | 13,636 |  |  | (11,098) |  |  | 2,538 |
Capitalized software development |  | 23,023 |  |  | (5,365) |  |  | 17,658 |
Total |  | $ | 100,475 |  |  | $ | (53,161) |  |  | $ | 47,314 |
As of December 31, 2022 |  | Acquisition cost |  | Accumulated amortization |  | Net
Customer lists |  | $ | 44,394 |  |  | $ | (23,355) |  |  | $ | 21,039 |
Tradenames |  | 16,430 |  |  | (7,761) |  |  | 8,669 |
Technology and patents |  | 12,921 |  |  | (10,100) |  |  | 2,821 |
Capitalized software development |  | 15,591 |  |  | (2,612) |  |  | 12,979 |
Total |  | $ | 89,336 |  |  | $ | (43,828) |  |  | $ | 45,508 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following:
As of December 31 |  | 2023 |  | 2022
Compensation related liabilities |  | $ | 23,941 |  |  | $ | 19,015 |
Product warranty and recall obligations |  | 14,381 |  |  | 9,040 |
Other (A) |  | 25,881 |  |  | 37,985 |
Total accrued expenses and other current liabilities |  | $ | 64,203 |  |  | $ | 66,040 |
_____________________________ (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 | The following provides a reconciliation of changes in the product warranty and recall reserve:
Year ended December 31, |  | 2023 |  | 2022
Product warranty and recall at beginning of period |  | $ | 13,477 |  |  | $ | 9,846 |
Accruals for warranties established during period |  | 15,057 |  |  | 9,917 |
Aggregate changes in pre-existing liabilities due to claim developments |  | 1,199 |  |  | 1,502 |
Settlements made during the period |  | (8,639) |  |  | (7,351) |
Foreign currency translation |  | 516 |  |  | (437) |
Product warranty and recall at end of period |  | $ | 21,610 |  |  | $ | 13,477 |
Schedule of Weighted-Average Number of Shares | Actual weighted-average Common Shares outstanding used in calculating basic and diluted net (loss) income per share were as follows:
Year ended December 31, |  | 2023 |  | 2022 |  | 2021
Basic weighted-average Common Shares outstanding |  | 27,442,984 |  | 27,258,456 |  | 27,114,359
Effect of dilutive shares |  | — |  | — |  | 301,175
Diluted weighted-average Common Shares outstanding |  | 27,442,984 |  | 27,258,456 |  | 27,415,534
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component | Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023 and 2022 were as follows:
| Foreign currency translation |  | Unrealized gain (loss) on derivatives |  | Total
Balance at January 1, 2023 | $ | (103,374) |  |  | $ | 232 |  |  | $ | (103,142) |
Other comprehensive income before reclassifications | 9,118 |  |  | 1,817 |  |  | 10,935 |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | (581) |  |  | (581) |
Net other comprehensive income, net of tax | 9,118 |  |  | 1,236 |  |  | 10,354 |
Balance at December 31, 2023 | $ | (94,256) |  |  | $ | 1,468 |  |  | $ | (92,788) |
Balance at January 1, 2022 | $ | (97,203) |  |  | $ | 179 |  |  | $ | (97,024) |
Other comprehensive (loss) income before reclassifications | (6,171) |  |  | 1,816 |  |  | (4,355) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | (1,763) |  |  | (1,763) |
Net other comprehensive (loss) income, net of tax | (6,171) |  |  | 53 |  |  | (6,118) |
Balance at December 31, 2022 | $ | (103,374) |  |  | $ | 232 |  |  | $ | (103,142) |

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