Mayville Engineering (MEC) 10-K 1 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
DocumentAnnualReport	true
Amendment Flag	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Registrant Name	Mayville Engineering Company, Inc.
Entity Central Index Key	0001766368
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Interactive Data Current	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Title of 12(b) Security	Common Stock, no par value
Trading Symbol	MEC
Security Exchange Name	NYSE
Entity File Number	001-38894
Entity Incorporation, State or Country Code	WI
Entity Tax Identification Number	39-0944729
Entity Address, Address Line One	715 South Street
Entity Address, City or Town	Mayville
Entity Address, State or Province	WI
Entity Address, Postal Zip Code	53050
City Area Code	920
Local Phone Number	387-4500
Entity Public Float			$ 151,474,107
Document Annual Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		20,172,746
Entity Well Known Seasoned Issuer	No
Entity Voluntary Filers	No
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	Milwaukee, WI
Auditor Firm Id	34
Documents incorporated by reference	DOCUMENTS INCORPORATED BY REFERENCE Part III of this report incorporates information by reference to the Registrant’s proxy statement for its 2023 annual meeting of shareholders, which proxy statement will be filed with the Securities and Exchange Commission no later than 120 days after the close of the year ended December 31, 2022.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ASSETS
Cash and cash equivalents	$ 127	$ 118
Receivables, net of allowances for doubtful accounts of $545 at December 31, 2022 and $631 at December 31, 2021	58,001	55,417
Inventories, net	71,708	70,157
Tooling in progress	7,938	3,950
Prepaid expenses and other current assets	3,529	2,924
Total current assets	141,303	132,566
Property, plant and equipment, net	145,771	120,746
Assets held for sale	83
Goodwill	71,535	71,535
Intangible assets, net	43,809	50,761
Operating lease assets	36,073
Other long-term assets	2,007	3,865
Total assets	440,581	379,473
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable	53,735	50,119
Current portion of operating lease obligation	4,857
Accrued liabilities:
Salaries, wages, and payroll taxes	7,288	8,684
Profit sharing and bonus	6,860	5,289
Current portion of deferred compensation	18,062	0
Other current liabilities	11,646	13,280
Total current liabilities	102,448	77,372
Bank revolving credit notes	72,236	67,610
Operating lease obligation, less current maturities	31,891
Deferred compensation, less current portion	3,132	25,117
Deferred income tax liability	11,818	8,641
Other long-term liabilities	1,189	2,462
Total liabilities	222,714	181,202
Commitments and contingencies (see Note 8)
Common shares, no par value, 75,000,000 authorized, 21,645,193 shares issued at December 31, 2022 and 21,386,382 at December 31, 2021
Additional paid-in-capital	200,945	197,186
Retained earnings	26,274	7,547
Treasury shares at cost, 1,472,447 shares at December 31, 2022 and 1,050,448 at December 31, 2021	(9,352)	(6,462)
Total shareholders' equity	217,867	198,271
Total	$ 440,581	$ 379,473

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Allowances for doubtful accounts	$ 545	$ 631
Common Stock, No Par Value	$ 0	$ 0
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares, Issued	21,645,193	21,386,382
Treasury stock at cost	1,472,447	1,050,448

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net sales	$ 539,392,000	$ 454,826,000	$ 357,606,000
Cost of sales	478,323,000	403,451,000	326,105,000
Amortization of intangible assets	6,952,000	10,706,000	10,706,000
Profit sharing, bonuses, and deferred compensation	7,997,000	11,500,000	8,250,000
Employee stock ownership plan expense	0	0	0
Other selling, general and administrative expenses	24,692,000	20,409,000	19,043,000
Impairment of long-lived assets and (gain) loss on contracts	(4,346,000)	16,151,000
Income (loss) from operations	25,774,000	(7,391,000)	(6,498,000)
Interest expense	(3,380,000)	(2,003,000)	(2,668,000)
Income (loss) before taxes	22,394,000	(9,394,000)	(9,166,000)
Income tax expense (benefit)	3,667,000	(1,943,000)	(2,074,000)
Net income (loss) and comprehensive income (loss)	$ 18,727,000	$ (7,451,000)	$ (7,092,000)
Earnings (loss) per share:
Basic	$ 0.92	$ (0.37)	$ (0.36)
Diluted	$ 0.91	$ (0.36)	$ (0.36)
Weighted average shares outstanding:
Basic	20,399,737	20,404,543	19,898,122
Diluted	20,682,628	20,830,977	19,898,122

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 18,727	$ (7,451)	$ (7,092)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	22,359	21,077	21,383
Amortization	6,952	10,706	10,706
Allowance for doubtful accounts	(86)	(667)	772
Inventory excess and obsolescence reserve	80	(935)	80
Stock-based compensation expense	3,759	4,962	4,732
(Gain) loss on disposal of property, plant and equipment	(161)	(1,311)	667
Impairment of inventory and loss on contracts		700
Impairment of long-lived assets and (gain) loss on contracts	(4,346)	16,151
Deferred compensation	(3,923)	(514)	682
Non-cash lease expense	4,251
Other non-cash adjustments	329	325	358
Changes in operating assets and liabilities - net of effects of acquisition:
Accounts receivable	(2,498)	(12,670)	(2,664)
Inventories	(1,631)	(27,896)	4,246
Tooling in progress	(3,988)	(824)	(1,537)
Prepaids and other current assets	(616)	(1,013)	500
Accounts payable	9,361	11,836	515
Deferred income taxes	4,710	(3,323)	(4,857)
Operating lease obligations	(3,856)
Accrued liabilities	3,003	5,304	8,032
Net cash provided by operating activities	52,426	14,457	36,523
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(58,610)	(39,309)	(7,794)
Proceeds from sale of property, plant and equipment	7,942	5,348	2,020
Net cash used in investing activities	(50,668)	(33,961)	(5,774)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from bank revolving credit notes	437,939	385,226	267,169
Payments on bank revolving credit notes	(433,312)	(362,873)	(294,484)
Repayments of other long-term debt	(1,107)	(268)
Deferred financing costs			(207)
Purchase of treasury stock	(4,947)	(2,153)	(2,509)
Payments on finance leases	(322)	(544)	(598)
Proceeds from the exercise of stock options		139
Other financing activities		(26)
Net cash provided by (used in) financing activities	(1,749)	19,501	(30,629)
Net increase (decrease) in cash and cash equivalents	9	(3)	120
Cash and cash equivalents at beginning of period	118	121	1
Cash and cash equivalents at end of period	127	118	121
Supplemental disclosure of cash flow information:
Cash paid for interest	3,670	2,122	3,011
Cash paid for taxes	704	1,548	744
Non-cash construction in progress in accounts payable	$ 603	$ 6,347	$ 1,559

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands	Additional Paid-in-Capital [Member]	Treasury Shares [Member]	Retained Earnings [Member]	Total
Beginning, Balance at Dec. 31, 2019	$ 183,687	$ (4,882)	$ 22,089	$ 200,895
Net income (loss)			(7,092)	(7,092)
Share repurchases		(2,509)		(2,509)
ESOP Contribution	2,374	2,457		4,831
Stock-based compensation	4,732			4,732
Ending, Balance at Dec. 31, 2020	190,793	(4,934)	14,998	200,857
Net income (loss)			(7,451)	(7,451)
Share repurchases		(2,153)		(2,153)
401(k) contribution	1,319	625		1,944
Stock options exercised	112			112
Stock-based compensation	4,962			4,962
Ending, Balance at Dec. 31, 2021	197,186	(6,462)	7,547	198,271
Net income (loss)			18,727	18,727
Share repurchases		(4,947)		(4,947)
401(k) contribution		2,057		2,057
Stock-based compensation	3,759			3,759
Ending, Balance at Dec. 31, 2022	$ 200,945	$ (9,352)	$ 26,274	$ 217,867

Nature of business and summary

Nature of business and summary of significant accounting policies	12 Months Ended
	Dec. 31, 2022
Nature of business and summary of significant accounting policies
Nature of business and summary of significant accounting policies	Note 1. Nature of business and summary of significant accounting policies Mayville Engineering Company, Inc. and subsidiaries (MEC, the Company, we, our, us or similar terms) is a leading U.S.-based value-added manufacturing partner that provides a full suite of services from concept to production, including prototyping and tooling, production fabrication, coating, assembly and aftermarket components. Our customers operate in diverse end markets, including heavy- and medium-duty commercial vehicle, construction & access equipment, powersports, agriculture, military and other end markets. Founded in 1945 and headquartered in Mayville, Wisconsin, we are a leading Tier I U.S. supplier of highly engineered components to original equipment manufacturer (OEM) customers with leading positions in their respective markets. The Company operates 20 facilities located in Arkansas, Michigan, Mississippi, Ohio, Pennsylvania, Virginia and Wisconsin. Our engineering expertise and technical know-how allow us to add value through every product redevelopment cycle (generally every three to five years for our customers). In December 1985, the Company formed the Mayville Engineering Company, Inc. Employee Stock Ownership Plan (ESOP). The ESOP is a tax qualified retirement plan and is designed to invest primarily in the Company’s common stock which is held in a trust. From January 2003 until the Company’s initial public offering of common stock (IPO) in May 2019, the ESOP owned 100% of the Company’s outstanding shares of common stock which have been fully allocated to active or retired eligible employees. In connection with the IPO, the Company initially sold 6,250,000 shares of common stock into the public market, reducing ESOP ownership to approximately 67%. As of December 31, 2022, approximately 45% of all outstanding shares were held by the ESOP or within the Company’s 401(k) plan. Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). They include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates. Cash and cash equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less to be cash and cash equivalents. Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of bank balances above the Federal Deposit Insurance Corporation insurability limits of $250 per official custodian. The Company has not experienced any losses on these accounts and management believes the Company is not exposed to any significant credit risk on cash. Accounts receivable Accounts receivable are generally uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days from the invoice date. Management periodically reviews past due balances and established an allowance for doubtful accounts of $545 and $631 as of December 31, 2022 and 2021, respectively, for probable uncollectible amounts based on its assessment of the current status of individual accounts. The estimated valuation allowance results in a charge to cost of sales and the accounts are written-off through a charge to the valuation allowance and a credit to accounts receivable after the Company has used all reasonable collection efforts. As the Company's customer base is principally made up of blue-chip OEMs with high credit ratings and our trade receivables are due within one year or less, the Company does not have a reserve for credit losses. Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method (FIFO), and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production cost consisting of material, labor and overhead. The Company maintains a reserve for obsolete and slow-moving inventory of $2,344 and $2,265 as of December 31, 2022 and 2021, respectively, which is based upon the aging of current inventory as well as assumptions on future demand and market conditions. Tooling in progress The Company has agreements with its customers to provide production tooling which will be used to produce specific parts for its customers. The costs to design, engineer, and manufacture the tooling are charged to tooling in progress as incurred and based on when control of the tooling is transferred to the customer under contract or when the customer signs off through the Product Part Approval Process (PPAP) or other documented customer acceptance, either at a point in time or over a period of time is when revenue is recognized. The Company may also provide production tooling that is not sold to customers but is capitalized in property, plant and equipment. To the extent that estimated costs exceed expected reimbursement from the customer, the Company recognizes a loss. Tooling in progress was $7,938 and $3,950 as of December 31, 2022 and 2021, respectively. Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for additions and improvements are capitalized while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to the results of operations. Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line depreciation method for financial reporting purposes and begins when the asset is placed into service. Depreciation expense for the twelve months ended December 31, 2022, 2021 and 2020 was $22,359, $21,077 and $21,383, respectively. Business combinations The Company accounts for all business combinations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations Goodwill We test goodwill for impairment annually, or more frequently if triggering events occur indicating that there may be an impairment. We have recorded goodwill and perform testing for potential goodwill impairment at a reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment for which discrete financial information is available, and for which management regularly reviews the operating results. Additionally, components within an operating segment can be aggregated as a single reporting unit if they have similar economic characteristics. We have concluded we have one reporting unit. We determine the fair value of our reporting units using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The income approach is dependent on several key management assumptions, including estimates of future sales, gross margins, operating costs, interest expense, income tax rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital or the discount rate. Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the reporting unit. Expected cash flows used under the income approach are developed in conjunction with our budgeting and forecasting process. We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. At December 31, 2022 and 2021, the Company had goodwill with a carrying amount of $71,535 with the fair value of our reporting unit exceeding the carrying value. If the market valuation of our common shares or operating results of our reporting unit significantly decline beyond current levels, we may again need to conduct an evaluation of the fair value of our goodwill, which may result in an impairment change. Changes to management assumptions and estimates utilized in the income approach could negatively impact the fair value conclusions for our reporting units resulting in goodwill impairment. All key assumptions and valuations are determined by and are the responsibility of management. The factors used in the impairment analysis are inherently subject to uncertainty. We believe that the estimates and assumptions are reasonable to determine the fair value of our reporting unit, however, if actual results are not consistent with these estimates and assumptions, goodwill and other intangible assets may be overstated which could result in an impairment charge. Fair value of financial instruments Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amount of all significant financial instruments approximates fair value due to either the short maturity or the existence of variable interest rates that approximate prevailing market rates. Cash and cash equivalents, accounts receivable and accounts payable are classified as Level 1 fair value inputs as further described in Note 12 – Fair Value of Financial Instruments. Long-term debt is classified as a Level 2 fair value input. Impairment of long-lived assets and (gain) loss on contracts When events or conditions warrant, the Company evaluates the recoverability of long-lived assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based on several factors, including management’s intention with respect to these assets and their projected undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the respective assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. To the extent that the carrying value of the net assets of an asset group is greater than the estimated fair value, the Company may be required to record impairment charges. The Company records intangible asset impairment charges as a reduction to intangible assets. The Company records other long-lived asset impairment charges as a reduction to property, plant and equipment and an increase in other current liabilities for loss contracts in the Consolidated Balance Sheets. The Company records a gain on sale of a previously impaired asset and a reversal of a loss contract within impairment of long-lived assets and (gain) loss on contracts. Deferred financing costs Loan issuance costs and discounts are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Loan issuance costs associated with revolving debt arrangements are presented as a component of other assets. Loan issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method over the life of the credit agreement. Loan issuance costs and discounts incurred in connection with term debt are amortized using the effective interest method. Amortization of deferred loan issuance costs and discounts are included in interest expense. During 2022, 2021 and 2020, the Company recorded $0, $0 and $207, respectively of deferred financing costs associated with its long-term debt and line of credit arrangements. Amortization expense associated with the deferred debt issuance costs and discounts in 2022, 2021 and 2020 was $336, $336 and $358. Accumulated amortization was $1,056, $720 and $616 as of December 31, 2022, 2021 and 2020, respectively. Amendments made to existing debt in 2022, 2021 and 2020 resulted in the write-off of $0 of unamortized costs associated with the debt that was replaced. Revenue recognition The Company recognizes revenue for the transfer of goods or services to a customer in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company enters into supply agreements and purchase orders that include both free on board (FOB) origin and FOB destination shipping terms. Depending on the terms of the agreement, the customer takes ownership at shipment or at delivery, and this is when control transfers. Sales are supported by documentation such as supply agreements and purchase orders, which specify certain terms and conditions including product specifications, quantities, fixed prices, delivery dates and payments terms. Revenue related to services is recognized in the period services are performed, thus the Company recognizes revenue at a point in time. There are many customers where the Company designs, engineers and builds production tooling, which is purchased by the customer. Most of the tooling revenue is complete at the point the customer signs off on the product through the PPAP or other documented customer acceptance. Revenue is recognized when control of the tooling promised under a contract is transferred to the customer either at a point in time or over a period of time in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the goods or services. The Company offers certain customers discounts for early payments. These discounts are recorded against net sales in the consolidated statement of comprehensive income (loss) and accounts receivable in the Consolidated Balance Sheets. The Company does not offer any other customer incentives, rebates or allowances. Shipping and handling The Company expenses shipping and handling costs as incurred. These costs are generally comprised of salaries and wages, shipping supplies and warehouse costs. Inbound freight costs, which mostly relate to raw materials, are included in cost of sales on the Consolidated Statements of Comprehensive Income (Loss). Outbound freight costs, which mostly relate to sales, are included in net sales on the Consolidated Statements of Comprehensive Income (Loss). The Company does not charge customers nor recognize revenue for shipping and handling. The Company’s OEM customers arrange and pay the freight for delivery. Advertising The Company expenses the costs of advertising when incurred. Advertising expense was $169, $163 and $100 for the twelve months ended December 31, 2022, 2021 and 2020, respectively. Advertising costs are charged to selling, general and administrative expenses. Income taxes Income taxes and uncertain tax positions are accounted for in accordance with ASC 740, Accounting for Income Taxes Income (loss) per share The Company computes basic income (loss) per share by dividing net income (loss) available to shareholders by the actual weighted average number of common shares outstanding for the reporting period. The dilutive impact to basic earnings per share considers the impact to earnings if all convertible securities were exercised or outstanding that do not have an antidilutive impact on earnings per share. Treasury stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Subsequent reissuance of shares to the 401(k) Plan or ESOP are recorded as a reduction to treasury stock and as ESOP expense in the Consolidated Statements of Comprehensive Income (Loss). Recent accounting pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses In February 2016, the FASB issued ASU 2016-02, Leases The new guidance provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which allows it to not reassess under the new guidance its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient. In addition, the new guidance provides accounting policy elections for an entity’s ongoing lessee accounting. The Company has elected to not separate lease and non-lease components for certain of its real estate leases. The Company has elected the short-term lease recognition exemption for all leases that qualify which means that it will not recognize ROU assets or lease liabilities for those leases with a term of 12 months or less. In December 2019, the FASB issued ASU 2019-12, Income Taxes

