CTS (CTS) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000026058
Document Transition Report	false
Entity File Number	1-4639
Entity Registrant Name	CTS CORPORATION
Entity Incorporation, State or Country Code	IN
Entity Tax Identification Number	35-0225010
Entity Address, Address Line One	4925 Indiana Avenue
Entity Address, City or Town	Lisle
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60532
City Area Code	630
Local Phone Number	577-8800
Title of Each Class	Common stock, without par value
Trading Symbol	CTS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		31,540,012

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS - UNAUDITED - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 145,994	$ 147,695
Cost of goods sold	94,342	93,355
Gross margin	51,652	54,340
Selling, general and administrative expenses	21,979	21,788
Research and development expenses	6,586	6,194
Restructuring charges	912	312
Operating earnings	22,175	26,046
Other income (expense):
Interest expense	(694)	(546)
Interest income	1,063	180
Other income, net	165	66
Total other income (expense), net	534	(300)
Earnings before income taxes	22,709	25,746
Income tax expense	4,365	5,507
Net earnings	$ 18,344	$ 20,239
Earnings per share:
Basic	$ 0.58	$ 0.63
Diluted	$ 0.58	$ 0.63
Basic weighted – average common shares outstanding:	31,634	32,123
Effect of dilutive securities	259	204
Diluted weighted – average common shares outstanding:	31,893	32,327
Cash dividends declared per share	$ 0.04	$ 0.04

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net earnings	$ 18,344	$ 20,239
Other comprehensive earnings (loss):
Changes in fair market value of derivatives, net of tax	379	1,235
Changes in unrealized pension cost, net of tax	(34)	94
Cumulative translation adjustment, net of tax	1,024	(249)
Other comprehensive earnings	1,369	1,080
Comprehensive earnings	$ 19,713	$ 21,319

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 143,537	$ 156,910
Accounts receivable, net	97,707	90,935
Inventories, net	63,470	62,260
Other current assets	17,930	15,655
Total current assets	322,644	325,760
Property, plant and equipment, net	96,280	97,300
Operating lease assets, net	21,869	22,702
Other Assets
Goodwill	155,651	152,361
Other intangible assets, net	109,706	108,053
Deferred income taxes	23,246	23,461
Other	17,611	18,850
Total other assets	306,214	302,725
Total Assets	747,007	748,487
Current Liabilities
Accounts payable	53,410	53,211
Operating lease obligations	4,032	3,936
Accrued payroll and benefits	11,800	20,063
Accrued expenses and other liabilities	36,534	35,322
Total current liabilities	105,776	112,532
Long-term debt	80,261	83,670
Long-term operating lease obligations	20,808	21,754
Long-term pension obligations	5,017	5,048
Deferred income taxes	15,786	16,010
Other long-term obligations	5,223	3,249
Total Liabilities	232,871	242,263
Commitments and Contingencies (Note 11)
Shareholders’ Equity
Common stock	318,785	316,803
Additional contributed capital	42,423	46,144
Retained earnings	563,787	546,703
Accumulated other comprehensive loss	698	(671)
Total shareholders’ equity before treasury stock	925,693	908,979
Treasury stock	(411,557)	(402,755)
Total shareholders’ equity	514,136	506,224
Total Liabilities and Shareholders’ Equity	$ 747,007	$ 748,487

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 18,344	$ 20,239
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	6,918	6,749
Pension and other post-retirement plan expense	31	91
Stock-based compensation	1,586	1,950
Deferred income taxes	(236)	1,195
Gain on foreign currency hedges, net of cash	192	(15)
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(5,906)	(9,969)
Inventories	(784)	(615)
Operating lease assets	833	(224)
Other assets	(133)	(253)
Accounts payable	857	3,936
Accrued payroll and benefits	(8,818)	(5,733)
Operating lease liabilities	(851)	93
Accrued expenses and other liabilities	(797)	2,219
Pension and other post-retirement plans	(50)	(377)
Net cash provided by operating activities	11,186	19,286
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(4,540)	(3,400)
Payments for acquisitions, net of cash acquired	(3,356)	(24,484)
Net cash used in investing activities	(7,896)	(27,884)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt	(204,084)	(150,000)
Proceeds from borrowings of long-term debt	200,675	150,000
Purchases of treasury stock	(8,802)	(3,920)
Dividends paid	(1,272)	(1,289)
Payments of contingent consideration		(150)
Taxes paid on behalf of equity award participants	(3,142)	(1,413)
Net cash used in financing activities	(16,625)	6,772
Effect of exchange rate changes on cash and cash equivalents	(38)	23
Net decrease in cash and cash equivalents	(13,373)	(15,347)
Cash and cash equivalents at beginning of period	156,910	141,465
Cash and cash equivalents at end of period	143,537	126,118
Supplemental cash flow information:
Cash paid for interest	926	480
Cash paid for income taxes, net	4,199	2,548
Capital expenditures incurred but not paid	$ 1,400	$ 1,339

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands	Total	Common Stock	Additional Contributed Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Treasury Stock
Beginning Balance at Dec. 31, 2021	$ 463,578	$ 314,620	$ 42,549	$ 492,242	$ (4,525)	$ (381,308)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	20,239			20,239
Changes in fair market value of derivatives, net of tax	1,235				1,235
Changes in unrealized pension cost, net of tax	94				94
Cumulative translation adjustment, net of tax	(249)				(249)
Cash dividends	(1,284)			(1,284)
Acquired shares for treasury stock	(3,920)					(3,920)
Issued shares on vesting of restricted stock units	(1,413)	1,876	(3,289)
Stock compensation	1,898		1,898
Ending Balance at Mar. 31, 2022	480,178	316,496	41,158	511,197	(3,445)	(385,228)
Beginning Balance at Dec. 31, 2022	506,224	316,803	46,144	546,703	(671)	(402,755)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net earnings	18,344			18,344
Changes in fair market value of derivatives, net of tax	379				379
Changes in unrealized pension cost, net of tax	(34)				(34)
Cumulative translation adjustment, net of tax	1,024				1,024
Cash dividends	(1,260)			(1,260)
Acquired shares for treasury stock	(8,802)					(8,802)
Issued shares on vesting of restricted stock units	(3,143)	1,982	(5,125)
Stock compensation	1,404		1,404
Ending Balance at Mar. 31, 2023	$ 514,136	$ 318,785	$ 42,423	$ 563,787	$ (698)	$ (411,557)

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - UNAUDITED (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Cash dividends declared per share	$ 0.04	$ 0.04
Treasury stock, shares, acquired	198,271	116,176

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	NOTE 1 — Basis of Presentation The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2022. The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue Recognition	NOTE 2 – Revenue Recognition The core principle of Accounting Standard Codification (“ASC”) Topic 606 Revenue from Contracts with Customers is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle: • Identify the contract(s) with a customer • Identify the performance obligations • Determine the transaction price • Allocate the transaction price • Recognize revenue when the performance obligations are met We recognize revenue when the performance obligations specified in our contracts have been satisfied, after considering the impact of variable consideration and other factors that may affect the transaction price. Our contracts normally contain a single performance obligation that is fulfilled on the date of delivery or shipment based on shipping terms stipulated in the contract. We usually expect payment within 30 to 90 days from the shipping date, depending on our terms with the customer. None of our contracts as of March 31, 2023 contained a significant financing component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to our customers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or circumstances indicate that they may not be recoverable. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method based on an analysis of historical experience and current facts and circumstances, which requires significant judgment. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve: Three months ended March 31, 2023 March 31, 2022 Transportation $ 74,310 $ 79,134 Industrial 40,673 40,007 Medical 17,311 15,867 Aerospace & Defense 13,700 12,687 Total $ 145,994 $ 147,695

