Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Entity Information [Line Items] | |||
Entity Registrant Name | BEL FUSE INC /NJ | ||
Entity Central Index Key | 729,580 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 221 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Class A Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 2,174,912 | ||
Class B Common Stock [Member] | |||
Entity Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 9,701,977 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 85,040 | $ 77,138 |
Accounts receivable - less allowance for doubtful accounts of $1,747 and $1,989 at December 31, 2015 and 2014, respectively | 86,268 | 99,605 |
Inventories | 98,510 | 113,630 |
Other current assets | 15,636 | 20,283 |
Total Current Assets | 285,454 | 310,656 |
Property, plant and equipment, net | 57,611 | 69,261 |
Intangible assets, net | 87,827 | 95,502 |
Goodwill | 121,634 | 118,369 |
Deferred income taxes | 3,321 | 7,933 |
Other assets | 31,164 | 33,700 |
Total assets | 587,011 | 635,421 |
Current Liabilities: | ||
Accounts payable | 49,798 | 61,926 |
Accrued expenses | 38,323 | 42,588 |
Current maturities of long-term debt | 24,772 | 13,438 |
Other current liabilities | 9,133 | 3,850 |
Total current liabilities | 122,026 | 121,802 |
Long-term liabilities: | ||
Long-term debt | 162,416 | 219,187 |
Liability for uncertain tax positions | 40,295 | 39,767 |
Minimum pension obligation and unfunded pension liability | 15,576 | 14,205 |
Deferred income taxes | 13,002 | 15,739 |
Other long-term liabilities | 574 | 448 |
Total liabilities | $ 353,889 | $ 411,148 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | $ 0 | $ 0 |
Additional paid-in capital | 24,440 | 21,626 |
Retained earnings | 229,371 | 213,409 |
Accumulated other comprehensive (loss) income | (21,876) | (11,948) |
Total Stockholders' Equity | 233,122 | 224,273 |
Total liabilities and stockholders' equity | 587,011 | 635,421 |
Class A [Member] | ||
Stockholders' equity: | ||
Common Stock | 217 | 217 |
Class B [Member] | ||
Stockholders' equity: | ||
Common Stock | $ 970 | $ 969 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Accounts receivable, allowance for doubtful accounts | $ 1,747 | $ 1,989 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Class A [Member] | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, outstanding (in shares) | 2,174,912 | 2,174,912 |
Common stock, treasury shares (in shares) | 1,072,769 | 1,072,769 |
Class B [Member] | ||
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, outstanding (in shares) | 9,701,977 | 9,686,777 |
Common stock, treasury shares (in shares) | 3,218,307 | 3,218,307 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net sales | $ 567,080 | $ 487,076 | $ 349,189 |
Cost of sales | 458,253 | 399,721 | 286,952 |
Selling, general and administrative expenses | 78,113 | 72,051 | 45,803 |
Restructuring charges | 2,114 | 1,832 | 1,387 |
Income from operations | 28,600 | 13,472 | 15,047 |
Interest expense | (7,588) | (3,978) | (156) |
Interest income and other, net | 4,720 | 276 | 274 |
Earnings before provision (benefit) for income taxes | 25,732 | 9,770 | 15,165 |
Provision (benefit) for income taxes | 6,535 | 1,167 | (743) |
Net earnings available to common shareholders | 19,197 | 8,603 | 15,908 |
Class A [Member] | |||
Net earnings available to common shareholders | $ 3,331 | $ 1,492 | $ 2,868 |
Net earnings per common share: | |||
Common shares - basic and diluted (in dollars per share) | $ 1.53 | $ 0.69 | $ 1.32 |
Weighted-average shares outstanding: | |||
Common shares - basic and diluted (in shares) | 2,175 | 2,175 | 2,175 |
Dividends paid per common share: | |||
Common shares (in dollars per share) | $ 0.24 | $ 0.24 | $ 0.24 |
Class B [Member] | |||
Net earnings available to common shareholders | $ 15,866 | $ 7,111 | $ 13,040 |
Net earnings per common share: | |||
Common shares - basic and diluted (in dollars per share) | $ 1.64 | $ 0.75 | $ 1.41 |
Weighted-average shares outstanding: | |||
Common shares - basic and diluted (in shares) | 9,698 | 9,491 | 9,240 |
Dividends paid per common share: | |||
Common shares (in dollars per share) | $ 0.28 | $ 0.28 | $ 0.28 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net earnings | $ 19,197 | $ 8,603 | $ 15,908 |
Other comprehensive (loss) income: | |||
Currency translation adjustment, net of taxes of ($194), ($219) and $77 | (9,954) | (11,255) | 977 |
Reclassification adjustment for gain (loss) on sale of marketable securities included in net earnings, net of tax of $-, $- and ($37) | 0 | 0 | (61) |
Unrealized holding (losses) gains on marketable securities arising during the period, net of taxes of $5, $90 and $45 | 5 | 147 | 87 |
Change in unfunded SERP liability, net of taxes of $2, ($631) and $457, respectively | 21 | (1,485) | 1,069 |
Other comprehensive (loss) income | (9,928) | (12,593) | 2,072 |
Comprehensive income (loss) | $ 9,269 | $ (3,990) | $ 17,980 |
CONSOLIDATED STATEMENTS OF COM6
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other comprehensive income (loss): | |||
Currency translation adjustment, tax | $ (194) | $ (219) | $ 77 |
Reclassification adjustment for gain (loss) of marketable securities included in net earnings, tax | 0 | 0 | (37) |
Unrealized holding gains (losses) on marketable securities arising during the period, tax | 5 | 90 | 45 |
Change in unfunded SERP liability, tax | $ 2 | $ (631) | $ 457 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Class A [Member] | Class B [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Common Stock [Member]Class A [Member] | Common Stock [Member]Class B [Member] | Additional Paid-in Capital [Member] |
Balance at Dec. 31, 2012 | $ 215,362 | $ 195,183 | $ (1,427) | $ 217 | $ 937 | $ 20,452 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on Class A common stock | (522) | (522) | ||||||
Cash dividends declared on Class B common stock | (2,576) | (2,576) | ||||||
Issuance of restricted common stock | 0 | 16 | (16) | |||||
Forfeiture of restricted common stock | 0 | (2) | 2 | |||||
Repurchase/retirement of Class B common stock | (3,356) | $ (10,000) | (18) | (3,338) | ||||
Foreign currency translation adjustment | 977 | 977 | ||||||
Unrealized holding gains on marketable securities arising during the year net of taxes | 87 | 87 | ||||||
Reclassification adjustment for gain (loss) on sale of marketable securities included in net earnings, net of tax of $-, $- and ($37) | (61) | (61) | ||||||
Increase (Reduction) in APIC pool associated with tax benefit (deficiencies) related to restricted stock awards | (65) | (65) | ||||||
Stock-based compensation expense | 1,879 | 1,879 | ||||||
Change in unfunded SERP liability, net of taxes | 1,069 | 1,069 | ||||||
Net earnings | 15,908 | $ 2,868 | 13,040 | 15,908 | ||||
Balance at Dec. 31, 2013 | 228,702 | 207,993 | 645 | 217 | 933 | 18,914 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on Class A common stock | (522) | (522) | ||||||
Cash dividends declared on Class B common stock | (2,665) | (2,665) | ||||||
Issuance of restricted common stock | 0 | 38 | (38) | |||||
Forfeiture of restricted common stock | 0 | (2) | 2 | |||||
Foreign currency translation adjustment | (11,255) | (11,255) | ||||||
Unrealized holding gains on marketable securities arising during the year net of taxes | 147 | 147 | ||||||
Reclassification adjustment for gain (loss) on sale of marketable securities included in net earnings, net of tax of $-, $- and ($37) | 0 | |||||||
Increase (Reduction) in APIC pool associated with tax benefit (deficiencies) related to restricted stock awards | 31 | 31 | ||||||
Stock-based compensation expense | 2,717 | 2,717 | ||||||
Change in unfunded SERP liability, net of taxes | (1,485) | (1,485) | ||||||
Net earnings | 8,603 | 1,492 | 7,111 | 8,603 | ||||
Balance at Dec. 31, 2014 | 224,273 | 213,409 | (11,948) | 217 | 969 | 21,626 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cash dividends declared on Class A common stock | (522) | (522) | ||||||
Cash dividends declared on Class B common stock | (2,713) | (2,713) | ||||||
Issuance of restricted common stock | 0 | 8 | (8) | |||||
Forfeiture of restricted common stock | 0 | (7) | 7 | |||||
Foreign currency translation adjustment | (9,954) | (9,954) | ||||||
Unrealized holding gains on marketable securities arising during the year net of taxes | 5 | 5 | ||||||
Reclassification adjustment for gain (loss) on sale of marketable securities included in net earnings, net of tax of $-, $- and ($37) | 0 | |||||||
Increase (Reduction) in APIC pool associated with tax benefit (deficiencies) related to restricted stock awards | 0 | 0 | ||||||
Stock-based compensation expense | 2,815 | 2,815 | ||||||
Change in unfunded SERP liability, net of taxes | 21 | 21 | ||||||
Net earnings | 19,197 | $ 3,331 | $ 15,866 | 19,197 | ||||
Balance at Dec. 31, 2015 | $ 233,122 | $ 229,371 | $ (21,876) | $ 217 | $ 970 | $ 24,440 |
CONSOLIDATED STATEMENTS OF STO8
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract] | |||
Foreign currency translation adjustment, tax effect | $ (194) | $ (219) | $ 77 |
Unrealized holding gains (losses) on marketable securities, tax effect | 5 | 90 | 45 |
Reclassification adjustment of unrealized holding gains (losses) included in net earnings, tax effect | 0 | 0 | (37) |
Change in unfunded SERP liability, tax | $ 2 | $ (631) | $ 457 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net earnings | $ 19,197 | $ 8,603 | $ 15,908 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 23,009 | 20,367 | 12,382 |
Stock-based compensation | 2,815 | 2,717 | 1,879 |
Amortization of deferred financing costs | 1,432 | 699 | 0 |
Deferred income taxes | (356) | (2,691) | (877) |
Other, net | (1,419) | (3,651) | 407 |
Changes in operating assets and liabilities: | |||
Accounts receivable | 12,187 | 1,382 | (8,025) |
Inventories | 12,951 | 9,121 | (6,538) |
Other current assets | 846 | 693 | 1,702 |
Other assets | 2,161 | (450) | (62) |
Accounts payable | (10,022) | (3,890) | 1,485 |
Accrued expenses | (3,154) | (10,170) | (7,670) |
Other liabilities | (295) | 423 | 165 |
Income taxes payable | 6,437 | (696) | (175) |
Net cash provided by operating activities | 65,789 | 22,457 | 10,581 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (9,891) | (9,042) | (6,940) |
Purchase of intangible asset | 0 | 0 | (1,336) |
Purchase of marketable securities | 0 | (2,936) | 0 |
Purchase of company-owned life insurance | (2,820) | (2,820) | (2,820) |
Cash transferred from (to) restricted cash | 0 | 0 | 12,993 |
Payments for acquisitions, net of cash acquired | 0 | (208,693) | (30,994) |
Proceeds from cash surrender of COLI policies | 0 | 5,756 | 0 |
Proceeds from sale of marketable securities | 2,820 | 0 | 2,820 |
Proceeds from disposal/sale of property, plant and equipment | 77 | 65 | 96 |
Net cash used in investing activities | (9,814) | (217,670) | (26,181) |
Cash flows from financing activities: | |||
Dividends paid to common shareholders | (3,238) | (3,160) | (3,111) |
Deferred financing costs | (15) | (5,756) | 0 |
Borrowings under revolving credit line | 12,500 | 23,000 | 12,000 |
Repayments under revolving credit line | (35,500) | (12,000) | 0 |
(Reduction) increase in notes payable | (123) | (161) | 506 |
Proceeds from long-term debt | 0 | 215,000 | 0 |
Repayments of long-term debt | (22,438) | (5,375) | 0 |
Purchase and retirement of Class B common stock | 0 | 0 | (3,356) |
Net cash (used in) provided by financing activities | (48,814) | 211,548 | 6,039 |
Effect of exchange rate changes on cash | 741 | (1,320) | 422 |
Net increase (decrease) in cash and cash equivalents | 7,902 | 15,015 | (9,139) |
Cash and cash equivalents - beginning of year | 77,138 | 62,123 | 71,262 |
Cash and cash equivalents - end of year | 85,040 | 77,138 | 62,123 |
Cash paid (received) during the year for: | |||
Income taxes, net of refunds received | 580 | 4,686 | (474) |
Interest payments | 6,153 | 3,210 | 156 |
Details of acquisition (see Note 2): | |||
Fair value of identifiable net assets acquired | 0 | 130,747 | 34,541 |
Goodwill | 0 | 105,402 | 4,812 |
Fair value of net assets acquired | 0 | 236,149 | 39,353 |
Fair value of consideration transferred | 0 | 236,149 | 39,353 |
Less: Cash acquired in acquisition | 0 | (27,456) | (8,359) |
Cash paid for acquisition, net of cash acquired | $ 0 | $ 208,693 | $ 30,994 |
DESCRIPTION OF BUSINESS AND SUM
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Bel Fuse Inc. and subsidiaries ("Bel," the "Company," ) design, manufacture and sell a broad array of products that power, protect and connect electronic circuits. These products are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportation and consumer electronic industries around the world. We manage our operations geographically through our three reportable operating segments: North America, Asia and Europe. On June 19, 2014, we completed our acquisition of 100% of the issued and outstanding capital stock of the Power-One Power Solutions business ("Power Solutions") of ABB Ltd. On July 25, 2014, we completed our acquisition of 100% of the issued and outstanding capital stock of the U.S. and U.K. Connectivity Solutions businesses from Emerson Electric Co. ("Emerson"). On August 29, 2014, we completed our acquisition of the Connectivity Solutions business in China from Emerson (collectively with the U.S. and U.K. portion of the transaction, "Connectivity Solutions"). The acquisitions of Power Solutions and Connectivity Solutions may hereafter be referred to collectively as either the "2014 Acquisitions" or the "2014 Acquired Companies". On March 29, 2013, we completed our acquisition of 100% of the issued and outstanding capital stock of Transpower Technologies (HK) Limited ("Transpower") and certain other tangible and intangible assets related to the Transpower magnetics business of TE Connectivity ("TE"). These operations are now doing business as TRP Connector ("TRP"). On August 20, 2013, we completed our acquisition of 100% of the issued and outstanding capital stock of Array Connector Corporation ("Array"). The acquisitions of TRP and Array may hereafter be referred to collectively as either the "2013 Acquisitions" or the "2013 Acquired Companies". Accordingly, as of the respective acquisition dates, all of the assets acquired and liabilities assumed were recorded at their preliminary fair values and the Company's consolidated results of operations for the years ended December 31, 2015, 2014 and 2013 include the operating results of the acquired companies from their respective acquisition dates through the respective period end dates. The accompanying consolidated balance sheet as of December 31, 2014 has been revised to reflect certain adjustments affecting the consolidated statements of operations including the acquisition-date fair values related to property, plant and equipment and various other balance sheet accounts of the 2014 Acquired Companies. Other adjustments with no impact to the consolidated statement of operations have been recorded as of and for the year ended December 31, 2015. The consolidated statements of operations, stockholders' equity and cash flows for the years ended December 31, 2014 and 2013 reflect measurement period adjustments related to the 2014 and 2013 Acquisitions. The measurement period adjustments in the aggregate were not considered material to the condensed consolidated financial statements. See Note 2, "Acquisitions and Disposition," for further details. All amounts included in the tables to these notes to consolidated financial statements, except per share amounts, are in thousands. Principles of Consolidation - Use of Estimates - to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including but not limited to those related to product returns, provisions for bad debt, inventories, goodwill, intangible assets, investments, Supplemental Executive Retirement Plan ("SERP") expense, income taxes, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Cash Equivalents Allowance for Doubtful Accounts Business Combinations – Effects of Foreign Currency – In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders' equity on our consolidated balance sheets. We translate the statements of operations at the average exchange rates during the applicable period. The Company incurred net realized and unrealized currency exchange gains (losses) of $5.1 million, $4.3 million and ($0.6) million for the years ended December 31, 2015, 2014 and 2013, respectively, were included in net earnings. Concentration of Credit Risk - We place temporary cash investments with quality financial institutions and commercial issuers of short-term paper and, by policy, limit the amount of credit exposure in any one financial Inventories Revenue Recognition For certain customers, we provide consigned inventory, either at the customer's facility or at a third-party warehouse. Sales of consigned inventory are recorded when the customer withdraws inventory from consignment . The Company is not contractually obligated to accept returns except for defective product or in instances where the product does not meet the Company's product specifications. However, the Company may permit its customers to return product for other reasons. In these instances, the Company would generally require a significant cancellation penalty payment by the customer. The Company estimates such returns, where applicable, based upon management's evaluation of historical experience, market acceptance of products produced and known negotiations with customers. Such estimates are deducted from sales and provided for at the time revenue is recognized. Product Warranties Finite-Lived Intangible Assets Goodwill and Other Indefinite-lived Intangible Assets We The Company tests goodwill for impairment using a fair value approach at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment for which discrete financial information is available and reviewed regularly by management. Our reporting units are geographical in nature and are North America, Asia and Europe. Assets and liabilities of the Company have been assigned to the reporting units to the extent they are employed in or are considered a liability related to the operations of the reporting unit and are considered in determining the fair value of the reporting unit. Reporting units with similar economic characteristics are aggregated for purposes of the goodwill impairment test. The goodwill impairment test is a two-step process. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. See Note 4, "Goodwill and Other Intangible Assets." The Company tests indefinite-lived intangible assets for impairment using the relief-from-royalty method (a form of the income approach). No impairment was recognized as a result of the October 1, 2015 testing. See Note 4, "Goodwill and Other Intangible Assets." Evaluation of Long-lived Assets Depreciation - Income Taxes - We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We have established valuation allowances for deferred tax assets that are not likely to be realized. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of our net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We establish reserves for tax contingencies when, despite the belief that our tax return positions are fully supported, it is probable that certain positions may be challenged and may not be fully sustained. The tax contingency reserves are analyzed on a quarterly basis and adjusted based upon changes in facts and circumstances, such as the conclusion of federal and state audits, expiration of the statute of limitations for the assessment of tax, case law and emerging legislation. Our effective tax rate includes the effect of tax contingency reserves and changes to the reserves as considered appropriate by management. Earnings per Share The earnings and weighted average shares outstanding used in the computation of basic and diluted earnings per share are as follows: 2015 2014 2013 Numerator: Net earnings $ 19,197 $ 8,603 $ 15,908 Less dividends declared: Class A 522 522 522 Class B 2,713 2,665 2,576 Undistributed earnings $ 15,962 $ 5,416 $ 12,810 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 2,809 $ 970 $ 2,346 Class B undistributed earnings 13,153 4,446 10,464 Total undistributed earnings $ 15,962 $ 5,416 $ 12,810 Net earnings allocation - basic and diluted: Class A net earnings $ 3,331 $ 1,492 $ 2,868 Class B net earnings 15,866 7,111 13,040 Net earnings $ 19,197 $ 8,603 $ 15,908 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,175 2,175 2,175 Class B - basic and diluted 9,698 9,491 9,240 Net earnings per share: Class A - basic and diluted $ 1.53 $ 0.69 $ 1.32 Class B - basic and diluted $ 1.64 $ 0.75 $ 1.41 Research and Development ("R&D") - Our engineering groups are strategically located around the world to facilitate communication with and access to customers' engineering personnel. This collaborative approach enables partnerships with customers for technical development efforts. On occasion, we execute non-disclosure agreements with our customers to help develop proprietary, next generation products destined for rapid deployment. R&D costs are expensed as incurred, and are included in cost of sales on the consolidated statements of operations. Generally, R&D is performed internally for the benefit of the Company. R&D costs include salaries, building maintenance and utilities, rents, materials, administration costs and miscellaneous other items. R&D expenses for the years ended December 31, 2015, 2014 and 2013 amounted to $27.7 million, $21.5 million and $14.1 million, respectively. Fair Value Measurements Level 1 Level 2 Level 3 For financial instruments such as cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, the carrying amount approximates fair value because of the short maturities of such instruments. See Note 5, "Fair Value Measurements," for additional disclosures related to fair value measurements. Recently Issued Accounting Standards Recently Adopted Accounting Standards In April 2014, the FASB issued guidance for the reporting of discontinued operations, which also contains new disclosure requirements for both discontinued operations and other disposals that do not meet the definition of a discontinued operation. This guidance was adopted by the Company effective January 1, 2015. The effects of this guidance will depend on future disposals by the Company. In November 2014, the FASB issued guidance on pushdown accounting for business combinations. This amendment provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. This amendment was effective on November 18, 2014. The effects of this standard will depend on any future events whereby we obtain control of an entity and elect to apply pushdown accounting. In July 2013, the FASB issued revised guidance to address the diversity in practice related to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted this guidance on January 1, 2014, on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued guidance to provide a new comprehensive model for lease accounting. Under this guidance, lessees and lessors should apply a "right-of-use" model in accounting for all leases (including subleases) and eliminate the concept of operating leases and off-balance sheet leases. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements. In November 2015, the FASB issued guidance which will require entities to present deferred tax assets and deferred tax liabilities as noncurrent on the consolidated balance sheet. The guidance simplifies the current guidance, which requires entities to separately present deferred tax assets and deferred tax liabilities as current and noncurrent on the consolidated balance sheet. This guidance may be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued guidance which simplifies the accounting for measurement period adjustments related to business combinations, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Under this guidance, acquirers must recognize measurement period adjustments in the period in which they determine the amounts, including the effect on earnings of any amount they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Measurement period adjustments of any future acquisitions will be accounted for under this new guidance. In July 2015, the FASB issued guidance which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. The update is effective for fiscal years beginning after December 15, 2016, and interim periods therein. Early application is permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements, if any. In April 2015, the FASB issued guidance on simplifying the balance sheet presentation of debt issuance costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB amended this guidance for debt issuance costs associated with line-of-credit arrangements to reflect that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of debt issuance costs over the term of the line-of-credit arrangement, whether or not there are any outstanding borrowings on the line-of-credit arrangement. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early application is permitted. Management does not believe that the adoption of this guidance will have a material impact on the Company's consolidated financial position or results of operations. In January 2015, the FASB issued guidance on simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This amendment is effective for annual periods beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on our consolidated financial position or results of operations. In August 2014, In June 2014, the FASB issued guidance on stock compensation. The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendment is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Earlier adoption is permitted. In May 2014, the FASB issued guidance on the accounting for revenue from contracts with customers that will supersede most existing revenue recognition guidance, including industry-specific guidance. The core principle requires an entity to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the guidance requires enhanced disclosures regarding the nature, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. On July 9, 2015, the FASB decided to defer the effective date of this guidance by one year to annual reporting periods beginning after December 15, 2017, however, early adoption as of the original effective date will be permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements, if any, including which transition method it will adopt. |