Select balance sheet data

Select balance sheet data	12 Months Ended
	Dec. 31, 2022
Select balance sheet data
Select balance sheet data	Note 2. Select balance sheet data Inventory Inventories as of December 31, 2022 and December 31, 2021 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 Finished goods and purchased parts ​ $ 44,728 ​ $ 41,041 Raw materials ​ 17,003 ​ 18,905 Work-in-process ​ 9,977 ​ 10,211 Total ​ $ 71,708 ​ $ 70,157 ​ At December 31, 2021, there was uncertainty as to the level of demand from the former fitness customer. The Company received a notification from this customer in February 2022 resulting in a change in forecasted future cash flow, triggering an impairment assessment of assets purchased, and assets the Company had committed to purchase, to meet obligations under the agreement with the former fitness customer as of December 31, 2021. As a result, at December 31, 2021 the Company recorded an inventory impairment of $700, of which $661 was due to loss contracts recorded in other current liabilities and a $39 decrease to inventories. As of December 31, 2022, there was a balance of $77 of loss contract liabilities recorded in other current liabilities on the Consolidated Balance Sheets. Property, plant and equipment Property, plant and equipment as of December 31, 2022 and December 31, 2021 consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives December 31, December 31, ​ ​ Years ​ 2022 ​ 2021 Land ​ ​ Indefinite ​ $ 1,030 ​ $ 1,033 Land improvements ​ ​ 15-39 ​ ​ 3,169 ​ ​ 3,169 Building and building improvements ​ 15-39 ​ 59,664 ​ 56,243 Machinery, equipment and tooling ​ 3-10 ​ 250,110 ​ 222,202 Vehicles ​ 5 ​ 4,359 ​ 3,943 Office furniture and fixtures ​ 3-7 ​ 19,585 ​ 17,960 Construction in progress ​ N/A ​ 26,435 ​ 15,443 Total property, plant and equipment, gross ​ ​ ​ ​ 364,352 ​ 319,993 Less accumulated depreciation ​ ​ ​ ​ 218,581 ​ 199,247 Total property, plant and equipment, net ​ ​ ​ ​ $ 145,771 ​ $ 120,746 ​ At December 31, 2021, there was uncertainty as to the level of demand from the former fitness customer. The Company received a notification from the former fitness customer in February 2022 resulting in a change in forecasted future cash flow, triggering an impairment assessment of assets purchased, and assets the Company had committed to purchase, to meet obligations under the agreement with the former fitness customer as of December 31, 2021. As a result, at December 31, 2021, the Company recorded a long-lived asset impairment During the twelve months ended December 31, 2022, the Company was able to cancel $2,257 of purchase commitments for property, plant and equipment relating to the former fitness customer that had previously been recorded in the Consolidated Statements of Comprehensive Income (Loss) as an impairment of long-lived assets and loss on contracts as of December 31, 2021. The cancellation of loss contracts has resulted in the reversal of these amounts from other current liabilities in the Consolidated Balance Sheets and recorded in the Consolidated Statements of Comprehensive Income (Loss) as an impairment of long-lived assets and gain on contracts. Throughout the twelve months ended December 31, 2022, the Company sold $5,097 of machinery and equipment originally intended to support production for the former fitness customer, resulting in a gain on the sale of the assets of $2,089. The gain on the sale of assets is classified in impairment of long-lived assets and gain on contracts on the Consolidated Statements of Comprehensive Income (Loss) as of December 31, 2022. As a result of the previously mentioned impairment, these assets had been written down to fair value at December 31, 2021. The Company completed the closure of its Greenwood, SC manufacturing facility during the third quarter of 2020 and sold the facility during the third quarter of 2021 for $5,300 before commissions and fees, resulting in a gain on the sale of the asset of $1,374, which is classified in cost of sales on the Consolidated Statements of Comprehensive Income (Loss) as of December 31, 2021. As of December 31, 2022, $83 of property, plant and equipment has been reclassified within the Consolidated Balance Sheets as assets held for sale. The Company adopted ASC 842 on January 1, 2022, classifying finance leases of $1,103 in property, plant and equipment Goodwill We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. Our annual qualitative goodwill impairment test during the fourth quarter of fiscal years 2022 and 2021 did not indicate an impairment existed. At December 31, 2022, the Company had goodwill with a carrying amount of $71,535. The fair value exceeded the carrying value for 2022. The goodwill carrying amount of $71,535 did not change between December 31, 2020, December 31, 2021 and December 31, 2022. Intangible Assets The following is a listing of intangible assets, the useful lives in years (amortization period) and accumulated amortization as of December 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ December 31, ​ December 31, ​ Years 2022 2021 Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9-12 ​ $ 78,340 ​ $ 78,340 Trade name ​ 10 ​ 14,780 ​ 14,780 Non-compete agreements ​ 5 ​ 8,800 ​ 8,800 Patents ​ 19 ​ 24 ​ 24 Accumulated amortization ​ ​ ​ (61,946) ​ (54,994) Total amortizable intangible assets, net ​ ​ ​ 39,998 ​ 46,950 Non-amortizable brand name ​ ​ ​ 3,811 ​ 3,811 Total intangible assets, net ​ ​ ​ ​ $ 43,809 ​ $ 50,761 ​ Non-amortizable brand name is tested annually for impairment. Changes in intangible assets between December 31, 2021 and December 31, 2022 consist of: ​ ​ ​ ​ ​ Balance as of December 31, 2020 ​ $ 61,467 Amortization expense ​ ​ (10,706) Balance as of December 31, 2021 ​ 50,761 Amortization expense ​ (6,952) Balance as of December 31, 2022 ​ $ 43,809 ​ Amortization expense was $6,952, $10,706 and $10,706, for the twelve months ended December 31, 2022, 2021 and 2020, respectively. Future amortization expense is expected to be as followed: ​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 6,866 2024 ​ $ 5,192 2025 ​ $ 5,192 2026 ​ $ 5,192 2027 ​ $ 5,192 Thereafter ​ $ 12,364 ​

Bank revolving credit notes

Bank revolving credit notes	12 Months Ended
	Dec. 31, 2022
Bank revolving credit notes.
Bank revolving credit notes	Note 3. Bank revolving credit notes On September 26, 2019, and as last amended as of March 31, 2022, we entered into an amended and restated credit agreement (Credit Agreement) with certain lenders and Wells Fargo Bank, National Association, as administrative agent (the Agent). The Credit Agreement provides for a $200,000 revolving credit facility (the Revolving Loan), with a letter of credit sub-facility in an aggregate amount not to exceed $5,000, and a swingline facility in an aggregate amount of $20,000. The Credit Agreement also provides for an additional $100,000 of capacity through an accordion feature. All amounts borrowed under the Credit Agreement mature on September 26, 2024. The Credit Agreement contains usual and customary negative covenants for agreements of this type, including, but not limited to, restrictions on our ability to, subject to certain exceptions, create, incur or assume indebtedness, create or incur liens, make certain investments, merge or consolidate with another entity, make certain asset dispositions, pay dividends or other distributions to shareholders, enter into transactions with affiliates, enter into sale leaseback transactions or make capital expenditures. The Credit Agreement also requires us to satisfy certain financial covenants, including a minimum interest coverage ratio of 3.00 to 1.00 as well as a consolidated total leverage ratio not to exceed 3.25 to 1.00, although such leverage ratio can be increased in connection with certain acquisitions. In order to provide a means of insurance against future macroeconomic events, we entered into an amendment (Second Amendment) to the Credit Agreement on June 30, 2020. The Second Amendment provided the Company with temporary changes to the total leverage ratio covenant for the period from June 30, 2020, through December 31, 2021, or such earlier date as the Company may elect (Covenant Relief Period), in return for certain increases in interest rates, fees and restrictions on certain activities of the Company, including capital expenditures, acquisitions, dividends and share repurchases. New pricing, which took effect for the quarters ending on and after September 30, 2020, includes interest at a fluctuating London Interbank Offered Rate (LIBOR) (at a floor of 75 basis points), plus 1.00% to 2.75%, along with the commitment fee ranging from 20 to 50 basis points. During the Covenant Relief Period, the required ceiling on the Company’s total leverage ratio was 4.25 to 1.00 for quarters ending June 30, 2020 through and including December 31, 2020, and declined in quarterly increments to 3.25 to 1.00 through the quarter ending December 31, 2021. We entered into an amendment (Third Amendment) to the Credit Agreement on March 31, 2021 which allowed the Company to incur up to $70,000 of capital expenditures in 2021, as opposed to $35,000. We entered into an amendment (Fourth Amendment) to the Credit Agreement on March 31, 2022 which allowed the Company to incur up to $65,000 of capital expenditures in 2022, as opposed to $35,000, and revises the definition of Consolidated EBITDA to include adjustments for certain restructuring and impairment charges. At December 31, 2022, our consolidated total leverage ratio was 1.26 to 1.00 as compared to a covenant maximum of 3.25 to 1.00 in accordance with the Credit Agreement. At December 31, 2022, our interest coverage ratio was 13.14 to 1.00 as compared to a covenant minimum of 3.00 to 1.00 under the Credit Agreement. Under the Credit Agreement, interest is payable quarterly at the adjusted LIBOR plus an applicable margin based on the current funded indebtedness to adjusted EBITDA ratio. The interest rate was 5.69% and 1.75% as of December 31, 2022 and December 31, 2021, respectively. Additionally, the agreement has a fee on the average daily unused portion of the aggregate unused revolving commitments. This fee was 0.25% and 0.20% as of December 31, 2022 and December 31, 2021, respectively. The Company was in compliance with all financial covenants of its credit agreements as of December 31, 2022 and December 31, 2021. The amount borrowed on the revolving credit notes was $72,236 and $67,610 as of December 31, 2022 and December 31, 2021, respectively. ​

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 4. Leases In February 2016, the FASB issued ASU 2016-02, Leases The most significant judgements and impacts related to the application of the new guidance include the following: ● In evaluating contracts to determine if they qualify as a lease, the Company considers factors such as if the Company has obtained or transferred substantially all of the rights to the underlying asset through exclusivity, if the Company can transfer or has transferred the ability to direct the use of the asset by making decisions about how and for what purpose the asset will be used and if the lessor has substantive substitution rights. ● The Company made judgements regarding lease terms for certain of its leases that were in month-to-month status or that contained auto-renewal clauses. The Company estimated a lease end date based on the required length of usage of the property and calculated an ROU asset and lease liability based on the resulting estimated lease term. ● The Company has recognized ROU assets and lease liabilities for operating leases that have not previously been recorded. The lease liability for operating leases is based on the net present value of future minimum lease payments. ● The ROU asset for operating leases is based on the initial calculated lease liability as adjusted for the reclassification of certain balance sheet amounts such as deferred rent. ● In determining the discount rate used to measure the ROU assets and lease liabilities, the Company uses the rate implicit in the lease, or if not readily available, the Company uses the Company’s incremental borrowing rate. The base rate used to establish the Company’s incremental borrowing rate is based on a Prime Rate (or LIBOR fallback option) plus fixed basis points methodology pursuant to the Company’s revolving credit facility (as amended from time to time). Certain required adjustments were then made to this base rate to arrive at an estimated incremental borrowing rate. ● The Company’s real property leases vary in terms of up to fifteen years , including options for renewal periods that are considered reasonably certain to be exercised. The Company’s personal property leases vary in terms of up to seven years , including options for renewal periods that are considered reasonably certain to be exercised. ● Upon adoption of the new guidance at January 1, 2022, the Company established a ROU asset of $37,908 and a lease liability of $38,185 related to its real property operating leases and established a ROU asset of $2,415 and a lease liability of $2,418 related to its personal property operating leases. Additionally, the impact on retained earnings was immaterial. The January 1, 2022 balances associated with the Company’s personal property finance leases were reclassified in the financial statements from capital lease, net to property, plant and equipment, net, from current portion of capital lease obligation to other current liabilities, and from capital lease obligation, less current maturities to other long-term liabilities on the Consolidated Balance Sheets. The Company has real property operating leases for office and light manufacturing space. Operating leases for the Company’s personal property consist of leases for office equipment, vehicles, forklifts and storage tanks for bulk gases. The Company recognizes a ROU asset and a lease liability for operating leases based on the net present value of future minimum lease payments. Lease expense for the Company’s operating leases is recognized on a straight-line basis over the lease term, including renewal periods that are considered reasonably certain. The Company has finance leases for two laser cutting systems and three vehicles. The Company recognizes an ROU asset and a lease liability for finance leases based on the net present value of future minimum lease payments. Lease expense for the Company’s finance leases is comprised of the amortization of the ROU asset and interest expense recognized based on the effective interest method. Variable lease expense is related to certain of the Company’s real property leases and personal property leases, and it generally consists of property tax and insurance components that are for the benefit of the lessor (real property leases) and variable overage fees (personal property leases) that are remitted as part of the Company’s lease payments. The components of lease expense were as follows: ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ December 31, 2022 Finance lease cost: ​ ​ ​ Amortization of finance lease assets ​ $ 320 Interest on finance lease liabilities ​ ​ 42 Total finance lease expense ​ ​ 362 Operating lease expense ​ ​ 6,063 Short-term lease expense ​ ​ 683 Variable lease expense ​ ​ 217 Sublease income (1) ​ ​ (1,133) Total lease expense ​ $ 6,192 (1) The Company subleased a portion of its Hazel Park, MI facility starting in June 2022. Total rent expense for the twelve months ended December 31, 2021 and 2020 was $5,282 and $4,471, respectively. Supplemental information related to leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Classification December 31, 2022 Assets: ​ ​ ​ ​ ​ Finance lease assets ​ Property, plant and equipment, net ​ $ 1,103 Operating lease assets ​ Operating lease assets ​ ​ 36,073 Total lease assets ​ ​ ​ $ 37,176 ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ Current finance lease liabilities ​ Other current liabilities ​ $ 388 Current operating lease liabilities ​ Current portion of operating lease obligation ​ ​ 4,857 Noncurrent liabilities: ​ ​ ​ ​ Long-term finance lease liabilities ​ Other long-term liabilities ​ ​ 784 Long-term operating lease liabilities ​ Operating lease obligation, less current maturities ​ ​ 31,891 Total lease liabilities ​ ​ ​ $ 37,920 ​ ​ ​ ​ ​ ​ December 31, 2022 Weighted average remaining lease term (in years) ​ ​ ​ Finance leases ​ 3.1 ​ Operating leases ​ 7.8 ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ Finance leases ​ 3.93 % Operating leases ​ 2.49 % ​ The table below represents ROU asset balances by type of lease: ​ ​ ​ ​ ​ ​ December 31, 2022 Real estate leases ​ $ 34,211 Equipment leases ​ ​ 2,506 Vehicle leases ​ 459 Total lease assets ​ $ 37,176 ​ Maturities of lease liabilities at December 31, 2022 and minimum lease payments under ASC 842 having initial or remaining non-cancellable terms in excess of one year were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2023 ​ $ 5,709 ​ $ 426 ​ $ 6,135 2024 ​ 5,668 ​ ​ 426 ​ ​ 6,094 2025 ​ ​ 4,822 ​ ​ 291 ​ ​ 5,113 2026 ​ ​ 4,641 ​ ​ 66 ​ ​ 4,707 2027 ​ ​ 4,688 ​ ​ 33 ​ ​ 4,721 Thereafter ​ ​ 15,140 ​ ​ — ​ ​ 15,140 Total lease payments ​ ​ 40,668 ​ ​ 1,242 ​ ​ 41,910 Less: lease modification not yet commenced ​ ​ — ​ ​ — ​ ​ — Less: imputed interest ​ ​ (3,920) ​ ​ (70) ​ ​ (3,990) Total lease obligations ​ $ 36,748 ​ $ 1,172 ​ $ 37,920 ​ At December 31, 2021, future minimum lease payments under ASC 840 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2022 ​ ​ 5,693 ​ ​ 358 ​ ​ 6,051 2023 ​ 5,699 ​ ​ 358 ​ ​ 6,057 2024 ​ ​ 5,661 ​ ​ 358 ​ ​ 6,019 2025 ​ ​ 4,832 ​ ​ 225 ​ ​ 5,057 2026 ​ ​ 4,655 ​ ​ — ​ ​ 4,655 Thereafter ​ ​ 18,801 ​ ​ — ​ ​ 18,801 Total minimum lease payments ​ $ 45,341 ​ $ 1,299 ​ $ 46,640 ​ Lease related supplemental cash flow information: ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities for finance leases: ​ ​ ​ Operating cash flows ​ $ 42 Financing cash flows ​ $ 322 ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities for operating leases: ​ ​ ​ Operating cash flows ​ $ 5,672 ​ ​ ​ ​ Right-of-use assets obtained in exchange for recorded lease obligations: ​ ​ Operating leases ​ $ 1,271 Finance leases ​ $ 284 ​ ROU assets are assessed for impairment in accordance with the Company’s long-lived asset policy. The Company reassesses lease classification and remeasures ROU assets and lease liabilities when a lease is modified, and that modification is not accounted for as a separate new lease or upon certain other events that require reassessment in accordance with ASC 842.

