0000918541-23-000023 | 10-K | XBRL Viewer

Changes in operating assets and liabilities:

(3,207)

(2,611)

(4,730)

Accounts receivable

(4,920)

13,698

10,831

Inventories

(6,672)

(12,959)

5,114

Accounts payable

8,619

343

(8,606)

Income taxes receivable and payable, net

(1,457)

(4,516)

(633)

Net cash provided by operating activities

(4,091)

(2,761)

11,295

7,717

15,586

15,549

Net Cash Provided by (Used in) Investing Activities [Abstract]

Acquisition of property, plant and equipment

(17,952)

(18,221)

(23,773)

Proceeds from (cash paid for post-closing adjustments on) sale of business, net of cash sold

(3,880)

743,178

Proceeds from sale of property, plant, and equipment

460

1,418

3,317

Cash settlements of interest rate swap

(15,420)

(4,133)

Net cash provided by (used in) investing activities

695

(17,492)

(36,103)

719,284

Net Cash Provided by (Used in) Financing Activities [Abstract]

Cash paid for debt issuance costs

(136)

(7,360)

(661)

Proceeds from issuance of preferred stock

61,793

Redemption of preferred stock

(122,434)

Proceeds from long-term debt

46,000

171,000

66,195

Repayments of long-term debt

(47,958)

(93,729)

(776,331)

Repayments of short-term debt, net

(1,563)

(924)

Net cash provided by (used in) financing activities

(3,092)

(5,150)

(3,133)

(5,186)

2,557

(714,854)

Effect of exchange rate changes on cash flows

(887)

(1,522)

(3,544)

Net change in cash and cash equivalents

(15,848)

(19,482)

16,435

Cash and cash equivalents at beginning of year

^[1]

28,656

48,138

31,703

Cash and cash equivalents at end of year

12,808

28,656

^[1]

48,138

^[1]

Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]

Non-cash additions to property, plant and equipment

1,266

4,438

9,644

Supplemental Cash Flow Information [Abstract]

Cash paid for interest

13,344

10,739

51,542

Cash paid for income taxes

$ 4,739

$ 7,624

$ 2,241

[1]	Cash and cash equivalents include $13.8 million of cash and cash equivalents that were included in current assets of discontinued operations as of December 31, 2019.

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	Dec. 31, 2019 USD ($)
Statement of Cash Flows [Abstract]
Cash and Cash Equivalents, Disposal Group	$ 13.8

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Business NN, Inc. is a diversified industrial company that combines in-depth materials science expertise with advanced engineering and production capabilities to design and manufacture high-precision metal and plastic components and assemblies for a variety of end markets on a global basis. As used in this Annual Report on Form 10-K (this “Annual Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. We have 31 facilities in North America, Europe, South America, and Asia. Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current year’s presentation. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these Notes to Consolidated Financial Statements are in thousands. Principles of Consolidation Our consolidated financial statements include the accounts of NN, Inc., and its wholly owned subsidiaries. We own a 49% interest in a joint venture which we account for using the equity method (see Note 9). All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to use estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. Accounting Standards Recently Adopted In August 2020, the FASB issued ASU 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity. Specifically, ASU 2020-06 simplifies accounting for convertible instruments by removing major separation models required under current U.S. GAAP. In addition, ASU 2020-06 removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for the exception. Further, for the diluted earnings-per-share calculation, the new guidance requires entities to use the if-converted method for all convertible instruments and generally requires entities to include the effect of share settlement for instruments that may be settled in cash or shares, among other things. The adoption of ASU 2020-06 effective January 1, 2022 did not have a material impact on our consolidated financial statements and related disclosures. In May 2021, the FASB issued ASU 2021-04, Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (“ASU 2021-04”), which clarifies the accounting for modifications or exchanges of freestanding equity-classified written call options that remain equity classified after modification or exchange. Specifically, ASU 2021-04 requires the issuer to treat a modification of an equity-classified warrant as an exchange of the original warrant. The difference between the fair value of the modified warrant and the fair value of the warrant immediately before modification is then recognized as an issuance cost or discount of the related transaction. Since we do not have any equity-classified written call options that would be subject to this guidance, the adoption of ASU 2021-04 did not have any impact on our consolidated financial statements and related disclosures during the year ended December 31, 2022. In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832): Disclosures by Business Entities about Government Assistance (“ASU 2021-10”), which requires business entities to provide certain annual disclosures when they have received government assistance and use a grant or contribution accounting model by analogy to other accounting guidance. We have adopted ASU 2021-10 prospectively for the year ended December 31, 2022. Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. We maintain cash balances in transaction accounts with various financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). Although we maintain balances that exceed the federally insured limit, we have not experienced any losses related to these balances, and we believe credit risk to be minimal. We had $12.5 million and $17.6 million in cash and cash equivalents as of December 31, 2022 and 2021, respectively, held at foreign financial institutions. Fair Value Measurements Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement. Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their net realizable value. We maintain allowances for estimated losses resulting from the inability of our customers to make required payments. The allowances are based on the amount that we ultimately expect to collect from our customers. We evaluate the collectability of accounts receivable based on a combination of factors including number of days receivables are past due, historical collection experience, current market conditions, and forecasted direction of economic and business environment. Accounts receivable are written off at the time a customer receivable is deemed uncollectible. Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costs, which approximates the average cost method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste included in cost of products sold. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations. The costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory. Inventories also include tools, molds, and dies in progress that we are producing and will ultimately sell to our customers. These inventories are also carried at the lower of cost or net realizable value. Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at the lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and improvements are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss). We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment also includes tools, molds, and dies used in manufacturing. Depreciation is calculated based on historical cost using the straight-line method over the estimated useful lives of the depreciable assets. Estimated useful lives for buildings and land improvements generally range from 10 to 40 years. Estimated useful lives for machinery and equipment generally range from 3 to 12 years. Estimated useful lives for leasehold improvements are based on the life of the lease. Leases We determine whether an arrangement is a lease at inception. Lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the implicit rate is not readily determinable, we use the estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Amortization of lease ROU assets is recognized in expense on a straight-line basis over the lease term. We recognize short-term leases, which have a term of twelve months or less, on a straight-line basis and do not record a related lease asset or liability for such leases. Finance lease ROU assets consist primarily of equipment used in the manufacturing process with terms of four years to eight years. Operating lease ROU assets consist of the following: •Equipment used in the manufacturing process as well as office equipment with terms of two years to five years; and •Manufacturing plants and office facilities with terms of four years to 20 years. Impairment of Long-Lived Assets Long-lived tangible and intangible assets subject to depreciation or amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets, or asset groups, may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible or intangible asset, or asset group, is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is deemed not recoverable, then the asset is considered impaired and adjusted to fair value which is then depreciated or amortized over its remaining useful life. Assets to be disposed of are recorded at the lesser of carrying value or fair value less costs of disposal. Equity Method Investments Our equity method investment is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, we would write down the investment to its estimated fair market value. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of certain foreign subsidiaries as these earnings are not deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. We treat global intangible low-taxed income (“GILTI”) as a periodic charge in the year in which it arises and therefore do not record deferred taxes for basis differences associated with GILTI. We eliminate disproportionate tax effects from accumulated other comprehensive income (loss) when the circumstances upon which they are premised cease to exist. Revenue Recognition We generally transfer control and recognize revenue when we ship the product from our manufacturing facility to our customer at a point in time, as this is when our customer obtains the ability to direct use of, and obtain substantially all of the remaining benefits from, the product. In limited circumstances, we recognize revenue over time as services are rendered. We have elected to recognize the cost for freight and shipping when control over products has transferred to the customer as a component of cost of sales. We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost-plus-margin approach when an observable price is not available. The expected duration of our contracts is one year or less, and we have elected to apply the practical expedient that allows entities to disregard the effects of financing when the contract length is less than one year. The amount of consideration we receive and the revenue we recognize varies with volume rebates and incentives we offer to our customers. We estimate the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. We utilize the portfolio approach practical expedient to evaluate sales-related discounts on a portfolio basis to contracts with similar characteristics. The effect on our consolidated financial statements of applying the portfolio approach would not differ materially from evaluation of individual contracts. We give our customers the right to return only defective products in exchange for functioning products or rework of the product. These transactions are evaluated and accounted for under ASC Topic 460, Guarantees, and we estimate the impact to the transaction price based on an analysis of historical experience. Share Based Compensation The cost of stock options, restricted stock, and performance share units is recognized as compensation expense over the vesting periods based on the grant date fair value, net of expected forfeitures. We determine grant date fair value using the Black Scholes financial pricing model for stock options and a Monte Carlo simulation for performance share units that include a market condition for vesting because these awards are not traded in open markets. We determine grant date fair value using the closing price of our common stock on the date of grant for restricted stock and performance share units that include performance conditions for vesting. Common Stock and Preferred Stock Dividends Dividends are recorded as a reduction to retained earnings. When we have an accumulated deficit, dividends are recorded as a reduction of additional paid-in capital. Foreign Currency Translation Assets and liabilities of our foreign subsidiaries are translated at current exchange rates. Revenue, costs, and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income (loss) and accumulated other comprehensive income (loss) within stockholders’ equity. Transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed as incurred in either cost of sales or selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) and were immaterial to the years ended December 31, 2022, 2021, and 2020. Transaction gains or losses on intercompany loan transactions are recognized as incurred in the “Other expense (income), net” line in the Consolidated Statements of Operations and Comprehensive Income (Loss). For the years ended December 31, 2022, 2021, and 2020, transaction gains (losses) on intercompany loan transactions were $0.2 million, $(0.5) million, and $(0.8) million, respectively. Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, we allocate earnings or losses to common stockholders and participating securities using the two-class method to compute earnings per share (“EPS”) unless the treasury stock method results in a lower EPS. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Participating securities may participate in undistributed earnings with common stock whether or not that participation is conditioned upon the occurrence of a specified event. Under the two-class method, our net income (loss) is reduced (or increased) by the amount that has been or will be distributed to our participating security holders. We have elected to allocate undistributed income to participating securities based on year-to-date results. Our participating securities, which include preferred stock, do not participate in losses. Basic net income (loss) per common share is computed by dividing net income (loss) allocable to common shares by the weighted average number of common shares outstanding. Diluted net income (loss) per common share includes the effect of warrants, convertible preferred stock, and stock options unless inclusion would not be dilutive.

Discontinued Operations

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Discontinued Operations

In October 2020, we sold our Life Sciences business under the terms of a Stock Purchase Agreement (the “SPA”) with affiliates of American Securities LLC for $753.3 million cash. The Life Sciences business included facilities that were engaged in the production of a variety of components, assemblies, and instruments, such as surgical knives, bioresorbable implants, surgical staples, cases and trays, orthopaedic implants and tools, laparoscopic devices, and drug delivery devices for the orthopaedics and medical/surgical end markets. The sale of the Life Sciences business furthered management’s strategy to improve liquidity and create the financial flexibility to pursue key growth areas in the Mobile Solutions and Power Solutions segments. The SPA included a potential earnout payment of up to $70.0 million based on the performance of the Life Sciences business during the year ended December 31, 2022. Since the sold Life Sciences business did not meet the minimum threshold as defined by the SPA, no earnout payment will be received.

After working capital and other closing adjustments, we received cash proceeds at closing of $757.2 million in 2020 and paid $3.9 million to the buyer during the year ended December 31, 2021, for post-closing adjustments. Under the terms of a transition services agreement, we provided certain support services after the sale. In accordance with the terms of the SPA, we agreed to indemnify the buyer for certain tax liabilities on its consolidated federal income tax return related to the Life Sciences business during the portion of the year ended December 31, 2020, prior to the change in ownership on October 6, 2020. We recognized a tax indemnification of $1.2 million during the year ended December 31, 2020 which was reversed during the year ended December 31, 2021, as the actual tax liability was determined to be $0.

In accordance with ASC 205-20, Presentation of Financial Statements - Discontinued Operations, the operating results of the Life Sciences business are classified as discontinued operations. The presentation of discontinued operations includes revenues and expenses of the discontinued operations and the gain on the disposition of the business, all net of tax, as one line item on the Consolidated Statements of Operations and Comprehensive Income (Loss). The Consolidated Statements of Operations and

Comprehensive Income (Loss) for all periods presented have been revised to reflect this presentation. Accordingly, the results of the Life Sciences business have been excluded from continuing operations and segment results for all periods presented in the consolidated financial statements and the accompanying notes unless otherwise stated. The Consolidated Statements of Cash Flows include cash flows of the Life Sciences business in each line item unless otherwise stated.

The following table presents the results of operations of the discontinued operations.


	Years Ended December 31,
	2021		2020
Net sales	$	—	$	225,255
Cost of sales (exclusive of depreciation and amortization shown separately below)	—		160,464
Selling, general, and administrative expense	—		20,779

Depreciation and amortization	—		35,731

Goodwill impairment	—		146,757
Other operating expense, net	—		41
Income from operations	—		(138,517)
Interest expense	—		48,893
Loss on extinguishment of debt and write-off of debt issuance costs	—		1,388

Other expense, net	—		(322)
Loss from discontinued operations before costs of disposal and benefit for income taxes	—		(188,476)
Benefit for income taxes	—		12,468
Loss from discontinued operations before costs of disposal	—		(176,008)
Gain on disposal of discontinued operations	1,200		212,319
Benefit for income taxes on costs of disposal	—		2,587
Income (loss) from discontinued operations, net of tax	$	1,200	$	38,898

During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The carrying value of the Life Sciences reporting unit exceeded its estimated fair value as of March 31, 2020. As a result of our analysis, we recorded an impairment loss on goodwill of $146.8 million for Life Sciences during the year ended December 31, 2020. The judgments, assumptions, and estimates involved in the goodwill impairment analysis for the Life Sciences reporting unit are consistent with those discussed in Note 7.

Our previous credit facility, which was in place at the time, required us to use proceeds from the sale of the Life Sciences business to prepay a portion of our previous debt. We paid $700.0 million in the aggregate on our term loans during the fourth quarter of 2020. The prepayment was applied to debt in accordance with the prepayment provisions of the previous credit agreement, which was in place at the time. Average quarterly interest rates were multiplied by the required prepayment amounts to calculate interest expense to be reclassified to discontinued operations for historical periods presented.

The following table summarizes the amount of interest expense related to the previous credit facility that was reclassified to discontinued operations.


	Years Ended December 31,
	2021		2020
Interest on debt	$	—	$	35,147
Amortization of debt issuance costs	—		13,990
Capitalized interest and other	—		(244)
Total interest expense of discontinued operations	$	—	$	48,893

The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each period presented.


	Years Ended December 31,
	2021		2020
Depreciation and amortization	$	—	$	35,731
Goodwill impairment	—		146,757
Amortization of debt issuance costs	—		13,990
Loss on extinguishment of debt and write-off of debt issuance costs	—		1,388
Acquisition of property, plant and equipment	—		8,416
Right-of-use assets obtained in exchange for new finance lease liabilities	—		695
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	—		6,174

_______________________________

(1) Includes new leases, renewals, and modifications.

Segment Information

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

Our business is aggregated into the following two reportable segments.

•Mobile Solutions. Mobile Solutions is focused on growth in the automotive and general industrial end markets. We have developed an expertise in manufacturing highly complex, tight tolerance, system critical components. Our technical capabilities can be utilized in numerous applications including for use in battery electric, hybrid electric, and internal combustion engine vehicles. The group currently manufactures components on a high-volume basis for use in power steering, braking, transmissions, and gasoline fuel system applications, along with components utilized in heating, ventilation and air conditioning and diesel injection and diesel emissions treatment applications. This expertise has been gained through investment in technical capabilities, processes and systems, and allows us to provide skilled program management and product launch capabilities.

•Power Solutions. Power Solutions is focused on growth in the electrical, general industrial, automotive, and medical end markets. Within this group we combine materials science expertise with advanced engineering and production capabilities to design and manufacture a broad range of high-precision metal and plastic components, assemblies, and finished devices used in applications ranging from power control to transportation electrification. We manufacture a variety of products including electrical contacts, connectors, contact assemblies, and precision stampings for the electrical end market and high precision products for the aerospace and defense end market utilizing our extensive process technologies for optical grade plastics, thermally conductive plastics, titanium, Inconel, magnesium, and electroplating. Our medical business includes the production of a variety of tools and instruments for the orthopaedics and medical/surgical end markets.

These divisions are considered our two operating segments as each has engaged in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance.

The following table presents our financial performance by reportable segment.


