Allient (ALNT) 10-Q 4 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 04, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	0-04041
Entity Registrant Name	ALLIED MOTION TECHNOLOGIES INC
Entity Incorporation, State or Country Code	CO
Entity Tax Identification Number	84-0518115
Entity Address, Address Line One	495 Commerce Drive
Entity Address, City or Town	Amherst
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14228
City Area Code	716
Local Phone Number	242-8634
Title of 12(b) Security	Common stock
Trading Symbol	AMOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,715,686
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000046129
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 23,384	$ 23,131
Trade receivables, net of provision for credit losses of $505 and $382 at June 30, 2021 and December 31, 2020, respectively	52,090	47,377
Inventories	67,776	62,978
Prepaid expenses and other assets	8,516	8,728
Total current assets	151,766	142,214
Property, plant and equipment, net	55,153	55,428
Deferred income taxes	7,320	330
Intangible assets, net	62,412	65,859
Goodwill	61,114	61,860
Right of use assets	17,969	19,023
Other long-term assets	4,724	4,483
Total Assets	360,458	349,197
Current liabilities:
Accounts payable	33,406	27,668
Accrued liabilities	25,942	24,862
Total current liabilities	59,348	52,530
Long-term debt	112,391	120,079
Deferred income taxes	4,439	4,659
Pension and post-retirement obligations	5,096	5,340
Right of use liabilities	14,114	14,975
Other long-term liabilities	7,091	8,558
Total liabilities	202,479	206,141
Stockholders' Equity:
Common stock, no par value, authorized 50,000 shares; 14,716 and 14,632 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively	42,590	41,278
Preferred stock, par value $1.00 per share, authorized 5,000 shares; no shares issued or outstanding
Retained earnings	120,964	105,065
Accumulated other comprehensive loss	(5,575)	(3,287)
Total stockholders' equity	157,979	143,056
Total Liabilities and Stockholders' Equity	$ 360,458	$ 349,197

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables, provision for credit losses	$ 505	$ 382
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares	50,000	50,000
Common stock, shares issued	14,716	14,632
Common stock, shares outstanding	14,716	14,632
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, authorized shares	5,000	5,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
Revenues	$ 101,537	$ 86,661	$ 203,214	$ 179,043
Cost of goods sold	70,320	60,201	141,929	124,541
Gross profit	31,217	26,460	61,285	54,502
Operating costs and expenses:
Selling	4,396	3,842	8,614	8,085
General and administrative	11,181	9,710	21,929	18,872
Engineering and development	7,240	6,197	14,199	12,431
Business development	155	177	174	424
Amortization of intangible assets	1,511	1,483	3,023	2,924
Total operating costs and expenses	24,483	21,409	47,939	42,736
Operating income	6,734	5,051	13,346	11,766
Other expense, net:
Interest expense	807	901	1,668	1,955
Other (income) expense, net	(10)	17	(129)	76
Total other expense, net	797	918	1,539	2,031
Income before income taxes	5,937	4,133	11,807	9,735
Income tax (provision) benefit	(1,303)	(1,237)	4,754	(2,804)
Net income	$ 4,634	$ 2,896	$ 16,561	$ 6,931
Basic earnings per share:
Earnings per share	$ 0.32	$ 0.20	$ 1.15	$ 0.49
Basic weighted average common shares	14,406	14,264	14,356	14,211
Diluted earnings per share:
Earnings per share	$ 0.32	$ 0.20	$ 1.14	$ 0.49
Diluted weighted average common shares	14,494	14,304	14,467	14,278
Net income	$ 4,634	$ 2,896	$ 16,561	$ 6,931
Other comprehensive income:
Foreign currency translation adjustment	955	1,932	(3,052)	(496)
Gain (loss) on derivatives	56	(329)	764	(1,417)
Comprehensive income	$ 5,645	$ 4,499	$ 14,273	$ 5,018

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Stock and Paid-in Capital	Common Stock	Unamortized Cost of Equity Awards	Retained Earnings	Foreign Currency Translation Adjustments	Accumulated income (loss) on derivatives	Defined Benefit Plan Liability	Total
Balances at Dec. 31, 2019	$ 37,136	$ 41,642	$ (4,506)	$ 92,589	$ (8,626)	$ (277)	$ (1,628)	$ 119,194
Balances (in shares) at Dec. 31, 2019		14,399
Increase (Decrease) in Stockholders' Equity
Stock transactions under employee benefit stock plans	1,252	$ 1,252						1,252
Stock transactions under employee benefit stock plans (in shares)		48
Issuance of restricted stock, net of forfeitures	485	$ 3,574	(3,089)					485
Issuance of restricted stock, net of forfeitures (in shares)		156
Stock-based compensation expense	789		789					789
Shares withheld for payment of employee payroll taxes	(256)	$ (256)						(256)
Shares withheld for payment of employee payroll taxes (in shares)		(36)
Comprehensive (loss) income					(2,428)	(1,432)		(3,860)
Tax effect						344		344
Net income				4,035				4,035
Dividends to stockholders				(290)				(290)
Balances at Mar. 31, 2020	39,406	$ 46,212	(6,806)	96,334	(11,054)	(1,365)	(1,628)	121,693
Balances (in shares) at Mar. 31, 2020		14,567
Balances at Dec. 31, 2019	37,136	$ 41,642	(4,506)	92,589	(8,626)	(277)	(1,628)	119,194
Balances (in shares) at Dec. 31, 2019		14,399
Increase (Decrease) in Stockholders' Equity
Net income								6,931
Balances at Jun. 30, 2020	39,786	$ 46,893	(7,107)	98,938	(9,122)	(1,694)	(1,628)	126,280
Balances (in shares) at Jun. 30, 2020		14,617
Balances at Mar. 31, 2020	39,406	$ 46,212	(6,806)	96,334	(11,054)	(1,365)	(1,628)	121,693
Balances (in shares) at Mar. 31, 2020		14,567
Increase (Decrease) in Stockholders' Equity
Issuance of restricted stock, net of forfeitures		$ 1,222	(1,222)
Issuance of restricted stock, net of forfeitures (in shares)		57
Stock-based compensation expense	921		921					921
Shares withheld for payment of employee payroll taxes	(541)	$ (541)						(541)
Shares withheld for payment of employee payroll taxes (in shares)		(8)
Comprehensive (loss) income					1,932	(433)		1,499
Tax effect						104		104
Net income				2,896				2,896
Dividends to stockholders				(292)				(292)
Balances at Jun. 30, 2020	39,786	$ 46,893	(7,107)	98,938	(9,122)	(1,694)	(1,628)	126,280
Balances (in shares) at Jun. 30, 2020		14,617
Balances at Dec. 31, 2020	41,278	$ 47,085	(5,807)	105,065	(216)	(1,438)	(1,633)	$ 143,056
Balances (in shares) at Dec. 31, 2020		14,632						14,632
Increase (Decrease) in Stockholders' Equity
Stock transactions under employee benefit stock plans	988	$ 988						$ 988
Stock transactions under employee benefit stock plans (in shares)		32
Issuance of restricted stock, net of forfeitures	129	$ 3,001	(2,872)					129
Issuance of restricted stock, net of forfeitures (in shares)		81
Stock-based compensation expense	797		797					797
Shares withheld for payment of employee payroll taxes	(256)	$ (256)						(256)
Shares withheld for payment of employee payroll taxes (in shares)		(21)
Comprehensive (loss) income					(4,007)	929		(3,078)
Tax effect of derivative transactions						(221)		(221)
Net income				11,927				11,927
Dividends to stockholders				(294)				(294)
Balances at Mar. 31, 2021	42,936	$ 50,818	(7,882)	116,698	(4,223)	(730)	(1,633)	153,048
Balances (in shares) at Mar. 31, 2021		14,724
Balances at Dec. 31, 2020	41,278	$ 47,085	(5,807)	105,065	(216)	(1,438)	(1,633)	$ 143,056
Balances (in shares) at Dec. 31, 2020		14,632						14,632
Increase (Decrease) in Stockholders' Equity
Net income								$ 16,561
Balances at Jun. 30, 2021	42,590	$ 49,946	(7,356)	120,964	(3,268)	(674)	(1,633)	$ 157,979
Balances (in shares) at Jun. 30, 2021		14,716						14,716
Balances at Mar. 31, 2021	42,936	$ 50,818	(7,882)	116,698	(4,223)	(730)	(1,633)	$ 153,048
Balances (in shares) at Mar. 31, 2021		14,724
Increase (Decrease) in Stockholders' Equity
Issuance of restricted stock, net of forfeitures	(2)	$ 472	(474)					(2)
Issuance of restricted stock, net of forfeitures (in shares)		15
Stock-based compensation expense	1,000		1,000					1,000
Shares withheld for payment of employee payroll taxes	(1,344)	$ (1,344)						(1,344)
Shares withheld for payment of employee payroll taxes (in shares)		(23)
Comprehensive (loss) income					955	74		1,029
Tax effect of derivative transactions						(18)		(18)
Net income				4,634				4,634
Dividends to stockholders				(368)				(368)
Balances at Jun. 30, 2021	$ 42,590	$ 49,946	$ (7,356)	$ 120,964	$ (3,268)	$ (674)	$ (1,633)	$ 157,979
Balances (in shares) at Jun. 30, 2021		14,716						14,716

