Allient (ALNT) 10-Q 3 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
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		15,978,261
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
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, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 28,846	$ 22,463
Trade receivables, net of provision for credit losses of $586 and $506 at June 30, 2022 and December 31, 2021, respectively	69,806	51,239
Inventories	112,255	89,733
Prepaid expenses and other assets	11,403	12,522
Total current assets	222,310	175,957
Property, plant and equipment, net	65,945	56,983
Deferred income taxes	4,427	5,321
Intangible assets, net	125,943	103,786
Goodwill	125,006	106,633
Operating lease assets	23,550	16,983
Other long-term assets	8,934	5,122
Total Assets	576,115	470,785
Current liabilities:
Accounts payable	47,129	36,714
Accrued liabilities	46,295	41,656
Total current liabilities	93,424	78,370
Long-term debt	228,901	158,960
Deferred income taxes	8,263	5,040
Pension and post-retirement obligations	3,841	3,932
Operating lease liabilities	18,854	12,792
Other long-term liabilities	21,553	23,929
Total liabilities	374,836	283,023
Stockholders' Equity:
Common stock, no par value, authorized 50,000 shares; 15,978 and 15,361 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	81,662	68,097
Preferred stock, par value $1.00 per share, authorized 5,000 shares; no shares issued or outstanding
Retained earnings	134,066	127,757
Accumulated other comprehensive loss	(14,449)	(8,092)
Total stockholders' equity	201,279	187,762
Total Liabilities and Stockholders' Equity	$ 576,115	$ 470,785

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Trade receivables, provision for credit losses	$ 586	$ 506
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, authorized shares	50,000	50,000
Common stock, shares issued	15,978	15,361
Common stock, shares outstanding	15,978	15,361
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 (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE (LOSS) INCOME
Revenues	$ 122,722	$ 101,537	$ 237,507	$ 203,214
Cost of goods sold	82,948	70,320	164,273	141,929
Gross profit	39,774	31,217	73,234	61,285
Operating costs and expenses:
Selling	5,808	4,396	10,839	8,614
General and administrative	12,595	11,181	24,091	21,929
Engineering and development	9,791	7,240	19,177	14,199
Business development	1,417	155	2,265	174
Amortization of intangible assets	2,645	1,511	5,079	3,023
Total operating costs and expenses	32,256	24,483	61,451	47,939
Operating income	7,518	6,734	11,783	13,346
Other expense, net:
Interest expense	1,525	807	2,563	1,668
Other (income) expense, net	(279)	(10)	(234)	(129)
Total other expense, net	1,246	797	2,329	1,539
Income before income taxes	6,272	5,937	9,454	11,807
Income tax (provision) benefit	(1,691)	(1,303)	(2,370)	4,754
Net income	$ 4,581	$ 4,634	$ 7,084	$ 16,561
Basic earnings per share:
Earnings per share	$ 0.30	$ 0.32	$ 0.47	$ 1.15
Basic weighted average common shares	15,355	14,406	15,226	14,356
Diluted earnings per share:
Earnings per share	$ 0.29	$ 0.32	$ 0.45	$ 1.14
Diluted weighted average common shares	15,932	14,494	15,752	14,467
Net income	$ 4,581	$ 4,634	$ 7,084	$ 16,561
Other comprehensive (loss) income:
Foreign currency translation adjustment	(8,699)	955	(9,932)	(3,052)
Gain on derivatives	974	56	3,576	764
Comprehensive (loss) income	$ (3,144)	$ 5,645	$ 728	$ 14,273

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	Pension Adjustments	Total
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
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
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
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
Balances at Dec. 31, 2021	68,097	$ 73,106	(5,009)	127,757	(7,409)	180	(863)	$ 187,762
Balances (in shares) at Dec. 31, 2021		15,361						15,361
Increase (Decrease) in Stockholders' Equity
Stock transactions under employee benefit stock plans	1,217	$ 1,217						$ 1,217
Stock transactions under employee benefit stock plans (in shares)		36
Issuance of restricted stock, net of forfeitures	(4)	$ 5,140	(5,144)					(4)
Issuance of restricted stock, net of forfeitures (in shares)		141
Stock-based compensation expense	1,349		1,349					1,349
Shares withheld for payment of employee payroll taxes	(137)	$ (137)						(137)
Shares withheld for payment of employee payroll taxes (in shares)		(4)
Comprehensive (loss) income					(1,233)	3,423		2,190
Tax effect of derivative transactions						(822)		(822)
Net income				2,504				2,504
Dividends to stockholders				(388)				(388)
Balances at Mar. 31, 2022	70,522	$ 79,326	(8,804)	129,873	(8,642)	2,781	(863)	193,671
Balances (in shares) at Mar. 31, 2022		15,534
Balances at Dec. 31, 2021	68,097	$ 73,106	(5,009)	127,757	(7,409)	180	(863)	$ 187,762
Balances (in shares) at Dec. 31, 2021		15,361						15,361
Increase (Decrease) in Stockholders' Equity
Net income								$ 7,084
Balances at Jun. 30, 2022	81,662	$ 89,639	(7,977)	134,066	(17,341)	3,755	(863)	$ 201,279
Balances (in shares) at Jun. 30, 2022		15,978						15,978
Balances at Mar. 31, 2022	70,522	$ 79,326	(8,804)	129,873	(8,642)	2,781	(863)	$ 193,671
Balances (in shares) at Mar. 31, 2022		15,534
Increase (Decrease) in Stockholders' Equity
Issuance of restricted stock, net of forfeitures	(1)	$ 313	(314)					(1)
Issuance of restricted stock, net of forfeitures (in shares)		16
Stock-based compensation expense	1,141		1,141					1,141
Shares withheld for payment of employee payroll taxes	(1,103)	$ (1,103)						(1,103)
Shares withheld for payment of employee payroll taxes (in shares)		(35)
Common stock issued in connection with acquisitions (Note 2)	11,103	$ 11,103						11,103
Common stock issued in connection with acquisitions (Note 2) (in shares)		463
Comprehensive (loss) income					(8,699)	1,284		(7,415)
Tax effect of derivative transactions						(310)		(310)
Net income				4,581				4,581
Dividends to stockholders				(388)				(388)
Balances at Jun. 30, 2022	$ 81,662	$ 89,639	$ (7,977)	$ 134,066	$ (17,341)	$ 3,755	$ (863)	$ 201,279
Balances (in shares) at Jun. 30, 2022		15,978						15,978

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Dividends to stockholder (in dollars per share)	$ 0.025	$ 0.025	$ 0.025	$ 0.02

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash Flows From Operating Activities:
Net income	$ 7,084	$ 16,561
Adjustments to reconcile net income to net cash (used in) provided by operating activities
Depreciation and amortization	12,531	8,890
Deferred income taxes	1,222	(7,316)
Stock-based compensation expense	2,490	1,797
Debt issue cost amortization recorded in interest expense	71	71
Other	793	1,028
Changes in operating assets and liabilities, net of acquisition:
Trade receivables	(15,407)	(5,381)
Inventories	(22,003)	(5,951)
Prepaid expenses and other assets	1,601	814
Accounts payable	9,850	5,651
Accrued liabilities	1,478	307
Net cash (used in) provided by operating activities	(290)	16,471
Cash Flows From Investing Activities:
Consideration paid for acquisitions, net of cash acquired	(44,569)
Purchase of property and equipment	(6,354)	(5,885)
Net cash used in investing activities	(50,923)	(5,885)
Cash Flows From Financing Activities:
Principal payments of long-term debt and finance lease obligations	(3,406)	(7,603)
Proceeds from issuance of long-term debt	64,203
Dividends paid to stockholders	(776)	(662)
Tax withholdings related to net share settlements of restricted stock	(1,240)	(1,600)
Net cash provided by (used in) financing activities	58,781	(9,865)
Effect of foreign exchange rate changes on cash	(1,185)	(468)
Net increase in cash and cash equivalents	6,383	253
Cash and cash equivalents at beginning of period	22,463	23,131
Cash and cash equivalents at end of period	$ 28,846	23,384
Supplemental disclosure of cash flow information:
Stock issued for acquisitions	11,103
Property, plant and equipment purchases in accounts payable or accrued expenses	$ 1,444	$ 967

BASIS OF PREPARATION AND PRESEN

BASIS OF PREPARATION AND PRESENTATION	6 Months Ended
	Jun. 30, 2022
BASIS OF PREPARATION AND PRESENTATION
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 precision and specialty controlled motion components and systems, which include integrated system solutions as well as individual controlled motion products, to a broad spectrum of customers throughout the world primarily for the vehicle, medical, aerospace and defense, and industrial markets. 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 in other (income) expense, net. 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, 2021 that was previously filed by the Company. ​ Twinsburg Consolidation ​ In September 2021, the Company announced its plans to consolidate its manufacturing facility in Twinsburg, Ohio with its Watertown, New York and Reynosa, Mexico facilities in 2022. Such consolidation has been substantially completed by June 30, 2022. Costs of $4 and $344 are included in business development on the condensed consolidated statement of income and comprehensive (loss) income for the three and six months ended June 30, 2022, respectively, related to the consolidation of the Twinsburg facility. Costs incurred include accelerated lease costs, severance and other payroll related costs.

