0000918541-24-000020 | 10-K | XBRL Viewer

Leases (Tables)

12 Months Ended

Dec. 31, 2023

The following table presents components of lease expense:


	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	8,077	$	8,285	$	8,015
Finance lease cost:
Amortization of right-of-use assets	1,600		1,318		1,451
Interest expense	345		351		213
Short-term lease cost (1)	604		438		655

Sublease income	(2,284)		(195)		—
Total lease cost	$	8,342	$	10,197	$	10,334

_______________________________

(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,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	8,462	$	14,214	$	13,434
Operating cash flows used in finance leases	345		351		213
Financing cash flows used in finance leases	1,766		3,003		4,836
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	1,028		5,181		—
Right-of-use assets obtained in exchange for new finance lease liabilities	1,619		1,263		2,814

_______________________________

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

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


	As of December 31,
	2023		2022
Weighted-average remaining lease term - operating leases	9.2 years		10.1 years
Weighted-average remaining lease term - finance leases	3.1 years		3.1 years
Weighted-average discount rate - operating leases	7.7	%	7.5	%
Weighted-average discount rate - finance leases	5.2	%	5.3	%

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	2023		2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	43,357	$	46,713
Finance lease assets	Property, plant and equipment, net	13,599		12,989
Total lease assets		$	56,956	$	59,702

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,735	$	5,294
Finance lease liabilities	Other current liabilities	2,047		2,610
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	47,281		51,411
Finance lease liabilities	Other non-current liabilities	4,488		3,828
Total lease liabilities		$	59,551	$	63,143

Lessee, Operating Lease, Liability, Maturity

The maturities of lease liabilities as of December 31, 2023, is as follows:


	Operating Leases		Finance Leases
2024	$	9,524	$	2,341
2025	8,683		2,225
2026	8,524		1,647
2027	8,327		868
2028	6,782		96
Thereafter	30,697		—
Total future minimum lease payments	72,537		7,177
Less: imputed interest	19,521		642
Total lease liabilities	$	53,016	$	6,535

Finance Lease, Liability, Maturity

The maturities of lease liabilities as of December 31, 2023, is as follows:


	Operating Leases		Finance Leases
2024	$	9,524	$	2,341
2025	8,683		2,225
2026	8,524		1,647
2027	8,327		868
2028	6,782		96
Thereafter	30,697		—
Total future minimum lease payments	72,537		7,177
Less: imputed interest	19,521		642
Total lease liabilities	$	53,016	$	6,535

Lessor, Operating Lease, Payment to be Received, Maturity

The undiscounted cash flows to be received under operating subleases subsequent to December 31, 2023, is as follows:


2024	$	3,353
2025	3,458
2026	3,567
2027	3,541
2028	3,237
Thereafter	22,603

Share-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 2,821	$ 4,377	$ 3,216
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	2,237	3,635	2,166
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	570	602	797
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 14	$ 140	$ 253

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

Leases - Weighted Average Remaining Lease Term and Discount Rate (Details)	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance Lease, Weighted Average Remaining Lease Term	3 years 1 month 6 days	3 years 1 month 6 days
Operating Lease, Weighted Average Remaining Lease Term	9 years 2 months 12 days	10 years 1 month 6 days
Finance Lease, Weighted Average Discount Rate, Percent	5.20%	5.30%
Operating Lease, Weighted Average Discount Rate, Percent	7.70%	7.50%
Sublease, Weighted Average Remaining Lease Term	10 years 10 months 24 days

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value (in usd per share)	$ 0.01	$ 0.01
Common stock authorized (in shares)	90,000	90,000
Common stock issued (in shares)	47,269	43,856
Common stock outstanding (in shares)	47,269	43,856
Series D Preferred Stock
Preferred stock, par value (in usd per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	65	65
Preferred stock issued (in shares)	65	65
Preferred stock outstanding (in shares)	65	65

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

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


	As of December 31,
	2023		2022
Land and buildings	$	61,007	$	58,256
Machinery and equipment	375,352		353,364
Construction in progress	3,466		11,063
Gross cost	439,825		422,683
Less: Accumulated depreciation	254,013		225,046
Property, plant and equipment, net	$	185,812	$	197,637

For the years ended December 31, 2023, 2022, and 2021, we recorded depreciation expense of $32.0 million, $31.4 million, and $31.8 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, 2023, 2022 and 2021.

Net Income (Loss) Per Share - Additional Information (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2020
Net Income Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share minimum price range (in usd per share)	$ 7.93
Anti-dilutive securities excluded from computation of earnings per share maximum price range one (in usd per share)	25.16
Series B Preferred Stock
Net Income Per Share [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 12.00
Class Of Warrant Or Right Adjusted Exercise Price Of Warrants Or Rights	$ 11.03

Fair Value Measurements - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants term		2 years 10 months 24 days	2 years 10 months 24 days
Payments for Hedge, Investing Activities		$ 0	$ 0	$ 15,420
Long-term Debt, Fair Value		162,200	155,200
Debt, Long-Term and Short-Term, Combined Amount		153,279	$ 152,710
Proceeds From Derivative Instrument Operating Activities		$ 2,500
Shares, Issued		47,269	43,856	43,027	42,686
Shares issued for option exercises (in shares)				6
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Change In Control Put Feature Probability Percentage			10.00%
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Preferred Stock Change In Control Put Feature Probability Percentage			3.00%
Series D Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,900
Temporary Equity Liquidation Preference Percentage		140.00%
Series D Preferred Stock \| Subsequent Event
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised	1,896
Series B Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)					$ 12.00
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,500
Class Of Warrant Or Right Adjusted Exercise Price Of Warrants Or Rights		$ 11.03
Term Loan Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)		2,000
Interest Rate Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
AOCI, cash flow hedge, cumulative gain (loss), net of tax		$ 1,000	$ 3,100
Interest Rate Swap \| July 22 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 60,000
Derivative, fixed interest rate		1.291%
Interest Rate Swap \| February 8, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative, notional amount		$ 700,000
Derivative, fixed interest rate		2.4575%
Payments for Hedge, Investing Activities			$ 13,700

Fair Value Measurements - Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration]	Other current assets
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other non-current assets
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)
Fair Value, Inputs, Level 1 [Member] \| Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current		$ 0
Derivative Asset, Noncurrent		0
Derivative, Fair Value, Net, Total		0
Fair Value, Inputs, Level 2 [Member] \| Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current		2,130
Derivative Asset, Noncurrent		1,023
Derivative, Fair Value, Net, Total		3,153
Fair Value, Inputs, Level 3 [Member] \| Fair Value, Measurements, Recurring
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current		0
Derivative Asset, Noncurrent		0
Derivative, Fair Value, Net, Total		$ 0

Net Income (Loss) Per Share Net Income (Loss) Per Share - Summary of Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share [Abstract]
Loss from continuing operations	$ (50,150)	$ (26,098)	$ (14,425)
Adjustment for preferred stock cumulative dividends and deemed dividends	(13,098)	(10,894)	(21,478)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Diluted	(63,248)	(36,992)	(35,903)
Net Income (Loss) from Continuing Operations Available to Common Shareholders, Basic	(63,248)	(36,992)	(35,903)
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Diluted	0	0	1,200
Numerator for basic loss from continuing operations per common share	(63,248)	(36,992)	(34,703)
Net Income (Loss) from Discontinued Operations Available to Common Shareholders, Basic	0	0	1,200
Numerator for diluted loss from continuing operations per common share	(63,248)	(36,992)	(34,703)
Income from discontinued operations, net of tax (Note 2)	$ 0	$ 0	$ 1,200
Weighted average common shares outstanding (in shares)	46,174	43,738	42,991
Weighted Average Number of Shares, Restricted Stock	(2,636)	(951)	(461)
Weighted Average Number of Shares, Contingently Issuable	3,200	1,893	1,481
Basic loss from continuing operations per common share (in usd per share)	$ (1.35)	$ (0.83)	$ (0.82)
Basic income (loss) from discontinued operations per common share (in usd per share)	0	0	0.03
Basic net loss per common share (in usd per share)	(1.35)	(0.83)	(0.79)
Diluted loss from continuing operations per common share (in usd per share)	(1.35)	(0.83)	(0.82)
Diluted income (loss) from discontinued operations per common share (in usd per share)	0	0	0.03
Diluted net loss per common share (in usd per share)	(1.35)	(0.83)	(0.79)
Cash dividends declared per common share (in usd per share)	$ 0	$ 0	$ 0
Weighted average common shares outstanding (in shares)	46,738	44,680	44,011
Weighted average common shares outstanding (in shares)	46,738	44,680	44,011

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Balance at beginning of year	$	1,469	$	1,352	$	2,044
Additions	118		326		78
Write-offs and other	(353)		(182)		(734)
Currency impact	7		(27)		(36)
Balance at end of year	$	1,241	$	1,469	$	1,352

Fair Value Measurements - Fair Value of Preferred Stock Derivative (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 16,556	$ 2,959	$ 8,224
Fair Value, Inputs, Level 1 [Member] \| Derivative liability - other non-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	15,421	2,831
Fair Value, Inputs, Level 2 [Member] \| Derivative liability - other non-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	0	0
Fair Value, Inputs, Level 3 [Member] \| Derivative liability - other non-current liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability	$ 1,135	$ 128

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Major Asset Class (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	$ 179,373	$ 181,273
Accumulated Amortization	(120,649)	(108,382)
Net Carrying Value	58,724	72,891	$ 88,718
Customer Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	171,846	173,746
Accumulated Amortization	(114,671)	(103,021)
Net Carrying Value	57,175	70,725
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value as of Acquisition Date	7,527	7,527
Accumulated Amortization	(5,978)	(5,361)
Net Carrying Value	$ 1,549	$ 2,166

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) manufacturing_facility	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Significant Accounting Policies [Line Items]
Number of Facilities \| manufacturing_facility	27
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 21,903	$ 12,808	$ 28,656	$ 48,138
Realized Gain (Loss), Foreign Currency Transaction, before Tax	(300)	(200)	$ 500
Government Assistance, Amount	700	1,400
Geographic Distribution, Foreign
Significant Accounting Policies [Line Items]
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 13,500	$ 12,500
Building and Building Improvements \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives	10 years
Operating lease, term of contract	4 years
Building and Building Improvements \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives	40 years
Operating lease, term of contract	20 years
Machinery and equipment \| Minimum
Significant Accounting Policies [Line Items]
Estimated useful lives	3 years
Operating lease, term of contract	5 years
Finance lease, term of contract	4 years
Machinery and equipment \| Maximum
Significant Accounting Policies [Line Items]
Estimated useful lives	12 years
Finance lease, term of contract	8 years

Revenue from Contracts with Customers Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue, Major Customer [Line Items]
Net sales	$ 489,270	$ 498,738	$ 477,584

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized	1,500,000
Unrecognized compensation costs related to unvested awards	$ 7,000
Unrecognized compensation costs, period for recognition	4 years
Term life of options	10 years
Aggregate Intrinsic Value, Outstanding	$ 0
Weighted- Average Remaining Contractual Term, Options exercisable	2 years 10 months 24 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,782,000	897,000	459,000
Fair value assumptions, exercise price (in dollars per share)		$ 3.31	$ 6.84
Granted (in usd per share)	$ 1.37
Total grant-date fair value of restricted stock	$ 4,200	$ 2,100	$ 2,800
Restricted Stock \| 2022 Omnibus Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,952,000
Restricted Stock \| Outside of Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	1,830,000
Stock awards granted vesting period	5 years
Restricted Stock \| Share-Based Payment Arrangement, Nonemployee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted vesting period	1 year
Restricted Stock \| Share-Based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted vesting period	3 years
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,621,000	790,000	314,000
Granted (in usd per share)	$ 1.14	$ 2.58	$ 7.82
Performance Shares [Member] \| Outside of Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	3,060,000
Performance Shares [Member] \| Incentive Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	561,000
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock awards granted vesting period	3 years

Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 439,825	$ 422,683
Less: Accumulated depreciation	254,013	225,046
Property, plant and equipment, net	185,812	197,637
Land and buildings
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	61,007	58,256
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	375,352	353,364
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 3,466	$ 11,063

Fair Value Measurements - Preferred Stock Derivative Rollforward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance	$ 2,959	$ 8,224
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	2,712	0
Change in fair value	10,885	(5,265)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Ending Balance	$ 16,556	$ 2,959

Leases - Future Minimum Lease Obligations (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 9,524
2025	8,683
2026	8,524
2027	8,327
2028	6,782
Thereafter	30,697
Total future minimum lease payments	72,537
Less: imputed interest	19,521
Operating Lease, Liability	53,016
Finance Lease, Liability, Payment, Due [Abstract]
2024	2,341
2025	2,225
2026	1,647
2027	868
2028	96
Thereafter	0
Total future minimum lease payments	7,177
Less: imputed interest	642
Finance Lease, Liability	$ 6,535

Subsequent Events (Details) $ in Thousands	3 Months Ended
Subsequent Events (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Subsequent Event
Subsequent Event [Line Items]
Proceeds from Sale of Buildings	$ 16,800

Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt

The following table presents the outstanding debt balances.