ACQUISITIONS AND DISPOSITION
ACQUISITIONS AND DISPOSITION | 12 Months Ended |
Dec. 31, 2015 | |
ACQUISITIONS AND DISPOSITION [Abstract] | |
ACQUISITIONS AND DISPOSITION | 2. ACQUISITIONS AND DISPOSITION 2014 Acquisitions On June 19, 2014, the Company completed its acquisition of Power Solutions for $109.9 million, net of cash acquired. Power Solutions is a leading provider of high-efficiency and high-density power conversion products for server, storage and networking equipment, industrial applications and power systems. In connection with its acquisition of Power Solutions from ABB Ltd., the Company acquired a 49% interest in a joint venture in the People's Republic of China ("PRC"). The Company has assigned no value to this investment. See Note 18, "Related Party Transactions," for additional information. During the second quarter of 2015, the Company finalized the valuation of the Power Solutions acquisition as further detailed in the table below. At the conclusion of the measurement period, which was one year after the acquisition date, there were certain working capital and tax related items outstanding with ABB Ltd. The working capital item was settled with ABB Ltd. during the third quarter of 2015, which was after the conclusion of the measurement period and, as a result, the Company recognized $4.2 million of other income on the consolidated statements of operations. See Note 9, "Income Taxes," for further information on the tax related items outstanding with ABB Ltd. On July 25, 2014, the Company completed its acquisition of the U.S. and U.K. entities of Connectivity Solutions. On August 29, 2014, the China portion of the transaction closed. The Company paid a total of $98.8 million for Connectivity Solutions, net of cash acquired and including a working capital adjustment. Connectivity Solutions is a leading provider of high‑performance RF/Microwave and Harsh Environment Optical Connectors and Assemblies for military, aerospace, wireless communications, data communications, broadcast and industrial applications. During the years ended December 31, 2015 and 2014, the Company incurred $0.6 million and $7.3 million of acquisition-related costs, respectively, associated with the 2014 Acquisitions primarily for audit-related costs, investment banker fees and legal fees. These costs are included in selling, general and administrative expenses on the consolidated statements of operations. Fair Value Estimate of Assets Acquired and Liabilities Assumed The table below depicts the Company's final purchase price allocation for the 2014 Acquisitions as of the respective acquisition dates. Power Solutions Connectivity Solutions 2014 Acquisitions June 19, 2014 July 25, 2014/ (As Reported at Measurement June 19, August 29, 2014(a) Measurement July 25, 2014/ Acquisition-Date December 31, Period 2014 (As Reported at Period August 29, 2014 Fair Values 2014) Adjustments (Revised) December 31, 2014) Adjustments (Revised) (Revised) Cash $ 20,912 $ - $ 20,912 $ 6,544 $ - $ 6,544 $ 27,456 Accounts receivable 29,389 - 29,389 9,375 - 9,375 38,764 Inventories 36,429 - 36,429 17,632 - 17,632 54,061 Other current assets 7,350 - 7,350 2,615 (1,761 ) (c) 854 8,204 Property, plant and equipment 28,175 (1,060 ) (b) 27,115 9,900 - 9,900 37,015 Intangible assets 33,220 - 33,220 40,000 - 40,000 73,220 Other assets 19,171 - 19,171 2,345 2,388 (c) 4,733 23,904 Total identifiable assets 174,646 (1,060 ) 173,586 88,411 627 89,038 262,624 Accounts payable (26,180 ) - (26,180 ) (10,682 ) - (10,682 ) (36,862 ) Accrued expenses (25,545 ) - (25,545 ) (5,307 ) 76 (5,231 ) (30,776 ) Other current liabilities 223 - 223 (57 ) 946 (c) 889 1,112 Noncurrent liabilities (42,062 ) (4,623 ) (c) (46,685 ) (17,314 ) (1,352 ) (c) (18,666 ) (65,351 ) Total liabilities assumed (93,564 ) (4,623 ) (98,187 ) (33,360 ) (330 ) (33,690 ) (131,877 ) Net identifiable assets acquired 81,082 (5,683 ) 75,399 55,051 297 55,348 130,747 Goodwill 49,710 5,683 55,393 50,306 (297 ) 50,009 105,402 Net assets acquired $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 Cash paid $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 Assumption of liability - - - - - - - Fair value of consideration transferred 130,792 - 130,792 105,357 - 105,357 236,149 Deferred consideration - - - - - - - Total consideration paid $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 (a) The Company acquired the U.S. and U.K. entities of Connectivity Solutions on July 25, 2014 and the China entity of Connectivity Solutions on August 29, 2014. These values represent the fair values as of the respective acquisition dates. (b) Represents the purchase accounting adjustments reflecting the finalization of the acquisition-date fair values of property, plant and equipment associated with completion of third-party valuations. (c) Primarily represents the impact to deferred taxes reflecting the finalization of the allocation of identifiable intangible assets acquired. Of the goodwill noted above, $17.7 million of goodwill associated with Power Solutions and $3.2 million of goodwill associated with Connectivity Solutions will be deductible for U.S. income tax purposes. The results of operations of the 2014 Acquired Companies have been included in the Company's consolidated financial statements for the period subsequent to their respective acquisition dates. During the years ended December 31, 2015 and 2014, the 2014 Acquired Companies contributed revenue of $230.3 million and $134.3 million, respectively, and operating income (loss) of approximately $10.3 million and ($2.5) million, respectively, to the Company's consolidated financial results. The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the aggregate results of TRP, Array, Power Solutions and Connectivity Solutions for the periods presented as if the 2013 Acquisitions had occurred on January 1, 2012 and the 2014 Acquisitions had occurred on January 1, 2013, along with certain pro forma adjustments. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, adjusted depreciation based upon estimated fair value of assets acquired, interest expense and amortization of deferred financing costs related to the financing of the business combinations, and related tax effects. The 2014 unaudited pro forma net earnings for the year ended December 31, 2014 were adjusted to exclude $14.9 million ($9.8 million after tax) of non-recurring expenses, including audit, legal and other transaction fees, IT migration costs and employee-related expenses, which were incurred in connection with the 2013 and 2014 Acquisitions. The 2013 unaudited pro forma net earnings were adjusted to include these charges in addition to an estimated non-recurring expense related to a fair value adjustment to acquisition-date inventory of $5.9 million ($4.1 million after tax) during the year ended December 31, 2013, respectively. The 2013 results reflected below include merger-related charges incurred by Power Solutions in connection with its acquisition by ABB in July 2013. The pro forma results do not reflect the realization of any potential cost savings, or any related integration costs. Certain cost savings may result from these acquisitions; however, there can be no assurance that these cost savings will be achieved. The unaudited pro forma results are presented for illustrative purposes only and are not necessarily indicative of the results that would have actually been obtained if the acquisitions had occurred on the assumed dates, nor is the pro forma data intended to be a projection of results that may be obtained in the future. Year Ended December 31, 2014 2013 Revenue $ 629,132 $ 710,937 Net earnings 11,705 (65,299 ) Earnings per Class A common share - basic and diluted 0.94 (5.52 ) Earnings per Class B common share - basic and diluted 1.02 (5.77 ) 2013 Acquisitions On March 29, 2013, the Company completed its acquisition of TRP for $21.0 million, net of cash acquired. The Company's purchase of TRP consisted of the integrated connector module ("ICM") family of products, including RJ45, 10/100 Gigabit, 10G, PoE/PoE+, MRJ21 and RJ.5, a line of modules for smart-grid applications, and discrete magnetics. On August 20, 2013, the Company completed its acquisition of Array, a manufacturer of aerospace and mil-spec connector products based in Miami, Florida, for $10.0 million in cash. The acquisition of Array expands the Company's portfolio of connector products that can be offered to the combined customer base, and provides an opportunity to sell other products that Bel manufactures to Array's customers. Array has become part of Bel's Cinch Connector business. During the years ended December 31, 2014 and 2013, the Company incurred $0.1 million and $0.7 million, respectively, of combined acquisition-related costs associated with the 2013 Acquisitions. These costs are included in selling, general and administrative expense in the accompanying consolidated statements of operations for the years ended December 31, 2014 and 2013. The purchase accounting related to the 2013 Acquisitions was finalized within one year of the respective acquisition dates. The contributions to revenue and operating income from the 2013 Acquisitions is detailed in Note 12, "Segments." |
RESTRUCTURING ACTIVITIES
RESTRUCTURING ACTIVITIES | 12 Months Ended |
Dec. 31, 2015 | |
RESTRUCTURING ACTIVITIES [Abstract] | |
RESTRUCTURING ACTIVITIES | 3. RESTRUCTURING ACTIVITIES Activity and liability balances related to restructuring costs for the years ended December 31, 2014 and 2015 are as follows: 2014 2015 Liability at Cash Payments Liability at Cash Payments Liability at December 31, New and Other December 31, New and Other December 31, 2013 Charges Settlements 2014 Charges Settlements 2015 Severance costs $ - $ 1,778 $ (1,778 ) $ - $ 1,144 $ (1,034 ) $ 110 Other restructuring costs - 54 (54 ) - 626 (626 ) - Total $ - $ 1,832 $ (1,832 ) $ - $ 1,770 $ (1,660 ) $ 110 During the year ended December 31, 2015, the Company's restructuring charges included costs related to reductions in headcount and consolidation and relocation of certain facilities and offices in North America, Asia and Europe and additional headcount reductions at Cinch US, Array and the U.S. and Asia locations of Connectivity Solutions. During the year ended December 31, 2014, the Company incurred severance costs associated with restructuring of management and sales teams after the acquisitions of Power Solutions and Connectivity Solutions. During 2012, Bel initiated the closure of its Cinch North American manufacturing facility in Vinita, Oklahoma, and transition of the operations to Reynosa, Mexico and a new facility in McAllen, Texas. The Cinch restructuring continued into early 2013 and the Company incurred $1.4 million of restructuring costs in 2013 related to these efforts, as detailed in the table above. These amounts are classified as restructuring charges on the consolidated statements of operations. |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 4. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the purchase price and related acquisition costs over the fair value assigned to the net tangible and other intangible assets acquired in a business acquisition. Other intangible assets include patents, technology, license agreements, non-compete agreements and trademarks. Amounts assigned to these intangible assets have been determined by management. Management considered a number of factors in determining the allocations, including valuations and independent appraisals. Trademarks have indefinite lives and are reviewed for impairment on an annual basis. Other intangible assets, excluding trademarks, are being amortized over 2 to 24 years. The changes in the carrying value of goodwill classified by reportable operating segment for the years ended December 31, 2015 and 2014 are as follows: Total North America Asia Europe Balance at January 1, 2014 Goodwill, gross 45,431 18,865 14,107 12,459 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 18,490 $ 4,799 $ 1,232 $ 12,459 Goodwill allocation related to acquisitions 100,812 51,011 36,155 13,646 Measurement period adjustments (496 ) (496 ) - - Foreign currency translation (437 ) - (210 ) (227 ) Balance at December 31, 2014: Goodwill, gross 145,310 69,380 50,052 25,878 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 118,369 $ 55,314 $ 37,177 $ 25,878 Measurement period adjustments 4,590 (6,016 ) 4,351 6,255 Foreign currency translation (1,325 ) - 129 (1,454 ) Balance at December 31, 2015: Goodwill, gross 148,575 63,364 54,532 30,679 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 121,634 $ 49,298 $ 41,657 $ 30,679 During the year ended December 31, 2014, the Company recorded $100.8 million of goodwill related to the 2014 Acquisitions. An additional $4.6 million of goodwill related to the 2014 Acquisitions, including finalization of goodwill allocation by reporting unit, was recorded during the measurement period in 2015. During the fourth quarters of 2015, 2014 and 2013, the Company completed step one of our annual goodwill impairment test for our reporting units We concluded that the fair value of each of the Company's reporting units exceeded the respective carrying values and that there was no indication of impairment in 2015, 2014 or 2013. We estimated the fair value of these reporting units using a weighting of fair values derived from income and market approaches. Under the income approach, we determine the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit. The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2015 annual impairment test were the following: Reporting Unit % by Which Estimated Fair Value Exceeds Carrying Value North America 11.4 % Asia 20.2 % Europe 18.4 % As noted above, the fair value determined under step one of the goodwill impairment test completed in the fourth quarter of 2015 exceeded the carrying value for each reporting unit. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, the Company may fail step one of the goodwill impairment test and be required to perform step two. In performing step two, the fair value would have to be allocated to all of the assets and liabilities of the reporting unit. Therefore, any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of step two of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets, could vary depending on various factors. The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, it may be necessary for us to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations. Other Intangible Assets The components of intangible assets other than goodwill are as follows: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Patents, licenses and technology $ 39,388 $ 7,932 $ 31,456 $ 38,872 $ 4,297 $ 34,575 Customer relationships 44,894 5,735 39,159 45,836 3,062 42,774 Non-compete agreements 2,753 1,838 915 2,781 1,050 1,731 Trademarks 16,338 41 16,297 16,624 202 16,422 $ 103,373 $ 15,546 $ 87,827 $ 104,113 $ 8,611 $ 95,502 The Company tests indefinite-lived intangible assets for impairment using a fair value approach, the relief-from-royalty method (a form of the income approach). At December 31, 2015, the Company's indefinite-lived intangible assets related to the trademarks acquired in the Power Solutions, Connectivity Solutions, Cinch and Fibreco acquisitions. The Company completed its annual indefinite-lived intangible assets impairment test during the fourth quarter of 2015, noting no impairment. Management has concluded that the fair value of these trademarks exceeded the related carrying values at December 31, 2015 and that no impairment existed as of that date. Amortization expense was $7.0 million, $5.4 million and $1.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Estimated amortization expense for intangible assets for the next five years is as follows: December 31, Amortization Expense 2016 $ 6,759 2017 6,325 2018 6,084 2019 6,084 2020 6,052 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE MEASUREMENTS [Abstract] | |
FAIR VALUE MEASUREMENTS | 5. FAIR VALUE MEASUREMENTS As of December 31, 2015 and 2014, the Company held certain financial assets that are measured at fair value on a recurring basis. These consisted of securities that are among the Company's investments in a rabbi trust which are intended to fund the Company's Supplemental Executive Retirement Plan ("SERP") obligations, and other marketable securities described below. The securities that are held in the rabbi trust are categorized as available-for-sale securities and are included as other assets in the accompanying consolidated balance sheets at December 31, 2015 and 2014. The gross unrealized gains associated with the investments held in the rabbi trust were $0.7 million and $0.7 million at December 31, 2015 and 2014, respectively. Such unrealized gains are included, net of tax, in accumulated other comprehensive income. As of December 31, 2015 and 2014, our available-for-sale securities, which primarily consist of investments held in a rabbi trust of $3.6 million and $6.5 million, respectively, are measured at fair value using quoted prices in active markets for identical assets (Level 1) inputs. The Company does not have any financial assets measured at fair value on a recurring basis categorized as Level 3, and there were no transfers in or out of Level 1, Level 2 or Level 3 during 2015 or 2014. There were no changes to the Company's valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during 2015. There were no financial assets accounted for at fair value on a nonrecurring basis as of December 31, 2015 or 2014. The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable, accrued expenses and notes payable, which are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. The fair value of the Company's long-term debt is estimated using a discounted cash flow method based on interest rates that are currently available for debt issuances with similar terms and maturities. At December 31, 2015 and 2014, the estimated fair value of long-term debt was $188.1 million and $233.3 million, respectively, compared to a carrying amount of $187.2 million and $232.6 million, respectively. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of December 31, 2015. Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. See Note 4, "Goodwill and Other Intangible Assets," for further information about goodwill and other indefinite-lived intangible assets. |
OTHER ASSETS
OTHER ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
OTHER ASSETS [Abstract] | |
OTHER ASSETS | 6. OTHER ASSETS At December 31, 2015 and 2014, the Company has obligations of $15.6 million and $14.2 million, respectively, associated with its SERP. As a means of informally funding these obligations, the Company has invested in life insurance policies related to certain employees and marketable securities held in a rabbi trust. At December 31, 2015 and 2014, these assets had a combined value of $12.2 million and $12.3 million, respectively. Company-Owned Life Insurance Investments in company-owned life insurance policies ("COLI") were made with the intention of utilizing them as a long-term funding source for the Company's SERP obligations. However, the cash surrender value of the COLI does not represent a committed funding source for these obligations. Any proceeds from these policies are subject to claims from creditors. The cash surrender value of the COLI of $8.5 million and $5.8 million at December 31, 2015 and 2014, respectively, is included in other assets in the accompanying consolidated balance sheets. During 2015, the Company sold $2.8 million of marketable securities within the rabbi trust and utilized the proceeds to purchase additional COLI. The volatility in global equity markets in recent years has also had an effect on the cash surrender value of the COLI policies. The Company recorded (expense) income to account for the (decrease) increase in cash surrender value in the amount of ($0.1) million, $0.2 million and $0.7 million during the years ended December 31, 2015, 2014 and 2013, respectively. These fluctuations in the cash surrender value were allocated between cost of sales and selling, general and administrative expenses on the consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013. The allocation is consistent with the costs associated with the long-term employee benefit obligations that the COLI is intended to fund. Other Investments At December 31, 2015 and 2014, the Company held, in the aforementioned rabbi trust, available-for-sale investments at a cost of $2.9 million and $5.8 million, respectively. Together with the COLI described above, these investments are intended to fund the Company's SERP obligations and are classified as other assets in the accompanying consolidated balance sheets. The Company monitors these investments for impairment on an ongoing basis. As discussed above, the Company sold $2.8 million of its SERP investments during 2015. At December 31, 2015 and 2014, the fair market value of these investments was $3.6 million and $6.5 million, respectively. The gross unrealized gain of $0.7 million and $0.7 million at December 31, 2015 and 2014, respectively, has been included, net of tax, in accumulated other comprehensive income (loss). |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES [Abstract] | |
INVENTORIES | 7. INVENTORIES The components of inventories are as follows: December 31, 2015 2014 Raw materials $ 42,036 $ 51,638 Work in progress 16,908 16,128 Finished goods 39,566 45,864 Inventories $ 98,510 $ 113,630 |
PROPERTY, PLANT AND EQUIPMENT,
PROPERTY, PLANT AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | 8. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consist of the following: December 31, 2015 2014 Land $ 2,240 $ 3,293 Buildings and improvements 29,346 31,067 Machinery and equipment 116,921 117,178 Construction in progress 4,949 4,764 153,456 156,302 Accumulated depreciation (95,845 ) (87,041 ) Property, plant and equipment, net $ 57,611 $ 69,261 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $16.0 million, $15.0 million and $10.5 million, respectively. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