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Dividends to stockholder (in dollars per share)	$ 0.025	$ 0.02	$ 0.02	$ 0.02

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash Flows From Operating Activities:
Net income	$ 16,561	$ 6,931
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	8,890	7,627
Deferred income taxes	(7,316)	(841)
Stock-based compensation expense	1,797	1,720
Debt issue cost amortization recorded in interest expense	71	73
Other	1,028	885
Changes in operating assets and liabilities, net of acquisition:
Trade receivables	(5,381)	(1,178)
Inventories	(5,951)	(5,193)
Prepaid expenses and other assets	814	1,472
Accounts payable	5,651	(1,627)
Accrued liabilities	307	(3,270)
Net cash provided by operating activities	16,471	6,599
Cash Flows From Investing Activities:
Purchase of property and equipment	(5,885)	(3,614)
Consideration paid for acquisitions, net of cash acquired		(14,728)
Net cash used in investing activities	(5,885)	(18,342)
Cash Flows From Financing Activities:
Borrowings on long term debt		26,979
Principal payments of long-term debt	(7,603)	(7,937)
Payment of debt issuance costs		(401)
Dividends paid to stockholders	(662)	(569)
Tax withholdings related to net share settlements of restricted stock	(1,600)	(797)
Net cash (used in) provided by financing activities	(9,865)	17,275
Effect of foreign exchange rate changes on cash	(468)	71
Net increase in cash and cash equivalents	253	5,603
Cash and cash equivalents at beginning of period	23,131	13,416
Cash and cash equivalents at end of period	23,384	19,019
Supplemental disclosure of cash flow information:
Property, plant and equipment purchases in accounts payable or accrued expenses	$ 967	$ 1,169

BASIS OF PREPARATION AND PRESEN

BASIS OF PREPARATION AND PRESENTATION	6 Months Ended
	Jun. 30, 2021
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
BASIS OF PREPARATION AND PRESENTATION	1. BASIS OF PREPARATION AND PRESENTATION Allied Motion Technologies Inc. (“Allied Motion” or the “Company”) is engaged in the business of designing, manufacturing and selling controlled motion solutions, which include integrated system solutions as well as individual controlled motion products, to a broad spectrum of customers throughout the world. The Company’s target markets include Vehicle, Medical, Aerospace & Defense and Industrial. The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The assets and liabilities of the Company’s foreign subsidiaries are translated into U.S. dollars using end of period exchange rates. Changes in reported amounts of assets and liabilities of foreign subsidiaries that occur as a result of changes in exchange rates between the foreign subsidiaries’ functional currencies and the U.S. dollar are included in foreign currency translation adjustment. Foreign currency translation adjustment is included in accumulated other comprehensive loss, a component of stockholders’ equity in the accompanying condensed consolidated statements of stockholders’ equity. Revenue and expense transactions use an average rate prevailing during the month of the related transaction. Transaction gains and losses that arise from exchange rate fluctuations on transactions denominated in a currency other than the functional currency of each of the foreign subsidiaries are included in the results of operations as incurred. The condensed consolidated financial statements included herein have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and include all adjustments which are, in the opinion of management, necessary for a fair presentation. Certain information and footnote disclosures normally included in financial statements which are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. The Company believes that the disclosures herein are adequate to make the information presented not misleading. The financial data for the interim periods may not necessarily be indicative of results to be expected for the year. The preparation of financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect the reported amounts of assets and liabilities as well as disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. It is suggested that the accompanying condensed consolidated financial statements be read in conjunction with the Consolidated Financial Statements and related Notes to such statements included in the Annual Report on Form 10-K for the year ended December 31, 2020 that was previously filed by the Company. ​ Stock Split ​ On March 10, 2021, the Board of Directors approved a 3

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2021
REVENUE RECOGNITION
REVENUE RECOGNITION	2. REVENUE RECOGNITION Performance Obligations Performance Obligations Satisfied at a Point in Time The Company considers control of most products to transfer at a single point in time, generally when the products are shipped in accordance with an agreement and/or purchase order. Control is defined as the ability to direct the use of and obtain substantially all of the remaining benefits of the product. The Company satisfies its performance obligations under a contract with a customer by transferring goods and services in exchange for monetary consideration from the customer. The Company considers the customer’s purchase order, and the Company’s corresponding sales order acknowledgment as the contract with the customer. For some customers, control, and a sale, is transferred at a point in time when the product is delivered to a customer. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Nature of Goods and Services The Company sells component and integrated controlled motion solutions to end customers and original equipment manufacturers (“OEM’s”) through the Company’s own direct sales force and authorized manufacturers’ representatives and distributors. The Company’s products include brush and brushless DC motors, brushless servo and torque motors, coreless DC motors, integrated brushless motor-drives, gearmotors, gearing, modular digital servo drives, motion controllers, incremental and absolute optical encoders, active and passive filters for power quality and harmonic issues, and other controlled motion-related products. The Company’s target markets include Vehicle, Medical, Aerospace & Defense and Determining the Transaction Price The majority of the Company’s contracts have an original duration of less than one year. For these contracts, the Company applies the practical expedient and therefore does not consider the effects of the time value of money. For multiyear contracts, the Company uses judgment to determine whether there is a significant financing component. These contracts are generally those in which the customer has made an up-front payment. Contracts that management determines to include a significant financing component are discounted at the Company’s incremental borrowing rate. The Company incurs interest expense and accrues a contract liability. As the Company satisfies performance obligations and recognizes revenue from these contracts, interest expense is recognized simultaneously. Management does not have any contracts that include a significant financing component as of June 30, 2021. Disaggregation of Revenue The Company disaggregates revenue from contracts with customers into geographical regions and target markets. The Company determines that disaggregating revenue into these categories achieves the disclosure objective to depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. As noted below in Note 17, Segment Information ​ A disaggregation of revenue by target market and geography is provided below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, Target Market 2021 2020 2021 2020 Vehicle ​ $ 33,731 ​ $ 18,584 ​ $ 68,182 ​ $ 46,639 Industrial ​ 33,778 ​ 28,223 ​ 65,081 ​ 61,574 Medical ​ 20,235 ​ 24,261 ​ 43,524 ​ 38,812 Aerospace & Defense ​ 8,579 ​ 10,516 ​ 16,021 ​ 21,658 Other ​ 5,214 ​ 5,077 ​ 10,406 ​ 10,360 Total ​ $ 101,537 ​ $ 86,661 ​ $ 203,214 ​ $ 179,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ Geography 2021 2020 2021 2020 ​ United States ​ $ 61,705 ​ $ 47,311 ​ $ 118,347 ​ $ 103,680 ​ Europe ​ 31,538 ​ 29,012 ​ 68,700 ​ 62,145 ​ Asia-Pacific ​ 8,294 ​ 10,338 ​ 16,167 ​ 13,218 ​ Total ​ $ 101,537 ​ $ 86,661 ​ $ 203,214 ​ $ 179,043 ​ ​ Contract Balances When the timing of the Company’s delivery of product is different from the timing of the payments made by customers, the Company recognizes either a contract asset (performance precedes customer payment) or a contract liability (customer payment precedes performance). Typically, contracts are paid in arrears and are recognized as receivables after the Company considers whether a significant financing component exists. The opening and closing balances of the Company’s contract liabilities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Contract liabilities in accrued liabilities ​ $ 323 ​ $ 898 Contract liabilities in other long-term liabilities ​ ​ 254 ​ ​ 262 ​ ​ $ 577 ​ $ 1,160 ​ ​ ​ ​ ​ ​ ​ ​ The difference between the opening and closing balances of the Company’s contract liabilities primarily results from the timing difference between the Company’s performance and the customer’s payment. Significant Payment Terms The Company’s contracts with its customers state the final terms of the sale, including the description, quantity, and price of each product or service purchased. Payments are typically due in full within 30-60 days of delivery. Since the customer agrees to a stated rate and price in the contract that do not vary over the contract, the majority of contracts do not contain variable consideration. Returns, Refunds, and Warranties In the normal course of business, the Company does not accept product returns unless the item is defective as manufactured. The Company establishes provisions for estimated returns and warranties. All contracts include a standard warranty clause to guarantee that the product complies with agreed specifications.