	As of December 31,
	2023		2022
Term Loan Facility	$	148,114	$	147,375
ABL Facility	—		1,000
International loans	10,655		8,729



Unamortized debt issuance costs and discount (1)	(5,490)		(4,394)
Total debt	$	153,279	$	152,710

_______________________________

(1) In addition to this amount, costs of $0.5 million and $0.6 million related to the ABL Facility were recorded in other non-current assets as of December 31, 2023 and 2022, respectively.

Aggregate Maturities of Long-Term Debt

The following table lists aggregate maturities of debt for each of the next five years.


2024	$	3,910
2025	6,075
2026	146,156
2027	376
2028	382

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Beginning Balance	$ 31,802
Share of earnings	5,806	$ 6,592	$ 6,261
Ending Balance	32,701	31,802
Joint Venture
Schedule of Equity Method Investments [Line Items]
Beginning Balance	31,802
Share of earnings	(3,938)
Foreign currency translation loss	(969)
Share of earnings	5,806
Ending Balance	$ 32,701	$ 31,802

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Beginning balance	$ 72,891	$ 88,718
Amortization of Intangible Assets	(14,167)	(15,827)
Ending balance	58,724	72,891
Mobile Solutions
Finite-Lived Intangible Assets [Line Items]
Beginning balance	22,356	25,709
Amortization of Intangible Assets	(3,353)	(3,353)
Ending balance	19,003	22,356
Power Solutions
Finite-Lived Intangible Assets [Line Items]
Beginning balance	50,535	63,009
Amortization of Intangible Assets	(10,814)	(12,474)
Ending balance	$ 39,721	$ 50,535

Accounts Receivable - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Gain (Loss) on Securitization of Financial Assets	$ 1.1	$ 0.6
Accounts Receivable \| Credit Concentration Risk \| Major Customer
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	10.00%

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

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, 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
Amortization	(3,353)		(10,814)		(14,167)
Balance as of December 31, 2023	$	19,003	$	39,721	$	58,724

The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2023 and 2022.


	December 31, 2023						December 31, 2022
	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	$	171,846	$	(114,671)	$	57,175	$	173,746	$	(103,021)	$	70,725
Trademark and trade name	7,527		(5,978)		1,549		7,527		(5,361)		2,166
Total identified intangible assets	$	179,373	$	(120,649)	$	58,724	$	181,273	$	(108,382)	$	72,891

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,
2024	$	13,824
2025	13,824
2026	13,824
2027	11,663
2028	3,353

Intangible assets are reviewed for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. There were no impairment charges for the years ended December 31, 2023, 2022 and 2021.

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Derivative Instruments

The following table presents the changes in the liability balance of the embedded derivatives.


	Years Ended December 31,
	2023		2022
Balance at beginning of year	$	2,959	$	8,224
Issuances	2,712		—
Change in fair value (1)	10,885		(5,265)

Balance at end of year	$	16,556	$	2,959

_______________________________

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

Fair Value, Liabilities Measured on Recurring Basis

The following tables show the fair values of the embedded derivatives within the fair value hierarchy.

December 31, 2023

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

15,421

—

1,135

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

Schedule of Effect of Interest Rate Swaps


	Years Ended December 31,
	2023		2022		2021
Interest expense (benefit) (1)	$	(1,815)	$	(428)	$	73
Derivative payments on interest rate swap (2)	—		—		1,717
Loss on interest rate swap (2)	—		—		2,033

Fair Value, Assets Measured on Recurring Basis

The following table shows 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	$	—

- Definition

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.

+ References + Details

Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

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,
	2023		2022		2021
Numerator:
Loss from continuing operations	$	(50,150)	$	(26,098)	$	(14,425)

Adjustment for preferred stock cumulative dividends and deemed dividends	(13,098)		(10,894)		(21,478)

Numerator for basic and diluted net loss from continuing operations per common share	(63,248)		(36,992)		(35,903)
Income from discontinued operations, net of tax	—		—		1,200
Numerator for basic and diluted net loss per common share	$	(63,248)	$	(36,992)	$	(34,703)

Denominator:
Weighted average common shares outstanding	46,174		43,738		42,991
Adjustment for participating securities	(2,636)		(951)		(461)
Adjustment for warrants outstanding (1)	3,200		1,893		1,481




Shares used to calculate basic and diluted net loss per share	46,738		44,680		44,011









Basic and diluted net loss from continuing operations per common share	$	(1.35)	$	(0.83)	$	(0.82)
Basic and diluted net income from discontinued operations per common share	—		—		0.03
Basic and diluted net loss per common share	$	(1.35)	$	(0.83)	$	(0.79)
Cash dividends declared per common share	$	—	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 18).

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,
	2023	2022	2021
Options	381	557	766
2019 Warrants	1,500	1,500	1,500
	1,881	2,057	2,266

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, 2023. The 2019 Warrants excluded from the EPS calculations for the year ended December 31, 2023 had a per share exercise price of $11.03.

Significant Accounting Policies	12 Months Ended
Significant Accounting Policies	Dec. 31, 2023
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies Nature of Business NN, Inc. is a diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of end markets on a global basis. As used in the Notes to Consolidated Financial Statements, the terms the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. As of December 31, 2023, we had 27 facilities in North America, South America, Europe, and China. 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% investment in a joint venture (the “JV”) 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. 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. 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 $13.5 million and $12.5 million in cash and cash equivalents as of December 31, 2023 and 2022, respectively, held at foreign financial institutions. 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 years to 40 years. Estimated useful lives for machinery and equipment generally range from 3 years 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 five years; and •Manufacturing plants and office facilities with terms of four years to 20 years. We sublease certain leased buildings or portions of leased buildings when no longer needed for our current operational needs. Since we retain the obligation to the lessor, the underlying leases continue to be accounted for as operating leases. Sublease income is recognized on a straight-line basis over the lease term. 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. 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 restricted stock awards, performance share units, and stock options is recognized as compensation expense over the vesting periods based on the grant date fair value, as determined under ASC Topic 718, Compensation – stock compensation. The grant-date fair value of restricted stock awards is based on the closing price of our common stock on the date of grant. We use a Monte Carlo simulation for performance share units that include a market condition. The grant-date fair value of performance share units that include performance conditions is based on the closing price of our common stock on the date of grant and compensation expense is recognized based on the estimated outcome of the performance condition. Stock options are valued using the Black Scholes financial pricing model. 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 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, 2023, 2022, and 2021, transaction gains (losses) were $0.3 million, $0.2 million, and $(0.5) 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 restricted stock awards and 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, adjusted for participating securities and certain outstanding warrants. Diluted net income (loss) per common share includes the effect of warrants and stock options unless inclusion would not be dilutive. 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. 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. Government Assistance For the years ended December 31, 2023 and 2022, we received $0.7 million and $1.4 million, respectively, in grants and other programs from various governments outside of the U.S. These amounts were received as employment programs, rent abatements, and incentives for capital expenditures in specific locations. Amounts received were recognized as reductions to the underlying expense or capital assets.

Revenue from Contracts with Customers Contract liabilities from contracts with customers (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($)
Revenue from Contract with Customer [Abstract]
Deferred revenue, beginning balance	$ 700
Deferred revenue, ending balance	400
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied	$ 700

Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022
Land and buildings	$	61,007	$	58,256
Machinery and equipment	375,352		353,364
Construction in progress	3,466		11,063
Gross cost	439,825		422,683
Less: Accumulated depreciation	254,013		225,046
Property, plant and equipment, net	$	185,812	$	197,637

Leases - Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating Lease, Right-of-Use Asset	$ 43,357	$ 46,713
Finance Lease, Right-of-Use Asset, after Accumulated Amortization	13,599	12,989
Lease, Right-Of-Use Asset	56,956	59,702
Operating Lease, Liability, Current	$ 5,735	5,294
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Other Liabilities, Current
Finance Lease, Liability, Current	$ 2,047	2,610
Operating Lease, Liability, Noncurrent	$ 47,281	51,411
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent
Finance Lease, Liability, Noncurrent	$ 4,488	3,828
Lease, Liability	$ 59,551	$ 63,143
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant and equipment, net

Discontinued Operations and Disposal Groups	12 Months Ended
Discontinued Operations and Disposal Groups	Dec. 31, 2023
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	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. 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.

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

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 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, specification plating, and surface finishing.


Year Ended December 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	212,582	$	34,959	$	—	$	247,541
General Industrial	73,350		52,276		—		125,626
Residential/Commercial Electrical	—		67,546		—		67,546
Other	17,403		31,167		(13)		48,557
Total net sales	$	303,335	$	185,948	$	(13)	$	489,270


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

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, 2023, were not materially impacted by any other factors. The balance of deferred revenue was $0.4 million and $0.7 million as of December 31, 2023 and December 31, 2022, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the year ended December 31, 2023 included $0.7 million that was included in deferred revenue as of December 31, 2022.

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, 2023, 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, 2023, 2022, and 2021.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 10
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-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Subsequent Events	12 Months Ended
Subsequent Events	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent Event On March 5, 2024, we entered into a Purchase and Sale and Escrow Agreement to sell and leaseback three of our properties (the “Properties”). The sale is expected to close on or around March 15, 2024, with the buyer’s obligation to close subject to inspection, due diligence and other customary closing conditions. The aggregate purchase price for the Properties is $16.8 million, the net proceeds from which will be used to repay a portion of the outstanding borrowings under the Term Loan Facility. We plan to continue operations at the Properties uninterrupted by entering into a 20 year lease upon the closing of the sale.

