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Note 6 - Supplemental Balance Sheet Information | 9 Months Ended
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Sep. 29, 2019
Notes to Financial Statements |
Supplemental Balance Sheet Disclosures [Text Block] | 6. SUPPLEMENTAL BALANCE SHEET INFORMATION Cash The composition of the Company’s cash was as follows:
|  | September 29 , |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Cash |  | $ | 6,824 |  |  | $ | 25,583 |
Restricted cash |  |  | 265 |  |  |  | 351 |
Total |  | $ | 7,089 |  |  | $ | 25,934 |
As of September 29, 2019 and December 31, 2018, restricted cash included $184 and $266, respectively, relating to a government grant awarded in the People’s Republic of China to fund specified technological research and development initiatives. The grant proceeds are realized to income as a direct offset to expense as the related expenditures are incurred. For the nine -month period ended September 29, 2019, grant proceeds of $72 were realized to income. As of September 29, 2019 and December 31, 2018, restricted cash included euro-denominated deposits of $81 and $85, respectively, withheld by the Dutch tax authorities and third -party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows. Inventories Inventories are stated at the lower of cost or market, net of obsolescence reserves, with cost determined under the first -in, first -out (FIFO) method. The composition of inventories, net was:
|  | September 29, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Raw materials |  | $ | 19,004 |  |  | $ | 13,274 |
Work in process |  |  | 2,998 |  |  |  | 2,016 |
Finished goods |  |  | 10,394 |  |  |  | 7,553 |
Total |  | $ | 32,396 |  |  | $ | 22,843 |
Property, Equipment and Improvements, Net Major classes of property, equipment and improvements consisted of the following:
|  | September 29, |  |  | December 31, |
|  | 2019 |  |  | 2018 |
Land |  | $ | 1,273 |  |  | $ | 123 |
Buildings and leasehold improvements |  |  | 15,257 |  |  |  | 8,267 |
Machinery and equipment |  |  | 54,530 |  |  |  | 51,261 |
Furniture and fixtures |  |  | 2,176 |  |  |  | 2,058 |
Computer hardware and software |  |  | 6,672 |  |  |  | 5,590 |
Construction in process |  |  | 4,757 |  |  |  | 4,302 |
|  |  | 84,665 |  |  |  | 71,601 |
Less: Accumulated depreciation |  |  | (62,066 | ) |  |  | (60,857 | )
Property, equipment and improvements, net |  | $ | 22,599 |  |  | $ | 10,744 |
Depreciation expense for property, equipment and improvements was as follows:
|  | Three-month period ended |  |  | Nine -month period ended |
|  | September 29 , |  |  | September 30 , |  |  | September 29 , |  |  | September 30 , |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Depreciation expense |  | $ | 586 |  |  | $ | 496 |  |  | $ | 1,548 |  |  | $ | 1,476 |
Goodwill The following table summarizes the goodwill activity by segment for the nine -month periods ended September 29, 2019 and September 30, 2018:
|  | Battery & Energy |  |  | Communications |  |  |  |  |
|  | Products |  |  | Systems |  |  | Total |
Balance – December 31, 2017 |  | $ | 8,965 |  |  | $ | 11,493 |  |  | $ | 20,458 |
Effect of foreign currency translation |  |  | (257 | ) |  |  | - |  |  |  | (257 | )
Balance – September 30, 2018 |  |  | 8,708 |  |  |  | 11,493 |  |  |  | 20,201 |
Effect of foreign currency translation |  |  | (92 | ) |  |  | - |  |  |  | (92 | )
Balance – December 31, 2018 |  |  | 8,616 |  |  |  | 11,493 |  |  |  | 20,109 |
Acquisition of SWE |  |  | 6,474 |  |  |  | - |  |  |  | 6,474 |
Effect of foreign currency translation |  |  | (210 | ) |  |  | - |  |  |  | (210 | )
Balance – September 29, 2019 |  | $ | 14,880 |  |  | $ | 11,493 |  |  | $ | 26,373 |
Other Intangible Assets, Net The composition of other intangible assets was:
|  | at September 29 , 2019 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |
Trademarks |  | $ | 3,401 |  |  | $ | - |  |  | $ | 3,401 |
Customer relationships |  |  | 8,907 |  |  |  | 4,586 |  |  |  | 4,321 |
Patents and technology |  |  | 5,452 |  |  |  | 4,810 |  |  |  | 642 |
Distributor relationships |  |  | 377 |  |  |  | 377 |  |  |  | - |
Trade name |  |  | 1,485 |  |  |  | 166 |  |  |  | 1,319 |
Total |  | $ | 19,622 |  |  | $ | 9,939 |  |  | $ | 9,683 |
|  | at December 31, 201 8 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |
Trademarks |  | $ | 3,405 |  |  | $ | - |  |  | $ | 3,405 |
Customer relationships |  |  | 6,471 |  |  |  | 4,392 |  |  |  | 2,079 |
Patents and technology |  |  | 5,486 |  |  |  | 4,725 |  |  |  | 761 |
Distributor relationships |  |  | 377 |  |  |  | 377 |  |  |  | - |
Trade name |  |  | 370 |  |  |  | 111 |  |  |  | 259 |
Total |  | $ | 16,109 |  |  | $ | 9,605 |  |  | $ | 6,504 |
The increase in the carrying value of other intangible assets from December 31, 2018 to September 29, 2019 reflects the preliminary valuation of identifiable intangible assets acquired in the Company’s acquisition of SWE. The table below summarizes the estimated fair value, useful life and annual amortization for the identifiable intangible assets resulting from the preliminary valuation analysis. Amortization for the SWE intangible assets is recognized as selling, general and administrative expense.
|  |  |  |  |  |  |  |  | Annual |
|  |  |  |  |  | Estimated |  |  | Estimated |
|  | Estimated Fair |  |  | Useful Lives |  |  | Amortization |
|  | Value |  |  | in Years |  |  | Expense |
Customer relationships |  | $ | 2,522 |  |  |  | 15 |  |  | $ | 168 |
Trade name |  |  | 1,127 |  |  |  | 15 |  |  |  | 75 |
Total |  | $ | 3,649 |  |  |  |  |  |  | $ | 243 |
The remaining change in the carrying value of other intangible assets from December 31, 2018 to September 29, 2019 is the result of the effect of foreign currency translations. Amortization expense for other intangible assets was as follows:
|  | Three-month period ended |  |  | Nine -month period ended |
|  | September 29 , |  |  | September 30 , |  |  | September 29 , |  |  | September 30 , |
|  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Amortization included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 32 |  |  | $ | 36 |  |  | $ | 98 |  |  | $ | 111 |
Selling, general and administrative |  |  | 116 |  |  |  | 61 |  |  |  | 274 |  |  |  | 189 |
Total amortization expense |  | $ | 148 |  |  | $ | 97 |  |  | $ | 372 |  |  | $ | 300 |

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- Definition The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -URI http://asc.fasb.org/topic&trid=2122208 + Details
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