INVENTORIES

INVENTORIES	6 Months Ended
	Jun. 30, 2021
INVENTORIES
INVENTORIES	3. INVENTORIES Inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2021 ​ 2020 ​ Parts and raw materials ​ $ 50,006 ​ $ 44,750 ​ Work-in-process ​ 6,604 ​ 6,186 ​ Finished goods ​ 11,166 ​ 12,042 ​ ​ ​ $ 67,776 ​ $ 62,978 ​ ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	4. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ Useful lives ​ 2021 ​ 2020 Land ​ ​ ​ $ 991 ​ $ 999 Building and improvements 5 - 39 years ​ 14,171 ​ 14,169 Machinery, equipment, tools and dies 3 - 15 years ​ 80,511 ​ 79,738 Construction work in progress ​ ​ ​ ​ 8,107 ​ ​ 6,821 Furniture, fixtures and other 3 - 10 years ​ 19,178 ​ 16,313 ​ ​ ​ ​ 122,958 ​ 118,040 Less accumulated depreciation ​ ​ ​ (67,805) ​ (62,612) Property, plant and equipment, net ​ ​ ​ $ 55,153 ​ $ 55,428 ​ Depreciation expense was approximately $2,948 and $2,394 for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, depreciation expense was $5,867 and $4,703, respectively.

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2021
GOODWILL
GOODWILL	5. GOODWILL The change in the carrying amount of goodwill for the six months ended June 30, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2021 Beginning balance $ 61,860 Effect of foreign currency translation (746) Ending balance $ 61,114 ​ ​ ​ ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2021
INTANGIBLE ASSETS
INTANGIBLE ASSETS	6. INTANGIBLE ASSETS Intangible assets on the Company’s condensed consolidated balance sheets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Gross Accumulated Net Book Gross Accumulated Net Book ​ ​ Life ​ Amount ​ Amortization ​ Value ​ Amount ​ Amortization ​ Value Customer lists 8 - 17 years ​ $ 69,489 ​ $ (25,611) ​ $ 43,878 ​ $ 69,833 ​ $ (23,636) ​ $ 46,197 Trade name 10 - 19 years ​ 13,951 ​ (5,497) ​ 8,454 ​ 14,055 ​ (5,061) ​ 8,994 Design and technologies 10 - 15 years ​ 15,295 ​ (5,225) ​ 10,070 ​ 15,531 ​ (4,874) ​ 10,657 Patents ​ 17 years ​ 24 ​ (14) ​ 10 ​ 24 ​ (13) ​ 11 Total ​ ​ ​ $ 98,759 ​ $ (36,347) ​ $ 62,412 ​ $ 99,443 ​ $ (33,584) ​ $ 65,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization expense for intangible assets was $1,511 and $1,483 for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, amortization expense was Estimated future intangible asset amortization expense as of June 30, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ Estimated ​ Amortization Expense Remainder of 2021 ​ $ 3,011 2022 ​ 6,073 2023 ​ 6,087 2024 ​ ​ 5,759 2025 ​ 5,741 2026 ​ ​ 5,729 Thereafter ​ 30,012 Total estimated amortization expense ​ $ 62,412 ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION	7. STOCK-BASED COMPENSATION Stock Incentive Plans The Company’s Stock Incentive Plans provide for the granting of stock awards, including restricted stock, stock options and stock appreciation rights, to employees and non-employees, including directors of the Company. Restricted Stock For the six months ended June 30, 2021, 108,476 shares of unvested restricted stock were awarded at a weighted average market value of $32.06 . Of the restricted shares granted, shares have performance-based vesting conditions. The value of the shares is amortized to compensation expense over the related service period, which is normally , or over the estimated performance period. Shares of unvested restricted stock are generally forfeited if a recipient leaves the Company before the vesting date. Shares that are forfeited become available for future awards. The following is a summary of restricted stock activity for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ Number of ​ shares Outstanding at beginning of period 357,342 Awarded 108,476 Vested (133,937) Forfeited (9,664) Outstanding at end of period 322,217 ​ Stock-based compensation expense, net of forfeitures, of $1,000 and $931 was recorded for the three months ended June 30, 2021 and 2020, respectively. For the six months ended June 30, 2021 and 2020, stock based compensation expense, net of forfeitures, of

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2021
ACCRUED LIABILITIES
ACCRUED LIABILITIES	8 . ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Compensation and fringe benefits ​ $ 12,942 ​ $ 11,184 Warranty reserve ​ 2,265 ​ 1,571 Income taxes payable ​ ​ 1,862 ​ ​ 1,459 Right of use liabilities ​ ​ 4,347 ​ ​ 4,666 Other accrued expenses ​ 4,526 ​ 5,982 ​ ​ $ 25,942 ​ $ 24,862 ​ Changes in the Company’s reserve for product warranty claims for the six months ended June 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2021 Beginning balance $ 1,571 ​ Provision 809 ​ Warranty expenditures (108) ​ Effect of foreign currency translation (7) ​ Ending balance $ 2,265 ​ ​

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2021
DEBT OBLIGATIONS
DEBT OBLIGATIONS	9. DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Long-term Debt ​ ​ ​ ​ ​ ​ Revolving Credit Facility, long-term (1) ​ $ 112,897 ​ $ 120,656 Unamortized debt issuance costs ​ ​ (506) ​ ​ (577) Long-term debt ​ $ 112,391 ​ $ 120,079 (1) The effective rate of the Amended Revolving Facility is 2.40% at June 30, 2021. Amended Revolving Credit Facility The First Amended and Restated Credit Agreement (the “Amended Credit Agreement”) includes a $225 million revolving credit facility (the “Amended Revolving Facility”). The Amended Credit Agreement includes (i) a maximum principal amount of million accordion amount, and (iii) a maturity date of February 2025. Borrowings under the Amended Revolving Facility bear interest at the LIBOR or EURIBOR Rate (as defined in the Amended Credit Agreement) plus a margin of 1.00% to 1.75% or the Prime Rate (as defined in the Amended Credit Agreement) plus a margin of 0% to 0.75%, in each case depending on the Company’s ratio of total funded indebtedness (as defined in the Amended Credit Agreement) to consolidated trailing twelve-month EBITDA (the “Total Leverage Ratio”). At June 30, 2021, the applicable margin for LIBOR Rate borrowings was % at June 30, 2021) on the unused portion of the Amended Revolving Facility, also based on the Company’s Total Leverage Ratio. The Amended Revolving Facility is secured by substantially all of the Company’s non-realty assets and is fully and unconditionally guaranteed by certain of the Company’s subsidiaries. The Amended Credit Agreement contains certain financial covenants related to minimum interest coverage, Total Leverage Ratio, and non-material subsidiaries assets to consolidated total assets at the end of each quarter. The Amended Credit Agreement also includes other covenants and restrictions, including limits on the amount of additional indebtedness, and restrictions on the Company’s ability to merge or sell all, or substantially all, of its assets. The Company was in compliance with all covenants at June 30, 2021. As of June 30, 2021, the unused Amended Revolving Facility was $112,103 . The amount available to borrow may be reduced based upon the Company’s debt and EBITDA levels, which impacts its covenant calculations. Other The China Credit Facility provides credit of $1,549 (Chinese Renminbi 10,000 ) (“the China Facility”). The China Facility is a demand revolving facility used for working capital and capital equipment needs at the Company’s China operations. The term is annual and may be cancelled at the bank’s discretion. The interest rate shall be agreed upon by the Lender and the Borrower before the Utilization Date (as defined in the China Facility) and shall be specified in the Utilization Request (as defined in the China Facility). Collateral for the facility is a guarantee issued by the Company. There have been