Inventories (Tables)

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories are comprised of the following amounts:


	As of December 31,
	2023		2022
Raw materials	$	25,456	$	32,146
Work in process	22,942		24,610
Finished goods	23,165		23,926
Total inventories	$	71,563	$	80,682

Income Taxes - Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current Income Tax Expense (Benefit), Continuing Operations [Abstract]
Current Federal Tax Expense (Benefit)	$ (580)	$ (545)	$ (19)
Current State and Local Tax Expense (Benefit)	126	(625)	(615)
Current Foreign Tax Expense (Benefit)	3,901	4,576	3,014
Current Income Tax Expense (Benefit)	3,447	3,406	2,380
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]
Deferred Federal Income Tax Expense (Benefit)	(9,057)	(6,245)	(8,421)
Deferred State and Local Income Tax Expense (Benefit)	(1,833)	70	(1,099)
Deferred Foreign Income Tax Expense (Benefit)	(721)	(986)	(154)
Deferred Federal and Foreign Income Tax Expense (Benefit) Valuation Allowance	(10,449)	(5,376)	(5,538)
Deferred Income Tax Expense (Benefit), Total	(1,162)	(1,785)	(4,136)
Benefit (provision) for income taxes	$ 2,285	$ 1,621	$ (1,756)

Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Derivative [Line Items]
Interest expense	$ 21,137	$ 15,041	$ 12,664
Derivative Instruments, Payment Expense	0	0	1,717
Loss on interest rate swap	0	0	2,033
Interest Rate Swap
Derivative [Line Items]
Interest expense	$ (1,815)	$ (428)	$ 73

- Definition

Amount of the cost of borrowed funds accounted for as interest expense.

+ References + Details

Accumulated Other Comprehensive Income (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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, 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)
Other comprehensive income (loss) before reclassifications	1,410		(327)		97		1,180
Amounts reclassified from AOCI to interest expense (2)	—		(1,815)		—		(1,815)

Net other comprehensive income (loss)	1,410		(2,142)		97		(635)
Balance as of December 31, 2023	$	(38,762)	$	1,007	$	—	$	(37,755)

_______________________________

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

(2) Represents (gain) loss recognized in interest expense on effective interest rate swap.

(3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting.

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

On March 22, 2021, we entered into a $150.0 million term loan facility (as amended from time to time, the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (as amended from time to time, the “ABL Facility”). On March 3, 2023, we amended the Term Loan Facility (the “Term Loan Amendment”) and ABL Facility to adjust certain covenants under the agreements, as well as to replace references to LIBOR with secured overnight finance rate (“SOFR”) for interest rate calculations. The following table presents the outstanding debt balances.


	As of December 31,
	2023		2022
Term Loan Facility	$	148,114	$	147,375
ABL Facility	—		1,000
International loans	10,655		8,729



Unamortized debt issuance costs and discount (1)	(5,490)		(4,394)
Total debt	$	153,279	$	152,710

_______________________________

(1) In addition to this amount, costs of $0.5 million and $0.6 million related to the ABL Facility were recorded in other non-current assets as of December 31, 2023 and 2022, respectively.

We capitalized interest costs of $1.3 million, $0.6 million, and $0.3 million in the years ended December 31, 2023, 2022, and 2021, respectively, related to construction in progress.

Term Loan Facility

Effective March 31, 2023, outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month, three-month, or six-month SOFR with a duration adjustment (“Adjusted SOFR”), 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%. Beginning in the second quarter of 2023, interest was increased on a paid-in-kind basis at a rate between 1.00% and 2.00% (“PIK interest”), dependent on the Company’s leverage ratio. The PIK interest is payable on the loan maturity date of September 22, 2026. At December 31, 2023, the Term Loan Facility bore interest, including PIK interest, based on one-month Adjusted SOFR, at 14.331%.

The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due at the loan maturity date. 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 domestic assets other than accounts receivable and inventory and has a second lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the Term Loan Facility as of December 31, 2023.

The Term Loan Facility was issued at a $3.8 million discount and we capitalized an additional $5.4 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.

We had an interest rate swap that changed the one-month LIBOR to a fixed rate of 1.291% on $60.0 million of the outstanding balance of the Term Loan Facility. During the first quarter of 2023, we terminated the interest rate swap and received cash proceeds of $2.5 million which was equal to its fair value.

ABL Facility

The ABL Facility provides for a senior secured revolving credit facility, with an original commitment amount of $50.0 million, of which a maximum of $30.0 million is available in the form of letters of credit and a maximum of $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. The maximum commitment amount may be increased or decreased from time to time based on the terms of conditions of the ABL Facility. 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. Effective March 3, 2023, the variable borrowing rate is either 1) Adjusted SOFR 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 Adjusted SOFR. At December 31, 2023, using one-month Adjusted SOFR plus a 2.00% margin, the interest rate on outstanding borrowings under the ABL Facility would have been 7.445%. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 2.125% 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, 2023, we had no outstanding borrowings under the ABL Facility, $10.9 million of outstanding letters of credit, and $26.4 million available for future borrowings under the ABL Facility. The ABL Facility has a first lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of December 31, 2023.

Future Maturities

The following table lists aggregate maturities of debt for each of the next five years.


2024	$	3,910
2025	6,075
2026	146,156
2027	376
2028	382

Debt Issuance Costs

We recognized a $2.4 million loss on extinguishment for unamortized debt issuance costs that were written off in the year ended December 31, 2021, in connection with the termination of our previous credit facility.

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Share-Based Compensation - Restricted Awards Rollforward (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	1,038,000
Granted (in shares)	3,782,000	897,000	459,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	(1,146,000)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(269,000)
Ending balance (in shares)	3,405,000	1,038,000
Beginning balance (in usd per share)	$ 4.03
Granted (in usd per share)	1.37
Vested (in usd per share)	3.65
Forfeited (in usd per share)	1.43
Ending balance (in usd per share)	$ 1.41	$ 4.03
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	1,032,000
Granted (in shares)	3,621,000	790,000	314,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period	(67,000)
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(635,000)
Expired (in shares)	(162,000)
Ending balance (in shares)	3,789,000	1,032,000
Beginning balance (in usd per share)	$ 3.80
Granted (in usd per share)	1.14	$ 2.58	$ 7.82
Vested (in usd per share)	4.63
Forfeited (in usd per share)	2.47
Expired (in usd per share)	7.82
Ending balance (in usd per share)	$ 1.29	$ 3.80

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Restricted stock	$	2,237	$	3,635	$	2,166
Performance share units	570		602		797
Stock options	14		140		253
Share-based compensation expense	$	2,821	$	4,377	$	3,216

Reconciliation of Restricted Stock Option Activity

The following table presents the status of unvested restricted stock awards as of December 31, 2023 and changes during the year then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	1,038	$	4.03
Granted	3,782	1.37
Vested	(1,146)	3.65
Forfeited	(269)	1.43
Unvested at December 31, 2023	3,405	$	1.41

During the year ended December 31, 2023, we granted 1,952,000 shares of restricted stock to non-executive directors, officers and certain other employees under the Incentive Plans. These shares vest pro-rata generally over three years for employees and over one year for non-executive directors. During the year ended December 31, 2023, we granted 1,830,000 shares of restricted stock, outside of the Incentive Plans, to new executive officers as inducement awards, which vest pro-rata over five years.

Schedule of Stock Options Roll Forward

The following table presents stock option activity for the year ended December 31, 2023.


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	538	$	12.63



Expired	(242)	10.39
Outstanding and exercisable at December 31, 2023	296	$	14.46	2.9 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, 2023, was greater than the exercise price of any individual option grant

Intangible Assets, Net - Schedule of Finite Lived Intangible Assets Future Amortization Expense Table (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2024	$ 13,824
2025	13,824
2026	13,824
2027	11,663
2028	$ 3,353

Subleases Future Cash Flows (Details) - Property Subject to Operating Lease $ in Thousands	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
2024	$ 3,353
2025	3,458
2026	3,567
2027	3,541
2028	3,237
Thereafter	$ 22,603

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Document Information [Line Items]
Auditor Name	GRANT THORNTON LLP
Auditor Location	Charlotte, North Carolina
Auditor Firm ID	248

Preferred Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Preferred Stock

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 additional paid-in capital due to the absence of retained earnings.

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 18 discusses the accounting for these features.

As of December 31, 2023, the carrying value of the Series D Preferred Stock shares was $77.8 million, which included $31.1 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,
	2023		2022		2021
Balance at beginning of year	$	64,701	$	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	10,085		8,961		6,222
Amortization	3,013		1,933		913

Balance at end of year	$	77,799	$	64,701	$	53,807

Series B Convertible Preferred Stock

On December 11, 2019, we issued 100,000 shares of contingently redeemable Series B convertible preferred stock (the “Series B Preferred Stock”), together with detachable warrants (the “2019 Warrants”) to purchase up to 1.5 million shares of our common stock at an original exercise price of $12.00 per share. The Series B Preferred Stock had a liquidation preference of $1,000 per share and earned cumulative dividends at a rate of 10.625% per year, and accrued whether or not earned or declared. On March 22, 2021, we used the 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, to redeem all of the outstanding shares of the Series B Preferred Stock. The following table presents the change in the Series B Preferred Stock carrying value for the year ended December 31, 2021.



Balance as of December 31, 2020	$	105,086
Accrual of in-kind dividends	14,008
Amortization	335
Redemption	(119,429)
Balance as of December 31, 2021	$	—

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Taxes [Line Items]
Effective tax rate on non deductible expense	(4.30%)	(5.20%)	7.80%
Federal corporate income tax rate	21.00%	21.00%	21.00%
Valuation allowance on deferred tax assets	$ 47,528	$ 30,212
Deferred tax asset valuation allowance change in amount net	(17,300)
Deferred tax liability. repatriation of the unremitted earnings	4,700
Income tax examination, penalties and interest accrued	500	500
Amount of unrecognized tax benefits would, if recognized, impact effective tax rate	700
Impact of these tax holidays decreased foreign taxes			$ 200
Tax Benefit, Permanent Reinvestment Change	2,400
Income Tax Refund Interest Income	600	$ 600
Income Taxes Receivable	11,600
Domestic Tax Authority
Income Taxes [Line Items]
NOL carryovers	37,900
Tax credits	400
Foreign Tax Authority
Income Taxes [Line Items]
NOL carryovers	11,300
Operating loss carryforward, valuation allowance	8,100
Tax credits	2,900
State and Local Jurisdiction
Income Taxes [Line Items]
NOL carryovers	16,200
Tax credit carryforward, valuation allowance	2,000
Deferred Tax Asset, Intra-entity Transfer, Asset Other than Inventory	$ 14,900

Debt - Aggregate Maturities of Long-Term Debt (Detail) $ in Thousands	Dec. 31, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 3,910
2025	6,075
2026	146,156
2027	376
2028	$ 382

Share-Based Compensation - Stock Options Rollforward (Details) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance (in shares) \| shares	538
Expired (in shares) \| shares	(242)
Ending balance (in shares) \| shares	296
Beginning balance (in usd per share) \| $ / shares	$ 12.63
Expired (in usd per Share) \| $ / shares	10.39
Ending balance (in usd per share) \| $ / shares	$ 14.46

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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.

Embedded Derivatives

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of our preferred stock and long-term debt were bifurcated and accounted for as derivatives separately.

In conjunction with the Term Loan Amendment, we issued warrants to purchase up to 2.0 million shares of our common stock at an exercise price of $0.01 per share (the “2023 Warrants”). The 2023 Warrants are exercisable, in full or in part, at any time prior to June 30, 2033. The 2023 Warrants include anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events.

In conjunction with our placement of the Series D Preferred Stock, we issued the 2021 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. On February 5, 2024, all of the 2021 Warrants were exercised on a cashless basis, resulting in the issuance of 1,896,000 shares.

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 was considered a redemption right at a premium and is not clearly and closely related to the debt host. Since the liquidation preference plus accrued dividends was greater than 140% of the liquidation preference at December 31, 2023, the put feature is no longer applicable.

