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Note 4 - Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2023

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, 2023 and December 31, 2022. 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,
	2023		2022
Cash	$	5,524	$	5,634
Restricted cash		81		79
Total	$	5,605	$	5,713

As of March 31, 2023 and December 31, 2022, restricted cash included $81 and $79, 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, Net

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,
	2023		2022
Raw materials	$	32,960	$	29,200
Work in process		4,594		2,757
Finished goods		9,757		9,235
Total	$	47,311	$	41,192

Property, Plant and Equipment, Net

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

	March 31,			December 31,
	2023			2022
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,605			15,572
Machinery and equipment		64,132			63,981
Furniture and fixtures		2,825			2,845
Computer hardware and software		7,687			7,744
Construction in process		1,642			1,245
		93,164			92,660
Less: Accumulated depreciation		(71,752	)		(70,944	)
Property, plant and equipment, net	$	21,412		$	21,716

Depreciation expense for property, plant and equipment was $762 and $816 for the three-month periods ended March 31, 2023 and March 31, 2022, respectively.

Goodwill

The following table summarizes the goodwill activity by segment for the three-month period ended March 31, 2023.

	Battery &
	Energy		Communications
	Products		Systems		Total
Balance – December 31, 2022	$	25,935	$	11,493	$	37,428
Effect of foreign currency translation		90		-		90
Balance – March 31, 2023	$	26,025	$	11,493	$	37,518

Other Intangible Assets, Net

The composition of other intangible assets was:

	at March 31, 2023
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,021	$	6,166	$	6,855
Patents and technology		5,577		5,214		363
Trade names		4,637		555		4,082
Trademarks		3,405		-		3,405
Other		1,500		458		1,042
Total other intangible assets	$	28,140	$	12,393	$	15,747

	at December 31, 2022
			Accumulated
	Cost		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

The change in the cost of total intangible assets from December 31, 2022 to March 31, 2023 is the effect of foreign currency translations.

Amortization expense for intangible assets was $209 and $328 for the three-month periods ended March 31, 2023 and March 31, 2022, respectively. Amortization included in selling, general and administrative expenses was $185 and $302 for the three-month periods ended March 31, 2023 and March 31, 2022, respectively. Amortization included in research and development expenses was $24 and $26 for the three-month periods ended March 31, 2023 and March 31, 2022, respectively.