Employee stock ownership plan

Employee stock ownership plan	12 Months Ended
	Dec. 31, 2022
Employee stock ownership plan
Employee stock ownership plan	Note 5. Employee stock ownership plan Under the ESOP, the Company can make annual discretionary contributions to the trust for the benefit of eligible employees in the form of cash or shares of common stock of the Company subject to the Board of Directors’ approval. For each of the twelve months ended December 31, 2022, 2021 and 2020, the Company recorded no ESOP expense. At various times following death, disability, retirement, termination of employment or the exercise of diversification rights, an ESOP participant is entitled to receive their ESOP account balance in accordance with various distribution methods as permitted under the policies adopted by the ESOP. Prior to the IPO, all distributions were paid to participants in cash. As of December 31, 2022, and December 31, 2021, the ESOP shares consisted of 5,684,879 and 7,292,392 in allocated shares, respectively.

Retirement plans

Retirement plans	12 Months Ended
	Dec. 31, 2022
Retirement plans
Retirement Plans	Note 6. Retirement plans The Mayville Engineering Company, Inc. 401(k) Plan (the 401(k) Plan) covers substantially all employees meeting certain eligibility requirements. The 401(k) Plan is a defined contribution plan and is intended for eligible employees to defer tax-free contributions to save for retirement. Employees may contribute up to 50% of their eligible compensation plan to the 401(k) Plan, subject to the limits of Section 401(k) of the Internal Revenue Code. The 401(k) Plan also provides for employer discretionary profit sharing contributions and the Board of Directors authorized discretionary profit sharing contributions of $2,500, $2,057 and $1,833 for the twelve months ended December 31, 2022, 2021 and 2020, respectively, that are funded in the subsequent years.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2022
Income taxes
Income taxes	Note 7. Income taxes Income taxes are included in the Consolidated Statements of Comprehensive Income (Loss) at December 31, 2022 and 2021 as below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2021 ​ 2020 Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ — ​ $ 100 ​ $ 129 State ​ 414 ​ 1,203 ​ 98 Total ​ 414 ​ 1,303 ​ 227 Deferred income tax expense (benefit) ​ ​ ​ U.S. Federal ​ 4,722 ​ (2,790) ​ (2,457) State ​ (1,469) ​ (456) ​ 156 Total ​ 3,253 ​ (3,246) ​ (2,301) Total income tax expense (benefit) ​ $ 3,667 ​ $ (1,943) ​ $ (2,074) ​ A reconciliation of the statutory federal income tax provision (benefit) to the income tax provision (benefit) from continuing operations provided at December 31, 2022 and 2021, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Income tax provision (benefit) at the federal statutory rate - 21% ​ $ 4,703 ​ $ (1,971) $ (1,925) State and local income taxes - net of federal income tax benefits ​ ​ 831 ​ ​ 523 ​ ​ 79 ​ Compensation deduction limitation - section 162(m) adjustment ​ ​ (427) ​ ​ 14 ​ ​ (113) ​ Income taxed by shareholder before IPO ​ ​ — ​ ​ — ​ ​ (387) ​ Other - perms ​ ​ 43 ​ ​ 29 ​ ​ 51 ​ Tax credits generated ​ ​ (63) ​ ​ (301) ​ ​ (409) ​ Uncertain tax positions - current year ​ ​ 16 ​ ​ 75 ​ ​ 106 ​ Uncertain tax positions - prior year ​ ​ 54 ​ ​ (7) ​ ​ 115 ​ Loan fee amortization ​ ​ — ​ ​ — ​ ​ 698 ​ Stock compensation ​ ​ 50 ​ ​ (546) ​ ​ 764 ​ Section 481(a) adjustments ​ ​ — ​ ​ — ​ ​ (184) ​ Fixed assets ​ ​ — ​ ​ — ​ ​ (452) ​ Return to provision ​ ​ (424) ​ ​ 147 ​ ​ (121) ​ Changes in tax rates ​ ​ (1,071) ​ ​ 43 ​ ​ — ​ Other miscellaneous tax ​ ​ (45) ​ ​ 51 ​ ​ (296) ​ Total income tax provision (benefit) ​ $ 3,667 ​ $ (1,943) ​ $ (2,074) ​ Effective tax rate ​ 16.4 % ​ 26.5 % ​ 22.6 % ​ The tax effects of temporary differences that give rise to significant portions of the deferred income tax assets and liabilities are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Deferred compensation ​ $ 7,674 ​ $ 8,349 Inventory adjustments ​ ​ 1,601 ​ ​ 1,694 Accrued expenses ​ ​ 411 ​ ​ 1,530 Right of use - liability ​ ​ 8,853 ​ ​ — Credits ​ ​ 942 ​ ​ 656 Net operating loss ​ ​ 4,781 ​ ​ 4,080 Interest Expense ​ ​ 721 ​ ​ — Other ​ ​ 478 ​ ​ 240 Total deferred tax assets ​ ​ 25,461 ​ ​ 16,549 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ ​ 17,909 ​ ​ 11,612 Intangibles ​ ​ 10,671 ​ ​ 13,556 Right of use - asset ​ ​ 8,689 ​ ​ — Other ​ ​ 10 ​ ​ 22 Total deferred tax liabilities ​ ​ 37,279 ​ ​ 25,190 Valuation allowance ​ ​ — ​ ​ — Net deferred tax liability ​ $ (11,818) ​ $ (8,641) ​ Consolidated federal net operating loss carryforwards are $21,210 and do not expire. In addition, the Company has consolidated and separate company net operating loss carryforwards of $6,820 in various states. Uncertain Tax Positions Based on an evaluation of its tax positions, the Company recorded an unrecognized tax benefit related to research and development tax credits in its financial statements as of December 31, 2022 and December 31, 2021. The Company does not anticipate that there will be a material change in the balance of the unrecognized tax benefits in the next twelve months. Any interest and penalties related to uncertain tax positions are recorded in income tax expense. No amounts have been recorded as tax expense for interest and penalties for the year ended December 31, 2022 as the amount for the utilized portion of the research and development credit on the Wisconsin return is considered to be immaterial. At December 31, 2022, a total of $384 of unrecognized tax benefits would, if recognized, impact the company’s effective tax rate. The Company files income tax returns in the United States federal jurisdiction and in various state and local jurisdictions. Federal tax returns for tax years beginning January 1, 2019, and state tax returns beginning January 1, 2018, are open for examination. Details of Unrecognized Tax Benefits The following is a reconciliation of beginning and ending amounts of unrecognized tax benefits: ​ ​ ​ ​ ​ Balance as of December 31, 2019 ​ $ — Increase from current year tax positions ​ ​ 106 Increase from prior year tax positions ​ ​ 115 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2020 ​ ​ 221 Increase from current year tax positions ​ ​ 100 Decrease from prior year tax positions ​ ​ (7) Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2021 ​ 314 Increase from current year tax positions ​ ​ 16 Increase from prior year tax positions ​ ​ 54 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2022 ​ $ 384 ​

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2022
Contingencies
Contingencies	Note 8. Contingencies On August 4, 2022, the Company filed a lawsuit against Peloton Interactive, Inc. (“Peloton”) in the Supreme Court of the State of New York, New York County. The lawsuit arises from a March 2021 Supply Agreement between the parties, pursuant to which MEC was to manufacture and supply custom component parts for Peloton’s exercise bikes (the “Manufacturing Project”). In the lawsuit, the Company originally asserted two claims (1) breach and anticipatory repudiation of contract and (2) breach of the duty of good faith and fair dealing (pleaded in the alternative). In January 2023, in response to Peloton’s motion to dismiss, the court allowed the first claim to proceed and dismissed the alternative claim. In the remaining claim, MEC asserts that Peloton breached and anticipatorily repudiated the Supply Agreement by unilaterally cancelling the Manufacturing Project, and refusing to pay MEC certain monthly fixed revenue payments owed under the terms of the Supply Agreement. The total amount for damages claimed is substantial but the amount and timing of the ultimate recovery is uncertain. As a result, any recovery from this litigation or settlement of this claim is a contingent gain and will be recognized if, and when, realized or realizable. From time to time, the Company may be involved in various claims and lawsuits, both for and against the Company, arising in the normal course of business. Although the results of litigation and claims cannot be predicted with certainty, in management’s opinion, either the likelihood of loss is remote, or any reasonably possible loss associated with the resolution of such proceedings is not expected to have a material adverse impact on the consolidated financial statements.

Deferred compensation

Deferred compensation	12 Months Ended
	Dec. 31, 2022
Deferred compensation
Deferred compensation	Note 9. Deferred compensation The Mayville Engineering Deferred Compensation Plan is available for certain employees designated to be eligible to participate by the Company and approved by the Board of Directors. Eligible employees may elect to defer a portion of his or her compensation for any plan year and the deferral cannot exceed 50% of the participant’s base salary and may include the participant’s annual short-term cash incentive up to 100%. The participant’s election must be made prior to the first day of the plan year. An employer contribution will be made for each participant to reflect the amount of any reduced allocations to the ESOP and/or 401(k) employer contributions due solely to the participant’s deferral amounts, as applicable. In addition, a discretionary amount may be awarded to a participant by the Company. Deferrals are assumed to be invested in an investment vehicle based on the options made available to the participant (which does not include Company stock). The deferred compensation plan provides benefits payable upon separation of service or death. Payments are to be made 30 or 180 days after date of separation from service, either in a lump-sum payment or up to five annual installments as elected by the participant when the participant first elects to defer compensation. The deferred compensation plan is non-funded, and all future contributions are unsecured in that the employees have the status of a general unsecured creditor of the Company and the agreements constitute a promise by the Company to make benefit payments in the future. During the twelve months ended December 31, 2022, 2021 and 2020, eligible employees elected to defer compensation of $117, $0 and $63, respectively. As of December 31, 2022 and 2021, the short-term portion accrued for all benefit years less than 12 months under this plan was $18,062 and $0, respectively. As of December 31, 2022 and 2021, the long-term portion accrued for all benefit years greater than 12 months under this plan was $3,132 and $25,117. These amounts include the initial deferral of compensation as adjusted for (a) subsequent changes in the share value of the Company stock pursuant to the IPO or (b) following the IPO in the investment options chosen by the participants. Total expense (credit) for the deferred compensation plan for the twelve months ended December 31, 2022, 2021 and 2020 amounted to $(3,051), $812 and $725, respectively. These expenses (credits) are included in profit sharing, bonuses and deferred compensation on the Consolidated Statements of Comprehensive Income (Loss). Additionally, the Company made distributions of $1,048, $1,327 and $107 for the twelve months ended December 31, 2022, 2021 and 2020, respectively.

Self-Funded insurance

Self-Funded insurance	12 Months Ended
	Dec. 31, 2022
Self-Funded insurance
Self-Funded insurance	Note 10. Self-Funded insurance The Company is self-funded for the medical benefits provided to its employees and their dependents. Healthcare costs are expensed as incurred and are based upon actual claims paid, reinsurance premiums, administration fees and estimated unpaid claims. As of March 31, 2020, the Company consolidated its benefit plans and now has no specific stop loss limitation but has an aggregate stop loss limit to mitigate risk. Expense related to this contract was $17,146, $17,157 and $20,849 for the twelve months ended December 31, 2022, 2021 and 2020, respectively. An estimated accrued liability of $900 and $1,471 was recorded as of December 31, 2022 and December 31, 2021, respectively, for estimated unpaid claims and is included within other current liabilities on the Consolidated Balance Sheets.