ACQUISITIONS

ACQUISITIONS	6 Months Ended
	Jun. 30, 2022
ACQUISITIONS
ACQUISITIONS	2. ACQUISITIONS FPH Group ​ On May 30, 2022, the Company acquired 100% of the direct and indirect legal and beneficial ownership of the shares of FPH Group Inc., a corporation incorporated pursuant to the laws of the Province of Ontario and the membership interests of Transtar International, LLC, a Michigan limited liability company, collectively “FPH”. FPH is an Ontario, Canada headquartered industry leader in the development of technically advanced, reliable and cost-effective electrical drive systems which provide high torque and precision motion for the defense industry, as well as light weighting technologies for existing and future ground-based vehicles in the defense industry. FPH provides concept engineering, prototyping, validation and production. FPH also develops composites, advanced materials and hybrid products and systems that achieve significant weight reduction and higher strength. This acquisition provides the Company with a deeper penetration within defense applications including the necessary manufacturing licenses and certifications. The purchase price was $42,159 consisting of cash of $39,359 funded through borrowings under the Amended Revolving Facility, $550 in Company stock (22,886 shares at $24.01 closing stock price on May 27, 2022), and $2,250 in the form of 93,728 exchangeable shares (based on the closing price of an equivalent share of the Company’s common stock) of an indirect wholly-owned subsidiary of the Company, each of which is initially exchangeable into one share of Company common stock, subject to adjustment, in accordance with a Support Agreement entered into concurrently with the closing of the transaction. The purchase price allocation is subject to adjustments based on a final determination of closing net working capital and certain tax matters. The Company incurred $710 of transaction costs related to the acquisition of FPH, which are included in business development on the condensed consolidated statements of income and comprehensive (loss) income. The preliminary allocation of the purchase price paid for FPH is based on estimated fair values of the assets acquired and liabilities assumed of FPH as of May 30, 2022 and is as follows (in thousands): ​ ​ ​ ​ Cash and cash equivalents $ 1,755 Trade receivables ​ ​ 3,161 Inventories ​ ​ 4,576 Other assets, net ​ 174 Property, plant and equipment ​ 624 Right of use assets ​ ​ 4,165 Intangible assets ​ ​ 22,611 Goodwill ​ 13,314 Other current liabilities ​ ​ (956) Deferred revenue ​ ​ (776) Lease liabilities ​ ​ (4,165) Net deferred income tax liabilities ​ ​ (2,324) Net purchase price ​ $ 42,159 ​ The intangible assets acquired consist of customer lists of $16,173, technology of $5,731, and a trade name of $707, which are being amortized over 12, 10 and 10 years , respectively. Goodwill generated in the acquisition is related to the assembled workforce, synergies between Allied Motion’s other operations and FPH that are expected to occur as a result of the combined engineering knowledge, the ability of each of the operations to integrate each other’s products into more fully integrated system solutions and Allied Motion’s ability to utilize FPH’s management knowledge in providing complementary product offerings to the Company’s customers. ​ The operating results of this acquisition are included in the condensed consolidated financial statements beginning on the date of the acquisition. Revenue of FPH included within the condensed consolidated statement of income and comprehensive (loss) income for the three and six months ended June 30, 2022 was $1,925 and earnings were $247. ​ The goodwill resulting from the FPH acquisition is tax deductible. ​ ThinGap and Airex On May 24, 2022, the Company acquired 100% of the outstanding stock of ThinGap, Inc. (“ThinGap”), a privately-owned California headquartered developer and manufacturer of high performance, zero clogging slotless motors for use in aerospace, defense and medical applications that require precise performance in a compact, yet high-torque-to-volume solutions. ThinGap designs, engineers and manufactures low profile, brushless DC motor kits and assemblies that utilize a proprietary wave-wound stator architecture and highly optimized rotors. ThinGap expands the Company’s precision motion capabilities and advances its strategy to provide integrated motion solutions in the robotics, semiconductor and instrumentation markets. On June 17, 2022, the Company acquired 100% of the membership interests of Airex, LLC (“Airex”), a privately-owned New Hampshire headquartered developer of high precision electromagnetic components and solutions for the aerospace and defense, life sciences, semiconductor and commercial industrial applications . Airex combines its patented winding technology with robotic manufacturing to produce linear motors – ironless and iron core, rotary motors, voice coils, wound electromagnetic components and sub-components. Airex expands the Company’s motor offerings as well as enhances its quality systems to support broad mission critical defense programs, as well as other high demanding industries. The purchase price, collectively, for ThinGap and Airex was $16,527, comprised of $8,224 in cash funded through borrowings under the Amended Revolving Credit Facility and $8,303 in Company stock (376,500 shares, of which 29,631 shares are subject to an indemnification holdback, at a weighted average stock price of $22.05). These purchase price allocations are subject to adjustments based on a final determination of closing net working capital and certain tax matters. The Company incurred $179 of transaction costs related to these acquisitions in 2022, which are included in business development on the condensed consolidated statements of income and comprehensive (loss) income. The preliminary allocation of the purchase price paid is based on estimated fair values of the assets acquired and liabilities assumed as of May 24, 2022 for ThinGap and June 17, 2022 for Airex and is, collectively, as follows (in thousands): ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,074 Trade receivables ​ ​ 1,295 Inventories ​ ​ 1,686 Other assets, net ​ 636 Property, plant and equipment ​ 202 Right of use assets ​ ​ 888 Intangible assets ​ ​ 6,000 Goodwill ​ 6,800 Other current liabilities ​ ​ (574) Deferred revenue ​ ​ (245) Lease liabilities ​ ​ (888) Net deferred income tax liabilities ​ ​ (347) Net purchase price ​ $ 16,527 ​ The intangible assets acquired consist of customer lists of $3,800, technology of $2,000 and trade names of $200, which are being amortized over weighted average useful lives of 10, 12.5 and 10 years , respectively. Goodwill generated in these acquisitions is related to the assembled workforce, synergies with Allied Motion’s other operations that are expected to occur as a result of the combined engineering knowledge, the ability of the operations to integrate products into more fully integrated system solutions and Allied Motion’s ability to utilize ThinGap and Airex management knowledge in providing complementary product offerings to the Company’s customers. ​ The operating results of these acquisitions are included in the condensed consolidated financial statements beginning on the date of the acquisition. Revenue included within the condensed consolidated statement of income and comprehensive (loss) income for the three and six months ended June 30, 2022, related to ThinGap and Airex, collectively, was $408 and earnings were not material. ​ The goodwill resulting from the ThinGap acquisition is not tax deductible. The goodwill resulting from the Airex acquisition is tax deductible. 2021 Acquisitions ​ On November 2, 2021, the Company acquired 100% of the outstanding stock of ORMEC Systems Corp. (“ORMEC”), a New York headquartered developer and manufacturer of mission critical electro-mechanical automation solutions and motion control products including multi-axis controls, electronic drives and actuators for the automation and aerospace industries. On November 4, 2021, the Company acquired 100% of ALIO Industries (“ALIO”), a Colorado headquartered innovator and manufacturer of advanced linear and rotary motion systems for nano-precision applications. On December 30, 2021, the Company acquired Spectrum Controls, Inc. (“Spectrum Controls”), a Washington headquartered innovator and manufacturer of industrial Input/Output (“I/O”) and universal communications gateway products. ​ The initial purchase price, collectively, for ORMEC and ALIO was $33,458, and the initial purchase price of Spectrum Controls was $68,711 . . measurement period adjustments during the three months ended June 30, 2022. During the three months ended March 31, 2022, a settlement of certain closing working capital amounts resulted in a cash inflow of . There were ​ The acquisition of ALIO includes contingent consideration initially measured at a fair value of $4,900 . There were changes to the estimated fair value of contingent consideration during the three months or six months ended June 30, 2022. Contingent consideration of is included in other long-term liabilities on the condensed consolidated balance sheet. As of December 31, 2021, Proforma information ​ The following pro forma financial information presents the combined results of operations if the FPH, ThinGap and Airex acquisitions had occurred as of January 1, 2021 and Spectrum Controls, ORMEC, and ALIO as of January 1, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Revenues ​ $ 127,492 ​ $ 118,398 ​ $ 248,322 ​ $ 236,600 Income before income taxes ​ $ 8,225 ​ $ 7,422 ​ $ 12,943 ​ $ 10,561 ​ The pro forma information includes certain adjustments, including depreciation and amortization expense, interest expense, and certain other adjustments, together with related income tax effects. The pro forma amounts do not reflect adjustments for anticipated operating efficiencies that the Company expects to achieve as a result of these acquisitions. The pro forma financial information is for informational purposes only and does not purport to present what the Company’s results would have been had these transactions actually occurred on the date presented or to project the combined company’s results of operations or financial position for any future period.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Jun. 30, 2022
REVENUE RECOGNITION
REVENUE RECOGNITION	3. REVENUE RECOGNITION Performance Obligations The Company considers control of most products to transfer at a single point in time when control is transferred to the customer, 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. For a limited number of contracts, the Company recognizes revenue over time in proportion to costs incurred. Sales, value add, and other taxes the Company collects 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 brushed 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, 2022. 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 2022 2021 2022 2021 Vehicle ​ $ 32,555 ​ $ 33,731 ​ $ 65,137 ​ $ 68,182 Industrial ​ 47,135 ​ 33,778 ​ 92,911 ​ 65,081 Medical ​ 20,194 ​ 20,235 ​ 41,513 ​ 43,524 Aerospace & Defense ​ 17,149 ​ 8,579 ​ 26,593 ​ 16,021 Other ​ 5,689 ​ 5,214 ​ 11,353 ​ 10,406 Total ​ $ 122,722 ​ $ 101,537 ​ $ 237,507 ​ $ 203,214 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, Geography 2022 2021 2022 2021 North America (primarily U.S.) ​ $ 84,052 ​ $ 61,705 ​ $ 156,430 ​ $ 118,347 Europe ​ 32,122 ​ 31,538 ​ 65,871 ​ 68,700 Asia-Pacific ​ 6,548 ​ 8,294 ​ 15,206 ​ 16,167 Total ​ $ 122,722 ​ $ 101,537 ​ $ 237,507 ​ $ 203,214 ​ 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, ​ ​ 2022 ​ 2021 Contract liabilities in accrued liabilities ​ $ 6,977 ​ $ 2,425 Contract liabilities in other long-term liabilities ​ ​ 222 ​ ​ 242 ​ ​ $ 7,199 ​ $ 2,667 ​ ​ ​ ​ ​ ​ ​ ​ 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. In the six months ended June 30, 2022, the Company recognized revenue of 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, 2022
INVENTORIES
INVENTORIES	4. 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, ​ ​ 2022 ​ 2021 Parts and raw materials ​ $ 86,142 ​ $ 65,223 Work-in-process ​ 10,905 ​ 9,529 Finished goods ​ 15,208 ​ 14,981 ​ ​ $ 112,255 ​ $ 89,733 ​