	Year Ended December 31,
	2022		2021		2020
Net sales:
Mobile Solutions	$	293,536	$	285,863	$	256,360
Power Solutions	205,204		191,800		171,269
Corporate and Consolidations (1)	(2)		(79)		(95)
Total	$	498,738	$	477,584	$	427,534
Income (loss) from operations:
Mobile Solutions	$	(2,165)	$	9,039	$	5,228
Power Solutions	3,536		6,493		(85,983)
Corporate and Consolidations	(22,463)		(24,536)		(36,702)
Total	$	(21,092)	$	(9,004)	$	(117,457)
Depreciation and amortization:
Mobile Solutions	$	28,192	$	28,769	$	28,298
Power Solutions	17,483		15,892		15,730
Corporate and Consolidations	1,556		1,534		1,652
Total	$	47,231	$	46,195	$	45,680
Expenditures for long-lived assets:
Mobile Solutions	$	14,590	$	15,411	$	12,400
Power Solutions	2,401		2,200		2,754
Corporate and Consolidations	961		610		203
Total	$	17,952	$	18,221	$	15,357

_______________________________

(1) Includes eliminations of intersegment transactions which occur during the ordinary course of business.

The following table summarizes total assets by reportable segment.


	As of December 31,
	2022		2021

Mobile Solutions (1)	$	338,338	$	357,171
Power Solutions	178,129		184,196
Corporate and Consolidations	29,660		37,734
Total	$	546,127	$	579,101

_______________________________

(1) Total assets in Mobile Solutions includes $31.8 million and $34.0 million as of December 31, 2022 and 2021, respectively, related to the investment in our 49% owned joint venture (Note 9).

The following table summarizes long-lived tangible assets by country.


	As of December 31,
	2022		2021
United States	$	104,360	$	112,430
China	29,603		32,605
France	24,536		26,977
Mexico	15,235		12,056
Brazil	14,829		15,042
Poland	9,074		9,995
All foreign countries	$	93,277	$	96,675
Total	$	197,637	$	209,105

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

Property, Plant and Equipment [Abstract]

Accounts Receivable

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Accounts Receivable

The following table presents changes in the allowance for credit losses.


	Years Ended December 31,
	2022		2021		2020
Balance at beginning of year	$	1,352	$	2,044	$	2,044
Additions	326		78		505
Write-offs and other	(182)		(734)		(562)
Currency impact	(27)		(36)		57
Balance at end of year	$	1,469	$	1,352	$	2,044

As of December 31, 2022 and 2021, no customer represented greater than 10% of our consolidated accounts receivable balance.

Inventories

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following amounts:


	As of December 31,
	2022		2021
Raw materials	$	32,146	$	27,221
Work in process	24,610		24,960
Finished goods	23,926		22,846
Total inventories	$	80,682	$	75,027

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment

Property, plant and equipment are comprised of the following amounts:


	As of December 31,
	2022		2021
Land and buildings	$	58,256	$	57,991
Machinery and equipment	353,364		344,041
Construction in progress	11,063		5,009
Total	422,683		407,041
Less: Accumulated depreciation	225,046		197,936
Property, plant and equipment, net	$	197,637	$	209,105

For the years ended December 31, 2022, 2021, and 2020, we recorded depreciation expense of $31.4 million, $31.8 million, and $31.3 million, respectively.

We monitor property, plant and equipment for any indicators of potential impairment. There were no impairment charges for the years ended December 31, 2022 and 2021. We recognized an impairment charge of $4.1 million for the year ended December 31, 2020, related to the early retirement of identified fixed assets. The impairment charge was recorded to the “Other operating expense (income), net,” line item on the Consolidated Statements of Operations and Comprehensive Income (Loss). The impairment charge was determined by writing the assets down to the estimated salvage value, less disposal costs.

Goodwill	12 Months Ended
Goodwill	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill During the first quarter of 2020, our market capitalization declined to a level that was less than the net book value of our stockholders’ equity. The decline in market capitalization was a triggering event that caused us to perform a goodwill impairment analysis as of March 31, 2020. The goodwill impairment analysis required significant judgments to calculate the fair value for the Power Solutions reporting unit, including estimation of future cash flows, which is dependent on internal forecasts, estimation of the long-term growth rate for each operating segment, and determination of weighted average cost of capital. Our forecasts used in the goodwill impairment analysis reflected our expectations of declines in sales resulting from the COVID-19 pandemic. Significant assumptions and estimates are involved in the application of the discounted cash flow model to forecast operating cash flows, including market growth and market share, sales volumes and prices, costs to produce, discount rate, and estimated capital needs. Management considers historical experience and all available information at the time the fair values of its reporting units are estimated. Assumptions in estimating future cash flows are subject to a high degree of judgment and complexity. The carrying value of the Power Solutions reporting unit exceeded the estimated fair value as of the March 31, 2020, analysis. As a result of our analysis, we recorded an impairment loss on goodwill of $92.9 million to the “Goodwill impairment” line on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2020. As of December 31, 2022 and 2021, there was no remaining goodwill balance.

Intangible Assets, Net

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2020	$	29,062	$	74,003	$	103,065
Amortization	(3,353)		(10,994)		(14,347)
Balance as of December 31, 2021	25,709		63,009		88,718
Amortization	(3,353)		(12,474)		(15,827)
Balance as of December 31, 2022	$	22,356	$	50,535	$	72,891

The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2022 and 2021.


	December 31, 2022						December 31, 2021
	Gross Carrying Value as of Acquisition Date		Accumulated Amortization		Net Carrying Value		Gross Carrying Value as of Acquisition Date		Accumulated Amortization		Net Carrying Value
Customer relationships	$	173,746	$	(103,021)	$	70,725	$	173,746	$	(87,895)	$	85,851
Trademark and trade name	7,527		(5,361)		2,166		7,527		(4,660)		2,867

Total identified intangible assets	$	181,273	$	(108,382)	$	72,891	$	181,273	$	(92,555)	$	88,718

At December 31, 2022, the estimated useful life of customer relationships and trademarks and trade names was 5.3 years and 5.7 years, respectively. Intangible assets that are fully amortized are removed and no longer represented in the gross carrying value or accumulated amortization.

The following table shows estimated future amortization expense for each of the next five years.


Year Ending December 31,
2023	$	14,167
2024	13,824
2025	13,824
2026	13,824
2027	11,663

Intangible assets are reviewed for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. As of December 31, 2022, our market capitalization was at a level that was less than the net book value of our stockholders’ equity, which was deemed a triggering event that caused us to perform impairment analyses on our long-lived assets. Based on our analyses, the carrying values of the long-lived assets were recoverable and no impairment charge was recorded during the year ended December 31, 2022.

Investment in Joint Venture

12 Months Ended

Dec. 31, 2021

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method, with the share of net income from the joint venture recorded in the Mobile Solutions segment.

The following table shows changes in our investment in the JV.


Balance as of December 31, 2021	$	34,045
Share of earnings	6,592
Dividends paid by joint venture	(6,245)

Foreign currency translation loss	(2,590)

Balance as of December 31, 2022	$	31,802

The following tables show summarized financial information of the unconsolidated JV.


	Year Ended December 31,
	2022	2021	2020
Net sales	101,565	94,846	68,216
Cost of sales	84,654	77,620	56,669
Income from operations	15,111	15,429	10,202
Net income	13,453	12,777	7,401


	December 31,
	2022	2021
Current assets	63,141	65,465
Noncurrent assets	79,473	75,222
Current liabilities	66,960	67,206
Noncurrent liabilities	8,695	10,006

We recognized sales to the JV of $0.1 million, $0.4 million, and $0.1 million during the years ended December 31, 2022, 2021, and 2020, respectively. Amounts due to us from the JV as of December 31, 2022 were $0.1 million.

Income Taxes

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Taxes

The following table summarizes the income (loss) from continuing operations before benefit (provision) for income taxes and share of net income from joint venture.


	Years Ended December 31,
	2022		2021		2020
United States	$	(40,543)	$	(35,325)	$	(146,963)
Foreign	9,474		12,883		(5,125)
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$	(31,069)	$	(22,442)	$	(152,088)

The following table summarizes total income tax expense (benefit) recognized in each year.


	Years Ended December 31,
	2022		2021		2020
Current taxes:
U.S. Federal	$	(545)	$	(19)	$	(299)
State	(625)		(615)		4,599
Foreign	4,576		3,014		2,250
Total current tax expense	3,406		2,380		6,550
Deferred taxes:
U.S. Federal	$	(6,245)	$	(8,421)	$	(10,368)
State	70		(1,099)		(5,368)
Foreign	(986)		(154)		(1,852)
U.S. federal, state and foreign valuation allowance	5,376		5,538		2,066
Total deferred tax benefit	(1,785)		(4,136)		(15,522)
Total income tax expense (benefit)	$	1,621	$	(1,756)	$	(8,972)

The following table presents a reconciliation of income taxes based on the U.S. federal statutory income tax rate.


	Years Ended December 31,
	2022		2021		2020
U.S federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance, exclusive of state	(17.5)	%	(20.0)	%	(1.3)	%

State taxes, net of federal taxes, exclusive of tax reform	1.6	%	4.5	%	0.2	%
Non-U.S. earnings taxed at different rates	0.7	%	3.0	%	1.4	%

GILTI	(3.9)	%	(6.0)	%	(0.1)	%
Goodwill impairment	—	%	—	%	(12.7)	%
Deferred true-up	(6.4)	%	—	%	—	%


Research and development tax credit	1.5	%	2.3	%	0.4	%
Change in uncertain tax positions	—	%	0.7	%	2.2	%





CARES Act	—	%	—	%	2.7	%
Interest on CARES Act refund	1.8	%	—	%	—	%

Return to provision	1.3	%	0.8	%	(0.5)	%

Taxes on unremitted foreign earnings	(3.9)	%	2.0	%	(3.9)	%
Restructuring gain	—	%	—	%	(2.6)	%


Intercompany lending	(2.7)	%	(5.3)	%	—	%
Warrant revaluation	3.6	%	6.5	%	—	%
Other adjustments, net	(2.3)	%	(1.7)	%	(0.9)	%
Effective tax rate	(5.2)	%	7.8	%	5.9	%

Our effective tax rate was (5.2)% for 2022 which differed from the U.S. federal statutory tax rate of 21% primarily due to the impact of our valuation allowance change during the year.

Our effective tax rate for continuing operations was 7.8% for 2021. The 2021 effective tax rate for continuing operations differs from the U.S. federal statutory tax rate of 21% primarily due to the impact of our valuation allowance change during the year.

Our effective tax rate for continuing operations was 5.9% for 2020. The 2020 effective tax rate for continuing operations differs from the U.S. federal statutory tax rate of 21% primarily due to (1) the impact of the impairment of nondeductible goodwill which is treated as a permanent difference and (2) the accrual of taxes on unremitted earnings of the foreign subsidiaries which may be repatriated.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted. Among other provisions, the CARES Act allows for the carryback of certain tax losses and favorably impacts the deductibility of interest expense and depreciation. The CARES Act had a material impact on our consolidated financial statements, primarily due to enacted federal rate difference in the carryback periods, and has been accounted for in the benefit for income taxes for the year ended December 31, 2020.

On October 6, 2020, we sold our Life Sciences business via a sale of our equity interest in Precision Engineered Products Holdings, Inc., a wholly owned U.S. domestic subsidiary. Prior to the sale, we completed tax restructuring in which Precision Engineered Products Holdings, Inc., distributed to NN, Inc., all of its asset and equity holdings related to the Power Solutions segment. The restructuring process created a deferred gain, required to be realized upon the third party equity sale, equal to the fair market value of the distributed assets over tax basis. The associated U.S. federal, state, and foreign tax impacts are reflected in the tables within this footnote.

The following table summarizes the principal components of the deferred tax assets and liabilities.


	As of December 31,
	2022		2021
Deferred income tax liabilities:
Tax in excess of book depreciation	$	24,045	$	25,732

Intangible assets	16,978		20,812


Operating leases	10,669		10,473
Interest rate swap	754		37
Taxes on unremitted foreign earnings	4,961		5,630
Other deferred tax liabilities	761		1,007
Total deferred income tax liabilities	58,168		63,691
Deferred income tax assets:
Interest expense limitation	10,723		7,141
Goodwill	22,277		24,262
Inventories	2,292		3,368
Section 174 research and development costs	1,859		—

Pension and personnel accruals	1,717		2,422
Operating leases	12,852		12,834
Net operating loss carryforwards	24,299		23,629


Credit carryforwards	2,803		3,044
Accruals and reserves	978		1,435
Other deferred tax assets	3,086		4,223
Deferred income tax assets before valuation allowance	82,886		82,358
Valuation allowance on deferred tax assets	(30,212)		(25,809)
Total deferred income tax assets	52,674		56,549
Net deferred income tax liabilities	$	5,494	$	7,142

As of December 31, 2022, we had a $33.4 million U.S. federal net operating loss (“NOL”) carryover. The federal NOL has an indefinite life, but utilization within any tax year is limited to 80% of taxable income. Therefore, a valuation allowance of $4.4 million has been established to reduce the attribute balance to the amount expected to be utilized. As of December 31, 2022, we had $239.5 million of state NOL carryovers, which begin to expire in 2030. Management believes that certain of the state NOL carryovers will more likely than not expire prior to utilization. As such, a valuation allowance of $15.8 million (prior to federal benefit) has been established to reduce the state attribute balance to the amount expected to be utilized before expiration. We also have $4.8 million, tax-effected, of foreign NOL carryovers at December 31, 2022. The foreign NOLs have an indefinite life; however, management believes that benefit for certain of the foreign NOLs may not be realized. Therefore, we have established a valuation allowance of $1.8 million to reduce the carrying value of the asset related to foreign NOLs to the amount that has been determined to be more likely than not realized.

We have $0.2 million and $2.6 million of U.S. federal tax credits and tax credits in foreign jurisdictions, respectively, as of December 31, 2022. We have recognized a valuation allowance of $1.9 million for the foreign tax credits. In addition, we have $2.1 million (prior to federal benefit) of state deferred tax assets for which we believe recognition is not appropriate.

We have a U.S. federal and state deferred tax asset related to interest expense carryforwards. Management believes it is more likely than not that the benefit for this assets will not be realized. We have established a valuation allowance of $8.0 million to eliminate the carrying value of this asset.

Management assesses available positive and negative evidence to estimate whether it is more likely than not sufficient future taxable income will be generated to provide use of the existing deferred tax assets. A significant piece of objective negative evidence evaluated is cumulative losses incurred over the three-year period ended December 31, 2022. Such objective evidence limits the ability to consider other subjective evidence, such as our projections for future earnings growth. On the basis of this evaluation, as of December 31, 2022, a valuation allowance of $30.2 million has been recorded to recognize only the portion of the deferred tax asset that is more likely than not to be realized without consideration of future earnings growth.

Management believes all remaining tax assets will more likely than not be realized. However, the amount of the deferred tax asset realized will change based on future conditions, and the amount considered realizable will be adjusted if objective

negative evidence in the form of cumulative losses is no longer present allowing additional weight to be given to subjective evidence such as our projections for growth.

During 2022, the valuation allowance increased by $4.4 million, primarily due to allowances recorded against U.S. federal net operating loss carryforwards and carryforwards of disallowed interest expense which are subject to certain annual deduction limitations. The increase was partially offset by utilization of previously reserved net operating loss carryforwards in certain foreign jurisdictions, the write-off of deferred tax assets and adjustments to state net operating losses resulting from amended returns for which a full valuation allowance was recorded.

As a result of the deemed mandatory repatriation provisions in the U.S. Tax Cuts and Jobs Act of 2017 and subsequent recognition in income of GILTI, we do not have material basis differences related to cumulative unremitted earnings for U.S. income tax purposes. However, we continue to evaluate the impact that repatriation of foreign earnings would have on withholding and other taxes. As of December 31, 2022, we have recorded a liability of $5.0 million for the anticipated withholding taxes that would be due upon repatriation of the unremitted earnings of those subsidiaries for which management does not intend to permanently reinvest.

In 2021, the Company asserted that it was permanently reinvested in certain jurisdictions for which it previously was unable to assert permanent reinvestment. Prior to the Company’s debt refinancing in 2021, the Company had recorded a liability on all unremitted earnings. However, upon completion of the debt refinancing, the Company reevaluated repatriation plans, changed its assertion for certain jurisdictions and recorded the resulting tax benefit of $2.4 million.

We are subject to U.S. federal income tax as well as tax in several foreign jurisdictions. We are also subject to tax by various state authorities. The tax years subject to examination vary by jurisdiction. We are no longer subject to U.S. federal examination for periods before 2017. We regularly assess the outcomes of both ongoing and future examinations for the current or prior years to ensure our provision for income taxes is sufficient. We recognize liabilities based on estimates of whether additional taxes will be due, and we believe our reserves are adequate in relation to any potential assessments. The outcome of any one examination, some of which may conclude during the next twelve months, is not expected to have a material impact on our financial position or results of operations.