In conjunction with our placement of the Series B Preferred Stock, we issued the 2019 Warrants to purchase up to 1.5 million shares of our common stock. The 2019 Warrants, are exercisable, in full or in part, at any time prior to December 11, 2026, at an exercise price of $11.03 per share, and are subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events.

The following table presents the changes in the liability balance of the embedded derivatives.


	Years Ended December 31,
	2023		2022
Balance at beginning of year	$	2,959	$	8,224
Issuances	2,712		—
Change in fair value (1)	10,885		(5,265)

Balance at end of year	$	16,556	$	2,959

_______________________________

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

The following tables show the fair values of the embedded derivatives within the fair value hierarchy.

December 31, 2023

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

15,421

—

1,135

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

The fair value of the 2023 Warrants and 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 utilized 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 was 3% to 10% as of December 31, 2022.

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, 2023 and 2022.

Interest Rate Swaps

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. We designated the 2021 Swap as a cash flow hedge at inception with cash settlements recognized in interest expense. During the first quarter of 2023, we terminated the 2021 Swap and received cash proceeds of $2.5 million which was the fair value of the 2021 Swap. Since the 2021 Swap was an effective cash flow hedge and the forecasted interest payments remaining probable of occurring, the gain will be recognized as a reduction to interest expense through the original maturity date of July 31, 2024.

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. Cash settlements during 2021 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,
	2023		2022		2021
Interest expense (benefit) (1)	$	(1,815)	$	(428)	$	73
Derivative payments on interest rate swap (2)	—		—		1,717
Loss on interest rate swap (2)	—		—		2,033

_______________________________

(1) Represents (gain) loss recognized in interest expense on effective interest rate swap.

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

As of December 31, 2023 and 2022, we reported $1.0 million and $3.1 million gains, respectively, net of tax, in accumulated other comprehensive income related to the interest rate swap.

The following table shows 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	$	—

The fair value of the interest rate swap was calculated through standard pricing models which used 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 the derivative contract is a highly rated financial institution which we believe carried 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, 2023 and 2022, the carrying values of these financial instruments, except for debt, approximated fair value. The fair value of our debt was $162.2 million and $155.2 million, with a carrying amount of $153.3 million and $152.7 million, as of December 31, 2023 and 2022, respectively. The fair value of debt was calculated by discounting the future cash flows to its present value using prevailing market interest rates for debt with similar creditworthiness, terms and maturities and is considered a Level 3 fair value measurement.

- Definition

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

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net Income (Loss)	$ (50,150)	$ (26,098)	$ (13,225)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Depreciation and amortization	46,120	47,231	46,195
Amortization of debt issuance costs and discount	1,941	1,361	1,381
Paid-in-Kind Interest	2,239	0	0
Loss on extinguishment of debt and write-off of debt issuance costs	0	0	2,390
Total derivative loss (gain), net of cash settlements	11,933	(5,265)	(3,259)
Share of net income from joint venture, net of cash dividends received	(1,868)	(347)	(6,261)
Gain on disposal of discontinued operations, net of tax	0	0	(1,200)
Share-based compensation expense	2,821	4,377	3,216
Deferred income taxes	(1,273)	(1,814)	(4,845)
Other	(785)	(3,207)	(2,611)
Changes in operating assets and liabilities:
Accounts receivable	9,087	(4,920)	13,698
Inventories	9,997	(6,672)	(12,959)
Accounts payable	1,142	8,619	343
Income taxes receivable and payable, net	(89)	(1,457)	(4,516)
Other	(1,771)	(4,091)	(2,761)
Net cash provided by operating activities	29,344	7,717	15,586
Net Cash Provided by (Used in) Investing Activities [Abstract]
Acquisition of property, plant and equipment	(20,496)	(17,952)	(18,221)
Cash paid for post-closing adjustments on sale of business	0	0	(3,880)
Proceeds from Sale of Property, Plant, and Equipment	2,898	460	1,418
Cash settlements of interest rate swap	0	0	(15,420)
Net cash used in investing activities	(17,598)	(17,492)	(36,103)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Cash paid for debt issuance costs	(169)	(136)	(7,360)
Proceeds from Issuance of Preferred Stock and Preference Stock	0	0	61,793
Redemption of preferred stock	0	0	(122,434)
Proceeds from long-term debt	61,000	46,000	171,000
Repayments of long-term debt	(65,395)	(47,958)	(93,729)
Proceeds from (repayments of) short-term debt	3,648	0	(1,563)
Other	(1,967)	(3,092)	(5,150)
Net cash provided by (used in) financing activities	(2,883)	(5,186)	2,557
Effect of exchange rate changes on cash flows	232	(887)	(1,522)
Net change in cash and cash equivalents	9,095	(15,848)	(19,482)
Cash and cash equivalents at beginning of year	12,808	28,656	48,138
Cash and cash equivalents at end of year	21,903	12,808	28,656
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]
Non-cash additions to property, plant and equipment	2,743	1,266	4,438
Non-cash additions to debt issuance costs	2,712	0	0
Supplemental Cash Flow Information [Abstract]
Cash paid for interest, net of capitalized interest	15,272	13,344	10,739
Cash paid for income taxes	$ 3,083	$ 4,739	$ 7,624

Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2019	Dec. 31, 2020
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 0	$ 0	$ 61,793
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	$ 77,799	64,701	$ 53,807		$ 0
Temporary Equity, Dividends, Adjustment	10,085	$ 8,961	$ 6,222
Temporary Equity Dividends Unpaid Deemed	$ 31,100
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]
Sale of stock, number of shares issued in transaction (in shares)				100
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
Temporary Equity, Dividends, Adjustment			$ 14,008

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 21,903	$ 12,808
Accounts receivable, net	65,545	74,129
Inventories	71,563	80,682
Income tax receivable	11,885	12,164
Prepaid assets	2,464	2,794
Other current assets	9,194	9,123
Total current assets	182,554	191,700
Property, plant and equipment, net	185,812	197,637
Operating Lease, Right-of-Use Asset	43,357	46,713
Intangible assets, net	58,724	72,891
Investment in joint venture	32,701	31,802
Deferred tax assets	734	102
Other non-current assets	7,003	5,282
Total assets	510,885	546,127
Liabilities, Current [Abstract]
Accounts payable	45,480	45,871
Accrued salaries, wages and benefits	15,464	11,671
Income tax payable	524	926
Short-term debt and current maturities of long-term debt	3,910	3,321
Operating Lease, Liability, Current	5,735	5,294
Other Liabilities, Current	10,506	11,723
Total current liabilities	81,619	78,806
Deferred tax liabilities	4,988	5,596
Long-term debt, net of current maturities	149,369	149,389
Operating Lease, Liability, Noncurrent	47,281	51,411
Other Liabilities, Noncurrent	24,827	9,960
Total liabilities	308,084	295,162
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock - $0.01 par value per share, 90,000 shares authorized, 47,269 and 43,856 shares issued and outstanding at December 31, 2023 and 2022, respectively	473	439
Additional paid-in capital	457,632	468,143
Accumulated deficit	(295,348)	(245,198)
Accumulated other comprehensive loss	(37,755)	(37,120)
Total stockholders’ equity	125,002	186,264
Total liabilities, preferred stock, and stockholders’ equity	510,885	546,127
Series D Preferred Stock
Liabilities, Current [Abstract]
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at December 31, 2023 and 2022, respectively	$ 77,799	$ 64,701

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

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, 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
Amortization	(3,353)		(10,814)		(14,167)
Balance as of December 31, 2023	$	19,003	$	39,721	$	58,724

The following table shows the cost and accumulated amortization of our intangible assets as of December 31, 2023 and 2022.


	December 31, 2023						December 31, 2022
	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	$	171,846	$	(114,671)	$	57,175	$	173,746	$	(103,021)	$	70,725
Trademark and trade name	7,527		(5,978)		1,549		7,527		(5,361)		2,166
Total identified intangible assets	$	179,373	$	(120,649)	$	58,724	$	181,273	$	(108,382)	$	72,891

Summary of Estimated Amortization Expense

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


Year Ending December 31,
2024	$	13,824
2025	13,824
2026	13,824
2027	11,663
2028	3,353

Income Taxes

12 Months Ended

Dec. 31, 2021

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,
	2023		2022		2021
United States	$	(64,394)	$	(40,543)	$	(35,325)
Foreign	10,723		9,474		12,883
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$	(53,671)	$	(31,069)	$	(22,442)

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


	Years Ended December 31,
	2023		2022		2021
Current taxes:
U.S. Federal	$	(580)	$	(545)	$	(19)
State	126		(625)		(615)
Foreign	3,901		4,576		3,014
Total current tax expense	3,447		3,406		2,380
Deferred taxes:
U.S. Federal	$	(9,057)	$	(6,245)	$	(8,421)
State	(1,833)		70		(1,099)
Foreign	(721)		(986)		(154)
U.S. federal, state and foreign valuation allowance	10,449		5,376		5,538
Total deferred tax benefit	(1,162)		(1,785)		(4,136)
Total income tax expense (benefit)	$	2,285	$	1,621	$	(1,756)

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


	Years Ended December 31,
	2023		2022		2021
U.S federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance, exclusive of state	(16.1)	%	(17.5)	%	(20.0)	%

State taxes, net of federal taxes, exclusive of tax reform	(0.2)	%	1.6	%	4.5	%
Non-U.S. earnings taxed at different rates	1.1	%	0.7	%	3.0	%

Global intangible low-taxed income	(2.3)	%	(3.9)	%	(6.0)	%

Deferred true-up	(0.8)	%	(6.4)	%	—	%


Research and development tax credit	0.2	%	0.3	%	1.0	%
Change in uncertain tax positions	—	%	—	%	0.7	%






Interest on CARES Act refund	1.1	%	1.8	%	—	%

Return to provision	0.1	%	1.3	%	0.8	%

Taxes on unremitted foreign earnings	(2.4)	%	(3.9)	%	2.0	%



Intercompany lending	(1.3)	%	(2.7)	%	(5.3)	%
Warrant revaluation	(4.3)	%	3.6	%	6.5	%
Other adjustments, net	(0.4)	%	(1.1)	%	(0.4)	%
Effective tax rate	(4.3)	%	(5.2)	%	7.8	%

Our effective tax rate was (4.3)% and (5.2)% for the years ended December 31, 2023 and 2022, respectively. The effective tax rates 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 the year ended December 31, 2021, 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.

In 2021, we filed a refund claim with the IRS as a result of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). During the years ended December 31, 2023 and 2022, we accrued $0.6 million and $0.6 million, respectively, of interest on the CARES Act refund. Including interest accrued on the initial refund amount, we have a $11.6 million tax refund receivable at December 31, 2023, which is in the process of IRS review and approval. The timing of the receipt of the refund remains uncertain at December 31, 2023.