Business Acquisitions

Business Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Business Acquisitions	NOTE 3 – Business Acquisitions TEWA Temperature Sensors SP. Zo.o. Acquisition On February 28, 2022, we acquired 100 % of the outstanding shares of TEWA Temperature Sensors SP. Zo.o. (“TEWA”). TEWA is a designer and manufacturer of high-quality temperature sensors. TEWA has complementary capabilities with our existing temperature sensing platform, and the acquisition supports our end market diversification strategy and expands our presence in Europe. The final purchase price of $ 23,721 , net of cash acquired of $ 2,979 , has been allocated to the fair values of assets and liabilities acquired as of February 28, 2022. The purchase price was reduced by $794 for the final settlement of net working capital in the quarter. The following table summarizes the consideration paid, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 2,521 Inventory 3,136 Other current assets 69 Property, plant and equipment 654 Other assets 27 Goodwill 8,473 Intangible assets 13,650 Fair value of assets acquired 28,530 Less fair value of liabilities acquired ( 4,809 ) Purchase price $ 23,721 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The Company recorded a $ 1,180 step-up of inventory to its fair value as of the acquisition date. The step-up was amortized as a non-cash charge to cost of goods sold as the acquired inventory was sold with $ 580 recognized in the first quarter of 2022. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Weighted Customer lists/relationships $ 13,000 12.0 Technology and other intangibles 650 3.0 Total $ 13,650 Ferroperm Piezoceramics A/S Acquisition On June 30, 2022, we acquired 100 % of the outstanding shares of Ferroperm Piezoceramics A/S (“Ferroperm”). Ferroperm specializes in the design and manufacture of high performance piezoceramic components for use in complex and demanding medical, industrial, and aerospace applications. Ferroperm has complementary capabilities with our existing medical diagnostics and imaging product lines. The acquisition supports our end market diversification strategy and expands our presence in European end markets. The final purchase price of $ 72,340 , net of cash acquired of $ 5,578 , has been allocated to the fair values of assets and liabilities acquired as of June 30, 2022. The valuation of intangible assets and associated deferred tax liability was finalized in the quarter. The following table summarizes the final consideration paid, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 3,073 Inventory 6,848 Other current assets 1,003 Property, plant and equipment 3,953 Other assets 158 Goodwill 31,985 Intangible assets 38,100 Fair value of assets acquired 85,120 Less fair value of liabilities acquired ( 12,780 ) Purchase price $ 72,340 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. The Company recorded a $ 3,012 step-up of inventory to its fair value as of the acquisition date based on the preliminary valuation. The step-up was amortized as a non-cash charge to cost of goods sold as the acquired inventory was sold in the third and fourth quarters of 2022. The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Weighted Customer lists/relationships $ 31,800 16.0 Technology and other intangibles 6,300 14.0 Total $ 38,100 Maglab AG Acquisition On February 6, 2023, we acquired 100 % of the outstanding shares of Maglab AG (”Maglab”). Maglab has deep expertise in magnetic system design and current measurement solutions for use in e-mobility, industrial automation, and renewable energy applications. Maglab’s domain expertise coupled with CTS’ commercial, technical and operational capabilities position us to advance our status as a recognized innovator in electric motor sensing and controls markets. The purchase price, which includes estimated changes in working capital, of $ 7,714 has been allocated to the fair values of assets and liabilities acquired as of February 6, 2023. The allocation of the purchase price continues to be preliminary pending the completion of the valuation of intangible assets and finalization of management’s estimates. The information included below represents our current estimate of the purchase price allocation. The following tables summarize the purchase price, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition of Maglab: Consideration Paid Cash paid, net of cash acquired of $ 14 $ 4,150 Contingent consideration 3,564 Purchase price $ 7,714 Fair Values at Accounts Receivable $ 348 Inventory 43 Other Current Assets 41 Property, plant and equipment 35 Goodwill 5,527 Intangible assets 1,955 Fair value of assets acquired 7,949 Less fair value of liabilities acquired ( 235 ) Purchase price $ 7,714 Goodwill represents value the Company expects to be created by combining the operations of the acquired business with the Company's operations, including the expansion of customer relationships, access to new customers, and potential cost savings and synergies. Goodwill related to the acquisition is expected to be deductible for tax purposes. Intangible assets acquired have been assigned a provisional value of $ 1,955 with an estimated weighted average amortization period of 12 years. They are included as customer lists/relationships in our Condensed Consolidated Balance Sheets and subsequent notes. Due to the timing of the acquisition, the identification and valuation of all intangible assets remains incomplete; however, management used historical experience and projections to estimate the potential value at March 31, 2023. The amount and assumptions included above remain an estimate that will be adjusted once purchase accounting is complete. All contingent consideration is payable in cash and is based on success factors related to the integration process as well as upon the achievement of annual revenue and customer order targets through the fiscal year ending December 31, 2025. The Company recorded $ 3,564 as the acquisition date fair value of the contingent consideration based on the estimate of the probability of achieving the performance targets. This amount is also reflected as an addition to the purchase price.

Accounts Receivable, Net

Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Accounts Receivable, Net	NOTE 4 – Accounts Receivable, net The components of accounts receivable, net are as follows: As of March 31, December 31, 2023 2022 Accounts receivable, gross $ 98,797 $ 92,171 Less: Allowance for credit losses ( 1,090 ) ( 1,236 ) Accounts receivable, net $ 97,707 $ 90,935

Inventories, Net

Inventories, Net	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Inventories, Net	NOTE 5 – Inventories, net Inventories, net consists of the following: As of March 31, December 31, 2023 2022 Finished goods $ 13,428 $ 12,865 Work-in-process 21,892 22,819 Raw materials 39,504 37,362 Less: Inventory reserves ( 11,354 ) ( 10,786 ) Inventories, net $ 63,470 $ 62,260

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	NOTE 6 – Property, Plant and Equipment, net Property, plant and equipment, net is comprised of the following: As of March 31, December 31, 2023 2022 Land and land improvements $ 1,100 $ 1,100 Buildings and improvements 73,383 71,938 Machinery and equipment 258,610 258,159 Less: Accumulated depreciation ( 236,813 ) ( 233,897 ) Property, plant and equipment, net $ 96,280 $ 97,300 Depreciation expense for the three months ended March 31, 2023 and March 31, 2022 was $ 4,407 and $ 4,368 , respectively.

Retirement Plans

Retirement Plans	3 Months Ended
	Mar. 31, 2023
Retirement Benefits [Abstract]
Retirement Plans	NOTE 7 – Retirement Plans Pension Plans Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three months ended March 31, March 31, 2023 2022 Net pension expense $ 67 $ 65 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Service cost $ — $ — $ 6 $ 6 Interest cost 10 5 10 4 Expected return on plan assets (1) — — ( 7 ) ( 3 ) Amortization of loss 5 8 43 45 Total expense, net $ 15 $ 13 $ 52 $ 52 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses. Other Post-retirement Benefit Plan Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended March 31, March 31, 2023 2022 Service cost $ — $ — Interest cost 48 26 Amortization of gain ( 84 ) — Total (income) expense, net $ ( 36 ) $ 26

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	NOTE 8 – Goodwill and Other Intangible Assets Goodwill Changes in the net carrying amount of goodwill were as follows: Total Goodwill as of December 31, 2022 $ 152,361 Changes from acquisition purchase accounting 3,444 Foreign exchange impact ( 154 ) Goodwill as of March 31, 2023 $ 155,651 Other Intangible Assets Other intangible assets, net consist of the following components: As of March 31, 2023 Gross Accumulated Net Amount Customer lists/relationships $ 141,952 $ ( 56,891 ) $ 85,061 Technology and other intangibles 53,971 ( 29,326 ) 24,645 Other intangible assets, net $ 195,923 $ ( 86,217 ) $ 109,706 Amortization expense for the three months ended March 31, 2023 $ 2,511 The changes in the gross carrying amounts of intangible assets are primarily due to business acquisition and purchase accounting activity in the quarter as discussed in Note 3. As of December 31, 2022 Gross Accumulated Net Amount Customer lists/relationships $ 148,899 $ ( 59,603 ) $ 89,296 Technology and other intangibles 45,255 ( 26,498 ) 18,757 Other intangible assets, net $ 194,154 $ ( 86,101 ) $ 108,053 Amortization expense for the three months ended March 31, 2022 $ 2,381 Remaining amortization expense for other intangible assets as of March 31, 2023 is as follows: Amortization 2023 $ 8,449 2024 10,959 2025 10,482 2026 10,328 2027 10,270 Thereafter 59,218 Total amortization expense $ 109,706	Total Goodwill as of December 31, 2022 $ 152,361 Changes from acquisition purchase accounting 3,444 Foreign exchange impact ( 154 ) Goodwill as of March 31, 2023 $ 155,651

Costs Associated with Exit and

Costs Associated with Exit and Restructuring Activities	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Costs Associated with Exit and Restructuring Activities	NOTE 9 – Costs Associated with Exit and Restructuring Activities Restructuring charges are reported as a separate line within operating earnings in the Condensed Consolidated Statements of Earnings. Total restructuring charges are as follows: Three Months Ended March 31, 2023 March 31, 2022 Restructuring charges $ 912 $ 312 September 2020 Plan In September 2020, we initiated a restructuring plan focused on optimizing our manufacturing footprint and improving operational efficiency by better utilizing our systems capabilities (the "September 2020 Plan"). This plan includes transitioning certain administrative functions to a shared service center, realignment of manufacturing locations, and certain other efficiency improvement actions. The restructuring cost of the September 2020 Plan is estimated to be in the range of $ 3,500 to $ 4,500 , including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. We have incurred $ 2,279 in program costs to date. We recorded $ 220 in workforce reduction costs during the three months ended March 31, 2023, under the 2020 Plan. The total restructuring liability associated with these actions was $ 485 as of March 31, 2023. The total restructuring liability associated with these actions was $ 634 as of December 31, 2022. Other Restructuring Activities From time to time, we may incur charges that are not considered part of a formal plan. During the three months ended March 31, 2023, we incurred restructuring charges of $ 692 . The total restructuring liability associated with other restructuring activity was $ 615 at March 31, 2023 and $ 235 at December 31, 2022. During the first quarter of 2023 we announced the shutdown of our Juarez manufacturing facility. As a part of this activity, operations from the Juarez plant will be consolidated into our expanded Matamoros facility. We expect the completion of these activities to occur in 2024. The total restructuring cost of the activities associated with the closure and consolidation is estimated to be in the range of $ 1,500 to $ 3,000 , including workforce reduction charges, building and equipment relocation charges and other contract and asset-related costs. During the three months ended March 31, 2023, we incurred costs of $ 102 that are associated with the planned Juarez shutdown activities. The restructuring liability associated with the shutdown is $ 56 as of March 31, 2023. These balances were included in our other restructuring activity amounts referenced in the preceding paragraph. The following table displays the restructuring liability activity included in accrued expenses and other liabilities for all plans for the three months ended March 31, 2023: Restructuring liability at January 1, 2023 $ 869 Restructuring charges 912 Costs paid ( 681 ) Restructuring liability at March 31, 2023 $ 1,100

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	NOTE 10 – Accrued Expenses and Other Liabilities The components of accrued expenses and other liabilities are as follows: As of March 31, December 31, 2023 2022 Accrued product related costs $ 2,092 $ 2,368 Accrued income taxes 9,210 9,630 Accrued property and other taxes 2,279 2,142 Accrued professional fees 1,587 1,472 Accrued customer related liabilities 2,648 2,837 Dividends payable 1,263 1,272 Remediation reserves 11,058 11,048 Derivative liabilities 649 357 Other accrued liabilities 5,748 4,196 Total accrued expenses and other liabilities $ 36,534 $ 35,322

