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Note 10 - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended
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Dec. 31, 2012
Notes to Financial Statements |
VALUATION AND QUALIFYING ACCOUNTS |
Description | Balance at beginning of year | Net charge (credit) to income | Deduction | Currency translation adjustment | Balance at end of year
Year ended December 31, 2010: |  |  |  |  |
Allowance for doubtful accounts | $ 8,694 | $ (1,317) | $ (1,063) | $ 572 | $ 6,886
Inventory impairment |  |  |  |  |
- Lower of cost or market | 3,214 | (2,219) | – | 201 | 1,196
- Obsolescence | 781 | 245 | – | 93 | 1,119
Allowance for deferred tax assets | 2,489 | 2,460 | – | (132) | 4,817
| $ 15,178 | $ (831) | $ (1,063) | $ 734 | $ 14,018
Year ended December 31, 2011: |  |  |  |  |
Allowance for doubtful accounts | $ 6,886 | $ (1,555) | $ (664) | $ (53) | $ 4,614
Inventory impairment |  |  |  |  |
- Lower of cost or market | 1,196 | 1,725 | (888) | (14) | 2,019
- Obsolescence | 1,119 | 268 | – | (81) | 1,306
- Charges related to flooding in Thailand | – | 3,572 | – | (130) | 3,442
Allowance for deferred tax assets | 4,817 | (3,942) | – | – | 875
| $14,018 | $ 68 | $ (1,552) | $ (278) | $ 12,256
Year ended December 31, 2012: |  |  |  |  |
Allowance for doubtful accounts | $ 4,614 | $ (720) | $ (1,425) | $ 111 | $ 2,580
Inventory impairment |  |  |  |  |
- Lower of cost or market | 2,019 | (1,789) | – | 34 | 264
- Obsolescence | 1,306 | (21) | – | 53 | 1,338
- Charges related to flooding in Thailand | 3,442 | (2,994) | – | 69 | 517
Allowance for deferred tax assets | 875 | 466 | – | – | 1,341
| $ 12,256 | $ (5,058) | $ (1,425) | $ 267 | $ 6,040
During 2010, the Company exercised rigorous controls over raw-material inventory and through long-term copper future contacts reduced its exposure to the fluctuations in market prices for copper, which resulted in a significant reduction in the inventory impairment. During 2011, the decrease in commodity prices, including that of copper, resulted in a write-down of the cost of inventories as of December 31, 2011. Copper prices on the London Metal Exchange (the “LME”) fell from an average monthly price high of $9,555 in January 2011 to $7,657 in December 2011. As a result, inventory write-down to market of $1,725 was charged to cost of sales for the year ended December 31, 2011. During 2011, the Company recorded an impairment charge of $3,572 related to flooding in Thailand, and most of the damaged inventories were sold in 2012 (note 15). During 2012, copper price on the LME gradually rose to an average yearly price of $7,950. Therefore, the Company was able to sell its finished goods above the new cost basis after taking into account the impairment in the prior years.

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- Definition The entire disclosure for any allowance and reserve accounts (their beginning and ending balances, as well as a reconciliation by type of activity during the period). Alternatively, disclosure of the required information may be within the footnotes to the financial statements or a supplemental schedule to the financial statements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 09 -Article 12 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24092-122690 + Details
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