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


	As of December 31,
	2023		2022
Deferred income tax liabilities:
Tax in excess of book depreciation	$	21,497	$	24,045

Intangible assets	13,659		16,978


Operating leases	9,970		10,669
Interest rate swap	—		754
Taxes on unremitted foreign earnings	4,658		4,961
Other deferred tax liabilities	725		761
Total deferred income tax liabilities	50,509		58,168
Deferred income tax assets:
Interest expense limitation	14,920		10,723
Goodwill	20,419		22,277
Inventories	2,456		2,292
Section 174 research and development costs	2,400		1,859

Pension and personnel accruals	1,818		1,717
Operating leases	12,238		12,852
Net operating loss carryforwards	32,043		24,299


Interest rate swap	251		—
Credit carryforwards	3,235		2,803
Accruals and reserves	904		978
Other deferred tax assets	3,099		3,086
Deferred income tax assets before valuation allowance	93,783		82,886
Valuation allowance on deferred tax assets	(47,528)		(30,212)
Total deferred income tax assets	46,255		52,674
Net deferred income tax liabilities	$	4,254	$	5,494

As of December 31, 2023, we had a $37.9 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. Management has determined it is more likely than not this NOL will not be realized and has established a full valuation allowance against the deferred tax asset. As of December 31, 2023, we had $16.2 million of tax effected, state NOL carryovers, which begin to expire in 2030. Management has determined it is more likely than not these state NOL’s will not be realized and has established a full valuation allowance against these deferred tax assets. We also have $11.3 million, tax-effected, of foreign NOL carryovers at December 31, 2023. 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 $8.1 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 $0.4 million and $2.9 million of U.S. federal tax credits and tax credits in foreign jurisdictions, respectively, as of December 31, 2023. We have recognized a full valuation allowance against these tax credits. In addition, we have other federal and state deferred tax assets of $2.0 million that we believe it is more likely than not will not be realized for which we have established a full valuation allowance.

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 asset will not be realized. We have established a valuation allowance of $14.9 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, 2023. 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, 2023, a valuation allowance of $47.5 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 2023, the valuation allowance increased by $17.3 million, primarily due to allowances recorded against U.S. federal net operating loss carryforwards, foreign net operating loss carryforwards, and carryforwards of disallowed interest expense which are subject to certain annual deduction limitations. The increase was partially offset by the release of valuation allowance in Brazil. As of December 31, 2023, Brazil had emerged from a recent history of cumulative losses and management has confidence in the operations ability to sustain profits in the future.

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, 2023, we have recorded a liability of $4.7 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 are currently under federal examination for tax years 2017, 2018 and 2019. 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 and $0.5 million are included in other non-current liabilities as of December 31, 2023 and 2022, respectively.

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


	Years Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	118	$	125	$	247
Additions for tax positions of prior years	3		—		—

Reductions for tax positions of prior years	—		(7)		(122)
Balance at end of year	$	121	$	118	$	125

The increase to unrecognized tax benefits in 2023 is related to the foreign currency remeasurement of previously unrecognized tax benefits. As of December 31, 2023, the unrecognized tax benefits would, if recognized, impact our effective tax rate by $0.7 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 2023 or 2022 foreign taxes and decreased foreign taxes by $0.2 million for the year ended December 31, 2021.

- Definition

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.

+ References

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+ Details

Preferred Stock - Change in Preferred Stock Carrying Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary Equity, Stock Issued During Period, Value, New Issues	$ 0	$ 0	$ 61,793
Series D Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of year	64,701	53,807	0
Temporary Equity, Fair Value Of Warrants Issued	0	0	(14,839)
Temporary Equity, Recognition Of Bifurcated Embedded Derivative	0	0	(282)
Temporary Equity, Dividends, Adjustment	10,085	8,961	6,222
Temporary Equity, Other Changes	3,013	1,933	913
Balance at end of year	$ 77,799	64,701	53,807
Series B Preferred Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance at beginning of year		$ 0	105,086
Temporary Equity, Dividends, Adjustment			14,008
Temporary Equity, Other Changes			335
Temporary Equity, Redemption			119,429
Balance at end of year			$ 0

Segment Information

12 Months Ended

Dec. 31, 2023

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, general industrial, and medical 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,
	2023		2022		2021
Net sales:
Mobile Solutions	$	303,335	$	293,536	$	285,863
Power Solutions	185,948		205,204		191,800
Intersegment sales eliminations	(13)		(2)		(79)
Total	$	489,270	$	498,738	$	477,584
Income (loss) from operations:
Mobile Solutions	$	(11,749)	$	(2,165)	$	9,039
Power Solutions	11,096		3,536		6,493
Corporate	(21,151)		(22,463)		(24,536)
Total	$	(21,804)	$	(21,092)	$	(9,004)
Depreciation and amortization:
Mobile Solutions	$	29,156	$	28,192	$	28,769
Power Solutions	15,318		17,483		15,892
Corporate	1,646		1,556		1,534
Total	$	46,120	$	47,231	$	46,195
Expenditures for long-lived assets:
Mobile Solutions	$	15,387	$	14,590	$	15,411
Power Solutions	3,643		2,401		2,200
Corporate	1,466		961		610
Total	$	20,496	$	17,952	$	18,221

The following table summarizes total assets by reportable segment.


	As of December 31,
	2023		2022

Mobile Solutions (1)	$	329,610	$	338,338
Power Solutions	147,155		178,129
Corporate	34,120		29,660
Total	$	510,885	$	546,127

_______________________________

(1) Total assets in Mobile Solutions includes $32.7 million and $31.8 million as of December 31, 2023 and 2022, respectively, related to our investment in the JV.

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


	As of December 31,
	2023		2022
United States	$	127,186	$	141,652
China	36,188		37,934
France	24,298		24,536
Mexico	14,038		15,235
Brazil	17,088		15,919
Poland	10,371		9,074
All foreign countries	$	101,983	$	102,698
Total	$	229,169	$	244,350

The following table summarizes revenue by country, based on our customers’ shipping destination.


	Year Ended December 31,
	2023		2022		2021
United States	$	294,045	$	301,823	$	293,235
China	58,195		51,556		56,972
Brazil	48,696		48,216		35,455
Mexico	26,683		40,645		35,697
Germany	8,700		5,506		5,776
Poland	6,161		5,042		3,761
Other	46,790		45,950		46,688
Total net sales	$	489,270	$	498,738	$	477,584

- Definition

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.

+ References

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-Topic 280
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+ Details

Income Taxes - Principal Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Tax Liabilities, Net [Abstract]
Deferred Tax Liabilities, Property, Plant and Equipment	$ 21,497	$ 24,045
Deferred Tax Liabilities, Intangible Assets	13,659	16,978
Deferred Tax Liabilities, Leasing Arrangements	9,970	10,669
Deferred Tax Liabilities, Derivatives	0	754
Deferred Tax Liabilities, Undistributed Foreign Earnings	4,658	4,961
Deferred Tax Liabilities, Other	725	761
Deferred Tax Liabilities, Gross, Total	50,509	58,168
Components of Deferred Tax Assets [Abstract]
Deferred Tax Asset, Interest Expense Limitation	14,920	10,723
Deferred Tax Assets, Goodwill and Intangible Assets	20,419	22,277
Deferred Tax Assets, Inventory	2,456	2,292
Deferred Tax Assets, in Process Research and Development	2,400	1,859
Deferred Tax Assets, Derivative Instruments	251	0
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Pensions	1,818	1,717
Deferred Tax Asset, Operating Lease, Right-Of-Use Assets	12,238	12,852
Deferred Tax Assets, Operating Loss Carryforwards	32,043	24,299
Deferred Tax Assets, Tax Credit Carryforwards	3,235	2,803
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Reserves	904	978
Deferred Tax Assets, Other	3,099	3,086
Deferred Tax Assets, Gross, Total	93,783	82,886
Deferred Tax Assets, Valuation Allowance	(47,528)	(30,212)
Deferred Tax Assets, Net of Valuation Allowance, Total	46,255	52,674
Deferred Tax Liabilities, Net, Total	$ 4,254	$ 5,494

Debt Summary of Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt, Long-Term and Short-Term, Combined Amount	$ 153,279	$ 152,710
Unamortized debt issuance costs and discount (1)	(5,490)	(4,394)
Debt Issuance Costs, ABL Facility	500	600
Term Loan Facility
Debt Instrument [Line Items]
Total principal	148,114	147,375
Asset Backed Credit Facility
Debt Instrument [Line Items]
Total principal	0	1,000
International Loans
Debt Instrument [Line Items]
Total principal	$ 10,655	$ 8,729

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

The following table presents components of lease expense:


	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	8,077	$	8,285	$	8,015
Finance lease cost:
Amortization of right-of-use assets	1,600		1,318		1,451
Interest expense	345		351		213
Short-term lease cost (1)	604		438		655

Sublease income	(2,284)		(195)		—
Total lease cost	$	8,342	$	10,197	$	10,334

_______________________________

(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	2023		2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	43,357	$	46,713
Finance lease assets	Property, plant and equipment, net	13,599		12,989
Total lease assets		$	56,956	$	59,702

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,735	$	5,294
Finance lease liabilities	Other current liabilities	2,047		2,610
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	47,281		51,411
Finance lease liabilities	Other non-current liabilities	4,488		3,828
Total lease liabilities		$	59,551	$	63,143

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


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	8,462	$	14,214	$	13,434
Operating cash flows used in finance leases	345		351		213
Financing cash flows used in finance leases	1,766		3,003		4,836
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	1,028		5,181		—
Right-of-use assets obtained in exchange for new finance lease liabilities	1,619		1,263		2,814

_______________________________

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

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


	As of December 31,
	2023		2022
Weighted-average remaining lease term - operating leases	9.2 years		10.1 years
Weighted-average remaining lease term - finance leases	3.1 years		3.1 years
Weighted-average discount rate - operating leases	7.7	%	7.5	%
Weighted-average discount rate - finance leases	5.2	%	5.3	%

The maturities of lease liabilities as of December 31, 2023, is as follows:


	Operating Leases		Finance Leases
2024	$	9,524	$	2,341
2025	8,683		2,225
2026	8,524		1,647
2027	8,327		868
2028	6,782		96
Thereafter	30,697		—
Total future minimum lease payments	72,537		7,177
Less: imputed interest	19,521		642
Total lease liabilities	$	53,016	$	6,535

Subleases

We have entered into subleases for certain leased buildings or portions of leased buildings when no longer needed for our current operational needs. The weighted-average remaining lease term of our subleases is 10.9 years. In June 2023, we began subleasing our Taunton and Irvine sites, under subleases that extend through the lease termination dates of the respective head leases. In August 2022, we began subleasing a portion of our leased corporate headquarters office space. The undiscounted cash flows to be received under operating subleases subsequent to December 31, 2023, is as follows:


2024	$	3,353
2025	3,458
2026	3,567
2027	3,541
2028	3,237
Thereafter	22,603

Leases

The following table presents components of lease expense:


	Years Ended December 31,
	2023		2022		2021
Operating lease cost	$	8,077	$	8,285	$	8,015
Finance lease cost:
Amortization of right-of-use assets	1,600		1,318		1,451
Interest expense	345		351		213
Short-term lease cost (1)	604		438		655

Sublease income	(2,284)		(195)		—
Total lease cost	$	8,342	$	10,197	$	10,334

_______________________________

(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	2023		2022
Assets:
Operating lease assets	Operating lease right-of-use assets	$	43,357	$	46,713
Finance lease assets	Property, plant and equipment, net	13,599		12,989
Total lease assets		$	56,956	$	59,702

Liabilities:
Current liabilities:
Operating lease liabilities	Current portion of operating lease liabilities	$	5,735	$	5,294
Finance lease liabilities	Other current liabilities	2,047		2,610
Non-current liabilities:
Operating lease liabilities	Operating lease liabilities, net of current portion	47,281		51,411
Finance lease liabilities	Other non-current liabilities	4,488		3,828
Total lease liabilities		$	59,551	$	63,143

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


	Years Ended December 31,
	2023		2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	8,462	$	14,214	$	13,434
Operating cash flows used in finance leases	345		351		213
Financing cash flows used in finance leases	1,766		3,003		4,836
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	1,028		5,181		—
Right-of-use assets obtained in exchange for new finance lease liabilities	1,619		1,263		2,814

_______________________________

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

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


	As of December 31,
	2023		2022
Weighted-average remaining lease term - operating leases	9.2 years		10.1 years
Weighted-average remaining lease term - finance leases	3.1 years		3.1 years
Weighted-average discount rate - operating leases	7.7	%	7.5	%
Weighted-average discount rate - finance leases	5.2	%	5.3	%

The maturities of lease liabilities as of December 31, 2023, is as follows:


	Operating Leases		Finance Leases
2024	$	9,524	$	2,341
2025	8,683		2,225
2026	8,524		1,647
2027	8,327		868
2028	6,782		96
Thereafter	30,697		—
Total future minimum lease payments	72,537		7,177
Less: imputed interest	19,521		642
Total lease liabilities	$	53,016	$	6,535

Accumulated Other Comprehensive Income

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

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, 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)
Other comprehensive income (loss) before reclassifications	1,410		(327)		97		1,180
Amounts reclassified from AOCI to interest expense (2)	—		(1,815)		—		(1,815)

Net other comprehensive income (loss)	1,410		(2,142)		97		(635)
Balance as of December 31, 2023	$	(38,762)	$	1,007	$	—	$	(37,755)

_______________________________

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

(2) Represents (gain) loss recognized in interest expense on effective interest rate swap.