INCOME TAXES | 9. INCOME TAXES At December 31, 2015 and 2014, the Company has approximately $42.2 million and $40.0 million, respectively, of liabilities for uncertain tax positions ($1.9 million and $0.2 million, respectively, included in income taxes payable on the consolidated balance sheets and $40.3 million and $39.8 million, respectively, included in liability for uncertain tax positions on the consolidated balance sheets) which, if recognized, would reduce the Company's effective tax rate. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2012 and for state examinations before 2009. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2005 in Asia and generally 2008 in Europe. The Company is currently under examination by the taxing authorities in Germany for the tax years 2011-2013. As a result of the expiration of the statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized benefits for tax positions taken regarding previously filed tax returns may change materially from those recorded as liabilities for uncertain tax positions in the Company's consolidated financial statements at December 31, 2015. A total of $1.9 million of previously recorded liabilities for uncertain tax positions relates principally to the 2012 tax year. The statute of limitations related to these liabilities is scheduled to expire on September 15, 2016. Additionally, a total of $0.2 million of previously recorded liabilities for uncertain tax positions relating to the 2010 tax year were reversed during the year ended December 31, 2015. This was offset by an increase to the liability for uncertain tax positions in the amount of $3.2 million, of which $2.1 million relates to interest and penalties on the uncertain tax positions acquired from Power Solutions, which is included in the consolidated statement of operations during the year ended December 31, 2015. A total of $0.8 million of previously recorded liabilities for uncertain tax positions relating to 2010 were reversed during the year ended December 31, 2014. A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, including the portion included in income taxes payable, is as follows : 2015 2014 2013 Liability for uncertain tax positions - January 1 $ 39,970 $ 2,189 $ 2,711 Additions based on tax positions related to the current year 3,241 2,732 28 Additions relating to acquisitions - 35,874 - Translation adjustment (844 ) - - Settlement/expiration of statutes of limitations (209 ) (825 ) (550 ) Liability for uncertain tax positions - December 31 $ 42,158 $ 39,970 $ 2,189 As part of the acquisition of Power Solutions the Company acquired a $35.9 million liability for uncertain tax positions. Of this amount, $12.0 million relates to an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd.) for the years 2004 through 2006, as further described in Note 16, "Commitments and Contingencies." The Company also acquired a liability for additional uncertain tax positions related to various tax matters for the years 2007 through 2013. Resolution of these tax matters are being actively pursued with the applicable taxing authority. From the date of acquisition through December 31, 2015, the Company has recorded $3.4 million of interest and penalties pertaining to this issue and will continue to accrue approximately $2.1 million annually until the issues are resolved. The Company's policy is to recognize interest and penalties related to uncertain tax positions as a component of the current provision for income taxes. During the years ended December 31, 2015 and 2014, the Company recognized $2.5 million and $1.6 million, respectively, in interest and penalties in the consolidated statements of operations. During the year ended December 31, 2015, the Company recognized a benefit of an immaterial amount for the reversal of such interest and penalties. The Company has approximately $4.0 million and $1.6 million accrued for the payment of interest and penalties at December 31, 2015 and 2014, respectively, which is included in both income taxes payable and liability for uncertain tax positions in the consolidated balance sheets. The Company's total income (loss) before provision (benefit) for income taxes included earnings (loss) from domestic operations of $6.1 million, ($9.2) million and ($1.2) million for 2015, 2014 and 2013, respectively, and earnings before provision (benefit) for income taxes from foreign operations of $19.6 million, $19.0 million and $16.3 million for 2015, 2014 and 2013, respectively. The provision (benefit) for income taxes consists of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 1,494 $ 402 $ (1,099 ) Foreign 5,327 3,281 1,120 State 70 175 113 6,891 3,858 134 Deferred: Federal 1,019 (2,698 ) (865 ) State (64 ) (407 ) 65 Foreign (1,311 ) 414 (77 ) (356 ) (2,691 ) (877 ) $ 6,535 $ 1,167 $ (743 ) A reconciliation of taxes on income computed at the U.S. federal statutory rate to amounts provided is as follows: Years Ended December 31, 2015 2014 2013 $ % $ % $ % Tax provision computed at the federal statutory rate $ 9,006 35 % $ 3,420 35 % $ 5,309 35 % Increase (decrease) in taxes resulting from: Different tax rates applicable to foreign operations (5,353 ) (21 %) (4,458 ) (46 %) (4,677 ) (31 %) Increase in (reversal of) liability for uncertain tax positions - net 3,032 12 % 1,907 20 % (522 ) (3 %) Utilization of research and experimentation, solar and foreign tax credits (349 ) (1 %) (508 ) (5 %) (1,049 ) (7 %) State taxes, net of federal benefit 56 0 % (183 ) (2 %) 117 1 % Current year (reversal) increase in U.S. valuation allowances (343 ) (1 %) 335 3 % 49 0 % Federal tax on profit of foreign disregarded entities net of deferred tax 872 3 % 770 8 % - 0 % Other, including qualified production activity credits, SERP/COLI income, under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles (386 ) (2 %) (116 ) (1 %) 30 0 % Tax (benefit) provision computed at the Company's effective tax rate $ 6,535 25 % $ 1,167 12 % $ (743 ) (5 %) The Company holds an offshore business license from the government of Macao. With this license, a Macao offshore company named Bel Fuse (Macao Commercial Offshore) Limited has been established to handle the Company's sales to third-party customers in Asia. Sales by this company consist of products manufactured in the PRC. This company is not subject to Macao corporate profit taxes which are imposed at a tax rate of 12%. Additionally, the Company established TRP International, a China Business Trust ("CBT"), when it acquired the TRP group, as previously discussed. Sales by the CBT consists of products manufactured in the PRC and sold to third-party customers inside and outside Asia. The CBT is not subject to PRC income taxes, which are generally imposed at a tax rate of 25%. As of December 31, 2015, the Company has gross foreign income tax net operating losses ("NOL") of $21.0 million, foreign tax credits of $0.3 million and capital loss carryforwards of $0.2 million which amount to a total of $5.2 million of deferred tax assets. The Company has established valuation allowances totaling $5.2 million against these deferred tax assets. In addition, the Company has gross federal and state income tax NOLs of $17.8 million, including $3.8 million of NOLs acquired from Array and $10.0 million of NOLs acquired from Connectivity Solutions, which amount to $5.3 million of deferred tax assets and tax credit carryforwards of $1.3 million. The Company has established valuation allowances of $0.3 million and $1.1 million, respectively, against these deferred tax assets. The foreign NOL's can be carried forward indefinitely, the NOL acquired from Array expires at various times during 2026 – 2027, the NOL acquired from Connectivity Solutions expire at various times during 2022-2033, the state NOL's expire at various times during 2015 – 2031 and the tax credit carryforwards expire at various times during 2025 - 2034. Upon the acquisition of Power Solutions and Connectivity Solutions, there were net deferred tax assets of $2.2 million and $1.2 million, respectively, arising from various temporary differences and net operating loss carry forward acquired. In connection with the 2014 Acquisitions, the Company was required to complete a fair market value report of property, plant and equipment and intangibles. As a result of that report, the Company established deferred tax liabilities at the date of acquisition in the amount of $3.1 million and $16.4 million, respectively, for the Power Solutions and Connectivity Solutions acquisitions. At December 31, 2015, a net deferred tax liability of $11.2 million remains on the consolidated balance sheet for the 2014 Acquisitions. The Company has made elections to step up the tax basis to fair value under IRC Section 338(g) for the Power Solutions acquisition and for a single jurisdiction with respect to the Connectivity Solutions acquisition. The elections made under Section 338(g) only affect U.S. income taxes (not those of the foreign country where the acquired entities were incorporated). Upon the acquisition of TRP, TRP had a deferred tax asset in the amount of $2.2 million arising from various timing differences related to depreciation and accrued expenses. Upon the acquisition of Array, Array had a deferred tax liability of $0.7 million arising from timing differences related to depreciation and a deferred tax asset of $2.1 million arising from the NOL acquired. In connection with the 2013 Acquisitions, the Company was required to complete a fair market value report of property, plant and equipment and intangibles. As a result of that report, the Company established deferred tax liabilities at the date of acquisition in the amount of $0.6 million and $1.0 million respectively for the TRP and Array acquisitions. At December 31, 2015, a net deferred tax asset of $1.9 million remains on the consolidated balance sheet for the 2013 Acquisitions. The Company did not make any election to step up the tax basis of the 2013 Acquisitions to fair value under IRC Section 338(g). On July 31, 2012, the Company completed its acquisition of 100% of the issued and outstanding capital stock of Fibreco Ltd. ("Fibreco"). Upon the acquisition of Fibreco, Fibreco had a deferred tax liability in the amount of $0.1 million arising from various timing differences. On March 9, 2012, the Company completed its acquisition of 100% of the issued and outstanding capital stock of GigaCom Interconnect AB ("GigaCom"). On September 12, 2012, the Company completed its acquisition of 100% of the issued and outstanding capital stock of Powerbox Italia S.r.L. and its subsidiary, Powerbox Design (collectively, "Powerbox", now merged to form Bel Power Europe S.r.l.). The acquisitions of GigaCom, Fibreco and Powerbox are hereafter be referred to collectively as the "2012 Acquisitions." In connection with the 2012 Acquisitions, the Company was required to complete a fair market value report of property, plant and equipment and intangibles. As a result of that report, the Company established deferred tax liabilities at the date of acquisition in the amount of $1.7 million, $0.6 million and $0.4 million, respectively for the Fibreco, GigaCom and Powerbox acquisitions. At December 31, 2015, a deferred tax liability of $2.0 million remains on the consolidated balance sheet for the 2012 Acquisitions. The Company has made elections under Internal Revenue Code ("IRC") Section 338(g) to step up the tax basis of the 2012 Acquisitions to fair value. The elections made under Section 338(g) only affect U.S. income taxes (not those of the foreign country where the acquired entities were incorporated). It is the Company's intention to repatriate substantially all net income from its wholly owned PRC subsidiary, Dongguan Transpower Electric Products Co., Ltd, a Chinese Limited Liability Company, to its direct Hong Kong parent Transpower Technologies (Hong Kong) Ltd. Applicable income and dividend withholding taxes have been reflected in the accompanying consolidated statements of operations for the year ended December 31, 2015. However, U.S. deferred taxes need not be provided as there is no intention to repatriate such amounts to the U.S. Management's intention is to permanently reinvest the majority of the remaining earnings of foreign subsidiaries in the expansion of its foreign operations. Unrepatriated earnings, upon which U.S. income taxes have not been accrued, are approximately $143.4 million at December 31, 2015. Such unrepatriated earnings are deemed by management to be permanently reinvested. At December 31, 2015, the estimated federal income tax liability related to unrepatriated foreign earnings is $38.3 million under the current tax law. Components of deferred income tax assets are as follows: December 31, 2015 2014 Tax Effect Tax Effect (Revised) Deferred tax assets: State tax credits $ 902 $ 954 Unfunded pension liability 1,327 1,301 Reserves and accruals 4,349 2,095 Federal, state and foreign net operating loss and credit carryforwards 10,953 15,361 Depreciation 880 962 Amortization 814 995 Acquired deferred taxes - 10,775 Other accruals 9,622 3,253 Total deferred tax assets 28,847 35,696 Deferred tax liabilities: Reserves and accruals 64 68 Depreciation 2,391 707 Amortization 23,772 21,062 Acquired deferred taxes - 8,053 Other accruals 857 1,522 Total deferred tax liabilities 27,084 31,412 Valuation allowance 6,635 6,692 Net deferred tax assets/(liabilities) $ (4,872 ) $ (2,408 ) On December 31, 2013, under the "American Taxpayer Relief Act" ("ATRA"), the Research and Experimentation credit ("R&E") expired. On December 16, 2014, the R&E credit was extended back to January 1, 2014 and the Company recognized $0.3 million in R&E credits during the fourth quarter of 2014. During December, 2015, the PATH Act was approved which permanently extends the R&E credit retroactive to the end of 2014. The Company continues to monitor proposed legislation affecting the taxation of transfers of U.S. intangible property and other potential tax law changes. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
DEBT [Abstract] | |
DEBT | 10. DEBT On June 19, 2014, the Company entered into a senior Credit and Security Agreement with KeyBank National Association ("KeyBank"), as administrative agent and lender, which was amended on June 30, 2014 principally to add a syndicate of additional lenders (as so amended, the "Credit and Security Agreement" or "CSA"). The maturity date of the CSA is June 18, 2019. The CSA consists of (i) a $50 million revolving credit facility ("Revolver"), (ii) a $145 million term loan facility ("Term Loan") and (iii) a $70 million delayed draw term loan ("DDTL"). Under the terms of the CSA, the Company is entitled, subject to the satisfaction of certain conditions, to request additional commitments under the revolving credit facility or term loans in the aggregate principal amount of up to $100 million to the extent that existing or new lenders agree to provide such additional commitments and/or term loans. The obligations of the Company under the CSA are guaranteed by certain of the Company's material U.S. subsidiaries (together with the Company, the "Loan Parties") and are secured by a first priority security interest in substantially all of the existing and future personal property of the Loan Parties, certain material real property of the Loan Parties and certain of the Loan Parties' material U.S. subsidiaries, including 65% of the voting capital stock of certain of the Loan Parties' direct foreign subsidiaries. The borrowings under the CSA will bear interest at a rate equal to, at the Company's option, either (1) LIBOR, plus a margin ranging from 1.75% per annum to 3.00% per annum depending on the Company's leverage ratio, or (2)(a) an "Alternate Base Rate," which is the highest of (i) the federal funds rate plus 0.50%, (ii) KeyBank's prime rate and (iii) the LIBOR rate with a maturity of one month plus 1.00%, plus (b) a margin ranging from 0.75% per annum to 2.00% per annum, depending on the Company's leverage ratio. The interest rate in effect at December 31, 2015 was 3.19%, which consisted of LIBOR of 0.44% plus the Company's margin of 2.75%. The interest rate in effect at December 31, 2014 was 2.94%, which consisted of LIBOR of 0.19% plus the Company's margin of 2.75%. The CSA contains customary representations and warranties, covenants and events of default and financial covenants that measure (i) the ratio of the Company's total funded indebtedness, on a consolidated basis, to the amount of the Company's consolidated EBITDA, as defined, ("Leverage Ratio") and (ii) the ratio of the amount of the Company's consolidated EBITDA to the Company's consolidated fixed charges ("Fixed Charge Coverage Ratio"). If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At December 31, 2015, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio. The unused credit available under the credit facility at December 31, 2015 was $50.0 million. Concurrent with its entry into the CSA on June 19, 2014, the Company borrowed $145.0 million under the Term Loan to complete its acquisition of Power Solutions. In July 2014, in connection with the acquisition of Connectivity Solutions, the Company borrowed an additional $90.0 million under the CSA ($70.0 million through the DDTL and $20.0 million under the Revolver). During the year ended December 31, 2014, the Company recorded $5.8 million in deferred financing costs which will be amortized over the five-year term. In connection with its outstanding borrowings and amortization of the deferred financing costs described above, the Company incurred $7.6 million and $4.0 million of interest expense during the years ended December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, borrowings outstanding related to the term loans (Term Loan and DDTL combined) were $187.2 million and $209.6 million, respectively, and borrowings outstanding under the revolver were $0 and $23.0 million, respectively. Scheduled principal payments of the long-term debt outstanding at December 31, 2015 are as follows (in thousands): 2016 (1) $ 24,772 2017 18,813 2018 24,188 2019 119,415 Total long-term debt 187,188 Less: Current maturities of long-term debt (24,772 ) Noncurrent portion of long-term debt $ 162,416 (1 ) the terms of the CSA. At December 31, 2013, the Company maintained a $30 million line of credit with Bank of America (the "Credit Agreement"), which was due to expire on October 14, 2016. At December 31, 2013, the borrowings under the line of credit amounted to $12.0 million. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
ACCRUED EXPENSES [Abstract] | |
ACCRUED EXPENSES | 11. ACCRUED EXPENSES Accrued expenses consist of the following: Year Ended December 31, 2015 2014 Sales commissions $ 2,824 $ 3,017 Subcontracting labor 1,942 2,217 Salaries, bonuses and related benefits 15,672 17,964 Warranty accrual 3,659 6,032 Other 14,226 13,358 $ 38,323 $ 42,588 A tabular presentation of the activity within the warranty accrual account for the years ended December 31, 2015 and 2014 is presented below: Year Ended December 31, 2015 2014 Balance, beginning of year $ 6,032 $ - Warranty accruals acquired in 2014 Acquisitions - 4,397 Charges and costs accrued 2,892 3,834 Adjustments related to pre-existing warranties (including changes in estimates) (1,208 ) (66 ) Less: Repair costs incurred (2,932 ) (2,061 ) Less: Cash settlements (1,000 ) - Currency translation (125 ) (72 ) Balance, end of year $ 3,659 $ 6,032 |
SEGMENTS
SEGMENTS | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENTS [Abstract] | |
SEGMENTS | 12. SEGMENTS The Company operates in one industry with three reportable operating segments, which are geographic in nature. The segments consist of North America, Asia and Europe. The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations. The following is a summary of key financial data: 2015 2014 2013 Net Sales to External Customers: North America $ 304,328 $ 217,258 $ 116,548 Asia 188,146 201,338 193,647 Europe 74,606 68,480 38,994 $ 567,080 $ 487,076 $ 349,189 Net Sales: North America $ 329,304 $ 248,007 $ 128,472 Asia 295,751 275,765 225,151 Europe 148,735 114,748 40,742 Less intercompany net sales (206,710 ) (151,444 ) (45,176 ) $ 567,080 $ 487,076 $ 349,189 Income (Loss) from Operations: North America $ 11,012 $ (4,531 ) $ (1,560 ) Asia 8,175 13,090 15,356 Europe 9,413 4,913 1,251 $ 28,600 $ 13,472 $ 15,047 Total Assets: North America $ 247,436 $ 314,565 $ 117,261 Asia 231,063 251,240 148,780 Europe 108,512 69,616 42,100 $ 587,011 $ 635,421 $ 308,141 Capital Expenditures: North America $ 2,425 $ 3,862 $ 2,064 Asia 4,888 4,089 4,551 Europe 2,578 1,091 325 $ 9,891 $ 9,042 $ 6,940 Depreciation and Amortization Expense: North America $ 10,841 $ 7,986 $ 4,282 Asia 8,706 8,391 6,540 Europe 3,462 3,990 1,560 $ 23,009 $ 20,367 $ 12,382 Net Sales – Segment net sales are attributed to individual segments based on the geographic source of the billing for such customer sales. Intercompany sales include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States are sold to Asia for further processing. Income from operations represents net sales less operating costs and expenses and does not include any amounts related to intercompany transactions. The following items are included in the segment data presented above: Recent Acquisitions The acquisitions in 2014 and 2013 contributed to Bel's segment net sales and income from operations as follows: Year Ended December 31, 2015 2014 2013 Net Sales to External Customers: North America: Power Solutions $ 131,215 $ 73,530 $ - Connectivity Solutions 57,903 28,242 - Array (a) 4,729 6,842 2,074 193,847 108,614 2,074 Asia: Power Solutions 1,026 3,401 - Connectivity Solutions 4,872 2,469 - TRP 71,215 66,082 65,141 77,113 71,952 65,141 Europe: Power Solutions 28,685 23,882 - Connectivity Solutions 6,634 2,812 - TRP 2,700 2,498 1,407 38,019 29,192 1,407 Net sales from 2013-2014 acquisitions 308,979 209,758 68,622 Income (loss) from operations: North America: Power Solutions 2,320 (777 ) - Connectivity Solutions 2,803 (2,808 ) - Array (a) (311 ) (801 ) (936 ) 4,812 (4,386 ) (936 ) Asia: Power Solutions (2,074 ) (3,851 ) - Connectivity Solutions (329 ) 493 - TRP 9,269 13,152 9,007 6,866 9,794 9,007 Europe: Power Solutions 6,799 4,574 - Connectivity Solutions 731 (168 ) - TRP 351 366 289 7,881 4,772 289 Total income (loss) from operations from 2013-2014 acquisitions $ 19,559 $ 10,180 $ 8,360 (a) 2015 net sales and loss from operations noted for Array reflect 2015 activity through September 30, 2015. Array was merged into the Company's Cinch Connector business during the fourth quarter of 2015. Restructuring Charges 2015 2014 2013 North America $ 1,452 $ 1,539 $ 963 Asia 352 - 249 Europe 310 293 175 $ 2,114 $ 1,832 $ 1,387 Entity-Wide Information The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line. 2015 2014 2013 Net Sales by Geographic Location: United States $ 304,328 $ 217,258 $ 116,548 Macao 182,248 195,469 193,647 United Kingdom 27,552 22,852 16,538 Germany 16,314 18,663 16,585 Switzerland 18,050 15,236 - All other foreign countries 18,588 17,598 5,871 Consolidated net sales $ 567,080 $ 487,076 $ 349,189 Net Sales by Major Product Line: Power solutions and protection $ 214,766 $ 159,867 $ 67,370 Connectivity solutions 181,697 152,954 111,653 Magnetic solutions 170,617 174,255 170,166 Consolidated net sales $ 567,080 $ 487,076 $ 349,189 The following is a summary of long-lived assets by geographic area as of December 31, 2015 and 2014: 2015 2014 Long-lived Assets by Geographic Location: United States $ 35,967 $ 43,760 People's Republic of China (PRC) 37,796 42,323 Slovakia 7,758 8,101 Switzerland 4,006 4,935 United Kingdom 2,016 2,537 All other foreign countries 1,232 1,305 Consolidated long-lived assets $ 88,775 $ 102,961 Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area. The territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC in the middle of 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact this will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately 38.7% of its identifiable assets are located in Asia. Net Sales to Major Customers The Company had net sales to one customer in excess of ten percent of consolidated net sales in each of 2015 and 2014. The net sales associated with this customer was $74.8 million in 2015 (13.2% of sales) and $76.4 million in 2014 (15.7% of sales). The Company had net sales to two customers in excess of ten percent of consolidated net sales in 2013. The combined net sales from these two customers was $103.3 million (29.6% of total sales) during the year ended December 31, 2013. Net sales related to these significant customers were primarily reflected in the Asia operating segment during each of the three years discussed. |
RETIREMENT FUND AND PROFIT SHAR
RETIREMENT FUND AND PROFIT SHARING PLAN | 12 Months Ended |
Dec. 31, 2015 | |
RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract] | |