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	6 Months Ended
	Jun. 30, 2022
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT	5. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment is classified as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, December 31, ​ ​ Useful lives ​ 2022 ​ 2021 Land ​ ​ ​ $ 959 ​ $ 979 Building and improvements 5 - 39 years ​ 24,413 ​ 14,398 Machinery, equipment, tools and dies 3 - 15 years ​ 82,958 ​ 82,898 Construction work in progress ​ ​ ​ ​ 12,175 ​ ​ 9,582 Furniture, fixtures and other 3 - 10 years ​ 21,870 ​ 21,794 ​ ​ ​ ​ 142,375 ​ 129,651 Less accumulated depreciation ​ ​ ​ (76,430) ​ (72,668) Property, plant and equipment, net ​ ​ ​ $ 65,945 ​ $ 56,983 ​ Depreciation expense was approximately $3,181 and $2,948 for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, depreciation expense was approximately

GOODWILL

GOODWILL	6 Months Ended
	Jun. 30, 2022
GOODWILL
GOODWILL	6. GOODWILL The change in the carrying amount of goodwill for the six months ended June 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2022 Beginning balance $ 106,633 Goodwill acquired (Note 2) ​ 20,114 Impact of measurement period adjustments of 2021 acquisitions (Note 2) ​ 175 Effect of foreign currency translation (1,916) Ending balance $ 125,006 ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	7. INTANGIBLE ASSETS ​ Intangible assets on the Company’s condensed consolidated balance sheets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Gross Accumulated Net Book Gross Accumulated Net Book ​ ​ Life ​ Amount ​ Amortization ​ Value ​ Amount ​ Amortization ​ Value Customer lists 5-18 years ​ $ 112,875 ​ $ (30,446) ​ $ 82,429 ​ $ 94,079 ​ $ (27,639) ​ $ 66,440 Trade name 10 - 19 years ​ 15,287 ​ (6,347) ​ 8,940 ​ 14,649 ​ (5,927) ​ 8,722 Design and technologies 10 - 15 years ​ 41,312 ​ (6,738) ​ 34,574 ​ 34,241 ​ (5,617) ​ 28,624 Total ​ ​ ​ $ 169,474 ​ $ (43,531) ​ $ 125,943 ​ $ 142,969 ​ $ (39,183) ​ $ 103,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Intangible assets resulting from the acquisition of FPH, ThinGap and Airex were $28,611 (Note 2). The intangible assets acquired consist of customer lists, technology and tradenames. Amortization expense for intangible assets was $2,645 and $1,511 for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, amortization expense was $5,079 and $3,023 , respectively. Estimated future intangible asset amortization expense as of June 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ Estimated ​ Amortization Expense Remainder of 2022 ​ $ 6,133 2023 ​ 12,269 2024 ​ 11,944 2025 ​ ​ 11,928 2026 ​ 11,831 2027 ​ ​ 11,388 Thereafter ​ 60,450 Total estimated amortization expense ​ $ 125,943 ​ ​ ​ ​ ​

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION PLANS
STOCK-BASED COMPENSATION	8. 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, 2022, 166,650 shares of unvested restricted stock were awarded at a weighted average market value of $33.47 . 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, 2022: ​ ​ ​ ​ ​ ​ Number of ​ shares Outstanding at beginning of period 293,577 Awarded 166,650 Vested (116,638) Forfeited (8,312) Outstanding at end of period 335,277 ​ Stock-based compensation expense, net of forfeitures, of $1,141 and $1,000 was recorded for the three months ended June 30, 2022 and 2021, respectively. For the six months ended June 30, 2022 and 2021, stock based compensation expense, net of forfeitures, of

ACCRUED LIABILITIES

ACCRUED LIABILITIES	6 Months Ended
	Jun. 30, 2022
ACCRUED LIABILITIES
ACCRUED LIABILITIES	9 . ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Compensation and fringe benefits ​ $ 11,317 ​ $ 14,666 Accrued business acquisition consideration ​ 12,559 ​ 12,388 Warranty reserve ​ 2,038 ​ 1,869 Operating lease liabilities - current ​ ​ 5,035 ​ ​ 4,532 Finance lease obligations - current ​ ​ 338 ​ ​ — Deferred revenue ​ ​ 6,977 ​ ​ 2,425 Other accrued expenses ​ 8,031 ​ 5,776 ​ ​ $ 46,295 ​ $ 41,656 ​

DEBT OBLIGATIONS

DEBT OBLIGATIONS	6 Months Ended
	Jun. 30, 2022
DEBT OBLIGATIONS
DEBT OBLIGATIONS	10. DEBT OBLIGATIONS Debt obligations consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Long-term Debt ​ ​ ​ ​ ​ ​ Revolving Credit Facility, long-term (1) ​ $ 220,056 ​ $ 159,395 Unamortized debt issuance costs ​ ​ (365) ​ ​ (435) Finance lease obligations - noncurrent ​ ​ 9,210 ​ ​ — Long-term debt ​ $ 228,901 ​ $ 158,960 (1) The effective rate of the Amended Revolving Facility is 2.92% at June 30, 2022. 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 1.25% , 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, 2022, the applicable margin for LIBOR Rate borrowings was at June 30, 2022) 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. Under the provisions of the Amended Credit Agreement, the Company may elect to increase its Leverage Ratio to a 4.0 to 1.0 ratio (a “Leverage Increase”) during the fiscal quarter in which a Material Acquisition (as defined in the Amended Credit Agreement) takes place, and for the next three fiscal quarters. If the Material Acquisition occurs within the last 45 days of any fiscal quarter, the Leverage Increase is applicable for the following four fiscal quarters. The Company qualified for, and elected, the Leverage Increase as a result of the Spectrum Controls acquisition in the fourth quarter of 2021. The Company was in compliance with all covenants at June 30, 2022. As of June 30, 2022, the unused Amended Revolving Facility was $4,944 . 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 $1,492 (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 were