Interest and penalties related to federal, state, and foreign income tax matters are recorded as a component of the provision for income taxes in our Consolidated Statements of Operations and Comprehensive Income (Loss). Accrued interest and penalties of $0.5 million, $0.5 million, and $0.6 million are included in other non-current liabilities as of December 31, 2022, 2021, and 2020, respectively. In 2022, we accrued $0.6 million of interest on IRS refunds relating to the CARES Act. We initially filed refund claims in 2021 and will be accruing interest quarterly until refunds are received.

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties.


	Years Ended December 31,
	2022		2021		2020
Balance at beginning of year	$	125	$	247	$	2,589
Additions for tax positions of prior years	—		—		121

Reductions for tax positions of prior years	(7)		(122)		(2,463)
Balance at end of year	$	118	$	125	$	247

The reduction to unrecognized tax benefits in 2022 is related to the foreign currency remeasurement of previously unrecognized tax benefits. As of December 31, 2022, the unrecognized tax benefits would, if recognized, impact our effective tax rate by $0.6 million, inclusive of the impact of interest and penalties. Management believes that it is reasonably possible that the amount of unrecognized income tax benefits, including interest and penalties, may not decrease during the next twelve months as no statutes are expected to lapse within the period.

We operate under tax holidays in other countries, which are effective through December 31, 2026, and may be extended if certain additional requirements are satisfied. The tax holidays are conditional upon our meeting certain employment and investment thresholds. The tax holidays did not impact our 2022 foreign taxes. The impact of these tax holidays decreased foreign taxes by $0.2 million and $0.2 million for 2021 and 2020, respectively.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Debt

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Debt

On March 22, 2021, we entered into a new $150.0 million term loan facility (the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (the “ABL Facility”). The following table presents the outstanding debt balances.


	As of December 31,
	2022		2021
Term Loan Facility	$	147,375	$	148,875
ABL Facility	1,000		—
International loans	8,729		10,930
Total principal	157,104		159,805
Less-current maturities of long-term debt	3,321		3,074
Principal, net of current portion	153,783		156,731
Less-unamortized debt issuance costs and discount (1)	4,394		5,679
Long-term debt, net of current portion	$	149,389	$	151,052

_______________________________

(1) In addition to this amount, costs of $0.6 million and $0.7 million related to the ABL Facility were recorded in other non-current assets as of December 31, 2022 and 2021, respectively.

We capitalized interest costs of $0.6 million, $0.3 million, and $0.2 million in the years ended December 31, 2022, 2021, and 2020, respectively, related to construction in progress.

Term Loan Facility

Outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month LIBOR (subject to a 1.000% floor) plus an applicable margin of 6.875% or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. At December 31, 2022, the Term Loan Facility bore interest, based on one-month LIBOR, at 11.259%. We have an interest rate swap, which expires in July 2024, that changes the one-month LIBOR to a fixed rate of 1.291% on $60.0 million of the outstanding balance of the Term Loan Facility. Refer to Note 19 for further discussion of the interest rate swap agreement.

The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due on the final maturity date of September 22, 2026. We may be required to make additional principal payments annually that are calculated as a percentage of our excess cash flow, as defined by the lender, based on our net leverage ratio. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all assets other than accounts receivable and inventory and has a second lien on accounts receivable and inventory. On March 3, 2022, we amended our Term Loan Facility, which increased the quarterly maximum consolidated net leverage ratio. We were in compliance with all requirements under the Term Loan Facility as of December 31, 2022.

The Term Loan Facility was issued at a $3.8 million discount and we capitalized an additional $2.8 million in new debt issuance costs. These costs are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt.

ABL Facility

The ABL Facility provides for a senior secured revolving credit facility in the amount of $50.0 million, of which $30.0 million is available in the form of letters of credit and $5.0 million is available for the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. The variable borrowing rate is either 1) LIBOR plus an applicable margin of 1.75% or 2.00%, depending on availability, or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month LIBOR, subject to a 0.50% floor. Interest payments are due monthly on borrowings that utilize one-month LIBOR and quarterly on borrowings that utilize three-month or six-month LIBOR. At December 31, 2022, using one-month LIBOR plus a 1.75% spread, the weighted average interest rate on outstanding borrowings under the ABL Facility was 6.00%. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 1.875% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026.

As of December 31, 2022, we had $1.0 million of outstanding borrowings under the ABL Facility, $11.0 million of outstanding letters of credit, and $35.3 million available for future borrowings under the ABL Facility. The ABL Facility has a first lien on accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of December 31, 2022.

Loan Amendments

On March 3, 2023, we amended our Term Loan Facility (the “Term Loan Amendment”) and ABL Facility (the “ABL Amendment”) to adjust certain covenants under the agreements, as well as to change the applicable base rate on which interest expense is determined.

The Term Loan Amendment increases the quarterly maximum consolidated net leverage ratio covenant beginning in 2023 and waived the required excess cash flow payment that would have been paid in 2023. The Term Loan Amendment provides for increased utilization of customer programs to accelerate payment terms and also introduces a quarterly domestic liquidity covenant. Interest under the Term Loan Amendment is increased on a paid-in-kind basis at a rate dependent on the Company’s leverage ratio and whether the Company completes a qualifying junior equity raise by June 30, 2023. The Company also issued penny warrants in connection with the Term Loan Amendment. In addition, the base rate for interest expense has been changed from LIBOR to the secured overnight financing rate (“SOFR”).

The ABL Amendment provides for increased utilization of customer programs to accelerate payment terms and also introduces a quarterly domestic liquidity covenant. In addition, the base rate for interest expense has been changed from LIBOR to SOFR.

Future Maturities

The following table lists aggregate maturities of long-term debt for the next five years.


Years Ending December 31,
2023	$	3,321
2024	3,166
2025	3,181
2026	143,887
2027	364

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Leases

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Leases

The following table presents components of lease expense:


	Years Ended December 31,
	2022		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	1,318	$	1,451	$	1,272
Interest expense	351		213		192
Operating lease cost	8,285		8,015		8,397
Short-term lease cost (1)	438		655		591

Sublease income	(195)		—		—
Total lease cost	$	10,197	$	10,334	$	10,452

_______________________________

(1) Excludes expenses related to leases with a lease term of one month or less.

The following table presents lease-related assets and liabilities recorded on the balance sheet.


		As of December 31,
	Financial Statement Line Item	2022		2021
Assets:
Operating lease assets	Operating lease right-of-use assets	$	46,713	$	46,443
Finance lease assets	Property, plant and equipment, net	12,989		13,641
Total lease assets		$	59,702	$	60,084

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,294	$	5,704
Finance lease liabilities	Other current liabilities	2,610		3,111
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	51,411		51,295
Finance lease liabilities	Other non-current liabilities	3,828		5,446
Total lease liabilities		$	63,143	$	65,556

The following table contains supplemental cash flow information related to leases.


	Years Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	351	$	213	$	192
Operating cash flows used in operating leases	14,214		13,434		13,498
Financing cash flows used in finance leases	3,003		4,836		2,018
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,263	$	2,814	$	728
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	5,181		—		8,682

_______________________________

(1) Includes new leases, renewals, and modifications.

The weighted average remaining lease term and weighted-average discount rate for finance and operating leases were as follows:


	As of December 31,
	2022		2021
Weighted-average remaining lease term - finance leases	3.1 years		3.3 years
Weighted-average remaining lease term - operating leases	10.1 years		11.1 years
Weighted-average discount rate - finance leases	5.3	%	3.0	%
Weighted-average discount rate - operating leases	7.5	%	7.0	%

The maturities of lease liabilities as of December 31, 2022, is as follows:


	Operating Leases		Finance Leases
2023	$	9,250	$	2,913
2024	8,419		1,819
2025	8,352		1,017
2026	8,193		950
2027	7,983		509
Thereafter	37,655		—
Total future minimum lease payments	79,852		7,208
Less: imputed interest	23,147		770
Total lease liabilities	$	56,705	$	6,438

In August 2022, we began subleasing a portion of our leased corporate headquarters office space. Since the Company retains the obligation to the lessor, the underlying lease continues to be accounted for as operating leases. Sublease income is recognized on a straight-line basis over the lease terms.

In March 2020, we amended the lease of our corporate headquarters building to exit over half of the previously leased space and reduce annual base rent payments. The amendment was accounted for as a lease modification, and the remeasurement of the lease resulted in an $8.1 million decrease in the operating lease ROU asset, a $10.5 million decrease in the noncurrent portion of the operating lease liability, and a $0.6 million decrease in the current portion of the operating lease liability. The $3.0 million difference between the change in the operating lease ROU asset and the operating lease liabilities was recognized in “Other operating expense (income), net,” on the Consolidated Statements of Operations and Comprehensive Income (Loss) for the year ended December 31, 2020. In connection with the discontinued use of the previously leased space, we also recognized a $4.4 million termination charge and a $2.9 million impairment charge on the associated leasehold improvements, all of which were also recognized in “Other operating expense (income), net” for the year ended December 31, 2020.

During the second quarter of 2020 and as part of our overall plan to improve liquidity during the COVID-19 pandemic, we negotiated with certain lessors to defer rent payments on leased buildings. In total, $0.5 million of operating lease payments were deferred over a period ranging from April 2020 to December 2020 and were repaid from June 2020 through December 2022. The deferral of rent payments did not result in a substantial change in total lease payments over the individual lease terms. We elected to apply lease accounting relief announced by the FASB in April 2020 and treated these lease concessions as if they existed in the original contracts rather than applying lease modification accounting. The net impact on cash flows from operating activities on the Consolidated Statements of Cash Flows for the years ended December 31, 2022, 2021, and 2020, was $(0.3) million, $(0.2) million, and $0.7 million, respectively.

Leases

The following table presents components of lease expense:


	Years Ended December 31,
	2022		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	1,318	$	1,451	$	1,272
Interest expense	351		213		192
Operating lease cost	8,285		8,015		8,397
Short-term lease cost (1)	438		655		591

Sublease income	(195)		—		—
Total lease cost	$	10,197	$	10,334	$	10,452

_______________________________

(1) Excludes expenses related to leases with a lease term of one month or less.

The following table presents lease-related assets and liabilities recorded on the balance sheet.


		As of December 31,
	Financial Statement Line Item	2022		2021
Assets:
Operating lease assets	Operating lease right-of-use assets	$	46,713	$	46,443
Finance lease assets	Property, plant and equipment, net	12,989		13,641
Total lease assets		$	59,702	$	60,084

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,294	$	5,704
Finance lease liabilities	Other current liabilities	2,610		3,111
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	51,411		51,295
Finance lease liabilities	Other non-current liabilities	3,828		5,446
Total lease liabilities		$	63,143	$	65,556

The following table contains supplemental cash flow information related to leases.


	Years Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	351	$	213	$	192
Operating cash flows used in operating leases	14,214		13,434		13,498
Financing cash flows used in finance leases	3,003		4,836		2,018
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,263	$	2,814	$	728
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	5,181		—		8,682

_______________________________

(1) Includes new leases, renewals, and modifications.

The weighted average remaining lease term and weighted-average discount rate for finance and operating leases were as follows:


	As of December 31,
	2022		2021
Weighted-average remaining lease term - finance leases	3.1 years		3.3 years
Weighted-average remaining lease term - operating leases	10.1 years		11.1 years
Weighted-average discount rate - finance leases	5.3	%	3.0	%
Weighted-average discount rate - operating leases	7.5	%	7.0	%

The maturities of lease liabilities as of December 31, 2022, is as follows:


	Operating Leases		Finance Leases
2023	$	9,250	$	2,913
2024	8,419		1,819
2025	8,352		1,017
2026	8,193		950
2027	7,983		509
Thereafter	37,655		—
Total future minimum lease payments	79,852		7,208
Less: imputed interest	23,147		770
Total lease liabilities	$	56,705	$	6,438

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation (“Autocam”) in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and therefore is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we do not expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of December 31, 2022. Securities Offering Matter On November 1, 2019, Erie County Employees’ Retirement System, on behalf of a purported class of plaintiffs, filed a complaint in the Supreme Court of the State of New York, County of New York against us, certain of our current and former officers and directors, and each of the underwriters involved in our public offering and sale of 14.4 million shares of our common stock pursuant to a preliminary prospectus supplement, dated September 10, 2018, a final prospectus supplement, dated September 13, 2018, and a base prospectus, dated April 19, 2017, relating to our effective shelf registration statement on Form S-3 (File No. 333-216737) (the “Offering”). The amended complaint alleged violations of Sections 11, 12(a)(2), and 15 of the Securities Act in connection with the Offering. On July 25, 2022, the parties filed a Stipulation of Settlement to settle the securities offering action. Under the terms of the Stipulation of Settlement, which was approved and finalized by the court on December 1, 2022, the Company and/or its insurance carriers were to make cash payments to the plaintiff in the amount of $9.5 million (the “Settlement Amount”), in exchange for which the Company and the other named defendants were released from all claims related to the securities offering action. Since we had previously paid covered expenses totaling $1.0 million meeting our directors' and officers' retention requirement, the Settlement Amount was covered and paid by our directors' and officers' insurance carriers during the fourth quarter of 2022. Other Legal Matters On April 25, 2022, we reached an agreement to settle breach of contract claims brought by a former customer regarding the sale of products by us in 2016. Under the agreement, we are paying $1.8 million to the customer in specified installments through July 2023. The $1.8 million settlement is included in the “Other operating expense (income), net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes.

Preferred Stock and Stockholders' Equity

12 Months Ended

Dec. 31, 2022

Preferred Stock and Stockholders' Equity

Series D Perpetual Preferred Stock

On March 22, 2021, we completed a private placement of 65,000 shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. On March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027.

The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital).

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 19 discusses the accounting for these features.

As of December 31, 2022, the carrying value of the Series D Preferred Stock shares was $64.7 million, which included $18.0 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value.


	Years Ended December 31,
	2022		2021
Balance at beginning of year	$	53,807	$	—
Proceeds from issuance of shares, net of issuance costs	—		61,793
Fair value of 2021 Warrants issued	—		(14,839)
Recognition of bifurcated embedded derivative	—		(282)
Accrual of in-kind dividends	8,961		6,222
Amortization	1,933		913

Balance at end of year	$	64,701	$	53,807

Net cash proceeds of $61.8 million from the issuance of the Series D Preferred Stock, along with part of the proceeds from the Term Loan Facility, were used to redeem all of the outstanding shares of the Company’s Series B Convertible Preferred Stock (the “Series B Preferred Stock”).

Series B Convertible Preferred Stock

The Series B Preferred Stock had a liquidation preference of $1,000 per share and was redeemable in cash at our option, subject to the applicable redemption premium. Series B Preferred Stock shares earned cumulative dividends at a rate of 10.625% per year, and accrued whether or not earned or declared. The Series B Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and bifurcated embedded derivatives. The aggregate discount was amortized as a deemed dividend through December 31, 2023, which is the date the holders had a non-contingent conversion option into a variable number of common shares equal to the liquidation preference plus accrued and unpaid dividends. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital).

At redemption on March 22, 2021, the carrying value of the Series B Preferred Stock shares included $14.3 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series B Preferred Stock carrying value.


	Years Ended December 31,
	2021		2020
Balance at beginning of year	$	105,086	$	93,012




Accrual of in-kind dividends	14,008		11,121
Amortization	335		953
Redemption	(119,429)		—
Balance at end of year	$	—	$	105,086

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customers

Revenue from Contracts with Customers

Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services. During the year ended December 31, 2022, we received equipment from a customer as part of the selling price of goods transferred. This noncash consideration was recognized as revenue equal to the fair value of the equipment received.

The following tables summarize revenue by customer geographical region.


Year Ended December 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	140,931	$	160,894	$	(2)	$	301,823
China	46,045		5,511		—		51,556
Brazil	47,266		950		—		48,216
Mexico	23,348		17,297		—		40,645
Germany	5,158		348		—		5,506
Poland	5,031		11		—		5,042
Other	25,757		20,193		—		45,950
Total net sales	$	293,536	$	205,204	$	(2)	$	498,738


Year Ended December 31, 2021	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	140,383	$	152,931	$	(79)	$	293,235
China	52,227		4,745		—		56,972
Brazil	34,644		811		—		35,455
Mexico	19,520		16,177		—		35,697
Germany	5,230		546		—		5,776
Poland	3,743		18		—		3,761
Other	30,116		16,572		—		46,688
Total net sales	$	285,863	$	191,800	$	(79)	$	477,584


Year Ended December 31, 2020	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	129,147	$	139,499	$	(95)	$	268,551
China	46,442		5,563		—		52,005
Brazil	27,055		689		—		27,744
Mexico	16,465		13,400		—		29,865
Germany	5,846		378		—		6,224
Poland	4,913		14		—		4,927
Other	26,492		11,726		—		38,218
Total net sales	$	256,360	$	171,269	$	(95)	$	427,534

The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing.