RETIREMENT FUND AND PROFIT SHARING PLAN | 13. RETIREMENT FUND AND PROFIT SHARING PLAN The Company maintains the Bel Fuse Inc. Employees' Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended (the "Code"). The Employees' Savings Plan allows eligible employees to voluntarily contribute a percentage of their eligible compensation, subject to Code limitations, which contributions are matched by the Company. For plan years beginning on and after January 1, 2012, the Company's matching contributions are made in cash and are equal to 100% of the first 1% of compensation contributed by participants, and 50% of the next 5% of compensation contributed by participants. Prior to January 1, 2012, the Company's matching and profit sharing contributions were made in the form of shares of Bel Fuse Inc. Class A and Class B common stock. The expense for the years ended December 31, 2015, 2014 and 2013 amounted to $1.2 million, $0.8 million and $0.4 million, respectively. As of December 31, 2015, the plan owned 13,928 and 169,989 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The Company's subsidiaries in Asia have a retirement fund covering substantially all of their Hong Kong based full-time employees. Eligible employees contribute up to 5% of salary to the fund. In addition, the Company must contribute a minimum of 5% of eligible salary, as determined by Hong Kong government regulations. The Company currently contributes 7% of eligible salary in cash or Company stock. The expense for the years ended December 31, 2015, 2014 and 2013 amounted to approximately $0.3 million in each year. As of December 31, 2015, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. The SERP is designed to provide a limited group of key management and highly compensated employees of the Company supplemental retirement and death benefits. . The SERP initially became effective in The Plan is unfunded. Benefits under the SERP are payable from the general assets of the Company, but the Company has established a rabbi trust which includes certain life insurance policies in effect on participants as well as other investments to partially cover the Company's obligations under the Plan. See Note 6, "Other Assets," for further information on these assets. The benefits available under the Plan vary according to when and how the participant terminates employment with the Company. If a participant retires (with the prior written consent of the Company) on his normal retirement date (65 years old, 20 years of service, and 5 years of Plan participation), his normal retirement benefit under the Plan would be annual payments equal to 40% of his average base compensation (calculated using compensation from the highest five consecutive calendar years of Plan participation), payable in monthly installments for the remainder of his life. If a participant retires early from the Company (55 years old, 20 years of service, and five years of Plan participation), his early retirement benefit under the Plan would be an amount (i) calculated as if his early retirement date were in fact his normal retirement date, (ii) multiplied by a fraction, with the numerator being the actual years of service the participant has with the Company and the denominator being the years of service the participant would have had if he had retired at age 65, and (iii) actuarially reduced to reflect the early retirement date. If a participant dies prior to receiving 120 monthly payments under the Plan, his beneficiary would be entitled to continue receiving benefits for the shorter of (i) the time necessary to complete 120 monthly payments or (ii) 60 months. If a participant dies while employed by the Company, his beneficiary would receive, as a survivor benefit, an annual amount equal to (i) 100% of the participant's annual base salary at date of death for one year, and (ii) 50% of the participant's annual base salary at date of death for each of the following four years, each payable in monthly installments. The Plan also provides for disability benefits, and a forfeiture of benefits if a participant terminates employment for reasons other than those contemplated under the Plan. The expense related to the Plan for the years ended December 31, 2015, 2014 and 2013 amounted to $1.5 million, $1.3 million and $1.3 million, respectively. Net Periodic Benefit Cost 2015 2014 2013 Service Cost $ 552 $ 542 $ 556 Interest Cost 567 541 448 Net amortization 366 182 307 Net periodic benefit cost $ 1,485 $ 1,265 $ 1,311 Obligations and Funded Status 2015 2014 Fair value of plan assets, January 1 $ - $ - Company contributions 85 16 Benefits paid (85 ) (16 ) Fair value of plan assets, December 31 $ - $ - Benefit obligation, January 1 14,205 10,830 Service cost 552 542 Interest cost 567 541 Benefits paid (85 ) (16 ) Actuarial (gains) losses 337 2,308 Benefit obligation, December 31 $ 15,576 $ 14,205 Underfunded status, December 31 $ (15,576 ) $ (14,205 ) The Company has recorded the 2015 and 2014 underfunded status as a long-term liability on the consolidated balance sheets. The accumulated benefit obligation for the SERP was $12.7 million as of December 31, 2015 and $12.1 million as of December 31, 2014. The estimated net loss and prior service cost for the defined benefit pension plan that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $0.4 million. The Company expects to make contributions of $0.1 million to the SERP in 2016. The Company had no net transition assets or obligations recognized as an adjustment to other comprehensive income and does not anticipate any plan assets being returned to the Company during 2016, as the plan has no assets. The following benefit payments, which reflect expected future service, are expected to be paid: Years Ending December 31, 2016 $ 129 2017 280 2018 280 2019 532 2020 647 2021 - 2025 4,662 The following gross amounts are recognized net of tax in accumulated other comprehensive loss: 2015 2014 Prior service cost $ 866 $ 1,048 Net loss 3,465 3,302 $ 4,331 $ 4,350 Actuarial Assumptions The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows: 2015 2014 2013 Net periodic benefit cost Discount rate 4.00 % 5.00 % 4.00 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Benefit obligation Discount rate 4.25 % 4.00 % 5.00 % Rate of compensation increase 3.00 % 3.00 % 3.00 % |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
SHARE-BASED COMPENSATION [Abstract] | |
SHARE-BASED COMPENSATION | 14. SHARE-BASED COMPENSATION The Company has (the " ") which provides for the granting of "Incentive Stock Options" within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended The Company believes that such awards better align the interest of its employees with those of its shareholders. The 2011 Equity Compensation Plan provides for the issuance of 1.4 million shares of the Company's Class B common stock. At December 31, 2015, 750,600 shares remained available for future issuance under the 2011 Equity Compensation Plan. The Company records compensation expense in its consolidated statements of operations related to employee stock-based options and awards. The aggregate pretax compensation cost recognized for stock-based compensation amounted to approximately $2.8 million, $2.7 million and $1.9 million for the years ended December 31, 2015, 2014 and 2013, respectively, and related solely to restricted stock awards Restricted Stock Awards The Company provides common stock awards to certain officers and key employees. The Company grants these awards, at its discretion, from the shares available under the Program. Unless otherwise provided at the date of grant or unless subsequently accelerated, the shares awarded are earned in 25% increments on the second, third, fourth and fifth anniversaries of the award, respectively, and are distributed provided the employee has remained employed by the Company through such anniversary dates; otherwise the unearned shares are forfeited. The market value of these shares at the date of award is recorded as compensation expense on the straight-line method over the five-year periods from the respective award dates, as adjusted for forfeitures of unvested awards. During 2015, 2014 and 2013, the Company issued 84,000 shares, 378,000 shares and 162,200 shares of the Company's Class B common stock, respectively, under a restricted stock plan to various officers and employees. A summary of the restricted stock activity under the Program as of December 31, 2015 is presented below: Weighted Average Restricted Stock Weighted Average Remaining Awards Shares Award Price Contractual Term Outstanding at January 1, 2015 643,275 $ 21.52 3.8 years Granted 84,000 23.05 Vested (94,450 ) 18.96 Forfeited (68,800 ) 22.99 Outstanding at December 31, 2015 564,025 $ 22.00 3.2 years As of December 31, 2015, there was $8.1 million of total pretax unrecognized compensation cost included within additional paid-in capital related to non-vested stock based compensation arrangements granted under the restricted stock award plan. That cost is expected to be recognized over a period of 4.4 years. The Company's policy is to issue new shares to satisfy restricted stock awards. Currently the Company believes that substantially all restricted stock awards will vest. |
COMMON STOCK
COMMON STOCK | 12 Months Ended |
Dec. 31, 2015 | |
COMMON STOCK [Abstract] | |
COMMON STOCK | 15. COMMON STOCK In July 2012, the Board of Directors of the Company authorized the purchase of up to $10 million of the Company's outstanding Class B common shares. As of December 31, 2013, the Company had cumulatively purchased and retired 547,366 Class B common shares at a cost of approximately $10.0 million. No shares of Class A or Class B common stock were repurchased during the years ended December 31, 2015 and 2014. As of December 31, 2014, according to regulatory filings, there was one shareholder of the Company's common stock (other than shareholders subject to specific exceptions) with ownership in excess of 10% of Class A outstanding shares with no ownership of the Company's Class B common stock. In accordance with the Company's certificate of incorporation, the Class B Protection clause is triggered if a shareholder owns 10% or more of the outstanding Class A common stock and does not own an equal or greater percentage of all then outstanding shares of both Class A and Class B common stock (all of which common stock must have been acquired after the date of the 1998 recapitalization). In such a circumstance, such shareholder must, within 90 days of the trigger date, purchase Class B common shares, in an amount and at a price determined in accordance with a formula described in the Company's certificate of incorporation, or forfeit its right to vote its Class A common shares. As of December 31, 2015, to the Company's knowledge, this shareholder had not purchased any Class B shares to comply with these requirements. In order to vote its shares at Bel's next shareholders' meeting, this shareholder must either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings are under 10%. As of December 31, 2015, to the Company's knowledge, this shareholder owned 23.1% of the Company's Class A common stock in the aggregate and had not taken steps to either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings fall below 10%. Unless and until this situation is satisfied in a manner permitted by the Company's Restated Certificate of Incorporation, the subject shareholder will not be permitted to vote its shares of common stock. Throughout 2015, 2014 and 2013, the Company declared cash dividends on a quarterly basis at a rate of $0.06 per Class A share of common stock and $0.07 per Class B share of common stock. The Company declared and paid cash dividends totaling $3.2 million in 2015, $3.2 million in 2014 and $3.1 million in 2013. There are no contractual restrictions on the Company's ability to pay dividends provided the Company is not in default under its credit agreements immediately before such payment and after giving effect to such payment. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES Leases The Company leases various facilities under operating leases expiring through December 2023. Some of these leases require the Company to pay certain executory costs (such as insurance and maintenance). Future minimum lease payments for operating leases are approximately as follows: Year Ending December 31, 2016 $ 7,924 2017 5,870 2018 3,209 2019 2,184 2020 2,032 Thereafter 2,211 $ 23,430 Rental expense for all leases was approximately $8.8 million, $7.5 million and $4.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. Other Commitments The Company submits purchase orders for raw materials to various vendors throughout the year for current production requirements, as well as forecasted requirements. Certain of these purchase orders relate to special purpose material and, as such, the Company may incur penalties if an order is cancelled. The Company had outstanding purchase orders related to raw materials in the amount of $42.6 million and $50.4 million at December 31, 2015 and December 31, 2014, respectively. The Company also had outstanding purchase orders related to capital expenditures in the amount of $1.5 million and $3.7 million at December 31, 2015 and December 31, 2014, respectively. Legal Proceedings The Company was a defendant in a lawsuit captioned SynQor, Inc. v. Artesyn Technologies, Inc., et al. brought in the United States District Court, Eastern District of Texas in November 2007 ("SynQor I case"). The plaintiff alleged that eleven defendants, including Bel, infringed its patents covering certain power products. With resp e In a related matter, on September 29, 2011, the United States District Court for the Eastern District of Texas ordered SynQor, Inc.'s continuing causes of action for post-verdict damages to be severed from the original action and assigned to a new case number. The new action captioned SynQor, Inc. v. Artesyn Technologies, Inc., et al. (Case Number 2:11cv444) is a patent infringement action for damages in the form of lost profits and reasonable royalties for the period beginning January 24, 2011 ("SynQor II case"). SynQor, Inc. also seeks enhanced damages. The Company has an indemnification agreement in place with one of its customers specifically covering post-verdict damages related to this case. This case went to trial on July 30, 2013. In April 2014, a final judgment was rendered in this case, whereby the Company was assessed an additional $0.7 million in post-verdict damages. This amount was paid by the Company in July 2014 and was subsequently reimbursed by one of its customers under the terms of the indemnification agreement referenced above. SynQor filed an appeal of the final judgment in May 2014. The appeals court heard oral arguments from the parties on this matter on March 2, 2015. The matter was settled as to all further damages and claims relating to the appeal in early 2016 with no further payment required from the Company. The Company is a plaintiff in a lawsuit captioned Bel Fuse Inc. et al. v. Molex Inc. brought in the United District Court of New Jersey in April 2013. The Company claims that Molex infringed three of the Company's patents related to integrated magnetic connector products. Molex filed a motion to dismiss the complaint on August 6, 2013. The Company filed an amended complaint and response on August 20, 2013. Molex withdrew its original Motion to Dismiss and filed a second, revised Motion to Dismiss on September 6, 2013. The Company filed its response on October 7, 2013. The Court denied Molex's revised Motion to Dismiss on June 16, 2014. In June 2014, Molex initiated an Inter Partes Review (IPR) at the U.S. Patent and Trademark Office for one of the three patents associated with this case. The Company and Molex executed an agreement in September 2014 to terminate the IPR and to withdraw one of the patents from the district court litigation. The Parties settled the case involving the two remaining patents for $0.5 million in September 2015 and the case was subsequently dismissed by the Court in October 2015. The Company recognized the settlement amount in net sales on the consolidated statements of operations. In connection with the acquisition of Power Solutions, there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or "BPS China") for the years 2004 to 2006. In September 2012, the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013, the Arezzo Revenue Agency filed an appeal of the Tax Court's ruling. The hearing of the appeal was held on October 2, 2014. On October 13, 2014, BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. The estimated liability related to this matter is approximately $12.0 million and has been included as a liability for uncertain tax positions on the accompanying consolidated balance sheets. As Bel is fully indemnified in this matter per the terms of the stock purchase agreement with ABB, a corresponding other asset for indemnification is also included in other assets on the accompanying consolidated balance sheets at December 31, 2015 and December 31, 2014. The Company is not a party to any other legal proceeding, the adverse outcome of which is likely to have a material adverse effect on the Company's consolidated financial condition or results of operations. |
ACCUMULATED OTHER COMPREHENSIVE
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 12 Months Ended |
Dec. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract] | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME | 17. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME The components of accumulated other comprehensive (loss) income as of December 31, 2015, 2014 and 2013 are summarized below: 2015 2014 2013 Foreign currency translation adjustment $ (19,305 ) $ (9,351 ) $ 1,904 Unrealized holding gain on available-for-sale securities, net of taxes of $265, $259 and $169 as of December 31, 2015, 2014 and 2013 434 429 282 Unfunded SERP liability, net of taxes of ($1,327), ($1,325) and ($693) as of December 31, 2015, 2014 and 2013 (3,005 ) (3,026 ) (1,541 ) Accumulated other comprehensive (loss) income $ (21,876 ) $ (11,948 ) $ 645 Changes in accumulated other comprehensive (loss) income by component during the years ended December 31, 2015 and 2014 are as follows. All amounts are net of tax. Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at January 1, 2014 1,904 282 (1,541 ) 645 Other comprehensive income (loss) before reclassifications (11,255 ) 147 (1,667 ) (12,775 ) Amounts reclassified from accumulated other comprehensive income (loss) - - 182 (a) 182 Net current period other comprehensive income (loss) (11,255 ) 147 (1,485 ) (12,593 ) Balance at December 31, 2014 $ (9,351 ) $ 429 $ (3,026 ) $ (11,948 ) Other comprehensive income (loss) before reclassifications (9,954 ) 5 (233 ) (10,182 ) Amounts reclassified from accumulated other comprehensive income (loss) 254 (a) 254 Net current period other comprehensive income (loss) (9,954 ) 5 21 (9,928 ) Balance at December 31, 2015 $ (19,305 ) $ 434 $ (3,005 ) $ (21,876 ) (a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment classification of the plan participants. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
RELATED PARTY TRANSACTIONS [Abstract] | |
RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS The Company maintains minority ownership in a joint venture in the PRC. See Note 2, "Acquisitions and Disposition." The joint venture may purchase raw components and other goods from the Company and may sell finished goods to the Company as well as to other third parties. The Company purchased $1.5 million and $4.3 million of inventory from the joint venture during the year ended December 31, 2015 and during the period from its acquisition date of June 19, 2014 through December 31, 2014, respectively. At December 31, 2015, the Company owed the joint venture approximately $0.5 million, which is included in accounts payable on the accompanying consolidated balance sheet. |
SELECTED QUARTERLY DATA (UNAUDI
SELECTED QUARTERLY DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
SELECTED QUARTERLY DATA (UNAUDITED) [Abstract] | |
SELECTED QUARTERLY DATA (UNAUDITED) | 19. SELECTED QUARTERLY DATA (UNAUDITED) Quarterly results for the year ended December 31, 2015 and 2014 are summarized as follows: 2015 First Second Third Fourth Quarter (a) Quarter Quarter Quarter Net sales $ 142,015 $ 145,658 $ 144,161 $ 135,246 Cost of sales 115,202 (a) 117,098 116,749 109,203 Net earnings 5,320 (a) 6,062 4,920 2,895 Net earnings per share: Class A common share - basic and diluted $ 0.43 (a) $ 0.49 $ 0.39 $ 0.23 Class B common share - basic and diluted $ 0.45 (a) $ 0.52 $ 0.42 $ 0.25 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (b) Net sales $ 82,646 $ 99,439 $ 156,341 $ 148,650 Cost of sales 68,576 81,493 128,561 121,091 (b) Net earnings 2,503 3,065 1,261 1,774 (b) Earnings per share: Class A common share - basic and diluted $ 0.20 $ 0.25 $ 0.10 $ 0.14 (b) Class B common share - basic and diluted $ 0.22 $ 0.27 $ 0.11 $ 0.15 (b) (a) Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. (b) Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. |
SCHEDULE II - VALUATION AND QUA
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS [Abstract] | |
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS | BEL FUSE INC. AND SUBSIDIARIES SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Amounts in thousands) Column A Column B Column C Column D Column E Additions Balance at (1) (2) Balance beginning Charged to costs Charged to other Deductions at end Description of period and expenses accounts (b) (a) of period Year ended December 31, 2015: Allowance for doubtful accounts $ 1,989 $ 295 $ 303 $ (840 ) $ 1,747 Allowance for excess and obsolete inventory $ 6,809 $ 2,186 $ (59 ) $ (3,668 ) $ 5,268 Deferred tax assets - valuation allowances $ 6,692 $ 456 $ - $ (513 ) $ 6,635 Year ended December 31, 2014: Allowance for doubtful accounts $ 941 $ 1,434 $ - $ (386 ) $ 1,989 Allowance for excess and obsolete inventory $ 3,941 $ 4,438 $ (1 ) $ (1,569 ) $ 6,809 Deferred tax assets - valuation allowances $ 1,955 $ 4,766 $ - $ (29 ) $ 6,692 Year ended December 31, 2013: Allowance for doubtful accounts $ 743 $ 325 $ 50 $ (177 ) $ 941 Allowance for excess and obsolete inventory $ 5,490 $ (85 ) $ 7 $ (1,471 ) $ 3,941 Deferred tax assets - valuation allowances $ 1,874 $ 308 $ - $ (227 ) $ 1,955 (a) Write-offs (b) Includes foreign currency translation adjustments |
DESCRIPTION OF BUSINESS AND S30
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Principles of Consolidation | Principles of Consolidation - |
Use of Estimates | Use of Estimates - to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including but not limited to those related to product returns, provisions for bad debt, inventories, goodwill, intangible assets, investments, Supplemental Executive Retirement Plan ("SERP") expense, income taxes, contingencies and litigation. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. |
Cash Equivalents | Cash Equivalents |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts |
Business Combinations | Business Combinations – |
Effects of Foreign Currency | Effects of Foreign Currency – In non-U.S. locations that are not considered highly inflationary, we translate the balance sheets at the end of period exchange rates with translation adjustments accumulated in stockholders' equity on our consolidated balance sheets. We translate the statements of operations at the average exchange rates during the applicable period. The Company incurred net realized and unrealized currency exchange gains (losses) of $5.1 million, $4.3 million and ($0.6) million for the years ended December 31, 2015, 2014 and 2013, respectively, were included in net earnings. |
Concentration of Credit Risk | Concentration of Credit Risk - We place temporary cash investments with quality financial institutions and commercial issuers of short-term paper and, by policy, limit the amount of credit exposure in any one financial |
Inventories | Inventories |
Revenue Recognition | Revenue Recognition For certain customers, we provide consigned inventory, either at the customer's facility or at a third-party warehouse. Sales of consigned inventory are recorded when the customer withdraws inventory from consignment . The Company is not contractually obligated to accept returns except for defective product or in instances where the product does not meet the Company's product specifications. However, the Company may permit its customers to return product for other reasons. In these instances, the Company would generally require a significant cancellation penalty payment by the customer. The Company estimates such returns, where applicable, based upon management's evaluation of historical experience, market acceptance of products produced and known negotiations with customers. Such estimates are deducted from sales and provided for at the time revenue is recognized. |
Product Warranties | Product Warranties |
Finite-Lived Intangible Assets | Finite-Lived Intangible Assets |