Segments

Segments	12 Months Ended
	Dec. 31, 2022
Segments
Segments	Note 11. Segments The Company applies the provisions of ASC 280, Segment Reporting

Fair value of financial instrum

Fair value of financial instruments	12 Months Ended
	Dec. 31, 2022
Fair value of financial instruments
Fair value of financial instruments	Note 12. Fair value of financial instruments Fair value provides information on what the Company may realize if certain assets were sold or might pay to transfer certain liabilities based upon an exit price. Financial assets and liabilities that are measured and reported at fair value are classified into a three-level hierarchy that prioritizes the inputs used in the valuation process. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of any input that is significant to the fair value measurement. The hierarchy is based on the observability and objectivity of the pricing inputs, as follows: ● Level 1 – Quoted prices in active markets for identical assets or liabilities. ● Level 2 – Significant directly observable data (other than Level 1 quoted prices) or significant indirectly observable data through corroboration with observable market data. Inputs would normally be (i) quoted prices in active markets for similar assets or liabilities, (ii) quoted prices in inactive markets for identical or similar assets or liabilities or (iii) information derived from or corroborated by observable market data. Long-term debt is classified as a Level 2 fair value input. ● Level 3 – Prices or valuation techniques that require significant unobservable data inputs. These inputs would normally be the Company’s own data and judgements about assumptions that market participants would use in pricing the asset or liability. The following table lists the Company’s financial assets and liabilities accounted for at fair value by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2022 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — Total ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2021 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 25,117 ​ $ 22,272 ​ $ 2,845 ​ $ — Total ​ $ 25,117 ​ $ 22,272 ​ $ 2,845 ​ $ — ​ Fair value measurements for the Company’s cash and cash equivalents are classified based upon Level 1 measurements because such measurements are based upon quoted market prices in active markets for identical assets. Accounts receivable, accounts payable, long-term debt and accrued liabilities are recorded in the Consolidated Balance Sheets at cost and approximate fair value. Deferred compensation liabilities are recorded at amounts due to participants at the time of deferral. Deferrals are invested in an investment vehicle based on the options made available to the participant, considered to be Level 1 and Level 2 on the fair value hierarchy, with the majority of the balance as Level 1. The change in fair value is recorded in the profit sharing, bonuses, and deferred compensation line item on the Consolidated Statements of Comprehensive Income (Loss). The short-term and long-term balances due to participants are reflected on the current portion of deferred compensation and deferred compensation, less current portion line items, respectively, on the Consolidated Balance Sheets. The Company’s non-financial assets such as intangible assets and property, plant, and equipment are re-measured at fair value when there is an indication of impairment and adjusted only when an impairment charge is recognized.

Revenue recognition

Revenue recognition	12 Months Ended
	Dec. 31, 2022
Revenue recognition
Revenue recognition	Note 13. Revenue recognition Contract Assets and Contract Liabilities The Company has contract assets and contract liabilities, which are included in tooling in progress and other current liabilities on the Consolidated Balance Sheets, respectively. Contract assets include products where the Company has satisfied its performance obligation, but receipt of payment is contingent upon delivery. Contract liabilities include deferred tooling revenue, where the performance obligation was not met. The performance obligation is satisfied when the tooling is completed and the customer signs off through the PPAP or other documented customer acceptance. Cost of goods sold is recognized and released from the balance sheet when control of the tooling promised under contract is transferred to the customer. The Company’s contracts with customers are short-term in nature; therefore, revenue is typically recognized, billed and collected within a 12-month period. The following table reflects the changes in our contract assets and liabilities during the twelve months ended December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Assets Liabilities As of December 31, 2019 ​ $ 1,589 ​ $ 914 Net activity ​ ​ 1,537 ​ ​ 146 As of December 31, 2020 ​ ​ 3,126 ​ ​ 1,060 Net activity ​ ​ 824 ​ ​ 1,658 As of December 31, 2021 ​ ​ 3,950 ​ ​ 2,718 Net activity ​ ​ 3,988 ​ ​ 3,423 As of December 31, 2022 ​ $ 7,938 ​ $ 6,141 ​ Disaggregated Revenue The following tables represents a disaggregation of revenue by product category and end market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, ​ ​ 2022 2021 2020 Outdoor sports ​ $ 9,498 ​ $ 10,039 ​ $ 7,225 Fabrication ​ ​ 324,254 ​ ​ 295,988 ​ ​ 227,476 Performance structures ​ ​ 109,888 ​ ​ 73,207 ​ ​ 60,597 Tube ​ ​ 73,868 ​ ​ 58,749 ​ ​ 49,868 Tank ​ ​ 38,246 ​ ​ 25,816 ​ ​ 19,431 Total ​ ​ 555,754 ​ ​ 463,799 ​ ​ 364,597 Intercompany sales elimination ​ ​ (16,362) ​ ​ (8,973) ​ ​ (6,991) Total, net sales ​ $ 539,392 ​ $ 454,826 ​ $ 357,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 Commercial vehicle ​ $ 212,992 ​ $ 156,488 ​ ​ 120,838 Construction & access ​ 111,525 ​ ​ 92,298 ​ ​ 65,510 Powersports ​ 87,531 ​ ​ 90,247 ​ ​ 73,220 Agriculture ​ 57,412 ​ 49,827 ​ ​ 34,151 Military ​ ​ 24,831 ​ ​ 24,147 ​ ​ 31,675 Other ​ ​ 45,101 ​ ​ 41,819 ​ ​ 32,212 Total, net sales ​ $ 539,392 ​ $ 454,826 ​ ​ 357,606 ​

Common equity

Common equity	12 Months Ended
	Dec. 31, 2022
Common equity.
Common equity	Note 14. Common equity At December 31, 2022, the authorized stock of the Company consisted of 75,000,000 shares of common stock without par value. Changes in outstanding common shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Beginning balance ​ 20,335,934 ​ 20,059,390 ​ 19,632,211 Treasury stock purchases ​ (559,945) ​ (147,785) ​ (320,245) Common stock issued (including share-based compensation impact) ​ 396,757 ​ 424,329 ​ 747,424 Ending balance ​ 20,172,746 ​ 20,335,934 ​ 20,059,390 ​

Earnings per share

Earnings per share	12 Months Ended
	Dec. 31, 2022
Earnings per share
Earnings per share	Note 15. Earnings per share The Company computes earnings per share in accordance with ASC 260 , Earnings per Share A reconciliation of basic and diluted net income (loss) per share attributable to the Company were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2022 ​ 2021 ​ 2020 Net income (loss) attributable to MEC $ 18,727 ​ $ (7,451) ​ $ (7,092) Average shares outstanding ​ 20,399,737 ​ ​ 20,404,543 ​ ​ 19,898,122 Basic income (loss) per share $ 0.92 ​ $ (0.37) ​ $ (0.36) ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 20,399,737 ​ ​ 20,404,543 ​ ​ 19,898,122 Effect of dilutive share-based compensation ​ 282,891 ​ ​ 426,434 ​ ​ - Total potential shares outstanding ​ 20,682,628 ​ ​ 20,830,977 ​ ​ 19,898,122 Diluted income (loss) per share $ 0.91 ​ $ (0.36) ​ $ (0.36) ​ Options in the money that were not included in the computation of diluted earnings per share because they would have had an antidilutive impact on earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2022 2021 2020 Stock options ​ — ​ 300,510 ​ 600,530 ​

Concentration of major customer

Concentration of major customers	12 Months Ended
	Dec. 31, 2022
Concentration of major customers
Concentration of major customers	Note 16. Concentration of major customers The following customers accounted for 10% or greater of the Company’s recorded net sales and net trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Receivable ​ ​ ​ Net Sales ​ ​ As of ​ ​ As of ​ ​ ​ Twelve Months Ended December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ Customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A 17.2 % ​ 16.6 % ​ 15.3 % ​ 11.0 % ​ 10.2 % B 11.9 % ​ 10.8 % ​ 11.1 % ​ <10 % ​ <10 % C <10 % ​ 10.0 % ​ 12.5 % ​ <10 % ​ <10 % D 16.0 % ​ 14.1 % ​ 11.6 % ​ <10 % ​ <10 % E <10 % ​ <10 % ​ <10 % ​ 12.6 % ​ 11.2 % ​

Stock based compensation

Stock based compensation	12 Months Ended
	Dec. 31, 2022
Stock based compensation
Stock based compensation	Note 17. Stock-based compensation The Mayville Engineering Company, Inc. 2019 Omnibus Incentive Plan provided the Company the ability to grant monetary payments based on the value of its common stock, up to 2,000,000 shares. On April 20, 2021, shareholders of the Company approved an amendment to the 2019 Omnibus Incentive Plan increasing the number of shares of common stock authorized for issuance by 2,500,000 shares. The Company recognizes stock-based compensation using the fair value provisions prescribed by ASC 718, Compensation – Stock Compensation Cancellations and forfeitures are accounted for as incurred. Stock awards were granted on July 19, 2022, April 19, 2022, February 28, 2022, June 3, 2021, May 12, 2021, February 28, 2021, May 12, 2020, February 27, 2020, and May 8, 2019. There were no stock awards granted prior to this. The Company’s stock-based compensation expense by award type is summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 2021 2020 One-time IPO unit awards ​ $ — ​ $ — ​ $ 1,029 Unit awards ​ 2,490 ​ ​ 3,006 ​ ​ 2,305 Option awards ​ 1,269 ​ ​ 1,956 ​ ​ 1,398 Stock based compensation expense, net of tax ​ $ 3,759 ​ $ 4,962 ​ $ 4,732 ​ One-time IPO unit awards were fully expensed as of December 31, 2020. A rollforward of unrecognized stock-based compensation expense is displayed in the table below. Unrecognized stock-based compensation expense as of December 31, 2022 will be expensed over the remaining requisite service period from which individual award values relate, up to July 19, 2025. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Options Total Balance as of December 31, 2020 ​ $ 1,545 ​ $ 1,432 ​ $ 2,977 Grants ​ ​ 3,456 ​ ​ 2,130 ​ ​ 5,586 Forfeitures ​ ​ (319) ​ ​ (69) ​ ​ (388) Expense ​ ​ (3,006) ​ ​ (1,956) ​ ​ (4,962) Balance as of December 31, 2021 ​ ​ 1,676 ​ ​ 1,537 ​ ​ 3,213 Grants ​ ​ 4,426 ​ ​ 2,573 ​ ​ 6,999 Forfeitures ​ ​ (1,873) ​ ​ (1,791) ​ ​ (3,664) Expense ​ ​ (2,490) ​ ​ (1,269) ​ ​ (3,759) Balance as of December 31, 2022 ​ $ 1,739 ​ $ 1,050 ​ $ 2,789 ​ Units A summary of the Company’s unit award activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Grant Date Fair ​ Number of Units Value Number of Units Value Nonvested, beginning of year 354,906 ​ $ 11.59 456,257 ​ $ 7.69 Grants 477,277 ​ $ 9.27 233,963 ​ $ 14.54 Forfeitures (167,641) ​ $ 11.18 (20,412) ​ $ 13.03 Vested (271,992) ​ $ 10.76 (314,902) ​ $ 8.04 Nonvested, end of year 392,550 ​ $ 9.52 354,906 ​ $ 11.59 ​ Stock Options A summary of the Company’s stock option award activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Weighted-Average Number of Weighted-Average ​ ​ Number of Options ​ Exercise Price ​ Options ​ Exercise Price Nonvested, beginning of year 526,895 ​ $ 10.91 718,528 ​ $ 8.74 Grants 479,947 ​ $ 10.32 307,365 ​ $ 14.01 Forfeitures (309,863) ​ $ 11.30 (14,337) ​ $ 10.41 Vested (512,927) ​ $ 9.18 (484,661) ​ $ 9.68 Nonvested, end of year 184,052 ​ $ 13.51 526,895 ​ $ 10.91 ​ As of December 31, 2022, there were 250,505, 703,523 and 153,686 options issued and outstanding at exercise prices of $17.00, $7.12, and $14.01 per share, respectively, with a remaining weighted average contractual life of 7.22 years. The intrinsic values of these outstanding options was $0, $5.54 and $0, respectively, based on the Company’s stock price as of December 31, 2022. The Company uses the Black-Scholes valuation model to estimate the fair value of stock options which were $5.36 and $6.93 for those options granted during the years ended December 31, 2022 and 2021, respectively. The Company utilized the following assumptions in determining these fair values: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inputs Assumptions 2022 2021 2020 Stock price at date of grant/exercise price ​ $ 10.32 ​ $ 14.01 ​ $ 7.12 ​ Expected term (in years) ​ ​ 5.75 ​ ​ 5.75 ​ ​ 5.75 ​ Estimated volatility ​ ​ 55.3 % ​ 53.9 % ​ 41.2 % Estimated risk-free rate of return ​ ​ 1.9 % ​ 0.8 % ​ 1.2 % Expected dividend yield ​ ​ 0.0 % ​ 0.0 % ​ 0.0 % ​ The Company does not have historical option exercise data to estimate the expected term. For options granted, the Company utilizes the simplified method prescribed by Staff Accounting Bulletin (SAB) Topic 14 to estimate the expected term, which is calculated as the average of the vesting term and the contractual term. The option grants have a contractual life of 10 years and a requisite service period, or vesting term, of 2 years with 50% vesting on the annual anniversary dates. Applying the simplified method, the Company calculated the expected terms of each tranche to be 5.5 years and 6.0 years resulting in an average expected term of 5.75 years for these awards. The Company will continue to employ the simplified method until more relevant detailed information becomes available from which to make this estimate.

Greenwood facility closure and

Greenwood facility closure and restructuring	12 Months Ended
	Dec. 31, 2022
Restructuring And Related Activities
Greenwood facility closure and restructuring	Note 18. Greenwood facility closure and restructuring Based on the Company’s investments in new technology and automation, which have resulted in a smaller footprint requirement to maintain manufacturing capacity, the Company announced the closing of its Greenwood, SC facility on May 6, 2020. The facility closure was finalized during the third quarter of 2020 with all customer components re-distributed amongst five other MEC manufacturing facilities. All customer relationships and manufactured components were maintained through this transition without disruption to our customers. On July 1, 2021, the Company entered into a contract to sell the Greenwood, SC facility for $5,300 before commissions and fees. Settlement of the contract occurred on August 30, 2021, resulting in a gain on the sale of the asset of $1,374, which is classified in cost of sales on the Consolidated Statements of Comprehensive Income (Loss) for the twelve months ended December 31, 2021. Costs associated with the closure were accounted for in accordance with ASC 420 Exit or Disposal Cost Obligations For the twelve months ended December 31, 2021, the Company incurred $0 costs associated with the facility closure and restructuring transferred to another MEC facility, $78 for the buyout of operating leases, $622 for the disposition of inventory, and the remainder mostly related to costs to close the facility and relocate equipment to other facilities. These costs were recognized on the cost of sales line item of the Consolidated Statements of Comprehensive Income (Loss). The Greenwood facility had a net book value of approximately $3,552 as of December 31, 2020 and was classified as assets held for sale on the Consolidated Balance Sheets. The following table summarizes the activity related to the Greenwood restructuring through December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ ​ Severance and ​ Inventory Excess ​ ​ ​ ​ ​ ​ ​ ​ Retention Bonus ​ and Obsolescence ​ ​ ​ ​ ​ ​ ​ ​ Reserve ​ Reserve ​ Other Reserves ​ Total Reserves Balance as of December 31, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charges ​ ​ 282 ​ ​ 622 ​ ​ 1,620 ​ ​ 2,524 Cash receipts (payments) ​ ​ (282) ​ ​ 16 ​ ​ (1,620) ​ ​ (1,886) Accrual adjustments ​ ​ — ​ ​ (638) ​ ​ — ​ ​ (638) Balance as of December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ As a result of the Greenwood facility closure, future earnings and cash flows were not impacted by the depreciation associated with the assets disposed of or the facility, maintenance costs of the facility and facility personnel expenses. Assets disposed of had a net book value of $2,475 with a remaining useful life of approximately 3 years resulting in approximately $825 of annual depreciation expense that is no longer incurred. The facility had a net book value of $3,552 as of August 30, 2021 with a remaining weighted average useful life of approximately 27 years resulting in approximately $133 of annual depreciation expense that is no longer incurred. Additionally, the Company no longer has approximately $800 of annual facility maintenance costs, including utilities, that are no longer incurred. Total personnel costs associated with the facility were approximately $2,250 for the first quarter 2020 resulting in approximately $9,000 of annual personnel expenses; the majority of these costs were transitioned to five other MEC facilities that are now manufacturing these components. As previously mentioned, all customer relationships and manufacturing programs were retained through the transition. The aforementioned depreciation, maintenance costs, and personnel expenses associated with the Greenwood facility have been classified as cost of sales on the Condensed Consolidated Statements of Comprehensive Loss.