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Contingencies	NOTE 11 – Commitments and Contingencies Certain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency (”EPA”), state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the EPA’s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis. A roll-forward of remediation reserves included in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets is comprised of the following: As of March 31, December 31, 2023 2022 Balance at beginning of period $ 11,048 $ 10,979 Remediation expense 562 2,750 Net remediation payments ( 555 ) ( 2,661 ) Other activity (1) 3 ( 20 ) Balance at end of the period $ 11,058 $ 11,048 (1) Other activity includes currency translation adjustments not recorded through remediation expense. The Company operates under and in accordance with a federal consent decree, dated March 7, 2017, with the EPA for the CTS of Asheville, Inc. Superfund Site (“Ashveville Site”). On February 8, 2023, the Company received a letter from the EPA (the “EPA Letter”) seeking reimbursement of its past response costs and interest thereon relating to any release or threatened release of hazardous substances at the Asheville Site in the aggregate amount of $ 9,955 from the three potentially responsible parties associated with the Asheville Site, including the Company. The Company is analyzing its potential exposure for the costs sought in the EPA Letter and will respond thereto in due course; however, at this time, we are unable to reasonably estimate the liability from the EPA Letter, and therefore, we did not record an accrual for the EPA Letter as of March 31, 2023. Unrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business. We provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been or will be incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	NOTE 12 - Debt Long-term debt is comprised of the following: As of March 31, December 31, 2023 2022 Total credit facility $ 400,000 $ 400,000 Balance outstanding 80,261 83,670 Standby letters of credit 1,640 1,640 Amount available, subject to covenant restrictions $ 318,099 $ 314,690 Weighted-average interest rate 5.47 % 2.96 % On December 15, 2021, we entered into a second amended and restated five-year credit agreement with a group of banks (the “Revolving Credit Facility”) to (i) increase the total credit facility to $ 400,000 , which may be increased by $ 200,000 at the request of the Company, subject to the administrative agent's approval, (ii) extend the maturity of the Revolving Credit Facility from February 12, 2024 to December 15, 2026 , (iii) replace LIBOR with SOFR as the primary reference rate used to calculate interest on the loans under the Revolving Credit Facility, (iv) increase available sublimits for letters of credit and swingline loans as well as providing for additional alternative currency borrowing capabilities, and (v) modify the financial and non-financial covenants to provide the Company additional flexibility. Borrowings in U.S. dollars under the Revolving Credit Facility bear interest, at a per annum rate equal to the applicable Term SOFR rate (but not less than 0.0 %), plus the Term SOFR adjustment, and plus an applicable margin, which ranges from 1.00 % to 1.75 %, based on our net leverage ratio. Similarly, borrowings of alternative currencies under the Revolving Credit Facility bear interest equal to a defined risk-free reference rate, plus the applicable risk-free rate adjustment and plus an applicable margin, which ranges from 1.00 % to 1.75 %, based on our net leverage ratio. The Revolving Credit Facility includes a swing line sublimit of $ 20,000 and a letter of credit sublimit of $ 20,000 . We also pay a quarterly commitment fee on the unused portion of the Revolving Credi t Facility. The commitment fee ranges from 0.175 % to 0.25 % based on our net leverage ratio. The Revolving Credit Facility requires, in addition to customary representations and warranties, that we comply with a maximum net leverage ratio and a minimum interest coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at March 31, 2023. The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. We have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt, which approximates the effective interest method. Amortization expense for the three months ended March 31, 2023 and 2022 were $ 48 and $ 48 , respectively. These costs are included in interest expense in our Consolidated Statements of Earnings.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Note 13 - Derivative Financial Instruments Our earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts as well as interest rate and cross-currency swaps to manage our exposure to these risks. The use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements. The effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense), net. We assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Condensed Consolidated Statements of Earnings for the three months ended March 31, 2023. Foreign Currency Hedges We use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Condensed Consolidated Balance Sheets at fair value. We continue to monitor the Company’s overall currency exposure and may elect to add cash flow hedges in the future. At March 31, 2023 , we had a net unrealized gain of $ 2,123 in accumulated other comprehensive (loss) income, $ 2,078 of which is expected to be reclassified to earnings within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $ 24,165 at March 31, 2023. Interest Rate Swaps We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a variable rate of interest to a fixed rate. As of March 31, 2023 , we have agreements to fix interest rates on $ 50,000 of long-term debt until December 2026. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled. These swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive (loss) income. The estimated net amount of the existing gains that are reported in accumulated other comprehensive (loss) income that are expected to be reclassified into earnings within the next twelve months is approximately $ 1,451 . Cross-Currency Swap The Company has operations and investments in various international locations and is subject to risks associated with changing foreign exchange rates. In order to hedge the Krone-based purchase price of the Ferroperm acquisition, the Company entered into a cross currency interest rate swap agreement on June 27, 2022 that synthetically swapped $ 25,000 of variable rate debt to Krone denominated variable rate debt. Upon completion of the Ferroperm acquisition on June 30, 2022, the transaction was designated as a net investment hedge for accounting purposes and will mature on June 30, 2027 . Accordingly, any gains or losses on this derivative instrument are included in the foreign currency translation component of other comprehensive (loss) income until the net investment is sold, diluted or liquidated. At March 31, 2023 we had a net unrealized loss of $ 860 in accumulated other comprehensive (loss) income. Interest payments received for the cross-currency swap are excluded from the net investment hedge effectiveness assessment and are recorded in interest expense in the Condensed Consolidated Statements of Earnings. The assumptions used in measuring fair value of the cross-currency swap are considered level 2 inputs, which are based upon the Krone to U.S. Dollar exchange rate market. The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of March 31, 2023, are shown in the following table: As of March 31, December 31, 2023 2022 Interest rate swaps reported in Other current assets $ 1,451 $ 1,561 Interest rate swaps reported in Other assets $ 827 $ 1,434 Cross-currency swap reported in Accrued expenses and other liabilities $ ( 649 ) $ ( 357 ) Foreign currency hedges reported in Other current assets $ 1,952 $ 945 The Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 ( Balance Sheet, Offsetting ). On a gross basis, there were foreign currency derivative assets of $ 2,143 and foreign currency derivative liabilities of $ 191 at March 31, 2023. The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended March 31, March 31, 2023 2022 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ ( 34 ) $ — Cost of goods sold 255 146 Total net gain reclassified from AOCI to earnings 221 146 Total derivative gain on foreign exchange contracts recognized in earnings $ 221 $ 146 Interest Rate Swaps: Income recorded in Interest expense $ 377 $ 171 Cross-Currency Swap: Income recorded in Interest expense $ 158 $ — Total net gains on derivatives $ 756 $ 317

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	NOTE 14 – Accumulated Other Comprehensive Loss Shareholders’ equity includes certain items classified as accumulated other comprehensive loss (“AOCI”) in the Condensed Consolidated Balance Sheets, including: • Unrealized gains (losses) on hedges relate to interest rate swaps to convert a portion of our Revolving Credit Facility's outstanding balance from a variable rate of interest into a fixed rate, foreign currency forward contracts used to hedge our exposure to changes in exchange rates affecting certain revenues and costs denominated in foreign currencies, as well as a cross-currency swap that synthetically converts our U.S. Dollar variable rate debt to Krone-denominated variable rate debt. These hedges are designated as cash flow hedges, and we have deferred income statement recognition of gains and losses until the hedged transactions occur, at which time amounts are reclassified into earnings. Further information related to our derivative financial instruments is included in Note 13 - Derivative Financial Instruments and Note 17 – Fair Value Measurements. • Unrealized gains (losses) on pension obligations are deferred from income statement recognition until the gains or losses are realized. Amounts reclassified to income from AOCI are included in net periodic pension income (expense). Further information related to our pension obligations is included in Note 7 – Retirement Plans. • Cumulative translation adjustments relate to our non-U.S. subsidiary companies that have designated a functional currency other than the U.S. Dollar. We are required to translate the subsidiary functional currency financial statements to dollars using a combination of historical, period-end, and average foreign exchange rates. This combination of rates creates the foreign currency translation adjustment component of other comprehensive (loss) income. Changes in exchange rates between the functional currency and the currency in which a transaction is denominated are foreign exchange transaction gains or losses. Transaction losses for the three months ended March 31, 2023 and March 31, 2022 were $ 68 and $ 288 , respectively. The impact of these changes have been included in other income (expense) in the Condensed Consolidated Statements of Earnings. The components of accumulated other comprehensive loss for the three months ended March 31, 2023, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2022 in OCI to Earnings 2023 Changes in fair market value of derivatives: Gross $ 3,911 $ 1,090 $ ( 598 ) $ 4,403 Income tax benefit (expense) ( 899 ) ( 251 ) 138 ( 1,012 ) Net 3,012 839 ( 460 ) 3,391 Changes in unrealized pension cost: Gross ( 1,179 ) — ( 47 ) ( 1,226 ) Income tax benefit 376 — 13 389 Net ( 803 ) — ( 34 ) ( 837 ) Cumulative translation adjustment: Gross ( 2,880 ) 1,024 — ( 1,856 ) Income tax benefit (expense) — — — — Net ( 2,880 ) 1,024 — ( 1,856 ) Total accumulated other comprehensive (loss) income $ ( 671 ) $ 1,863 $ ( 494 ) $ 698 The components of accumulated other comprehensive loss for the three months ended March 31, 2022, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2021 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ ( 634 ) $ 1,577 $ 26 $ 969 Income tax benefit (expense) 147 ( 363 ) ( 5 ) ( 221 ) Net ( 487 ) 1,214 21 748 Changes in unrealized pension cost: Gross ( 2,744 ) — 120 ( 2,624 ) Income tax benefit (expense) 738 — ( 26 ) 712 Net ( 2,006 ) — 94 ( 1,912 ) Cumulative translation adjustment: Gross ( 2,032 ) ( 249 ) — ( 2,281 ) Income tax benefit (expense) — — — — Net ( 2,032 ) ( 249 ) — ( 2,281 ) Total accumulated other comprehensive (loss) income $ ( 4,525 ) $ 965 $ 115 $ ( 3,445 )

