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COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS

12 Months Ended

Dec. 31, 2022

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)	2022		2021
Accounts receivable trade	$	78,914	$	87,503
Allowance for ship and debit		(53,184)		(41,599)
Allowance for stock rotation and rebate		(3,759)		(4,066)
Allowance for credit losses		(1,135)		(445)
Total	$	20,836	$	41,393

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.


	Allowance for Credit Losses
	Year Ended
	December 31,
(In thousands)	2022		2021
Beginning balance	$	(445)	$	(427)
Provision for credit loss expense		(1,859)		(1,023)
Receivables written off		49		74
Recoveries collected		1,120		931
Ending balance	$	(1,135)	$	(445)

Inventories


	December 31,		December 31,
(In thousands)	2022		2021
Raw materials	$	75,355	$	24,131
Work-in-process		15,440		31,788
Finished goods		44,625		43,347
Total	$	135,420	$	99,266

Property and Equipment


	December 31,		December 31,
(In thousands)	2022		2021
Land	$	22,166	$	22,187
Construction-in-progress		19,195		22,661
Building and improvements		89,704		81,027
Machinery and equipment		253,308		235,066
Computer software and hardware and office furniture and fixtures		62,574		57,926
Total		446,947		418,867
Less: Accumulated depreciation		(270,266)		(239,043)
Property and equipment, net	$	176,681	$	179,824

Depreciation expense for property and equipment for fiscal years ended December 31, 2022, 2021 and 2020, was approximately $34.9 million, $31.5 million and $23.7 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, 2022, 2021 and 2020, was approximately $190.3 million, $174.6 million and $167.0 million, respectively. In 2022, 2021 and 2020, approximately 12%, 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 both 2022 and 2021, approximately 15% and in 2020, 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, 2022:


	Unrealized Gains
	and Losses on					Foreign
	Available-for-Sale		Defined Benefit			Currency
(In thousands)	Securities		Pension Items			Items		Total
Balance at January 1, 2020	$	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)
Other comprehensive income (loss) before reclassifications		(4,158)		1,459			(985)		(3,684)
Amounts reclassified from accumulated other comprehensive loss		—		77	₍₁₎		—		77
Other comprehensive loss		(4,158)		1,536			(985)		(3,607)
Balance at December 31, 2022	$	(5,323)	$	862		$	(2,883)	$	(7,344)

(1)	This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost for the years ended December 31, 2022, 2021 and 2020.