Valuation and qualifying accoun

Valuation and qualifying accounts	12 Months Ended
	Dec. 31, 2022
Valuation and qualifying accounts
Valuation and qualifying accounts	Note 19. Valuation and qualifying accounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ Balance at ​ ​ beginning of ​ ​ ​ ​ ​ ​ ​ end of Description ​ period ​ Additions ​ Deductions ​ period Year ended December 31, 2022 ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 631 ​ $ 697 ​ $ 784 ​ $ 545 Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 1,298 ​ $ 751 ​ $ 1,418 ​ $ 631 Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 526 ​ $ 1,582 ​ $ 810 ​ $ 1,298 ​

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2022
Subsequent events
Subsequent events	Note 20. Subsequent events The Company has evaluated subsequent events and transactions for potential recognition or disclosure in the consolidated financial statements through March 1, 2023, the date on which the consolidated financial statements were available to be issued.

Nature of business and summar_2

Nature of business and summary of significant accounting policies (Policies)	12 Months Ended
	Dec. 31, 2022
Nature of business and summary of significant accounting policies
Basis of presentation and consolidation	Basis of presentation and consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). They include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of estimates	Use of estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures. Accordingly, actual results could differ from those estimates.
Cash and cash equivalents	Cash and cash equivalents The Company considers all highly-liquid investments purchased with original maturities of 90 days or less to be cash and cash equivalents.
Concentration of credit risk	Concentration of credit risk Financial instruments that potentially subject the Company to credit risk consist principally of bank balances above the Federal Deposit Insurance Corporation insurability limits of $250 per official custodian. The Company has not experienced any losses on these accounts and management believes the Company is not exposed to any significant credit risk on cash.
Accounts receivable	Accounts receivable Accounts receivable are generally uncollateralized customer obligations due under normal trade terms requiring payment within 30 to 60 days from the invoice date. Management periodically reviews past due balances and established an allowance for doubtful accounts of $545 and $631 as of December 31, 2022 and 2021, respectively, for probable uncollectible amounts based on its assessment of the current status of individual accounts. The estimated valuation allowance results in a charge to cost of sales and the accounts are written-off through a charge to the valuation allowance and a credit to accounts receivable after the Company has used all reasonable collection efforts. As the Company's customer base is principally made up of blue-chip OEMs with high credit ratings and our trade receivables are due within one year or less, the Company does not have a reserve for credit losses.
Inventories	Inventories Inventories are stated at the lower of cost, determined on the first-in, first-out method (FIFO), and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production cost consisting of material, labor and overhead. The Company maintains a reserve for obsolete and slow-moving inventory of $2,344 and $2,265 as of December 31, 2022 and 2021, respectively, which is based upon the aging of current inventory as well as assumptions on future demand and market conditions.
Tooling in progress	Tooling in progress The Company has agreements with its customers to provide production tooling which will be used to produce specific parts for its customers. The costs to design, engineer, and manufacture the tooling are charged to tooling in progress as incurred and based on when control of the tooling is transferred to the customer under contract or when the customer signs off through the Product Part Approval Process (PPAP) or other documented customer acceptance, either at a point in time or over a period of time is when revenue is recognized. The Company may also provide production tooling that is not sold to customers but is capitalized in property, plant and equipment. To the extent that estimated costs exceed expected reimbursement from the customer, the Company recognizes a loss. Tooling in progress was $7,938 and $3,950 as of December 31, 2022 and 2021, respectively.
Property, plant and equipment	Property, plant and equipment Property, plant and equipment are stated at cost. Expenditures for additions and improvements are capitalized while replacements, maintenance and repairs which do not improve or extend the lives of the respective assets are expensed as incurred. Properties sold, or otherwise disposed of, are removed from the property accounts, with gains or losses on disposal credited or charged to the results of operations. Depreciation is provided over the estimated useful lives of the respective assets, using the straight-line depreciation method for financial reporting purposes and begins when the asset is placed into service. Depreciation expense for the twelve months ended December 31, 2022, 2021 and 2020 was $22,359, $21,077 and $21,383, respectively.
Business combinations	Business combinations The Company accounts for all business combinations in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 805, Business Combinations
Goodwill	Goodwill We test goodwill for impairment annually, or more frequently if triggering events occur indicating that there may be an impairment. We have recorded goodwill and perform testing for potential goodwill impairment at a reporting unit level. A reporting unit is an operating segment, or a business unit one level below an operating segment for which discrete financial information is available, and for which management regularly reviews the operating results. Additionally, components within an operating segment can be aggregated as a single reporting unit if they have similar economic characteristics. We have concluded we have one reporting unit. We determine the fair value of our reporting units using an income approach. Under the income approach, we calculate the fair value of a reporting unit based on the present value of estimated future cash flows. The income approach is dependent on several key management assumptions, including estimates of future sales, gross margins, operating costs, interest expense, income tax rates, capital expenditures, changes in working capital requirements and the weighted average cost of capital or the discount rate. Discount rate assumptions include an assessment of the risk inherent in the future cash flows of the reporting unit. Expected cash flows used under the income approach are developed in conjunction with our budgeting and forecasting process. We test our goodwill for impairment on an annual basis in the fourth quarter of each fiscal year, and more frequently if events or changes in circumstances indicate that it might be impaired. At December 31, 2022 and 2021, the Company had goodwill with a carrying amount of $71,535 with the fair value of our reporting unit exceeding the carrying value. If the market valuation of our common shares or operating results of our reporting unit significantly decline beyond current levels, we may again need to conduct an evaluation of the fair value of our goodwill, which may result in an impairment change. Changes to management assumptions and estimates utilized in the income approach could negatively impact the fair value conclusions for our reporting units resulting in goodwill impairment. All key assumptions and valuations are determined by and are the responsibility of management. The factors used in the impairment analysis are inherently subject to uncertainty. We believe that the estimates and assumptions are reasonable to determine the fair value of our reporting unit, however, if actual results are not consistent with these estimates and assumptions, goodwill and other intangible assets may be overstated which could result in an impairment charge.
Fair value of financial instruments	Fair value of financial instruments Financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable and long-term debt. The carrying amount of all significant financial instruments approximates fair value due to either the short maturity or the existence of variable interest rates that approximate prevailing market rates. Cash and cash equivalents, accounts receivable and accounts payable are classified as Level 1 fair value inputs as further described in Note 12 – Fair Value of Financial Instruments. Long-term debt is classified as a Level 2 fair value input.
Impairment of long-lived assets and gain (loss) on contracts	Impairment of long-lived assets and (gain) loss on contracts When events or conditions warrant, the Company evaluates the recoverability of long-lived assets and considers whether these assets are impaired. The Company assesses the recoverability of these assets based on several factors, including management’s intention with respect to these assets and their projected undiscounted cash flows. If projected undiscounted cash flows are less than the carrying amount of the respective assets, the Company adjusts the carrying amounts of such assets to their estimated fair value. To the extent that the carrying value of the net assets of an asset group is greater than the estimated fair value, the Company may be required to record impairment charges. The Company records intangible asset impairment charges as a reduction to intangible assets. The Company records other long-lived asset impairment charges as a reduction to property, plant and equipment and an increase in other current liabilities for loss contracts in the Consolidated Balance Sheets. The Company records a gain on sale of a previously impaired asset and a reversal of a loss contract within impairment of long-lived assets and (gain) loss on contracts.
Deferred financing costs	Deferred financing costs Loan issuance costs and discounts are capitalized upon the issuance of long-term debt and amortized over the life of the related debt. Loan issuance costs associated with revolving debt arrangements are presented as a component of other assets. Loan issuance costs incurred in connection with revolving debt arrangements are amortized using the straight-line method over the life of the credit agreement. Loan issuance costs and discounts incurred in connection with term debt are amortized using the effective interest method. Amortization of deferred loan issuance costs and discounts are included in interest expense. During 2022, 2021 and 2020, the Company recorded $0, $0 and $207, respectively of deferred financing costs associated with its long-term debt and line of credit arrangements. Amortization expense associated with the deferred debt issuance costs and discounts in 2022, 2021 and 2020 was $336, $336 and $358. Accumulated amortization was $1,056, $720 and $616 as of December 31, 2022, 2021 and 2020, respectively. Amendments made to existing debt in 2022, 2021 and 2020 resulted in the write-off of $0 of unamortized costs associated with the debt that was replaced.
Revenue recognition	Revenue recognition The Company recognizes revenue for the transfer of goods or services to a customer in an amount that reflects the consideration it expects to receive in exchange for those goods or services. The Company enters into supply agreements and purchase orders that include both free on board (FOB) origin and FOB destination shipping terms. Depending on the terms of the agreement, the customer takes ownership at shipment or at delivery, and this is when control transfers. Sales are supported by documentation such as supply agreements and purchase orders, which specify certain terms and conditions including product specifications, quantities, fixed prices, delivery dates and payments terms. Revenue related to services is recognized in the period services are performed, thus the Company recognizes revenue at a point in time. There are many customers where the Company designs, engineers and builds production tooling, which is purchased by the customer. Most of the tooling revenue is complete at the point the customer signs off on the product through the PPAP or other documented customer acceptance. Revenue is recognized when control of the tooling promised under a contract is transferred to the customer either at a point in time or over a period of time in an amount that reflects the consideration to which the Company expects to be entitled in exchange for the goods or services. The Company offers certain customers discounts for early payments. These discounts are recorded against net sales in the consolidated statement of comprehensive income (loss) and accounts receivable in the Consolidated Balance Sheets. The Company does not offer any other customer incentives, rebates or allowances.
Shipping and handling	Shipping and handling The Company expenses shipping and handling costs as incurred. These costs are generally comprised of salaries and wages, shipping supplies and warehouse costs. Inbound freight costs, which mostly relate to raw materials, are included in cost of sales on the Consolidated Statements of Comprehensive Income (Loss). Outbound freight costs, which mostly relate to sales, are included in net sales on the Consolidated Statements of Comprehensive Income (Loss). The Company does not charge customers nor recognize revenue for shipping and handling. The Company’s OEM customers arrange and pay the freight for delivery.
Advertising	Advertising The Company expenses the costs of advertising when incurred. Advertising expense was $169, $163 and $100 for the twelve months ended December 31, 2022, 2021 and 2020, respectively. Advertising costs are charged to selling, general and administrative expenses.
Income taxes	Income taxes Income taxes and uncertain tax positions are accounted for in accordance with ASC 740, Accounting for Income Taxes
Income (loss) per share	Income (loss) per share The Company computes basic income (loss) per share by dividing net income (loss) available to shareholders by the actual weighted average number of common shares outstanding for the reporting period. The dilutive impact to basic earnings per share considers the impact to earnings if all convertible securities were exercised or outstanding that do not have an antidilutive impact on earnings per share.
Treasury stock	Treasury stock Treasury stock purchases are accounted for under the cost method whereby the entire cost of the acquired stock is recorded as treasury stock. Subsequent reissuance of shares to the 401(k) Plan or ESOP are recorded as a reduction to treasury stock and as ESOP expense in the Consolidated Statements of Comprehensive Income (Loss).
Recent accounting pronouncements	Recent accounting pronouncements In June 2016, the FASB issued Accounting Standards Update (ASU) No. 2016-13, Measurement of Credit Losses on Financial Instruments Financial Instruments – Credit Losses In February 2016, the FASB issued ASU 2016-02, Leases The new guidance provides a number of optional practical expedients in transition. The Company elected the “package of practical expedients”, which allows it to not reassess under the new guidance its prior conclusions about lease identification, lease classification and initial direct costs. The Company did not elect the use-of-hindsight practical expedient. In addition, the new guidance provides accounting policy elections for an entity’s ongoing lessee accounting. The Company has elected to not separate lease and non-lease components for certain of its real estate leases. The Company has elected the short-term lease recognition exemption for all leases that qualify which means that it will not recognize ROU assets or lease liabilities for those leases with a term of 12 months or less. In December 2019, the FASB issued ASU 2019-12, Income Taxes

Select balance sheet data (Tabl

Select balance sheet data (Tables)	12 Months Ended
	Dec. 31, 2022
Select balance sheet data
Schedule of Inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2022 2021 Finished goods and purchased parts ​ $ 44,728 ​ $ 41,041 Raw materials ​ 17,003 ​ 18,905 Work-in-process ​ 9,977 ​ 10,211 Total ​ $ 71,708 ​ $ 70,157
Schedule of Property, Plant and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives December 31, December 31, ​ ​ Years ​ 2022 ​ 2021 Land ​ ​ Indefinite ​ $ 1,030 ​ $ 1,033 Land improvements ​ ​ 15-39 ​ ​ 3,169 ​ ​ 3,169 Building and building improvements ​ 15-39 ​ 59,664 ​ 56,243 Machinery, equipment and tooling ​ 3-10 ​ 250,110 ​ 222,202 Vehicles ​ 5 ​ 4,359 ​ 3,943 Office furniture and fixtures ​ 3-7 ​ 19,585 ​ 17,960 Construction in progress ​ N/A ​ 26,435 ​ 15,443 Total property, plant and equipment, gross ​ ​ ​ ​ 364,352 ​ 319,993 Less accumulated depreciation ​ ​ ​ ​ 218,581 ​ 199,247 Total property, plant and equipment, net ​ ​ ​ ​ $ 145,771 ​ $ 120,746 ​
Schedule of Listing of Intangible Assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ December 31, ​ December 31, ​ Years 2022 2021 Amortizable intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships and contracts ​ ​ 9-12 ​ $ 78,340 ​ $ 78,340 Trade name ​ 10 ​ 14,780 ​ 14,780 Non-compete agreements ​ 5 ​ 8,800 ​ 8,800 Patents ​ 19 ​ 24 ​ 24 Accumulated amortization ​ ​ ​ (61,946) ​ (54,994) Total amortizable intangible assets, net ​ ​ ​ 39,998 ​ 46,950 Non-amortizable brand name ​ ​ ​ 3,811 ​ 3,811 Total intangible assets, net ​ ​ ​ ​ $ 43,809 ​ $ 50,761 ​
Schedule of Changes In Intangible Assets	​ ​ ​ ​ ​ Balance as of December 31, 2020 ​ $ 61,467 Amortization expense ​ ​ (10,706) Balance as of December 31, 2021 ​ 50,761 Amortization expense ​ (6,952) Balance as of December 31, 2022 ​ $ 43,809 ​
Schedule of Future Amortization Expense	​ ​ ​ ​ ​ Year ending December 31, ​ ​ 2023 ​ $ 6,866 2024 ​ $ 5,192 2025 ​ $ 5,192 2026 ​ $ 5,192 2027 ​ $ 5,192 Thereafter ​ $ 12,364