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2022
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	11. 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. The Company enters into foreign currency contracts with 30-day 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 that matures in December 2026. The changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive (loss) income and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During 2022 and 2021, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The Company estimates that $1,804 will be reclassified as a decrease to interest expense over the next twelve months related to its interest rate derivatives. 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, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Prepaid expenses and other assets ​ $ — ​ $ 39 Interest rate products ​ Other long-term assets ​ ​ 4,928 ​ ​ 340 ​ ​ ​ ​ $ 4,928 ​ $ 379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Accrued liabilities ​ $ 33 ​ $ — Interest rate products ​ Accrued liabilities ​ ​ — ​ ​ 120 ​ ​ ​ ​ $ 33 ​ $ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The tables below present the effect of cash flow hedge accounting on other comprehensive (loss) income (“OCI”) for the three and six months ended June 30, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of pre-tax (loss) gain recognized ​ Amount of pre-tax (loss) gain 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, ​ 2022 2021 2022 2021 Interest rate products ​ $ 1,182 ​ $ (157) ​ $ 4,419 ​ $ 547 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of pre-tax loss reclassified ​ Amount of pre-tax loss 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 ​ 2022 ​ 2021 2022 2021 Interest expense ​ $ (102) ​ $ (231) ​ $ (288) ​ $ (456) ​ 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 (loss) income for the three and six months ended June 30, 2022 and 2021 (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 2022 2021 2022 2021 Interest rate products Interest Expense ​ $ 1,525 ​ $ 807 ​ $ 2,563 ​ $ 1,668 ​ ​ The tables below present a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of June 30, 2022 and December 31, 2021. 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): ​ Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ of assets ​ 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 ​ ​ ​ 2022 assets balance sheets balance sheets instruments received Net amount Derivatives ​ $ 4,928 ​ $ — ​ $ 4,928 ​ $ — ​ $ — ​ $ 4,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ of assets ​ 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 ​ ​ ​ 2021 assets balance sheets balance sheets instruments received Net amount Derivatives ​ $ 387 ​ $ (8) ​ $ 379 ​ $ — ​ $ — ​ $ 379 ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross 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 ​ ​ ​ 2022 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 39 ​ $ (6) ​ $ 33 ​ $ — ​ $ — ​ $ 33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross 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 ​ ​ ​ 2021 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 120 ​ $ — ​ $ 120 ​ $ — ​ $ — ​ $ 120 ​ 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, 2022
FAIR VALUE
FAIR VALUE	12. 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, 2022 and December 31, 2021, respectively, by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 5,270 ​ $ — ​ $ — Deferred compensation plan assets ​ 3,868 ​ — ​ — Foreign currency hedge contracts ​ — ​ (33) ​ — Interest rate swaps, net ​ — ​ 4,928 ​ — Contingent consideration ​ — ​ — ​ (4,900) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,899 ​ $ — ​ $ — Deferred compensation plan assets ​ 4,636 ​ — ​ — Foreign currency hedge contracts ​ — ​ 39 ​ — Interest rate swaps, net ​ — ​ 220 ​ — Contingent consideration ​ — ​ — ​ (4,900) ​ The contingent consideration fair value measurement in connection with the acquisition of ALIO Industries in the fourth quarter of 2021 is based on significant inputs not observable in the market and therefore constitute Level 3 inputs within the fair value hierarchy. The Company determines the initial fair value of contingent consideration liabilities using a Monte Carlo valuation model, which involves a simulation of future earnings generated during the earn out-period using management’s best estimates, or a probability-weighted discounted cash flow analysis. There were no changes to the estimated fair value of contingent consideration during the three and six months ended June 30, 2022.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2022
INCOME TAXES
INCOME TAXES	13. 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 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 27.0% and 21.9% for the three months ended June 30, 2022 and 2021, respectively. The effective tax rate for the three months ended June 30, 2022 and 2021 includes discrete tax benefit of (1.6%) and (4.3%), respectively, related primarily to share-based payment awards. For the six months ended June 30, 2022 and 2021, the effective income tax rate was 25.1% and (40.3%), respectively. The effective tax rate includes a discrete tax benefit of (3.5%) and (67.1%), respectively. The discrete benefit in the six months ended June 30 2022 is primarily related to the reversal of uncertain tax positions. 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 changes our ability to use the carryforwards in future periods.

LEASES

LEASES	6 Months Ended
	Jun. 30, 2022
LEASES
LEASES	14. 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 and finance leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ Cash paid for amounts included in the measurement of operating leases $ 2,290 $ 2,679 Cash paid for amounts included in the measurement of finance lease obligations $ 368 $ — Right of use ("ROU") assets obtained in exchange for operating lease obligations ​ $ 2,770 ​ $ 1,640 ​ ROU assets obtained in acquisitions (Note 2) ​ $ 5,053 ​ $ — ​ ROU assets obtained in exchange for finance lease obligations ​ $ 9,471 ​ $ — ​ ​ ​ The Company’s finance lease obligations relate to a manufacturing facility. As of June 30, 2022, finance lease assets of property, plant and equipment accrued liabilities long-term debt ​ The following table presents the maturity of the Company’s operating and finance lease liabilities as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Remainder of 2022 $ 3,112 ​ $ 368 2023 ​ 4,699 ​ ​ 799 2024 ​ 4,030 ​ 815 2025 ​ 3,269 ​ 831 2026 ​ ​ 2,689 ​ ​ 848 2027 ​ ​ 2,525 ​ ​ 867 Thereafter ​ 6,506 ​ 8,769 Total undiscounted cash flows ​ $ 26,830 ​ $ 13,297 Less: present value discount ​ ​ (2,862) ​ ​ (3,750) Total lease liabilities ​ $ 23,968 ​ $ 9,547 ​ The Company leases certain facilities from companies for which a member of management is a part owner. In connection with such leases, the Company made fixed minimum lease payments to the lessor of $319 and $486 during the three and six months ended June 30, 2022 and is obligated to make payments of $430 during the remainder of 2022. Future fixed minimum lease payments under these leases as of June 30, 2022 are

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)	15. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME Accumulated Other Comprehensive (Loss) Income (“AOCI”) for the three months ended June 30, 2022 and 2021 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, 2022 ​ $ (863) ​ $ 3,644 ​ $ (863) ​ $ (8,642) ​ $ (6,724) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 1,182 ​ ​ (285) ​ ​ — ​ ​ 897 Amounts reclassified from AOCI ​ ​ — ​ ​ 102 ​ ​ (25) ​ ​ — ​ ​ 77 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,699) ​ ​ (8,699) At June 30, 2022 ​ $ (863) ​ $ 4,928 ​ $ (1,173) ​ $ (17,341) ​ $ (14,449) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 gain 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) AOCI for the six months ended June 30, 2022 and 2021 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, 2021 ​ $ (863) ​ $ 221 ​ $ (41) ​ $ (7,409) ​ $ (8,092) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 4,419 ​ ​ (1,062) ​ ​ — ​ ​ 3,357 Amounts reclassified from AOCI ​ ​ — ​ ​ 288 ​ ​ (70) ​ ​ — ​ ​ 218 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,932) ​ ​ (9,932) At June 30, 2022 ​ $ (863) ​ $ 4,928 ​ $ (1,173) ​ $ (17,341) ​ $ (14,449) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 loss 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) ​ The realized losses relating to the Company’s interest rate swap hedges were reclassified from AOCI and included in interest expense in the condensed consolidated statements of income and comprehensive (loss) income.

DIVIDENDS PER SHARE

DIVIDENDS PER SHARE	6 Months Ended
	Jun. 30, 2022
DIVIDENDS PER SHARE
DIVIDENDS PER SHARE	16. DIVIDENDS PER SHARE The Company declared a quarterly dividend of $0.025 per share in the first and second quarters of 2022. The Company declared a quarterly dividend of in the first and second quarters of 2021, respectively. Total dividends declared and paid were

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2022
EARNINGS PER SHARE
EARNINGS PER SHARE	17. 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, ​ 2022 2021 2022 2021 Basic weighted average shares outstanding 15,355 14,406 15,226 14,356 Dilutive effect of potential common shares 577 88 526 111 Diluted weighted average shares outstanding 15,932 14,494 15,752 14,467 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the three months ended June 30, 2022 and 2021, 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, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	18. 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. Revenues for the three months ended June 30, 2022 and 2021 was comprised of 58% and 55% shipped to U.S. customers, respectively. For the six months ended June 30, 2022 and 2021, revenues was comprised of shipped to U.S. customers, respectively. The remainder of revenues for all periods were shipped to foreign customers, primarily in Europe, Canada and Asia-Pacific. Identifiable foreign fixed assets were $33,246 and $32,807 as of June 30, 2022 and December 31, 2021, respectively. Identifiable assets outside of the U.S. are attributable to Europe, China, Mexico and Asia-Pacific. For the three months ended June 30, 2022 and 2021, one customer accounted for 11% and 16% of revenues, respectively. For the six months ended June 30, 2022 and 2021, one customer accounted for 12% and 16% of revenues, respectively. As of June 30, 2022 and December 31, 2021 this customer represented 11% and 10% of trade receivables, respectively.