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	NOTE 15 – Shareholders’ Equity Share count and par value data related to shareholders’ equity are as follows: As of March 31, December 31, 2023 2022 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 57,429,297 57,330,761 Shares outstanding 31,581,155 31,680,890 Treasury stock Shares held 25,848,142 25,649,871 On February 9, 2023, the Board of Directors approved a new share repurchase program that authorizes the Company to repurchase up to $ 50,000 of the Company’s common stock. The repurchase program has no set expiration date and replaces the repurchase program approved by the Board of Directors on May 13, 2021. During the three months ended March 31, 2023, 198,271 shares of common stock were repurchased for $ 8,802 across both share repurchase programs. During the three months ended March 31, 2022, 116,176 shares of common stock were repurchased for $ 3,920 . As of March 31, 2023, approximately $ 45,399 remains available for future purchases. A roll-forward of common shares outstanding is as follows: Three months ended March 31, March 31, 2023 2022 Balance at the beginning of the year 31,680,890 32,178,715 Repurchases ( 198,271 ) ( 116,176 ) Restricted share issuances 98,536 60,683 Balance at the end of the period 31,581,155 32,123,222 Certain potentially dilutive restricted stock units are excluded from diluted earnings per share because they are anti-dilutive. The number of outstanding awards that were anti-dilutive for the three months ended March 31, 2023 and March 31, 2022 were 37,676 and 38,384 , respectively.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	NOTE 16- Stock-Based Compensation At March 31, 2023, we had five active stock-based compensation plans: the Non-Employee Directors’ Stock Retirement Plan (“Directors’ Plan”), the 2004 Omnibus Long-Term Incentive Plan (“2004 Plan”), the 2009 Omnibus Equity and Performance Incentive Plan (“2009 Plan”), the 2014 Performance and Incentive Compensation Plan (“2014 Plan”), and the 2018 Equity and Incentive Compensation Plan ("2018 Plan"). Future grants can only be made under the 2018 Plan. These plans allow or allowed (as applicable) for grants of stock options, stock appreciation rights, restricted stock, restricted stock units ("RSUs"), performance shares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted. The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three months ended March 31, March 31, 2023 2022 Service-based RSUs $ 770 $ 676 Performance-based RSUs 634 1,222 Cash-settled RSUs 182 52 Total $ 1,586 $ 1,950 Income tax benefit 365 449 Net expense $ 1,221 $ 1,501 The following table summarizes the unrecognized compensation expense related to unvested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Compensation Weighted- Expense at Average March 31, 2023 Period (years) Service-based RSUs $ 4,003 1.59 Performance-based RSUs 6,366 2.06 Total $ 10,369 1.88 We recognize expense on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in substance, multiple awards. The following table summarizes the status of these plans as of March 31, 2023: 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Maximum potential awards outstanding 825,641 35,100 30,000 14,545 4,722 RSUs and cash-settled awards vested and released 427,202 — — — — Awards available for grant 1,247,157 — — — — Service-Based Restricted Stock Units The following table summarizes the service-based RSU activity for the three months ended March 31, 2023: Units Weighted Outstanding at December 31, 2022 282,124 $ 27.44 Granted 64,046 43.77 Vested and released ( 55,738 ) 32.29 Forfeited ( 1,005 ) 33.06 Outstanding at March 31, 2023 289,427 $ 30.10 Releasable at March 31, 2023 135,467 $ 20.73 Performance-Based Restricted Stock Units The following table summarizes the performance-based RSU activity for the three months ended March 31, 2023: Units Weighted Outstanding at December 31, 2022 260,306 $ 33.30 Granted 71,832 43.80 Attained by performance 53,035 32.11 Released ( 113,385 ) 32.11 Forfeited ( 875 ) 32.26 Outstanding at March 31, 2023 270,913 $ 36.25 Releasable at March 31, 2023 — $ — Cash-Settled Restricted Stock Units Cash-Settled RSUs entitle the holder to receive the cash equivalent of one share of common stock for each unit when the unit vests. These RSUs are issued to key employees residing in foreign locations as direct compensation. Generally, these RSUs vest over a three-year period. Cash-Settled RSUs are classified as liabilities and are remeasured at each reporting date until settled. At March 31, 2023 and December 31, 2022, we had 50,847 and 46,641 Cash-Settled RSUs outstanding, respectively. At March 31, 2023 and December 31, 2022, liabilities of $ 451 and $ 566 , respectively, were included in accrued expenses and other liabilities on our Condensed Consolidated Balance Sheets.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 17 — Fair Value Measurements The table below summarizes our financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2023: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 2,278 $ — $ 2,278 $ — Foreign currency hedges $ 1,952 $ — $ 1,952 $ — Cross-currency swap $ ( 649 ) $ — $ ( 649 ) $ — Qualified replacement plan assets $ 14,562 $ 14,562 $ — $ — Contingent consideration $ ( 3,564 ) $ — $ — $ ( 3,564 ) The table below summarizes the financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2022: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 2,995 $ — $ 2,995 $ — Foreign currency hedges $ 945 $ — $ 945 $ — Cross-currency swap $ ( 357 ) $ — $ ( 357 ) $ — Qualified replacement plan assets $ 15,249 $ 15,249 $ — $ — We use interest rate swaps to convert a portion of our Revolving Credit Facility’s outstanding balance from a variable rate of interest into a fixed rate and foreign currency forward contracts to hedge the effect of foreign currency changes on certain revenues and costs denominated in foreign currencies. The Company entered into a cross-currency swap agreement in order to manage its exposure to changes in interest rates related to foreign debt. These derivative financial instruments are measured at fair value on a recurring basis. The fair value of our interest rate swaps and foreign currency hedges were measured using standard valuation models using market-based observable inputs over the contractual terms, including forward yield curves, among others. There is a readily determinable market for these derivative instruments, but that market is not active and therefore they are classified within Level 2 of the fair value hierarchy. The fair value of the contingent consideration requires significant judgment. The Company's fair value estimates used in the contingent consideration valuation are considered Level 3 fair value measurements. The fair value estimates were based on assumptions management believes to be reasonable, but that are inherently uncertain, including estimates of future revenues and timing of events and activities that are expected to take place. Refer to Note 3 for further discussion on contingent consideration. A roll-forward of the contingent consideration is as follows: Contingent Balance at December 31, 2022 $ — Acquisition date fair value of contingent consideration 3,564 Balance at March 31, 2023 $ 3,564 As of March 31, 2023, approximately $ 1,424 was recorded in accrued expenses and other liabilities with the remainder in other long-term obligations. Our long-term debt consists of the Revolving Credit Facility, which is recorded at its carrying value. There is a readily determinable market for our long-term debt and it is classified within Level 2 of the fair value hierarchy as the market is not deemed to be active. The fair value of long-term debt approximates its carrying value and was determined by valuing a similar hypothetical coupon bond and attributing that value to our long-term debt under the Revolving Credit Facility. The qualified replacement plan assets consist of investment funds maintained for future contributions to the Company’s U.S. 401(k) program. The investments are Level 1 marketable securities and are recorded in Other Assets on our Condensed Consolidated Balance Sheets.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 18 — Income Taxes The effective tax rates for the three months ended March 31, 2023 and March 31, 2022 are as follows: Three Months Ended March 31, March 31, 2023 2022 Effective tax rate 19.2 % 21.4 % The decrease in effective income tax is primarily attributed to tax benefits recorded upon vesting of restricted stock units. The first quarter 2023 effective income tax rate was lower than the U.S. statutory federal tax rate for the same reason as noted above. The first quarter 2022 effective tax rate was higher than the U.S. statutory federal tax rate primarily due to foreign withholding taxes and state taxes.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying condensed consolidated financial statements have been prepared by CTS Corporation (“CTS”, "we", "our", "us" or the "Company”), without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. The unaudited condensed consolidated financial statements should be read in conjunction with the financial statements, notes thereto, and other information included in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2022. The accompanying unaudited condensed consolidated financial statements reflect, in the opinion of management, all adjustments (consisting of normal recurring items) necessary for a fair statement, in all material respects, of the financial position and results of operations for the periods presented. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ materially from those estimates. The results of operations for the interim periods are not necessarily indicative of the results for the entire year. There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Summary of Disaggregated Revenues	The following table presents revenues disaggregated by the major markets we serve: Three months ended March 31, 2023 March 31, 2022 Transportation $ 74,310 $ 79,134 Industrial 40,673 40,007 Medical 17,311 15,867 Aerospace & Defense 13,700 12,687 Total $ 145,994 $ 147,695

Business Acquisitions (Tables)

Business Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
TEWA Temperature Sennsors SP.Zo.o.
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the consideration paid, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 2,521 Inventory 3,136 Other current assets 69 Property, plant and equipment 654 Other assets 27 Goodwill 8,473 Intangible assets 13,650 Fair value of assets acquired 28,530 Less fair value of liabilities acquired ( 4,809 ) Purchase price $ 23,721
Summary of Carrying Amounts and Weighted Average Lives of Acquired Intangible Assets	The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Weighted Customer lists/relationships $ 13,000 12.0 Technology and other intangibles 650 3.0 Total $ 13,650
Ferroperm Piezoceramics A/S Acquisition
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the final consideration paid, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition: Fair Values at Accounts Receivable $ 3,073 Inventory 6,848 Other current assets 1,003 Property, plant and equipment 3,953 Other assets 158 Goodwill 31,985 Intangible assets 38,100 Fair value of assets acquired 85,120 Less fair value of liabilities acquired ( 12,780 ) Purchase price $ 72,340
Summary of Carrying Amounts and Weighted Average Lives of Acquired Intangible Assets	The following table summarizes the carrying amounts and weighted average lives of the acquired intangible assets: Carrying Weighted Customer lists/relationships $ 31,800 16.0 Technology and other intangibles 6,300 14.0 Total $ 38,100
Maglab AG Acquisition
Business Acquisition [Line Items]
Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed	The following tables summarize the purchase price, the fair values of the assets acquired and the liabilities assumed as of the date of acquisition of Maglab: Consideration Paid Cash paid, net of cash acquired of $ 14 $ 4,150 Contingent consideration 3,564 Purchase price $ 7,714 Fair Values at Accounts Receivable $ 348 Inventory 43 Other Current Assets 41 Property, plant and equipment 35 Goodwill 5,527 Intangible assets 1,955 Fair value of assets acquired 7,949 Less fair value of liabilities acquired ( 235 ) Purchase price $ 7,714