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of components of lease expense	​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ December 31, 2022 Finance lease cost: ​ ​ ​ Amortization of finance lease assets ​ $ 320 Interest on finance lease liabilities ​ ​ 42 Total finance lease expense ​ ​ 362 Operating lease expense ​ ​ 6,063 Short-term lease expense ​ ​ 683 Variable lease expense ​ ​ 217 Sublease income (1) ​ ​ (1,133) Total lease expense ​ $ 6,192
Schedule of supplemental balance sheet information	​ ​ ​ ​ ​ ​ ​ ​ ​ Balance Sheet Classification December 31, 2022 Assets: ​ ​ ​ ​ ​ Finance lease assets ​ Property, plant and equipment, net ​ $ 1,103 Operating lease assets ​ Operating lease assets ​ ​ 36,073 Total lease assets ​ ​ ​ $ 37,176 ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ Current finance lease liabilities ​ Other current liabilities ​ $ 388 Current operating lease liabilities ​ Current portion of operating lease obligation ​ ​ 4,857 Noncurrent liabilities: ​ ​ ​ ​ Long-term finance lease liabilities ​ Other long-term liabilities ​ ​ 784 Long-term operating lease liabilities ​ Operating lease obligation, less current maturities ​ ​ 31,891 Total lease liabilities ​ ​ ​ $ 37,920 ​ ​ ​ ​ ​ ​ December 31, 2022 Weighted average remaining lease term (in years) ​ ​ ​ Finance leases ​ 3.1 ​ Operating leases ​ 7.8 ​ ​ ​ ​ ​ Weighted average discount rate ​ ​ ​ Finance leases ​ 3.93 % Operating leases ​ 2.49 % ​
Schedule of ROU asset balances	​ ​ ​ ​ ​ ​ December 31, 2022 Real estate leases ​ $ 34,211 Equipment leases ​ ​ 2,506 Vehicle leases ​ 459 Total lease assets ​ $ 37,176 ​
Future Minimum Lease Payments Under Leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2023 ​ $ 5,709 ​ $ 426 ​ $ 6,135 2024 ​ 5,668 ​ ​ 426 ​ ​ 6,094 2025 ​ ​ 4,822 ​ ​ 291 ​ ​ 5,113 2026 ​ ​ 4,641 ​ ​ 66 ​ ​ 4,707 2027 ​ ​ 4,688 ​ ​ 33 ​ ​ 4,721 Thereafter ​ ​ 15,140 ​ ​ — ​ ​ 15,140 Total lease payments ​ ​ 40,668 ​ ​ 1,242 ​ ​ 41,910 Less: lease modification not yet commenced ​ ​ — ​ ​ — ​ ​ — Less: imputed interest ​ ​ (3,920) ​ ​ (70) ​ ​ (3,990) Total lease obligations ​ $ 36,748 ​ $ 1,172 ​ $ 37,920 ​
Schedule of minimum lease payments under ASC 842- Finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2023 ​ $ 5,709 ​ $ 426 ​ $ 6,135 2024 ​ 5,668 ​ ​ 426 ​ ​ 6,094 2025 ​ ​ 4,822 ​ ​ 291 ​ ​ 5,113 2026 ​ ​ 4,641 ​ ​ 66 ​ ​ 4,707 2027 ​ ​ 4,688 ​ ​ 33 ​ ​ 4,721 Thereafter ​ ​ 15,140 ​ ​ — ​ ​ 15,140 Total lease payments ​ ​ 40,668 ​ ​ 1,242 ​ ​ 41,910 Less: lease modification not yet commenced ​ ​ — ​ ​ — ​ ​ — Less: imputed interest ​ ​ (3,920) ​ ​ (70) ​ ​ (3,990) Total lease obligations ​ $ 36,748 ​ $ 1,172 ​ $ 37,920 ​
Schedule of minimum lease payments under ASC 840- Operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2022 ​ ​ 5,693 ​ ​ 358 ​ ​ 6,051 2023 ​ 5,699 ​ ​ 358 ​ ​ 6,057 2024 ​ ​ 5,661 ​ ​ 358 ​ ​ 6,019 2025 ​ ​ 4,832 ​ ​ 225 ​ ​ 5,057 2026 ​ ​ 4,655 ​ ​ — ​ ​ 4,655 Thereafter ​ ​ 18,801 ​ ​ — ​ ​ 18,801 Total minimum lease payments ​ $ 45,341 ​ $ 1,299 ​ $ 46,640 ​
Schedule of Future Minimum Lease Payments Required Under The Lease	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating ​ Finance ​ ​ Year ending December 31, Leases ​ Leases ​ Total 2022 ​ ​ 5,693 ​ ​ 358 ​ ​ 6,051 2023 ​ 5,699 ​ ​ 358 ​ ​ 6,057 2024 ​ ​ 5,661 ​ ​ 358 ​ ​ 6,019 2025 ​ ​ 4,832 ​ ​ 225 ​ ​ 5,057 2026 ​ ​ 4,655 ​ ​ — ​ ​ 4,655 Thereafter ​ ​ 18,801 ​ ​ — ​ ​ 18,801 Total minimum lease payments ​ $ 45,341 ​ $ 1,299 ​ $ 46,640 ​
Schedule of Supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, 2022 Cash paid for amounts included in the measurement of lease liabilities for finance leases: ​ ​ ​ Operating cash flows ​ $ 42 Financing cash flows ​ $ 322 ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities for operating leases: ​ ​ ​ Operating cash flows ​ $ 5,672 ​ ​ ​ ​ Right-of-use assets obtained in exchange for recorded lease obligations: ​ ​ Operating leases ​ $ 1,271 Finance leases ​ $ 284

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income taxes
Schedule of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2021 ​ 2020 Current income tax expense ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Federal ​ $ — ​ $ 100 ​ $ 129 State ​ 414 ​ 1,203 ​ 98 Total ​ 414 ​ 1,303 ​ 227 Deferred income tax expense (benefit) ​ ​ ​ U.S. Federal ​ 4,722 ​ (2,790) ​ (2,457) State ​ (1,469) ​ (456) ​ 156 Total ​ 3,253 ​ (3,246) ​ (2,301) Total income tax expense (benefit) ​ $ 3,667 ​ $ (1,943) ​ $ (2,074) ​
Schedule of reconciliations of statutory federal income tax benefit to income tax benefit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, December 31, ​ ​ 2022 ​ 2021 ​ 2020 ​ Income tax provision (benefit) at the federal statutory rate - 21% ​ $ 4,703 ​ $ (1,971) $ (1,925) State and local income taxes - net of federal income tax benefits ​ ​ 831 ​ ​ 523 ​ ​ 79 ​ Compensation deduction limitation - section 162(m) adjustment ​ ​ (427) ​ ​ 14 ​ ​ (113) ​ Income taxed by shareholder before IPO ​ ​ — ​ ​ — ​ ​ (387) ​ Other - perms ​ ​ 43 ​ ​ 29 ​ ​ 51 ​ Tax credits generated ​ ​ (63) ​ ​ (301) ​ ​ (409) ​ Uncertain tax positions - current year ​ ​ 16 ​ ​ 75 ​ ​ 106 ​ Uncertain tax positions - prior year ​ ​ 54 ​ ​ (7) ​ ​ 115 ​ Loan fee amortization ​ ​ — ​ ​ — ​ ​ 698 ​ Stock compensation ​ ​ 50 ​ ​ (546) ​ ​ 764 ​ Section 481(a) adjustments ​ ​ — ​ ​ — ​ ​ (184) ​ Fixed assets ​ ​ — ​ ​ — ​ ​ (452) ​ Return to provision ​ ​ (424) ​ ​ 147 ​ ​ (121) ​ Changes in tax rates ​ ​ (1,071) ​ ​ 43 ​ ​ — ​ Other miscellaneous tax ​ ​ (45) ​ ​ 51 ​ ​ (296) ​ Total income tax provision (benefit) ​ $ 3,667 ​ $ (1,943) ​ $ (2,074) ​ Effective tax rate ​ 16.4 % ​ 26.5 % ​ 22.6 % ​
Schedule of components of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Deferred tax assets: ​ ​ ​ ​ ​ ​ Deferred compensation ​ $ 7,674 ​ $ 8,349 Inventory adjustments ​ ​ 1,601 ​ ​ 1,694 Accrued expenses ​ ​ 411 ​ ​ 1,530 Right of use - liability ​ ​ 8,853 ​ ​ — Credits ​ ​ 942 ​ ​ 656 Net operating loss ​ ​ 4,781 ​ ​ 4,080 Interest Expense ​ ​ 721 ​ ​ — Other ​ ​ 478 ​ ​ 240 Total deferred tax assets ​ ​ 25,461 ​ ​ 16,549 Deferred tax liabilities: ​ ​ ​ ​ ​ ​ Property, plant and equipment ​ ​ 17,909 ​ ​ 11,612 Intangibles ​ ​ 10,671 ​ ​ 13,556 Right of use - asset ​ ​ 8,689 ​ ​ — Other ​ ​ 10 ​ ​ 22 Total deferred tax liabilities ​ ​ 37,279 ​ ​ 25,190 Valuation allowance ​ ​ — ​ ​ — Net deferred tax liability ​ $ (11,818) ​ $ (8,641) ​
Schedule of reconciliation of beginning and ending amounts of unrecognized tax benefit	​ ​ ​ ​ ​ Balance as of December 31, 2019 ​ $ — Increase from current year tax positions ​ ​ 106 Increase from prior year tax positions ​ ​ 115 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2020 ​ ​ 221 Increase from current year tax positions ​ ​ 100 Decrease from prior year tax positions ​ ​ (7) Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2021 ​ 314 Increase from current year tax positions ​ ​ 16 Increase from prior year tax positions ​ ​ 54 Decrease from settlements with tax authority ​ ​ — Decrease from expiration of statute of limitations ​ ​ — Balance as of December 31, 2022 ​ $ 384

Fair value of financial instr_2

Fair value of financial instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Fair value of financial instruments
Schedule of Financial Assets and Liabilities Accounted for at Fair Value by Fair Value Hierarchy	The following table lists the Company’s financial assets and liabilities accounted for at fair value by the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2022 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — Total ​ $ 21,194 ​ $ 21,194 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Fair Value Measurements at ​ ​ December 31, ​ Report Date Using ​ 2021 (Level 1) (Level 2) (Level 3) Deferred compensation liability ​ $ 25,117 ​ $ 22,272 ​ $ 2,845 ​ $ — Total ​ $ 25,117 ​ $ 22,272 ​ $ 2,845 ​ $ — ​

Revenue recognition (Tables)

Revenue recognition (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue recognition
Schedule of Changes in Contract Assets and Liabilities	The following table reflects the changes in our contract assets and liabilities during the twelve months ended December 31, 2022. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Assets Liabilities As of December 31, 2019 ​ $ 1,589 ​ $ 914 Net activity ​ ​ 1,537 ​ ​ 146 As of December 31, 2020 ​ ​ 3,126 ​ ​ 1,060 Net activity ​ ​ 824 ​ ​ 1,658 As of December 31, 2021 ​ ​ 3,950 ​ ​ 2,718 Net activity ​ ​ 3,988 ​ ​ 3,423 As of December 31, 2022 ​ $ 7,938 ​ $ 6,141 ​
Schedule of Disaggregation of Revenue by Product Category and End Market	The following tables represents a disaggregation of revenue by product category and end market: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, ​ ​ 2022 2021 2020 Outdoor sports ​ $ 9,498 ​ $ 10,039 ​ $ 7,225 Fabrication ​ ​ 324,254 ​ ​ 295,988 ​ ​ 227,476 Performance structures ​ ​ 109,888 ​ ​ 73,207 ​ ​ 60,597 Tube ​ ​ 73,868 ​ ​ 58,749 ​ ​ 49,868 Tank ​ ​ 38,246 ​ ​ 25,816 ​ ​ 19,431 Total ​ ​ 555,754 ​ ​ 463,799 ​ ​ 364,597 Intercompany sales elimination ​ ​ (16,362) ​ ​ (8,973) ​ ​ (6,991) Total, net sales ​ $ 539,392 ​ $ 454,826 ​ $ 357,606 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended ​ ​ December 31, ​ ​ 2022 ​ 2021 ​ 2020 Commercial vehicle ​ $ 212,992 ​ $ 156,488 ​ ​ 120,838 Construction & access ​ 111,525 ​ ​ 92,298 ​ ​ 65,510 Powersports ​ 87,531 ​ ​ 90,247 ​ ​ 73,220 Agriculture ​ 57,412 ​ 49,827 ​ ​ 34,151 Military ​ ​ 24,831 ​ ​ 24,147 ​ ​ 31,675 Other ​ ​ 45,101 ​ ​ 41,819 ​ ​ 32,212 Total, net sales ​ $ 539,392 ​ $ 454,826 ​ ​ 357,606

Common equity (Tables)

Common equity (Tables)	12 Months Ended
	Dec. 31, 2022
Common equity.
Schedule of Common Stock Outstanding Roll Forward [Table Text Block]	Changes in outstanding common shares are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Beginning balance ​ 20,335,934 ​ 20,059,390 ​ 19,632,211 Treasury stock purchases ​ (559,945) ​ (147,785) ​ (320,245) Common stock issued (including share-based compensation impact) ​ 396,757 ​ 424,329 ​ 747,424 Ending balance ​ 20,172,746 ​ 20,335,934 ​ 20,059,390

Earnings per share (Tables)

Earnings per share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings per share
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2022 ​ 2021 ​ 2020 Net income (loss) attributable to MEC $ 18,727 ​ $ (7,451) ​ $ (7,092) Average shares outstanding ​ 20,399,737 ​ ​ 20,404,543 ​ ​ 19,898,122 Basic income (loss) per share $ 0.92 ​ $ (0.37) ​ $ (0.36) ​ ​ ​ ​ ​ ​ ​ ​ ​ Average shares outstanding ​ 20,399,737 ​ ​ 20,404,543 ​ ​ 19,898,122 Effect of dilutive share-based compensation ​ 282,891 ​ ​ 426,434 ​ ​ - Total potential shares outstanding ​ 20,682,628 ​ ​ 20,830,977 ​ ​ 19,898,122 Diluted income (loss) per share $ 0.91 ​ $ (0.36) ​ $ (0.36) ​
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share	Options in the money that were not included in the computation of diluted earnings per share because they would have had an antidilutive impact on earnings per share were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ 2022 2021 2020 Stock options ​ — ​ 300,510 ​ 600,530

Concentration of major custom_2

Concentration of major customers (Tables)	12 Months Ended
	Dec. 31, 2022
Concentration of major customers
Schedules of Major Customer Concentrations	The following customers accounted for 10% or greater of the Company’s recorded net sales and net trade receivables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts Receivable ​ ​ ​ Net Sales ​ ​ As of ​ ​ As of ​ ​ ​ Twelve Months Ended December 31, ​ ​ December 31, ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ 2022 ​ 2021 ​ Customer ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A 17.2 % ​ 16.6 % ​ 15.3 % ​ 11.0 % ​ 10.2 % B 11.9 % ​ 10.8 % ​ 11.1 % ​ <10 % ​ <10 % C <10 % ​ 10.0 % ​ 12.5 % ​ <10 % ​ <10 % D 16.0 % ​ 14.1 % ​ 11.6 % ​ <10 % ​ <10 % E <10 % ​ <10 % ​ <10 % ​ 12.6 % ​ 11.2 %

