Select balance sheet data

6 Months Ended

Jun. 30, 2025

Note 2. Select balance sheet data

Inventory

Inventories are stated at the lower of cost, determined on the first-in, first-out method, or net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Work-in-process and finished goods are valued at production costs consisting of material, labor, and overhead.

Inventories as of June 30, 2025 and December 31, 2024 consist of:


	June 30,		December 31,
	2025		2024
Finished goods and purchased parts	$	24,526	$	25,952
Raw materials		19,595		19,386
Work-in-process		9,826		9,418
Total	$	53,947	$	54,756

Property, plant and equipment

Property, plant and equipment as of June 30, 2025 and December 31, 2024 consist of:


	Useful Lives		June 30,		December 31,
	Years		2025		2024
Land		Indefinite	$	2,564	$	2,564
Land improvements		15-39		4,486		4,261
Building and building improvements		15-39		79,799		79,553
Machinery, equipment and tooling		3-10		313,515		310,300
Vehicles		5		4,411		4,377
Office furniture and fixtures		3-7		25,320		23,034
Construction in progress		N/A		2,625		3,263
Total property, plant and equipment, gross				432,720		427,352
Less accumulated depreciation				285,407		270,824
Total property, plant and equipment, net			$	147,313	$	156,528

Depreciation expense was $7,870 and $7,658 for the three months ended June 30, 2025 and 2024, respectively, and $15,619 and $15,179 for the six months ended June 30, 2025 and 2024, respectively.

Additionally, the Company completed the closure of its Wautoma, WI manufacturing facility during the fourth quarter of the prior year period. The net amount of property, plant and equipment associated with the facility was $1,402, which is classified in assets held for sale on the Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024.

Goodwill

There was no change to the goodwill balance of $92,650 between December 31, 2024 and June 30, 2025.

Intangible Assets

The following is a listing of definite-lived intangible assets, the useful lives in years (amortization period) and accumulated amortization as of June 30, 2025 and December 31, 2024:


			June 30, 2025
	Useful Lives		Gross Carrying		Accumulated
	Years		Amount		Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts		9-17	$	96,040	$	60,208	$	35,832
Trade name		10		14,780		9,663		5,117
Developed technology		7		4,900		1,400		3,500
Patents		19		24		16		8
Total intangible assets, net			$	115,744	$	71,287	$	44,457


			December 31, 2024
	Useful Lives		Gross Carrying		Accumulated
	Years		Amount		Amortization			Net
Amortizable intangible assets:
Customer relationships and contracts		9-17	$	96,040	$	57,832	$	38,208
Trade name		10		14,780		8,924		5,856
Non-compete agreements		5		8,800		8,800		—
Developed technology		7		4,900		1,050		3,850
Patents		19		24		15		9
Total intangible assets, net			$	124,544	$	76,621	$	47,923

Additionally, the Company reported an indefinite lived non-amortizable brand name asset with a balance of $3,811 as of June 30, 2025 and December 31, 2024.

Changes in intangible assets between December 31, 2024 and June 30, 2025 consist of:


Balance as of December 31, 2024	$	51,734
Amortization expense		(3,466)
Balance as of June 30, 2025	$	48,268

Amortization expense was $1,733 for each of the three months ended June 30, 2025 and 2024, and $3,466 for each of the six months ended June 30, 2025 and 2024.

Future amortization expense is expected to be as followed:


Year ending December 31,
2025 (remainder)	$	3,466
2026	$	6,933
2027	$	6,933
2028	$	6,877
2029	$	5,455
Thereafter	$	14,793