COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS

12 Months Ended

Dec. 31, 2023

COMPONENTS OF THE COMPANY'S CONSOLIDATED BALANCE SHEETS

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)	2023		2022
Accounts receivable trade	$	53,147	$	78,914
Allowance for ship-and-debit		(36,017)		(53,184)
Allowance for stock rotation and rebate		(1,775)		(3,759)
Allowance for credit losses		(681)		(1,135)
Total	$	14,674	$	20,836

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)	2023		2022
Beginning balance	$	(1,135)	$	(445)
Provision for credit loss expense		(619)		(1,859)
Receivables written off		—		49
Recoveries collected		1,073		1,120
Ending balance	$	(681)	$	(1,135)

Inventories

	December 31,		December 31,
(In thousands)	2023		2022
Raw materials	$	96,467	$	75,355
Work-in-process		24,727		15,440
Finished goods		41,970		44,625
Total	$	163,164	$	135,420

Property and Equipment

	December 31,		December 31,
(In thousands)	2023		2022
Land	$	22,178	$	22,166
Construction-in-progress		17,022		19,195
Building and improvements		92,049		89,704
Machinery and equipment		267,941		253,308
Computer software and hardware and office furniture and fixtures		67,450		62,574
Total		466,640		446,947
Less: Accumulated depreciation		(302,427)		(270,266)
Property and equipment, net	$	164,213	$	176,681

Depreciation expense for property and equipment for fiscal years ended December 31, 2023, 2022 and 2021, was approximately $35.2 million, $34.9 million and $31.5 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, 2023, 2022 and 2021, was approximately $203.6 million, $190.3 million and $174.6 million, respectively. In 2023, 2022 and 2021, approximately 11%, 12% and 14%, respectively, of total property and equipment (excluding accumulated depreciation) was held in Thailand by one of the Company’s subcontractors. In 2023, 2022 and 2021, approximately 15% 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, 2023:

	Unrealized Gains
	and Losses on					Foreign
	Available-for-Sale		Defined Benefit			Currency
(In thousands)	Securities		Pension Items			Items		Total
Balance at January 1, 2021	$	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)
Other comprehensive income (loss) before reclassifications		5,579		811			(420)		5,970
Amounts reclassified from accumulated other comprehensive loss		—		(88)	(1)		—		(88)
Other comprehensive income		5,579		723			(420)		5,882
Balance at December 31, 2023	$	256	$	1,585		$	(3,303)	$	(1,462)

(1) This component of accumulated other comprehensive loss is included in the computation of net periodic pension cost for the years ended December 31, 2023, 2022 and 2021.