Stock based compensation (Table

Stock based compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Summary of Stock-based Compensation Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 2021 2020 One-time IPO unit awards ​ $ — ​ $ — ​ $ 1,029 Unit awards ​ 2,490 ​ ​ 3,006 ​ ​ 2,305 Option awards ​ 1,269 ​ ​ 1,956 ​ ​ 1,398 Stock based compensation expense, net of tax ​ $ 3,759 ​ $ 4,962 ​ $ 4,732 ​
Schedule of Unrecognized Stock-based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Units Options Total Balance as of December 31, 2020 ​ $ 1,545 ​ $ 1,432 ​ $ 2,977 Grants ​ ​ 3,456 ​ ​ 2,130 ​ ​ 5,586 Forfeitures ​ ​ (319) ​ ​ (69) ​ ​ (388) Expense ​ ​ (3,006) ​ ​ (1,956) ​ ​ (4,962) Balance as of December 31, 2021 ​ ​ 1,676 ​ ​ 1,537 ​ ​ 3,213 Grants ​ ​ 4,426 ​ ​ 2,573 ​ ​ 6,999 Forfeitures ​ ​ (1,873) ​ ​ (1,791) ​ ​ (3,664) Expense ​ ​ (2,490) ​ ​ (1,269) ​ ​ (3,759) Balance as of December 31, 2022 ​ $ 1,739 ​ $ 1,050 ​ $ 2,789 ​
Schedule Of Share Based Payment Award Stock Options Valuation Assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Inputs Assumptions 2022 2021 2020 Stock price at date of grant/exercise price ​ $ 10.32 ​ $ 14.01 ​ $ 7.12 ​ Expected term (in years) ​ ​ 5.75 ​ ​ 5.75 ​ ​ 5.75 ​ Estimated volatility ​ ​ 55.3 % ​ 53.9 % ​ 41.2 % Estimated risk-free rate of return ​ ​ 1.9 % ​ 0.8 % ​ 1.2 % Expected dividend yield ​ ​ 0.0 % ​ 0.0 % ​ 0.0 % ​
Restricted Stock Units R S U [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule Of Share Based Compensation Restricted Stock Unit And Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ Weighted-Average ​ Weighted-Average ​ ​ ​ ​ Grant Date Fair ​ ​ ​ Grant Date Fair ​ Number of Units Value Number of Units Value Nonvested, beginning of year 354,906 ​ $ 11.59 456,257 ​ $ 7.69 Grants 477,277 ​ $ 9.27 233,963 ​ $ 14.54 Forfeitures (167,641) ​ $ 11.18 (20,412) ​ $ 13.03 Vested (271,992) ​ $ 10.76 (314,902) ​ $ 8.04 Nonvested, end of year 392,550 ​ $ 9.52 354,906 ​ $ 11.59
Employee Stock Option [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Schedule Of Share Based Compensation Restricted Stock Unit And Stock Options Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Twelve Months Ended December 31, ​ ​ 2022 ​ 2021 ​ ​ Weighted-Average Number of Weighted-Average ​ ​ Number of Options ​ Exercise Price ​ Options ​ Exercise Price Nonvested, beginning of year 526,895 ​ $ 10.91 718,528 ​ $ 8.74 Grants 479,947 ​ $ 10.32 307,365 ​ $ 14.01 Forfeitures (309,863) ​ $ 11.30 (14,337) ​ $ 10.41 Vested (512,927) ​ $ 9.18 (484,661) ​ $ 9.68 Nonvested, end of year 184,052 ​ $ 13.51 526,895 ​ $ 10.91

Greenwood facility closure an_2

Greenwood facility closure and restructuring (Tables)	12 Months Ended
	Dec. 31, 2022
Restructuring And Related Activities
Schedule of activity related to the greenwood restructuring	The following table summarizes the activity related to the Greenwood restructuring through December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employee ​ ​ ​ ​ ​ ​ ​ ​ Severance and ​ Inventory Excess ​ ​ ​ ​ ​ ​ ​ ​ Retention Bonus ​ and Obsolescence ​ ​ ​ ​ ​ ​ ​ ​ Reserve ​ Reserve ​ Other Reserves ​ Total Reserves Balance as of December 31, 2019 ​ $ — ​ $ — ​ $ — ​ $ — Charges ​ ​ 282 ​ ​ 622 ​ ​ 1,620 ​ ​ 2,524 Cash receipts (payments) ​ ​ (282) ​ ​ 16 ​ ​ (1,620) ​ ​ (1,886) Accrual adjustments ​ ​ — ​ ​ (638) ​ ​ — ​ ​ (638) Balance as of December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​

Valuation and qualifying acco_2

Valuation and qualifying accounts (Tables)	12 Months Ended
	Dec. 31, 2022
Valuation and qualifying accounts
Schedule of valuation and qualifying accounts	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ ​ ​ ​ Balance at ​ ​ beginning of ​ ​ ​ ​ ​ ​ ​ end of Description ​ period ​ Additions ​ Deductions ​ period Year ended December 31, 2022 ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 631 ​ $ 697 ​ $ 784 ​ $ 545 Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 1,298 ​ $ 751 ​ $ 1,418 ​ $ 631 Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 526 ​ $ 1,582 ​ $ 810 ​ $ 1,298

Nature of business and summar_3

Nature of business and summary of significant accounting policies - Additional Information (Details)	1 Months Ended	12 Months Ended
	May 31, 2019 shares	Dec. 31, 2022 facility
Basis Of Presentation [Line Items]
Number of facilities operated | facility		20
ESOP, plan description		From January 2003 until the Company’s initial public offering of common stock (IPO) in May 2019, the ESOP owned 100% of the Company’s outstanding shares of common stock which have been fully allocated to active or retired eligible employees.
Percentage of outstanding shares of common stock owned by ESOP	100%	45%
Common Stock [Member] | IPO
Basis Of Presentation [Line Items]
Common stock sold | shares	6,250,000
Percentage of outstanding shares of common stock owned by ESOP after the IPO	67%

Nature of business and summar_4

Nature of business and summary of significant accounting policies - Accounts receivable and Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Allowance for doubtful accounts receivable	$ 545	$ 631
Reserve for obsolete and slow-moving inventories	$ 2,344	$ 2,265

Nature of business and summar_5

Nature of business and summary of significant accounting policies - Tooling and PP&E (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Tooling in progress	$ 7,938	$ 3,950
Depreciation	$ 22,359	$ 21,077	$ 21,383

Nature of business and summar_6

Nature of business and summary of significant accounting policies - Goodwill (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($)
Accounting Policies [Abstract]
Number of Reporting Units | item	1
Goodwill | $	$ 71,535	$ 71,535

Nature of business and summar_7

Nature of business and summary of significant accounting policies - Deferred financing costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred financing costs	$ 0	$ 0	$ 207
Amortization of debt issuance costs and discounts	336	336	358
Accumulated amortization	1,056	720	616
Write-offs of debt unamortized costs	$ 0	$ 0	$ 0

Nature of business and summar_8

Nature of business and summary of significant accounting policies - Advetising expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Advertising expense	$ 169	$ 163	$ 100

Select balance sheet data - Sch

Select balance sheet data - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Select balance sheet data
Finished goods and purchased parts	$ 44,728	$ 41,041
Raw materials	17,003	18,905
Work-in-process	9,977	10,211
Total	$ 71,708	$ 70,157

Select balance sheet data - S_2

Select balance sheet data - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 364,352		$ 319,993
Less accumulated depreciation	218,581		199,247
Total property, plant and equipment, net	145,771	$ 1,136	120,746
Land [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 1,030		1,033
Property, plant and equipment useful lives	Indefinite
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 3,169		3,169
Land Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	15 years
Land Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	39 years
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 59,664		56,243
Building and Building Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	15 years
Building and Building Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	39 years
Machinery, Equipment and Tooling [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 250,110		222,202
Machinery, Equipment and Tooling [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	3 years
Machinery, Equipment and Tooling [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	10 years
Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 4,359		3,943
Property, plant and equipment useful lives	5 years
Office Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 19,585		17,960
Office Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	3 years
Office Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment useful lives	7 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Total property, plant and equipment, gross	$ 26,435		$ 15,443

Select balance sheet data - Add

Select balance sheet data - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Aug. 30, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Select Balance Sheet Data [Line Items]
Impairment of inventory			$ 77
Decreased inventories, net			1,631	$ 27,896	$ (4,246)
Depreciation			22,359	$ 21,077	21,383
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]				Impairment Of Long Lived Assets And Gain Loss On Contracts To Be Disposed Of
Finance leases right of use assets			$ 1,103
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]			Property, plant and equipment, net
Gain on sale of assets			$ 161	$ 1,311	(667)
Property, plant and equipment, net			145,771	120,746		$ 1,136
Assets held for sale			83
Amortization expense			6,952	10,706	10,706
Transaction With New Fitness Customer
Select Balance Sheet Data [Line Items]
Increase in other current liabilities				3,276
Former Customer [Member]
Select Balance Sheet Data [Line Items]
Impairment of inventory				700
Decreased inventories, net				(39)
Impairment of long-lived asset				12,875
Purchase commitments for property, plant and equipment canceled			2,257
Machinery and Equipment Sold			5,097
Gain on sale of assets			$ 2,089
Other Current Liabilities [Member] | Former Customer [Member]
Select Balance Sheet Data [Line Items]
Impairment of inventory				$ 661
Greenwood Facility [Member]
Select Balance Sheet Data [Line Items]
Gain on sale of assets					$ (931)
Proceeds from sale of business before commission and fees	$ 5,300	$ 5,300
Gain on the sale of the asset	$ 1,374	$ 1,374

Select balance sheet data - S_3

Select balance sheet data - Schedule of Changes In Goodwill (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Select balance sheet data
Balance	$ 71,535,000
Change in goodwill carrying amount	$ 0	$ 0

Select balance sheet data - S_4

Select balance sheet data - Schedule of Listing of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Amortizable intangible assets [Abstract]
Accumulated amortization	$ (61,946)	$ (54,994)
Total amortizable intangible assets, net	39,998	46,950
Total intangible assets, net	43,809	50,761	$ 61,467
Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Amortizable intangible assets, gross	$ 78,340	78,340
Trade name [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	10 years
Amortizable intangible assets, gross	$ 14,780	14,780
Non-compete agreements [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	5 years
Amortizable intangible assets, gross	$ 8,800	8,800
Patents [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	19 years
Amortizable intangible assets, gross	$ 24	24
Non-amortizable Brand Name [Member]
Amortizable intangible assets [Abstract]
Total intangible assets, net	$ 3,811	$ 3,811
Minimum [Member] | Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	9 years
Maximum [Member] | Customer relationships and contracts [Member]
Amortizable intangible assets [Abstract]
Intangible assets useful Lives	12 years

Select balance sheet data - S_5

Select balance sheet data - Schedule of Changes In Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Select balance sheet data
Balance	$ 50,761	$ 61,467
Amortization expense	(6,952)	(10,706)	$ (10,706)
Balance	$ 43,809	$ 50,761	$ 61,467

Select balance sheet data - S_6

Select balance sheet data - Schedule of Future Amortization Expense (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Select balance sheet data
2023	$ 6,866
2024	5,192
2025	5,192
2026	5,192
2027	5,192
Thereafter	$ 12,364

Bank revolving credit notes - A

Bank revolving credit notes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2022	Dec. 31, 2021
Line Of Credit Facility [Line Items]
Revolving credit notes		$ 67,610		$ 72,236	$ 67,610
A&R Credit Agreement [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio				3%
Maximum consolidated leverage ratio				3.25%
A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement additional borrowing capacity through accordion feature	$ 100,000
Credit agreement maturity date	Sep. 26, 2024
Second Amendment [Member]
Line Of Credit Facility [Line Items]
Minimum interest coverage ratio				3%
Maximum consolidated leverage ratio				3.25%
Debt instrument covenant description				The Second Amendment provided the Company with temporary changes to the total leverage ratio covenant for the period from June 30, 2020, through December 31, 2021, or such earlier date as the Company may elect (Covenant Relief Period), in return for certain increases in interest rates, fees and restrictions on certain activities of the Company, including capital expenditures, acquisitions, dividends and share repurchases. New pricing, which took effect for the quarters ending on and after September 30, 2020, includes interest at a fluctuating London Interbank Offered Rate (LIBOR) (at a floor of 75 basis points), plus 1.00% to 2.75%, along with the commitment fee ranging from 20 to 50 basis points.
Floor rate				75%
Leverage ratio		3.25%	4.25%
Consolidated leverage ratio				1.26%
Interest coverage ratios				13.14%
Second Amendment [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Debt instrument commitment fee percentage				0.20%
Second Amendment [Member] | Minimum [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				1%
Second Amendment [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Debt instrument commitment fee percentage				0.50%
Second Amendment [Member] | Maximum [Member] | LIBOR [Member]
Line Of Credit Facility [Line Items]
Debt instrument, basis spread on variable rate				2.75%
Third Amendment [Member]
Line Of Credit Facility [Line Items]
Capital expenditure incurred					35,000
Third Amendment [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Capital expenditure incurred					$ 70,000
Fourth Amendment [Member]
Line Of Credit Facility [Line Items]
Capital expenditure incurred				$ 35,000
Fourth Amendment [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Capital expenditure incurred				$ 65,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Interest rate				5.69%	1.75%
Revolving commitments fee percentage				0.25%	0.20%
Revolving credit notes		$ 67,610		$ 72,236	$ 67,610
Revolving Credit Facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity	$ 200,000
Letter of Credit Sub-facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity	5,000
Swingline Facility [Member] | A&R Credit Agreement [Member] | The Agent [Member]
Line Of Credit Facility [Line Items]
Credit agreement borrowing capacity	$ 20,000

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 01, 2022
Leases
Lease option to extend	false
Operating lease assets	$ 36,073
Operating lease liability	$ 36,748
Real Property [Member]
Leases
Operating lease assets		$ 37,908
Operating lease liability		38,185
Real Property [Member] | Maximum [Member]
Leases
Lease term	15 years
Personal Property [Member]
Leases
Operating lease assets		2,415
Operating lease liability		$ 2,418
Personal Property [Member] | Maximum [Member]
Leases
Lease term	7 years

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Amortization of finance lease assets	$ 320
Interest on finance lease liabilities	42
Total finance lease expense	362
Operating lease expense	6,063
Short-term lease expense	683
Variable lease expense	217
Sublease income	(1,133)
Total lease expense	$ 6,192
Rent expense		$ 5,282	$ 4,471

Leases - Supplemental informati

Leases - Supplemental information related to leases (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
Finance leases right of use assets	$ 1,103
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, plant and equipment, net
Operating lease assets	$ 36,073
Total lease assets	37,176
Current portion of finance lease obligation	$ 388
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Accrued Liabilities Current
Current portion of operating lease obligation	$ 4,857
Finance lease obligation, less current maturities	$ 784
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities Noncurrent
Operating lease obligation, less current maturities	$ 31,891
Total lease liabilities	$ 37,920
Weighted average remaining lease term (in years) - Finance leases	3 years 1 month 6 days
Weighted average remaining lease term (in years) - Operating leases	7 years 9 months 18 days
Weighted average discount rate - Finance leases	3.93%
Weighted average discount rate -Operating leases	2.49%

Leases - ROU asset balances (De

Leases - ROU asset balances (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
Total lease assets	$ 37,176
Real estate leases
Leases
Total lease assets	34,211
Equipment [Member]
Leases
Total lease assets	2,506
Vehicles [Member]
Leases
Total lease assets	$ 459

Leases - Minimum lease payments

Leases - Minimum lease payments under ASC 842 (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating leases
2023	$ 5,709
2024	5,668
2025	4,822
2026	4,641
2027	4,688
Thereafter	15,140
Total	40,668
Less: imputed interest	(3,920)
Total lease obligations	36,748
Finance leases
2023	426
2024	426
2025	291
2026	66
2027	33
Total lease payments	1,242
Less: imputed interest	(70)
Total lease obligations	1,172
Leases.
2023	6,135
2024	6,094
2025	5,113
2026	4,707
2027	4,721
Thereafter	15,140
Total lease payments	41,910
Less: imputed interest	(3,990)
Total lease obligations	$ 37,920

Leases - Future minimum lease p

Leases - Future minimum lease payments under ASC 840 (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating lease
2022	$ 5,693
2023	5,699
2024	5,661
2025	4,832
2026	4,655
Thereafter	18,801
Total minimum lease payments	45,341
Finance lease
2022	358
2023	358
2024	358
2025	225
Total	1,299
Leases.
2022	6,051
2023	6,057
2024	6,019
2025	5,057
2026	4,655
Thereafter	18,801
Total minimum lease payments	$ 46,640