Year Ended December 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	197,341	$	40,890	$	—	$	238,231
General Industrial	78,142		61,828		—		139,970
Residential/Commercial Electrical	—		70,055		—		70,055
Other	18,053		32,431		(2)		50,482
Total net sales	$	293,536	$	205,204	$	(2)	$	498,738


Year Ended December 31, 2021	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	182,094	$	38,779	$	—	$	220,873
General Industrial	90,290		60,312		—		150,602
Residential/Commercial Electrical	—		61,748		—		61,748
Other	13,479		30,961		(79)		44,361
Total net sales	$	285,863	$	191,800	$	(79)	$	477,584


Year Ended December 31, 2020	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	170,389	$	31,422	$	—	$	201,811
General Industrial	75,610		52,714		—		128,324
Residential/Commercial Electrical	—		58,143		—		58,143
Other	10,361		28,990		(95)		39,256
Total net sales	$	256,360	$	171,269	$	(95)	$	427,534

Other Sources of Revenue

We provide pre-production activities related to engineering efforts to develop molds, dies, and machines that are owned by our customers. We may receive advance payments from customers which are deferred until satisfying our performance obligations by compliance with customer-specified milestones, recognizing revenue at a point in time. These contracts generally have an original expected duration of less than one year.

Deferred Revenue

The timing of revenue recognition, billings, and cash collections results in billed accounts receivable and customer advances and deposits (e.g. contract liability) on the Consolidated Balance Sheets. These contract liabilities are reported on the

Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period as deferred revenue, which is reported in the “Other current liabilities” line on the Consolidated Balance Sheets.

Deferred revenue relates to payments received in advance of performance under the contract and recognized as revenue as (or when) we perform under the contract. Changes in the contract liability balances during the year ended December 31, 2022, were not materially impacted by any other factors. The balance of deferred revenue was $0.7 million and $0.5 million as of December 31, 2022 and December 31, 2021, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the year ended December 31, 2022 included $0.5 million that was included in deferred revenue as of December 31, 2021.

Transaction Price Allocated to Future Performance Obligations

We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2022, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less.

Costs to Obtain and Fulfill a Contract

We recognize commissions paid to internal sales personnel that are incremental to obtaining customer contracts as an expense when incurred since the amortization period is less than one year. Costs to obtain a contract are expensed as selling, general and administrative expense.

Sales, VAT, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense.

Sales Concentration

No single customer accounted for 10% or more of consolidated net sales, during the years ended December 31, 2022, 2021, and 2020.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

12 Months Ended

Dec. 31, 2022

Share-Based Compensation

As of December 31, 2022, we have 3.4 million shares available that can be issued to employees and non-executive directors under the 2022 Omnibus Incentive Plan as options, stock appreciation rights, and other share-based awards. Shares of our common stock delivered upon exercise or vesting may consist of newly issued shares of our common stock or shares acquired in the open market.

Share-based compensation expense is recognized in the “Selling, general, and administrative expense” line in the Consolidated Statements of Operations and Comprehensive Income (Loss) except for $0.8 million attributable to discontinued operations for the year ended December 31, 2020. The following table lists the components of share-based compensation expense by type of award.


	Years Ended December 31,
	2022		2021		2020
Restricted stock	3,635		2,166		3,393
Performance share units	602		797		199
Stock options	$	140	$	253	$	634

Share-based compensation expense	$	4,377	$	3,216	$	4,226

Unrecognized compensation cost related to unvested awards was $3.1 million as of December 31, 2022, which will be recognized over a weighted-average period of 1.7 years.

Restricted Stock

During the years ended December 31, 2022, 2021, and 2020, we granted 897,000, 459,000, and 460,000 shares of restricted stock to non-executive directors, officers, and certain other key employees. Shares of restricted stock vest pro-rata generally over three years for employees and over one year for non-executive directors. The fair value of restricted stock awards is based on the closing price of our common stock as of the date of grant. The weighted average grant-date fair value of restricted stock granted in the years ended December 31, 2022, 2021, and 2020, was $3.31, $6.84, and $9.35 per share, respectively. The total grant-date fair value of restricted stock that vested in the years ended December 31, 2022, 2021, and 2020, was $2.1 million, $2.8 million, and $1.9 million, respectively.

The following table presents the status of unvested restricted stock awards as of December 31, 2022 and changes during the year then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	469,000	$	7.28
Granted	897,000	3.31
Vested	(291,000)	7.05
Forfeited	(37,000)	3.93
Unvested at December 31, 2022	1,038,000	$	4.03

Performance Share Units

Performance Share Units (“PSUs”) are a form of long-term incentive compensation awarded to executive officers and certain other key employees designed to directly align the interests of employees to the interests of our stockholders, and to create long-term stockholder value. Some PSUs are based on total shareholder return (“TSR Awards”), and other PSUs are based on return on invested capital (“ROIC Awards”). TSR Awards granted in 2022, 2021, and 2020 were made pursuant to the 2019 Omnibus Plan and a Performance Share Unit Agreement (the “2019 Omnibus Agreement”). ROIC Awards granted in 2022 were made pursuant to the 2022 Omnibus Incentive Plan and a Performance Share Unit Agreement. ROIC Awards granted in 2021 and 2020 were made pursuant to the 2019 Omnibus Agreement.

The TSR Awards vest, if at all, upon our achieving a specified relative total shareholder return, which will be measured against the total shareholder return of a specified index during specified performance periods as defined in the 2019 Omnibus Agreement. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. Each performance period generally begins on January 1 of the year of grant and ends 3 years later on December 31. If the PSUs do not vest at the end of the performance periods, then the PSUs will expire automatically.

PSUs that vest will be settled by the issuance of shares of our common stock with the actual number of shares interpolated between a threshold and maximum payout amount based on actual performance results. No dividends will be paid on outstanding PSUs during the performance period; however, dividend equivalents will be paid based on the number of shares of common stock that are ultimately earned at the end of the performance periods.

A participant will earn 25% or 50% of the target number of PSUs for “Threshold Performance,” 100% of the target number of PSUs for “Target Performance,” and 150% of the target number of PSUs for “Maximum Performance.” For performance levels falling between the values shown below, the percentages will be determined by interpolation.

The following tables present the goals with respect to TSR Awards and ROIC Awards granted in 2022, 2021, and 2020.

TSR Awards:

Threshold Performance

(25% or 50% of Shares)(1)

Target Performance
(100% of Shares)

Maximum Performance
(150% of Shares)

2022 grants

th Percentile

2021 grants

th Percentile

2020 grants

th Percentile


ROIC Awards:	Threshold Performance (50% of Shares)		Target Performance (100% of Shares)		Maximum Performance (150% of Shares)
2022 grants	6.4	%	8.6	%	10.0	%
2021 grants	6.3	%	7.0	%	8.6	%
2020 grants	6.7	%	7.9	%	8.7	%

_______________________________

(1)Threshold performance will earn 25% of the target number of PSUs for the 2022 grants and 50% for the 2021 grants and 2020 grants.

The following table presents the number of PSUs granted and the grant-date fair value of each award in the periods presented.


	TSR Awards			ROIC Awards
Award Year	Performance Units	Grant-Date Fair Value		Performance Units	Grant-Date Fair Value
2022	382,000	$	2.53	408,000	$	2.62
2021	142,000	$	8.58	172,000	$	7.20
2020	139,000	$	10.88	157,000	$	9.44

The grant-date fair value of TSR Awards is determined using the Monte Carlo simulation model, as the total shareholder return metric is considered a market condition under ASC Topic 718, Compensation – stock compensation, and expense is recognized over the performance period regardless of actual award payout. The grant-date fair value of ROIC Awards is based on the closing price of a share of our common stock on the date of grant and compensation expense is recognized over the performance period based on the estimated outcome of the performance condition.

The following table presents the status of unvested PSUs as of December 31, 2022 and changes during the year then ended.


	Nonvested TSR Awards			Nonvested ROIC Awards
	Number of Performance Units	Weighted Average Grant-Date Fair Value		Number of Performance Units	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2022	194,000	$	9.59	228,000	$	8.14
Granted	382,000	2.53		408,000	2.62

Expired	(84,000)	10.88		(96,000)	9.44
Nonvested at December 31, 2022	492,000	$	3.87	540,000	$	3.74

None of the PSUs that were granted in 2018, 2019, and 2020 vested in 2020, 2021, and 2022, respectively, because the actual performance achieved was below the “Threshold Performance” level as defined by the grant agreements.

Stock Options

Stock options have an exercise price equal to the closing price of our stock on the date of grant, an exercise term of ten years with a vesting period of three years. No options were granted in 2022 or 2021. We granted 159,000 options during the year ended December 31, 2020 with a weighted average grant-date fair value of $4.76 per share.

The following table presents stock option activity for the year ended December 31, 2022.


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	621,000	$	12.24


Forfeited	(4,000)	9.44
Expired	(79,000)	9.71
Outstanding at December 31, 2022	538,000	$	12.63	3.0 years	$	—	(1)
Exercisable at December 31, 2022	515,000	$	12.77	2.8 years	$	—	(1)

_______________________________

(1)The aggregate intrinsic value is the sum of intrinsic values for each exercisable individual option grant. The intrinsic value is the amount by which the closing market price of our stock at December 31, 2022, was greater than the exercise price of any individual option grant.

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2022

Accumulated Other Comprehensive Income

The components of accumulated other comprehensive income (loss) (“AOCI”) are as follows:


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2019	$	(35,159)	$	(12,234)	$	2,839	$	(44,554)
Other comprehensive income (loss) before reclassifications	(1,683)		(16,207)		3,764		(14,126)
Amounts reclassified from AOCI to interest expense (2)	—		8,906		(2,068)		6,838
Amounts reclassified from AOCI to loss on interest rate swap (3)	—		15,823		(3,674)		12,149
Sale of discontinued operations	5,961		—		—		5,961
Net other comprehensive income (loss)	4,278		8,522		(1,978)		10,822
Balance as of December 31, 2020	$	(30,881)	$	(3,712)	$	861	$	(33,732)
Other comprehensive income (loss) before reclassifications	(1,135)		78		(19)		(1,076)
Amounts reclassified from AOCI to interest expense (2)	—		73		(18)		55
Amounts reclassified from AOCI to loss on interest rate swap (3)	—		3,712		(861)		2,851
Net other comprehensive income (loss)	(1,135)		3,863		(898)		1,830
Balance as of December 31, 2021	$	(32,016)	$	151	$	(37)	$	(31,902)
Other comprehensive income (loss) before reclassifications	(8,156)		3,426		(68)		(4,798)
Amounts reclassified from AOCI to interest expense (2)	—		(428)		8		(420)

Net other comprehensive income (loss)	(8,156)		2,998		(60)		(5,218)
Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)

_______________________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents interest rate swap settlements of effective hedge.

(3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting. See Note 19 for further discussion of the interest rate swap.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

Net Income (Loss) Per Share

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

The following table summarizes the computation of basic and diluted net income (loss) per common share.


	Years Ended December 31,
	2022		2021		2020
Numerator:
Loss from continuing operations	$	(26,098)	$	(14,425)	$	(139,490)

Adjustment for preferred stock cumulative dividends and deemed dividends	(10,894)		(21,478)		(12,373)

Numerator for basic and diluted net loss from continuing operations per common share	(36,992)		(35,903)		(151,863)
Income from discontinued operations, net of tax	—		1,200		38,898
Numerator for basic and diluted net loss per common share	$	(36,992)	$	(34,703)	$	(112,965)

Denominator:
Weighted average common shares outstanding	43,738		42,991		42,692
Adjustment for participating securities	(951)		(461)		(493)
Adjustment for 2021 Warrants outstanding (1)	1,893		1,481		—




Shares used to calculate basic and diluted net loss per share	44,680		44,011		42,199

Per common share net income (loss):







Basic and diluted net loss from continuing operations per common share	$	(0.83)	$	(0.82)	$	(3.60)
Basic and diluted net income from discontinued operations per common share	—		0.03		0.92
Basic and diluted net loss per common share	$	(0.83)	$	(0.79)	$	(2.68)
Cash dividends declared per common share	$	—	$	—	$	—

_______________________________

(1) Weighted average 2021 Warrants outstanding are included in shares outstanding for calculation of basic earnings per share because they are exercisable at an exercise price of $0.01 per share, subject to certain adjustments (see Note 19).

The following table presents potentially dilutive securities that were excluded from the calculation of diluted net income (loss) per common share because they had an anti-dilutive effect.


	Years Ended December 31,
	2022	2021	2020
Options	557	766	871
2019 Warrants	1,500	1,500	1,500
Series B Preferred Stock, as-converted	—	—	19,021
	2,057	2,266	21,392

Stock options excluded from the EPS calculations had a per share exercise price ranging from $7.93 to $25.16 for the year ended December 31, 2022. The 2019 Warrants excluded from the EPS calculations for the year ended December 31, 2022 had a per share exercise price of $11.49.

Fair Value Measurements

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in Note 1.

Preferred Stock Related Derivatives

Certain features were bifurcated and accounted for separately from the Series B Preferred Stock. The following features were recorded as derivatives.

•Warrants. In conjunction with our placement of the Series B Preferred Stock, we issued detachable warrants to purchase up to 1.5 million shares of our common stock (the “2019 Warrants”), which are exercisable, in full or in part,

at any time prior to December 11, 2026. The original exercise price was $12.00 per share, subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events. The issuance of the 2021 Warrants resulted in an adjusted exercise price of $11.49 per share for the 2019 Warrants because the new warrants have an exercise price below market value.

Certain features were bifurcated and accounted for separately from the Series D Preferred Stock. The following features were recorded as derivatives.

•Warrants. In conjunction with our placement of the Series D Preferred Stock, we issued detachable warrants to purchase up to 1.9 million shares of our common stock. The 2021 Warrants are exercisable, in full or in part, at any time prior to March 22, 2027, at an exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events.

•Change-in-control put feature. The Series D Preferred Stock includes a put feature that allows the holder to redeem the Series D Preferred Stock upon a change in control at the greater of 1) the liquidation preference plus accrued dividends or 2) 140% of the liquidation preference. The put feature is considered a redemption right at a premium and is not clearly and closely related to the debt host.

The following table presents the changes in liability balance of the preferred stock related derivatives.


	Years Ended December 31,
	2022		2021
Balance at beginning of year	$	8,224	$	3,117
Issuances	—		15,121
Change in fair value (1)	(5,265)		(7,009)
Settlements	—		(3,005)

Balance at end of year	$	2,959	$	8,224

_______________________________

(1) Changes in the fair value are recognized in the “Other income, net” line in the Consolidated Statements of Operations and Comprehensive Income (Loss).

The following tables show the fair values of the preferred stock related derivatives within the fair value hierarchy.

December 31, 2022

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

2,831

—

128

December 31, 2021

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

7,771

—

453

The fair value of the 2019 Warrants is determined using a valuation model that utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods. The probabilities resulted in a weighted average term of 2.9 years as of December 31, 2022 and 3.6 years as of December 31, 2021.

The fair value of the 2021 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price.

The fair value of the change-in-control put feature utilizes unobservable inputs based on the Company’s assessment of the probability of a change-in-control event occurring in a future period. The probability of a change-in-control event ranged from 3% to 10% as of December 31, 2022 and 1% to 10% as of December 31, 2021.

Interest Rate Swaps

We manage our exposure to fluctuations in interest rates using a mix of fixed and variable rate debt. We utilize fixed-rate interest rate swap agreements to change the variable interest rate to a fixed rate on a portion of our variable rate debt.

On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”). The 2021 Swap has a notional amount of $60.0 million and a maturity date of July 31, 2024. The objective of the 2021 Swap is to eliminate the variability of cash flows in interest payments on the first $60.0 million of variable rate debt attributable to changes in benchmark one-month

LIBOR interest rates. The hedged risk is the interest rate risk exposure to changes in interest payments, attributable to changes in benchmark one-month LIBOR interest rates over the interest rate swap term. The changes in cash flows of the interest rate swap are expected to exactly offset changes in cash flows of the variable rate debt. We designated the 2021 Swap as a cash flow hedge at inception. Cash settlements of the 2021 Swap are recognized in interest expense.

