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Note 5 - Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2022

Supplemental Balance Sheet Disclosures [Text Block]

5.	*SUPPLEMENTAL BALANCE SHEET INFORMATION*

Fair Value Measurements and Disclosures

The fair value of financial instruments approximated their carrying values at March 31, 2022 and December 31, 2021. The fair value of cash, accounts receivable, accounts payable, accrued liabilities, and the current portion of long-term debt approximates carrying value due to the short-term nature of these instruments.

Cash

The composition of the Company’s cash was as follows:

	March 31,		December 31,
	2022		2021
Cash	$	5,968	$	8,329
Restricted cash		82		84
Total	$	6,050	$	8,413

As of March 31, 2022 and December 31, 2021, restricted cash included $82 and $84, 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.

Inventories, Net

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

	March 31,		December 31,
	2022		2021
Raw materials	$	23,673	$	21,660
Work in process		3,521		4,227
Finished goods		9,186		7,302
Total	$	36,380	$	33,189

Property, Plant and Equipment, Net

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

	March 31,			December 31,
	2022			2021
Land	$	1,273		$	1,273
Buildings and leasehold improvements		15,443			15,442
Machinery and equipment		64,137			63,780
Furniture and fixtures		2,654			2,588
Computer hardware and software		7,586			7,579
Construction in process		704			761
		91,797			91,423
Less: Accumulated depreciation		(69,024	)		(68,218	)
Property, plant and equipment, net	$	22,773		$	23,205

Depreciation expense for property, plant and equipment was $816 and $730 for the three-month periods ended March 31, 2022 and March 31, 2021, respectively.

Goodwill

The following table summarizes the goodwill activity by segment for the three-month period ended March 31, 2022.

	Battery & Energy			Communications
	Products			Systems		Total
Balance – December 31, 2021	$	26,575		$	11,493	$	38,068
Measurement period adjustment (1)		(30	)		-		(30	)
Effect of foreign currency translation		(112	)		-		(112	)
Balance – March 31, 2022	$	26,433		$	11,493	$	37,926

(1)

Change for measurement period adjustment related to Excell Acquisition (Note 2).

Other Intangible Assets, Net

The composition of other intangible assets was:

	at March 31, 2022
			Accumulated
	Cost		Amortization		Net
Customer relationships	$	13,170	$	5,614	$	7,556
Patents and technology		5,637		5,137		500
Trade names		4,659		458		4,201
Trademarks		3,413		-		3,413
Other		1,500		127		1,373
Total other intangible assets	$	28,379	$	11,336	$	17,043

	at December 31, 2021
			Accumulated
	Cost		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

The change in the cost of total intangible assets from December 31, 2021 to March 31, 2022 is a result of measurement period adjustment for the Excell Acquisition (Note 2) and the effect of foreign currency translations.

Amortization expense for intangible assets was $328 and $154 for the three-month periods ended March 31, 2022 and March 31, 2021, respectively. Amortization included in selling, general and administrative expenses was $302 and $121 for the three-month periods ended March 31, 2022 and March 31, 2021, respectively. Amortization included in research and development expenses was $26 and $33 for the three-month periods ended March 31, 2022 and March 31, 2021, respectively.