Leases - Supplemental cash flow

Leases - Supplemental cash flow information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Operating cash flows	$ 42
Cash paid for amounts included in the measurement of lease liabilities for finance leases: Financing cash flows	322	$ 544	$ 598
Cash paid for amounts included in the measurement of lease liabilities for operating leases: Operating cash flows	5,672
Right-of-use assets obtained in exchange for recorded lease obligations: Operating cash flows	1,271
Right-of-use assets obtained in exchange for recorded lease obligations: Financing cash flows	$ 284

Employee stock ownership plan -

Employee stock ownership plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Employee stock ownership plan
Employee stock ownership plan (ESOP), (income) expense	$ 0	$ 0	$ 0
Shares in ESOP	5,684,879	7,292,392

Retirement plans - Additional I

Retirement plans - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Retirement plans
Percentage of employee contribution of eligible compensation plan	50%
Defined contribution plan, employer discretionary contribution amount	$ 2,500	$ 2,057	$ 1,833

Income taxes - Additional Infor

Income taxes - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense (benefit)	$ 3,667	$ (1,943)	$ (2,074)
Effective income tax rate	16.40%	26.50%	22.60%
Tax expense for interest and penalties	$ 0
Unrecognized tax benefits that would impact effective tax rate	384
State and Local Jurisdiction
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	6,820
Domestic Tax Authority
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 21,210

Income taxes - Schedule of Inco

Income taxes - Schedule of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current income tax expense
U.S Federal		$ 100	$ 129
State	$ 414	1,203	98
Total	414	1,303	227
Deferred income tax expense (benefit).
U.S Federal	4,722	(2,790)	(2,457)
State	(1,469)	(456)	156
Total	3,253	(3,246)	(2,301)
Total income tax expense (benefit)	$ 3,667	$ (1,943)	$ (2,074)

Income taxes - Schedule of Reco

Income taxes - Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Income Tax Benefit (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Percentage of federal statutory rate	21%	21%	21%
Income tax provision (benefit) at the federal statutory rate - 21%	$ 4,703	$ (1,971)	$ (1,925)
State and local income taxes - net of federal income tax benefits	831	523	79
Compensation deduction limitation - section 162(m) adjustment	(427)	14	(113)
Income taxed by shareholder before IPO			(387)
Other - perms	43	29	51
Tax credits generated	(63)	(301)	(409)
Uncertain tax positions - current year	16	75	106
Uncertain tax positions - prior year	54	(7)	115
Loan fee amortization			698
Stock compensation	50	(546)	764
Section 481(a) adjustments			(184)
Fixed assets			(452)
Return to provision	(424)	147	(121)
Changes in tax rates	(1,071)	43
Other miscellaneous tax	(45)	51	(296)
Total income tax expense (benefit)	$ 3,667	$ (1,943)	$ (2,074)
Effective tax rate	16.40%	26.50%	22.60%

Income taxes - Components of De

Income taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Deferred compensation	$ 7,674	$ 8,349
Inventory adjustments	1,601	1,694
Accrued expenses	411	1,530
Right of use - liability	8,853
Credits	942	656
Net operating loss	4,781	4,080
Interest Expense	721
Other	478	240
Total deferred tax assets	25,461	16,549
Deferred tax liabilities
Property, plant and equipment	17,909	11,612
Intangibles	10,671	13,556
Right of use - asset	8,689
Other	10	22
Total deferred tax liabilities	37,279	25,190
Net deferred tax liability	$ (11,818)	$ (8,641)

Income taxes - Reconciliation o

Income taxes - Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Balance	$ 314	$ 221
Increase from current year tax positions	16	100	$ 106
Increase from prior year tax positions	54		115
Decrease from prior year tax positions		(7)
Balance	$ 384	$ 314	$ 221

Contingencies (Details)

Contingencies (Details)	Aug. 04, 2022 claim
Contingencies
Number of claims	2

Deferred compensation - Additio

Deferred compensation - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Description of deferred compensation arrangements	The Mayville Engineering Deferred Compensation Plan is available for certain employees designated to be eligible to participate by the Company and approved by the Board of Directors.
Deferred compensation plan (Income) expense	$ 7,997	$ 11,500	$ 8,250
Deferred compensation cash-based arrangements liability, Current	18,062	0
Deferred compensation cash-based arrangements liability, Non current	3,132	25,117
Deferred compensation, distributions paid	1,048	1,327	107
Deferred Profit Sharing [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Deferred compensation plan (Income) expense	(3,051)	812	725
Employees [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Deferred compensation plan (Income) expense	$ 117	$ 0	$ 63
Maximum [Member]
Deferred Compensation Arrangement With Individual Excluding Share Based Payments And Postretirement Benefits [Line Items]
Deferred compensation arrangements	50%
Annual short term cash incentive	100%

Self-Funded insurance - Additio

Self-Funded insurance - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Self-Funded insurance
Estimated accrued liability	$ 900	$ 1,471
Reinsured limit of aggregate expense	$ 17,146	$ 17,157	$ 20,849

Segments - Additional Informati

Segments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 segment
Segments
Number of operating segments	1

Fair value of financial instr_3

Fair value of financial instruments - Schedule of Financial Assets and Liabilities Accounted for at Fair Value by Fair Value Hierarchy (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 21,194	$ 25,117
Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	21,194	22,272
Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	0	2,845
Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	0	0
Deferred Compensation Liability [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	21,194	25,117
Deferred Compensation Liability [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	21,194	22,272
Deferred Compensation Liability [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	0	2,845
Deferred Compensation Liability [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total	$ 0	$ 0

Revenue recognition - Schedule

Revenue recognition - Schedule of Changes in Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue recognition
Contract asset, beginning balance	$ 3,950	$ 3,126	$ 1,589
Net activity	3,988	824	1,537
Contract asset, ending balance	7,938	3,950	3,126
Contract liability, beginning balance	2,718	1,060	914
Net activity	3,423	1,658	146
Contract liability, ending balance	$ 6,141	$ 2,718	$ 1,060

Revenue recognition - Schedul_2

Revenue recognition - Schedule of Disaggregation of Revenue by Product Category (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 539,392	$ 454,826	$ 357,606
Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	555,754	463,799	364,597
Intercompany sales elimination
Disaggregation Of Revenue [Line Items]
Total, net sales	(16,362)	(8,973)	(6,991)
Outdoor sports | Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	9,498	10,039	7,225
Fabrication | Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	324,254	295,988	227,476
Performance structures | Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	109,888	73,207	60,597
Tube | Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	73,868	58,749	49,868
Tank | Operating Segments
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 38,246	$ 25,816	$ 19,431

Revenue recognition - Schedul_3

Revenue recognition - Schedule of Disaggregation of Revenue by End Market (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 539,392	$ 454,826	$ 357,606
Commercial Vehicle [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	212,992	156,488	120,838
Construction And Access [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	111,525	92,298	65,510
Powersports [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	87,531	90,247	73,220
Agriculture [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	57,412	49,827	34,151
Military [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	24,831	24,147	31,675
Other Market [Member]
Disaggregation Of Revenue [Line Items]
Total, net sales	$ 45,101	$ 41,819	$ 32,212

Common equity (Details)

Common equity (Details) - shares	Dec. 31, 2022	Dec. 31, 2021
Common equity.
Common Stock, Shares Authorized	75,000,000	75,000,000

Common equity - Changes in outs

Common equity - Changes in outstanding common shares (Details) - Common Stock [Member] - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Beginning balance	20,335,934	20,059,390	19,632,211
Treasury stock purchases	(559,945)	(147,785)	(320,245)
Common stock issued (including share-based compensation impact)	396,757	424,329	747,424
Ending balance	20,172,746	20,335,934	20,059,390

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share, Basic [Abstract]
Net income (loss) attributable to MEC	$ 18,727	$ (7,451)	$ (7,092)
Average shares outstanding	20,399,737	20,404,543	19,898,122
Basic income (loss) per share	$ 0.92	$ (0.37)	$ (0.36)
Earnings Per Share, Diluted, Other Disclosures [Abstract]
Average shares outstanding	20,399,737	20,404,543	19,898,122
Effect of dilutive share-based compensation	282,891	426,434
Total potential shares outstanding	20,682,628	20,830,977	19,898,122
Diluted income (loss) per share	$ 0.91	$ (0.36)	$ (0.36)

Earnings per share - Schedule o

Earnings per share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted earnings per share	300,510	600,530

Concentration of major custom_3

Concentration of major customers - Schedule of Major Customer Concentrations (Details) - Customer Concentration Risk [Member]	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Customer A [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	17.20%	16.60%	15.30%
Customer A [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	11%	10.20%
Customer B [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	11.90%	10.80%	11.10%
Customer B [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer C [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage		10%	12.50%
Concentration risk percentage	<10
Customer C [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer D [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	16%	14.10%	11.60%
Customer D [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10
Customer E [Member] | Net Sales [Member]
Concentration Risk [Line Items]
Concentration risk percentage	<10	<10	<10
Customer E [Member] | Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration risk percentage	12.60%	11.20%

Stock based compensation - Summ

Stock based compensation - Summary of Stock-based Compensation Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 3,759	$ 4,962	$ 4,732
One-Time IPO Unit Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax			1,029
Unit awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	2,490	3,006	2,305
Option awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation expense, net of tax	$ 1,269	$ 1,956	$ 1,398

Stock based compensation - Sche

Stock based compensation - Schedule of Unrecognized Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	$ 3,213	$ 2,977
Grants	6,999	5,586
Forfeitures	(3,664)	(388)
Expense	(3,759)	(4,962)
Ending Balance	2,789	3,213
Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	1,676	1,545
Grants	4,426	3,456
Forfeitures	(1,873)	(319)
Expense	(2,490)	(3,006)
Ending Balance	1,739	1,676
Stock Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Beginning Balance	1,537	1,432
Grants	2,573	2,130
Forfeitures	(1,791)	(69)
Expense	(1,269)	(1,956)
Ending Balance	$ 1,050	$ 1,537

Stock based compensation - Su_2

Stock based compensation - Summary of Activity for Unit Award and Stock Option Award (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Weighted average exercise price
Grants ( in dollars per share)	$ 5.36	$ 6.93
Employee Stock Option [Member]
Number of Options
Nonvested, beginning of year (in shares)	526,895	718,528
Grants (in shares)	479,947	307,365
Forfeitures (in shares)	309,863	14,337
Vested (in shares)	512,927	484,661
Nonvested, end of year (in shares)	184,052	526,895
Weighted average exercise price
Nonvested, beginning of year ( in dollars per share)	$ 10.91	$ 8.74
Grants ( in dollars per share)	10.32	14.01
Forfeitures ( in dollars per share)	11.30	10.41
Vested ( in dollars per share)	9.18	9.68
Nonvested, end of year ( in dollars per share)	13.51	10.91
Restricted Stock Units R S U [Member]
Number of Units
Nonvested, beginning of year (in shares)	11.59	7.69
Grants (in shares)	9.27	14.54
Forfeitures (in shares)	11.18	13.03
Vested (in shares)	10.76	8.04
Nonvested, end of year (in shares)	$ 9.52	$ 11.59
Weighted average grant date fair value
Nonvested, beginning of year ( in dollars per share)	354,906	456,257
Grants ( in dollars per share)	477,277	233,963
Forfeitures ( in dollars per share)	167,641	20,412
Nonvested, end of year ( in dollars per share)	392,550	354,906

Stock based compensation - Su_3

Stock based compensation - Summary of Fair Value Assumptions and Inputs (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock based compensation
Stock price at date of grant/exercise price	$ 10.32	$ 14.01	$ 7.12
Expected term (in years)	5 years 9 months	5 years 9 months	5 years 9 months
Estimated volatility	55.30%	53.90%	41.20%
Estimated risk-free rate of return	1.90%	0.80%	1.20%
Expected dividend yield	0%	0%	0%

Stock based compensation - Addi

Stock based compensation - Additional Information (Details) - USD ($)		12 Months Ended
	May 08, 2019	Dec. 31, 2022	Dec. 31, 2021	Apr. 20, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation recognition period		Jul. 19, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period		2 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period		10 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Method Used		Black-Scholes valuation model
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Remaining Contractual Term		7 years 2 months 19 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage		50%
Share Based Compensation Arrangement By Share Based Payment Award Options Average Expected Term		5 years 9 months
Option One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, outstanding number		250,505
Weighted average exercise price		$ 17
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price		$ 17
Intrinsic values of outstanding options		$ 0
Option Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, outstanding number		703,523
Weighted average exercise price		$ 7.12
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price		$ 7.12
Intrinsic values of outstanding options		$ 5.54
Option Three [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options, outstanding number		153,686
Weighted average exercise price		$ 14.01
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price		$ 14.01
Intrinsic values of outstanding options		$ 0
Non-Employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options awarded, value	$ 0
Share-Based Payment Arrangement, Tranche One [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Expected Term		5 years 6 months
Share-Based Payment Arrangement, Tranche Two [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share Based Compensation Arrangement By Share Based Payment Award Options Expected Term		6 years
2019 Omnibus Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Payments based on the value of its common stock			2,000,000
Number of shares authorized				2,500,000
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of units, vested		271,992	314,902

Greenwood Facility Closure, Res

Greenwood Facility Closure, Restructuring, and Sale - Additional Information (Detail) $ in Thousands				3 Months Ended		12 Months Ended
	Aug. 30, 2021 USD ($)	Aug. 30, 2021 USD ($)	May 06, 2020	Sep. 30, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) facility
Restructuring Cost And Reserve [Line Items]
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]							Cost Of Revenue
Loss on disposal of property, plant and equipment						$ (161)	$ (1,311)	$ 667
Charges								2,524
Cash receipts (payments)								(1,886)
Accrual adjustments								(638)
Greenwood Facility [Member]
Restructuring Cost And Reserve [Line Items]
Date of announcement of closing facility			May 06, 2020
Proceeds from sale of business before commission and fees	$ 5,300			$ 5,300
Gain on the sale of the asset	1,374			$ 1,374
Total costs incurred for facility closure and restructuring							0	2,524
Loss on disposal of property, plant and equipment								931
Severance and retention bonus							282
Buyout of operating leases								78
Disposition of inventory								622
Assets disposed, net book value								$ 2,475
Assets disposed remaining useful life								3 years
Assets disposed depreciation expense								$ 825
Assets disposed remaining weighted average useful life		27 years
Annual depreciation expense		$ 133
Disposal group annual facility maintenance costs								800
Disposal group assets personnel costs					$ 2,250
Disposal group assets annual personnel expenses								$ 9,000
Disposal group assets annual personnel expenses to be transitioned to other facilities | facility								5
Balance at beginning of period							$ 3,552
Balance at end of period	$ 3,552	$ 3,552						$ 3,552
Employee Severance And Retention Bonus Reserve [Member]
Restructuring Cost And Reserve [Line Items]
Charges								282
Cash receipts (payments)								(282)
Inventory Excess And Obsolescence Reserve [Member]
Restructuring Cost And Reserve [Line Items]
Charges								622
Cash receipts (payments)								16
Accrual adjustments								(638)
Other Restructuring [Member]
Restructuring Cost And Reserve [Line Items]
Charges								1,620
Cash receipts (payments)								$ (1,620)

Valuation and qualifying acco_3

Valuation and qualifying accounts (Details) - Allowance For Credit Loss [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	$ 631	$ 1,298	$ 526
Additions	697	751	1,582
Deductions	784	1,418	810
Balance at end of period	$ 545	$ 631	$ 1,298