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Note 5 - Supplemental Balance Sheet Information | 9 Months Ended
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Sep. 30, 2020
Notes to Financial Statements |
Supplemental Balance Sheet Disclosures [Text Block] | 5. SUPPLEMENTAL BALANCE SHEET INFORMATION Fair Value Measurements and Disclosures The fair value of financial instruments approximated their carrying values at September 30, 2020 and December 31, 2019. The fair value of cash, trade accounts receivable, trade accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments. The carrying value of long-term debt approximates fair value, as the variable interest rates approximate current market rates. Cash The composition of the Company’s cash was as follows:
|  | September 30, |  |  | December 31, |
|  | 20 20 |  |  | 201 9 |
Cash |  | $ | 13,690 |  |  | $ | 7,135 |
Restricted cash |  |  | 87 |  |  |  | 270 |
Total |  | $ | 13,777 |  |  | $ | 7,405 |
As of September 30, 2020 and December 31, 2019, restricted cash included $87 and $82, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. As of December 31, 2019, restricted cash included $188 for a government grant awarded in the People’s Republic of China to fund specified technological research and development initiatives. The grant proceeds are realized as a direct offset to qualifying expenditures as incurred. For the nine-month period ended September 30, 2020, grant proceeds of $188 were used to fund qualifying capital expenditures and material and labor costs incurred. 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 30, |  |  | December 31, |
|  | 20 20 |  |  | 201 9 |
Raw materials |  | $ | 17,600 |  |  | $ | 18,485 |
Work in process |  |  | 3,861 |  |  |  | 2,548 |
Finished goods |  |  | 8,285 |  |  |  | 8,726 |
Total |  | $ | 29,746 |  |  | $ | 29,759 |
Property, Plant and Equipment, Net Major classes of property, plant and equipment consisted of the following:
|  | September 30, |  |  | December 31, |
|  | 20 20 |  |  | 201 9 |
Land |  | $ | 1,273 |  |  | $ | 1,273 |
Buildings and leasehold improvements |  |  | 15,365 |  |  |  | 15,386 |
Machinery and equipment |  |  | 55,869 |  |  |  | 55,058 |
Furniture and fixtures |  |  | 2,219 |  |  |  | 2,194 |
Computer hardware and software |  |  | 6,812 |  |  |  | 6,712 |
Construction in process |  |  | 5,622 |  |  |  | 4,730 |
|  |  | 87,160 |  |  |  | 85,353 |
Less: Accumulated depreciation |  |  | (64,555 | ) |  |  | (62,828 | )
Property, plant and equipment, net |  | $ | 22,605 |  |  | $ | 22,525 |
Depreciation expense for property, plant and equipment was as follows:
|  | Three-month period ended |  |  | Nine-month period ended |
|  | September 30, |  |  | September 29, |  |  | September 30, |  |  | September 29, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Depreciation expense |  | $ | 582 |  |  | $ | 586 |  |  | $ | 1,743 |  |  | $ | 1,548 |
Goodwill The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2020.
|  | Battery & Energy |  |  | Communications |  |  |  |  |
|  | Products |  |  | Systems |  |  | Total |
Balance – December 31, 2019 |  |  | 15,260 |  |  |  | 11,493 |  |  |  | 26,753 |
Effect of foreign currency translation |  |  | (48 | ) |  |  | - |  |  |  | (48 | )
Balance – September 30, 2020 |  | $ | 15,212 |  |  | $ | 11,493 |  |  | $ | 26,705 |
Other Intangible Assets, Net The composition of other intangible assets was:
|  | September 30, 20 20 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |
Trademarks |  | $ | 3,406 |  |  | $ | - |  |  | $ | 3,406 |
Customer relationships |  |  | 9,020 |  |  |  | 4,975 |  |  |  | 4,045 |
Patents and technology |  |  | 5,496 |  |  |  | 4,952 |  |  |  | 544 |
Distributor relationships |  |  | 377 |  |  |  | 377 |  |  |  | - |
Trade name |  |  | 1,501 |  |  |  | 284 |  |  |  | 1,217 |
Total |  | $ | 19,800 |  |  | $ | 10,588 |  |  | $ | 9,212 |
|  | December 31, 201 9 |
|  |  |  |  |  | Accumulated |  |  |  |  |
|  | Cost |  |  | Amortization |  |  | Net |
Trademarks |  | $ | 3,403 |  |  | $ | - |  |  | $ | 3,403 |
Customer relationships |  |  | 9,080 |  |  |  | 4,721 |  |  |  | 4,359 |
Patents and technology |  |  | 5,521 |  |  |  | 4,869 |  |  |  | 652 |
Distributor relationships |  |  | 377 |  |  |  | 377 |  |  |  | - |
Trade name |  |  | 1,511 |  |  |  | 204 |  |  |  | 1,307 |
Total |  | $ | 19,892 |  |  | $ | 10,171 |  |  | $ | 9,721 |
The change in the cost of total intangible assets from December 31, 2019 to September 30, 2020 is a 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 30, |  |  | September 29, |  |  | September 30, |  |  | September 29, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Amortization included in: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Research and development |  | $ | 31 |  |  | $ | 32 |  |  | $ | 92 |  |  | $ | 98 |
Selling, general and administrative |  |  | 118 |  |  |  | 116 |  |  |  | 352 |  |  |  | 274 |
Total amortization expense |  | $ | 149 |  |  | $ | 148 |  |  | $ | 444 |  |  | $ | 372 |

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