(3) Represents reclassification of derivative loss and settlements after discontinuation of hedge accounting.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Discontinued Operations and Disposal Groups (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Disposal Group, Including Discontinued Operation, Consideration	$ 753,300
Disposal Group, Estimated Tax Indemnification Payment	$ 0	$ 1,200

Summarized Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Operating Income (Loss)	$ (21,804)	$ (21,092)	$ (9,004)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(50,150)	(26,098)	(13,225)
Assets, Current	182,554	191,700
Liabilities, Current	81,619	78,806
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Revenues	109,630	101,565	94,846
Cost of Revenue	93,609	84,654	77,620
Operating Income (Loss)	14,175	15,111	15,429
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	11,848	13,453	$ 12,777
Assets, Current	68,508	63,141
Assets, Noncurrent	77,554	79,473
Liabilities, Current	68,665	66,960
Liabilities, Noncurrent	$ 8,662	$ 8,695

Investment in Joint Venture

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd., 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, 2022	$	31,802
Share of earnings	5,806
Dividends paid by joint venture	(3,938)

Foreign currency translation loss	(969)

Balance as of December 31, 2023	$	32,701

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


	Year Ended December 31,
	2023	2022	2021
Net sales	109,630	101,565	94,846
Cost of sales	93,609	84,654	77,620
Income from operations	14,175	15,111	15,429
Net income	11,848	13,453	12,777


	December 31,
	2023	2022
Current assets	68,508	63,141
Noncurrent assets	77,554	79,473
Current liabilities	68,665	66,960
Noncurrent liabilities	8,662	8,695

We recognized sales to the JV of $0, $0.1 million, and $0.4 million during the years ended December 31, 2023, 2022, and 2021, respectively.

Income Taxes - Loss from Continuing Operations Before Benefit for Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract]
Income (Loss) from Continuing Operations before Income Taxes, Domestic	$ (64,394)	$ (40,543)	$ (35,325)
Income (Loss) from Continuing Operations before Income Taxes, Foreign	10,723	9,474	12,883
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$ (53,671)	$ (31,069)	$ (22,442)

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 32,000	$ 31,400	$ 31,800

Leases - Finance and Operating Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lease cost:
Operating lease cost	$ 8,077	$ 8,285	$ 8,015
Amortization of right-of-use assets	1,600	1,318	1,451
Interest expense	345	351	213
Short-term lease cost	604	438	655
Sublease Income	(2,284)	(195)	0
Total lease cost	$ 8,342	$ 10,197	$ 10,334

Income Taxes - Reconciliation of Income Taxes Based on U.S. Federal Statutory Rate (Detail)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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	(16.10%)	(17.50%)	(20.00%)
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Percent	(0.20%)	1.60%	4.50%
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent	1.10%	0.70%	3.00%
Effective Income Tax Rate Reconciliation, GILTI, Percent	(2.30%)	(3.90%)	(6.00%)
Effective Income Tax Rate Reconciliation, Deferred True Up, Percent	(0.80%)	(6.40%)	0.00%
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Percent	0.20%	0.30%	1.00%
Effective Income Tax Rate Reconciliation, Tax Contingency, Percent	0.00%	0.00%	0.70%
Interest on CARES Act refund	1.10%	1.80%	0.00%
Effective Income Tax Rate Reconciliation, Return to Provision	0.10%	1.30%	0.80%
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent	(2.40%)	(3.90%)	2.00%
Effective Income Tax Rate Reconciliation, Intercompany Lending, Percent	(1.30%)	(2.70%)	(5.30%)
Warrant revaluation	(4.30%)	3.60%	6.50%
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent	(0.40%)	(1.10%)	(0.40%)
Effective Income Tax Rate Reconciliation, Percent, Total	(4.30%)	(5.20%)	7.80%

Investment in Joint Venture (Tables)

12 Months Ended

Dec. 31, 2023

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, 2022	$	31,802
Share of earnings	5,806
Dividends paid by joint venture	(3,938)

Foreign currency translation loss	(969)

Balance as of December 31, 2023	$	32,701

Investment Company, Nonconsolidated Subsidiary, Summarized Financial Information

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


	Year Ended December 31,
	2023	2022	2021
Net sales	109,630	101,565	94,846
Cost of sales	93,609	84,654	77,620
Income from operations	14,175	15,111	15,429
Net income	11,848	13,453	12,777


	December 31,
	2023	2022
Current assets	68,508	63,141
Noncurrent assets	77,554	79,473
Current liabilities	68,665	66,960
Noncurrent liabilities	8,662	8,695

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 25,456	$ 32,146
Work in process	22,942	24,610
Finished goods	23,165	23,926
Total inventories	$ 71,563	$ 80,682

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

As of December 31, 2023, we have 1.5 million shares available that can be issued to employees and non-executive directors under the NN, Inc. 2022 Omnibus Incentive Plan and prior plans (collectively, the “Incentive Plans”), 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). The following table lists the components of share-based compensation expense by type of award.


	Years Ended December 31,
	2023		2022		2021
Restricted stock	$	2,237	$	3,635	$	2,166
Performance share units	570		602		797
Stock options	14		140		253
Share-based compensation expense	$	2,821	$	4,377	$	3,216

Unrecognized compensation cost related to unvested awards was $7.0 million as of December 31, 2023, which will be recognized over a weighted-average period of 4.0 years.

Restricted Stock

During the years ended December 31, 2023, 2022, and 2021, we granted 3,782,000, 897,000, and 459,000 shares of restricted stock with weighted average grant-date fair values of $1.37, $3.31, and $6.84 per share, respectively. The total grant-date fair value of restricted stock that vested in the years ended December 31, 2023, 2022, and 2021, was $4.2 million, $2.1 million, and $2.8 million, respectively.

The following table presents the status of unvested restricted stock awards as of December 31, 2023 and changes during the year then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	1,038	$	4.03
Granted	3,782	1.37
Vested	(1,146)	3.65
Forfeited	(269)	1.43
Unvested at December 31, 2023	3,405	$	1.41

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. PSUs vest upon achieving specified performance targets over a performance period, which are based on total shareholder return (“TSR Awards”), return on invested capital (“ROIC Awards”), or on the Company’s stock price meeting specified thresholds. If the performance metric thresholds are not met at the end of performance period, the PSUs expire automatically.

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, as defined by the Incentive Plans, during the performance periods. The ROIC Awards vest, if at all, upon our achieving a specified average return on invested capital during the performance periods. The performance periods for TSR Awards and ROIC Awards begins on January 1st of the year of grant and ends three years later on December 31st.

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.

The following table presents the status of unvested PSUs as of December 31, 2023 and activity during the year then ended.


	Nonvested PSU Awards	Weighted Average Grant-Date Fair Value
Nonvested at January 1, 2023	1,032	$	3.80
Granted	3,621	1.14
Vested	(67)	4.63
Forfeited	(635)	2.47
Expired	(162)	7.82
Nonvested at December 31, 2023	3,789	$	1.29

During the year ended December 31, 2023, we granted 561,000 TSR Awards to executive officers under the Incentive Plans for the 2023 to 2025 performance period. During the year ended December 31, 2023, we granted 3,060,000 PSUs, outside of the Incentive Plans, to new executive officers as inducement awards. The inducement award PSUs cliff-vest after five years and are contingent on the Company’s stock price meeting specified thresholds. During the years ended December 31, 2022 and 2021, we granted 790,000 and 314,000 PSUs with weighted average grant-date fair values of $2.58 and $7.82 per share, respectively.

During the year ended December 31, 2023, 67,000 PSUs were subject to accelerated vesting upon a participant’s termination that was a qualifying event under the terms of the Incentive Plans. The total grant date fair value of PSUs that vested in the year ended December 31, 2023, was $0.3 million. No other PSUs were vested during the years ended December 31, 2023, 2022 and 2021.

Stock Options

Stock options, which were last granted in 2020, 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. The following table presents stock option activity for the year ended December 31, 2023.


	Number of Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2023	538	$	12.63



Expired	(242)	10.39
Outstanding and exercisable at December 31, 2023	296	$	14.46	2.9 years	$	—	(1)

_______________________________

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ (37,120)	$ (31,902)	$ (33,732)
Current-period other comprehensive income (loss) activity, tax	97	(60)	(898)
Other comprehensive income (loss)	(635)	(5,218)	1,830
Other comprehensive income (loss) before reclassifications, tax	97	(68)	(19)
Other comprehensive income (loss) before reclassifications, after tax	1,180	(4,798)	(1,076)
Amounts reclassified from AOCI, tax	0
Amounts reclassified from AOCI, after tax	1,815
Net current-period other comprehensive income (loss), after tax	(635)	(5,218)	1,830
Ending balance	(37,755)	(37,120)	(31,902)
Foreign currency translation gain (loss)	1,410	(8,156)	(1,135)
Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from AOCI, tax		8	(18)
Amounts reclassified from AOCI, after tax		420	(55)
Loss on Interest Rate Swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from AOCI, tax			(861)
Amounts reclassified from AOCI, after tax			(2,851)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(40,172)	(32,016)	(30,881)
Current-period other comprehensive income (loss) activity, before tax	1,410	(8,156)	(1,135)
Ending balance	(38,762)	(40,172)	(32,016)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	3,149	151	(3,712)
Current-period other comprehensive income (loss) activity, before tax	(2,142)	2,998	3,863
Amounts reclassified from AOCI, before tax	(1,815)
Ending balance	1,007	3,149	151
Other Comprehensive Income (Loss), before Reclassifications, before Tax	(327)	3,426	78
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Interest Expense
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from AOCI, before tax		(428)	73
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Loss on Interest Rate Swap
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Amounts reclassified from AOCI, before tax			3,712
Income taxes
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(97)	(37)	861
Ending balance	$ 0	$ (97)	$ (37)

Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Net sales	$ 489,270	$ 498,738	$ 477,584
Cost of sales (exclusive of depreciation and amortization shown separately below)	419,175	421,105	389,995
Selling, General and Administrative Expense	47,436	49,635	51,489
Depreciation and amortization	46,120	47,231	46,195
Other operating expense (income), net	(1,657)	1,859	(1,091)
Loss from operations	(21,804)	(21,092)	(9,004)
Interest expense	21,137	15,041	12,664
Gain (Loss) on Extinguishment of Debt	0	0	2,390
Derivative Instruments, Payment Expense	0	0	1,717
Loss on interest rate swap	0	0	2,033
Other expense (income), net	10,730	(5,064)	(5,366)
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	(53,671)	(31,069)	(22,442)
Benefit (provision) for income taxes	(2,285)	(1,621)	1,756
Share of net income from joint venture	5,806	6,592	6,261
Loss from continuing operations	(50,150)	(26,098)	(14,425)
Income from discontinued operations, net of tax (Note 2)	0	0	1,200
Net loss	(50,150)	(26,098)	(13,225)
Other comprehensive income (loss):
Foreign currency translation gain (loss)	1,410	(8,156)	(1,135)
Change in fair value, net of tax	(230)	3,358	59
Reclassification adjustments included in net loss, net of tax	1,815	420	(2,906)
Other comprehensive income (loss)	(635)	(5,218)	1,830
Comprehensive loss	$ (50,785)	$ (31,316)	$ (11,395)
Basic net loss per common share:
Loss from continuing operations per common share (in usd per share)	$ (1.35)	$ (0.83)	$ (0.82)
Income (loss) from discontinued operations per common share (in usd per share)	0	0	0.03
Net loss per common share (in usd per share)	$ (1.35)	$ (0.83)	$ (0.79)
Weighted average common shares outstanding (in shares)	46,738	44,680	44,011
Diluted net loss per common share:
Diluted loss from continuing operations per common share (in usd per share)	$ (1.35)	$ (0.83)	$ (0.82)
Diluted income (loss) from discontinued operations per common share (in usd per share)	0	0	0.03
Net loss per common share (in usd per share)	$ (1.35)	$ (0.83)	$ (0.79)
Weighted average common shares outstanding (in shares)	46,738	44,680	44,011

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Feb. 28, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-39268
Entity Registrant Name	NN, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1096725
Entity Address, Address Line One	6210 Ardrey Kell Road, Suite 120
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	264-4300
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	NNBR
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 77.4
Entity Common Stock, Shares Outstanding		49,165,450
Documents Incorporated by Reference	Portions of the Proxy Statement with respect to the 2024 Annual Meeting of Stockholders are incorporated by reference in Part III, Items 10 to 14 of this Annual Report on Form 10-K as indicated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2023.
Entity Central Index Key	0000918541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	false

Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Changes In Preferred Stock Carrying Value

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


	Years Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	64,701	$	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	10,085		8,961		6,222
Amortization	3,013		1,933		913

Balance at end of year	$	77,799	$	64,701	$	53,807

The following table presents the change in the Series B Preferred Stock carrying value for the year ended December 31, 2021.



Balance as of December 31, 2020	$	105,086
Accrual of in-kind dividends	14,008
Amortization	335
Redemption	(119,429)
Balance as of December 31, 2021	$	—

Net Income (Loss) Per Share Net Income (Loss) Per Share - Number of potentially dilutive share (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,881	2,057	2,266
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	381	557	766
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,500	1,500	1,500

Inventories

12 Months Ended

Dec. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following amounts:


	As of December 31,
	2023		2022
Raw materials	$	25,456	$	32,146
Work in process	22,942		24,610
Finished goods	23,165		23,926
Total inventories	$	71,563	$	80,682

Accounts Receivable - Summary of Activity in the Allowance for Credit Losses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of year	$ 1,469	$ 1,352	$ 2,044
Additions	118	326	78
Write-offs and other	(353)	(182)	(734)
Currency impact	7	(27)	(36)
Balance at end of year	$ 1,241	$ 1,469	$ 1,352

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Terminated	false

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, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized Tax Benefits, Beginning Balance	$ 118	$ 125	$ 247
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions	3	0	0
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions	0	(7)	(122)
Unrecognized Tax Benefits, Ending Balance	$ 121	$ 118	$ 125

Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)
Beginning Balance, (in shares) at Dec. 31, 2020	42,686
Beginning Balance at Dec. 31, 2020	$ 254,152	$ 427	$ 493,332	$ (205,875)	$ (33,732)
Net Income (Loss)	(13,225)
Dividends accrued for preferred stock	$ (21,478)		(21,478)
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	387
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	$ 0	(4)	(4)
Share-based compensation expense	$ 3,221		3,221
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	52
Restricted shares forgiven for taxes	$ (363)	(1)	(362)
Shares issued for option exercises (in shares)	6
Shares issued for option exercises	$ 48	0	48
Other comprehensive income (loss)	1,830
Ending Balance at Dec. 31, 2021	$ 224,185	430	474,757	(219,100)	(31,902)
Ending Balance, (in shares) at Dec. 31, 2021	43,027
Net Income (Loss) Attributable to Parent	$ (13,225)			(13,225)
Net current-period other comprehensive income (loss), after tax	1,830
Net Income (Loss)	(26,098)
Dividends accrued for preferred stock	$ (10,894)		(10,894)
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	860
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	$ 0	(9)	(9)
Share-based compensation expense	$ 4,377		4,377
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	31
Restricted shares forgiven for taxes	$ (88)	0	(88)
Other comprehensive income (loss)	(5,218)
Ending Balance at Dec. 31, 2022	$ 186,264	439	468,143	(245,198)	(37,120)
Ending Balance, (in shares) at Dec. 31, 2022	43,856
Net Income (Loss) Attributable to Parent	$ (26,098)
Net current-period other comprehensive income (loss), after tax	(5,218)
Net Income (Loss)	(50,150)
Dividends accrued for preferred stock	$ (13,098)		(13,098)
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	3,561
Shares issued under stock incentive plans, net of forfeitures and tax withholdings	$ 21	(36)	(57)
Share-based compensation expense	$ 2,821		2,821
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	148
Restricted shares forgiven for taxes	$ (179)	(2)	(177)
Other comprehensive income (loss)	(635)
Ending Balance at Dec. 31, 2023	$ 125,002	$ 473	$ 457,632	(295,348)	$ (37,755)
Ending Balance, (in shares) at Dec. 31, 2023	47,269
Net Income (Loss) Attributable to Parent	$ (50,150)			$ (50,150)
Net current-period other comprehensive income (loss), after tax	$ (635)

Accounts Receivable

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Accounts Receivable

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


	Years Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	1,469	$	1,352	$	2,044
Additions	118		326		78
Write-offs and other	(353)		(182)		(734)
Currency impact	7		(27)		(36)
Balance at end of year	$	1,241	$	1,469	$	1,352

As of December 31, 2023, one customer represented greater than 10% of our consolidated accounts receivable balance.

Accounts Receivable Sales Programs

We participate in programs established by our customers which allows us to sell certain receivables from that customer on a non-recourse basis to a third-party financial institution. During the years ended December 31, 2023 and 2022, we incurred fees of $1.1 million and $0.6 million, respectively, related to the sale of receivables which is recorded in the Other expense (income), net line item on the Consolidated Statements of Operations and Comprehensive Income (Loss).

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss) Attributable to Parent	$ (50,150)	$ (26,098)	$ (13,225)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash Flow, Lessee [Abstract]
Operating Lease, Payments	$ 8,462	$ 14,214	$ 13,434
Finance Lease, Interest Payment on Liability	345	351	213
Finance Lease, Principal Payments	1,766	3,003	4,836
Right-of-Use Asset Obtained in Exchange for Finance Lease Liability	1,619	1,263	2,814
Right-of-use assets obtained in exchange for new operating lease liabilities	$ 1,028	$ 5,181	$ 0

Investment in Joint Venture - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Net sales	$ 489,270	$ 498,738	$ 477,584
Related Party
Schedule of Equity Method Investments [Line Items]
Net sales	$ 0	$ 100	$ 400
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49.00%

- Definition

+ References

+ Details

Segment Information (Details)	12 Months Ended
Segment Information (Details)	Dec. 31, 2023 segment
Segment Reporting [Abstract]
Operating segments	2
Reportable segments	2

Significant Accounting Policies (Policies)	12 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	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.
Consolidation, Policy	Principles of Consolidation Our consolidated financial statements include the accounts of NN, Inc., and its wholly owned subsidiaries. We own a 49% investment in a joint venture (the “JV”) 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.
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. 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 $13.5 million and $12.5 million in cash and cash equivalents as of December 31, 2023 and 2022, respectively, held at foreign financial institutions.
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 years to 40 years. Estimated useful lives for machinery and equipment generally range from 3 years to 12 years. Estimated useful lives for leasehold improvements are based on the life of the lease.
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 five years; and •Manufacturing plants and office facilities with terms of four years to 20 years. We sublease certain leased buildings or portions of leased buildings when no longer needed for our current operational needs. Since we retain the obligation to the lessor, the underlying leases continue to be accounted for as operating leases. Sublease income is recognized on a straight-line basis over the lease term.
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.
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 Compensation The cost of restricted stock awards, performance share units, and stock options is recognized as compensation expense over the vesting periods based on the grant date fair value, as determined under ASC Topic 718, Compensation – stock compensation. The grant-date fair value of restricted stock awards is based on the closing price of our common stock on the date of grant. We use a Monte Carlo simulation for performance share units that include a market condition. The grant-date fair value of performance share units that include performance conditions is based on the closing price of our common stock on the date of grant and compensation expense is recognized based on the estimated outcome of the performance condition. Stock options are valued using the Black Scholes financial pricing model.
Stockholders' Equity, Policy	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	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 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, 2023, 2022, and 2021, transaction gains (losses) were $0.3 million, $0.2 million, and $(0.5) million, respectively.
Earnings Per Share, Policy	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 restricted stock awards and 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, adjusted for participating securities and certain outstanding warrants. Diluted net income (loss) per common share includes the effect of warrants and stock options unless inclusion would not be dilutive.
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.
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.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
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, 2023. Other Legal Matters 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.

Operating Segment Results - (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Net sales	$ 489,270	$ 498,738	$ 477,584
Operating Income (Loss)	(21,804)	(21,092)	(9,004)
Depreciation and amortization	46,120	47,231	46,195
Expenditures for long-lived assets	20,496	17,952	18,221
Assets	510,885	546,127
Investment in joint venture	32,701	31,802
Operating Segments \| Mobile Solutions
Segment Reporting Information [Line Items]
Net sales	303,335	293,536	285,863
Operating Income (Loss)	(11,749)	(2,165)	9,039
Depreciation and amortization	29,156	28,192	28,769
Expenditures for long-lived assets	15,387	14,590	15,411
Assets	329,610	338,338
Operating Segments \| Power Solutions
Segment Reporting Information [Line Items]
Net sales	185,948	205,204	191,800
Operating Income (Loss)	11,096	3,536	6,493
Depreciation and amortization	15,318	17,483	15,892
Expenditures for long-lived assets	3,643	2,401	2,200
Assets	147,155	178,129
Corporate, Non-Segment
Segment Reporting Information [Line Items]
Operating Income (Loss)	(21,151)	(22,463)	(24,536)
Depreciation and amortization	1,646	1,556	1,534
Expenditures for long-lived assets	1,466	961	610
Assets	34,120	29,660
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (13)	$ (2)	$ (79)

Revenue from Contracts with Customers Summary of Sales to External Customer by Operating Segment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 489,270	$ 498,738	$ 477,584
Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	247,541	238,231	220,873
General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	125,626	139,970	150,602
Electrical Member
Disaggregation of Revenue [Line Items]
Net sales	67,546	70,055	61,748
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	48,557	50,482	44,361
United States
Disaggregation of Revenue [Line Items]
Net sales	294,045	301,823	293,235
CHINA
Disaggregation of Revenue [Line Items]
Net sales	58,195	51,556	56,972
BRAZIL
Disaggregation of Revenue [Line Items]
Net sales	48,696	48,216	35,455
Mexico
Disaggregation of Revenue [Line Items]
Net sales	26,683	40,645	35,697
GERMANY
Disaggregation of Revenue [Line Items]
Net sales	8,700	5,506	5,776
POLAND
Disaggregation of Revenue [Line Items]
Net sales	6,161	5,042	3,761
Other
Disaggregation of Revenue [Line Items]
Net sales	46,790	45,950	46,688
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(13)	(2)	(79)
Intersegment Eliminations [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	(13)	(2)	(79)
Operating Segments \| Mobile Solutions
Disaggregation of Revenue [Line Items]
Net sales	303,335	293,536	285,863
Operating Segments \| Mobile Solutions \| Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	212,582	197,341	182,094
Operating Segments \| Mobile Solutions \| General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	73,350	78,142	90,290
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	17,403	18,053	13,479
Operating Segments \| Power Solutions
Disaggregation of Revenue [Line Items]
Net sales	185,948	205,204	191,800
Operating Segments \| Power Solutions \| Automotive Member
Disaggregation of Revenue [Line Items]
Net sales	34,959	40,890	38,779
Operating Segments \| Power Solutions \| General Industrial Member
Disaggregation of Revenue [Line Items]
Net sales	52,276	61,828	60,312
Operating Segments \| Power Solutions \| Electrical Member
Disaggregation of Revenue [Line Items]
Net sales	67,546	70,055	61,748
Operating Segments \| Power Solutions \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	$ 31,167	$ 32,431	$ 30,961

Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Information

The following table presents our financial performance by reportable segment.