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Components of Accounts Receivable, Net	The components of accounts receivable, net are as follows: As of March 31, December 31, 2023 2022 Accounts receivable, gross $ 98,797 $ 92,171 Less: Allowance for credit losses ( 1,090 ) ( 1,236 ) Accounts receivable, net $ 97,707 $ 90,935

Inventories, Net (Tables)

Inventories, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Inventory Disclosure [Abstract]
Summary of Inventories, Net	Inventories, net consists of the following: As of March 31, December 31, 2023 2022 Finished goods $ 13,428 $ 12,865 Work-in-process 21,892 22,819 Raw materials 39,504 37,362 Less: Inventory reserves ( 11,354 ) ( 10,786 ) Inventories, net $ 63,470 $ 62,260

Property, Plant and Equipment_2

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment, Net	Property, plant and equipment, net is comprised of the following: As of March 31, December 31, 2023 2022 Land and land improvements $ 1,100 $ 1,100 Buildings and improvements 73,383 71,938 Machinery and equipment 258,610 258,159 Less: Accumulated depreciation ( 236,813 ) ( 233,897 ) Property, plant and equipment, net $ 96,280 $ 97,300

Retirement Plans (Tables)

Retirement Plans (Tables)	3 Months Ended
	Mar. 31, 2023
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net Pension (Income) Expense or Postretirement Expense	Net pension expense for our domestic and foreign plans included in other expense, net in the Condensed Consolidated Statements of Earnings is as follows: Three months ended March 31, March 31, 2023 2022 Net pension expense $ 67 $ 65 The components of net pension expense for our domestic and foreign plans include the following: Domestic Pension Plans Foreign Pension Plans Three Months Ended Three Months Ended March 31, March 31, March 31, March 31, 2023 2022 2023 2022 Service cost $ — $ — $ 6 $ 6 Interest cost 10 5 10 4 Expected return on plan assets (1) — — ( 7 ) ( 3 ) Amortization of loss 5 8 43 45 Total expense, net $ 15 $ 13 $ 52 $ 52 (1) Expected return on plan assets is net of expected investment expenses and certain administrative expenses.
Other Postretirement Benefits Plan
Defined Benefit Plan Disclosure [Line Items]
Net Pension (Income) Expense or Postretirement Expense	Net post-retirement expense for our other post-retirement plan includes the following components: Three Months Ended March 31, March 31, 2023 2022 Service cost $ — $ — Interest cost 48 26 Amortization of gain ( 84 ) — Total (income) expense, net $ ( 36 ) $ 26

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Other Intangible Assets	Other intangible assets, net consist of the following components: As of March 31, 2023 Gross Accumulated Net Amount Customer lists/relationships $ 141,952 $ ( 56,891 ) $ 85,061 Technology and other intangibles 53,971 ( 29,326 ) 24,645 Other intangible assets, net $ 195,923 $ ( 86,217 ) $ 109,706 Amortization expense for the three months ended March 31, 2023 $ 2,511 The changes in the gross carrying amounts of intangible assets are primarily due to business acquisition and purchase accounting activity in the quarter as discussed in Note 3. As of December 31, 2022 Gross Accumulated Net Amount Customer lists/relationships $ 148,899 $ ( 59,603 ) $ 89,296 Technology and other intangibles 45,255 ( 26,498 ) 18,757 Other intangible assets, net $ 194,154 $ ( 86,101 ) $ 108,053 Amortization expense for the three months ended March 31, 2022 $ 2,381
Summary of Amortization Expense Remaining for Other Intangible Assets	Remaining amortization expense for other intangible assets as of March 31, 2023 is as follows: Amortization 2023 $ 8,449 2024 10,959 2025 10,482 2026 10,328 2027 10,270 Thereafter 59,218 Total amortization expense $ 109,706
Summary Changes in Net Carrying Amount of Goodwill		Total Goodwill as of December 31, 2022 $ 152,361 Changes from acquisition purchase accounting 3,444 Foreign exchange impact ( 154 ) Goodwill as of March 31, 2023 $ 155,651

Costs Associated with Exit an_2

Costs Associated with Exit and Restructuring Activities (Tables)	3 Months Ended
	Mar. 31, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	Total restructuring charges are as follows: Three Months Ended March 31, 2023 March 31, 2022 Restructuring charges $ 912 $ 312
Schedule of Restructuring Liability Activity	The following table displays the restructuring liability activity included in accrued expenses and other liabilities for all plans for the three months ended March 31, 2023: Restructuring liability at January 1, 2023 $ 869 Restructuring charges 912 Costs paid ( 681 ) Restructuring liability at March 31, 2023 $ 1,100

Accrued Expenses and Other Li_2

Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Payables and Accruals [Abstract]
Components of Accrued Expenses and Other Liabilities	The components of accrued expenses and other liabilities are as follows: As of March 31, December 31, 2023 2022 Accrued product related costs $ 2,092 $ 2,368 Accrued income taxes 9,210 9,630 Accrued property and other taxes 2,279 2,142 Accrued professional fees 1,587 1,472 Accrued customer related liabilities 2,648 2,837 Dividends payable 1,263 1,272 Remediation reserves 11,058 11,048 Derivative liabilities 649 357 Other accrued liabilities 5,748 4,196 Total accrued expenses and other liabilities $ 36,534 $ 35,322

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities	A roll-forward of remediation reserves included in accrued expenses and other liabilities on the Condensed Consolidated Balance Sheets is comprised of the following: As of March 31, December 31, 2023 2022 Balance at beginning of period $ 11,048 $ 10,979 Remediation expense 562 2,750 Net remediation payments ( 555 ) ( 2,661 ) Other activity (1) 3 ( 20 ) Balance at end of the period $ 11,058 $ 11,048 (1) Other activity includes currency translation adjustments not recorded through remediation expense.

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Summary of Long-Term Debt	Long-term debt is comprised of the following: As of March 31, December 31, 2023 2022 Total credit facility $ 400,000 $ 400,000 Balance outstanding 80,261 83,670 Standby letters of credit 1,640 1,640 Amount available, subject to covenant restrictions $ 318,099 $ 314,690 Weighted-average interest rate 5.47 % 2.96 %

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Location and Fair Values of Derivative Instruments	The location and fair values of derivative instruments designated as hedging instruments in the Condensed Consolidated Balance Sheets as of March 31, 2023, are shown in the following table: As of March 31, December 31, 2023 2022 Interest rate swaps reported in Other current assets $ 1,451 $ 1,561 Interest rate swaps reported in Other assets $ 827 $ 1,434 Cross-currency swap reported in Accrued expenses and other liabilities $ ( 649 ) $ ( 357 ) Foreign currency hedges reported in Other current assets $ 1,952 $ 945
Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings	The effect of derivative instruments on the Condensed Consolidated Statements of Earnings is as follows: Three Months Ended March 31, March 31, 2023 2022 Foreign Exchange Contracts: Amounts reclassified from AOCI to earnings: Net sales $ ( 34 ) $ — Cost of goods sold 255 146 Total net gain reclassified from AOCI to earnings 221 146 Total derivative gain on foreign exchange contracts recognized in earnings $ 221 $ 146 Interest Rate Swaps: Income recorded in Interest expense $ 377 $ 171 Cross-Currency Swap: Income recorded in Interest expense $ 158 $ — Total net gains on derivatives $ 756 $ 317

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The components of accumulated other comprehensive loss for the three months ended March 31, 2023, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2022 in OCI to Earnings 2023 Changes in fair market value of derivatives: Gross $ 3,911 $ 1,090 $ ( 598 ) $ 4,403 Income tax benefit (expense) ( 899 ) ( 251 ) 138 ( 1,012 ) Net 3,012 839 ( 460 ) 3,391 Changes in unrealized pension cost: Gross ( 1,179 ) — ( 47 ) ( 1,226 ) Income tax benefit 376 — 13 389 Net ( 803 ) — ( 34 ) ( 837 ) Cumulative translation adjustment: Gross ( 2,880 ) 1,024 — ( 1,856 ) Income tax benefit (expense) — — — — Net ( 2,880 ) 1,024 — ( 1,856 ) Total accumulated other comprehensive (loss) income $ ( 671 ) $ 1,863 $ ( 494 ) $ 698 The components of accumulated other comprehensive loss for the three months ended March 31, 2022, are as follows: (Gain) Loss As of Gain (Loss) Reclassified As of December 31, Recognized from AOCI March 31, 2021 in OCI to Earnings 2022 Changes in fair market value of derivatives: Gross $ ( 634 ) $ 1,577 $ 26 $ 969 Income tax benefit (expense) 147 ( 363 ) ( 5 ) ( 221 ) Net ( 487 ) 1,214 21 748 Changes in unrealized pension cost: Gross ( 2,744 ) — 120 ( 2,624 ) Income tax benefit (expense) 738 — ( 26 ) 712 Net ( 2,006 ) — 94 ( 1,912 ) Cumulative translation adjustment: Gross ( 2,032 ) ( 249 ) — ( 2,281 ) Income tax benefit (expense) — — — — Net ( 2,032 ) ( 249 ) — ( 2,281 ) Total accumulated other comprehensive (loss) income $ ( 4,525 ) $ 965 $ 115 $ ( 3,445 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
Summary of Share Count and Par Value Data Related to Shareholders' Equity	Share count and par value data related to shareholders’ equity are as follows: As of March 31, December 31, 2023 2022 Preferred Stock Par value per share No par value No par value Shares authorized 25,000,000 25,000,000 Shares outstanding — — Common Stock Par value per share No par value No par value Shares authorized 75,000,000 75,000,000 Shares issued 57,429,297 57,330,761 Shares outstanding 31,581,155 31,680,890 Treasury stock Shares held 25,848,142 25,649,871
Summary of Common Shares Outstanding	A roll-forward of common shares outstanding is as follows: Three months ended March 31, March 31, 2023 2022 Balance at the beginning of the year 31,680,890 32,178,715 Repurchases ( 198,271 ) ( 116,176 ) Restricted share issuances 98,536 60,683 Balance at the end of the period 31,581,155 32,123,222