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2021
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	10. DERIVATIVE FINANCIAL INSTRUMENTS The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, and foreign exchange risk primarily through the use of derivative financial instruments. Beginning in the first quarter of 2021, the Company began entering into contracts with 30-day of $10,000 at The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements on its variable-rate debt. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. In February 2017, the Company entered into The changes in the fair value of interest rate derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive loss and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2021 and 2020, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The Company estimates that an additional $757 will be reclassified as an increase to interest expense over the next twelve months. Additionally, the Company does not use derivatives for trading or speculative purposes. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2021 2020 Interest rate products ​ Accrued liabilities ​ $ 498 ​ $ — Interest rate products ​ Other long-term liabilities ​ ​ 388 ​ ​ 1,889 Foreign currency contracts ​ Accrued liabilities ​ ​ 51 ​ ​ — ​ ​ ​ ​ $ 937 ​ $ 1,889 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The tables below present the effect of cash flow hedge accounting on other comprehensive income (loss) (“OCI”) for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of pre-tax gain (loss) recognized ​ Amount of pre-tax gain (loss) recognized ​ ​ in OCI on derivatives ​ in OCI on derivatives Derivatives in cash flow hedging relationships ​ Three months ended June 30, ​ Six months ended June 30, ​ 2021 2020 2021 2020 Interest rate products ​ $ (157) ​ $ (588) ​ $ 547 ​ $ (2,051) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of pre-tax gain (loss) reclassified ​ Amount of pre-tax (loss) gain reclassified ​ ​ from accumulated OCI into income ​ from accumulated OCI into income Location of (loss) gain reclassified ​ Three months ended June 30, ​ Six months ended June 30, from accumulated OCI into income ​ 2021 ​ 2020 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest expense ​ $ (231) ​ $ (155) ​ $ (456) ​ $ (186) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The table below presents the line items that reflect the effect of the Company’s derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2021 and 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total amounts of income and expense ​ Total amounts of income and expense ​ ​ ​ ​ line items presented that reflect the ​ line items presented that reflect the ​ ​ ​ ​ effects of cash flow hedges recorded ​ effects of cash flow hedges recorded ​ ​ ​ ​ Three months ended June 30, ​ Six months ended June 30, Derivatives designated as hedging instruments Income Statement Location 2021 2020 2021 2020 Interest rate products Interest Expense ​ $ 807 ​ $ 901 ​ $ 1,668 ​ $ 1,955 ​ ​ The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2021 and December 31, 2020. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the condensed consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ Net amounts of liabilities ​ Gross amounts not offset in the consolidated As of ​ Gross amounts ​ offset in the ​ presented in the ​ balance sheets June 30, ​ of recognized ​ consolidated ​ consolidated ​ Financial ​ Cash collateral ​ ​ ​ 2021 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 937 ​ $ — ​ $ 937 ​ $ — ​ $ — ​ $ 937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ Net amounts of liabilities ​ Gross amounts not offset in the consolidated As of ​ Gross amounts ​ offset in the ​ presented in the ​ balance sheets December 31, ​ of recognized ​ consolidated ​ consolidated ​ Financial ​ Cash collateral ​ ​ ​ 2020 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 1,889 ​ $ — ​ $ 1,889 ​ $ — ​ $ — ​ $ 1,889 ​ The Company has agreements with each of its derivative counterparties that contain a provision where if the Company either defaults or is capable of being declared in default on any of its indebtedness, then the Company could also be declared in default on its derivative obligations.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2021
FAIR VALUE
FAIR VALUE	11. FAIR VALUE Authoritative guidance defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the measurement date. The guidance establishes a framework for measuring fair value which utilizes observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. Preference is given to observable inputs. These two types of inputs create the following three - level fair value hierarchy: Level 1: Quoted prices for identical assets or liabilities in active markets. Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; and model - derived valuations whose inputs or significant value drivers are observable. Level 3: Significant inputs to the valuation model that are unobservable. ​ The Company’s financial assets and liabilities include cash and cash equivalents, accounts receivable, debt obligations, accounts payable, and accrued liabilities. The carrying amounts reported in the condensed consolidated balance sheets for these assets and liabilities approximate their fair value because of the immediate or short-term maturities of these financial instruments. The following tables presents the Company’s financial assets that are accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, respectively, by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,948 ​ $ — ​ $ — Deferred compensation plan assets ​ 4,563 ​ — ​ — Interest rate swaps ​ — ​ (886) ​ — Foreign currency hedge contracts ​ — ​ (51) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,347 ​ $ — ​ $ — Deferred compensation plan assets ​ 5,386 ​ — ​ — Interest rate swaps ​ — ​ (1,889) ​ — ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
INCOME TAXES
INCOME TAXES	12. INCOME TAXES The income tax provision for interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that are taken into account in the relevant period. Each quarter, the estimate of the annual effective tax rate is updated, and if the estimated effective tax rate changes, a cumulative adjustment is made. There is a potential for volatility of the effective tax rate due to several factors, including changes in the mix of the pre-tax income and the jurisdictions to which it relates, changes in tax laws, settlements with taxing authorities and foreign currency fluctuations. ​ The effective income tax rate was 21.9% and 29.9 % for the three months ended June 30, 2021 and 2020, respectively. The effective tax rate includes a discrete tax benefit of (4.3%) and tax provision of 1.7 %, respectively, related primarily to the recognition of excess tax provision and benefit for share-based payment awards. For the six months ended June 30, 2021 and 2020, the effective income tax rate was (40.3%) and 28.8%, respectively. The effective tax rate includes a discrete tax benefit of (67.1%) and provision of 0.9 %, respectively. The discrete benefit in the six months ended June 30, 2021 is related primarily to the recognition of net operating loss carryforwards resulting from tax legislation enacted in New Zealand during the period, which changes our ability to use the carryforwards in future periods. The discrete tax provision for the six months ended June 30, 2020 related primarily to the recognition of excess tax provision for share-based payments .

LEASES

LEASES	6 Months Ended
	Jun. 30, 2021
LEASES
LEASES	13. LEASES The Company has operating leases for office space, manufacturing equipment, computer equipment and automobiles. Many leases include one or more options to renew, some of which include options to extend the leases for a long-term period, and some leases include options to terminate the leases within 30 days. In certain of the Company’s lease agreements, the rental payments are adjusted periodically to reflect actual charges incurred for capital area maintenance, utilities, inflation and/or changes in other indexes. Supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2021 and 2020 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of operating leases $ 2,679 $ 2,126 Right of use assets obtained in exchange for operating lease obligations ​ $ 1,640 ​ $ 1,797 ​ ​ The following table presents the maturity of the Company’s operating lease liabilities as of June 30, 2021 (in thousands): ​ ​ ​ ​ ​ Remainder of 2021 $ 2,479 2022 ​ 4,145 2023 ​ 3,087 2024 ​ 2,396 2025 ​ ​ 2,201 2026 ​ ​ 1,162 Thereafter ​ 4,396 Total undiscounted cash flows ​ $ 19,866 Less: present value discount ​ ​ (1,405) Total lease liabilities ​ $ 18,461 ​ As of June 30, 2021, the Company has entered into leases with future minimum lease payments of $13,700 that has not yet commenced. The Company leases certain facilities from a company for which one of our executive officers is a part owner. In connection with such leases, the Company made payments to the lessor of $500 during the year ended December 31, 2020 and is obligated to make payments of $700 during the year ending December 31, 2021. Future minimum lease payments under the leases as of June 30, 2021 are

