XML 43 R27.htm IDEA: XBRL DOCUMENT v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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:
202320222021
PACCAR16 %15 %6 %
Traton15 %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 3120232022
Raw materials$142,744 $121,983 
Work-in-progress11,907 7,812 
Finished goods33,107 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 3120232022
Land and land improvements$3,133 $3,030 
Buildings and improvements32,097 29,703 
Machinery and equipment254,738 247,237 
Office furniture and fixtures9,708 9,100 
Tooling47,191 42,950 
Information technology36,853 32,584 
Vehicles789 783 
Leasehold improvements5,249 5,199 
Construction in progress27,589 20,676 
Total property, plant, and equipment417,347 391,262 
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:
20232022
Balance at January 1$34,225 $36,387 
Currency translation1,070 (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, 2023Acquisition
cost		Accumulated
amortization		Net
Customer lists$46,393 $(27,580)$18,813 
Tradenames17,423 (9,118)8,305 
Technology and patents13,636 (11,098)2,538 
Capitalized software development23,023 (5,365)17,658 
Total$100,475 $(53,161)$47,314 
As of December 31, 2022Acquisition
cost		Accumulated
amortization		Net
Customer lists$44,394 $(23,355)$21,039 
Tradenames16,430 (7,761)8,669 
Technology and patents12,921 (10,100)2,821 
Capitalized software development15,591 (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 3120232022
Compensation related liabilities$23,941 $19,015 
Product warranty and recall obligations14,381 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 31,20232022
Product warranty and recall at beginning of period$13,477 $9,846 
Accruals for warranties established during period15,057 9,917 
Aggregate changes in pre-existing liabilities due to claim developments1,199 1,502 
Settlements made during the period(8,639)(7,351)
Foreign currency translation516 (437)
Product warranty and recall at end of period$21,610 $13,477 
Schedule of Weighted-Average Number of Shares
Actual weighted-average Common Shares outstanding used in calculating basic and diluted net (loss) income per share were as follows:
Year ended December 31,202320222021
Basic weighted-average Common Shares outstanding27,442,98427,258,45627,114,359
Effect of dilutive shares——301,175
Diluted weighted-average Common Shares outstanding27,442,98427,258,45627,415,534
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component
Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2023 and 2022 were as follows:
Foreign
currency
translation		Unrealized
gain (loss)
on derivatives		Total
Balance at January 1, 2023$(103,374)$232 $(103,142)
Other comprehensive income before reclassifications9,118 1,817 10,935 
Amounts reclassified from accumulated other comprehensive loss— (581)(581)
Net other comprehensive income, net of tax9,118 1,236 10,354 
Balance at December 31, 2023$(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)