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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
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:
| 2024 |  | 2023 |  | 2022
PACCAR | 16 | % |  | 16 | % |  | 15 | %
Traton | 13 | % |  | 15 | % |  | 11 | %
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 |  | 2024 |  | 2023
Raw materials |  | $ | 108,283 |  |  | $ | 142,744 |
Work-in-progress |  | 7,627 |  |  | 11,907 |
Finished goods |  | 35,427 |  |  | 33,107 |
Total inventories, net |  | $ | 151,337 |  |  | $ | 187,758 |
Schedule of Property, Plant and Equipment | Property, plant and equipment are recorded at cost and consist of the following:
December 31 |  | 2024 |  | 2023
Land and land improvements |  | $ | 3,125 |  |  | $ | 3,133 |
Buildings and improvements |  | 29,895 |  |  | 32,097 |
Machinery and equipment |  | 271,465 |  |  | 254,738 |
Office furniture and fixtures |  | 9,272 |  |  | 9,708 |
Tooling |  | 39,184 |  |  | 47,191 |
Information technology |  | 37,512 |  |  | 36,853 |
Vehicles |  | 741 |  |  | 789 |
Leasehold improvements |  | 5,511 |  |  | 5,249 |
Construction in progress |  | 19,773 |  |  | 27,589 |
Total property, plant, and equipment |  | 416,478 |  |  | 417,347 |
Less: accumulated depreciation |  | (318,811) |  |  | (307,221) |
Property, plant and equipment, net |  | $ | 97,667 |  |  | $ | 110,126 |
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, 2024 and 2023 were as follows:
| 2024 |  | 2023
Balance at January 1 | $ | 35,295 |  |  | $ | 34,225 |
Currency translation | (2,210) |  |  | 1,070 |
Balance at December 31 | $ | 33,085 |  |  | $ | 35,295 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Other intangible assets, net at December 31, 2024 and 2023 consisted of the following:
As of December 31, 2024 |  | Acquisition cost |  | Accumulated amortization |  | Net
Customer lists |  | $ | 40,669 |  |  | $ | (26,303) |  |  | $ | 14,366 |
Tradenames |  | 14,444 |  |  | (8,135) |  |  | 6,309 |
Technology and patents |  | 11,657 |  |  | (9,934) |  |  | 1,723 |
Capitalized software development |  | 26,123 |  |  | (8,844) |  |  | 17,279 |
Total |  | $ | 92,893 |  |  | $ | (53,216) |  |  | $ | 39,677 |
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 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following:
As of December 31 |  | 2024 |  | 2023
Compensation related liabilities |  | $ | 21,171 |  |  | $ | 23,941 |
Product warranty and recall obligations |  | 16,848 |  |  | 14,381 |
Other (A) |  | 28,475 |  |  | 25,881 |
Total accrued expenses and other current liabilities |  | $ | 66,494 |  |  | $ | 64,203 |
_____________________________ (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, |  | 2024 |  | 2023
Product warranty and recall at beginning of period |  | $ | 21,610 |  |  | $ | 13,477 |
Accruals for warranties established during period |  | 18,479 |  |  | 15,057 |
Aggregate changes in pre-existing liabilities due to claim developments |  | 1,934 |  |  | 1,199 |
Settlements made during the period |  | (13,052) |  |  | (8,639) |
Foreign currency translation |  | (1,448) |  |  | 516 |
Product warranty and recall at end of period |  | $ | 27,523 |  |  | $ | 21,610 |
Schedule of Weighted-Average Number of Shares | Actual weighted-average Common Shares outstanding used in calculating basic and diluted net loss per share were as follows:
Year ended December 31, |  | 2024 |  | 2023 |  | 2022
Basic weighted-average Common Shares outstanding |  | 27,595,698 |  | 27,442,984 |  | 27,258,456
Effect of dilutive shares |  | — |  | — |  | —
Diluted weighted-average Common Shares outstanding |  | 27,595,698 |  | 27,442,984 |  | 27,258,456
Schedule of Changes in Accumulated Other Comprehensive Loss Component | Changes in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 were as follows:
| Foreign currency translation |  | Unrealized gain (loss) on derivatives |  | Total
Balance at January 1, 2024 | $ | (94,256) |  |  | $ | 1,468 |  |  | $ | (92,788) |
Other comprehensive loss before reclassifications | (25,839) |  |  | (3,700) |  |  | (29,539) |
Amounts reclassified from accumulated other comprehensive loss | — |  |  | 314 |  |  | 314 |
Net other comprehensive loss, net of tax | (25,839) |  |  | (3,386) |  |  | (29,225) |
Balance at December 31, 2024 | $ | (120,095) |  |  | $ | (1,918) |  |  | $ | (122,013) |
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) |

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