Note 1 - Basis of Presentation	3 Months Ended
Mar. 31, 2020
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	1. BASIS OF PRESENTATION The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule 8 - 03 of Regulation S- X. Accordingly, they do not include all the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the Consolidated Financial Statements have been included. Results for interim periods should not be considered indicative of results to be expected for a full year. Reference should be made to the Consolidated Financial Statements and related notes thereto contained in our Form 10 -K for the year ended December 31, 2019. The December 31, 2019 consolidated balance sheet information referenced herein was derived from audited financial statements but does not include all disclosures required by GAAP. Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation. Effective January 1, 2020, the Company’s interim fiscal periods are reported on a calendar month-basis to better align with fiscal period changes of our customer base. Prior to 2020, the Company’s monthly closing schedule was a 4/4/5 week-based cycle for each fiscal quarter. We do not believe this change materially impacts quarterly comparisons. Recently Adopted Accounting Guidance Effective January 1, 2020, the Company adopted Accounting Standards Update (“ASU”) 2017 - 04, “Intangibles – Goodwill and Other (Topic 350 ) – Simplifying the Test for Goodwill Impairment”. The new standard eliminates the two -step process that required the identification of potential impairment and a separate measure of the actual impairment. Adoption of the new standard will not materially impact the Company’s consolidated financial statements. Recent Accounting Guidance Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016 - 13, “Financial Instruments – Credit Losses (Topic 326 ) – Measurement of Credit Losses on Financial Instruments”, which requires entities to measure all expected credit losses for financial assets held at the reporting data based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022. The Company is currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements.

BASIS OF PRESENTATION

The accompanying unaudited Consolidated Financial Statements of Ultralife Corporation and its subsidiaries (the “Company” or “Ultralife”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Rule

of Regulation S-

Accordingly, they do

not

include all the information and footnotes for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair presentation of the Consolidated Financial Statements have been included. Results for interim periods should

not

be considered indicative of results to be expected for a full year. Reference should be made to the Consolidated Financial Statements and related notes thereto contained in our Form

-K for the year ended

December 31, 2019.

The

December 31, 2019

consolidated balance sheet information referenced herein was derived from audited financial statements but does

not

include all disclosures required by GAAP.

Certain items previously reported in specific financial statement captions have been reclassified to conform to the current presentation.

Effective

January 1, 2020,

the Company’s interim fiscal periods are reported on a calendar month-basis to better align with fiscal period changes of our customer base. Prior to

2020,

the Company’s monthly closing schedule was a

4/4/5

week-based cycle for each fiscal quarter. We do

not

believe this change materially impacts quarterly comparisons.

Recently Adopted Accounting Guidance

Effective

January 1, 2020,

the Company adopted Accounting Standards Update (“ASU”)

2017

04,

“Intangibles – Goodwill and Other (Topic

350

) – Simplifying the Test for Goodwill Impairment”. The new standard eliminates the

two

-step process that required the identification of potential impairment and a separate measure of the actual impairment. Adoption of the new standard will

not

materially impact the Company’s consolidated financial statements.

Recent Accounting Guidance

Not

Yet Adopted

June 2016,

the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update

2016

13,

“Financial Instruments – Credit Losses (Topic

326

) – Measurement of Credit Losses on Financial Instruments”, which requires entities to measure all expected credit losses for financial assets held at the reporting data based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. This guidance is effective for the Company for fiscal years, and interim periods within those fiscal years, beginning after

December 15, 2022.

The Company is currently assessing the impact that adopting this new accounting standard will have on our consolidated financial statements.