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	14. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated Other Comprehensive Income (Loss) (“AOCI”) for the three months ended June 30, 2021 and 2020 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At March 31, 2021 ​ $ (1,633) ​ $ (960) ​ $ 230 ​ $ (4,223) ​ $ (6,586) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (157) ​ ​ 38 ​ ​ — ​ ​ (119) Amounts reclassified from AOCI ​ ​ — ​ ​ 231 ​ ​ (56) ​ ​ — ​ ​ 175 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ 955 ​ ​ 955 At June 30, 2021 ​ $ (1,633) ​ $ (886) ​ $ 212 ​ $ (3,268) ​ $ (5,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At March 31, 2020 ​ $ (1,628) ​ $ (1,795) ​ $ 430 ​ $ (11,054) ​ $ (14,047) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (588) ​ ​ 140 ​ ​ — ​ ​ (448) Amounts reclassified from AOCI ​ ​ — ​ ​ 155 ​ ​ (36) ​ ​ — ​ ​ 119 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,932 ​ ​ 1,932 At June 30, 2020 ​ $ (1,628) ​ $ (2,228) ​ $ 534 ​ $ (9,122) ​ $ (12,444) ​ AOCI for the six months ended June 30, 2021 and 2020 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At December 31, 2020 ​ $ (1,633) ​ $ (1,889) ​ $ 451 ​ $ (216) ​ $ (3,287) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 547 ​ ​ (129) ​ ​ — ​ ​ 418 Amounts reclassified from AOCI ​ ​ — ​ ​ 456 ​ ​ (110) ​ ​ — ​ ​ 346 Foreign currency translation gain ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,052) ​ ​ (3,052) At June 30, 2021 ​ $ (1,633) ​ $ (886) ​ $ 212 ​ $ (3,268) ​ $ (5,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At December 31, 2019 ​ $ (1,628) ​ $ (363) ​ $ 86 ​ $ (8,626) ​ $ (10,531) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (2,051) ​ ​ 491 ​ ​ — ​ ​ (1,560) Amounts reclassified from AOCI ​ ​ — ​ ​ 186 ​ ​ (43) ​ ​ — ​ ​ 143 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (496) ​ ​ (496) At June 30, 2020 ​ $ (1,628) ​ $ (2,228) ​ $ 534 ​ $ (9,122) ​ $ (12,444) ​ The realized losses relating to the Company’s interest rate swap hedges were reclassified from accumulated other comprehensive income (loss) and included in interest expense in the condensed consolidated statements of income and comprehensive income.

DIVIDENDS PER SHARE

DIVIDENDS PER SHARE	6 Months Ended
	Jun. 30, 2021
DIVIDENDS PER SHARE
DIVIDENDS PER SHARE	15. DIVIDENDS PER SHARE The Company declared a quarterly dividend of $0.02 and $0.025 per share in the first and second quarters of 2021, respectively. The Company declared a quarterly dividend of

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
EARNINGS PER SHARE	16. EARNINGS PER SHARE Basic and diluted weighted-average shares outstanding are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Basic weighted average shares outstanding 14,406 14,264 14,356 14,211 Dilutive effect of equity awards 88 40 111 67 Diluted weighted average shares outstanding 14,494 14,304 14,467 14,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three and six months ended June 30, 2021 and 2020, the anti-dilutive common shares excluded from the calculation of diluted earnings per share were immaterial.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2021
SEGMENT INFORMATION
SEGMENT INFORMATION	17. SEGMENT INFORMATION The Company operates in one segment for the manufacture and marketing of controlled motion products for end user and OEM applications. The Company’s chief operating decision maker is the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services in which the entity holds material assets and reports revenue. Financial information related to the foreign subsidiaries is summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Revenues derived from foreign subsidiaries ​ $ 39,832 ​ $ 39,350 ​ $ 84,867 ​ $ 75,363 ​ ​ Revenues derived from foreign subsidiaries and identifiable assets outside of the United States are attributable to Europe and Asia-Pacific. Identifiable foreign assets were $143,110 and $133,466 as of June 30, 2021 and December 31, 2020, respectively. Sales to customers outside of the United States by all subsidiaries were $45,560 and $43,372 during the three months ended June 30, 2021 and 2020, respectively and $95,215 and $86,762 for the six months ended June 30, 2021 and 2020, respectively. For the three months ended June 30, 2021 and 2020, one customer accounted for 16% and 11% of revenues, respectively and for the six months ended June 30, 2021 and 2020 for 16% and 12% of revenues, respectively. As of June 30, 2021 and December 31, 2020 this customer represented 18% and 22% of trade receivables, respectively.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2021
RECENT ACCOUNTING PRONOUNCEMENTS
RECENT ACCOUNTING PRONOUNCEMENTS	​ ​ 18. RECENT ACCOUNTING PRONOUNCEMENTS Recently adopted accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2019-12, Simplifying the Accounting for Income Taxes (Topic 740). The standard simplifies the accounting for income taxes by removing certain exceptions to the general principles in Accounting Standards Codification (“ASC”) Topic 740, and clarifies existing guidance to improve consistent application. This guidance is effective for fiscal years beginning after December 15, 2020. The Company adopted this ASU on January 1, 2021 on a prospective basis, as there were no relevant matters impacting the Company for which retrospective application was required, and the adoption did not have a material impact on its condensed consolidated financial statements.

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2021
REVENUE RECOGNITION
Schedule of reconciliation of disaggregated revenue by target market and geography	A disaggregation of revenue by target market and geography is provided below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, Target Market 2021 2020 2021 2020 Vehicle ​ $ 33,731 ​ $ 18,584 ​ $ 68,182 ​ $ 46,639 Industrial ​ 33,778 ​ 28,223 ​ 65,081 ​ 61,574 Medical ​ 20,235 ​ 24,261 ​ 43,524 ​ 38,812 Aerospace & Defense ​ 8,579 ​ 10,516 ​ 16,021 ​ 21,658 Other ​ 5,214 ​ 5,077 ​ 10,406 ​ 10,360 Total ​ $ 101,537 ​ $ 86,661 ​ $ 203,214 ​ $ 179,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ Geography 2021 2020 2021 2020 ​ United States ​ $ 61,705 ​ $ 47,311 ​ $ 118,347 ​ $ 103,680 ​ Europe ​ 31,538 ​ 29,012 ​ 68,700 ​ 62,145 ​ Asia-Pacific ​ 8,294 ​ 10,338 ​ 16,167 ​ 13,218 ​ Total ​ $ 101,537 ​ $ 86,661 ​ $ 203,214 ​ $ 179,043 ​
Schedule of opening and closing balances of the Company's receivables, contract asset, and contract liability	The opening and closing balances of the Company’s contract liabilities are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ 2021 ​ 2020 Contract liabilities in accrued liabilities ​ $ 323 ​ $ 898 Contract liabilities in other long-term liabilities ​ ​ 254 ​ ​ 262 ​ ​ $ 577 ​ $ 1,160 ​ ​ ​ ​ ​ ​ ​

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2021
INVENTORIES
Schedule of inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value	Inventories include costs of materials, direct labor and manufacturing overhead, and are stated at the lower of cost (first-in, first-out basis) or net realizable value, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ ​ 2021 ​ 2020 ​ Parts and raw materials ​ $ 50,006 ​ $ 44,750 ​ Work-in-process ​ 6,604 ​ 6,186 ​ Finished goods ​ 11,166 ​ 12,042 ​ ​ ​ $ 67,776 ​ $ 62,978 ​

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2021
PROPERTY, PLANT AND EQUIPMENT
Schedule of classification of property, plant and equipment	Property, plant and equipment is classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ Useful lives ​ 2021 ​ 2020 Land ​ ​ ​ $ 991 ​ $ 999 Building and improvements 5 - 39 years ​ 14,171 ​ 14,169 Machinery, equipment, tools and dies 3 - 15 years ​ 80,511 ​ 79,738 Construction work in progress ​ ​ ​ ​ 8,107 ​ ​ 6,821 Furniture, fixtures and other 3 - 10 years ​ 19,178 ​ 16,313 ​ ​ ​ ​ 122,958 ​ 118,040 Less accumulated depreciation ​ ​ ​ (67,805) ​ (62,612) Property, plant and equipment, net ​ ​ ​ $ 55,153 ​ $ 55,428 ​

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2021
GOODWILL
Schedule of change in the carrying amount of goodwill	The change in the carrying amount of goodwill for the six months ended June 30, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2021 Beginning balance $ 61,860 Effect of foreign currency translation (746) Ending balance $ 61,114 ​ ​ ​