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	6 Months Ended
	Jun. 30, 2022
ACQUISITIONS
Schedule of unaudited pro forma financial information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, ​ 2022 2021 2022 2021 Revenues ​ $ 127,492 ​ $ 118,398 ​ $ 248,322 ​ $ 236,600 Income before income taxes ​ $ 8,225 ​ $ 7,422 ​ $ 12,943 ​ $ 10,561
FPH Group
ACQUISITIONS
Schedule of purchase price allocation and estimated fair value of the assets acquired	The preliminary allocation of the purchase price paid for FPH is based on estimated fair values of the assets acquired and liabilities assumed of FPH as of May 30, 2022 and is as follows (in thousands): ​ ​ ​ ​ Cash and cash equivalents $ 1,755 Trade receivables ​ ​ 3,161 Inventories ​ ​ 4,576 Other assets, net ​ 174 Property, plant and equipment ​ 624 Right of use assets ​ ​ 4,165 Intangible assets ​ ​ 22,611 Goodwill ​ 13,314 Other current liabilities ​ ​ (956) Deferred revenue ​ ​ (776) Lease liabilities ​ ​ (4,165) Net deferred income tax liabilities ​ ​ (2,324) Net purchase price ​ $ 42,159
ThinGap and Airex
ACQUISITIONS
Schedule of purchase price allocation and estimated fair value of the assets acquired	The preliminary allocation of the purchase price paid is based on estimated fair values of the assets acquired and liabilities assumed as of May 24, 2022 for ThinGap and June 17, 2022 for Airex and is, collectively, as follows (in thousands): ​ ​ ​ ​ ​ Cash and cash equivalents $ 1,074 Trade receivables ​ ​ 1,295 Inventories ​ ​ 1,686 Other assets, net ​ 636 Property, plant and equipment ​ 202 Right of use assets ​ ​ 888 Intangible assets ​ ​ 6,000 Goodwill ​ 6,800 Other current liabilities ​ ​ (574) Deferred revenue ​ ​ (245) Lease liabilities ​ ​ (888) Net deferred income tax liabilities ​ ​ (347) Net purchase price ​ $ 16,527

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	6 Months Ended
	Jun. 30, 2022
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 2022 2021 2022 2021 Vehicle ​ $ 32,555 ​ $ 33,731 ​ $ 65,137 ​ $ 68,182 Industrial ​ 47,135 ​ 33,778 ​ 92,911 ​ 65,081 Medical ​ 20,194 ​ 20,235 ​ 41,513 ​ 43,524 Aerospace & Defense ​ 17,149 ​ 8,579 ​ 26,593 ​ 16,021 Other ​ 5,689 ​ 5,214 ​ 11,353 ​ 10,406 Total ​ $ 122,722 ​ $ 101,537 ​ $ 237,507 ​ $ 203,214 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ June 30, ​ June 30, Geography 2022 2021 2022 2021 North America (primarily U.S.) ​ $ 84,052 ​ $ 61,705 ​ $ 156,430 ​ $ 118,347 Europe ​ 32,122 ​ 31,538 ​ 65,871 ​ 68,700 Asia-Pacific ​ 6,548 ​ 8,294 ​ 15,206 ​ 16,167 Total ​ $ 122,722 ​ $ 101,537 ​ $ 237,507 ​ $ 203,214
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, ​ ​ 2022 ​ 2021 Contract liabilities in accrued liabilities ​ $ 6,977 ​ $ 2,425 Contract liabilities in other long-term liabilities ​ ​ 222 ​ ​ 242 ​ ​ $ 7,199 ​ $ 2,667 ​ ​ ​ ​ ​ ​ ​

INVENTORIES (Tables)

INVENTORIES (Tables)	6 Months Ended
	Jun. 30, 2022
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, ​ ​ 2022 ​ 2021 Parts and raw materials ​ $ 86,142 ​ $ 65,223 Work-in-process ​ 10,905 ​ 9,529 Finished goods ​ 15,208 ​ 14,981 ​ ​ $ 112,255 ​ $ 89,733

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2022
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 ​ 2022 ​ 2021 Land ​ ​ ​ $ 959 ​ $ 979 Building and improvements 5 - 39 years ​ 24,413 ​ 14,398 Machinery, equipment, tools and dies 3 - 15 years ​ 82,958 ​ 82,898 Construction work in progress ​ ​ ​ ​ 12,175 ​ ​ 9,582 Furniture, fixtures and other 3 - 10 years ​ 21,870 ​ 21,794 ​ ​ ​ ​ 142,375 ​ 129,651 Less accumulated depreciation ​ ​ ​ (76,430) ​ (72,668) Property, plant and equipment, net ​ ​ ​ $ 65,945 ​ $ 56,983 ​

GOODWILL (Tables)

GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ June 30, ​ ​ 2022 Beginning balance $ 106,633 Goodwill acquired (Note 2) ​ 20,114 Impact of measurement period adjustments of 2021 acquisitions (Note 2) ​ 175 Effect of foreign currency translation (1,916) Ending balance $ 125,006

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2022
INTANGIBLE ASSETS
Schedule of intangible assets	Intangible assets on the Company’s condensed consolidated balance sheets consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Gross Accumulated Net Book Gross Accumulated Net Book ​ ​ Life ​ Amount ​ Amortization ​ Value ​ Amount ​ Amortization ​ Value Customer lists 5-18 years ​ $ 112,875 ​ $ (30,446) ​ $ 82,429 ​ $ 94,079 ​ $ (27,639) ​ $ 66,440 Trade name 10 - 19 years ​ 15,287 ​ (6,347) ​ 8,940 ​ 14,649 ​ (5,927) ​ 8,722 Design and technologies 10 - 15 years ​ 41,312 ​ (6,738) ​ 34,574 ​ 34,241 ​ (5,617) ​ 28,624 Total ​ ​ ​ $ 169,474 ​ $ (43,531) ​ $ 125,943 ​ $ 142,969 ​ $ (39,183) ​ $ 103,786 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of estimated amortization expense for intangible assets	Estimated future intangible asset amortization expense as of June 30, 2022 is as follows (in thousands): ​ ​ ​ ​ ​ ​ Estimated ​ Amortization Expense Remainder of 2022 ​ $ 6,133 2023 ​ 12,269 2024 ​ 11,944 2025 ​ ​ 11,928 2026 ​ 11,831 2027 ​ ​ 11,388 Thereafter ​ 60,450 Total estimated amortization expense ​ $ 125,943 ​ ​ ​ ​

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2022
STOCK-BASED COMPENSATION PLANS
Summary of restricted stock activity	The following is a summary of restricted stock activity for the six months ended June 30, 2022: ​ ​ ​ ​ ​ ​ Number of ​ shares Outstanding at beginning of period 293,577 Awarded 166,650 Vested (116,638) Forfeited (8,312) Outstanding at end of period 335,277 ​

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2022
ACCRUED LIABILITIES
Schedule of accrued liabilities	Accrued liabilities consist of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Compensation and fringe benefits ​ $ 11,317 ​ $ 14,666 Accrued business acquisition consideration ​ 12,559 ​ 12,388 Warranty reserve ​ 2,038 ​ 1,869 Operating lease liabilities - current ​ ​ 5,035 ​ ​ 4,532 Finance lease obligations - current ​ ​ 338 ​ ​ — Deferred revenue ​ ​ 6,977 ​ ​ 2,425 Other accrued expenses ​ 8,031 ​ 5,776 ​ ​ $ 46,295 ​ $ 41,656

