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Note 4 - Supplemental Balance Sheet Information

9 Months Ended

Sep. 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 September 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:

	September 30, 2023		December 31, 2022
Cash	$	9,223	$	5,634
Restricted cash		78		79
Total	$	9,301	$	5,713

As of September 30, 2023 and December 31, 2022, restricted cash included $78 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:

	September 30, 2023		December 31, 2022
Raw materials	$	31,516	$	29,200
Work in process		4,342		2,757
Finished goods		10,776		9,235
Total	$	46,634	$	41,192

Property, Plant and Equipment, Net

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

	September 30, 2023			December 31, 2022
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,934			15,572
Machinery and equipment		57,164			63,981
Furniture and fixtures		2,822			2,845
Computer hardware and software		7,807			7,744
Construction in process		1,709			1,245
		86,709			92,660
Less: Accumulated depreciation		(65,543	)		(70,944	)
Property, plant and equipment, net	$	21,166		$	21,716

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

Three-month period ended

Nine-month period ended

September 30,

2023

September 30,

2022

September 30,

2023

September 30,

2022

Depreciation expense

760

815

2,282

2,450

Goodwill

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

	Battery & Energy Products			Communications Systems		Total
Balance – December 31, 2022	$	25,935		$	11,493	$	37,428
Effect of foreign currency translation		(71	)		-		(71	)
Balance – September 30, 2023	$	25,864		$	11,493	$	37,357

Other Intangible Assets, Net

The composition of other intangible assets was:

	at September 30, 2023
	Cost		Accumulated Amortization		Net
Customer relationships	$	12,989	$	6,451	$	6,538
Patents and technology		5,564		5,260		304
Trade names		4,632		607		4,025
Trademarks		3,399		-		3,399
Other		1,500		496		1,004
Total other intangible assets	$	28,084	$	12,814	$	15,270

	at 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

The change in the cost of total intangible assets from December 31, 2022 to September 30, 2023 is 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, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Amortization included in:
Selling, general and administrative	$	203	$	295	$	591	$	895
Research and development		24		23		72		74
Total amortization expense	$	227	$	318	$	663	$	969