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2021
INTANGIBLE ASSETS
Schedule of intangible assets	Intangible assets on the Company’s condensed consolidated balance sheets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ December 31, 2020 ​ ​ Gross Accumulated Net Book Gross Accumulated Net Book ​ ​ Life ​ Amount ​ Amortization ​ Value ​ Amount ​ Amortization ​ Value Customer lists 8 - 17 years ​ $ 69,489 ​ $ (25,611) ​ $ 43,878 ​ $ 69,833 ​ $ (23,636) ​ $ 46,197 Trade name 10 - 19 years ​ 13,951 ​ (5,497) ​ 8,454 ​ 14,055 ​ (5,061) ​ 8,994 Design and technologies 10 - 15 years ​ 15,295 ​ (5,225) ​ 10,070 ​ 15,531 ​ (4,874) ​ 10,657 Patents ​ 17 years ​ 24 ​ (14) ​ 10 ​ 24 ​ (13) ​ 11 Total ​ ​ ​ $ 98,759 ​ $ (36,347) ​ $ 62,412 ​ $ 99,443 ​ $ (33,584) ​ $ 65,859 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of estimated amortization expense for intangible assets	Estimated future intangible asset amortization expense as of June 30, 2021 is as follows (in thousands): ​ ​ ​ ​ ​ ​ Estimated ​ Amortization Expense Remainder of 2021 ​ $ 3,011 2022 ​ 6,073 2023 ​ 6,087 2024 ​ ​ 5,759 2025 ​ 5,741 2026 ​ ​ 5,729 Thereafter ​ 30,012 Total estimated amortization expense ​ $ 62,412 ​ ​ ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2021
STOCK-BASED COMPENSATION
Summary of restricted stock activity	The following is a summary of restricted stock activity for the six months ended June 30, 2021: ​ ​ ​ ​ ​ ​ Number of ​ shares Outstanding at beginning of period 357,342 Awarded 108,476 Vested (133,937) Forfeited (9,664) Outstanding at end of period 322,217 ​

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2021
ACCRUED LIABILITIES
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Compensation and fringe benefits ​ $ 12,942 ​ $ 11,184 Warranty reserve ​ 2,265 ​ 1,571 Income taxes payable ​ ​ 1,862 ​ ​ 1,459 Right of use liabilities ​ ​ 4,347 ​ ​ 4,666 Other accrued expenses ​ 4,526 ​ 5,982 ​ ​ $ 25,942 ​ $ 24,862
Schedule of changes in the reserve for product warranty claims	Changes in the Company’s reserve for product warranty claims for the six months ended June 30, 2021 were as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2021 Beginning balance $ 1,571 ​ Provision 809 ​ Warranty expenditures (108) ​ Effect of foreign currency translation (7) ​ Ending balance $ 2,265 ​

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2021
DEBT OBLIGATIONS
Schedule of debt obligations	Debt obligations consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2021 2020 Long-term Debt ​ ​ ​ ​ ​ ​ Revolving Credit Facility, long-term (1) ​ $ 112,897 ​ $ 120,656 Unamortized debt issuance costs ​ ​ (506) ​ ​ (577) Long-term debt ​ $ 112,391 ​ $ 120,079 (1) The effective rate of the Amended Revolving Facility is 2.40% at June 30, 2021.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2021
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of fair value of the Company's derivative financial instruments as well as classification on the condensed consolidated balance sheets	The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2021 2020 Interest rate products ​ Accrued liabilities ​ $ 498 ​ $ — Interest rate products ​ Other long-term liabilities ​ ​ 388 ​ ​ 1,889 Foreign currency contracts ​ Accrued liabilities ​ ​ 51 ​ ​ — ​ ​ ​ ​ $ 937 ​ $ 1,889 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of effect of cash flow hedge accounting on other comprehensive income (loss) (OCI)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2021 2020 Interest rate products ​ Accrued liabilities ​ $ 498 ​ $ — Interest rate products ​ Other long-term liabilities ​ ​ 388 ​ ​ 1,889 Foreign currency contracts ​ Accrued liabilities ​ ​ 51 ​ ​ — ​ ​ ​ ​ $ 937 ​ $ 1,889 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of effect of the Company's derivative financial instruments on the condensed consolidated statements of income and comprehensive income	The table below presents the line items that reflect the effect of the Company’s derivative financial instruments on the condensed consolidated statements of income and comprehensive income for the three and six months ended June 30, 2021 and 2020 (in thousands): ​
Schedule of fair value provides the location that derivative assets and liabilities	The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented in the condensed consolidated balance sheets (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ Net amounts of liabilities ​ Gross amounts not offset in the consolidated As of ​ Gross amounts ​ offset in the ​ presented in the ​ balance sheets June 30, ​ of recognized ​ consolidated ​ consolidated ​ Financial ​ Cash collateral ​ ​ ​ 2021 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 937 ​ $ — ​ $ 937 ​ $ — ​ $ — ​ $ 937 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ Net amounts of liabilities ​ Gross amounts not offset in the consolidated As of ​ Gross amounts ​ offset in the ​ presented in the ​ balance sheets December 31, ​ of recognized ​ consolidated ​ consolidated ​ Financial ​ Cash collateral ​ ​ ​ 2020 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 1,889 ​ $ — ​ $ 1,889 ​ $ — ​ $ — ​ $ 1,889

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE
Schedule of financial assets that are accounted for at fair value on a recurring basis	The following tables presents the Company’s financial assets that are accounted for at fair value on a recurring basis as of June 30, 2021 and December 31, 2020, respectively, by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,948 ​ $ — ​ $ — Deferred compensation plan assets ​ 4,563 ​ — ​ — Interest rate swaps ​ — ​ (886) ​ — Foreign currency hedge contracts ​ — ​ (51) ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,347 ​ $ — ​ $ — Deferred compensation plan assets ​ 5,386 ​ — ​ — Interest rate swaps ​ — ​ (1,889) ​ —

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2021
LEASES
Schedule of supplemental cash flow information related to the operating leases	Supplemental cash flow information related to the Company’s operating leases for the six months ended June 30, 2021 and 2020 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2021 ​ 2020 ​ Cash paid for amounts included in the measurement of operating leases $ 2,679 $ 2,126 Right of use assets obtained in exchange for operating lease obligations ​ $ 1,640 ​ $ 1,797 ​
Schedule of maturity of the operating lease liabilities	​ ​ ​ ​ ​ Remainder of 2021 $ 2,479 2022 ​ 4,145 2023 ​ 3,087 2024 ​ 2,396 2025 ​ ​ 2,201 2026 ​ ​ 1,162 Thereafter ​ 4,396 Total undiscounted cash flows ​ $ 19,866 Less: present value discount ​ ​ (1,405) Total lease liabilities ​ $ 18,461

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
Schedule of accumulated other comprehensive income (loss) ("AOCI")	Accumulated Other Comprehensive Income (Loss) (“AOCI”) for the three months ended June 30, 2021 and 2020 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At March 31, 2021 ​ $ (1,633) ​ $ (960) ​ $ 230 ​ $ (4,223) ​ $ (6,586) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (157) ​ ​ 38 ​ ​ — ​ ​ (119) Amounts reclassified from AOCI ​ ​ — ​ ​ 231 ​ ​ (56) ​ ​ — ​ ​ 175 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ 955 ​ ​ 955 At June 30, 2021 ​ $ (1,633) ​ $ (886) ​ $ 212 ​ $ (3,268) ​ $ (5,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At March 31, 2020 ​ $ (1,628) ​ $ (1,795) ​ $ 430 ​ $ (11,054) ​ $ (14,047) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (588) ​ ​ 140 ​ ​ — ​ ​ (448) Amounts reclassified from AOCI ​ ​ — ​ ​ 155 ​ ​ (36) ​ ​ — ​ ​ 119 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ 1,932 ​ ​ 1,932 At June 30, 2020 ​ $ (1,628) ​ $ (2,228) ​ $ 534 ​ $ (9,122) ​ $ (12,444) ​ AOCI for the six months ended June 30, 2021 and 2020 is comprised of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At December 31, 2020 ​ $ (1,633) ​ $ (1,889) ​ $ 451 ​ $ (216) ​ $ (3,287) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 547 ​ ​ (129) ​ ​ — ​ ​ 418 Amounts reclassified from AOCI ​ ​ — ​ ​ 456 ​ ​ (110) ​ ​ — ​ ​ 346 Foreign currency translation gain ​ ​ — ​ ​ — ​ ​ — ​ ​ (3,052) ​ ​ (3,052) At June 30, 2021 ​ $ (1,633) ​ $ (886) ​ $ 212 ​ $ (3,268) ​ $ (5,575) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign Currency ​ ​ ​ ​ ​ Defined Benefit ​ ​ ​ Tax Effect of ​ Translation ​ ​ ​ ​ Plan Liability Cash Flow Hedges Cash Flow Hedges Adjustment Total At December 31, 2019 ​ $ (1,628) ​ $ (363) ​ $ 86 ​ $ (8,626) ​ $ (10,531) Unrealized loss on cash flow hedges ​ ​ — ​ ​ (2,051) ​ ​ 491 ​ ​ — ​ ​ (1,560) Amounts reclassified from AOCI ​ ​ — ​ ​ 186 ​ ​ (43) ​ ​ — ​ ​ 143 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (496) ​ ​ (496) At June 30, 2020 ​ $ (1,628) ​ $ (2,228) ​ $ 534 ​ $ (9,122) ​ $ (12,444)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE
Schedule of basic and diluted weighted-average shares outstanding	Basic and diluted weighted-average shares outstanding are as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2021 2020 2021 2020 Basic weighted average shares outstanding 14,406 14,264 14,356 14,211 Dilutive effect of equity awards 88 40 111 67 Diluted weighted average shares outstanding 14,494 14,304 14,467 14,278 ​ ​ ​ ​ ​ ​ ​ ​ ​

