XML 53 R30.htm IDEA: XBRL DOCUMENT v3.25.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
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:
202420232022
PACCAR16 %16 %15 %
Traton13 %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 3120242023
Raw materials$108,283 $142,744 
Work-in-progress7,627 11,907 
Finished goods35,427 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 3120242023
Land and land improvements$3,125 $3,133 
Buildings and improvements29,895 32,097 
Machinery and equipment271,465 254,738 
Office furniture and fixtures9,272 9,708 
Tooling39,184 47,191 
Information technology37,512 36,853 
Vehicles741 789 
Leasehold improvements5,511 5,249 
Construction in progress19,773 27,589 
Total property, plant, and equipment416,478 417,347 
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:
20242023
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, 2024Acquisition
cost		Accumulated
amortization		Net
Customer lists$40,669 $(26,303)$14,366 
Tradenames14,444 (8,135)6,309 
Technology and patents11,657 (9,934)1,723 
Capitalized software development26,123 (8,844)17,279 
Total$92,893 $(53,216)$39,677 
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 
Schedule of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consist of the following:
As of December 3120242023
Compensation related liabilities$21,171 $23,941 
Product warranty and recall obligations16,848 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 31,20242023
Product warranty and recall at beginning of period$21,610 $13,477 
Accruals for warranties established during period18,479 15,057 
Aggregate changes in pre-existing liabilities due to claim developments1,934 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 $21,610 
Schedule of Weighted-Average Number of Shares
Actual weighted-average Common Shares outstanding used in calculating basic and diluted net loss per share were as follows:
Year ended December 31,202420232022
Basic weighted-average Common Shares outstanding27,595,69827,442,98427,258,456
Effect of dilutive shares———
Diluted weighted-average Common Shares outstanding27,595,69827,442,98427,258,456
Schedule of Changes in Accumulated Other Comprehensive Loss Component
Changes in accumulated other comprehensive loss for the years ended December 31, 2024 and 2023 were as follows:
Foreign
currency
translation		Unrealized
gain (loss)
on derivatives		Total
Balance at January 1, 2024$(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 $(103,142)
Other comprehensive income before reclassifications9,118 1,817 10,935 
Amounts reclassified from accumulated other comprehensive loss— (581)(581)
Net other comprehensive income, net of tax9,118 1,236 10,354 
Balance at December 31, 2023$(94,256)$1,468 $(92,788)