Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets:
Cash	$ 8,413	$ 10,653
Trade accounts receivable, net of allowance for doubtful accounts of $346 and $317, respectively	20,232	21,054
Inventories, net	33,189	28,193
Prepaid expenses and other current assets	4,690	4,596
Total current assets	66,524	64,496
Property, plant and equipment, net	23,205	22,850
Goodwill	38,068	27,018
Other intangible assets, net	17,390	9,209
Deferred income taxes, net	11,472	11,836
Other noncurrent assets	2,879	2,292
Total assets	159,538	137,701
Current Liabilities:
Accounts payable	9,823	10,839
Current portion of long-term debt	2,000	1,361
Accrued compensation and related benefits	1,842	1,748
Accrued expenses and other current liabilities	5,259	4,758
Total current liabilities	18,924	18,706
Long-term debt, net	18,857	0
Deferred income taxes	2,254	515
Other noncurrent liabilities	1,760	1,557
Total liabilities	41,795	20,778
Commitments and contingencies (Note 5)
Shareholders' Equity:
Preferred stock – par value $.10 per share; authorized 1,000,000 shares; none issued	0	0
Common stock – par value $.10 per share; authorized 40,000,000 shares; issued – 20,522,427 shares and 20,373,519 shares, respectively; outstanding – 16,089,832 shares and 15,959,984 shares, respectively	2,052	2,037
Capital in excess of par value	186,518	185,464
Accumulated deficit	(47,832)	(47,598)
Accumulated other comprehensive loss	(1,653)	(1,782)
Treasury stock - at cost; 4,432,595 shares and 4,413,535 shares, respectively	(21,469)	(21,321)
Total Ultralife Corporation equity	117,616	116,800
Non-controlling interest	127	123
Total shareholders’ equity	117,743	116,923
Total liabilities and shareholders' equity	$ 159,538	$ 137,701