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2021
SEGMENT INFORMATION
Schedule of revenue related to foreign subsidiaries	Financial information related to the foreign subsidiaries is summarized below (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ 2021 2020 2021 2020 Revenues derived from foreign subsidiaries ​ $ 39,832 ​ $ 39,350 ​ $ 84,867 ​ $ 75,363 ​ ​ Revenues derived from foreign subsidiaries and identifiable assets outside of the United States are attributable to Europe and Asia-Pacific.

BASIS OF PREPARATION AND PRES_2

BASIS OF PREPARATION AND PRESENTATION - stock split (Details)	Mar. 10, 2021
BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Common stock split	1.5

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Number of reportable segment | segment			1
Revenues	$ 101,537	$ 86,661	$ 203,214	$ 179,043
United States
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	61,705	47,311	118,347	103,680
Europe
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	31,538	29,012	68,700	62,145
Asia-Pacific
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	8,294	10,338	16,167	13,218
Vehicle
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	33,731	18,584	68,182	46,639
Industrial
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	33,778	28,223	65,081	61,574
Medical
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	20,235	24,261	43,524	38,812
Aerospace & Defense
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	8,579	10,516	16,021	21,658
Other
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	$ 5,214	$ 5,077	$ 10,406	$ 10,360

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
REVENUE RECOGNITION
Contract liabilities in accrued liabilities	$ 323	$ 898
Contract liabilities in other long-term liabilities	254	262
Contract liabilities	$ 577	$ 1,160

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
INVENTORIES
Parts and raw materials	$ 50,006	$ 44,750
Work-in-process	6,604	6,186
Finished goods	11,166	12,042
Inventories	$ 67,776	$ 62,978

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Property, plant and equipment
Property, plant and equipment, gross	$ 122,958		$ 122,958		$ 118,040
Less accumulated depreciation	(67,805)		(67,805)		(62,612)
Property, plant and equipment, net	55,153		55,153		55,428
Depreciation expense	2,948	$ 2,394	5,867	$ 4,703
Land
Property, plant and equipment
Property, plant and equipment, gross	991		991		999
Building and improvements
Property, plant and equipment
Property, plant and equipment, gross	14,171		$ 14,171		14,169
Building and improvements | Minimum
Property, plant and equipment
Useful lives			5 years
Building and improvements | Maximum
Property, plant and equipment
Useful lives			39 years
Machinery, equipment, tools and dies
Property, plant and equipment
Property, plant and equipment, gross	80,511		$ 80,511		79,738
Machinery, equipment, tools and dies | Minimum
Property, plant and equipment
Useful lives			3 years
Machinery, equipment, tools and dies | Maximum
Property, plant and equipment
Useful lives			15 years
Construction work in progress
Property, plant and equipment
Property, plant and equipment, gross	8,107		$ 8,107		6,821
Furniture, fixtures and other
Property, plant and equipment
Property, plant and equipment, gross	$ 19,178		$ 19,178		$ 16,313
Furniture, fixtures and other | Minimum
Property, plant and equipment
Useful lives			3 years
Furniture, fixtures and other | Maximum
Property, plant and equipment
Useful lives			10 years

GOODWILL (Details)

GOODWILL (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Change in goodwill
Beginning balance	$ 61,860
Effect of foreign currency translation	(746)
Ending balance	$ 61,114

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Intangible assets subject to amortization
Gross Amount	$ 98,759		$ 98,759		$ 99,443
Accumulated amortization	(36,347)		(36,347)		(33,584)
Net Book Value	62,412		62,412		65,859
Amortization expense for intangible assets	1,511	$ 1,483	3,023	$ 2,924
Estimated amortization expense
Remainder of 2021	3,011		3,011
2022	6,073		6,073
2023	6,087		6,087
2024	5,759		5,759
2025	5,741		5,741
2026	5,729		5,729
Thereafter	30,012		30,012
Total estimated amortization expense	62,412		62,412
Customer lists
Intangible assets subject to amortization
Gross Amount	69,489		69,489		69,833
Accumulated amortization	(25,611)		(25,611)		(23,636)
Net Book Value	43,878		$ 43,878		46,197
Customer lists | Minimum
Intangible assets subject to amortization
Estimated Life			8 years
Customer lists | Maximum
Intangible assets subject to amortization
Estimated Life			17 years
Trade name
Intangible assets subject to amortization
Gross Amount	13,951		$ 13,951		14,055
Accumulated amortization	(5,497)		(5,497)		(5,061)
Net Book Value	8,454		$ 8,454		8,994
Trade name | Minimum
Intangible assets subject to amortization
Estimated Life			10 years
Trade name | Maximum
Intangible assets subject to amortization
Estimated Life			19 years
Design and technologies
Intangible assets subject to amortization
Gross Amount	15,295		$ 15,295		15,531
Accumulated amortization	(5,225)		(5,225)		(4,874)
Net Book Value	10,070		$ 10,070		10,657
Design and technologies | Minimum
Intangible assets subject to amortization
Estimated Life			10 years
Design and technologies | Maximum
Intangible assets subject to amortization
Estimated Life			15 years
Patents
Intangible assets subject to amortization
Estimated Life			17 years
Gross Amount	24		$ 24		24
Accumulated amortization	(14)		(14)		(13)
Net Book Value	$ 10		$ 10		$ 11

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Additional disclosures
Stock based compensation expense, net of forfeitures			$ 1,797	$ 1,720
Restricted Stock
STOCK-BASED COMPENSATION
Weighted average market value (in dollars per share)			$ 32.06
Service period over which value of the shares is amortized to compensation expense			3 years
Number of Non-vested Restricted Shares
Outstanding at beginning of period (in shares)			357,342
Awarded (in shares)			108,476
Vested (in shares)			(133,937)
Forfeited (in shares)			(9,664)
Outstanding at end of period (in shares)	322,217		322,217
Additional disclosures
Stock based compensation expense, net of forfeitures	$ 1,000	$ 931	$ 1,797	$ 1,720
Restricted Stock | Performance based vesting
Number of Non-vested Restricted Shares
Awarded (in shares)			62,871

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
ACCRUED LIABILITIES
Compensation and fringe benefits	$ 12,942	$ 11,184
Warranty reserve	2,265	1,571
Income taxes payable	1,862	1,459
Right of use liabilities	4,347	4,666
Other accrued expenses	4,526	5,982
Accrued liabilities	25,942	$ 24,862
Changes in the reserve for product warranty claims
Warranty reserve at beginning of the year	1,571
Provision	809
Warranty expenditures	(108)
Effect of foreign currency translation	(7)
Warranty reserve at end of year	$ 2,265