On February 8, 2019, we entered into a $700.0 million fixed-rate interest rate swap agreement that changed the LIBOR-based portion of the interest rate on a portion of our variable rate debt to a fixed rate of 2.4575% (the “2019 Swap”). On March 22, 2021, we terminated the 2019 Swap with a $13.7 million cash payment in connection with the extinguishment of our previously outstanding long-term variable-rate debt. The 2019 Swap was designated as a cash flow hedge at inception. However, in the fourth quarter of 2020, the 2019 Swap no longer qualified as an effective hedge, and subsequent changes in fair value of the 2019 Swap were recognized in earnings. Amounts recognized in earnings related to the 2019 Swap are recorded in the “Loss on interest rate swap” line on the Consolidated Statements of Operations and Comprehensive Income (Loss) except that cash settlements prior to termination are recognized in “Derivative payments on interest rate swap.” Cash settlements during 2021 and the fourth quarter of 2020 are presented in investing activities on the Consolidated Statements of Cash Flows.

The following table presents the effect of the interest rate swaps on the Consolidated Statements of Operations and Comprehensive Income (Loss).


	Years Ended December 31,
	2022		2021		2020
Interest expense (benefit) (1)	$	(428)	$	73	$	8,906
Derivative payments on interest rate swap (2)	—		1,717		4,133
Loss on interest rate swap (2)	—		2,033		11,669

_______________________________

(1) Represents settlements on the interest rate swaps while the hedges are effective.

(2) Represents settlements and changes in fair value on the 2019 Swap while the hedge was ineffective.

As of December 31, 2022 and 2021, we reported a $3.1 million gain and a $0.1 million gain, respectively, net of tax, in accumulated other comprehensive income related to the interest rate swap.

The following tables show the fair values of the interest rate swaps within the fair value hierarchy.


December 31, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative asset - other current assets	$	—	$	2,130	$	—
Derivative asset - other non-current assets	—		1,023		—


Total	$	—	$	3,153	$	—


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Derivative asset - other non-current assets	$	—	$	284	$	—
Derivative liability - other current liabilities	—		(129)		—

Total	$	—	$	155	$	—

The fair value of the interest rate swap is calculated through standard pricing models which use inputs derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. The counterparty to these derivative contracts is a highly rated financial institution which we believe carries only a minimal risk of nonperformance.

Fair Value Disclosures

Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, and debt. As of December 31, 2022, the carrying values of these financial instruments, except for debt, approximated fair value.

Discontinued Operations and Disposal Groups [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
Nature of Business	Nature of Business NN, Inc. is a diversified industrial company that combines in-depth materials science expertise with advanced engineering and production capabilities to design and manufacture high-precision metal and plastic components and assemblies for a variety of end markets on a global basis. As used in this Annual Report on Form 10-K (this “Annual Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. We have 31 facilities in North America, Europe, South America, and Asia.
Basis of Presentation	Basis of PresentationThe accompanying consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Certain prior period amounts have been reclassified to conform to the current year’s presentation. Except for per share data or as otherwise indicated, all U.S. dollar amounts presented in the tables in these Notes to Consolidated Financial Statements are in thousands.
Principles of Consolidation	Principles of Consolidation Our consolidated financial statements include the accounts of NN, Inc., and its wholly owned subsidiaries. We own a 49% interest in a joint venture which we account for using the equity method (see Note 9). All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates in the Preparation of Consolidated Financial Statements	Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to use estimates and assumptions that affect the reported amounts of certain assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates.
Accounting Standards Not Yet Adopted
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with original maturities of three months or less. We maintain cash balances in transaction accounts with various financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”). Although we maintain balances that exceed the federally insured limit, we have not experienced any losses related to these balances, and we believe credit risk to be minimal. We had $12.5 million and $17.6 million in cash and cash equivalents as of December 31, 2022 and 2021, respectively, held at foreign financial institutions.
Fair Value Measurements	Fair Value Measurements Fair value principles prioritize valuation inputs across three broad levels. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on the assumptions used to measure assets and liabilities at fair value. An asset or liability’s classification within the various levels is determined based on the lowest level input that is significant to the fair value measurement.
Accounts Receivable and Allowance for Credit Losses	Accounts Receivable and Allowance for Credit Losses Trade accounts receivable are recorded at their net realizable value. We maintain allowances for estimated losses resulting from the inability of our customers to make required payments. The allowances are based on the amount that we ultimately expect to collect from our customers. We evaluate the collectability of accounts receivable based on a combination of factors including number of days receivables are past due, historical collection experience, current market conditions, and forecasted direction of economic and business environment. Accounts receivable are written off at the time a customer receivable is deemed uncollectible.
Inventories	Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined using standard costs, which approximates the average cost method. Our policy is to expense abnormal amounts of idle facility expense, freight, handling cost, and waste included in cost of products sold. In addition, we allocate fixed production overheads based on the normal production capacity of our facilities. Inventory valuations were developed using normalized production capacities for each of our manufacturing locations. The costs from excess capacity or under-utilization of fixed production overheads were expensed in the period incurred and are not included as a component of inventory. Inventories also include tools, molds, and dies in progress that we are producing and will ultimately sell to our customers. These inventories are also carried at the lower of cost or net realizable value.
Property, Plant and Equipment	Property, Plant and Equipment Property, plant and equipment are stated at cost less accumulated depreciation. Assets to be disposed of are stated at the lower of depreciated cost or fair market value less estimated selling costs. Expenditures for maintenance and repairs are charged to expense as incurred. Major renewals and improvements are capitalized. When a property item is retired, its cost and related accumulated depreciation are removed from the property accounts and any gain or loss is recorded in the Consolidated Statements of Operations and Comprehensive Income (Loss). We review the carrying values of long-lived assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Property, plant and equipment also includes tools, molds, and dies used in manufacturing. Depreciation is calculated based on historical cost using the straight-line method over the estimated useful lives of the depreciable assets. Estimated useful lives for buildings and land improvements generally range from 10 to 40 years. Estimated useful lives for machinery and equipment generally range from 3 to 12 years. Estimated useful lives for leasehold improvements are based on the life of the lease.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived tangible and intangible assets subject to depreciation or amortization are tested for recoverability when changes in circumstances indicate the carrying value of these assets, or asset groups, may not be recoverable. A test for recoverability is also performed when management has committed to a plan to dispose of a reporting unit or asset group. Assets to be held and used are tested for recoverability when indications of impairment are evident. Recoverability of a long-lived tangible or intangible asset, or asset group, is evaluated by comparing its carrying value to the future estimated undiscounted cash flows expected to be generated by the asset or asset group. If the asset is deemed not recoverable, then the asset is considered impaired and adjusted to fair value which is then depreciated or amortized over its remaining useful life. Assets to be disposed of are recorded at the lesser of carrying value or fair value less costs of disposal.
Equity Method Investments	Equity Method Investments Our equity method investment is subject to a review for impairment if, and when, circumstances indicate that a decline in value below its carrying amount may have occurred. Examples of such circumstances include, but are not limited to, a significant deterioration in the earnings performance or business prospects of the investee; a significant adverse change in the regulatory, economic or technological environment of the investee; a significant adverse change in the general market condition of either the geographic area or the industry in which the investee operates; and recurring negative cash flows from operations. If management considers the decline to be other than temporary, we would write down the investment to its estimated fair market value.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. Provision has been made for income taxes on unremitted earnings of certain foreign subsidiaries as these earnings are not deemed to be permanently reinvested. We recognize income tax positions that meet the more likely than not threshold and accrue interest and potential penalties related to unrecognized income tax positions which are recorded as a component of the provision (benefit) for income taxes. We treat global intangible low-taxed income (“GILTI”) as a periodic charge in the year in which it arises and therefore do not record deferred taxes for basis differences associated with GILTI. We eliminate disproportionate tax effects from accumulated other comprehensive income (loss) when the circumstances upon which they are premised cease to exist.
Revenue Recognition	Revenue Recognition We generally transfer control and recognize revenue when we ship the product from our manufacturing facility to our customer at a point in time, as this is when our customer obtains the ability to direct use of, and obtain substantially all of the remaining benefits from, the product. In limited circumstances, we recognize revenue over time as services are rendered. We have elected to recognize the cost for freight and shipping when control over products has transferred to the customer as a component of cost of sales. We use an observable price to determine the stand-alone selling price for separate performance obligations or a cost-plus-margin approach when an observable price is not available. The expected duration of our contracts is one year or less, and we have elected to apply the practical expedient that allows entities to disregard the effects of financing when the contract length is less than one year. The amount of consideration we receive and the revenue we recognize varies with volume rebates and incentives we offer to our customers. We estimate the amount of variable consideration that should be included in the transaction price utilizing the expected value method or the most likely amount method depending on the nature of the variable consideration. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. We utilize the portfolio approach practical expedient to evaluate sales-related discounts on a portfolio basis to contracts with similar characteristics. The effect on our consolidated financial statements of applying the portfolio approach would not differ materially from evaluation of individual contracts. We give our customers the right to return only defective products in exchange for functioning products or rework of the product. These transactions are evaluated and accounted for under ASC Topic 460, Guarantees, and we estimate the impact to the transaction price based on an analysis of historical experience.
Share Based Compensation	Share Based CompensationThe cost of stock options, restricted stock, and performance share units is recognized as compensation expense over the vesting periods based on the grant date fair value, net of expected forfeitures. We determine grant date fair value using the Black Scholes financial pricing model for stock options and a Monte Carlo simulation for performance share units that include a market condition for vesting because these awards are not traded in open markets. We determine grant date fair value using the closing price of our common stock on the date of grant for restricted stock and performance share units that include performance conditions for vesting.
Foreign Currency Translation	Foreign Currency Translation Assets and liabilities of our foreign subsidiaries are translated at current exchange rates. Revenue, costs, and expenses are translated at average rates prevailing during each reporting period. Translation adjustments arising from the translation of foreign subsidiary financial statements are reported as a component of other comprehensive income (loss) and accumulated other comprehensive income (loss) within stockholders’ equity. Transactions denominated in foreign currencies, including intercompany transactions, are initially recorded at the current exchange rate at the date of the transaction. The balances are adjusted to the current exchange rate as of each balance sheet date and as of the date when the transaction is consummated. Transaction gains or losses, excluding intercompany loan transactions, are expensed as incurred in either cost of sales or selling, general and administrative expense in the Consolidated Statements of Operations and Comprehensive Income (Loss) and were immaterial to the years ended December 31, 2022, 2021, and 2020. Transaction gains or losses on intercompany loan transactions are recognized as incurred in the “Other expense (income), net” line in the Consolidated Statements of Operations and Comprehensive Income (Loss). For the years ended December 31, 2022, 2021, and 2020, transaction gains (losses) on intercompany loan transactions were $0.2 million, $(0.5) million, and $(0.8) million, respectively.
Net Income (Loss) Per Common Share	Net Income (Loss) Per Common Share In accordance with ASC 260, Earnings Per Share, we allocate earnings or losses to common stockholders and participating securities using the two-class method to compute earnings per share (“EPS”) unless the treasury stock method results in a lower EPS. The two-class method is an earnings allocation formula that treats participating securities as having rights to earnings that otherwise would have been available to common stockholders. Participating securities may participate in undistributed earnings with common stock whether or not that participation is conditioned upon the occurrence of a specified event. Under the two-class method, our net income (loss) is reduced (or increased) by the amount that has been or will be distributed to our participating security holders. We have elected to allocate undistributed income to participating securities based on year-to-date results. Our participating securities, which include preferred stock, do not participate in losses. Basic net income (loss) per common share is computed by dividing net income (loss) allocable to common shares by the weighted average number of common shares outstanding. Diluted net income (loss) per common share includes the effect of warrants, convertible preferred stock, and stock options unless inclusion would not be dilutive.
Lessee, Leases	Leases We determine whether an arrangement is a lease at inception. Lease right-of-use (“ROU”) assets represent our right to use an underlying asset for the lease term, and lease liabilities represent our obligation to make lease payments arising from the lease. Lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the implicit rate is not readily determinable, we use the estimated incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Amortization of lease ROU assets is recognized in expense on a straight-line basis over the lease term. We recognize short-term leases, which have a term of twelve months or less, on a straight-line basis and do not record a related lease asset or liability for such leases. Finance lease ROU assets consist primarily of equipment used in the manufacturing process with terms of four years to eight years. Operating lease ROU assets consist of the following: •Equipment used in the manufacturing process as well as office equipment with terms of two years to five years; and •Manufacturing plants and office facilities with terms of four years to 20 years.

Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Discontinued Operations

The following table presents the results of operations of the discontinued operations.


	Years Ended December 31,
	2021		2020
Net sales	$	—	$	225,255
Cost of sales (exclusive of depreciation and amortization shown separately below)	—		160,464
Selling, general, and administrative expense	—		20,779

Depreciation and amortization	—		35,731

Goodwill impairment	—		146,757
Other operating expense, net	—		41
Income from operations	—		(138,517)
Interest expense	—		48,893
Loss on extinguishment of debt and write-off of debt issuance costs	—		1,388

Other expense, net	—		(322)
Loss from discontinued operations before costs of disposal and benefit for income taxes	—		(188,476)
Benefit for income taxes	—		12,468
Loss from discontinued operations before costs of disposal	—		(176,008)
Gain on disposal of discontinued operations	1,200		212,319
Benefit for income taxes on costs of disposal	—		2,587
Income (loss) from discontinued operations, net of tax	$	1,200	$	38,898


	Years Ended December 31,
	2021		2020
Interest on debt	$	—	$	35,147
Amortization of debt issuance costs	—		13,990
Capitalized interest and other	—		(244)
Total interest expense of discontinued operations	$	—	$	48,893

The following table presents the significant noncash items and cash paid for capital expenditures of discontinued operations for each period presented.


	Years Ended December 31,
	2021		2020
Depreciation and amortization	$	—	$	35,731
Goodwill impairment	—		146,757
Amortization of debt issuance costs	—		13,990
Loss on extinguishment of debt and write-off of debt issuance costs	—		1,388
Acquisition of property, plant and equipment	—		8,416
Right-of-use assets obtained in exchange for new finance lease liabilities	—		695
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	—		6,174

_______________________________

(1) Includes new leases, renewals, and modifications.

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109226691&loc=SL51724579-110230

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1474-107760

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5D
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721677-107760

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI https://asc.fasb.org/extlink&oid=109222160&loc=SL51721533-107759

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 3A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721659-107760

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721665-107760

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 360
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=109226691&loc=d3e2941-110230

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5C
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721675-107760

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721683-107760

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=109222650&loc=d3e1361-107760

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721671-107760

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 5B
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721673-107760

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 50
-Paragraph 4A
-URI https://asc.fasb.org/extlink&oid=109222650&loc=SL51721663-107760

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]

Segment Information (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segment Information

The following table presents our financial performance by reportable segment.


	Year Ended December 31,
	2022		2021		2020
Net sales:
Mobile Solutions	$	293,536	$	285,863	$	256,360
Power Solutions	205,204		191,800		171,269
Corporate and Consolidations (1)	(2)		(79)		(95)
Total	$	498,738	$	477,584	$	427,534
Income (loss) from operations:
Mobile Solutions	$	(2,165)	$	9,039	$	5,228
Power Solutions	3,536		6,493		(85,983)
Corporate and Consolidations	(22,463)		(24,536)		(36,702)
Total	$	(21,092)	$	(9,004)	$	(117,457)
Depreciation and amortization:
Mobile Solutions	$	28,192	$	28,769	$	28,298
Power Solutions	17,483		15,892		15,730
Corporate and Consolidations	1,556		1,534		1,652
Total	$	47,231	$	46,195	$	45,680
Expenditures for long-lived assets:
Mobile Solutions	$	14,590	$	15,411	$	12,400
Power Solutions	2,401		2,200		2,754
Corporate and Consolidations	961		610		203
Total	$	17,952	$	18,221	$	15,357

_______________________________

(1) Includes eliminations of intersegment transactions which occur during the ordinary course of business.

The following table summarizes total assets by reportable segment.


	As of December 31,
	2022		2021

Mobile Solutions (1)	$	338,338	$	357,171
Power Solutions	178,129		184,196
Corporate and Consolidations	29,660		37,734
Total	$	546,127	$	579,101

_______________________________

(1) Total assets in Mobile Solutions includes $31.8 million and $34.0 million as of December 31, 2022 and 2021, respectively, related to the investment in our 49% owned joint venture (Note 9).

The following table summarizes long-lived tangible assets by country.


	As of December 31,
	2022		2021
United States	$	104,360	$	112,430
China	29,603		32,605
France	24,536		26,977
Mexico	15,235		12,056
Brazil	14,829		15,042
Poland	9,074		9,995
All foreign countries	$	93,277	$	96,675
Total	$	197,637	$	209,105

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2022

Receivables [Abstract]

Summary of Activity in the Allowance for Credit Losses

The following table presents changes in the allowance for credit losses.