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
Summary of Compensation Expense	The following table summarizes the compensation expense included in selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings related to stock-based compensation plans: Three months ended March 31, March 31, 2023 2022 Service-based RSUs $ 770 $ 676 Performance-based RSUs 634 1,222 Cash-settled RSUs 182 52 Total $ 1,586 $ 1,950 Income tax benefit 365 449 Net expense $ 1,221 $ 1,501
Summary of Unrecognized Compensation Expense related to Non-Vested RSUs	The following table summarizes the unrecognized compensation expense related to unvested RSUs by type and the weighted-average period in which the expense is to be recognized: Unrecognized Compensation Weighted- Expense at Average March 31, 2023 Period (years) Service-based RSUs $ 4,003 1.59 Performance-based RSUs 6,366 2.06 Total $ 10,369 1.88
Summary of Status of Plans	The following table summarizes the status of these plans as of March 31, 2023: 2018 Plan 2014 Plan 2009 Plan 2004 Plan Directors' Awards originally available 2,500,000 1,500,000 3,400,000 6,500,000 N/A Maximum potential awards outstanding 825,641 35,100 30,000 14,545 4,722 RSUs and cash-settled awards vested and released 427,202 — — — — Awards available for grant 1,247,157 — — — —
Summary of Service-Based Restricted Stock Units	The following table summarizes the service-based RSU activity for the three months ended March 31, 2023: Units Weighted Outstanding at December 31, 2022 282,124 $ 27.44 Granted 64,046 43.77 Vested and released ( 55,738 ) 32.29 Forfeited ( 1,005 ) 33.06 Outstanding at March 31, 2023 289,427 $ 30.10 Releasable at March 31, 2023 135,467 $ 20.73
Summary of Performance and Market Based RSUs	The following table summarizes the performance-based RSU activity for the three months ended March 31, 2023: Units Weighted Outstanding at December 31, 2022 260,306 $ 33.30 Granted 71,832 43.80 Attained by performance 53,035 32.11 Released ( 113,385 ) 32.11 Forfeited ( 875 ) 32.26 Outstanding at March 31, 2023 270,913 $ 36.25 Releasable at March 31, 2023 — $ —

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	The table below summarizes our financial assets and liabilities that were measured at fair value on a recurring basis at March 31, 2023: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 2,278 $ — $ 2,278 $ — Foreign currency hedges $ 1,952 $ — $ 1,952 $ — Cross-currency swap $ ( 649 ) $ — $ ( 649 ) $ — Qualified replacement plan assets $ 14,562 $ 14,562 $ — $ — Contingent consideration $ ( 3,564 ) $ — $ — $ ( 3,564 ) The table below summarizes the financial assets and liabilities that were measured at fair value on a recurring basis as of December 31, 2022: Asset (Liability) Carrying Quoted Prices Significant Significant Interest rate swaps $ 2,995 $ — $ 2,995 $ — Foreign currency hedges $ 945 $ — $ 945 $ — Cross-currency swap $ ( 357 ) $ — $ ( 357 ) $ — Qualified replacement plan assets $ 15,249 $ 15,249 $ — $ —
Roll-forward of the Contingent Consideration	A roll-forward of the contingent consideration is as follows: Contingent Balance at December 31, 2022 $ — Acquisition date fair value of contingent consideration 3,564 Balance at March 31, 2023 $ 3,564

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	The effective tax rates for the three months ended March 31, 2023 and March 31, 2022 are as follows: Three Months Ended March 31, March 31, 2023 2022 Effective tax rate 19.2 % 21.4 %

Revenue Recognition - Summary o

Revenue Recognition - Summary of Disaggregated Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Revenues	$ 145,994	$ 147,695
Transportation
Disaggregation of Revenue [Line Items]
Revenues	74,310	79,134
Industrial
Disaggregation of Revenue [Line Items]
Revenues	40,673	40,007
Medical
Disaggregation of Revenue [Line Items]
Revenues	17,311	15,867
Aerospace and Defense
Disaggregation of Revenue [Line Items]
Revenues	$ 13,700	$ 12,687

Business Acquisitions - Additio

Business Acquisitions - Additional Information (Details) - USD ($) $ in Thousands					3 Months Ended
	Feb. 06, 2023	Jun. 30, 2022	Jun. 30, 2022	Feb. 28, 2022	Mar. 31, 2022
TEWA Temperature Sennsors SP.Zo.o.
Business Acquisition [Line Items]
Percentage of outstanding shares acquired				100%
Purchase price of fair values of assets and liabilities acquired				$ 23,721
Cash acquired from acquisition				2,979
Inventory				1,180
Non-cash charge					$ 580
Intangible assets provisional value				13,650
TEWA Temperature Sennsors SP.Zo.o. | Customer Lists/Relationships
Business Acquisition [Line Items]
Intangible assets provisional value				$ 13,000
Estimated weighted average amortization period				12 years
Ferroperm Piezoceramics A/S Acquisition
Business Acquisition [Line Items]
Percentage of outstanding shares acquired		100%	100%
Purchase price of fair values of assets and liabilities acquired		$ 72,340	$ 72,340
Cash acquired from acquisition			5,578
Inventory		$ 3,012
Intangible assets provisional value			38,100
Ferroperm Piezoceramics A/S Acquisition | Customer Lists/Relationships
Business Acquisition [Line Items]
Intangible assets provisional value			$ 31,800
Estimated weighted average amortization period			16 years
Maglab AG Acquisition
Business Acquisition [Line Items]
Percentage of outstanding shares acquired	100%
Purchase price of fair values of assets and liabilities acquired	$ 7,714
Cash acquired from acquisition	14
Intangible assets provisional value	$ 1,955
Estimated weighted average amortization period	12 years
Contingent consideration	$ 3,564

Business Acquisitions - Summary

Business Acquisitions - Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 06, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jun. 30, 2022	Feb. 28, 2022
Consideration Paid
Cash paid, net of cash acquired of $14		$ 3,356	$ 24,484
Fair Values
Goodwill		$ 155,651		$ 152,361
TEWA Temperature Sennsors SP.Zo.o.
Fair Values
Accounts Receivable						$ 2,521
Inventory						3,136
Other current assets						69
Property, plant and equipment						654
Other assets						27
Goodwill						8,473
Intangible assets						13,650
Fair value of assets acquired						28,530
Less fair value of liabilities acquired						(4,809)
Purchase price						$ 23,721
Ferroperm Piezoceramics A/S Acquisition
Fair Values
Accounts Receivable					$ 3,073
Inventory					6,848
Other current assets					1,003
Property, plant and equipment					3,953
Other assets					158
Goodwill					31,985
Intangible assets					38,100
Fair value of assets acquired					85,120
Less fair value of liabilities acquired					(12,780)
Purchase price					$ 72,340
Maglab AG Acquisition
Consideration Paid
Cash paid, net of cash acquired of $14	$ 4,150
Contingent consideration	3,564
Fair Values
Accounts Receivable	348
Inventory	43
Other current assets	41
Property, plant and equipment	35
Goodwill	5,527
Intangible assets	1,955
Fair value of assets acquired	7,949
Less fair value of liabilities acquired	(235)
Purchase price	$ 7,714

Business Acquisitions - Summa_2

Business Acquisitions - Summary of Consideration Paid and Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Thousands	Feb. 06, 2023 USD ($)
Maglab AG Acquisition
Business Acquisition [Line Items]
Cash acquired from acquisition	$ 14

Business Acquisitions - Summa_3

Business Acquisitions - Summary of Carrying Amounts and Weighted Average Lives of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Feb. 28, 2022
TEWA Temperature Sennsors SP.Zo.o.
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value		$ 13,650
TEWA Temperature Sennsors SP.Zo.o. | Customer Lists/Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value		$ 13,000
Weighted Average Amortization Period		12 years
TEWA Temperature Sennsors SP.Zo.o. | Technology and Other Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value		$ 650
Weighted Average Amortization Period		3 years
Ferroperm Piezoceramics A/S Acquisition
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 38,100
Ferroperm Piezoceramics A/S Acquisition | Customer Lists/Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 31,800
Weighted Average Amortization Period	16 years
Ferroperm Piezoceramics A/S Acquisition | Technology and Other Intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Carrying Value	$ 6,300
Weighted Average Amortization Period	14 years

Accounts Receivable, Net - Comp

Accounts Receivable, Net - Components of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Receivables [Abstract]
Accounts receivable, gross	$ 98,797	$ 92,171
Less: Allowance for credit losses	(1,090)	(1,236)
Accounts receivable, net	$ 97,707	$ 90,935

Inventories, Net - Summary of I

Inventories, Net - Summary of Inventories, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Finished goods	$ 13,428	$ 12,865
Work-in-process	21,892	22,819
Raw materials	39,504	37,362
Less: Inventory reserves	(11,354)	(10,786)
Inventories, net	$ 63,470	$ 62,260

Property, Plant and Equipment_3

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Less: Accumulated depreciation	$ (236,813)	$ (233,897)
Property, plant and equipment, net	96,280	97,300
Land and Land Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	1,100	1,100
Buildings and Improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	73,383	71,938
Machinery and Equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment gross	$ 258,610	$ 258,159

