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Note 4 - Supplemental Balance Sheet Information

12 Months Ended

Dec. 31, 2021

Supplemental Balance Sheet Disclosures [Text Block]

Note 4 - Supplemental Balance Sheet Information

a.	Cash and Restricted Cash

The Company had cash and restricted cash totaling $8,413 and $10,653 as of December 31, 2021 and 2020, respectively.

	December 31,
	2021		2020
Cash	$	8,329	$	10,562
Restricted cash		84		91
Total	$	8,413	$	10,653

As of December 31, 2021 and December 31, 2020, restricted cash included $84 and $91, respectively, of euro-denominated deposits withheld by the Dutch tax authorities and third-party VAT representatives in connection with a previously utilized logistics arrangement in the Netherlands. Restricted cash is included as a component of the cash balance for purposes of the consolidated statements of cash flows.

b.	Inventory, Net

Inventories are stated at the lower of cost or net realizable value with cost determined under the first-in, first-out (FIFO) method. The composition of inventories, net was:

	December 31,
	2021		2020
Raw materials	$	21,660	$	17,277
Work in process		4,227		3,411
Finished products		7,302		7,505
Total	$	33,189	$	28,193

c.	Property, Plant and Equipment

Major classes of property, plant and equipment consisted of the following:

	December 31,
	2021			2020
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,442			15,393
Machinery and equipment		63,780			61,048
Furniture and fixtures		2,588			2,235
Computer hardware and software		7,579			6,894
Construction in progress		761			1,227
		91,423			88,070
Less – Accumulated depreciation		(68,218	)		(65,220	)
Total	$	23,205		$	22,850

Depreciation expense was $2,906 and $2,340 for the years ended December 31, 2021 and 2020, respectively.

d.	Goodwill and Other Intangible Assets

The Company conducted its annual impairment test for goodwill and other indefinite-lived intangible assets as of October 1, 2021. We identified five goodwill reporting units and four indefinite-lived intangible assets. We performed a quantitative impairment assessment of each goodwill reporting unit and indefinite-lived intangible asset. Based on the results of our quantitative impairment tests, and consideration of qualitative factors as of our test date and December 31, 2021, no impairments were identified.

The following table summarizes the goodwill activity by segment for the years ended December 31, 2021 and 2020:

	Battery & Energy Products		Communications Systems		Total
Balance – January 1, 2021	$	15,525	$	11,493	$	27,018
Acquisition of Excell		11,019		-		11,019
Effect of foreign currency translation		31		-		31
Balance – December 31, 2021	$	26,575	$	11,493	$	38,068

The composition of intangible assets was:

	December 31, 2021,
	Cost		Accumulated amortization		Net
Customer relationships	$	13,214	$	5,484	$	7,730
Patents and technology		5,667		5,126		541
Trade names		4,670		436		4,234
Trademarks		3,413		-		3,413
Other		1,490		18		1,472
Total other intangible assets	$	28,454	$	11,064	$	17,390

	December 31, 2020,
	Cost		Accumulated amortization		Net
Customer relationships	$	9,171	$	5,115	$	4,056
Patents and technology		5,557		5,014		543
Trade name		1,524		324		1,200
Trademarks		3,410		-		3,410
Total other intangible assets	$	19,662	$	10,453	$	9,209

The change in the cost value of other intangible assets is a result of the Excell Acquisition (Note 2) and the effect of foreign currency translations.

Amortization of other intangible assets was included in the following financial statement captions:

	Year ended December 31,
	2021		2020
Research and development expense	$	118	$	124
Selling, general and administrative expense		515		471
Total	$	633	$	595

Future amortization expense of amortizable intangible assets will be approximately $1,286, $938, $927, $927 and $783 for the five fiscal years ending December 31, 2022 through 2026, respectively.