	Years Ended December 31,
	2022		2021		2020
Balance at beginning of year	$	1,352	$	2,044	$	2,044
Additions	326		78		505
Write-offs and other	(182)		(734)		(562)
Currency impact	(27)		(36)		57
Balance at end of year	$	1,469	$	1,352	$	2,044

Inventories (Tables)

12 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories are comprised of the following amounts:


	As of December 31,
	2022		2021
Raw materials	$	32,146	$	27,221
Work in process	24,610		24,960
Finished goods	23,926		22,846
Total inventories	$	80,682	$	75,027

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2022

Property, Plant and Equipment [Abstract]

Summary of Property, Plant and Equipment

Property, plant and equipment are comprised of the following amounts:


	As of December 31,
	2022		2021
Land and buildings	$	58,256	$	57,991
Machinery and equipment	353,364		344,041
Construction in progress	11,063		5,009
Total	422,683		407,041
Less: Accumulated depreciation	225,046		197,936
Property, plant and equipment, net	$	197,637	$	209,105

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Intangible Assets by Segment and by Major Asset Class

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2020	$	29,062	$	74,003	$	103,065
Amortization	(3,353)		(10,994)		(14,347)
Balance as of December 31, 2021	25,709		63,009		88,718
Amortization	(3,353)		(12,474)		(15,827)
Balance as of December 31, 2022	$	22,356	$	50,535	$	72,891

The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2022 and 2021.


	December 31, 2022						December 31, 2021
	Gross Carrying Value as of Acquisition Date		Accumulated Amortization		Net Carrying Value		Gross Carrying Value as of Acquisition Date		Accumulated Amortization		Net Carrying Value
Customer relationships	$	173,746	$	(103,021)	$	70,725	$	173,746	$	(87,895)	$	85,851
Trademark and trade name	7,527		(5,361)		2,166		7,527		(4,660)		2,867

Total identified intangible assets	$	181,273	$	(108,382)	$	72,891	$	181,273	$	(92,555)	$	88,718

Summary of Estimated Amortization Expense

The following table shows estimated future amortization expense for each of the next five years.


Year Ending December 31,
2023	$	14,167
2024	13,824
2025	13,824
2026	13,824
2027	11,663

Investment in Joint Venture (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Summarized Activity Related to Investment in Joint Venture

The following table shows changes in our investment in the JV.


Balance as of December 31, 2021	$	34,045
Share of earnings	6,592
Dividends paid by joint venture	(6,245)

Foreign currency translation loss	(2,590)

Balance as of December 31, 2022	$	31,802

The following tables show summarized financial information of the unconsolidated JV.


	Year Ended December 31,
	2022	2021	2020
Net sales	101,565	94,846	68,216
Cost of sales	84,654	77,620	56,669
Income from operations	15,111	15,429	10,202
Net income	13,453	12,777	7,401


	December 31,
	2022	2021
Current assets	63,141	65,465
Noncurrent assets	79,473	75,222
Current liabilities	66,960	67,206
Noncurrent liabilities	8,695	10,006

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Loss from Continuing Operations Before Benefit for Income Taxes

The following table summarizes the income (loss) from continuing operations before benefit (provision) for income taxes and share of net income from joint venture.


	Years Ended December 31,
	2022		2021		2020
United States	$	(40,543)	$	(35,325)	$	(146,963)
Foreign	9,474		12,883		(5,125)
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$	(31,069)	$	(22,442)	$	(152,088)

Income Tax Expense (Benefit)

The following table summarizes total income tax expense (benefit) recognized in each year.


	Years Ended December 31,
	2022		2021		2020
Current taxes:
U.S. Federal	$	(545)	$	(19)	$	(299)
State	(625)		(615)		4,599
Foreign	4,576		3,014		2,250
Total current tax expense	3,406		2,380		6,550
Deferred taxes:
U.S. Federal	$	(6,245)	$	(8,421)	$	(10,368)
State	70		(1,099)		(5,368)
Foreign	(986)		(154)		(1,852)
U.S. federal, state and foreign valuation allowance	5,376		5,538		2,066
Total deferred tax benefit	(1,785)		(4,136)		(15,522)
Total income tax expense (benefit)	$	1,621	$	(1,756)	$	(8,972)

Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate

The following table presents a reconciliation of income taxes based on the U.S. federal statutory income tax rate.


	Years Ended December 31,
	2022		2021		2020
U.S federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance, exclusive of state	(17.5)	%	(20.0)	%	(1.3)	%

State taxes, net of federal taxes, exclusive of tax reform	1.6	%	4.5	%	0.2	%
Non-U.S. earnings taxed at different rates	0.7	%	3.0	%	1.4	%

GILTI	(3.9)	%	(6.0)	%	(0.1)	%
Goodwill impairment	—	%	—	%	(12.7)	%
Deferred true-up	(6.4)	%	—	%	—	%


Research and development tax credit	1.5	%	2.3	%	0.4	%
Change in uncertain tax positions	—	%	0.7	%	2.2	%





CARES Act	—	%	—	%	2.7	%
Interest on CARES Act refund	1.8	%	—	%	—	%

Return to provision	1.3	%	0.8	%	(0.5)	%

Taxes on unremitted foreign earnings	(3.9)	%	2.0	%	(3.9)	%
Restructuring gain	—	%	—	%	(2.6)	%


Intercompany lending	(2.7)	%	(5.3)	%	—	%
Warrant revaluation	3.6	%	6.5	%	—	%
Other adjustments, net	(2.3)	%	(1.7)	%	(0.9)	%
Effective tax rate	(5.2)	%	7.8	%	5.9	%

Principal Components of Deferred Tax Assets and Liabilities

The following table summarizes the principal components of the deferred tax assets and liabilities.


	As of December 31,
	2022		2021
Deferred income tax liabilities:
Tax in excess of book depreciation	$	24,045	$	25,732

Intangible assets	16,978		20,812


Operating leases	10,669		10,473
Interest rate swap	754		37
Taxes on unremitted foreign earnings	4,961		5,630
Other deferred tax liabilities	761		1,007
Total deferred income tax liabilities	58,168		63,691
Deferred income tax assets:
Interest expense limitation	10,723		7,141
Goodwill	22,277		24,262
Inventories	2,292		3,368
Section 174 research and development costs	1,859		—

Pension and personnel accruals	1,717		2,422
Operating leases	12,852		12,834
Net operating loss carryforwards	24,299		23,629


Credit carryforwards	2,803		3,044
Accruals and reserves	978		1,435
Other deferred tax assets	3,086		4,223
Deferred income tax assets before valuation allowance	82,886		82,358
Valuation allowance on deferred tax assets	(30,212)		(25,809)
Total deferred income tax assets	52,674		56,549
Net deferred income tax liabilities	$	5,494	$	7,142

Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties

The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits, excluding interest and penalties.


	Years Ended December 31,
	2022		2021		2020
Balance at beginning of year	$	125	$	247	$	2,589
Additions for tax positions of prior years	—		—		121

Reductions for tax positions of prior years	(7)		(122)		(2,463)
Balance at end of year	$	118	$	125	$	247

Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Summary of Debt

The following table presents the outstanding debt balances.


	As of December 31,
	2022		2021
Term Loan Facility	$	147,375	$	148,875
ABL Facility	1,000		—
International loans	8,729		10,930
Total principal	157,104		159,805
Less-current maturities of long-term debt	3,321		3,074
Principal, net of current portion	153,783		156,731
Less-unamortized debt issuance costs and discount (1)	4,394		5,679
Long-term debt, net of current portion	$	149,389	$	151,052

_______________________________

(1) In addition to this amount, costs of $0.6 million and $0.7 million related to the ABL Facility were recorded in other non-current assets as of December 31, 2022 and 2021, respectively.

Aggregate Maturities of Long-Term Debt

The following table lists aggregate maturities of long-term debt for the next five years.


Years Ending December 31,
2023	$	3,321
2024	3,166
2025	3,181
2026	143,887
2027	364

Leases (Tables)

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Lease, Cost

The following table presents components of lease expense:


	Years Ended December 31,
	2022		2021		2020
Finance lease cost:
Amortization of right-of-use assets	$	1,318	$	1,451	$	1,272
Interest expense	351		213		192
Operating lease cost	8,285		8,015		8,397
Short-term lease cost (1)	438		655		591

Sublease income	(195)		—		—
Total lease cost	$	10,197	$	10,334	$	10,452

_______________________________

(1) Excludes expenses related to leases with a lease term of one month or less.

The following table contains supplemental cash flow information related to leases.


	Years Ended December 31,
	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	351	$	213	$	192
Operating cash flows used in operating leases	14,214		13,434		13,498
Financing cash flows used in finance leases	3,003		4,836		2,018
Right-of-use assets obtained in exchange for new finance lease liabilities	$	1,263	$	2,814	$	728
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	5,181		—		8,682

_______________________________

(1) Includes new leases, renewals, and modifications.

The weighted average remaining lease term and weighted-average discount rate for finance and operating leases were as follows:


	As of December 31,
	2022		2021
Weighted-average remaining lease term - finance leases	3.1 years		3.3 years
Weighted-average remaining lease term - operating leases	10.1 years		11.1 years
Weighted-average discount rate - finance leases	5.3	%	3.0	%
Weighted-average discount rate - operating leases	7.5	%	7.0	%

Assets And Liabilities, Lessee

The following table presents lease-related assets and liabilities recorded on the balance sheet.


		As of December 31,
	Financial Statement Line Item	2022		2021
Assets:
Operating lease assets	Operating lease right-of-use assets	$	46,713	$	46,443
Finance lease assets	Property, plant and equipment, net	12,989		13,641
Total lease assets		$	59,702	$	60,084

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,294	$	5,704
Finance lease liabilities	Other current liabilities	2,610		3,111
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	51,411		51,295
Finance lease liabilities	Other non-current liabilities	3,828		5,446
Total lease liabilities		$	63,143	$	65,556

Lessee, Operating Lease, Liability, Maturity

The maturities of lease liabilities as of December 31, 2022, is as follows:


	Operating Leases		Finance Leases
2023	$	9,250	$	2,913
2024	8,419		1,819
2025	8,352		1,017
2026	8,193		950
2027	7,983		509
Thereafter	37,655		—
Total future minimum lease payments	79,852		7,208
Less: imputed interest	23,147		770
Total lease liabilities	$	56,705	$	6,438

Finance Lease, Liability, Maturity

The maturities of lease liabilities as of December 31, 2022, is as follows:


	Operating Leases		Finance Leases
2023	$	9,250	$	2,913
2024	8,419		1,819
2025	8,352		1,017
2026	8,193		950
2027	7,983		509
Thereafter	37,655		—
Total future minimum lease payments	79,852		7,208
Less: imputed interest	23,147		770
Total lease liabilities	$	56,705	$	6,438

Preferred Stock and Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2022

Changes In Preferred Stock Carrying Value

The following table presents the change in the Series D Preferred Stock carrying value.


	Years Ended December 31,
	2022		2021
Balance at beginning of year	$	53,807	$	—
Proceeds from issuance of shares, net of issuance costs	—		61,793
Fair value of 2021 Warrants issued	—		(14,839)
Recognition of bifurcated embedded derivative	—		(282)
Accrual of in-kind dividends	8,961		6,222
Amortization	1,933		913

Balance at end of year	$	64,701	$	53,807

The following table presents the change in the Series B Preferred Stock carrying value.


	Years Ended December 31,
	2021		2020
Balance at beginning of year	$	105,086	$	93,012




Accrual of in-kind dividends	14,008		11,121
Amortization	335		953
Redemption	(119,429)		—
Balance at end of year	$	—	$	105,086

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Revenue by Major Customers by Reporting Segments


Year Ended December 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	140,931	$	160,894	$	(2)	$	301,823
China	46,045		5,511		—		51,556
Brazil	47,266		950		—		48,216
Mexico	23,348		17,297		—		40,645
Germany	5,158		348		—		5,506
Poland	5,031		11		—		5,042
Other	25,757		20,193		—		45,950
Total net sales	$	293,536	$	205,204	$	(2)	$	498,738


Year Ended December 31, 2021	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	140,383	$	152,931	$	(79)	$	293,235
China	52,227		4,745		—		56,972
Brazil	34,644		811		—		35,455
Mexico	19,520		16,177		—		35,697
Germany	5,230		546		—		5,776
Poland	3,743		18		—		3,761
Other	30,116		16,572		—		46,688
Total net sales	$	285,863	$	191,800	$	(79)	$	477,584


Year Ended December 31, 2020	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	129,147	$	139,499	$	(95)	$	268,551
China	46,442		5,563		—		52,005
Brazil	27,055		689		—		27,744
Mexico	16,465		13,400		—		29,865
Germany	5,846		378		—		6,224
Poland	4,913		14		—		4,927
Other	26,492		11,726		—		38,218
Total net sales	$	256,360	$	171,269	$	(95)	$	427,534

Disaggregation of Revenue


Year Ended December 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	197,341	$	40,890	$	—	$	238,231
General Industrial	78,142		61,828		—		139,970
Residential/Commercial Electrical	—		70,055		—		70,055
Other	18,053		32,431		(2)		50,482
Total net sales	$	293,536	$	205,204	$	(2)	$	498,738


Year Ended December 31, 2021	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	182,094	$	38,779	$	—	$	220,873
General Industrial	90,290		60,312		—		150,602
Residential/Commercial Electrical	—		61,748		—		61,748
Other	13,479		30,961		(79)		44,361
Total net sales	$	285,863	$	191,800	$	(79)	$	477,584


Year Ended December 31, 2020	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	170,389	$	31,422	$	—	$	201,811
General Industrial	75,610		52,714		—		128,324
Residential/Commercial Electrical	—		58,143		—		58,143
Other	10,361		28,990		(95)		39,256
Total net sales	$	256,360	$	171,269	$	(95)	$	427,534

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Components of Share-Based Compensation Expense by Type of Award

The following table lists the components of share-based compensation expense by type of award.


	Years Ended December 31,
	2022		2021		2020
Restricted stock	3,635		2,166		3,393
Performance share units	602		797		199
Stock options	$	140	$	253	$	634

Share-based compensation expense	$	4,377	$	3,216	$	4,226

Reconciliation of Restricted Stock Option Activity

The following table presents the status of unvested restricted stock awards as of December 31, 2022 and changes during the year then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2022	469,000	$	7.28
Granted	897,000	3.31
Vested	(291,000)	7.05
Forfeited	(37,000)	3.93
Unvested at December 31, 2022	1,038,000	$	4.03

Schedule of Performance Based Awards Goals with Respect to TSR and ROIC

The following tables present the goals with respect to TSR Awards and ROIC Awards granted in 2022, 2021, and 2020.

TSR Awards:

Threshold Performance

(25% or 50% of Shares)(1)

Target Performance
(100% of Shares)

Maximum Performance
(150% of Shares)

2022 grants

th Percentile

2021 grants

th Percentile

2020 grants

th Percentile


ROIC Awards:	Threshold Performance (50% of Shares)		Target Performance (100% of Shares)		Maximum Performance (150% of Shares)
2022 grants	6.4	%	8.6	%	10.0	%
2021 grants	6.3	%	7.0	%	8.6	%
2020 grants	6.7	%	7.9	%	8.7	%

_______________________________

(1)Threshold performance will earn 25% of the target number of PSUs for the 2022 grants and 50% for the 2021 grants and 2020 grants.

Schedule of Number of Awards Granted and Grant Date Fair Value of Each Award in Periods

The following table presents the number of PSUs granted and the grant-date fair value of each award in the periods presented.


	TSR Awards			ROIC Awards
Award Year	Performance Units	Grant-Date Fair Value		Performance Units	Grant-Date Fair Value
2022	382,000	$	2.53	408,000	$	2.62
2021	142,000	$	8.58	172,000	$	7.20
2020	139,000	$	10.88	157,000	$	9.44

Summary of Status of Unvested PSU Awards

The following table presents the status of unvested PSUs as of December 31, 2022 and changes during the year then ended.


