XML 20 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2021

Supplemental Balance Sheet Disclosures [Text Block]

4.	*SUPPLEMENTAL BALANCE SHEET INFORMATION*

Fair Value Measurements and Disclosures

The fair value of financial instruments approximated their carrying values at March 31, 2021 and December 31, 2020. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments.

Cash

The composition of the Company’s cash was as follows:

	March 31,		December 31,
	2021		2020
Cash	$	13,574	$	10,562
Restricted cash		88		91
Total	$	13,662	$	10,653

As of March 31, 2021 and December 31, 2020, restricted cash included $88 and $91, 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. 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 net realizable value, net of obsolescence reserves, with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:

	March 31,		December 31,
	2021		2020
Raw materials	$	16,724	$	17,277
Work in process		3,080		3,411
Finished goods		8,052		7,505
Total	$	27,856	$	28,193

Property, Plant and Equipment, Net

Major classes of property, plant and equipment consisted of the following:

	March 31,			December 31,
	2021			2020
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,396			15,393
Machinery and equipment		61,413			61,048
Furniture and fixtures		2,286			2,235
Computer hardware and software		7,102			6,894
Construction in process		1,420			1,227
		88,890			88,070
Less: Accumulated depreciation		(65,944	)		(65,220	)
Property, plant and equipment, net	$	22,946		$	22,850

Depreciation expense for property, plant and equipment was $730 and $579 for the three-month periods ended March 31, 2021 and March 31, 2020, respectively.

Goodwill

The following table summarizes the goodwill activity by segment for the three-month period ended March 31, 2021.

	Battery & Energy		Communications
	Products		Systems		Total
Balance – December 31, 2020	$	15,525	$	11,493	$	27,018
Effect of foreign currency translation		43		-		43
Balance – March 31, 2021	$	15,568	$	11,493	$	27,061

Other Intangible Assets, Net

The composition of other intangible assets was:

	at March 31, 2021
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,410	$	-	$	3,410
Customer relationships		9,193		5,215		3,978
Patents and technology		5,567		5,051		516
Distributor relationships		377		377		0
Trade name		1,527		354		1,173
Total other intangible assets	$	20,074	$	10,997	$	9,077

	at December 31, 2020
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,410	$	-	$	3,410
Customer relationships		9,171		5,115		4,056
Patents and technology		5,557		5,014		543
Distributor relationships		377		377		0
Trade name		1,524		324		1,200
Total other intangible assets	$	20,039	$	10,830	$	9,209

The change in the cost of total intangible assets from December 31, 2020 to March 31, 2021 is a result of the effect of foreign currency translations.

Amortization expense for intangible assets was $154 and $149 for the three-month periods ended March 31, 2021 and March 31, 2020, respectively. Amortization included in research and development expenses was $33 and $31 for the three-month periods ended March 31, 2021 and March 31, 2020, respectively. Amortization included in selling, general and administrative expenses was $121 and $118 for the three-month periods ended March 31, 2021 and March 31, 2020, respectively.