Goodwill and Other Indefinite-lived Intangible Assets | Goodwill and Other Indefinite-lived Intangible Assets We The Company tests goodwill for impairment using a fair value approach at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment for which discrete financial information is available and reviewed regularly by management. Our reporting units are geographical in nature and are North America, Asia and Europe. Assets and liabilities of the Company have been assigned to the reporting units to the extent they are employed in or are considered a liability related to the operations of the reporting unit and are considered in determining the fair value of the reporting unit. Reporting units with similar economic characteristics are aggregated for purposes of the goodwill impairment test. The goodwill impairment test is a two-step process. If the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the goodwill impairment test is performed to measure the amount of impairment loss, if any. See Note 4, "Goodwill and Other Intangible Assets." The Company tests indefinite-lived intangible assets for impairment using the relief-from-royalty method (a form of the income approach). No impairment was recognized as a result of the October 1, 2015 testing. See Note 4, "Goodwill and Other Intangible Assets." |
Evaluation of Long-lived Assets | Evaluation of Long-lived Assets |
Depreciation | Depreciation - |
Income Taxes | Income Taxes - We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We have established valuation allowances for deferred tax assets that are not likely to be realized. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of our net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes. We establish reserves for tax contingencies when, despite the belief that our tax return positions are fully supported, it is probable that certain positions may be challenged and may not be fully sustained. The tax contingency reserves are analyzed on a quarterly basis and adjusted based upon changes in facts and circumstances, such as the conclusion of federal and state audits, expiration of the statute of limitations for the assessment of tax, case law and emerging legislation. Our effective tax rate includes the effect of tax contingency reserves and changes to the reserves as considered appropriate by management. |
Earnings per Share | Earnings per Share The earnings and weighted average shares outstanding used in the computation of basic and diluted earnings per share are as follows: 2015 2014 2013 Numerator: Net earnings $ 19,197 $ 8,603 $ 15,908 Less dividends declared: Class A 522 522 522 Class B 2,713 2,665 2,576 Undistributed earnings $ 15,962 $ 5,416 $ 12,810 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 2,809 $ 970 $ 2,346 Class B undistributed earnings 13,153 4,446 10,464 Total undistributed earnings $ 15,962 $ 5,416 $ 12,810 Net earnings allocation - basic and diluted: Class A net earnings $ 3,331 $ 1,492 $ 2,868 Class B net earnings 15,866 7,111 13,040 Net earnings $ 19,197 $ 8,603 $ 15,908 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,175 2,175 2,175 Class B - basic and diluted 9,698 9,491 9,240 Net earnings per share: Class A - basic and diluted $ 1.53 $ 0.69 $ 1.32 Class B - basic and diluted $ 1.64 $ 0.75 $ 1.41 |
Research and Development ("R&D") | Research and Development ("R&D") - Our engineering groups are strategically located around the world to facilitate communication with and access to customers' engineering personnel. This collaborative approach enables partnerships with customers for technical development efforts. On occasion, we execute non-disclosure agreements with our customers to help develop proprietary, next generation products destined for rapid deployment. R&D costs are expensed as incurred, and are included in cost of sales on the consolidated statements of operations. Generally, R&D is performed internally for the benefit of the Company. R&D costs include salaries, building maintenance and utilities, rents, materials, administration costs and miscellaneous other items. R&D expenses for the years ended December 31, 2015, 2014 and 2013 amounted to $27.7 million, $21.5 million and $14.1 million, respectively. |
Fair Value Measurements | Fair Value Measurements Level 1 Level 2 Level 3 For financial instruments such as cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and notes payable, the carrying amount approximates fair value because of the short maturities of such instruments. See Note 5, "Fair Value Measurements," for additional disclosures related to fair value measurements. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently Adopted Accounting Standards In April 2014, the FASB issued guidance for the reporting of discontinued operations, which also contains new disclosure requirements for both discontinued operations and other disposals that do not meet the definition of a discontinued operation. This guidance was adopted by the Company effective January 1, 2015. The effects of this guidance will depend on future disposals by the Company. In November 2014, the FASB issued guidance on pushdown accounting for business combinations. This amendment provides an acquired entity with an option to apply pushdown accounting in its separate financial statements upon occurrence of an event in which an acquirer obtains control of the acquired entity. This amendment was effective on November 18, 2014. The effects of this standard will depend on any future events whereby we obtain control of an entity and elect to apply pushdown accounting. In July 2013, the FASB issued revised guidance to address the diversity in practice related to the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The Company adopted this guidance on January 1, 2014, on a prospective basis. The adoption did not have a material impact on the Company's consolidated financial statements. Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued guidance to provide a new comprehensive model for lease accounting. Under this guidance, lessees and lessors should apply a "right-of-use" model in accounting for all leases (including subleases) and eliminate the concept of operating leases and off-balance sheet leases. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. Early adoption is permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements. In November 2015, the FASB issued guidance which will require entities to present deferred tax assets and deferred tax liabilities as noncurrent on the consolidated balance sheet. The guidance simplifies the current guidance, which requires entities to separately present deferred tax assets and deferred tax liabilities as current and noncurrent on the consolidated balance sheet. This guidance may be applied either prospectively or retrospectively and is effective for fiscal years beginning after December 15, 2016, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued guidance which simplifies the accounting for measurement period adjustments related to business combinations, which eliminates the requirement for an acquirer in a business combination to account for measurement period adjustments retrospectively. Under this guidance, acquirers must recognize measurement period adjustments in the period in which they determine the amounts, including the effect on earnings of any amount they would have recorded in previous periods if the accounting had been completed at the acquisition date. This guidance is effective for fiscal years beginning after December 15, 2015, with early adoption permitted. Measurement period adjustments of any future acquisitions will be accounted for under this new guidance. In July 2015, the FASB issued guidance which requires entities to measure most inventory at the lower of cost and net realizable value, thereby simplifying the current guidance under which an entity must measure inventory at the lower of cost or market. The update is effective for fiscal years beginning after December 15, 2016, and interim periods therein. Early application is permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements, if any. In April 2015, the FASB issued guidance on simplifying the balance sheet presentation of debt issuance costs. The update requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability instead of being presented as an asset. Debt disclosures will include the face amount of the debt liability and the effective interest rate. In August 2015, the FASB amended this guidance for debt issuance costs associated with line-of-credit arrangements to reflect that the SEC would not object to the deferral and presentation of debt issuance costs as an asset and subsequent amortization of debt issuance costs over the term of the line-of-credit arrangement, whether or not there are any outstanding borrowings on the line-of-credit arrangement. The update requires retrospective application and represents a change in accounting principle. The update is effective for fiscal years beginning after December 15, 2015. Early application is permitted. Management does not believe that the adoption of this guidance will have a material impact on the Company's consolidated financial position or results of operations. In January 2015, the FASB issued guidance on simplifying the income statement presentation by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This amendment is effective for annual periods beginning after December 15, 2015. The adoption of this standard is not expected to have a material impact on our consolidated financial position or results of operations. In August 2014, In June 2014, the FASB issued guidance on stock compensation. The amendment requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718 as it relates to awards with performance conditions that affect vesting to account for such awards. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendment is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2015. Earlier adoption is permitted. In May 2014, the FASB issued guidance on the accounting for revenue from contracts with customers that will supersede most existing revenue recognition guidance, including industry-specific guidance. The core principle requires an entity to recognize revenue to depict the transfer of goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the guidance requires enhanced disclosures regarding the nature, timing and uncertainty of revenue and cash flows arising from an entity's contracts with customers. This guidance allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. On July 9, 2015, the FASB decided to defer the effective date of this guidance by one year to annual reporting periods beginning after December 15, 2017, however, early adoption as of the original effective date will be permitted. Management is currently evaluating the impact that this guidance will have on the Company's consolidated financial statements, if any, including which transition method it will adopt. |
DESCRIPTION OF BUSINESS AND S31
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of earnings and weighted average shares outstanding used in the computation of basic and diluted earnings per share | The earnings and weighted average shares outstanding used in the computation of basic and diluted earnings per share are as follows: 2015 2014 2013 Numerator: Net earnings $ 19,197 $ 8,603 $ 15,908 Less dividends declared: Class A 522 522 522 Class B 2,713 2,665 2,576 Undistributed earnings $ 15,962 $ 5,416 $ 12,810 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 2,809 $ 970 $ 2,346 Class B undistributed earnings 13,153 4,446 10,464 Total undistributed earnings $ 15,962 $ 5,416 $ 12,810 Net earnings allocation - basic and diluted: Class A net earnings $ 3,331 $ 1,492 $ 2,868 Class B net earnings 15,866 7,111 13,040 Net earnings $ 19,197 $ 8,603 $ 15,908 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,175 2,175 2,175 Class B - basic and diluted 9,698 9,491 9,240 Net earnings per share: Class A - basic and diluted $ 1.53 $ 0.69 $ 1.32 Class B - basic and diluted $ 1.64 $ 0.75 $ 1.41 |
ACQUISITIONS AND DISPOSITION (T
ACQUISITIONS AND DISPOSITION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Acquisition [Line Items] | |
Unaudited pro forma consolidated results of operations information | The unaudited pro forma results are presented for illustrative purposes only and are not necessarily indicative of the results that would have actually been obtained if the acquisitions had occurred on the assumed dates, nor is the pro forma data intended to be a projection of results that may be obtained in the future. Year Ended December 31, 2014 2013 Revenue $ 629,132 $ 710,937 Net earnings 11,705 (65,299 ) Earnings per Class A common share - basic and diluted 0.94 (5.52 ) Earnings per Class B common share - basic and diluted 1.02 (5.77 ) |
Power Solutions and Connectivity Solutions [Member] | |
Business Acquisition [Line Items] | |
Schedule of acquisition date fair values of assets acquired and liabilities assumed | The table below depicts the Company's final purchase price allocation for the 2014 Acquisitions as of the respective acquisition dates. Power Solutions Connectivity Solutions 2014 Acquisitions June 19, 2014 July 25, 2014/ (As Reported at Measurement June 19, August 29, 2014(a) Measurement July 25, 2014/ Acquisition-Date December 31, Period 2014 (As Reported at Period August 29, 2014 Fair Values 2014) Adjustments (Revised) December 31, 2014) Adjustments (Revised) (Revised) Cash $ 20,912 $ - $ 20,912 $ 6,544 $ - $ 6,544 $ 27,456 Accounts receivable 29,389 - 29,389 9,375 - 9,375 38,764 Inventories 36,429 - 36,429 17,632 - 17,632 54,061 Other current assets 7,350 - 7,350 2,615 (1,761 ) (c) 854 8,204 Property, plant and equipment 28,175 (1,060 ) (b) 27,115 9,900 - 9,900 37,015 Intangible assets 33,220 - 33,220 40,000 - 40,000 73,220 Other assets 19,171 - 19,171 2,345 2,388 (c) 4,733 23,904 Total identifiable assets 174,646 (1,060 ) 173,586 88,411 627 89,038 262,624 Accounts payable (26,180 ) - (26,180 ) (10,682 ) - (10,682 ) (36,862 ) Accrued expenses (25,545 ) - (25,545 ) (5,307 ) 76 (5,231 ) (30,776 ) Other current liabilities 223 - 223 (57 ) 946 (c) 889 1,112 Noncurrent liabilities (42,062 ) (4,623 ) (c) (46,685 ) (17,314 ) (1,352 ) (c) (18,666 ) (65,351 ) Total liabilities assumed (93,564 ) (4,623 ) (98,187 ) (33,360 ) (330 ) (33,690 ) (131,877 ) Net identifiable assets acquired 81,082 (5,683 ) 75,399 55,051 297 55,348 130,747 Goodwill 49,710 5,683 55,393 50,306 (297 ) 50,009 105,402 Net assets acquired $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 Cash paid $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 Assumption of liability - - - - - - - Fair value of consideration transferred 130,792 - 130,792 105,357 - 105,357 236,149 Deferred consideration - - - - - - - Total consideration paid $ 130,792 $ - $ 130,792 $ 105,357 $ - $ 105,357 $ 236,149 (a) The Company acquired the U.S. and U.K. entities of Connectivity Solutions on July 25, 2014 and the China entity of Connectivity Solutions on August 29, 2014. These values represent the fair values as of the respective acquisition dates. (b) Represents the purchase accounting adjustments reflecting the finalization of the acquisition-date fair values of property, plant and equipment associated with completion of third-party valuations. (c) Primarily represents the impact to deferred taxes reflecting the finalization of the allocation of identifiable intangible assets acquired. |
RESTRUCTURING ACTIVITIES (Table
RESTRUCTURING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RESTRUCTURING ACTIVITIES [Abstract] | |
Activity and liability balances related to restructuring charges | Activity and liability balances related to restructuring costs for the years ended December 31, 2014 and 2015 are as follows: 2014 2015 Liability at Cash Payments Liability at Cash Payments Liability at December 31, New and Other December 31, New and Other December 31, 2013 Charges Settlements 2014 Charges Settlements 2015 Severance costs $ - $ 1,778 $ (1,778 ) $ - $ 1,144 $ (1,034 ) $ 110 Other restructuring costs - 54 (54 ) - 626 (626 ) - Total $ - $ 1,832 $ (1,832 ) $ - $ 1,770 $ (1,660 ) $ 110 |
GOODWILL AND OTHER INTANGIBLE34
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
GOODWILL AND OTHER INTANGIBLE ASSETS [Abstract] | |
Changes in carrying value of goodwill classified by reportable operating segment | The changes in the carrying value of goodwill classified by reportable operating segment for the years ended December 31, 2015 and 2014 are as follows: Total North America Asia Europe Balance at January 1, 2014 Goodwill, gross 45,431 18,865 14,107 12,459 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 18,490 $ 4,799 $ 1,232 $ 12,459 Goodwill allocation related to acquisitions 100,812 51,011 36,155 13,646 Measurement period adjustments (496 ) (496 ) - - Foreign currency translation (437 ) - (210 ) (227 ) Balance at December 31, 2014: Goodwill, gross 145,310 69,380 50,052 25,878 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 118,369 $ 55,314 $ 37,177 $ 25,878 Measurement period adjustments 4,590 (6,016 ) 4,351 6,255 Foreign currency translation (1,325 ) - 129 (1,454 ) Balance at December 31, 2015: Goodwill, gross 148,575 63,364 54,532 30,679 Accumulated impairment charges (26,941 ) (14,066 ) (12,875 ) - Goodwill, net $ 121,634 $ 49,298 $ 41,657 $ 30,679 |
Excess of estimated fair values over carrying value including goodwill | The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2015 annual impairment test were the following: Reporting Unit % by Which Estimated Fair Value Exceeds Carrying Value North America 11.4 % Asia 20.2 % Europe 18.4 % |
Components of intangible assets other than goodwill | The components of intangible assets other than goodwill are as follows: December 31, 2015 December 31, 2014 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Patents, licenses and technology $ 39,388 $ 7,932 $ 31,456 $ 38,872 $ 4,297 $ 34,575 Customer relationships 44,894 5,735 39,159 45,836 3,062 42,774 Non-compete agreements 2,753 1,838 915 2,781 1,050 1,731 Trademarks 16,338 41 16,297 16,624 202 16,422 $ 103,373 $ 15,546 $ 87,827 $ 104,113 $ 8,611 $ 95,502 |
Estimated amortization expense for intangible assets | Estimated amortization expense for intangible assets for the next five years is as follows: December 31, Amortization Expense 2016 $ 6,759 2017 6,325 2018 6,084 2019 6,084 2020 6,052 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INVENTORIES [Abstract] | |
Components of inventories | The components of inventories are as follows: December 31, 2015 2014 Raw materials $ 42,036 $ 51,638 Work in progress 16,908 16,128 Finished goods 39,566 45,864 Inventories $ 98,510 $ 113,630 |
PROPERTY, PLANT AND EQUIPMENT36
PROPERTY, PLANT AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
PROPERTY, PLANT AND EQUIPMENT, NET [Abstract] | |
Property, plant and equipment | Property, plant and equipment, net consist of the following: December 31, 2015 2014 Land $ 2,240 $ 3,293 Buildings and improvements 29,346 31,067 Machinery and equipment 116,921 117,178 Construction in progress 4,949 4,764 153,456 156,302 Accumulated depreciation (95,845 ) (87,041 ) Property, plant and equipment, net $ 57,611 $ 69,261 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
INCOME TAXES [Abstract] | |
Reconciliation of beginning and ending amount of liability for uncertain tax positions | A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, including the portion included in income taxes payable, is as follows : 2015 2014 2013 Liability for uncertain tax positions - January 1 $ 39,970 $ 2,189 $ 2,711 Additions based on tax positions related to the current year 3,241 2,732 28 Additions relating to acquisitions - 35,874 - Translation adjustment (844 ) - - Settlement/expiration of statutes of limitations (209 ) (825 ) (550 ) Liability for uncertain tax positions - December 31 $ 42,158 $ 39,970 $ 2,189 |
Provision (benefit) for income taxes | The provision (benefit) for income taxes consists of the following: Years Ended December 31, 2015 2014 2013 Current: Federal $ 1,494 $ 402 $ (1,099 ) Foreign 5,327 3,281 1,120 State 70 175 113 6,891 3,858 134 Deferred: Federal 1,019 (2,698 ) (865 ) State (64 ) (407 ) 65 Foreign (1,311 ) 414 (77 ) (356 ) (2,691 ) (877 ) $ 6,535 $ 1,167 $ (743 ) |
Reconciliation of taxes on income computed at the federal statutory rate | A reconciliation of taxes on income computed at the U.S. federal statutory rate to amounts provided is as follows: Years Ended December 31, 2015 2014 2013 $ % $ % $ % Tax provision computed at the federal statutory rate $ 9,006 35 % $ 3,420 35 % $ 5,309 35 % Increase (decrease) in taxes resulting from: Different tax rates applicable to foreign operations (5,353 ) (21 %) (4,458 ) (46 %) (4,677 ) (31 %) Increase in (reversal of) liability for uncertain tax positions - net 3,032 12 % 1,907 20 % (522 ) (3 %) Utilization of research and experimentation, solar and foreign tax credits (349 ) (1 %) (508 ) (5 %) (1,049 ) (7 %) State taxes, net of federal benefit 56 0 % (183 ) (2 %) 117 1 % Current year (reversal) increase in U.S. valuation allowances (343 ) (1 %) 335 3 % 49 0 % Federal tax on profit of foreign disregarded entities net of deferred tax 872 3 % 770 8 % - 0 % Other, including qualified production activity credits, SERP/COLI income, under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles (386 ) (2 %) (116 ) (1 %) 30 0 % Tax (benefit) provision computed at the Company's effective tax rate $ 6,535 25 % $ 1,167 12 % $ (743 ) (5 %) |
Components of deferred income tax assets | Components of deferred income tax assets are as follows: December 31, 2015 2014 Tax Effect Tax Effect (Revised) Deferred tax assets: State tax credits $ 902 $ 954 Unfunded pension liability 1,327 1,301 Reserves and accruals 4,349 2,095 Federal, state and foreign net operating loss and credit carryforwards 10,953 15,361 Depreciation 880 962 Amortization 814 995 Acquired deferred taxes - 10,775 Other accruals 9,622 3,253 Total deferred tax assets 28,847 35,696 Deferred tax liabilities: Reserves and accruals 64 68 Depreciation 2,391 707 Amortization 23,772 21,062 Acquired deferred taxes - 8,053 Other accruals 857 1,522 Total deferred tax liabilities 27,084 31,412 Valuation allowance 6,635 6,692 Net deferred tax assets/(liabilities) $ (4,872 ) $ (2,408 ) |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
DEBT [Abstract] | |
Scheduled principal payments of the long-term debt outstanding | Scheduled principal payments of the long-term debt outstanding at December 31, 2015 are as follows (in thousands): 2016 (1) $ 24,772 2017 18,813 2018 24,188 2019 119,415 Total long-term debt 187,188 Less: Current maturities of long-term debt (24,772 ) Noncurrent portion of long-term debt $ 162,416 (1 ) the terms of the CSA. |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ACCRUED EXPENSES [Abstract] | |
Accrued expenses | Accrued expenses consist of the following: Year Ended December 31, 2015 2014 Sales commissions $ 2,824 $ 3,017 Subcontracting labor 1,942 2,217 Salaries, bonuses and related benefits 15,672 17,964 Warranty accrual 3,659 6,032 Other 14,226 13,358 $ 38,323 $ 42,588 |
Schedule of warranty accrual account for the period from the acquisition date | A tabular presentation of the activity within the warranty accrual account for the years ended December 31, 2015 and 2014 is presented below: Year Ended December 31, 2015 2014 Balance, beginning of year $ 6,032 $ - Warranty accruals acquired in 2014 Acquisitions - 4,397 Charges and costs accrued 2,892 3,834 Adjustments related to pre-existing warranties (including changes in estimates) (1,208 ) (66 ) Less: Repair costs incurred (2,932 ) (2,061 ) Less: Cash settlements (1,000 ) - Currency translation (125 ) (72 ) Balance, end of year $ 3,659 $ 6,032 |
SEGMENTS (Tables)
SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENTS [Abstract] | |
Key financial data | The following is a summary of key financial data: 2015 2014 2013 Net Sales to External Customers: North America $ 304,328 $ 217,258 $ 116,548 Asia 188,146 201,338 193,647 Europe 74,606 68,480 38,994 $ 567,080 $ 487,076 $ 349,189 Net Sales: North America $ 329,304 $ 248,007 $ 128,472 Asia 295,751 275,765 225,151 Europe 148,735 114,748 40,742 Less intercompany net sales (206,710 ) (151,444 ) (45,176 ) $ 567,080 $ 487,076 $ 349,189 Income (Loss) from Operations: North America $ 11,012 $ (4,531 ) $ (1,560 ) Asia 8,175 13,090 15,356 Europe 9,413 4,913 1,251 $ 28,600 $ 13,472 $ 15,047 Total Assets: North America $ 247,436 $ 314,565 $ 117,261 Asia 231,063 251,240 148,780 Europe 108,512 69,616 42,100 $ 587,011 $ 635,421 $ 308,141 Capital Expenditures: North America $ 2,425 $ 3,862 $ 2,064 Asia 4,888 4,089 4,551 Europe 2,578 1,091 325 $ 9,891 $ 9,042 $ 6,940 Depreciation and Amortization Expense: North America $ 10,841 $ 7,986 $ 4,282 Asia 8,706 8,391 6,540 Europe 3,462 3,990 1,560 $ 23,009 $ 20,367 $ 12,382 |