	Nonvested TSR Awards			Nonvested ROIC Awards
	Number of Performance Units	Weighted Average Grant-Date Fair Value		Number of Performance Units	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2022	194,000	$	9.59	228,000	$	8.14
Granted	382,000	2.53		408,000	2.62

Expired	(84,000)	10.88		(96,000)	9.44
Nonvested at December 31, 2022	492,000	$	3.87	540,000	$	3.74

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) (“AOCI”) are as follows:


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2019	$	(35,159)	$	(12,234)	$	2,839	$	(44,554)
Other comprehensive income (loss) before reclassifications	(1,683)		(16,207)		3,764		(14,126)
Amounts reclassified from AOCI to interest expense (2)	—		8,906		(2,068)		6,838
Amounts reclassified from AOCI to loss on interest rate swap (3)	—		15,823		(3,674)		12,149
Sale of discontinued operations	5,961		—		—		5,961
Net other comprehensive income (loss)	4,278		8,522		(1,978)		10,822
Balance as of December 31, 2020	$	(30,881)	$	(3,712)	$	861	$	(33,732)
Other comprehensive income (loss) before reclassifications	(1,135)		78		(19)		(1,076)
Amounts reclassified from AOCI to interest expense (2)	—		73		(18)		55
Amounts reclassified from AOCI to loss on interest rate swap (3)	—		3,712		(861)		2,851
Net other comprehensive income (loss)	(1,135)		3,863		(898)		1,830
Balance as of December 31, 2021	$	(32,016)	$	151	$	(37)	$	(31,902)
Other comprehensive income (loss) before reclassifications	(8,156)		3,426		(68)		(4,798)
Amounts reclassified from AOCI to interest expense (2)	—		(428)		8		(420)

Net other comprehensive income (loss)	(8,156)		2,998		(60)		(5,218)
Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)

_______________________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents interest rate swap settlements of effective hedge.

(3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting. See Note 19 for further discussion of the interest rate swap.

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Summary of Net Income (Loss) Per Share

The following table summarizes the computation of basic and diluted net income (loss) per common share.


	Years Ended December 31,
	2022		2021		2020
Numerator:
Loss from continuing operations	$	(26,098)	$	(14,425)	$	(139,490)

Adjustment for preferred stock cumulative dividends and deemed dividends	(10,894)		(21,478)		(12,373)

Numerator for basic and diluted net loss from continuing operations per common share	(36,992)		(35,903)		(151,863)
Income from discontinued operations, net of tax	—		1,200		38,898
Numerator for basic and diluted net loss per common share	$	(36,992)	$	(34,703)	$	(112,965)

Denominator:
Weighted average common shares outstanding	43,738		42,991		42,692
Adjustment for participating securities	(951)		(461)		(493)
Adjustment for 2021 Warrants outstanding (1)	1,893		1,481		—




Shares used to calculate basic and diluted net loss per share	44,680		44,011		42,199

Per common share net income (loss):







Basic and diluted net loss from continuing operations per common share	$	(0.83)	$	(0.82)	$	(3.60)
Basic and diluted net income from discontinued operations per common share	—		0.03		0.92
Basic and diluted net loss per common share	$	(0.83)	$	(0.79)	$	(2.68)
Cash dividends declared per common share	$	—	$	—	$	—

_______________________________

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents potentially dilutive securities that were excluded from the calculation of diluted net income (loss) per common share because they had an anti-dilutive effect.


	Years Ended December 31,
	2022	2021	2020
Options	557	766	871
2019 Warrants	1,500	1,500	1,500
Series B Preferred Stock, as-converted	—	—	19,021
	2,057	2,266	21,392

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following tables show the fair values of the preferred stock related derivatives within the fair value hierarchy.

December 31, 2022

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

2,831

—

128

December 31, 2021

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

7,771

—

453

Schedule of Effect of Interest Rate Swaps


	Years Ended December 31,
	2022		2021		2020
Interest expense (benefit) (1)	$	(428)	$	73	$	8,906
Derivative payments on interest rate swap (2)	—		1,717		4,133
Loss on interest rate swap (2)	—		2,033		11,669

Schedule of Fair Value Of Liabilities On a Recurring Basis


December 31, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative asset - other current assets	$	—	$	2,130	$	—
Derivative asset - other non-current assets	—		1,023		—


Total	$	—	$	3,153	$	—


December 31, 2021	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

Derivative asset - other non-current assets	$	—	$	284	$	—
Derivative liability - other current liabilities	—		(129)		—

Total	$	—	$	155	$	—

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

Significant Accounting Policies - Additional Information (Detail)
$ in Thousands

12 Months Ended

Oct. 06, 2020

USD ($)

Dec. 31, 2022

USD ($)

manufacturing_facility

Dec. 31, 2021

USD ($)

Dec. 31, 2020

USD ($)

Dec. 31, 2019

USD ($)

^[1]

Number of manufacturing facilities | manufacturing_facility

Proceeds from sale of business

$ 0

$ (3,880)

$ 743,178

Gains (losses) on intercompany loan transactions

200

(500)

(800)

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

12,808

28,656

^[1]

$ 48,138

^[1]

$ 31,703

Cash Grants Amounts

1,400

Geographic Distribution, Foreign

Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

$ 12,500

$ 17,600

Senior Secured And Incremental Term Loans

Life Sciences | Discontinued Operations, Disposed of by Sale

Repayments of debt

$ 700,000

Proceeds from sale of business

$ 757,200

Land and buildings | Minimum

Land and buildings | Maximum

10 years

Machinery and equipment | Minimum

40 years

Machinery and equipment | Maximum

3 years

Wuxi Weifu Autocam Precision Machinery Company, Ltd.

12 years

Investment in joint venture

49.00%

[1]	Cash and cash equivalents include $13.8 million of cash and cash equivalents that were included in current assets of discontinued operations as of December 31, 2019.

Discontinued Operations - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended
	Oct. 06, 2020	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of business			$ 0	$ (3,880)	$ 743,178
Gain on sale of discontinued operations, net of tax			0	1,200	233,824
Goodwill impairment of continuing operations			0	0	$ 92,942
Life Sciences
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill impairment of continuing operations		$ 146,800
Senior Secured And Incremental Term Loans
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Repayments of debt	$ 700,000
Discontinued Operations, Disposed of by Sale \| Life Sciences
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate purchase price of the stock purchase plan			753,300
Potential earnout payment						$ 70,000
Proceeds from sale of business	$ 757,200
Disposal group payables			3,900
Estimated tax indemnification			$ 0	$ 1,200

Discontinued Operations - Summary of Major Line Items Included in Results of Operations of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operations, Goodwill, Impairment Loss	$ 0	$ 0	$ 146,757
Income (loss) from discontinued operations, net of tax	$ 0	1,200	38,898
Discontinued Operations, Disposed of by Sale \| Life Sciences
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Group, Including Discontinued Operation, Revenue		0	225,255
Disposal Group, Including Discontinued Operation, Costs of Goods Sold		0	160,464
Disposal Group, Including Discontinued Operation, General and Administrative Expense		0	20,779
Disposal Group, Including Discontinued Operation, Depreciation and Amortization		0	35,731
Disposal Group, Including Discontinued Operations, Goodwill, Impairment Loss		0	146,757
Other operating expense, net		0	41
Disposal Group, Including Discontinued Operation, Operating Income (Loss)		0	(138,517)
Disposal Group, Including Discontinued Operation, Interest Expense		0	48,893
Disposal Group, Including Discontinued Operations, Gain (Loss) On Extinguishment Of Debt		0	1,388
Disposal Group, Including Discontinued Operations, Other Nonoperating Income (Expense), Net		0	(322)
Loss from discontinued operations before costs of disposal and benefit for income taxes		0	(188,476)
Benefit for income taxes		0	12,468
Loss from discontinued operations before costs of disposal		0	(176,008)
Gain on disposal of discontinued operations		1,200	212,319
Benefit for income taxes on costs of disposal		0	2,587
Income (loss) from discontinued operations, net of tax		$ 1,200	$ 38,898

Discontinued Operations - Interest Expense Reclassified to Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amortization of debt issuance costs and discount	$ 1,361	$ 1,381	$ 15,692
Interest expense	$ 15,041	12,664	18,898
Life Sciences \| Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest Expense, Debt		0	35,147
Amortization of debt issuance costs and discount		0	13,990
Interest Costs Capitalized Adjustment		0	(244)
Interest expense		$ 0	$ 48,893

Discontinued Operations - Summary of Significant Noncash Items and Cash Paid for Capital Expenditures of Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization, Discontinued Operations	$ 0	$ 0	$ 35,731
Disposal Group, Including Discontinued Operations, Goodwill, Impairment Loss	0	0	146,757
Amortization of debt issuance costs and discount	$ 1,361	1,381	15,692
Discontinued Operations, Disposed of by Sale \| Life Sciences
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and Amortization, Discontinued Operations		0	35,731
Disposal Group, Including Discontinued Operations, Goodwill, Impairment Loss		0	146,757
Amortization of debt issuance costs and discount		0	13,990
Disposal Group, Including Discontinued Operations, Gain (Loss) On Extinguishment Of Debt		0	1,388
Capital Expenditure, Discontinued Operations		0	8,416
Right Of Use Asset Obtained In Exchange For Finance Lease Liability, Discontinued Operations		0	695
Right-of-use assets obtained in exchange for new operating lease liabilities		$ 0	$ 6,174

Segment Information - (Detail) $ in Thousands	12 Months Ended
Segment Information - (Detail) $ in Thousands	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Net sales	$ 498,738	$ 477,584	$ 427,534
Operating Income (Loss)	(21,092)	(9,004)	(117,457)
Depreciation and amortization	47,231	46,195	45,680
Expenditures for long-lived assets	17,952	18,221	23,773
Assets	546,127	579,101
Investment in joint venture	$ 31,802	34,045
Operating segments \| segment	2
Continuing Operations
Segment Reporting Information [Line Items]
Expenditures for long-lived assets			15,357
United States
Segment Reporting Information [Line Items]
Net sales	$ 301,823	293,235	268,551
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	(2)	(79)	(95)
Assets	29,660	37,734
Intersegment Eliminations [Member] \| United States
Segment Reporting Information [Line Items]
Net sales	(2)	(79)	(95)
Mobile Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	293,536	285,863	256,360
Operating Income (Loss)	(2,165)	9,039	5,228
Depreciation and amortization	28,192	28,769	28,298
Expenditures for long-lived assets	14,590	15,411	12,400
Assets	338,338	357,171
Mobile Solutions \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Net sales	140,931	140,383	129,147
Power Solutions \| Operating Segments
Segment Reporting Information [Line Items]
Net sales	205,204	191,800	171,269
Operating Income (Loss)	3,536	6,493	(85,983)
Depreciation and amortization	17,483	15,892	15,730
Expenditures for long-lived assets	2,401	2,200	2,754
Assets	178,129	184,196
Power Solutions \| Operating Segments \| United States
Segment Reporting Information [Line Items]
Net sales	160,894	152,931	139,499
Corporate And Eliminations \| Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Operating Income (Loss)	(22,463)	(24,536)	(36,702)
Depreciation and amortization	1,556	1,534	1,652
Expenditures for long-lived assets	$ 961	$ 610	$ 203

Long Lived Assets by Country (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 197,637	$ 209,105
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	104,360	112,430
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	29,603	32,605
FRANCE
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	24,536	26,977
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	15,235	12,056
BRAZIL
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	14,829	15,042
POLAND
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	9,074	9,995
Geographic Distribution, Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 93,277	$ 96,675

Accounts Receivable - Summary of Activity in the Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 1,352	$ 2,044	$ 2,044
Additions	326	78	505
Write-offs and other	(182)	(734)	(562)
Currency impact	(27)	(36)	57
Balance at end of year	$ 1,469	$ 1,352	$ 2,044

Accounts Receivable - Additional Information (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain (Loss) on Securitization of Financial Assets	$ 0.6

A gain (loss) realized on a transfer, accounted for as a sale, of all or a portion of financial assets in which the transferor surrenders control and receives consideration other than a beneficial interest in the assets transferred. Reflects the amount of sales proceeds in excess of, or deficient from, the sum of the carrying amounts of transferred financial assets plus transaction costs.

+ References + Details

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 32,146	$ 27,221
Work in process	24,610	24,960
Finished goods	23,926	22,846
Total inventories	$ 80,682	$ 75,027

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 422,683	$ 407,041
Less: Accumulated depreciation	225,046	197,936
Property, plant and equipment, net	197,637	209,105
Land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	58,256	57,991
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	353,364	344,041
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 11,063	$ 5,009

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Impairment charges			$ 4,100
Depreciation expense	$ 31,400	$ 31,800	$ 31,300

Goodwill - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Line Items]
Goodwill	$ 0
Goodwill impairment of continuing operations	$ 0	$ 0	$ 92,942

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Beginning balance	$ 88,718	$ 103,065
Amortization of Intangible Assets	(15,827)	(14,347)
Ending balance	72,891	88,718
Mobile Solutions
Finite-Lived Intangible Assets [Line Items]
Beginning balance	25,709	29,062
Amortization of Intangible Assets	(3,353)	(3,353)
Ending balance	22,356	25,709
Power Solutions
Finite-Lived Intangible Assets [Line Items]
Beginning balance	63,009	74,003
Amortization of Intangible Assets	(12,474)	(10,994)
Ending balance	$ 50,535	$ 63,009

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Major Asset Class (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	$ 181,273	$ 181,273
Accumulated Amortization	(108,382)	(92,555)
Net Carrying Value	72,891	88,718	$ 103,065
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	173,746	173,746
Accumulated Amortization	(103,021)	(87,895)
Net Carrying Value	70,725	85,851
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	7,527	7,527
Accumulated Amortization	(5,361)	(4,660)
Net Carrying Value	$ 2,166	$ 2,867

Intangible Assets, Net - Schedule of Finite Lived Intangible Assets Future Amortization Expense Table (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 14,167
2024	13,824
2025	13,824
2026	13,824
2027	$ 11,663

Investment in Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Revenues	$ 101,565	$ 94,846	$ 68,216
Amount due from joint venture	100
Revenue from Related Parties	$ 100	$ 400	$ 100
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49.00%

Amount of revenue, fees and commissions earned from transactions between (a) a parent company and its subsidiaries; (b) subsidiaries of a common parent; (c) an entity and trusts for the benefit of employees, for example, but not limited to, pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; (d) an entity and its principal, owners, management, or members of their immediate families; and (e) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 946
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07.1(c))
-URI https://asc.fasb.org/extlink&oid=120401555&loc=SL114874292-224272

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(C))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1(e))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Beginning Balance	$ 34,045
Ending Balance	31,802	$ 34,045
Share of earnings	6,592	6,261	$ 3,626
Joint Venture
Schedule of Equity Method Investments [Line Items]
Beginning Balance	34,045
Share of earnings	(6,245)
Foreign currency translation loss	(2,590)
Ending Balance	31,802	$ 34,045
Share of earnings	$ 6,592

Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Operating Income (Loss)	$ (21,092)	$ (9,004)	$ (117,457)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(26,098)	(13,225)	(100,592)
Assets, Current	191,700	196,282
Liabilities, Current	78,806	74,017
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Revenues	101,565	94,846	68,216
Cost of Revenue	84,654	77,620	56,669
Operating Income (Loss)	15,111	15,429	10,202
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	13,453	12,777	$ 7,401
Assets, Current	63,141	65,465
Assets, Noncurrent	79,473	75,222
Liabilities, Current	66,960	67,206
Liabilities, Noncurrent	$ 8,695	$ 10,006

Income Taxes - Loss from Continuing Operations Before Benefit for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (40,543)	$ (35,325)	$ (146,963)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	9,474	12,883	(5,125)
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$ (31,069)	$ (22,442)	$ (152,088)

Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	$ (545)	$ (19)	$ (299)
Current State and Local Tax Expense (Benefit)	(625)	(615)	4,599
Current Foreign Tax Expense (Benefit)	4,576	3,014	2,250
Current Income Tax Expense (Benefit)	3,406	2,380	6,550
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred Federal Income Tax Expense (Benefit)	(6,245)	(8,421)	(10,368)
Deferred State and Local Income Tax Expense (Benefit)	70	(1,099)	(5,368)
Deferred Foreign Income Tax Expense (Benefit)	(986)	(154)	(1,852)
Deferred Federal and Foreign Income Tax Expense (Benefit) Valuation Allowance	(5,376)	(5,538)	(2,066)
Deferred Income Tax Expense (Benefit), Total	(1,785)	(4,136)	(15,522)
Benefit (provision) for income taxes	$ 1,621	$ (1,756)	$ (8,972)

Income Taxes - Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal corporate income tax rate	21.00%	21.00%	21.00%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent	(17.50%)	(20.00%)	(1.30%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	1.60%	4.50%	0.20%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	0.70%	3.00%	1.40%
Effective Income Tax Rate Reconciliation, GILTI, Percent	(3.90%)	(6.00%)	(0.10%)
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Percent	0.00%	0.00%	(12.70%)
Effective Income Tax Rate Reconciliation, Deferred True Up, Percent	(6.40%)	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	1.50%	2.30%	0.40%
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	0.00%	0.70%	2.20%
Effective Income Tax Rate Reconciliation, CARES Act	0.00%	0.00%	2.70%
Interest on CARES Act refund	1.80%	0.00%	0.00%
Effective Income Tax Rate Reconciliation, Return to Provision	1.30%	0.80%	(0.50%)
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	(3.90%)	2.00%	(3.90%)
Effective Income Tax Rate Reconciliation, Intercompany Lending, Percent	(2.70%)	(5.30%)	0.00%
Warrant revaluation	3.60%	6.50%	0.00%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Restructuring Charges, Percent	0.00%	0.00%	(2.60%)
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	(2.30%)	(1.70%)	(0.90%)
Effective Income Tax Rate Reconciliation, Percent, Total	(5.20%)	7.80%	5.90%

