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Note 4 - Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 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 June 30, 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:

	June 30,		December 31,
	2023		2022
Cash	$	8,202	$	5,634
Restricted cash		81		79
Total	$	8,283	$	5,713

As of June 30, 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:

	June 30,		December 31,
	2023		2022
Raw materials	$	32,496	$	29,200
Work in process		4,125		2,757
Finished goods		9,442		9,235
Total	$	46,063	$	41,192

Property, Plant and Equipment, Net

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

	June 30,			December 31,
	2023			2022
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,569			15,572
Machinery and equipment		64,044			63,981
Furniture and fixtures		2,791			2,845
Computer hardware and software		7,798			7,744
Construction in process		1,847			1,245
		93,322			92,660
Less: Accumulated depreciation		(72,200	)		(70,944	)
Property, plant and equipment, net	$	21,122		$	21,716

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

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2023		2022		2023		2022
Depreciation expense	$	760	$	819	$	1,522	$	1,635

Goodwill

The following table summarizes the goodwill activity by segment for the six-month period ended June 30, 2023.

	Battery & Energy		Communications
	Products		Systems		Total
Balance – December 31, 2022	$	25,935	$	11,493	$	37,428
Effect of foreign currency translation		73		-		73
Balance – June 30, 2023	$	26,008	$	11,493	$	37,501

Other Intangible Assets, Net

The composition of other intangible assets was:

	at June 30, 2023
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,079	$	6,346	$	6,733
Patents and technology		5,600		5,259		341
Trade names		4,645		589		4,056
Trademarks		3,399		-		3,399
Other		1,500		477		1,023
Total other intangible assets	$	28,223	$	12,671	$	15,552

	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 June 30, 2023 is the effect of foreign currency translations.

Amortization expense for other intangible assets was as follows:

	Three-month period ended				Six-month period ended
	June 30,		June 30,		June 30,		June 30,
	2023		2022		2023		2022
Amortization included in:
Selling, general and administrative	$	203	$	298	$	388	$	600
Research and development		24		25		48		51
Total amortization expense	$	227	$	323	$	436	$	651