Property, Plant and Equipment_4

Property, Plant and Equipment, Net - Additional Information - (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 4,407	$ 4,368

Retirement Plans - Net Pension

Retirement Plans - Net Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Plans
Defined Benefit Plan Disclosure [Line Items]
Net pension expense	$ 67	$ 65

Retirement Plans - Net Pensio_2

Retirement Plans - Net Pension Expense Domestic and Foreign (Details) - Pension Plans - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net pension expense (income)
Total (income) expense, net	$ 67	$ 65
UNITED STATES
Net pension expense (income)
Service cost	0	0
Interest cost	10	5
Expected return on plan assets	0	0
Amortization of loss	5	8
Total (income) expense, net	15	13
Foreign Plan
Net pension expense (income)
Service cost	6	6
Interest cost	10	4
Expected return on plan assets	(7)	(3)
Amortization of loss	43	45
Total (income) expense, net	$ 52	$ 52

Retirement Plans - Other Postre

Retirement Plans - Other Postretirement Benefit Plan (Details) - Other Postretirement Benefits Plan - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 0	$ 0
Interest cost	48	26
Amortization of gain	(84)	0
Total (income) expense, net	$ (36)	$ 26

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 195,923		$ 194,154
Accumulated Amortization	(86,217)		(86,101)
Net Amount	109,706		108,053
Amortization expense	2,511	$ 2,381
Customer Lists/Relationships
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	141,952		148,899
Accumulated Amortization	(56,891)		(59,603)
Net Amount	85,061		89,296
Technology and Other Intangibles
Finite Lived Intangible Assets [Line Items]
Gross Carrying Amount	53,971		45,255
Accumulated Amortization	(29,326)		(26,498)
Net Amount	$ 24,645		$ 18,757

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Summary of Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule
2023	$ 8,449
2024	10,959
2025	10,482
2026	10,328
2027	10,270
Thereafter	59,218
Net Amount	$ 109,706	$ 108,053

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Summary Changes in Net Carrying Amount of Goodwill (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill Roll Forward
Beginning balance	$ 152,361,000
Changes from acquisition purchase accounting	3,444
Foreign exchange impact	(154)
Ending balance	$ 155,651,000

Costs Associated with Exit an_3

Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Charges (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring charges	$ 912	$ 312

Costs Associated with Exit an_4

Costs Associated with Exit and Restructuring Activities -Additional Information (Details) - USD ($)	3 Months Ended		31 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2020
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 912,000	$ 312,000
Restructuring reserve	1,100,000		$ 1,100,000	$ 869,000
Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan	1,500,000		1,500,000
Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan	3,000,000		3,000,000
September 2020 Plan
Restructuring Cost And Reserve [Line Items]
Restructuring charges	220,000		2,279,000
Restructuring reserve	485,000		485,000	634,000
September 2020 Plan | Minimum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan					$ 3,500,000
September 2020 Plan | Maximum
Restructuring Cost And Reserve [Line Items]
Restructuring and related cost, expected cost of plan					$ 4,500,000
Exit and Disposal Activities, Building and Equipment Relocation and Workforce Reduction
Restructuring Cost And Reserve [Line Items]
Restructuring charges	692,000
Restructuring costs	102,000
Restructuring reserve	615,000		$ 615,000	$ 235,000
Shutdown
Restructuring Cost And Reserve [Line Items]
Restructuring charges	$ 56,000

Costs Associated with Exit an_5

Costs Associated with Exit and Restructuring Activities - Schedule of Restructuring Liability Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Restructuring and Related Activities [Abstract]
Restructuring liability	$ 869
Restructuring charges	912	$ 312
Cost paid	(681)
Restructuring liability	$ 1,100

Accrued Expenses and Other Li_3

Accrued Expenses and Other Liabilities - Components of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued product related costs	$ 2,092	$ 2,368
Accrued income taxes	9,210	9,630
Accrued property and other taxes	2,279	2,142
Accrued professional fees	1,587	1,472
Accrued customer related liabilities	2,648	2,837
Dividends payable	1,263	1,272
Remediation reserves	11,058	11,048	$ 10,979
Derivative liabilities	649	357
Other accrued liabilities	5,748	4,196
Total accrued expenses and other liabilities	$ 36,534	$ 35,322

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) - U.S. Environmental Protection Agency $ in Thousands	3 Months Ended
	Mar. 31, 2023 Site	Feb. 08, 2023 USD ($)
Loss Contingencies [Line Items]
Number of sites under National Priorities List of Superfund program | Site	2
Reimbursement costs and interest | $		$ 9,955

Commitments and Contingencies_2

Commitments and Contingencies - Roll-forward of Remediation Reserves Included in Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Balance at beginning of period	$ 11,048	$ 10,979
Remediation expense	562	2,750
Net remediation payments	(555)	(2,661)
Other activity	3	(20)
Balance at end of the period	$ 11,058	$ 11,048

Debt - Summary of Long-Term Deb

Debt - Summary of Long-Term Debt (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022	Dec. 15, 2021
Long-term debt
Total credit facility	$ 400,000,000	$ 400,000,000
Balance outstanding	80,261,000	83,670,000
Standby letters of credit	1,640,000	1,640,000
Amount available, subject to covenant restrictions	318,099,000	314,690,000
Revolving Credit Facility Due 2024
Long-term debt
Total credit facility			$ 400,000,000
Balance outstanding	$ 80,261,000	$ 83,670,000
Weighted-average interest rate	5.47%	2.96%

Debt - Additional Information (

Debt - Additional Information (Details) - USD ($)			3 Months Ended
	Dec. 15, 2021	May 23, 2016	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Line of Credit Facility
Line of credit maximum borrowing amount			$ 400,000,000		$ 400,000,000
Debt amortization expense			$ 48,000	$ 48,000
Revolving Credit Facility Due 2024
Line of Credit Facility
Line of credit maximum borrowing amount	$ 400,000,000
Line of credit facility contingent increase to maximum borrowing capacity	$ 200,000,000
Maturity date	Dec. 15, 2026	Feb. 12, 2024
Revolving Credit Facility Due 2024 | Minimum
Line of Credit Facility
Commitment fee percentage per annum	0.175%
Revolving Credit Facility Due 2024 | Maximum
Line of Credit Facility
Commitment fee percentage per annum	0.25%
Revolving Credit Facility | SOFR | Minimum
Line of Credit Facility
Interest rate			0%
Revolving Credit Facility | U S Dollar Denominated Debt | SOFR | Minimum
Line of Credit Facility
Interest rate plus an applicable margin			1%
Revolving Credit Facility | U S Dollar Denominated Debt | SOFR | Maximum
Line of Credit Facility
Interest rate plus an applicable margin			1.75%
Revolving Credit Facility | Foreign Currency Denominated Debt | SOFR | Minimum
Line of Credit Facility
Interest rate plus an applicable margin			1%
Revolving Credit Facility | Foreign Currency Denominated Debt | SOFR | Maximum
Line of Credit Facility
Interest rate plus an applicable margin			1.75%
Revolving Credit Facility Due 2024 Swingline Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	$ 20,000,000
Revolving Credit Facility Due 2024 Letter Of Credit Sublimit
Line of Credit Facility
Line of credit maximum borrowing amount	$ 20,000,000

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Jun. 27, 2022
Derivative [Line Items]
Derivative hedge, Ineffectiveness recognized	$ 0
Unrealized gain (loss) on foreign currency derivatives, net, before tax	2,123,000
Derivative liabilities	649,000	$ 357,000
Foreign Currency Derivatives
Derivative [Line Items]
Derivative liabilities	191,000
Cross-Currency Swap
Derivative [Line Items]
Unrealized gain (loss) on foreign currency derivatives, net, before tax	(860,000)
Derivative liabilities	649,000	357,000
Cross-Currency Swap | Krone
Derivative [Line Items]
Variable Rate debt			$ 25,000,000
Foreign Currency Forward Contracts
Derivative [Line Items]
Derivative asset	2,143,000
Cash Flow Hedging
Derivative [Line Items]
Derivative asset	$ 1,952,000	$ 945,000
Designated As Net Investment Hedge | Ferroperm Acquisition
Derivative [Line Items]
Derivative maturity date	Jun. 30, 2027
Designated As Hedging | Cash Flow Hedging | Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 50,000,000
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months	1,451,000
Designated As Hedging | Cash Flow Hedging | Foreign Currency Forward Contracts
Derivative [Line Items]
Foreign currency cash flow hedge gain (loss) to be reclassified during next 12 months	2,078,000
Derivative, notional amount	$ 24,165,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Schedule of Location and Fair Values of Derivative Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivatives Fair Value [Line Items]
Derivative liabilities	$ (649)	$ (357)
Cash Flow Hedging
Derivatives Fair Value [Line Items]
Derivative asset	$ 1,952	$ 945
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Interest Rate Swap | Cash Flow Hedging | Other Current Assets
Derivatives Fair Value [Line Items]
Derivative asset	$ 1,451	$ 1,561
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Current	Other Assets, Current
Interest Rate Swap | Cash Flow Hedging | Other Assets
Derivatives Fair Value [Line Items]
Derivative asset	$ 827	$ 1,434
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Cross-Currency Swap
Derivatives Fair Value [Line Items]
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Derivative liabilities	$ (649)	$ (357)

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on Consolidated Statements of Earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative, Net	$ 756	$ 317
Foreign Currency Derivatives | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total gain reclassified from AOCI to earnings	221	146
Derivative, Gain on Derivative, Net	$ 221	$ 146
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Services Sold	Cost of Goods and Services Sold
Foreign Currency Derivatives | Net Sales | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total gain reclassified from AOCI to earnings	$ (34)	$ 0
Foreign Currency Derivatives | Cost of Goods Sold | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Total gain reclassified from AOCI to earnings	$ 255	$ 146
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Interest Rate Swap | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative, Net	$ 377	$ 171
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense
Cross-Currency Swap | Designated As Hedging
Derivative Instruments, Gain (Loss) [Line Items]
Derivative, Gain on Derivative, Net	$ 158	$ 0
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Expense	Interest Expense