Schedule of segment sales and income from operations | The acquisitions in 2014 and 2013 contributed to Bel's segment net sales and income from operations as follows: Year Ended December 31, 2015 2014 2013 Net Sales to External Customers: North America: Power Solutions $ 131,215 $ 73,530 $ - Connectivity Solutions 57,903 28,242 - Array (a) 4,729 6,842 2,074 193,847 108,614 2,074 Asia: Power Solutions 1,026 3,401 - Connectivity Solutions 4,872 2,469 - TRP 71,215 66,082 65,141 77,113 71,952 65,141 Europe: Power Solutions 28,685 23,882 - Connectivity Solutions 6,634 2,812 - TRP 2,700 2,498 1,407 38,019 29,192 1,407 Net sales from 2013-2014 acquisitions 308,979 209,758 68,622 Income (loss) from operations: North America: Power Solutions 2,320 (777 ) - Connectivity Solutions 2,803 (2,808 ) - Array (a) (311 ) (801 ) (936 ) 4,812 (4,386 ) (936 ) Asia: Power Solutions (2,074 ) (3,851 ) - Connectivity Solutions (329 ) 493 - TRP 9,269 13,152 9,007 6,866 9,794 9,007 Europe: Power Solutions 6,799 4,574 - Connectivity Solutions 731 (168 ) - TRP 351 366 289 7,881 4,772 289 Total income (loss) from operations from 2013-2014 acquisitions $ 19,559 $ 10,180 $ 8,360 (a) 2015 net sales and loss from operations noted for Array reflect 2015 activity through September 30, 2015. Array was merged into the Company's Cinch Connector business during the fourth quarter of 2015. |
Schedule of restructuring charges included in income (loss) from operation | The following restructuring charges are included in income (loss) from operations by segment. See Note 3, "Restructuring Activities," for further information on the Company's restructuring efforts. 2015 2014 2013 North America $ 1,452 $ 1,539 $ 963 Asia 352 - 249 Europe 310 293 175 $ 2,114 $ 1,832 $ 1,387 |
Entity-wide information net sales to external customers by geographic area and by major product line | The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line. 2015 2014 2013 Net Sales by Geographic Location: United States $ 304,328 $ 217,258 $ 116,548 Macao 182,248 195,469 193,647 United Kingdom 27,552 22,852 16,538 Germany 16,314 18,663 16,585 Switzerland 18,050 15,236 - All other foreign countries 18,588 17,598 5,871 Consolidated net sales $ 567,080 $ 487,076 $ 349,189 Net Sales by Major Product Line: Power solutions and protection $ 214,766 $ 159,867 $ 67,370 Connectivity solutions 181,697 152,954 111,653 Magnetic solutions 170,617 174,255 170,166 Consolidated net sales $ 567,080 $ 487,076 $ 349,189 |
Long-lived assets by geographic area | The following is a summary of long-lived assets by geographic area as of December 31, 2015 and 2014: 2015 2014 Long-lived Assets by Geographic Location: United States $ 35,967 $ 43,760 People's Republic of China (PRC) 37,796 42,323 Slovakia 7,758 8,101 Switzerland 4,006 4,935 United Kingdom 2,016 2,537 All other foreign countries 1,232 1,305 Consolidated long-lived assets $ 88,775 $ 102,961 |
RETIREMENT FUND AND PROFIT SH41
RETIREMENT FUND AND PROFIT SHARING PLAN (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract] | |
Net periodic benefit cost related to the SERP | The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2015, 2014 and 2013: 2015 2014 2013 Service Cost $ 552 $ 542 $ 556 Interest Cost 567 541 448 Net amortization 366 182 307 Net periodic benefit cost $ 1,485 $ 1,265 $ 1,311 |
Information about changes in plan assets and benefit obligation, the funded status | Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2015 and 2014 are as follows: 2015 2014 Fair value of plan assets, January 1 $ - $ - Company contributions 85 16 Benefits paid (85 ) (16 ) Fair value of plan assets, December 31 $ - $ - Benefit obligation, January 1 14,205 10,830 Service cost 552 542 Interest cost 567 541 Benefits paid (85 ) (16 ) Actuarial (gains) losses 337 2,308 Benefit obligation, December 31 $ 15,576 $ 14,205 Underfunded status, December 31 $ (15,576 ) $ (14,205 ) |
Expected benefit payments | The following benefit payments, which reflect expected future service, are expected to be paid: Years Ending December 31, 2016 $ 129 2017 280 2018 280 2019 532 2020 647 2021 - 2025 4,662 |
Gross amounts recognized in accumulated other comprehensive loss, net of tax | The following gross amounts are recognized net of tax in accumulated other comprehensive loss: 2015 2014 Prior service cost $ 866 $ 1,048 Net loss 3,465 3,302 $ 4,331 $ 4,350 |
Weighted average assumptions used in determining the periodic net cost and benefit obligation related to SERP | The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows: 2015 2014 2013 Net periodic benefit cost Discount rate 4.00 % 5.00 % 4.00 % Rate of compensation increase 3.00 % 3.00 % 3.00 % Benefit obligation Discount rate 4.25 % 4.00 % 5.00 % Rate of compensation increase 3.00 % 3.00 % 3.00 % |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SHARE-BASED COMPENSATION [Abstract] | |
Summary of the restricted stock activity | A summary of the restricted stock activity under the Program as of December 31, 2015 is presented below: Weighted Average Restricted Stock Weighted Average Remaining Awards Shares Award Price Contractual Term Outstanding at January 1, 2015 643,275 $ 21.52 3.8 years Granted 84,000 23.05 Vested (94,450 ) 18.96 Forfeited (68,800 ) 22.99 Outstanding at December 31, 2015 564,025 $ 22.00 3.2 years |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
Future minimum lease payments for operating leases | Future minimum lease payments for operating leases are approximately as follows: Year Ending December 31, 2016 $ 7,924 2017 5,870 2018 3,209 2019 2,184 2020 2,032 Thereafter 2,211 $ 23,430 |
ACCUMULATED OTHER COMPREHENSI44
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME [Abstract] | |
Components of accumulated other comprehensive (loss) income | The components of accumulated other comprehensive (loss) income as of December 31, 2015, 2014 and 2013 are summarized below: 2015 2014 2013 Foreign currency translation adjustment $ (19,305 ) $ (9,351 ) $ 1,904 Unrealized holding gain on available-for-sale securities, net of taxes of $265, $259 and $169 as of December 31, 2015, 2014 and 2013 434 429 282 Unfunded SERP liability, net of taxes of ($1,327), ($1,325) and ($693) as of December 31, 2015, 2014 and 2013 (3,005 ) (3,026 ) (1,541 ) Accumulated other comprehensive (loss) income $ (21,876 ) $ (11,948 ) $ 645 |
Changes in accumulated other comprehensive (loss) income by component | Changes in accumulated other comprehensive (loss) income by component during the years ended December 31, 2015 and 2014 are as follows. All amounts are net of tax. Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at January 1, 2014 1,904 282 (1,541 ) 645 Other comprehensive income (loss) before reclassifications (11,255 ) 147 (1,667 ) (12,775 ) Amounts reclassified from accumulated other comprehensive income (loss) - - 182 (a) 182 Net current period other comprehensive income (loss) (11,255 ) 147 (1,485 ) (12,593 ) Balance at December 31, 2014 $ (9,351 ) $ 429 $ (3,026 ) $ (11,948 ) Other comprehensive income (loss) before reclassifications (9,954 ) 5 (233 ) (10,182 ) Amounts reclassified from accumulated other comprehensive income (loss) 254 (a) 254 Net current period other comprehensive income (loss) (9,954 ) 5 21 (9,928 ) Balance at December 31, 2015 $ (19,305 ) $ 434 $ (3,005 ) $ (21,876 ) (a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment classification of the plan participants. |
SELECTED QUARTERLY DATA (UNAU45
SELECTED QUARTERLY DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SELECTED QUARTERLY DATA (UNAUDITED) [Abstract] | |
Quarterly results (unaudited) | Quarterly results for the year ended December 31, 2015 and 2014 are summarized as follows: 2015 First Second Third Fourth Quarter (a) Quarter Quarter Quarter Net sales $ 142,015 $ 145,658 $ 144,161 $ 135,246 Cost of sales 115,202 (a) 117,098 116,749 109,203 Net earnings 5,320 (a) 6,062 4,920 2,895 Net earnings per share: Class A common share - basic and diluted $ 0.43 (a) $ 0.49 $ 0.39 $ 0.23 Class B common share - basic and diluted $ 0.45 (a) $ 0.52 $ 0.42 $ 0.25 2014 First Second Third Fourth Quarter Quarter Quarter Quarter (b) Net sales $ 82,646 $ 99,439 $ 156,341 $ 148,650 Cost of sales 68,576 81,493 128,561 121,091 (b) Net earnings 2,503 3,065 1,261 1,774 (b) Earnings per share: Class A common share - basic and diluted $ 0.20 $ 0.25 $ 0.10 $ 0.14 (b) Class B common share - basic and diluted $ 0.22 $ 0.27 $ 0.11 $ 0.15 (b) (a) Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. (b) Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. |
DESCRIPTION OF BUSINESS AND S46
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ / shares in Units, $ in Thousands | Sep. 12, 2012 | Jul. 31, 2012 | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015USD ($)$ / shares | Jun. 30, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | [1] | Dec. 31, 2014USD ($)$ / shares | [2] | Sep. 30, 2014USD ($)$ / shares | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($)$ / shares | Dec. 31, 2015USD ($)Segment$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Jul. 25, 2014 | Jun. 19, 2014 | Aug. 20, 2013 | Mar. 29, 2013 |
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||||||||||||||||||
Number of reportable segments | Segment | 3 | ||||||||||||||||||
Effects of Foreign Currency [Abstract] | |||||||||||||||||||
Net currency exchange gains | $ 5,100 | $ 4,300 | |||||||||||||||||
Net currency exchange losses | $ (600) | ||||||||||||||||||
Numerator [Abstract] | |||||||||||||||||||
Net earnings | $ 2,895 | $ 4,920 | $ 6,062 | $ 5,320 | $ 1,774 | $ 1,261 | $ 3,065 | $ 2,503 | 19,197 | 8,603 | 15,908 | ||||||||
Undistributed earnings | 15,962 | 5,416 | 12,810 | ||||||||||||||||
Undistributed earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Undistributed earnings | 15,962 | 5,416 | 12,810 | ||||||||||||||||
Net earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Net earnings | $ 2,895 | $ 4,920 | $ 6,062 | $ 5,320 | $ 1,774 | $ 1,261 | $ 3,065 | $ 2,503 | 19,197 | 8,603 | 15,908 | ||||||||
Research and Development ("R&D") [Abstract] | |||||||||||||||||||
Research and development costs | $ 27,700 | 21,500 | 14,100 | ||||||||||||||||
Machinery and Equipment [Member] | Minimum [Member] | |||||||||||||||||||
Depreciation [Abstract] | |||||||||||||||||||
Property, plant and equipment, useful life | 3 years | ||||||||||||||||||
Machinery and Equipment [Member] | Maximum [Member] | |||||||||||||||||||
Depreciation [Abstract] | |||||||||||||||||||
Property, plant and equipment, useful life | 15 years | ||||||||||||||||||
Buildings and Leasehold Improvements [Member] | Minimum [Member] | |||||||||||||||||||
Depreciation [Abstract] | |||||||||||||||||||
Property, plant and equipment, useful life | 3 years | ||||||||||||||||||
Buildings and Leasehold Improvements [Member] | Maximum [Member] | |||||||||||||||||||
Depreciation [Abstract] | |||||||||||||||||||
Property, plant and equipment, useful life | 39 years | ||||||||||||||||||
Class A [Member] | |||||||||||||||||||
Numerator [Abstract] | |||||||||||||||||||
Net earnings | $ 3,331 | 1,492 | 2,868 | ||||||||||||||||
Less dividends declared | 522 | 522 | 522 | ||||||||||||||||
Undistributed earnings | 2,809 | 970 | 2,346 | ||||||||||||||||
Undistributed earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Undistributed earnings | 2,809 | 970 | 2,346 | ||||||||||||||||
Net earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Net earnings | $ 3,331 | $ 1,492 | $ 2,868 | ||||||||||||||||
Weighted average shares outstanding [Abstract] | |||||||||||||||||||
Weighted average shares outstanding (in shares) | shares | 2,175 | 2,175 | 2,175 | ||||||||||||||||
Net earnings per share [Abstract] | |||||||||||||||||||
Common share - basic and diluted (in dollars per share) | $ / shares | $ 0.23 | $ 0.39 | $ 0.49 | $ 0.43 | $ 0.14 | $ 0.10 | $ 0.25 | $ 0.20 | $ 1.53 | $ 0.69 | $ 1.32 | ||||||||
Class B [Member] | |||||||||||||||||||
Earnings Per Share [Line Items] | |||||||||||||||||||
Dividend rate Class B common stock in excess of dividend rate of Class A common stock | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Undistributed earning allocation rate of Class B common stock in excess of Class A common stock, percentage | 5.00% | 5.00% | 5.00% | ||||||||||||||||
Numerator [Abstract] | |||||||||||||||||||
Net earnings | $ 15,866 | $ 7,111 | $ 13,040 | ||||||||||||||||
Less dividends declared | 2,713 | 2,665 | 2,576 | ||||||||||||||||
Undistributed earnings | 13,153 | 4,446 | 10,464 | ||||||||||||||||
Undistributed earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Undistributed earnings | 13,153 | 4,446 | 10,464 | ||||||||||||||||
Net earnings allocation - basic and diluted [Abstract] | |||||||||||||||||||
Net earnings | $ 15,866 | $ 7,111 | $ 13,040 | ||||||||||||||||
Weighted average shares outstanding [Abstract] | |||||||||||||||||||
Weighted average shares outstanding (in shares) | shares | 9,698 | 9,491 | 9,240 | ||||||||||||||||
Net earnings per share [Abstract] | |||||||||||||||||||
Common share - basic and diluted (in dollars per share) | $ / shares | $ 0.25 | $ 0.42 | $ 0.52 | $ 0.45 | $ 0.15 | $ 0.11 | $ 0.27 | $ 0.22 | $ 1.64 | $ 0.75 | $ 1.41 | ||||||||
Powerbox [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Sep. 12, 2012 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
Fibreco [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Jul. 31, 2012 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
Array [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Aug. 20, 2013 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
TRP [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Mar. 29, 2013 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
Power Solutions [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Jun. 19, 2014 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
Emerson [Member] | |||||||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||||||
Acquisition date | Jul. 25, 2014 | ||||||||||||||||||
Acquisition of issued and outstanding capital stock, percentage | 100.00% | ||||||||||||||||||
[1] | Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. | ||||||||||||||||||
[2] | Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. |
ACQUISITIONS AND DISPOSITION (D
ACQUISITIONS AND DISPOSITION (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 25, 2014 | Jun. 19, 2014 | Aug. 20, 2013 | Mar. 29, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | [1] | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Business Acquisition [Line Items] | ||||||||||||||||||
Payment for acquisitions, net of cash acquired | $ 0 | $ 208,693 | $ 30,994 | |||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Goodwill | $ 121,634 | $ 118,369 | 121,634 | 118,369 | 18,490 | |||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Revenues | 135,246 | $ 144,161 | $ 145,658 | $ 142,015 | 148,650 | [2] | $ 156,341 | $ 99,439 | $ 82,646 | 567,080 | 487,076 | 349,189 | ||||||
Operating income (loss) | 28,600 | 13,472 | 15,047 | |||||||||||||||
Power Solutions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payment for acquisitions, net of cash acquired | $ 109,900 | |||||||||||||||||
Percentages of owned joint venture investment | 49.00% | |||||||||||||||||
Other income | $ 4,200 | |||||||||||||||||
Deductible for tax purposes from goodwill | 17,700 | 17,700 | ||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | $ 20,912 | |||||||||||||||||
Accounts receivable | 29,389 | |||||||||||||||||
Inventories | 36,429 | |||||||||||||||||
Other current assets | 7,350 | |||||||||||||||||
Property, plant and equipment | 27,115 | |||||||||||||||||
Intangible assets | 33,220 | |||||||||||||||||
Other assets | 19,171 | |||||||||||||||||
Total identifiable assets | 173,586 | |||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | (26,180) | |||||||||||||||||
Accrued expenses | (25,545) | |||||||||||||||||
Other current assets | 223 | |||||||||||||||||
Noncurrent liabilities | (46,685) | |||||||||||||||||
Total liabilities assumed | (98,187) | |||||||||||||||||
Net identifiable assets acquired | 75,399 | |||||||||||||||||
Goodwill | 55,393 | |||||||||||||||||
Net assets acquired | 130,792 | |||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 130,792 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 130,792 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | 130,792 | |||||||||||||||||
Power Solutions [Member] | As Reported Member [Member] | ||||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | 20,912 | |||||||||||||||||
Accounts receivable | 29,389 | |||||||||||||||||
Inventories | 36,429 | |||||||||||||||||
Other current assets | 7,350 | |||||||||||||||||
Property, plant and equipment | 28,175 | |||||||||||||||||
Intangible assets | 33,220 | |||||||||||||||||
Other assets | 19,171 | |||||||||||||||||
Total identifiable assets | 174,646 | |||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | (26,180) | |||||||||||||||||
Accrued expenses | (25,545) | |||||||||||||||||
Other current assets | 223 | |||||||||||||||||
Noncurrent liabilities | (42,062) | |||||||||||||||||
Total liabilities assumed | (93,564) | |||||||||||||||||
Net identifiable assets acquired | 81,082 | |||||||||||||||||
Goodwill | 49,710 | |||||||||||||||||
Net assets acquired | 130,792 | |||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 130,792 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 130,792 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | 130,792 | |||||||||||||||||
Power Solutions [Member] | Measurement Period Adjustments [Member] | ||||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | 0 | |||||||||||||||||
Accounts receivable | 0 | |||||||||||||||||
Inventories | 0 | |||||||||||||||||
Other current assets | 0 | |||||||||||||||||
Property, plant and equipment | [3] | (1,060) | ||||||||||||||||
Intangible assets | 0 | |||||||||||||||||
Other assets | 0 | |||||||||||||||||
Total identifiable assets | (1,060) | |||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | 0 | |||||||||||||||||
Accrued expenses | 0 | |||||||||||||||||
Other current assets | 0 | |||||||||||||||||
Noncurrent liabilities | [4] | (4,623) | ||||||||||||||||
Total liabilities assumed | (4,623) | |||||||||||||||||
Net identifiable assets acquired | (5,683) | |||||||||||||||||
Goodwill | 5,683 | |||||||||||||||||
Net assets acquired | 0 | |||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 0 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 0 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | $ 0 | |||||||||||||||||
Connectivity Solutions [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payment for acquisitions, net of cash acquired | $ 98,800 | |||||||||||||||||
Deductible for tax purposes from goodwill | $ 3,200 | 3,200 | ||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | 6,544 | |||||||||||||||||
Accounts receivable | 9,375 | |||||||||||||||||
Inventories | 17,632 | |||||||||||||||||
Other current assets | 854 | |||||||||||||||||
Property, plant and equipment | 9,900 | |||||||||||||||||
Intangible assets | 40,000 | |||||||||||||||||
Other assets | 4,733 | |||||||||||||||||
Total identifiable assets | 89,038 | |||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | (10,682) | |||||||||||||||||
Accrued expenses | (5,231) | |||||||||||||||||
Other current assets | 889 | |||||||||||||||||
Noncurrent liabilities | (18,666) | |||||||||||||||||
Total liabilities assumed | (33,690) | |||||||||||||||||
Net identifiable assets acquired | 55,348 | |||||||||||||||||
Goodwill | 50,009 | |||||||||||||||||
Net assets acquired | 105,357 | |||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 105,357 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 105,357 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | 105,357 | |||||||||||||||||
Connectivity Solutions [Member] | As Reported Member [Member] | ||||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | [5] | 6,544 | ||||||||||||||||
Accounts receivable | [5] | 9,375 | ||||||||||||||||
Inventories | [5] | 17,632 | ||||||||||||||||
Other current assets | [5] | 2,615 | ||||||||||||||||
Property, plant and equipment | [5] | 9,900 | ||||||||||||||||
Intangible assets | [5] | 40,000 | ||||||||||||||||
Other assets | [5] | 2,345 | ||||||||||||||||
Total identifiable assets | [5] | 88,411 | ||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | [5] | (10,682) | ||||||||||||||||
Accrued expenses | [5] | (5,307) | ||||||||||||||||
Other current liabilities | [5] | (57) | ||||||||||||||||
Noncurrent liabilities | [5] | (17,314) | ||||||||||||||||
Total liabilities assumed | [5] | (33,360) | ||||||||||||||||
Net identifiable assets acquired | [5] | 55,051 | ||||||||||||||||
Goodwill | [5] | 50,306 | ||||||||||||||||
Net assets acquired | [5] | 105,357 | ||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | [5] | 105,357 | ||||||||||||||||
Assumption of liability | [5] | 0 | ||||||||||||||||
Fair value of consideration transferred | [5] | 105,357 | ||||||||||||||||
Deferred consideration | [5] | 0 | ||||||||||||||||
Total consideration paid | [5] | 105,357 | ||||||||||||||||
Connectivity Solutions [Member] | Measurement Period Adjustments [Member] | ||||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | 0 | |||||||||||||||||
Accounts receivable | 0 | |||||||||||||||||
Inventories | 0 | |||||||||||||||||
Other current assets | [4] | (1,761) | ||||||||||||||||
Property, plant and equipment | 0 | |||||||||||||||||
Intangible assets | 0 | |||||||||||||||||
Other assets | [4] | 2,388 | ||||||||||||||||
Total identifiable assets | 627 | |||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | 0 | |||||||||||||||||
Accrued expenses | 76 | |||||||||||||||||
Other current assets | [4] | 946 | ||||||||||||||||
Noncurrent liabilities | [4] | (1,352) | ||||||||||||||||
Total liabilities assumed | (330) | |||||||||||||||||
Net identifiable assets acquired | 297 | |||||||||||||||||
Goodwill | (297) | |||||||||||||||||
Net assets acquired | 0 | |||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 0 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 0 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | $ 0 | |||||||||||||||||
2014 Acquired Companies [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition-related costs | 600 | 7,300 | ||||||||||||||||
Assets acquired [Abstract] | ||||||||||||||||||
Cash | 27,456 | 27,456 | ||||||||||||||||
Accounts receivable | 38,764 | 38,764 | ||||||||||||||||
Inventories | 54,061 | 54,061 | ||||||||||||||||
Other current assets | 8,204 | 8,204 | ||||||||||||||||
Property, plant and equipment | 37,015 | 37,015 | ||||||||||||||||
Intangible assets | 73,220 | 73,220 | ||||||||||||||||
Other assets | 23,904 | 23,904 | ||||||||||||||||
Total identifiable assets | 262,624 | 262,624 | ||||||||||||||||
Liabilities assumed [Abstract] | ||||||||||||||||||
Accounts payable | (36,862) | (36,862) | ||||||||||||||||
Accrued expenses | (30,776) | (30,776) | ||||||||||||||||
Other current assets | 1,112 | 1,112 | ||||||||||||||||
Noncurrent liabilities | (65,351) | (65,351) | ||||||||||||||||
Total liabilities assumed | (131,877) | (131,877) | ||||||||||||||||
Net identifiable assets acquired | 130,747 | 130,747 | ||||||||||||||||
Goodwill | 105,402 | 105,402 | ||||||||||||||||
Net assets acquired | $ 236,149 | 236,149 | ||||||||||||||||
Consideration transferred [Abstract] | ||||||||||||||||||
Cash Paid | 236,149 | |||||||||||||||||
Assumption of liability | 0 | |||||||||||||||||
Fair value of consideration transferred | 236,149 | |||||||||||||||||
Deferred consideration | 0 | |||||||||||||||||
Total consideration paid | 236,149 | |||||||||||||||||
Revenues | 230,300 | 134,300 | ||||||||||||||||
Operating income (loss) | $ 10,300 | (2,500) | ||||||||||||||||
Acquisition-related costs excluded from pro forma net earnings | 14,900 | 5,900 | ||||||||||||||||
Acquisition-related costs incurred but excluded from pro forma earnings during the period after tax | 9,800 | 4,100 | ||||||||||||||||
Unaudited Pro forma Consolidated Results of Operations | ||||||||||||||||||
Revenue | 629,132 | 710,937 | ||||||||||||||||
Net earnings | $ 11,705 | $ (65,299) | ||||||||||||||||
2014 Acquired Companies [Member] | Class A [Member] | ||||||||||||||||||
Unaudited Pro forma Consolidated Results of Operations | ||||||||||||||||||
Earnings per common share - basic and diluted (in dollars per share) | $ 0.94 | $ (5.52) | ||||||||||||||||
2014 Acquired Companies [Member] | Class B [Member] | ||||||||||||||||||
Unaudited Pro forma Consolidated Results of Operations | ||||||||||||||||||
Earnings per common share - basic and diluted (in dollars per share) | $ 1.02 | $ (5.77) | ||||||||||||||||
TRP [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payment for acquisitions, net of cash acquired | $ 21,000 | |||||||||||||||||
Array [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Payment for acquisitions, net of cash acquired | $ 10,000 | |||||||||||||||||
