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Note 4 - Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 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 September 30, 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:

	September 30,		December 31,
	2021		2020
Cash	$	15,766	$	10,562
Restricted cash		87		91
Total	$	15,853	$	10,653

As of September 30, 2021 and December 31, 2020, restricted cash included $87 and $91, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party value-added tax (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:

	September 30,		December 31,
	2021		2020
Raw materials	$	16,955	$	17,277
Work in process		3,485		3,411
Finished goods		7,739		7,505
Total	$	28,179	$	28,193

Property, Plant and Equipment, Net

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

	September 30,			December 31,
	2021			2020
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,425			15,393
Machinery and equipment		62,449			61,048
Furniture and fixtures		2,503			2,235
Computer hardware and software		7,316			6,894
Construction in process		1,456			1,227
		90,422			88,070
Less: Accumulated depreciation		(67,387	)		(65,220	)
Property, plant and equipment, net	$	23,035		$	22,850

Depreciation expense for property, plant and equipment was as follows:

	Three-month period ended				Nine-month period ended
	September 30,		September 30,		September 30,		September 30,
	2021		2020		2021		2020
Depreciation expense	$	700	$	582	$	2,160	$	1,743

Goodwill

The following table summarizes the goodwill activity by segment for the nine-month period ended September 30, 2021.

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2020	$	15,525		$	11,493	$	27,018
Effect of foreign currency translation		(20	)		-		(20	)
Balance – September 30, 2021	$	15,505		$	11,493	$	26,998

Other Intangible Assets, Net

The composition of other intangible assets was:

	September 30, 2021
			Accumulated
	Cost		Amortization		Net
Trademarks	$	3,412	$	-	$	3,412
Customer relationships		9,133		5,377		3,756
Patents and technology		5,542		5,097		445
Distributor relationships		377		377		-
Trade name		1,519		407		1,112
Total	$	19,983	$	11,258	$	8,725

	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		-
Trade name		1,524		324		1,200
Total	$	20,039	$	10,830	$	9,209

The change in the cost of total intangible assets from December 31, 2020 to September 30, 2021 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 30,		September 30,		September 30,
	2021		2020		2021		2020
Amortization included in:
Research and development	$	27	$	31	$	93	$	92
Selling, general and administrative		121		118		365		352
Total amortization expense	$	148	$	149	$	458	$	444