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Foreign currency transaction loss
Foreign currency transaction losses	$ (68)	$ (288)

Accumulated Other Comprehensi_4

Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	$ (671)
Total accumulated other comprehensive (loss) income, end of period	698
Changes in Fair Market Value of Derivatives
Changes in AOCI, Gross
Gross, beginning of the period	3,911	$ (634)
Gross, gain (loss) recognized in OCI	1,090	(1,577)
Gross, gain (loss) reclassified from AOCI to earnings	(598)	(26)
Gross, ending balance	4,403	(969)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	(899)	738
Income tax benefit (expense), gain (loss) recognized in OCI	(251)	0
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	138	26
Income tax benefit (expense), ending of period	(1,012)	712
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	3,012	(487)
Gain (loss) recognized in OCI, net	839	(1,214)
(Gain) Loss reclassified from AOCI to earnings, net	(460)	(21)
Total accumulated other comprehensive (loss) income, end of period	3,391	(748)
Changes in Unrealized Pension Cost
Changes in AOCI, Gross
Gross, beginning of the period	(1,179)	(2,744)
Gross, gain (loss) recognized in OCI	0	0
Gross, gain (loss) reclassified from AOCI to earnings	(47)	120
Gross, ending balance	(1,226)	(2,624)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	376	147
Income tax benefit (expense), gain (loss) recognized in OCI	0	363
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	13	(5)
Income tax benefit (expense), ending of period	389	221
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(803)	(2,006)
Gain (loss) recognized in OCI, net	0	0
(Gain) Loss reclassified from AOCI to earnings, net	(34)	94
Total accumulated other comprehensive (loss) income, end of period	837	(1,912)
Cumulative Translation Adjustment
Changes in AOCI, Gross
Gross, beginning of the period	(2,880)	(2,032)
Gross, gain (loss) recognized in OCI	(1,024)	(249)
Gross, gain (loss) reclassified from AOCI to earnings	0	0
Gross, ending balance	(1,856)	(2,281)
Changes in AOCI, Income tax benefit (expense)
Income tax benefit (expense), beginning of period	0	0
Income tax benefit (expense), gain (loss) recognized in OCI	0	0
Income tax benefit (expense), gain (loss) reclassified from AOCI to earnings	0	0
Income tax benefit (expense), ending of period	0	0
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(2,880)	(2,032)
Gain (loss) recognized in OCI, net	(1,024)	(249)
(Gain) Loss reclassified from AOCI to earnings, net	0	0
Total accumulated other comprehensive (loss) income, end of period	(1,856)	(2,281)
Accumulated Other Comprehensive (Loss) Income
Changes in AOCI, Net
Total accumulated other comprehensive (loss) income, beginning of period	(671)	(4,525)
Gain (loss) recognized in OCI, net	(1,863)	(965)
(Gain) Loss reclassified from AOCI to earnings, net	(494)	115
Total accumulated other comprehensive (loss) income, end of period	$ (698)	$ (3,445)

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Share Count and Par Value Data Related to Shareholders' Equity (Details) - $ / shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Preferred Stock
Preferred stock, par value per share
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Common Stock
Common stock, par value per share
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	57,429,297	57,330,761
Common stock, shares outstanding	31,581,155	31,680,890	32,123,222	32,178,715
Treasury stock
Treasury stock, shares held	25,848,142	25,649,871

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 09, 2023
Equity Class Of Treasury Stock [Line Items]
Common stock repurchased, shares	198,271	116,176
Common stock repurchased, value	$ 8,802,000	$ 3,920,000
Shares available for future purchases	$ 45,399,000
Antidilutive securities excluded from computation of earnings per share (shares)	37,676	38,384
Maximum
Equity Class Of Treasury Stock [Line Items]
Treasury shares authorized to be purchased			$ 50,000,000

Shareholders' Equity - Summar_2

Shareholders' Equity - Summary of Common Shares Outstanding (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Roll forward of common shares outstanding
Balance at the beginning of the year	31,680,890	32,178,715
Repurchases	(198,271)	(116,176)
Restricted share issuances	98,536	60,683
Balance at the end of the period	31,581,155	32,123,222

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) $ in Thousands	Mar. 31, 2023 USD ($) Plan shares	Dec. 31, 2022 USD ($) shares
Share-based Compensation
Number of equity based compensation plans | Plan	5
Other accrued liabilities	$ 5,748	$ 4,196
Cash Settled Awards
Share-based Compensation
Outstanding shares | shares	50,847	46,641
Other accrued liabilities	$ 451	$ 566

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	$ 1,586	$ 1,950
Service-Based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	770	676
Performance and Market-based RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	634	1,222
Cash Settled Awards
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	182	52
RSUs
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation	1,586	1,950
Income tax benefit	365	449
Net expense	$ 1,221	$ 1,501

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Unrecognized Compensation Expense related to Non-vested RSUs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Service-Based RSUs
Share-based Compensation
Unrecognized compensation expense	$ 4,003
Weighted-average period (years)	1 year 7 months 2 days
Performance and Market-based RSUs
Share-based Compensation
Unrecognized compensation expense	$ 6,366
Weighted-average period (years)	2 years 21 days
RSUs
Share-based Compensation
Unrecognized compensation expense	$ 10,369
Weighted-average period (years)	1 year 10 months 17 days

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Status of Plans (Details)	3 Months Ended
	Mar. 31, 2023 shares
2018 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	2,500,000
Maximum potential awards outstanding	825,641
RSUs and cash settled awards vested and released	427,202
Awards available for grant	1,247,157
2014 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	1,500,000
Maximum potential awards outstanding	35,100
2009 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	3,400,000
Maximum potential awards outstanding	30,000
2004 Plan
Summary of Status of Equity-Based Compensation Plans
Awards originally available	6,500,000
Maximum potential awards outstanding	14,545
Directors' Plan
Summary of Status of Equity-Based Compensation Plans
Maximum potential awards outstanding	4,722

Stock-Based Compensation - Su_4

Stock-Based Compensation - Summary of Service-Based Restricted Stock Units (Details) - Service-Based RSUs	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Units
Outstanding at beginning of year - Units | shares	282,124
Granted - Units | shares	64,046
Vested and released - Units | shares	(55,738)
Forfeited - Units | shares	(1,005)
Outstanding at end of year - Units | shares	289,427
Releasable - Units | shares	135,467
Weighted Average Grant Date Fair Value
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares	$ 27.44
Granted - Weighted Average Grant Date Fair Value | $ / shares	43.77
Vested and released - Weighted Average Grant Date Fair Value | $ / shares	32.29
Forfeited - Weighted Average Grant Date Fair Value | $ / shares	33.06
End of year - Weighted Average Grant Date Fair Value | $ / shares	30.10
Releasable - Weighted Average Grant Date Fair Value | $ / shares	$ 20.73

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Performance-Based RSUs (Details) - Performance and Market-based Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Units
Outstanding at beginning of year - Units | shares	260,306
Granted - Units | shares	71,832
Attained by performance - Units | shares	53,035
Released - Units | shares	(113,385)
Forfeited - Units | shares	(875)
Outstanding at end of year - Units | shares	270,913
Releasable - Units | shares	0
Weighted Average Grant Date Fair Value
Beginning of year - Weighted Average Grant Date Fair Value | $ / shares	$ 33.30
Granted - Weighted Average Grant Date Fair Value | $ / shares	43.80
Attained by performance - Weighted Average Grant Date Fair Value | $ / shares	32.11
Vested and released - Weighted Average Grant Date Fair Value | $ / shares	32.11
Forfeited - Weighted Average Grant Date Fair Value | $ / shares	32.26
End of year - Weighted Average Grant Date Fair Value | $ / shares	36.25
Releasable - Weighted Average Grant Date Fair Value | $ / shares	$ 0

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets (liabilities), measured at fair value
Derivative liabilities	$ (649)	$ (357)
Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	1,952	945
Foreign Currency Forward Contracts
Financial assets (liabilities), measured at fair value
Derivative Asset	2,143
Recurring | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Contingent consideration	(3,564)	(357)
Qualified replacement plan assets	14,562	15,249
Recurring | Interest Rate Swaps | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	2,278
Derivative liabilities		(2,995)
Recurring | Foreign Currency Forward Contracts | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	1,952	945
Recurring | Cross-currency Swap | Carrying Value | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	649
Recurring | Quoted Prices in Active Markets for Identical (Level 1) | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Qualified replacement plan assets	14,562	15,249
Recurring | Significant Other Observable Inputs (Level 2) | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Contingent consideration		(357)
Recurring | Significant Other Observable Inputs (Level 2) | Interest Rate Swaps | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	2,278
Derivative liabilities		(2,995)
Recurring | Significant Other Observable Inputs (Level 2) | Foreign Currency Forward Contracts | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	1,952	$ 945
Recurring | Significant Other Observable Inputs (Level 2) | Cross-currency Swap | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Derivative Asset	649
Recurring | Significant Unobservable Inputs (Level 3) | Designated As Hedging | Cash Flow Hedge
Financial assets (liabilities), measured at fair value
Contingent consideration	$ (3,564)

Fair Value Measurements - Roll-

Fair Value Measurements - Roll-forward of the Contingent Consideration (Details) - Contingent Consideration $ in Thousands	Mar. 31, 2023 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Balance at December 31, 2022	$ 0
Balance at March 31, 2023	$ 3,564

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term obligations	$ 5,223	$ 3,249
Accrued Expenses and Other Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other long-term obligations	$ 1,424

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate	19.20%	21.40%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	19.20%	21.40%