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	6 Months Ended
	Jun. 30, 2022
DEBT OBLIGATIONS
Schedule of debt obligations	Debt obligations consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ 2022 2021 Long-term Debt ​ ​ ​ ​ ​ ​ Revolving Credit Facility, long-term (1) ​ $ 220,056 ​ $ 159,395 Unamortized debt issuance costs ​ ​ (365) ​ ​ (435) Finance lease obligations - noncurrent ​ ​ 9,210 ​ ​ — Long-term debt ​ $ 228,901 ​ $ 158,960 (1) The effective rate of the Amended Revolving Facility is 2.92% at June 30, 2022.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Prepaid expenses and other assets ​ $ — ​ $ 39 Interest rate products ​ Other long-term assets ​ ​ 4,928 ​ ​ 340 ​ ​ ​ ​ $ 4,928 ​ $ 379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Accrued liabilities ​ $ 33 ​ $ — Interest rate products ​ Accrued liabilities ​ ​ — ​ ​ 120 ​ ​ ​ ​ $ 33 ​ $ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of effect of cash flow hedge accounting on other comprehensive income (loss) (OCI)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Asset Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Prepaid expenses and other assets ​ $ — ​ $ 39 Interest rate products ​ Other long-term assets ​ ​ 4,928 ​ ​ 340 ​ ​ ​ ​ $ 4,928 ​ $ 379 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability Derivatives ​ ​ ​ ​ Fair value as of: Derivatives designated as ​ Balance Sheet ​ June 30, ​ December 31, hedging instruments Location 2022 2021 Foreign currency contracts ​ Accrued liabilities ​ $ 33 ​ $ — Interest rate products ​ Accrued liabilities ​ ​ — ​ ​ 120 ​ ​ ​ ​ $ 33 ​ $ 120 ​ ​ ​ ​ ​ ​ ​ ​ ​
Schedule of effect of the Company's derivative financial instruments on the condensed consolidated statements of income and comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of pre-tax loss reclassified ​ Amount of pre-tax loss 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 ​ 2022 ​ 2021 2022 2021 Interest expense ​ $ (102) ​ $ (231) ​ $ (288) ​ $ (456) ​ 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 (loss) income for the three and six months ended June 30, 2022 and 2021 (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 2022 2021 2022 2021 Interest rate products Interest Expense ​ $ 1,525 ​ $ 807 ​ $ 2,563 ​ $ 1,668
Schedule of fair value provides the location that derivative assets and liabilities	​ Derivative assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ of assets ​ 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 ​ ​ ​ 2022 assets balance sheets balance sheets instruments received Net amount Derivatives ​ $ 4,928 ​ $ — ​ $ 4,928 ​ $ — ​ $ — ​ $ 4,928 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross amounts ​ of assets ​ 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 ​ ​ ​ 2021 assets balance sheets balance sheets instruments received Net amount Derivatives ​ $ 387 ​ $ (8) ​ $ 379 ​ $ — ​ $ — ​ $ 379 ​ Derivative liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross 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 ​ ​ ​ 2022 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 39 ​ $ (6) ​ $ 33 ​ $ — ​ $ — ​ $ 33 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net amounts ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross 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 ​ ​ ​ 2021 liabilities balance sheets balance sheets instruments received Net amount Derivatives ​ $ 120 ​ $ — ​ $ 120 ​ $ — ​ $ — ​ $ 120 ​

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2022
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, 2022 and December 31, 2021, respectively, by level within the fair value hierarchy (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 5,270 ​ $ — ​ $ — Deferred compensation plan assets ​ 3,868 ​ — ​ — Foreign currency hedge contracts ​ — ​ (33) ​ — Interest rate swaps, net ​ — ​ 4,928 ​ — Contingent consideration ​ — ​ — ​ (4,900) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ Level 1 Level 2 Level 3 Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension plan assets ​ $ 6,899 ​ $ — ​ $ — Deferred compensation plan assets ​ 4,636 ​ — ​ — Foreign currency hedge contracts ​ — ​ 39 ​ — Interest rate swaps, net ​ — ​ 220 ​ — Contingent consideration ​ — ​ — ​ (4,900)

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2022
LEASES
Schedule of supplemental cash flow information related to the operating leases	Supplemental cash flow information related to the Company’s operating and finance leases for the six months ended June 30, 2022 and 2021 was as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ Cash paid for amounts included in the measurement of operating leases $ 2,290 $ 2,679 Cash paid for amounts included in the measurement of finance lease obligations $ 368 $ — Right of use ("ROU") assets obtained in exchange for operating lease obligations ​ $ 2,770 ​ $ 1,640 ​ ROU assets obtained in acquisitions (Note 2) ​ $ 5,053 ​ $ — ​ ROU assets obtained in exchange for finance lease obligations ​ $ 9,471 ​ $ — ​
Schedule of maturity of the operating lease liabilities	​ The following table presents the maturity of the Company’s operating and finance lease liabilities as of June 30, 2022 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Remainder of 2022 $ 3,112 ​ $ 368 2023 ​ 4,699 ​ ​ 799 2024 ​ 4,030 ​ 815 2025 ​ 3,269 ​ 831 2026 ​ ​ 2,689 ​ ​ 848 2027 ​ ​ 2,525 ​ ​ 867 Thereafter ​ 6,506 ​ 8,769 Total undiscounted cash flows ​ $ 26,830 ​ $ 13,297 Less: present value discount ​ ​ (2,862) ​ ​ (3,750) Total lease liabilities ​ $ 23,968 ​ $ 9,547
Schedule of maturity of the financing lease liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Leases ​ Finance Leases Remainder of 2022 $ 3,112 ​ $ 368 2023 ​ 4,699 ​ ​ 799 2024 ​ 4,030 ​ 815 2025 ​ 3,269 ​ 831 2026 ​ ​ 2,689 ​ ​ 848 2027 ​ ​ 2,525 ​ ​ 867 Thereafter ​ 6,506 ​ 8,769 Total undiscounted cash flows ​ $ 26,830 ​ $ 13,297 Less: present value discount ​ ​ (2,862) ​ ​ (3,750) Total lease liabilities ​ $ 23,968 ​ $ 9,547

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)	6 Months Ended
	Jun. 30, 2022
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS).
Schedule of accumulated other comprehensive income (loss) ("AOCI")	Accumulated Other Comprehensive (Loss) Income (“AOCI”) for the three months ended June 30, 2022 and 2021 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, 2022 ​ $ (863) ​ $ 3,644 ​ $ (863) ​ $ (8,642) ​ $ (6,724) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 1,182 ​ ​ (285) ​ ​ — ​ ​ 897 Amounts reclassified from AOCI ​ ​ — ​ ​ 102 ​ ​ (25) ​ ​ — ​ ​ 77 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,699) ​ ​ (8,699) At June 30, 2022 ​ $ (863) ​ $ 4,928 ​ $ (1,173) ​ $ (17,341) ​ $ (14,449) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 gain 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) AOCI for the six months ended June 30, 2022 and 2021 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, 2021 ​ $ (863) ​ $ 221 ​ $ (41) ​ $ (7,409) ​ $ (8,092) Unrealized gain on cash flow hedges ​ ​ — ​ ​ 4,419 ​ ​ (1,062) ​ ​ — ​ ​ 3,357 Amounts reclassified from AOCI ​ ​ — ​ ​ 288 ​ ​ (70) ​ ​ — ​ ​ 218 Foreign currency translation loss ​ ​ — ​ ​ — ​ ​ — ​ ​ (9,932) ​ ​ (9,932) At June 30, 2022 ​ $ (863) ​ $ 4,928 ​ $ (1,173) ​ $ (17,341) ​ $ (14,449) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 loss 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) ​

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2022
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, ​ 2022 2021 2022 2021 Basic weighted average shares outstanding 15,355 14,406 15,226 14,356 Dilutive effect of potential common shares 577 88 526 111 Diluted weighted average shares outstanding 15,932 14,494 15,752 14,467 ​ ​ ​ ​ ​ ​ ​ ​ ​

BASIS OF PREPARATION AND PRES_2

BASIS OF PREPARATION AND PRESENTATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basis of Presentation and Policies [Line Items]
Business development	$ 1,417	$ 155	$ 2,265	$ 174
Manufacturing Facility in Twinsburg, Ohio
Basis of Presentation and Policies [Line Items]
Business development	$ 4		$ 344

ACQUISITIONS (Details)