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) ¥ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021CNY (¥)	Dec. 31, 2020USD ($)
DEBT OBLIGATIONS
Long-term debt	$ 112,391,000			$ 120,079,000
Unamortized debt issuance costs	(506,000)			(577,000)
Revolving Credit Facility
DEBT OBLIGATIONS
Long-term debt	$ 112,897,000			120,656,000
Effective rate (as a percent)	2.40%		2.40%
Amended Revolving Facility
DEBT OBLIGATIONS
Maximum borrowing capacity	$ 225,000,000
Available borrowing capacity	$ 75,000,000
Commitment fees on unused portion of the Amended Revolving Facility ( as a percent)	0.175%
Unused amount of credit facility	$ 112,103
Amended Revolving Facility | Minimum
DEBT OBLIGATIONS
Commitment fees on unused portion of the Amended Revolving Facility ( as a percent)	0.10%
Amended Revolving Facility | Maximum
DEBT OBLIGATIONS
Commitment fees on unused portion of the Amended Revolving Facility ( as a percent)	0.225%
Amended Revolving Facility | LIBOR
DEBT OBLIGATIONS
Applicable margin (as a percent)	1.50%
Amended Revolving Facility | LIBOR | Minimum
DEBT OBLIGATIONS
Applicable margin (as a percent)	1.00%
Amended Revolving Facility | LIBOR | Maximum
DEBT OBLIGATIONS
Applicable margin (as a percent)	1.75%
Amended Revolving Facility | Prime Rate
DEBT OBLIGATIONS
Applicable margin (as a percent)	0.50%
Amended Revolving Facility | Prime Rate | Minimum
DEBT OBLIGATIONS
Applicable margin (as a percent)	0.00%
Amended Revolving Facility | Prime Rate | Maximum
DEBT OBLIGATIONS
Applicable margin (as a percent)	0.75%
China Credit Facility
DEBT OBLIGATIONS
Maximum borrowing capacity	$ 1,549,000		¥ 10,000
Average outstanding borrowings	0	$ 0
Principal amount of debt borrowed	$ 0			$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)derivative	Feb. 28, 2017USD ($)instrument
Derivative financial instruments
Term of contract			30 days
Other (income) expense
Derivative financial instruments
Gain (loss) on foreign currency contracts	$ 74		$ (66)
Interest Rate Swaps
Derivative financial instruments
Number of derivative instruments						2	3
Notional amount of interest rate swap derivatives						$ 60,000
Notional amount of interest rate swap derivatives							$ 40,000
Estimated amount to be reclassified as an increase to interest expense			757
Interest Rate Swaps | Minimum
Derivative financial instruments
Notional amount of interest rate swap derivatives						$ 20,000
Foreign currency contracts
Derivative financial instruments
Notional Amount	10,000		10,000
Derivatives in cash flow hedging relationships | Interest rate products
Effect of derivative financial instruments on the condensed consolidated statement of income and comprehensive income
Amount of pre-tax loss recognized in OCI on derivatives	(157)	$ (588)	547	$ (2,051)
Derivatives in cash flow hedging relationships | Interest rate products | Interest income (expense)
Effect of derivative financial instruments on the condensed consolidated statement of income and comprehensive income
Amount of pre-tax (loss) gain reclassified from accumulated OCI into income	(231)	(155)	(456)	(186)
Derivatives designated as hedging instruments
Derivative financial instruments
Fair value of derivative liability	937		937		$ 1,889
Derivatives designated as hedging instruments | Interest rate products | Interest income (expense)
Effect of derivative financial instruments on the condensed consolidated statement of income and comprehensive income
Total amounts of income and expense line items presented that reflect the effects of cash flow hedges recorded	807	$ 901	1,668	$ 1,955
Derivatives designated as hedging instruments | Interest rate products | Other Liabilities [Member]
Derivative financial instruments
Fair value of derivative liability	388		388		$ 1,889
Derivatives designated as hedging instruments | Interest rate products | Accrued liabilities.
Derivative financial instruments
Fair value of derivative liability	498		498
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued liabilities.
Derivative financial instruments
Fair value of derivative liability	$ 51		$ 51

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Effects of offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Gross amounts offset in the consolidated balance sheets
Gross amounts of recognized liabilities	$ 937	$ 1,889
Net amounts of assets/liabilities presented in the consolidated balance sheets	937	1,889
Gross amounts not offset in the consolidated balance sheets
Net amount	$ 937	$ 1,889

FAIR VALUE (Details)

FAIR VALUE (Details) - Recurring basis - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Level 1
Assets (liabilities)
Pension plan assets	$ 6,948	$ 6,347
Deferred compensation plan assets	4,563	5,386
Level 2
Assets (liabilities)
Interest rate swaps	(886)	$ (1,889)
Foreign currency hedge contracts	$ (51)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Effective income tax rate
Effective income tax rate (as a percent)	0.219%	0.299%	0.403%	0.288%
Discrete tax benefit (as a percent)	4.3	1.7	0.671	0.9

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
LEASES
Options to terminate the leases	true
Operating lease option to terminate Period	30 days
Future minimum lease payments of lease not yet commenced	$ 13,700
Supplemental cash flow information related to the operating leases
Cash paid for amounts included in the measurement of operating leases	2,679	$ 2,126
ROU assets obtained in exchange for operating lease obligations	1,640	$ 1,797
Maturity of the operating lease liabilities
Remainder of 2021	2,479
2022	4,145
2023	3,087
2024	2,396
2025	2,201
2026	1,162
Thereafter	4,396
Total undiscounted cash flows	19,866
Less: present value discount	(1,405)
Total lease liabilities	18,461
Executive Officer
Supplemental cash flow information related to the operating leases
Cash paid for amounts included in the measurement of operating leases			$ 500
Maturity of the operating lease liabilities
Total undiscounted cash flows	700
Total lease liabilities	$ 8,200

LEASES - Related party (Details

LEASES - Related party (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Lease payments	$ 2,679	$ 2,126
Lease obligation	19,866
Total lease liabilities	18,461
Executive Officer
Lessee, Lease, Description [Line Items]
Lease payments			$ 500
Lease obligation	700
Total lease liabilities	$ 8,200

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	$ 153,048	$ 121,693	$ 143,056	$ 119,194
Balances	157,979	126,280	157,979	126,280
Accumulated Other Comprehensive Income (Loss)
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(6,586)	(14,047)	(3,287)	(10,531)
Unrealized gain (loss) on cash flow hedges	(119)	(448)	418	(1,560)
Amounts reclassified from AOCI	175	119	346	143
Foreign currency translation gain (loss)	955	1,932	(3,052)	(496)
Balances	(5,575)	(12,444)	(5,575)	(12,444)
Defined Benefit Plan Liability
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(1,633)	(1,628)	(1,633)	(1,628)
Balances	(1,633)	(1,628)	(1,633)	(1,628)
Cash Flow Hedges
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(960)	(1,795)	(1,889)	(363)
Unrealized gain (loss) on cash flow hedges	(157)	(588)	547	(2,051)
Amounts reclassified from AOCI	231	155	456	186
Balances	(886)	(2,228)	(886)	(2,228)
Accumulated income (loss) on derivatives
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(730)	(1,365)	(1,438)	(277)
Balances	(674)	(1,694)	(674)	(1,694)
Tax effect of Cash Flow Hedges
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	230	430	451	86
Unrealized loss on cash flow hedges, Tax effect	38	140	(129)	491
Amounts reclassified from AOCI, Tax effect	(56)	(36)	(110)	(43)
Balances	212	534	212	534
Foreign Currency Translation Adjustments
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(4,223)	(11,054)	(216)	(8,626)
Foreign currency translation gain (loss)	955	1,932	(3,052)	(496)
Balances	$ (3,268)	$ (9,122)	$ (3,268)	$ (9,122)

DIVIDENDS PER SHARE (Details)

DIVIDENDS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
DIVIDENDS PER SHARE
Dividends declared (in dollars per share)	$ 0.025	$ 0.02	$ 0.02	$ 0.02
Total dividends declared					$ 662	$ 582

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Basic and diluted weighted-average shares outstanding
Basic weighted average shares outstanding	14,406	14,264	14,356	14,211
Dilutive effect of equity awards	88	40	111	67
Diluted weighted average shares outstanding	14,494	14,304	14,467	14,278

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2021USD ($)segment	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Segment information
Number of operating segments | segment			1
Revenues derived from foreign subsidiaries	$ 101,537	$ 86,661	$ 203,214	$ 179,043
Identifiable assets	$ 360,458		$ 360,458		$ 349,197
Total Revenue | Customer Concentration Risk | Customer One
Segment information
Percentage of concentration risk	16.00%	11.00%	16.00%	12.00%
Trade receivables | Customer Concentration Risk | Customer
Segment information
Percentage of concentration risk			18.00%		22.00%
Outside the United States
Segment information
Revenues derived from foreign subsidiaries	$ 45,560	$ 43,372	$ 95,215	$ 86,762
Identifiable assets	143,110		143,110		$ 133,466
Wholly owned foreign subsidiaries
Segment information
Revenues derived from foreign subsidiaries	$ 39,832	$ 39,350	$ 84,867	$ 75,363