2013 Acquired Companies [Member] | ||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||
Acquisition-related costs | $ 100 | $ 700 | ||||||||||||||||
[1] | Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. | |||||||||||||||||
[2] | Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. | |||||||||||||||||
[3] | Represents the purchase accounting adjustments reflecting the finalization of the acquisition-date fair values of property, plant and equipment associated with completion of third-party valuations. | |||||||||||||||||
[4] | Primarily represents the impact to deferred taxes reflecting the finalization of the allocation of identifiable intangible assets acquired. | |||||||||||||||||
[5] | The Company acquired the U.S. and U.K. entities of Connectivity Solutions on July 25, 2014 and the China entity of Connectivity Solutions on August 29, 2014. These values represent the fair values as of the respective acquisition dates. |
RESTRUCTURING ACTIVITIES (Detai
RESTRUCTURING ACTIVITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Activity and liability balances related to restructuring costs [Roll Forward] | |||
Liability, beginning balance | $ 0 | $ 0 | |
New charges | 1,770 | 1,832 | $ 1,387 |
Cash payment and other settlements | (1,660) | (1,832) | |
Liability, ending balance | 110 | 0 | 0 |
Severance Costs [Member] | |||
Activity and liability balances related to restructuring costs [Roll Forward] | |||
Liability, beginning balance | 0 | 0 | |
New charges | 1,144 | 1,778 | |
Cash payment and other settlements | (1,034) | (1,778) | |
Liability, ending balance | 110 | 0 | 0 |
Other Restructuring Costs [Member] | |||
Activity and liability balances related to restructuring costs [Roll Forward] | |||
Liability, beginning balance | 0 | 0 | |
New charges | 626 | 54 | |
Cash payment and other settlements | (626) | (54) | |
Liability, ending balance | $ 0 | $ 0 | $ 0 |
GOODWILL AND OTHER INTANGIBLE49
GOODWILL AND OTHER INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Roll Forward] | |||
Goodwill, gross beginning of period | $ 145,310 | $ 45,431 | |
Accumulated impairment charges, beginning of period | (26,941) | (26,941) | |
Goodwill, net beginning of period | 118,369 | 18,490 | |
Goodwill allocation related to acquisitions | 0 | 105,402 | $ 4,812 |
Measurement period adjustments | 4,590 | (496) | |
Foreign currency translation | (1,325) | (437) | |
Goodwill, gross end of period | 148,575 | 145,310 | 45,431 |
Accumulated impairment charges, end of period | (26,941) | (26,941) | (26,941) |
Goodwill, net end of period | 121,634 | 118,369 | 18,490 |
Components of intangible assets other than goodwill [Abstract] | |||
Gross Carrying Amount | 103,373 | 104,113 | |
Accumulated Amortization | 15,546 | 8,611 | |
Net Carrying Amount | 87,827 | 95,502 | |
Amortization expense | 7,000 | 5,400 | 1,900 |
Estimated amortization expense for intangible assets [Abstract] | |||
2,016 | 6,759 | ||
2,017 | 6,325 | ||
2,018 | 6,084 | ||
2,019 | 6,084 | ||
2,020 | $ 6,052 | ||
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets amortization period | 2 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Other intangible assets amortization period | 24 years | ||
Patents, Licenses and Technology [Member] | |||
Components of intangible assets other than goodwill [Abstract] | |||
Gross Carrying Amount | $ 39,388 | 38,872 | |
Accumulated Amortization | 7,932 | 4,297 | |
Net Carrying Amount | 31,456 | 34,575 | |
Customer Relationships [Member] | |||
Components of intangible assets other than goodwill [Abstract] | |||
Gross Carrying Amount | 44,894 | 45,836 | |
Accumulated Amortization | 5,735 | 3,062 | |
Net Carrying Amount | 39,159 | 42,774 | |
Non-compete Agreements [Member] | |||
Components of intangible assets other than goodwill [Abstract] | |||
Gross Carrying Amount | 2,753 | 2,781 | |
Accumulated Amortization | 1,838 | 1,050 | |
Net Carrying Amount | 915 | 1,731 | |
Trademarks [Member] | |||
Components of intangible assets other than goodwill [Abstract] | |||
Gross Carrying Amount | 16,338 | 16,624 | |
Accumulated Amortization | 41 | 202 | |
Net Carrying Amount | 16,297 | 16,422 | |
North America [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross beginning of period | 69,380 | 18,865 | |
Accumulated impairment charges, beginning of period | (14,066) | (14,066) | |
Goodwill, net beginning of period | 55,314 | 4,799 | |
Goodwill allocation related to acquisitions | 51,011 | ||
Measurement period adjustments | (6,016) | (496) | |
Foreign currency translation | 0 | 0 | |
Goodwill, gross end of period | 63,364 | 69,380 | 18,865 |
Accumulated impairment charges, end of period | (14,066) | (14,066) | (14,066) |
Goodwill, net end of period | $ 49,298 | 55,314 | 4,799 |
Reporting unit, percentage of fair value in excess of carrying amount | 11.40% | ||
Asia [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross beginning of period | $ 50,052 | 14,107 | |
Accumulated impairment charges, beginning of period | (12,875) | (12,875) | |
Goodwill, net beginning of period | 37,177 | 1,232 | |
Goodwill allocation related to acquisitions | 36,155 | ||
Measurement period adjustments | 4,351 | 0 | |
Foreign currency translation | 129 | (210) | |
Goodwill, gross end of period | 54,532 | 50,052 | 14,107 |
Accumulated impairment charges, end of period | (12,875) | (12,875) | (12,875) |
Goodwill, net end of period | $ 41,657 | 37,177 | 1,232 |
Reporting unit, percentage of fair value in excess of carrying amount | 20.20% | ||
Europe [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, gross beginning of period | $ 25,878 | 12,459 | |
Accumulated impairment charges, beginning of period | 0 | 0 | |
Goodwill, net beginning of period | 25,878 | 12,459 | |
Goodwill allocation related to acquisitions | 13,646 | ||
Measurement period adjustments | 6,255 | 0 | |
Foreign currency translation | (1,454) | (227) | |
Goodwill, gross end of period | 30,679 | 25,878 | 12,459 |
Accumulated impairment charges, end of period | 0 | 0 | 0 |
Goodwill, net end of period | $ 30,679 | $ 25,878 | $ 12,459 |
Reporting unit, percentage of fair value in excess of carrying amount | 18.40% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfers in out between levels | $ 0 | $ 0 |
Fair value of long-term debt | 188,100 | 233,300 |
Carrying amount of long-term debt | 187,188 | 232,600 |
Investments held in Rabbi Trust [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities measured at fair value | 3,600 | 6,500 |
Investments held in Rabbi Trust [Member] | SERP [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Gross unrealized gains associated with the investment held in the rabbi trust | $ 700 | $ 700 |
OTHER ASSETS (Details)
OTHER ASSETS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Cash surrender value of the COLI | $ 8,500 | $ 5,800 | |
Increase (decrease) in cash surrender value | (100) | 200 | $ 700 |
Proceeds from sale of marketable securities | 2,820 | 0 | 2,820 |
Investments held in Rabbi Trust [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of investments | 2,900 | 5,800 | |
Fair value of investments | 3,600 | 6,500 | |
Unrealized gain on investments | 700 | 700 | |
Proceeds from sale of marketable securities | 2,800 | ||
Supplemental Employee Retirement Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation | 15,576 | 14,205 | $ 10,830 |
Value of assets earmarked for SERP use but not restricted to that use | 12,200 | $ 12,300 | |
Proceeds from sale of marketable securities | $ 2,800 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components of inventories [Abstract] | ||
Raw materials | $ 42,036 | $ 51,638 |
Work in progress | 16,908 | 16,128 |
Finished goods | 39,566 | 45,864 |
Inventories, net | $ 98,510 | $ 113,630 |
PROPERTY, PLANT AND EQUIPMENT53
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | $ 153,456 | $ 156,302 | |
Accumulated depreciation | (95,845) | (87,041) | |
Property, plant and equipment, net | 57,611 | 69,261 | |
Depreciation expense | 16,000 | 15,000 | $ 10,500 |
Land [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 2,240 | 3,293 | |
Buildings and Improvements [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 29,346 | 31,067 | |
Machinery and Equipment [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | 116,921 | 117,178 | |
Construction in Progress [Member] | |||
Property, plant and equipment [Abstract] | |||
Property, plant and equipment, gross | $ 4,949 | $ 4,764 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | Sep. 12, 2012 | Jul. 31, 2012 | Mar. 09, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 19, 2014 | Aug. 20, 2013 | Mar. 29, 2013 |
Income Taxes [Line Items] | |||||||||
Liabilities for uncertain tax positions included in income tax payable | $ 1,900 | $ 200 | |||||||
Liability for uncertain tax positions noncurrent | 40,295 | 39,767 | |||||||
Prior year liability uncertain tax positions relating to 2012 | 1,900 | ||||||||
Reconciliation of beginning and ending amount of liability for uncertain tax positions [Roll Forward] | |||||||||
Liability for uncertain tax positions - January 1 | 39,970 | 2,189 | $ 2,711 | ||||||
Additions based on tax positions related to the current year | 3,241 | 2,732 | 28 | ||||||
Additions relating to acquisitions | 0 | 35,874 | 0 | ||||||
Translation adjustment | (844) | 0 | 0 | ||||||
Settlement/expiration of statutes of limitations | (209) | (825) | (550) | ||||||
Liability for uncertain tax positions - December 31 | 42,158 | 39,970 | 2,189 | ||||||
Interest and Penalties [Abstract] | |||||||||
Accrued interest and penalties uncertain tax positions | 4,000 | 1,600 | |||||||
Income (Loss) Before Income Taxes [Abstract] | |||||||||
Earnings (loss) before provision (benefit) for income taxes included earnings from domestic operations | 6,100 | (9,200) | (1,200) | ||||||
Earnings (loss) from foreign operations | 19,600 | 19,000 | 16,300 | ||||||
Current [Abstract] | |||||||||
Federal | 1,494 | 402 | (1,099) | ||||||
Foreign | 5,327 | 3,281 | 1,120 | ||||||
State | 70 | 175 | 113 | ||||||
Total | 6,891 | 3,858 | 134 | ||||||
Deferred [Abstract] | |||||||||
Federal | 1,019 | (2,698) | (865) | ||||||
State | (64) | (407) | 65 | ||||||
Foreign | (1,311) | 414 | (77) | ||||||
Total | (356) | (2,691) | (877) | ||||||
Tax (benefit) provision computed at the Company's effective tax rate | 6,535 | 1,167 | (743) | ||||||
Reconciliation of taxes on income computed at the federal statutory rate [Abstract] | |||||||||
Tax provision computed at the federal statutory rate | 9,006 | 3,420 | 5,309 | ||||||
Increase (decrease) in taxes resulting from [Abstract] | |||||||||
Different tax rates applicable to foreign operations | (5,353) | (4,458) | (4,677) | ||||||
Increase in (reversal of) liability for uncertain tax positions - net | 3,032 | 1,907 | (522) | ||||||
Utilization of research and experimentation, solar and foreign | (349) | (508) | (1,049) | ||||||
State taxes, net of federal benefit | 56 | (183) | 117 | ||||||
Current year (reversal) increase in U.S valuation allowances | (343) | 335 | 49 | ||||||
Federal tax on profit of foreign disregarded entities net of deferred tax | 872 | 770 | 0 | ||||||
Other, including qualified production activity credits, SERP/COLI income, under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles | (386) | (116) | 30 | ||||||
Tax (benefit) provision computed at the Company's effective tax rate | $ 6,535 | $ 1,167 | $ (743) | ||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax provision computed at the federal statutory rate, percentage | 35.00% | 35.00% | 35.00% | ||||||
Different tax rates and permanent differences applicable to foreign operations, percentage | (21.00%) | (46.00%) | (31.00%) | ||||||
Increase in (reversal of) liability for uncertain tax positions - net, percentage | 12.00% | 20.00% | (3.00%) | ||||||
Utilization of research and development, solar and foreign tax credits, percentage | (1.00%) | (5.00%) | (7.00%) | ||||||
State taxes, net of federal benefit, percentage | 0.00% | (2.00%) | 1.00% | ||||||
Current year valuation allowance - U.S. segment, percentage | (1.00%) | 3.00% | 0.00% | ||||||
Federal tax on profit of foreign disregarded entities net of deferred tax, percentage | 3.00% | 8.00% | 0.00% | ||||||
Other, including qualified production activity credits, SERP/COLI income, under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles, percentage | (2.00%) | (1.00%) | 0.00% | ||||||
Tax (benefit) provision computed at the Company's effective tax rate, percentage | 25.00% | 12.00% | (5.00%) | ||||||
Unrepatriated foreign earnings | $ 143,400 | ||||||||
Estimated federal income tax liability related to unrepatriated foreign earnings | 38,300 | ||||||||
Deferred tax assets [Abstract] | |||||||||
State tax credits | 902 | $ 954 | |||||||
Unfunded pension liability | 1,327 | 1,301 | |||||||
Reserves and accruals | 4,349 | 2,095 | |||||||
Federal, state and foreign net operating loss and credit carryforwards | 10,953 | 15,361 | |||||||
Depreciation | 880 | 962 | |||||||
Amortization | 814 | 995 | |||||||
Acquired deferred taxes | 0 | 10,775 | |||||||
Other accruals | 9,622 | 3,253 | |||||||
Total deferred tax assets | 28,847 | 35,696 | |||||||
Deferred tax liabilities [Abstract] | |||||||||
Reserves and accruals | 64 | 68 | |||||||
Depreciation | 2,391 | 707 | |||||||
Amortization | 23,772 | 21,062 | |||||||
Acquired deferred taxes | 0 | 8,053 | |||||||
Other accruals | 857 | 1,522 | |||||||
Total deferred tax liabilities | 27,084 | 31,412 | |||||||
Valuation allowances | 6,635 | 6,692 | |||||||
Net deferred tax assets/(liabilities) | (4,872) | (2,408) | |||||||
Expected increase in income tax benefit | 300 | ||||||||
Fibreco, GigaCom and Powerbox [Member] | |||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | 2,000 | ||||||||
Fibreco [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax liabilities at the date of acquisition | 1,700 | ||||||||
Acquisition date | Jul. 31, 2012 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | 100 | ||||||||
GigaCom [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax liabilities at the date of acquisition | 600 | ||||||||
Acquisition date | Mar. 9, 2012 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
TRP and Array [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax asset | 1,900 | ||||||||
TRP [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax asset | 2,200 | ||||||||
Deferred tax liabilities at the date of acquisition | $ 600 | ||||||||
Acquisition date | Mar. 29, 2013 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
Array [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Operating loss carryforwards | $ 3,800 | ||||||||
Deferred tax asset | 2,100 | ||||||||
Deferred tax liabilities at the date of acquisition | $ 1,000 | ||||||||
Acquisition date | Aug. 20, 2013 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | $ 700 | ||||||||
Power Solutions [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Income tax audit, years under examination | 2007 through 2013 | ||||||||
Decreases resulting from prior period tax positions | $ 2,100 | ||||||||
Interest and penalties uncertain tax positions recognized | 3,400 | ||||||||
Reconciliation of beginning and ending amount of liability for uncertain tax positions [Roll Forward] | |||||||||
Liability for uncertain tax positions - December 31 | 35,900 | ||||||||
Interest and Penalties [Abstract] | |||||||||
Interest and penalties uncertain tax positions recognized until various tax matters are resolved | 2,100 | ||||||||
Accrued interest and penalties uncertain tax positions | 2,500 | $ 1,600 | |||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax asset | $ 2,200 | ||||||||
Acquisition date | Jun. 19, 2014 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | $ 3,100 | ||||||||
Connectivity Solutions [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Operating loss carryforwards | 10,000 | ||||||||
Deferred tax asset | 1,200 | ||||||||
Deferred tax assets [Abstract] | |||||||||
Federal, state and foreign net operating loss and credit carryforwards | 5,300 | ||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | 16,400 | ||||||||
Powerbox [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Deferred tax liabilities at the date of acquisition | 400 | ||||||||
Acquisition date | Sep. 12, 2012 | ||||||||
Acquisition of issued and outstanding capital stock | 100.00% | ||||||||
Power Solutions and Emerson Network Power Connectivity Solutions [Member] | |||||||||
Deferred tax liabilities [Abstract] | |||||||||
Total deferred tax liabilities | $ 11,200 | ||||||||
Asia [Member] | Power Solutions [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Income tax audit, years under examination | 2004 through 2006 | ||||||||
Reconciliation of beginning and ending amount of liability for uncertain tax positions [Roll Forward] | |||||||||
Liability for uncertain tax positions - December 31 | $ 12,000 | ||||||||
Germany [Member] | |||||||||
Income Taxes [Line Items] | |||||||||
Income tax audit, years under examination | 2011 through 2013 | ||||||||
Federal and State Jurisdiction [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Operating loss carryforwards | $ 17,800 | ||||||||
State Jurisdiction [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax credit carryforward | 1,300 | ||||||||
Capital loss carryforward, valuation allowance | 300 | ||||||||
Operating loss carryforwards, valuation allowance | 200 | ||||||||
Capital loss carryforwards, deferred tax assets | 300 | ||||||||
Tax credit carryforward, valuation allowance | 1,100 | ||||||||
State Jurisdiction [Member] | Capital Loss Carryforward [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax credit carryforward | 900 | ||||||||
Foreign Jurisdictions [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Operating loss carryforwards | 21,000 | ||||||||
Tax credit carryforward | 300 | ||||||||
Operating loss carryforwards, valuation allowance | 5,200 | ||||||||
Foreign Jurisdictions [Member] | Capital Loss Carryforward [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax credit carryforward | $ 200 | ||||||||
Macao [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax provision computed at the federal statutory rate, percentage | 12.00% | ||||||||
People's Republic of China (PRC) [Member] | |||||||||
Increase (decrease) in effective tax rate resulting from [Abstract] | |||||||||
Tax provision computed at the federal statutory rate, percentage | 25.00% |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2014 | ||
Scheduled principal payments [Abstract] | |||||
2,016 | [1] | $ 24,772 | |||
2,017 | 18,813 | ||||
2,018 | 24,188 | ||||
2,019 | 119,415 | ||||
Total long-term debt | 187,188 | $ 232,600 | |||
Less: Current maturities of long-term debt | (24,772) | (13,438) | |||
Noncurrent portion of long-term debt | 162,416 | 219,187 | |||
Long term debt, excess cash flow payment | 8,600 | ||||
Term Loan and DDTL [Member] | |||||
Scheduled principal payments [Abstract] | |||||
Total long-term debt | 187,188 | $ 209,600 | |||
KeyBank [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Additional borrowings | $ 100,000 | ||||
Percentage of capital stock of foreign subsidiaries given as collateralized security to line of credit | 65.00% | ||||
Basis spread on variable rate | 2.75% | 2.75% | |||
Interest on borrowings outstanding, percentage | 3.19% | 2.94% | |||
Effective LIBOR rate | 0.44% | 0.19% | |||
Line of credit, current borrowing capacity | $ 50,000 | ||||
Deferred financing costs | $ 5,800 | ||||
Deferred financing costs amortization period | 5 years | ||||
Interest expense incurred | $ 7,600 | $ 4,000 | |||
KeyBank [Member] | LIBOR [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.00% | ||||
KeyBank [Member] | LIBOR [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 1.75% | ||||
KeyBank [Member] | LIBOR [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 3.00% | ||||
KeyBank [Member] | Federal Funds Rate [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.50% | ||||
KeyBank [Member] | Alternate Base Rate [Member] | Minimum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 0.75% | ||||
KeyBank [Member] | Alternate Base Rate [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 2.00% | ||||
KeyBank [Member] | Revolving Credit Facility [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maturity date | Jun. 18, 2019 | ||||
Available line of credit | $ 50,000 | ||||
Additional borrowings | $ 20,000 | ||||
Line of credit, amount outstanding | 0 | 23,000 | |||
KeyBank [Member] | Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Available line of credit | 145,000 | ||||
Additional borrowings | 90,000 | ||||
KeyBank [Member] | Delayed Draw Term Loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Available line of credit | $ 70,000 | ||||
Additional borrowings | $ 70,000 | ||||
Bank of America [Member] | Line of Credit [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Available line of credit | $ 30,000 | ||||
Line of credit, amount outstanding | $ 12,000 | ||||
Line of credit facility, expiration date | Oct. 14, 2016 | ||||
Repayments of line of credit | $ 12,000 | ||||
[1] | Includes an estimated $8.6 million excess cash flow payment due in 2016 based on 2015 results as per the terms of the CSA. |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accrued expenses [Abstract] | ||
Sales commissions | $ 2,824 | $ 3,017 |
Subcontracting labor | 1,942 | 2,217 |
Salaries, bonuses and related benefits | 15,672 | 17,964 |
Warranty accrual | 3,659 | 6,032 |
Other | 14,226 | 13,358 |
Accrued expenses | 38,323 | 42,588 |
Power Solutions [Member] | ||
Schedule of warranty accrual account for the period from the acquisition date [Roll Forward] | ||
Balance, beginning of year | 6,032 | 0 |
Warranty accruals acquired in 2014 Acquisitions | 0 | 4,397 |
Charges and costs accrued | 2,892 | 3,834 |
Adjustments related to pre-existing warranties (including changes in estimates) | (1,208) | (66) |
Less: Repair costs incurred | (2,932) | (2,061) |
Less: Cash settlements | (1,000) | 0 |
Currency translation | (125) | (72) |
Balance, end of year | $ 3,659 | $ 6,032 |
SEGMENTS (Details)
SEGMENTS (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | [1] | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)SegmentIndustry | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |||
SEGMENTS [Abstract] | ||||||||||||||
Number of industry in which entity operates | Industry | 1 | |||||||||||||
Number of reportable operating segments | Segment | 3 | |||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | $ 135,246 | $ 144,161 | $ 145,658 | $ 142,015 | $ 148,650 | [2] | $ 156,341 | $ 99,439 | $ 82,646 | $ 567,080 | $ 487,076 | $ 349,189 | ||
Income (Loss) from Operations | 28,600 | 13,472 | 15,047 | |||||||||||
Total Assets | 587,011 | 635,421 | 587,011 | 635,421 | 308,141 | |||||||||
Capital Expenditures | 9,891 | 9,042 | 6,940 | |||||||||||
Depreciation and Amortization Expense | 23,009 | 20,367 | 12,382 | |||||||||||
Restructuring charges | 2,114 | 1,832 | 1,387 | |||||||||||
Power Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Total Assets | 199,200 | 203,100 | 199,200 | 203,100 | ||||||||||
Connectivity Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Total Assets | 134,200 | 133,100 | 134,200 | 133,100 | ||||||||||
United States [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | 304,328 | 217,258 | 116,548 | |||||||||||
Macao [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | 182,248 | 195,469 | 193,647 | |||||||||||
Germany [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | 16,314 | 18,663 | 16,585 | |||||||||||
United Kingdom [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | 27,552 | 22,852 | 16,538 | |||||||||||
All Other Foreign Countries [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | 18,588 | 17,598 | 5,871 | |||||||||||
Reportable Operating Segments [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 567,080 | 487,076 | 349,189 | |||||||||||
Reportable Operating Segments [Member] | 2013-2014 Acquired Companies [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 308,979 | 209,758 | 68,622 | |||||||||||
Income (Loss) from Operations | 19,559 | 10,180 | 8,360 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 304,328 | 217,258 | 116,548 | |||||||||||
Net sales | 329,304 | 248,007 | 128,472 | |||||||||||
Income (Loss) from Operations | 11,012 | (4,531) | (1,560) | |||||||||||
Total Assets | 247,436 | 314,565 | 247,436 | 314,565 | 117,261 | |||||||||
Capital Expenditures | 2,425 | 3,862 | 2,064 | |||||||||||
Depreciation and Amortization Expense | 10,841 | 7,986 | 4,282 | |||||||||||
Restructuring charges | 1,452 | 1,539 | 963 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | Power Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 131,215 | 73,530 | 0 | |||||||||||