ACQUISITIONS (Details) $ / shares in Units, shares in Thousands						3 Months Ended				6 Months Ended
	Jun. 17, 2022 USD ($) $ / shares shares	May 30, 2022 USD ($) shares	May 27, 2022 $ / shares shares	Dec. 30, 2021 USD ($)	Nov. 04, 2021 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Jun. 30, 2022 USD ($) payment installment	Jun. 30, 2021 USD ($)	May 24, 2022	Dec. 31, 2021 USD ($)	Nov. 02, 2021
ACQUISITIONS
Adjustments to purchase price						$ 0	$ 119,000
Increase in goodwill							175,000			$ 175,000
Cash paid for acquisition										44,569,000
Fair value of contingent consideration						0				0
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Right of use assets						5,053,000				5,053,000
Goodwill						125,006,000				125,006,000			$ 106,633,000
Revenues						122,722,000		$ 101,537,000		237,507,000	$ 203,214,000
Earnings						4,581,000	2,504,000	4,634,000	$ 11,927,000	7,084,000	16,561,000
Working capital adjustment						0	$ 185,000
Pro forma Condensed Combined Financial Information
Revenues						127,492,000		118,398,000		248,322,000	236,600,000
Income before income taxes						8,225,000		$ 7,422,000		12,943,000	$ 10,561,000
FPH Group
ACQUISITIONS
Business acquisition percentage of voting interests acquired		100%
Purchase price		$ 42,159,000
Transaction costs related to acquisition		710,000
Cash paid for acquisition		39,359,000
Shares issued for acquisition		550,000
Number of share issued for consideration | shares			22,886
Stock price | $ / shares			$ 24.01
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents		1,755,000
Trade receivables		3,161,000
Inventories		4,576,000
Other assets, net		174,000
Property, plant and equipment		624,000
Right of use assets		4,165,000
Intangible assets		22,611,000
Goodwill		13,314,000
Other current liabilities		(956,000)
Deferred revenue		(776,000)
Lease liabilities		(4,165,000)
Net deferred income tax liabilities		(2,324,000)
Net purchase price		$ 42,159,000
Revenues						1,925,000				1,925,000
Earnings						247,000
Number of Shares Issued in Exchange		1
FPH Group | Technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 5,731,000
Estimated Life		10 years
FPH Group | Customer lists
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 16,173,000
Estimated Life		12 years
FPH Group | Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets		$ 707,000
Estimated Life		10 years
FPH Group | Exchangeable Shares
ACQUISITIONS
Shares issued for acquisition		$ 2,250,000
Number of share issued for consideration | shares		93,728
ThinGap and Airex
ACQUISITIONS
Purchase price	$ 16,527,000
Cash paid for acquisition	8,224,000
Shares issued for acquisition	$ 8,303,000
Number of share issued for consideration | shares	376,500
Shares subject to indemnification holdback | shares	29,631
Stock price | $ / shares	$ 22.05
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Cash and cash equivalents	$ 1,074,000
Trade receivables	1,295,000
Inventories	1,686,000
Other assets, net	636,000
Property, plant and equipment	202,000
Right of use assets	888,000
Intangible assets	6,000,000
Goodwill	6,800,000
Other current liabilities	(574,000)
Deferred revenue	(245,000)
Lease liabilities	(888,000)
Net deferred income tax liabilities	(347,000)
Net purchase price	16,527,000
Revenues						408,000
ThinGap and Airex | Business development
ACQUISITIONS
Transaction costs related to acquisition	179,000
ThinGap and Airex | Technology
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 2,000,000
Estimated Life	12 years 6 months
ThinGap and Airex | Customer lists
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 3,800,000
Estimated Life	10 years
ThinGap and Airex | Trade name
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 200,000
Estimated Life	10 years
ThinGap
ACQUISITIONS
Business acquisition percentage of voting interests acquired												100%
Airex LLC
ACQUISITIONS
Business acquisition percentage of voting interests acquired	100%
ORMEC
ACQUISITIONS
Business acquisition percentage of voting interests acquired														100%
ALIO
ACQUISITIONS
Business acquisition percentage of voting interests acquired					100%
Fair value of contingent consideration					$ 4,900,000	0				0
ALIO | Accrued liabilities.
ACQUISITIONS
Fair value of contingent consideration						1,125,000				1,125,000
ALIO | Other long-term liabilities
ACQUISITIONS
Fair value of contingent consideration						3,775,000				$ 3,775,000
ORMEC and ALIO
ACQUISITIONS
Purchase price					$ 33,458,000
Spectrum Controls
ACQUISITIONS
Purchase price				$ 68,711,000
Number of remaining payments | payment										2
Amount payable at each payment										$ 12,500,000
Number of equal installments | installment										2
Percentage of remaining consideration in cash										50%
Percentage of remaining consideration in stock										50%
Spectrum Controls | Accrued liabilities.
ACQUISITIONS
Consideration remaining payable						12,444,000				$ 12,444,000			12,388,000
Spectrum Controls | Other long-term liabilities
ACQUISITIONS
Consideration remaining payable						$ 12,333,000				$ 12,333,000			$ 12,277,000

REVENUE RECOGNITION - Disaggreg

REVENUE RECOGNITION - Disaggregation of Revenue (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Number of reportable segment | segment			1
Revenues	$ 122,722	$ 101,537	$ 237,507	$ 203,214
Vehicle
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	32,555	33,731	65,137	68,182
Industrial
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	47,135	33,778	92,911	65,081
Medical
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	20,194	20,235	41,513	43,524
Aerospace & Defense
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	17,149	8,579	26,593	16,021
Other
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	5,689	5,214	11,353	10,406
United States
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	84,052	61,705	156,430	118,347
Europe
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	32,122	31,538	65,871	68,700
Asia-Pacific
Reconciliation of disaggregated revenue to segment revenue as well as revenue by geographical regions
Revenues	$ 6,548	$ 8,294	$ 15,206	$ 16,167

REVENUE RECOGNITION - Contract

REVENUE RECOGNITION - Contract Balances (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
REVENUE RECOGNITION
Contract liabilities in accrued liabilities	$ 6,977	$ 2,425
Contract liabilities in other long-term liabilities	222	242
Contract liabilities	7,199	$ 2,667
Revenue recognized	$ 1,865

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
INVENTORIES
Parts and raw materials	$ 86,142	$ 65,223
Work-in-process	10,905	9,529
Finished goods	15,208	14,981
Inventories	$ 112,255	$ 89,733

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Property, plant and equipment
Property, plant and equipment, gross	$ 142,375		$ 142,375		$ 129,651
Less accumulated depreciation	(76,430)		(76,430)		(72,668)
Property, plant and equipment, net	65,945		65,945		56,983
Depreciation expense	3,181	$ 2,948	6,404	$ 5,867
Land
Property, plant and equipment
Property, plant and equipment, gross	959		959		979
Building and improvements
Property, plant and equipment
Property, plant and equipment, gross	24,413		$ 24,413		14,398
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	82,958		$ 82,958		82,898
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	12,175		$ 12,175		9,582
Furniture, fixtures and other
Property, plant and equipment
Property, plant and equipment, gross	$ 21,870		$ 21,870		$ 21,794
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) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2022	Jun. 30, 2022
Change in goodwill
Beginning balance	$ 106,633	$ 106,633
Goodwill acquired (Note 2)		20,114
Impact of measurement period adjustments of 2021 acquisitions	$ 175	175
Effect of foreign currency translation		(1,916)
Ending balance		$ 125,006

INTANGIBLE ASSETS (Details)

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Intangible assets subject to amortization
Gross Amount	$ 169,474		$ 169,474		$ 142,969
Accumulated amortization	(43,531)		(43,531)		(39,183)
Net Book Value	125,943		125,943		103,786
Intangible assets resulting from the acquisitions			28,611
Amortization expense for intangible assets	2,645	$ 1,511	5,079	$ 3,023
Estimated amortization expense
Remainder of 2022	6,133		6,133
2023	12,269		12,269
2024	11,944		11,944
2025	11,928		11,928
2026	11,831		11,831
2027	11,388		11,388
Thereafter	60,450		60,450
Total estimated amortization expense	125,943		125,943
Customer lists
Intangible assets subject to amortization
Gross Amount	112,875		112,875		94,079
Accumulated amortization	(30,446)		(30,446)		(27,639)
Net Book Value	82,429		$ 82,429		66,440
Customer lists | Minimum
Intangible assets subject to amortization
Estimated Life			5 years
Customer lists | Maximum
Intangible assets subject to amortization
Estimated Life			18 years
Trade name
Intangible assets subject to amortization
Gross Amount	15,287		$ 15,287		14,649
Accumulated amortization	(6,347)		(6,347)		(5,927)
Net Book Value	8,940		$ 8,940		8,722
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	41,312		$ 41,312		34,241
Accumulated amortization	(6,738)		(6,738)		(5,617)
Net Book Value	$ 34,574		$ 34,574		$ 28,624
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

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Additional disclosures
Stock based compensation expense, net of forfeitures			$ 2,490	$ 1,797
Restricted Stock
STOCK-BASED COMPENSATION
Weighted average market value (in dollars per share)			$ 33.47
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)			293,577
Awarded (in shares)			166,650
Vested (in shares)			(116,638)
Forfeited (in shares)			(8,312)
Outstanding at end of period (in shares)	335,277		335,277
Additional disclosures
Stock based compensation expense, net of forfeitures	$ 1,141	$ 1,000	$ 2,490	$ 1,797
Restricted Stock | Performance based vesting
Number of Non-vested Restricted Shares
Awarded (in shares)			104,946

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
ACCRUED LIABILITIES
Compensation and fringe benefits	$ 11,317	$ 14,666
Accrued business acquisition consideration	12,559	12,388
Warranty reserve	2,038	1,869
Operating lease liabilities - current	$ 5,035	$ 4,532
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities	Accrued liabilities
Finance Lease, Liability, Current	$ 338
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities	Accrued liabilities
Deferred revenue	$ 6,977	$ 2,425
Other accrued expenses	8,031	5,776
Accrued liabilities	$ 46,295	$ 41,656

DEBT OBLIGATIONS (Details)

