XML 22 R10.htm IDEA: XBRL DOCUMENT

Note 4 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2022

Supplemental Balance Sheet Disclosures [Text Block]

Note 4 - Supplemental Balance Sheet Information

a. Cash and Restricted Cash

The Company had cash and restricted cash totaling $5,713 and $8,413 as of December 31, 2022 and 2021, respectively.

	December 31,
	2022		2021
Cash	$	5,634	$	8,329
Restricted cash		79		84
Total	$	5,713	$	8,413

As of December 31, 2022 and December 31, 2021, restricted cash included $79 and $84, 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.

b. Inventory, Net

Inventories are stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:

	December 31,
	2022		2021
Raw materials	$	29,200	$	21,660
Work in process		2,757		4,227
Finished products		9,235		7,302
Total	$	41,192	$	33,189

c. Property, Plant and Equipment

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

	December 31,
	2022			2021
Land	$	1,759		$	1,273
Buildings and leasehold improvements		15,572			15,442
Machinery and equipment		63,495			63,780
Furniture and fixtures		2,845			2,588
Computer hardware and software		7,744			7,579
Construction in progress		1,245			761
		92,660			91,423
Less – Accumulated depreciation		(70,944	)		(68,218	)
Total	$	21,716		$	23,205

Depreciation expense was $3,177 and $2,906 for the years ended December 31, 2022 and 2021, respectively.

d. Goodwill and Other Intangible Assets

The Company conducted its annual impairment test for goodwill and other indefinite-lived intangible assets as of October 1, 2022. We identified two (2) goodwill reporting units and five (5) indefinite-lived intangible assets. We performed a quantitative impairment assessment of each goodwill reporting unit and indefinite-lived intangible asset. Based on the results of our quantitative impairment tests, and consideration of qualitative factors as of our test date and December 31, 2022, no impairment was identified.

The following table summarizes the goodwill activity by segment for the years ended December 31, 2022 and 2021:

	Battery & Energy Products			Communications Systems		Total
Balance – January 1, 2022	$	26,575		$	11,493	$	38,068
Effect of foreign currency translation		(640	)		-		(640	)
Balance – December 31, 2022	$	25,935		$	11,493	$	37,428

The composition of intangible assets was:

	December 31, 2022,
	Cost		Accumulated amortization		Net
Customer relationships	$	12,970	$	5,992	$	6,978
Patents and technology		5,557		5,171		386
Trade names		4,629		522		4,107
Trademarks		3,404		-		3,404
Other		1,500		454		1,046
Total other intangible assets	$	28,060	$	12,139	$	15,921

	December 31, 2021,
	Cost		Accumulated amortization		Net
Customer relationships	$	13,214	$	5,484	$	7,730
Patents and technology		5,667		5,126		541
Trade names		4,670		436		4,234
Trademarks		3,413		-		3,413
Other		1,490		18		1,472
Total other intangible assets	$	28,454	$	11,064	$	17,390

The change in the cost value of other intangible assets is a result of the Excell Acquisition (Note 2) and the effect of foreign currency translations.

Amortization of other intangible assets was included in the following financial statement captions:

	Year ended December 31,
	2022		2021
Research and development expense	$	97	$	118
Selling, general and administrative expense		1,185		515
Total	$	1,282	$	633

Future amortization expense of amortizable intangible assets will be approximately $907, $897, $897, $767 and $767 for the five fiscal years ending December 31, 2023 through 2027, respectively.