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes [Line Items]
Effective tax rate on non deductible expense	(5.20%)	7.80%	5.90%
Federal corporate income tax rate	21.00%	21.00%	21.00%
Valuation allowance on deferred tax assets	$ 30,212	$ 25,809
Deferred tax asset valuation allowance change in amount net	(4,400)
Deferred tax liability. repatriation of the unremitted earnings	5,000
Income tax examination, penalties and interest accrued	500	500	$ 600
Amount of unrecognized tax benefits would, if recognized, impact effective tax rate	600
Impact of these tax holidays decreased foreign taxes		$ 200	$ 200
Tax Benefit, Permanent Reinvestment Change	2,400
Income Tax Refund Interest Income	600
Foreign Tax Authority
Income Taxes [Line Items]
NOL carryovers	4,800
Operating loss carryforward, valuation allowance	1,800
Tax credits	2,600
Tax credit carryforward, valuation allowance	1,900
State and Local Jurisdiction
Income Taxes [Line Items]
NOL carryovers	239,500
Operating loss carryforward, valuation allowance	15,800
Tax credit carryforward, valuation allowance	2,100
Domestic Tax Authority
Income Taxes [Line Items]
NOL carryovers	33,400
Operating loss carryforward, valuation allowance	4,400
Tax credits	200
Deferred Tax Asset, Intra-entity Transfer, Asset Other than Inventory	$ 8,000

Income Taxes - Principal Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Liabilities, Net [Abstract]
Deferred Tax Liabilities, Property, Plant and Equipment	$ 24,045	$ 25,732
Deferred Tax Liabilities, Intangible Assets	16,978	20,812
Deferred Tax Liabilities, Leasing Arrangements	10,669	10,473
Deferred Tax Liabilities, Derivatives	754	37
Deferred Tax Liabilities, Undistributed Foreign Earnings	4,961	5,630
Deferred Tax Liabilities, Other	761	1,007
Deferred Tax Liabilities, Gross, Total	58,168	63,691
Components of Deferred Tax Assets [Abstract]
Deferred Tax Asset, Interest Expense Limitation	10,723	7,141
Deferred Tax Assets, Goodwill and Intangible Assets	22,277	24,262
Deferred Tax Assets, Inventory	2,292	3,368
Deferred Tax Assets, in Process Research and Development	1,859	0
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions	1,717	2,422
Deferred Tax Asset, Operating Lease, Right-Of-Use Assets	12,852	12,834
Deferred Tax Assets, Operating Loss Carryforwards	24,299	23,629
Deferred Tax Assets, Tax Credit Carryforwards	2,803	3,044
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	978	1,435
Deferred Tax Assets, Other	3,086	4,223
Deferred Tax Assets, Gross, Total	82,886	82,358
Deferred Tax Assets, Valuation Allowance	(30,212)	(25,809)
Deferred Tax Assets, Net of Valuation Allowance, Total	52,674	56,549
Deferred Tax Liabilities, Net, Total	$ 5,494	$ 7,142

Income Taxes - Summary of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits, Excluding Interest and Penalties (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 125	$ 247	$ 2,589
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	0	0	121
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	(7)	(122)	(2,463)
Unrecognized Tax Benefits, Ending Balance	$ 118	$ 125	$ 247

Debt - Additional Information (Detail) - USD ($) $ in Thousands		12 Months Ended
	Oct. 06, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Line of Credit Facility [Line Items]
Capitalized interest costs		$ (600)	$ (300)	$ (200)
Proceeds from sale of business		0	(3,880)	743,178
Loss on extinguishment of debt and write-off of debt issuance costs		0	2,390	1,532
Current maturities of long-term debt		3,321	3,074
Payments for Hedge, Investing Activities		0	15,420	4,133
Debt issuance costs, line of credit arrangements, net		600	700
Loss on extinguishment of debt and write-off of debt issuance costs		0	2,390	$ 144
Life Sciences \| Discontinued Operations, Disposed of by Sale
Line of Credit Facility [Line Items]
Proceeds from sale of business	$ 757,200
Senior Secured Revolver
Line of Credit Facility [Line Items]
Senior debt		1,000	0
Outstanding letters of credit		11,000
Available borrowing capacity		35,300
Senior Secured And Incremental Term Loans
Line of Credit Facility [Line Items]
Repayments of debt	$ 700,000
Term Loan Facility Member
Line of Credit Facility [Line Items]
Debt instrument, face amount		$ 150,000
Interest rate during period		11.259%
Senior debt		$ 147,375	$ 148,875
Debt issuance costs		2,800
Debt Instrument, Periodic Payment, Principal		400
Debt Instrument, Unamortized Discount (Premium), Net		$ 3,800
Term Loan Facility Member \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		6.875%
Term Loan Facility Member \| London Interbank Offered Rate (LIBOR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Term Loan Facility Member \| Various Benchmark Rates Member
Line of Credit Facility [Line Items]
Basis spread on variable rate		5.875%
Asset Backed Credit Facility Member
Line of Credit Facility [Line Items]
Line of credit face amount		$ 50,000
Interest rate during period		6.00%
Commitment fee percentage		0.375%
Asset Backed Credit Facility Member \| Minimum
Line of Credit Facility [Line Items]
Debt Instrument LIBOR Floor Rate		0.50%
Asset Backed Credit Facility Member \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Asset Backed Credit Facility Member \| London Interbank Offered Rate (LIBOR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Asset Backed Credit Facility Member \| London Interbank Offered Rate (LIBOR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.00%
Asset Backed Credit Facility Member \| Federal Funds Or Prime Rate Member \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate		0.75%
Asset Backed Credit Facility Member \| Federal Funds Or Prime Rate Member \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit face amount		$ 30,000
Commitment fee percentage		1.875%
Bridge Loan
Line of Credit Facility [Line Items]
Line of credit face amount		$ 5,000

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Total principal	$ 157,104	$ 159,805
Less-current maturities of long-term debt	3,321	3,074
Principal, net of current portion	153,783	156,731
Less-unamortized debt issuance costs	4,394	5,679
Long-term debt, net of current portion	149,389	151,052
Debt issuance costs, line of credit arrangements, net	600	700
Term Loan Facility Member
Debt Instrument [Line Items]
Senior debt	147,375	148,875
Foreign Line of Credit
Debt Instrument [Line Items]
Long-term Line of Credit	$ 8,729	$ 10,930

Debt - Aggregate Maturities of Long-Term Debt (Detail) $ in Thousands	Dec. 31, 2022 USD ($)
Debt Disclosure [Abstract]
2023	$ 3,321
2024	3,166
2025	3,181
2026	143,887
2027	$ 364

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Increase (decrease) in operating lease, right-of-use asset			$ (8.1)
Decrease in operating lease, liability, noncurrent			10.5
Decrease in operating lease, liability, current			0.6
Increase (decrease) in change between operating lease right-of-use assets and operating lease, liabilities			3.0
Loss on termination of lease			4.4
Impairment charge on termination of lease			2.9
COVID-19
Lessee, Lease, Description [Line Items]
Lessee, operating lease, deferred lease payments			0.5
Increase (decrease) in cash savings	$ (0.3)	$ (0.2)	$ 0.7
Minimum \| Equipment
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	4 years
Operating lease, term of contract	2 years
Minimum \| Manufacturing Facility
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	4 years
Maximum \| Equipment
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	8 years
Operating lease, term of contract	5 years
Maximum \| Manufacturing Facility
Lessee, Lease, Description [Line Items]
Operating lease, term of contract	20 years

Leases - Finance and Operating Lease Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Finance lease cost
Amortization of right-of-use assets	$ 1,318	$ 1,451	$ 1,272
Interest expense	351	213	192
Operating lease cost	8,285	8,015	8,397
Short-term lease cost	438	655	591
Sublease Income	(195)	0	0
Total lease cost	10,197	10,334	$ 10,452
Assets [Abstract]
Operating lease right-of-use assets	46,713	46,443
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	12,989	13,641
Lease, Right-Of-Use Asset	59,702	60,084
Liabilities, Current [Abstract]
Current portion of operating lease liabilities	5,294	5,704
Other current liabilities	2,610	3,111
Non-current liabilities:
Operating lease liabilities, net of current portion	51,411	51,295
Other non-current liabilities	3,828	5,446
Total lease liabilities	$ 63,143	$ 65,556

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$ 351	$ 213	$ 192
Operating cash flows used in operating leases	14,214	13,434	13,498
Financing cash flows used in finance leases	3,003	4,836	2,018
Right-of-use assets obtained in exchange for new finance lease liabilities	1,263	2,814	728
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 5,181	$ 0	$ 8,682

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Remaining Lease Term
Finance Lease, Weighted Average Remaining Lease Term	3 years 1 month 6 days	3 years 3 months 18 days
Operating Lease, Weighted Average Remaining Lease Term	10 years 1 month 6 days	11 years 1 month 6 days
Weighted Average Discount Rate
Finance Lease, Weighted Average Discount Rate, Percent	5.30%	3.00%
Operating Lease, Weighted Average Discount Rate, Percent	7.50%	7.00%

Leases - Future Minimum Lease Obligations (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 9,250
2024	8,419
2025	8,352
2026	8,193
2027	7,983
Thereafter	37,655
Total future minimum lease payments	79,852
Less: imputed interest	23,147
Operating Lease, Liability	56,705
Finance Lease, Liability, Payment, Due [Abstract]
2023	2,913
2024	1,819
2025	1,017
2026	950
2027	509
Thereafter	0
Total future minimum lease payments	7,208
Less: imputed interest	770
Finance Lease, Liability	$ 6,438

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions		12 Months Ended
	Nov. 01, 2019	Dec. 31, 2022
Contingencies And Commitments [Line Items]
Shares issued (in shares)	14.4
Securities Offering Matter
Contingencies And Commitments [Line Items]
Litigation Settlement, Amount Awarded to Other Party		$ 9,500
Litigation Settlement, Expense		1,000
Contract Claims
Contingencies And Commitments [Line Items]
Litigation Settlement, Amount Awarded to Other Party		1,800
Maximum
Contingencies And Commitments [Line Items]
Possible loss estimated		$ 5,000

Preferred Stock and Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		12 Months Ended
	Nov. 01, 2019	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of preferred stock		$ 0	$ 61,793	$ 0
Number of shares of common stock sold (in shares)	14,400
Series D Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Sale of stock, number of shares issued in transaction (in shares)			65
Temporary equity, par value (in dollars per share)		$ 0.01
Sale of stock, price per share (in dollars per share)		$ 1,000
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,900
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 0.01
Temporary equity, liquidation price per share (in dollars per share)		$ 1,000
Temporary equity, dividend rate, percentage		10.00%
Preferred stock		$ 64,701	$ 53,807	0
Accrual of in-kind dividends		8,961	$ 6,222
Temporary Equity Dividends Unpaid Deemed		$ 18,000
Temporary Equity Dividend Rate Percentage Increase If No Dividend Paid		12.00%
Temporary Equity Dividend Rate Percentage Annual Increase		2.50%
Series B Preferred Stock
Subsidiary, Sale of Stock [Line Items]
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,500
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 12.00
Temporary equity, liquidation price per share (in dollars per share)			$ 1,000
Temporary equity, dividend rate, percentage		10.625%
Preferred stock			$ 0	105,086	$ 93,012
Accrual of in-kind dividends			14,008	$ 11,121
Temporary Equity Dividends Unpaid Deemed			$ 14,300

Preferred Stock and Stockholders' Equity - Change in Preferred Stock Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Increase (Decrease) in Temporary Equity [Roll Forward]
Gross proceeds from issuance of shares	$ 0	$ 61,793
Series D Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	53,807	0
Relative fair value of Warrants issued	0	(14,839)
Recognition of bifurcated embedded derivative	0	(282)
Accrual of in-kind dividends	8,961	6,222
Amortization	1,933	913
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance	64,701	53,807	$ 0
Series B Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Beginning Balance	$ 0	105,086	93,012
Accrual of in-kind dividends		14,008	11,121
Amortization		335	953
Temporary Equity, Redemption		119,429	0
Temporary Equity, Carrying Amount, Including Portion Attributable to Noncontrolling Interests, Ending Balance		$ 0	$ 105,086

Revenue from Contracts with Customers Summary of Sales to External Customer by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 498,738	$ 477,584	$ 427,534
Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	238,231	220,873	201,811
General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	139,970	150,602	128,324
Electrical Member
Disaggregation of Revenue [Line Items]
Net sales	70,055	61,748	58,143
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	50,482	44,361	39,256
United States
Disaggregation of Revenue [Line Items]
Net sales	301,823	293,235	268,551
CHINA
Disaggregation of Revenue [Line Items]
Net sales	51,556	56,972	52,005
BRAZIL
Disaggregation of Revenue [Line Items]
Net sales	48,216	35,455	27,744
Mexico
Disaggregation of Revenue [Line Items]
Net sales	40,645	35,697	29,865
GERMANY
Disaggregation of Revenue [Line Items]
Net sales	5,506	5,776	6,224
POLAND
Disaggregation of Revenue [Line Items]
Net sales	5,042	3,761	4,927
Other
Disaggregation of Revenue [Line Items]
Net sales	45,950	46,688	38,218
Operating Segments \| Mobile Solutions
Disaggregation of Revenue [Line Items]
Net sales	293,536	285,863	256,360
Operating Segments \| Mobile Solutions \| Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	197,341	182,094	170,389
Operating Segments \| Mobile Solutions \| General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	78,142	90,290	75,610
Operating Segments \| Mobile Solutions \| Electrical Member
Disaggregation of Revenue [Line Items]
Net sales	0	0	0
Operating Segments \| Mobile Solutions \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	18,053	13,479	10,361
Operating Segments \| Mobile Solutions \| United States
Disaggregation of Revenue [Line Items]
Net sales	140,931	140,383	129,147
Operating Segments \| Mobile Solutions \| CHINA
Disaggregation of Revenue [Line Items]
Net sales	46,045	52,227	46,442
Operating Segments \| Mobile Solutions \| BRAZIL
Disaggregation of Revenue [Line Items]
Net sales	47,266	34,644	27,055
Operating Segments \| Mobile Solutions \| Mexico
Disaggregation of Revenue [Line Items]
Net sales	23,348	19,520	16,465
Operating Segments \| Mobile Solutions \| GERMANY
Disaggregation of Revenue [Line Items]
Net sales	5,158	5,230	5,846
Operating Segments \| Mobile Solutions \| POLAND
Disaggregation of Revenue [Line Items]
Net sales	5,031	3,743	4,913
Operating Segments \| Mobile Solutions \| Other
Disaggregation of Revenue [Line Items]
Net sales	25,757	30,116	26,492
Operating Segments \| Power Solutions
Disaggregation of Revenue [Line Items]
Net sales	205,204	191,800	171,269
Operating Segments \| Power Solutions \| Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	40,890	38,779	31,422
Operating Segments \| Power Solutions \| General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	61,828	60,312	52,714
Operating Segments \| Power Solutions \| Electrical Member
Disaggregation of Revenue [Line Items]
Net sales	70,055	61,748	58,143
Operating Segments \| Power Solutions \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	32,431	30,961	28,990
Operating Segments \| Power Solutions \| United States
Disaggregation of Revenue [Line Items]
Net sales	160,894	152,931	139,499
Operating Segments \| Power Solutions \| CHINA
Disaggregation of Revenue [Line Items]
Net sales	5,511	4,745	5,563
Operating Segments \| Power Solutions \| BRAZIL
Disaggregation of Revenue [Line Items]
Net sales	950	811	689
Operating Segments \| Power Solutions \| Mexico
Disaggregation of Revenue [Line Items]
Net sales	17,297	16,177	13,400
Operating Segments \| Power Solutions \| GERMANY
Disaggregation of Revenue [Line Items]
Net sales	348	546	378
Operating Segments \| Power Solutions \| POLAND
Disaggregation of Revenue [Line Items]
Net sales	11	18	14
Operating Segments \| Power Solutions \| Other
Disaggregation of Revenue [Line Items]
Net sales	20,193	16,572	11,726
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(2)	(79)	(95)
Intersegment Eliminations [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	(2)	(79)	(95)
Intersegment Eliminations [Member] \| United States
Disaggregation of Revenue [Line Items]
Net sales	$ (2)	$ (79)	$ (95)

Revenue from Contracts with Customers Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue, Major Customer [Line Items]
Net sales	$ 498,738	$ 477,584	$ 427,534

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856