DEBT OBLIGATIONS (Details) ¥ in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 CNY (¥)	Dec. 31, 2021 USD ($)
DEBT OBLIGATIONS
Unamortized debt issuance costs	$ (365)		$ (365)			$ (435)
Finance lease obligations - noncurrent	9,210		9,210
Long-term debt	228,901		228,901			158,960
Maturities of long-term debt
Remainder of 2022	368		368
Revolving Credit Facility
DEBT OBLIGATIONS
Revolving Credit Facility, long-term	$ 220,056		$ 220,056			$ 159,395
Effective rate (as a percent)	2.92%		2.92%		2.92%
Amended Revolving Facility
DEBT OBLIGATIONS
Maximum borrowing capacity	$ 225,000		$ 225,000
Available borrowing capacity	75,000		$ 75,000
Commitment fees on unused portion of the Amended Revolving Facility ( as a percent)			0.225%
Leverage ratio			4%
Unused amount of credit facility	4,944		$ 4,944
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)			1.75%
Amended Revolving Facility | LIBOR | Minimum
DEBT OBLIGATIONS
Applicable margin (as a percent)			1%
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)			1.25%
Amended Revolving Facility | Prime Rate | Minimum
DEBT OBLIGATIONS
Applicable margin (as a percent)			0%
Amended Revolving Facility | Prime Rate | Maximum
DEBT OBLIGATIONS
Applicable margin (as a percent)			1.25%
China Credit Facility
DEBT OBLIGATIONS
Maximum borrowing capacity	1,492		$ 1,492		¥ 10,000
Average outstanding borrowings	$ 0	$ 0	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Mar. 31, 2020 USD ($) derivative	Feb. 28, 2017 USD ($) instrument
Derivative financial instruments
Term of contract			30 days
Other (income) expense
Derivative financial instruments
Gain (loss) on foreign currency contracts	$ 253	$ 39	$ 203	$ 27
Interest Rate Swaps
Derivative financial instruments
Number of derivative instruments							2	3
Notional Amount	40,000		40,000
Notional amount of interest rate swap derivatives					$ 60,000		$ 20,000	$ 40,000
Estimated amount to be reclassified as an increase to interest expense			1,804
Foreign currency contracts
Derivative financial instruments
Notional Amount	16,000		16,000
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 gain recognized in OCI on derivatives	1,182	(157)	4,419	547
Amount of pre-tax loss reclassified from accumulated OCI into income	(102)	(231)	(288)	(456)
Derivatives designated as hedging instruments
Derivative financial instruments
Fair value of derivative Asset	4,928		4,928			$ 379
Fair value of derivative liability	33		33			120
Derivatives designated as hedging instruments | Interest rate products | Interest 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	1,525	$ 807	2,563	$ 1,668
Derivatives designated as hedging instruments | Interest rate products | Other long-term assets
Derivative financial instruments
Fair value of derivative Asset	4,928		4,928			340
Derivatives designated as hedging instruments | Interest rate products | Accrued liabilities.
Derivative financial instruments
Fair value of derivative liability						120
Derivatives designated as hedging instruments | Foreign currency contracts | Prepaid expenses and other assets
Derivative financial instruments
Fair value of derivative Asset						$ 39
Derivatives designated as hedging instruments | Foreign currency contracts | Accrued liabilities.
Derivative financial instruments
Fair value of derivative liability	$ 33		$ 33

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS - Effects of offsetting (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Derivative assets:
Gross amounts of recognized assets	$ 4,928	$ 387
Gross amounts offset in the consolidated balance sheets		(8)
Net amounts of assets presented in the consolidated balance sheets	4,928	379
Gross amounts not offset in the consolidated balance sheets: Net amount	4,928	379
Derivative liabilities:
Gross amounts of recognized liabilities	39	120
Gross amounts offset in the consolidated balance sheets	(6)
Net amounts of liabilities presented in the consolidated balance sheets	33	120
Gross amounts not offset in the consolidated balance sheets: Net amount	$ 33	$ 120

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets (liabilities)
Contingent consideration	$ 0
Recurring basis | Level 1
Assets (liabilities)
Pension plan assets	5,270	$ 6,899
Deferred compensation plan assets	3,868	4,636
Recurring basis | Level 2
Assets (liabilities)
Foreign currency hedge contracts		39
Foreign currency hedge contracts	(33)
Interest rate swaps, net	4,928	220
Recurring basis | Level 3
Assets (liabilities)
Contingent consideration	$ (4,900)	$ (4,900)

INCOME TAXES (Details)

INCOME TAXES (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Effective income tax rate
Effective income tax rate (as a percent)	27%	21.90%	25.10%	40.30%
Discrete tax benefit (as a percent)	(1.6)	(4.3)	(3.5)	(67.1)

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
LEASES
Options to terminate the leases	true
Operating lease option to terminate Period	30 days
Supplemental cash flow information related to the operating leases
Cash paid for amounts included in the measurement of operating leases	$ 2,290	$ 2,679
Cash paid for amounts included in the measurement of finance lease obligations	368
Right of use ("ROU") assets obtained in exchange for operating lease obligations	2,770	$ 1,640
ROU assets obtained in acquisitions (Note 2)	5,053
Right of use assets obtained in exchange for finance lease obligations	9,471
Lease assets and liabilities
Finance lease assets	$ 9,155
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant and Equipment, Net
Finance lease obligations, current	$ 338
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current		Accrued Liabilities, Current
Finance lease obligations - noncurrent	$ 9,210
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term Debt, Excluding Current Maturities
Maturity of the operating lease liabilities
Remainder of 2022	$ 3,112
2023	4,699
2024	4,030
2025	3,269
2026	2,689
2027	2,525
Thereafter	6,506
Total undiscounted cash flows	26,830
Less: present value discount	(2,862)
Total lease liabilities	23,968
Maturity of the financing lease liabilities
Remainder of 2022	368
2023	799
2024	815
2025	831
2026	848
2027	867
Therafter	8,769
Total undiscounted cash flows	13,297
Less: present value discount	(3,750)
Total lease liabilities	$ 9,547

LEASES - Related party (Details

LEASES - Related party (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Lease payments		$ 2,290	$ 2,679
Total lease liabilities	$ 23,968	23,968
Lease obligation	26,830	26,830
Executive Officer
Lessee, Lease, Description [Line Items]
Lease payments	319	486
Total lease liabilities	7,117	7,117
Lease obligation	$ 430	$ 430

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	$ 193,671	$ 153,048	$ 187,762	$ 143,056
Balances	201,279	157,979	201,279	157,979
Accumulated Other Comprehensive Income
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(6,724)	(6,586)	(8,092)	(3,287)
Unrealized gain (loss) on cash flow hedges	897	(119)	3,357	418
Amounts reclassified from AOCI	77	175	218	346
Foreign currency translation gain (loss)	(8,699)	955	(9,932)	(3,052)
Balances	(14,449)	(5,575)	(14,449)	(5,575)
Pension Adjustments
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(863)	(1,633)	(863)	(1,633)
Balances	(863)	(1,633)	(863)	(1,633)
Cash Flow Hedges
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	3,644	(960)	221	(1,889)
Unrealized gain (loss) on cash flow hedges	1,182	(157)	4,419	547
Amounts reclassified from AOCI	102	231	288	456
Balances	4,928	(886)	4,928	(886)
Tax effect of Cash Flow Hedges
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(863)	230	(41)	451
Unrealized gain (loss) on cash flow hedges			(1,062)	(129)
Amounts reclassified from AOCI			(70)	(110)
Unrealized loss on cash flow hedges, Tax effect	(285)	38
Amounts reclassified from AOCI, Tax effect	(25)	(56)
Balances	(1,173)	212	(1,173)	212
Foreign Currency Translation Adjustments
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Balances	(8,642)	(4,223)	(7,409)	(216)
Foreign currency translation gain (loss)	(8,699)	955	(9,932)	(3,052)
Balances	$ (17,341)	$ (3,268)	$ (17,341)	$ (3,268)

DIVIDENDS PER SHARE (Details)

DIVIDENDS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
DIVIDENDS PER SHARE
Dividends declared (in dollars per share)	$ 0.025	$ 0.025	$ 0.025	$ 0.02
Total dividends declared					$ 776	$ 662

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Basic and diluted weighted-average shares outstanding
Basic weighted average shares outstanding	15,355	14,406	15,226	14,356
Dilutive effect of potential common shares	577	88	526	111
Diluted weighted average shares outstanding	15,932	14,494	15,752	14,467

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Segment information
Number of operating segments | segment			1
Identifiable assets	$ 576,115		$ 576,115		$ 470,785
Revenues derived from foreign subsidiaries	$ 122,722	$ 101,537	$ 237,507	$ 203,214
Total Revenue | Customer Concentration Risk | Customer One
Segment information
Percentage of concentration risk	11%	16%	12%	16%
Trade receivables | Customer Concentration Risk | Customer One
Segment information
Percentage of concentration risk			11%		10%
United States
Segment information
Revenues derived from foreign subsidiaries	$ 84,052	$ 61,705	$ 156,430	$ 118,347
United States | Total Revenue | Geographic Concentration Risk
Segment information
Percentage of concentration risk	58%	55%	57%	53%
Europe, Canada and Asia-Pacific
Segment information
Identifiable assets	$ 33,246		$ 33,246		$ 32,807