COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS

12 Months Ended

Dec. 31, 2021

Balance Sheet Related Disclosures Abstract

COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS

3. COMPONENTS OF THE COMPANY’S CONSOLIDATED BALANCE SHEETS:

Accounts Receivable

	December 31,		December 31,
(In thousands)	2021		2020
Accounts receivable trade	$	87,503	$	66,703
Allowance for ship and debit		(41,599)		(26,435)
Allowance for stock rotation and rebate		(4,066)		(3,931)
Allowance for credit losses		(445)		(427)
Total	$	41,393	$	35,910

The Company maintains an allowance for estimated credit losses resulting from the inability of customers to make required payments. This allowance is established using estimates formulated by the Company’s management based upon factors such as the composition of the accounts receivable aging, historical losses, changes in payments patterns, customer creditworthiness, and current economic trends. Receivables determined to be uncollectible are written off and deducted from the allowance.

	Year Ended
	December 31,
(In thousands)	2021		2020
Beginning balance	$	(427)	$	(763)
Provision for credit loss expense		(1,023)		(621)
Receivables written off		74		198
Recoveries collected		931		759
Ending balance	$	(445)	$	(427)

Inventories

	December 31,		December 31,
(In thousands)	2021		2020
Raw materials	$	24,131	$	32,131
Work-in-process		31,788		39,469
Finished goods		43,347		31,278
Total	$	99,266	$	102,878

Property and Equipment

	December 31,		December 31,
(In thousands)	2021		2020
Land	$	22,187	$	22,189
Construction-in-progress		22,661		34,886
Building and improvements		81,027		64,808
Machinery and equipment		235,066		202,698
Computer software and hardware and office furniture and fixtures		57,926		55,591
Total		418,867		380,172
Less: Accumulated depreciation		(239,043)		(213,984)
Property and equipment, net	$	179,824	$	166,188

Depreciation expense for property and equipment for fiscal years ended December 31, 2021, 2020 and 2019, was approximately $31.5 million, $23.7 million and $19.2 million, respectively, and was determined using the straight-line method over the following useful lives:

Building and improvements	4 - 40	years
Machinery and equipment	2 - 8	years
Computer software and hardware and office furniture and fixtures	4 - 7	years

Total property and equipment (excluding accumulated depreciation) located in the United States at December 31, 2021, 2020 and 2019, was approximately $174.6 million, $167.0 million and $160.7 million, respectively. In 2021, 2020 and 2019, approximately 14%, 14% and 14%, respectively, of total property and equipment (excluding accumulated depreciation) was held in Thailand by one of the Company’s subcontractors. Also in 2021 and 2020, approximately 15% and 14% of total property and equipment (excluding accumulated depreciation) was held by one of the Company’s subcontractors in Malaysia. No other country held 10% or more of total property and equipment in the periods presented.

Accumulated Other Comprehensive Loss

Changes in accumulated other comprehensive loss for the three years ended December 31, 2021:

	Unrealized Gains
	and Losses on					Foreign
	Available-for-Sale		Defined Benefit			Currency
(In thousands)	Securities		Pension Items			Items		Total
Balance at January 1, 2019	$	(266)	$	(712)		$	(711)	$	(1,689)
Other comprehensive income (loss) before reclassifications		849		(1,839)			(518)		(1,508)
Amounts reclassified from accumulated other comprehensive loss		—		67	(1)		—		67
Other comprehensive loss		849		(1,772)			(518)		(1,441)
Balance at December 31, 2019		583		(2,484)			(1,229)		(3,130)
Other comprehensive income (loss) before reclassifications		307		636			(183)		760
Amounts reclassified from accumulated other comprehensive loss		—		207	(1)		—		207
Other comprehensive income		307		843			(183)		967
Balance at December 31, 2020		890		(1,641)			(1,412)		(2,163)
Other comprehensive income (loss) before reclassifications		(2,055)		800			(486)		(1,741)
Amounts reclassified from accumulated other comprehensive loss		—		167	(1)		—		167
Other comprehensive loss		(2,055)		967			(486)		(1,574)
Balance at December 31, 2021	$	(1,165)	$	(674)		$	(1,898)	$	(3,737)

(1) This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost for the years ended December 31, 2021, 2020 and 2019.