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Note 3 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2023

Supplemental Balance Sheet Disclosures [Text Block]

Note 3 - Supplemental Balance Sheet Information

a.	Cash and Restricted Cash

The Company had cash and restricted cash totaling $10,278 and $5,713 as of December 31, 2023 and 2022, respectively.

	December 31,
	2023		2022
Cash	$	10,196	$	5,634
Restricted cash		82		79
Total	$	10,278	$	5,713

As of December 31, 2023 and December 31, 2022, restricted cash included $82 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.

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,
	2023		2022
Raw materials	$	29,098	$	29,200
Work in process		3,187		2,757
Finished products		9,930		9,235
Total	$	42,215	$	41,192

c.	Property, Plant and Equipment

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

	December 31,
	2023			2022
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,998			15,572
Machinery and equipment		57,584			63,981
Furniture and fixtures		2,845			2,845
Computer hardware and software		7,868			7,744
Construction in progress		2,033			1,245
		87,601			92,660
Less: Accumulated depreciation		(66,484	)		(70,944	)
Total	$	21,117		$	21,716

Depreciation expense was $3,022 and $3,177 for the years ended December 31, 2023 and 2022, 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, 2023. 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, 2023, no impairment was identified.

The following table summarizes the goodwill activity by segment for the years ended December 31, 2023 and 2022:

	Battery & Energy Products		Communications Systems		Total
Balance – January 1, 2023	$	25,935	$	11,493	$	37,428
Effect of foreign currency translation		143		-		143
Balance – December 31, 2023	$	26,078	$	11,493	$	37,571

The composition of intangible assets was:

	December 31, 2023
	Cost		Accumulated amortization		Net
Customer relationships	$	13,092	$	6,656	$	6,436
Patents and technology		5,606		5,322		284
Trade names		4,647		647		4,000
Trademarks		3,402		-		3,402
Other		1,500		515		985
Total other intangible assets	$	28,247	$	13,140	$	15,107

	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 value of other intangible assets is attributable to the effect of foreign currency translations.

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

	Year ended December 31,
	2023		2022
Research and development expense	$	97	$	97
Selling, general and administrative expense		792		1,185
Total	$	889	$	1,282

Future amortization expense of amortizable intangible assets will be approximately $912, $912, $775, $775 and $774 for the five fiscal years ending December 31, 2024 through 2028, respectively.