	Year Ended December 31,
	2023		2022		2021
Net sales:
Mobile Solutions	$	303,335	$	293,536	$	285,863
Power Solutions	185,948		205,204		191,800
Intersegment sales eliminations	(13)		(2)		(79)
Total	$	489,270	$	498,738	$	477,584
Income (loss) from operations:
Mobile Solutions	$	(11,749)	$	(2,165)	$	9,039
Power Solutions	11,096		3,536		6,493
Corporate	(21,151)		(22,463)		(24,536)
Total	$	(21,804)	$	(21,092)	$	(9,004)
Depreciation and amortization:
Mobile Solutions	$	29,156	$	28,192	$	28,769
Power Solutions	15,318		17,483		15,892
Corporate	1,646		1,556		1,534
Total	$	46,120	$	47,231	$	46,195
Expenditures for long-lived assets:
Mobile Solutions	$	15,387	$	14,590	$	15,411
Power Solutions	3,643		2,401		2,200
Corporate	1,466		961		610
Total	$	20,496	$	17,952	$	18,221

The following table summarizes total assets by reportable segment.


	As of December 31,
	2023		2022

Mobile Solutions (1)	$	329,610	$	338,338
Power Solutions	147,155		178,129
Corporate	34,120		29,660
Total	$	510,885	$	546,127

_______________________________

(1) Total assets in Mobile Solutions includes $32.7 million and $31.8 million as of December 31, 2023 and 2022, respectively, related to our investment in the JV.

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

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


	As of December 31,
	2023		2022
United States	$	127,186	$	141,652
China	36,188		37,934
France	24,298		24,536
Mexico	14,038		15,235
Brazil	17,088		15,919
Poland	10,371		9,074
All foreign countries	$	101,983	$	102,698
Total	$	229,169	$	244,350

Revenue from External Customers by Geographic Areas

The following table summarizes revenue by country, based on our customers’ shipping destination.


	Year Ended December 31,
	2023		2022		2021
United States	$	294,045	$	301,823	$	293,235
China	58,195		51,556		56,972
Brazil	48,696		48,216		35,455
Mexico	26,683		40,645		35,697
Germany	8,700		5,506		5,776
Poland	6,161		5,042		3,761
Other	46,790		45,950		46,688
Total net sales	$	489,270	$	498,738	$	477,584

Net Income (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Numerator:
Loss from continuing operations	$	(50,150)	$	(26,098)	$	(14,425)

Adjustment for preferred stock cumulative dividends and deemed dividends	(13,098)		(10,894)		(21,478)

Numerator for basic and diluted net loss from continuing operations per common share	(63,248)		(36,992)		(35,903)
Income from discontinued operations, net of tax	—		—		1,200
Numerator for basic and diluted net loss per common share	$	(63,248)	$	(36,992)	$	(34,703)

Denominator:
Weighted average common shares outstanding	46,174		43,738		42,991
Adjustment for participating securities	(2,636)		(951)		(461)
Adjustment for warrants outstanding (1)	3,200		1,893		1,481




Shares used to calculate basic and diluted net loss per share	46,738		44,680		44,011









Basic and diluted net loss from continuing operations per common share	$	(1.35)	$	(0.83)	$	(0.82)
Basic and diluted net income from discontinued operations per common share	—		—		0.03
Basic and diluted net loss per common share	$	(1.35)	$	(0.83)	$	(0.79)
Cash dividends declared per common share	$	—	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 18).

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,
	2023	2022	2021
Options	381	557	766
2019 Warrants	1,500	1,500	1,500
	1,881	2,057	2,266

Revenue from Contracts with Customers (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Year Ended December 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	212,582	$	34,959	$	—	$	247,541
General Industrial	73,350		52,276		—		125,626
Residential/Commercial Electrical	—		67,546		—		67,546
Other	17,403		31,167		(13)		48,557
Total net sales	$	303,335	$	185,948	$	(13)	$	489,270


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

Assets and Revenue by Geography (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	$ 489,270	$ 498,738	$ 477,584
Property, plant and equipment, net	229,169	244,350
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	294,045	301,823	293,235
Property, plant and equipment, net	127,186	141,652
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	58,195	51,556	56,972
Property, plant and equipment, net	36,188	37,934
BRAZIL
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	48,696	48,216	35,455
Property, plant and equipment, net	17,088	15,919
Mexico
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	26,683	40,645	35,697
Property, plant and equipment, net	14,038	15,235
GERMANY
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	8,700	5,506	5,776
POLAND
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	6,161	5,042	3,761
Property, plant and equipment, net	10,371	9,074
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Net sales	46,790	45,950	$ 46,688
FRANCE
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	24,298	24,536
Geographic Distribution, Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Property, plant and equipment, net	$ 101,983	$ 102,698

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
United States	$	(64,394)	$	(40,543)	$	(35,325)
Foreign	10,723		9,474		12,883
Loss from continuing operations before benefit (provision) for income taxes and share of net income from joint venture	$	(53,671)	$	(31,069)	$	(22,442)

Income Tax Expense (Benefit)

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


	Years Ended December 31,
	2023		2022		2021
Current taxes:
U.S. Federal	$	(580)	$	(545)	$	(19)
State	126		(625)		(615)
Foreign	3,901		4,576		3,014
Total current tax expense	3,447		3,406		2,380
Deferred taxes:
U.S. Federal	$	(9,057)	$	(6,245)	$	(8,421)
State	(1,833)		70		(1,099)
Foreign	(721)		(986)		(154)
U.S. federal, state and foreign valuation allowance	10,449		5,376		5,538
Total deferred tax benefit	(1,162)		(1,785)		(4,136)
Total income tax expense (benefit)	$	2,285	$	1,621	$	(1,756)

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,
	2023		2022		2021
U.S federal statutory income tax rate	21.0	%	21.0	%	21.0	%
Change in valuation allowance, exclusive of state	(16.1)	%	(17.5)	%	(20.0)	%

State taxes, net of federal taxes, exclusive of tax reform	(0.2)	%	1.6	%	4.5	%
Non-U.S. earnings taxed at different rates	1.1	%	0.7	%	3.0	%

Global intangible low-taxed income	(2.3)	%	(3.9)	%	(6.0)	%

Deferred true-up	(0.8)	%	(6.4)	%	—	%


Research and development tax credit	0.2	%	0.3	%	1.0	%
Change in uncertain tax positions	—	%	—	%	0.7	%






Interest on CARES Act refund	1.1	%	1.8	%	—	%

Return to provision	0.1	%	1.3	%	0.8	%

Taxes on unremitted foreign earnings	(2.4)	%	(3.9)	%	2.0	%



Intercompany lending	(1.3)	%	(2.7)	%	(5.3)	%
Warrant revaluation	(4.3)	%	3.6	%	6.5	%
Other adjustments, net	(0.4)	%	(1.1)	%	(0.4)	%
Effective tax rate	(4.3)	%	(5.2)	%	7.8	%

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,
	2023		2022
Deferred income tax liabilities:
Tax in excess of book depreciation	$	21,497	$	24,045

Intangible assets	13,659		16,978


Operating leases	9,970		10,669
Interest rate swap	—		754
Taxes on unremitted foreign earnings	4,658		4,961
Other deferred tax liabilities	725		761
Total deferred income tax liabilities	50,509		58,168
Deferred income tax assets:
Interest expense limitation	14,920		10,723
Goodwill	20,419		22,277
Inventories	2,456		2,292
Section 174 research and development costs	2,400		1,859

Pension and personnel accruals	1,818		1,717
Operating leases	12,238		12,852
Net operating loss carryforwards	32,043		24,299


Interest rate swap	251		—
Credit carryforwards	3,235		2,803
Accruals and reserves	904		978
Other deferred tax assets	3,099		3,086
Deferred income tax assets before valuation allowance	93,783		82,886
Valuation allowance on deferred tax assets	(47,528)		(30,212)
Total deferred income tax assets	46,255		52,674
Net deferred income tax liabilities	$	4,254	$	5,494

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,
	2023		2022		2021
Balance at beginning of year	$	118	$	125	$	247
Additions for tax positions of prior years	3		—		—

Reductions for tax positions of prior years	—		(7)		(122)
Balance at end of year	$	121	$	118	$	125

Debt - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 22, 2021
Line of Credit Facility [Line Items]
Capitalized interest costs	$ (1,300)	$ (600)	$ (300)
Proceeds from sale of business	0	0	(3,880)
Loss on extinguishment of debt and write-off of debt issuance costs	0	0	2,390
Short-term debt and current maturities of long-term debt	3,910	3,321
Payments for Hedge, Investing Activities	0	0	15,420
Gain (Loss) on Extinguishment of Debt	0	$ 0	$ 2,390
Proceeds From Derivative Instrument Operating Activities	$ 2,500
Term Loan Facility Member
Line of Credit Facility [Line Items]
Debt instrument, face amount				$ 150,000
Interest rate during period	14.331%
Debt issuance costs	$ 5,400
Debt Instrument, Periodic Payment, Principal	$ 400
Debt Instrument, Unamortized Discount (Premium), Net				$ 3,800
Term Loan Facility Member \| Various Benchmark Rates Member
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.875%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	6.875%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Asset Backed Credit Facility Member
Line of Credit Facility [Line Items]
Line of credit face amount	$ 50,000
Interest rate during period	7.445%
Commitment fee percentage	0.375%
Outstanding letters of credit	$ 10,900
Available borrowing capacity	$ 26,400
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%
Asset Backed Credit Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Asset Backed Credit Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Asset Backed Credit Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Letter of Credit
Line of Credit Facility [Line Items]
Line of credit face amount	$ 30,000
Commitment fee percentage	2.125%
Bridge Loan
Line of Credit Facility [Line Items]
Line of credit face amount	$ 5,000
Term Loan Facility \| Minimum
Line of Credit Facility [Line Items]
Interest Paid In Kind Rate	1.00%
Term Loan Facility \| Maximum
Line of Credit Facility [Line Items]
Interest Paid In Kind Rate	2.00%

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Dec. 31, 2023 USD ($)
Maximum
Contingencies And Commitments [Line Items]
Possible loss estimated	$ 5.0