Income (Loss) from Operations | 2,320 | (777) | 0 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | Connectivity Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 57,903 | 28,242 | 0 | |||||||||||
Income (Loss) from Operations | 2,803 | (2,808) | 0 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | Array [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | [3] | 4,729 | 6,842 | 2,074 | ||||||||||
Income (Loss) from Operations | [3] | (311) | (801) | (936) | ||||||||||
Reportable Operating Segments [Member] | North America [Member] | 2013-2014 Acquired Companies [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 193,847 | 108,614 | 2,074 | |||||||||||
Income (Loss) from Operations | 4,812 | (4,386) | (936) | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 188,146 | 201,338 | 193,647 | |||||||||||
Net sales | 295,751 | 275,765 | 225,151 | |||||||||||
Income (Loss) from Operations | 8,175 | 13,090 | 15,356 | |||||||||||
Total Assets | 231,063 | 251,240 | 231,063 | 251,240 | 148,780 | |||||||||
Capital Expenditures | 4,888 | 4,089 | 4,551 | |||||||||||
Depreciation and Amortization Expense | 8,706 | 8,391 | 6,540 | |||||||||||
Restructuring charges | 352 | 0 | 249 | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | Power Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 1,026 | 3,401 | 0 | |||||||||||
Income (Loss) from Operations | (2,074) | (3,851) | 0 | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | Connectivity Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 4,872 | 2,469 | 0 | |||||||||||
Income (Loss) from Operations | (329) | 493 | 0 | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | TRP [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 71,215 | 66,082 | 65,141 | |||||||||||
Income (Loss) from Operations | 9,269 | 13,152 | 9,007 | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | 2013-2014 Acquired Companies [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 77,113 | 71,952 | 65,141 | |||||||||||
Income (Loss) from Operations | 6,866 | 9,794 | 9,007 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 74,606 | 68,480 | 38,994 | |||||||||||
Net sales | 148,735 | 114,748 | 40,742 | |||||||||||
Income (Loss) from Operations | 9,413 | 4,913 | 1,251 | |||||||||||
Total Assets | $ 108,512 | $ 69,616 | 108,512 | 69,616 | 42,100 | |||||||||
Capital Expenditures | 2,578 | 1,091 | 325 | |||||||||||
Depreciation and Amortization Expense | 3,462 | 3,990 | 1,560 | |||||||||||
Restructuring charges | 310 | 293 | 175 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | Power Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 28,685 | 23,882 | 0 | |||||||||||
Income (Loss) from Operations | 6,799 | 4,574 | 0 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | Connectivity Solutions [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 6,634 | 2,812 | 0 | |||||||||||
Income (Loss) from Operations | 731 | (168) | 0 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | TRP [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 2,700 | 2,498 | 1,407 | |||||||||||
Income (Loss) from Operations | 351 | 366 | 289 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | 2013-2014 Acquired Companies [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales to external customers | 38,019 | 29,192 | 1,407 | |||||||||||
Income (Loss) from Operations | 7,881 | 4,772 | 289 | |||||||||||
Intersegment Eliminations [Member] | ||||||||||||||
Summary of key financial data [Abstract] | ||||||||||||||
Net sales | $ (206,710) | $ (151,444) | $ (45,176) | |||||||||||
[1] | Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. | |||||||||||||
[2] | Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. | |||||||||||||
[3] | 2015 net sales and loss from operations noted for Array reflect 2015 activity through September 30, 2015. Array was merged into the Company's Cinch Connector business during the fourth quarter of 2015. |
SEGMENTS, Entity Wide Informati
SEGMENTS, Entity Wide Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | [1] | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)Customer | Dec. 31, 2014USD ($)Customer | Dec. 31, 2013USD ($)Customer | |||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | $ 135,246 | $ 144,161 | $ 145,658 | $ 142,015 | $ 148,650 | [2] | $ 156,341 | $ 99,439 | $ 82,646 | $ 567,080 | $ 487,076 | $ 349,189 | ||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | 88,775 | 102,961 | $ 88,775 | $ 102,961 | ||||||||||
Net Sales [Member] | ||||||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Number of customers representing sales in excess of ten percent | Customer | 1 | 1 | 2 | |||||||||||
Net sales to external customers | $ 74,800 | $ 76,400 | $ 103,300 | |||||||||||
Net sales from major customers, percentage | 13.20% | 15.70% | 29.60% | |||||||||||
Connectivity Solutions [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | $ 181,697 | $ 152,954 | $ 111,653 | |||||||||||
Magnetic Solutions [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 170,617 | 174,255 | 170,166 | |||||||||||
Power Solutions and Protection [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 214,766 | 159,867 | 67,370 | |||||||||||
United States [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 304,328 | 217,258 | 116,548 | |||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | 35,967 | 43,760 | 35,967 | 43,760 | ||||||||||
Macao [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 182,248 | 195,469 | 193,647 | |||||||||||
China [Member] | ||||||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | 37,796 | 42,323 | 37,796 | 42,323 | ||||||||||
United Kingdom [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 27,552 | 22,852 | 16,538 | |||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | 2,016 | 2,537 | 2,016 | 2,537 | ||||||||||
Germany [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 16,314 | 18,663 | 16,585 | |||||||||||
Switzerland [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 18,050 | 15,236 | 0 | |||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | 4,006 | 4,935 | 4,006 | 4,935 | ||||||||||
Slovakia [Member] | ||||||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | $ 7,758 | 8,101 | $ 7,758 | 8,101 | ||||||||||
Asia [Member] | ||||||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Percentage of identifiable assets | 38.70% | 38.70% | ||||||||||||
All Other Foreign Countries [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | $ 18,588 | 17,598 | 5,871 | |||||||||||
Long-lived Assets by Geographic Location [Abstract] | ||||||||||||||
Long-Lived Assets | $ 1,232 | $ 1,305 | 1,232 | 1,305 | ||||||||||
Reportable Operating Segments [Member] | ||||||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | 567,080 | 487,076 | 349,189 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 329,304 | 248,007 | 128,472 | |||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | 304,328 | 217,258 | 116,548 | |||||||||||
Reportable Operating Segments [Member] | North America [Member] | Array [Member] | ||||||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | [3] | 4,729 | 6,842 | 2,074 | ||||||||||
Reportable Operating Segments [Member] | Asia [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 295,751 | 275,765 | 225,151 | |||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | 188,146 | 201,338 | 193,647 | |||||||||||
Reportable Operating Segments [Member] | Asia [Member] | TRP [Member] | ||||||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | 71,215 | 66,082 | 65,141 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | ||||||||||||||
Net Sales To External Customers By Geographic Area And Major Product Line [Abstract] | ||||||||||||||
Consolidated net sales | 148,735 | 114,748 | 40,742 | |||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | 74,606 | 68,480 | 38,994 | |||||||||||
Reportable Operating Segments [Member] | Europe [Member] | TRP [Member] | ||||||||||||||
Net sales to major customer [Abstract] | ||||||||||||||
Net sales to external customers | $ 2,700 | $ 2,498 | $ 1,407 | |||||||||||
[1] | Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. | |||||||||||||
[2] | Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. | |||||||||||||
[3] | 2015 net sales and loss from operations noted for Array reflect 2015 activity through September 30, 2015. Array was merged into the Company's Cinch Connector business during the fourth quarter of 2015. |
RETIREMENT FUND AND PROFIT SH59
RETIREMENT FUND AND PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Employer match of the first 1% of compensation contributed by participants | 100.00% | ||
Percentage of participant contribution under condition one | 1.00% | ||
Employer match of the next 5% compensation contributed by participants, percentage | 50.00% | ||
Percentage of employee deferrals under condition two | 5.00% | ||
Maximum employee deferral contribution under Asia Retirement Fund, percentage | 5.00% | ||
Minimum employer matching contribution, percentage | 5.00% | ||
Employer matching contribution, percentage | 7.00% | ||
Amounts recognized in accumulated other comprehensive loss, pretax: | |||
Total amounts recognized in accumulated other comprehensive loss | $ 3,005 | $ 3,026 | $ 1,541 |
Common Class A [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Shares owned by plan (in shares) | 13,928 | ||
Common Class B [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Shares owned by plan (in shares) | 169,989 | ||
Retirement Fund [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Compensation expenses | $ 300 | 300 | 300 |
Retirement Fund [Member] | Common Class A [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Shares owned by plan (in shares) | 3,323 | ||
Retirement Fund [Member] | Common Class B [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Shares owned by plan (in shares) | 17,342 | ||
401K Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Compensation expenses | $ 1,200 | 800 | 400 |
SERP [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension expense | $ 1,500 | 1,300 | 1,300 |
Normal retirement age | 65 years | ||
Number of years of service | 20 years | ||
Number of years of plan participation | 5 years | ||
Percentage of average base compensation payable as normal retirement benefit under the plan | 40.00% | ||
Early retirement age | 55 years | ||
Number of consecutive calendar years of plan participation to calculate average base compensation | 20 years | ||
Number of monthly payments under the death benefit of the plan | 120 months | ||
Minimum number of monthly payments entitled to beneficiary in case participant dies prior to receiving one hundred twenty monthly payments | 60 months | ||
Period for which beneficiary is entitled to receive benefit | shorter of (i) the time necessary to complete 120 monthly payments or (ii) 60 months | ||
Percentage of participant's annual base salary received by beneficiary for one year from date of death | 100.00% | ||
Period for which beneficiary will receive hundred percent annual base salary | 1 year | ||
Percentage of participant's annual base salary received by beneficiary for years two through five following date of death | 50.00% | ||
Period for which beneficiary will receive fifty percent annual base salary | 4 years | ||
Components of SERP expense [Abstract] | |||
Service Cost | $ 552 | 542 | 556 |
Interest Cost | 567 | 541 | 448 |
Net amortization | 366 | 182 | 307 |
Net periodic benefit cost | 1,485 | 1,265 | 1,311 |
Summary of information about changes in plan assets, benefit obligation, and the funded status [Abstract] | |||
Fair value of plan assets, beginning of period | 0 | 0 | |
Company contributions | 85 | 16 | |
Benefits paid | (85) | (16) | |
Fair value of plan assets, end of period | 0 | 0 | 0 |
Benefit obligation January 1 | 14,205 | 10,830 | |
Service cost | 552 | 542 | 556 |
Interest cost | 567 | 541 | 448 |
Benefits paid | (85) | (16) | |
Actuarial (gains) losses | 337 | 2,308 | |
Benefit obligation, December 31 | 15,576 | 14,205 | $ 10,830 |
Underfunded status, December 31 | (15,576) | (14,205) | |
Accumulated benefit obligation | 12,700 | 12,100 | |
Fair value of life insurance policies and marketable securities held in a rabbi trust | 12,200 | 12,300 | |
Estimated net loss and prior service cost that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year | 400 | ||
Expected employer contributions in next fiscal year | 100 | ||
Expected future benefit payments [Abstract] | |||
2,016 | 129 | ||
2,017 | 280 | ||
2,018 | 280 | ||
2,019 | 532 | ||
2,020 | 647 | ||
2021 - 2025 | 4,662 | ||
Amounts recognized in accumulated other comprehensive loss, pretax: | |||
Prior service cost | 866 | 1,048 | |
Net loss | 3,465 | 3,302 | |
Total amounts recognized in accumulated other comprehensive loss | $ 4,331 | $ 4,350 | |
Net periodic benefit cost | |||
Discount rate | 4.00% | 5.00% | 4.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
Benefit obligation | |||
Discount rate | 4.25% | 4.00% | 5.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Pretax stock based compensation cost | $ 2,815 | $ 2,717 | $ 1,879 |
Percentage of increments earned for share awards | 25.00% | ||
Amortization period for market value of common stock awarded | 5 years | ||
Restricted Stock [Member] | |||
Shares [Roll Forward] | |||
Outstanding, beginning of period (in shares) | 643,275 | ||
Granted (in shares) | 84,000 | ||
Vested (in shares) | (94,450) | ||
Forfeited (in shares) | (68,800) | ||
Outstanding, end of period (in shares) | 564,025 | 643,275 | |
Weighted Average Award Price [Roll Forward] | |||
Outstanding, beginning of period (in dollars per share) | $ 21.52 | ||
Granted (in dollars per share) | 23.05 | ||
Vested (in dollars per share) | 18.96 | ||
Forfeited (in dollars per share) | 22.99 | ||
Outstanding, end of period (in dollars per share) | $ 22 | $ 21.52 | |
Weighted Average Remaining Contractual Term [Abstract] | |||
Outstanding | 3 years 2 months 12 days | 3 years 9 months 18 days | |
Pretax unrecognized compensation cost | $ 8,100 | ||
Period over which compensation cost is expected to be recognized | 4 years 4 months 24 days | ||
Restricted Stock [Member] | Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares issued (in shares) | 84,000 | 378,000 | 162,200 |
2011 Equity Compensation Plan [Member] | Restricted Stock [Member] | Common Class B [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized under the plan (in shares) | 1,400,000 | ||
Common shares available for future issuance (in shares) | 750,600 |
COMMON STOCK (Details)
COMMON STOCK (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)Shareholder$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012USD ($) | |
Class of Stock [Line Items] | ||||
Cost of common stock purchased and retired | $ 3,356 | |||
Minimum percentage of outstanding common stock held by two shareholders | 10.00% | |||
Minimum percentage of common stock needs to held by shareholders having more than ten percent of Class A common stock as per class B Protection clause | 10.00% | |||
Number of days from trigger date to purchase Class B common shares | 90 days | |||
Percentage of common stock held by shareholder one | 23.10% | |||
Percentage shareholding of class B considered as per class B Protection clause | below 10% | |||
Common stock dividends declared | $ 3,200 | $ 3,200 | $ 3,100 | |
Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock repurchased during the period (in shares) | shares | 0 | 0 | ||
Number of shareholders with ownership in excess of ten percent | Shareholder | 1 | |||
Common stock dividends declared each quarter (in dollars per share) | $ / shares | $ 0.06 | $ 0.06 | $ 0.06 | |
Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Authorized amount of repurchase of outstanding Class B common shares | $ 10,000 | |||
Common stock purchased and retired (in shares) | shares | 547,366 | |||
Cost of common stock purchased and retired | $ 10,000 | |||
Common stock repurchased during the period (in shares) | shares | 0 | 0 | ||
Common stock dividends declared each quarter (in dollars per share) | $ / shares | $ 0.07 | $ 0.07 | $ 0.07 |
COMMITMENTS AND CONTINGENCIES62
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($)Patent | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($)DefendantDefendantPatent | |
Future minimum lease payments for operating leases [Abstract] | ||||
2,016 | $ 7,924 | |||
2,017 | 5,870 | |||
2,018 | 3,209 | |||
2,019 | 2,184 | |||
2,020 | 2,032 | |||
Thereafter | 2,211 | |||
Total future minimum lease payments for operating leases | 23,430 | |||
Rent expense for leases | 8,800 | $ 7,500 | $ 4,900 | |
Other commitments [Abstract] | ||||
Outstanding purchase orders related to raw materials | 42,600 | 50,400 | ||
Outstanding purchase orders related to capital expenditures | 1,500 | $ 3,700 | ||
Loss Contingencies [Line Items] | ||||
Payment to SynQor | 10,900 | |||
Amount received from customer | 2,100 | |||
Noncurrent liability and offsetting indemnification asset | 12,000 | |||
SynQor, Inc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of defendants | Defendant | 11 | |||
Damages awarded | 700 | |||
Damages covered through indemnification agreement | $ 700 | |||
Molex Inc [Member] | ||||
Loss Contingencies [Line Items] | ||||
Number of patents | 2 | 3 | ||
Litigation settlement amount | $ 500 |
ACCUMULATED OTHER COMPREHENSI63
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Accumulated other comprehensive (loss) income [Abstract] | ||||||
Foreign currency translation adjustment | $ (19,305) | $ (9,351) | $ 1,904 | |||
Unrealized holding gain on available-for-sale securities, net of taxes of $265, $259 and $169 as of December 31, 2015, 2014 and 2013 | 434 | 429 | 282 | |||
Unfunded SERP liability, net of taxes of ($1,327), ($1,325) and ($693) as of December 31, 2015, 2014 and 2013 | (3,005) | (3,026) | (1,541) | |||
Accumulated other comprehensive (loss) income | $ (21,876) | $ (11,948) | (21,876) | (11,948) | 645 | |
Accumulated other comprehensive loss, tax [Abstract] | ||||||
Unrealized holding gains on available-for-sale securities, tax | 265 | 259 | 169 | |||
Change in unfunded SERP liability, tax | (1,327) | (1,325) | (693) | |||
Changes in Accumulated Other Comprehensive (Loss) Income by Component [Roll Forward] | ||||||
Balance at beginning of period | (11,948) | 645 | ||||
Other comprehensive income (loss) before reclassifications | (10,182) | (12,775) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 254 | 182 | ||||
Net current period other comprehensive income (loss) | (9,928) | (12,593) | ||||
Balance at end of period | (21,876) | (11,948) | ||||
Foreign Currency Translation Adjustment [Member] | ||||||
Accumulated other comprehensive (loss) income [Abstract] | ||||||
Accumulated other comprehensive (loss) income | (9,351) | (9,351) | (19,305) | (9,351) | 1,904 | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component [Roll Forward] | ||||||
Balance at beginning of period | (9,351) | 1,904 | ||||
Other comprehensive income (loss) before reclassifications | (9,954) | (11,255) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | |||||
Net current period other comprehensive income (loss) | (9,954) | (11,255) | ||||
Balance at end of period | (19,305) | (9,351) | ||||
Unrealized Holding Gains on Available-for-Sale Securities [Member] | ||||||
Accumulated other comprehensive (loss) income [Abstract] | ||||||
Accumulated other comprehensive (loss) income | 429 | 282 | 434 | 429 | 282 | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component [Roll Forward] | ||||||
Balance at beginning of period | 429 | 282 | ||||
Other comprehensive income (loss) before reclassifications | 5 | 147 | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 0 | ||||
Net current period other comprehensive income (loss) | 5 | 147 | ||||
Balance at end of period | 434 | 429 | ||||
Unfunded SERP Liability [Member] | ||||||
Accumulated other comprehensive (loss) income [Abstract] | ||||||
Accumulated other comprehensive (loss) income | (3,026) | (3,026) | $ (3,005) | $ (3,026) | $ (1,541) | |
Changes in Accumulated Other Comprehensive (Loss) Income by Component [Roll Forward] | ||||||
Balance at beginning of period | (3,026) | (1,541) | ||||
Other comprehensive income (loss) before reclassifications | (233) | (1,667) | ||||
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 254 | 182 | |||
Net current period other comprehensive income (loss) | 21 | (1,485) | ||||
Balance at end of period | $ (3,005) | $ (3,026) | ||||
[1] | This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment classification of the plan participants. |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) - People's Republic of China Joint Venture [Member] - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Inventory purchases from joint venture | $ 4.3 | $ 1.5 |
Joint venture liability | $ 0.5 |
SELECTED QUARTERLY DATA (UNAU65
SELECTED QUARTERLY DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Selected quarterly financial data [Abstract] | |||||||||||||
Net sales | $ 135,246 | $ 144,161 | $ 145,658 | $ 142,015 | [1] | $ 148,650 | [2] | $ 156,341 | $ 99,439 | $ 82,646 | $ 567,080 | $ 487,076 | $ 349,189 |
Cost of sales | 109,203 | 116,749 | 117,098 | 115,202 | [1] | 121,091 | [2] | 128,561 | 81,493 | 68,576 | 458,253 | 399,721 | 286,952 |
Net earnings | $ 2,895 | $ 4,920 | $ 6,062 | 5,320 | [1] | 1,774 | [2] | $ 1,261 | $ 3,065 | $ 2,503 | 19,197 | 8,603 | 15,908 |
Measurement Period Adjustment [Member] | |||||||||||||
Selected quarterly financial data [Abstract] | |||||||||||||
Cost of sales | 114,900 | 120,800 | |||||||||||
Net earnings | $ 5,600 | $ 2,000 | |||||||||||
Class A [Member] | |||||||||||||
Selected quarterly financial data [Abstract] | |||||||||||||
Net earnings | $ 3,331 | $ 1,492 | $ 2,868 | ||||||||||
Net earnings per share [Abstract] | |||||||||||||
Common share - basic and diluted (in dollars per share) | $ 0.23 | $ 0.39 | $ 0.49 | $ 0.43 | [1] | $ 0.14 | [2] | $ 0.10 | $ 0.25 | $ 0.20 | $ 1.53 | $ 0.69 | $ 1.32 |
Class A [Member] | Measurement Period Adjustment [Member] | |||||||||||||
Net earnings per share [Abstract] | |||||||||||||
Common share - basic and diluted (in dollars per share) | 0.45 | 0.16 | |||||||||||
Class B [Member] | |||||||||||||
Selected quarterly financial data [Abstract] | |||||||||||||
Net earnings | $ 15,866 | $ 7,111 | $ 13,040 | ||||||||||
Net earnings per share [Abstract] | |||||||||||||
Common share - basic and diluted (in dollars per share) | $ 0.25 | $ 0.42 | $ 0.52 | 0.45 | [1] | 0.15 | [2] | $ 0.11 | $ 0.27 | $ 0.22 | $ 1.64 | $ 0.75 | $ 1.41 |
Class B [Member] | Measurement Period Adjustment [Member] | |||||||||||||
Net earnings per share [Abstract] | |||||||||||||
Common share - basic and diluted (in dollars per share) | $ 0.48 | $ 0.17 | |||||||||||
[1] | Revised from 10-Q disclosures to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. First quarter 10-Q reflected cost of sales of $114.9 million, net earnings of $5.6 million, earnings per Class A common share of $0.45 per share and earnings per Class B common share of $0.48 per share. | ||||||||||||
[2] | Revised from the disclosure in the Annual Report on Form 10-K for the year ended December 31, 2014 to reflect immaterial measurement period adjustments related to the 2014 Acquisitions. The 2014 10-K reflected, for the fourth quarter of 2014, cost of sales of $120.8 million, net earnings of $2.0 million, earnings per Class A common share of $0.16 per share and earnings per Class B common share of $0.17 per share. |
SCHEDULE II - VALUATION AND Q66
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Allowance for Doubtful Accounts [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | $ 1,989 | $ 941 | $ 743 | |
Charged to costs and expenses | 295 | 1,434 | 325 | |
Charged to other accounts | [1] | 303 | 0 | 50 |
Deductions | [2] | (840) | (386) | (177) |
Balance at end of period | 1,747 | 1,989 | 941 | |
Allowance for Excess and Obsolete Inventory [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 6,809 | 3,941 | 5,490 | |
Charged to costs and expenses | 2,186 | 4,438 | (85) | |
Charged to other accounts | [1] | (59) | (1) | 7 |
Deductions | [2] | (3,668) | (1,569) | (1,471) |
Balance at end of period | 5,268 | 6,809 | 3,941 | |
Deferred Tax Assets - Valuation Allowances [Member] | ||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ||||
Balance at beginning of period | 6,692 | 1,955 | 1,874 | |
Charged to costs and expenses | 456 | 4,766 | 308 | |
Charged to other accounts | [1] | 0 | 0 | 0 |
Deductions | [2] | (513) | (29) | (227) |
Balance at end of period | $ 6,635 | $ 6,692 | $ 1,955 | |
[1] | Includes foreign currency translation adjustments | |||
[2] | Write offs |