Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 01, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | BEL FUSE INC /NJ | ||
Entity Central Index Key | 0000729580 | ||
Trading Symbol | belfa | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 196.8 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Class A Common Stock ($0.10 par value), Class B Common Stock ($0.10 par value) | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 10,123,602 | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding (in shares) | 2,144,912 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 72,289 | $ 53,911 |
Accounts receivable, net of allowance for doubtful accounts of $1,171 and $1,638 at December 31, 2019 and 2018, respectively | 76,092 | 91,939 |
Inventories | 107,276 | 120,068 |
Unbilled receivables | 16,318 | 15,799 |
Other current assets | 11,206 | 8,792 |
Total current assets | 283,181 | 290,509 |
Property, plant and equipment, net | 41,943 | 43,932 |
Right-of-use assets | 18,504 | |
Intangible assets, net | 72,364 | 62,689 |
Goodwill | 21,993 | 19,817 |
Deferred income taxes | 3,731 | 496 |
Other assets | 27,201 | 26,081 |
Total assets | 468,917 | 443,524 |
Current liabilities: | ||
Accounts payable | 44,169 | 56,171 |
Accrued expenses | 26,918 | 32,290 |
Current maturities of long-term debt | 5,489 | 2,508 |
Operating lease liability, current | 7,377 | |
Other current liabilities | 6,265 | 15,061 |
Total current liabilities | 90,218 | 106,030 |
Long-term liabilities: | ||
Long-term debt | 138,215 | 111,705 |
Operating lease liability, long-term | 11,751 | |
Liability for uncertain tax positions | 26,901 | 27,553 |
Minimum pension obligation and unfunded pension liability | 21,545 | 18,683 |
Deferred income taxes | 1,726 | 1,161 |
Other long-term liabilities | 10,510 | 1,922 |
Total liabilities | 300,866 | 267,054 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ||
Additional paid-in capital | 33,826 | 31,387 |
Retained earnings | 157,063 | 168,695 |
Accumulated other comprehensive loss | (24,065) | (24,838) |
Total stockholders' equity | 168,051 | 176,470 |
Total liabilities and stockholders' equity | 468,917 | 443,524 |
Common Class A [Member] | ||
Stockholders' equity: | ||
Common stock | 214 | 217 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 1,013 | $ 1,009 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 1,171 | $ 1,638 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 1,000,000 | 1,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Class A [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 2,144,912 | 2,174,912 |
Common stock, treasury shares (in shares) | 1,072,769 | 1,072,769 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares outstanding (in shares) | 10,127,602 | 10,092,352 |
Common stock, treasury shares (in shares) | 3,218,307 | 3,218,307 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 492,412 | $ 548,184 |
Cost of sales | 381,715 | 408,927 |
Gross profit | 110,697 | 139,257 |
Research and development costs | 26,925 | 29,487 |
Selling, general and administrative expenses | 76,062 | 82,600 |
Impairment of goodwill | 8,891 | |
Restructuring expenses | 2,593 | 222 |
Gain on sale of property | (4,257) | |
Income from operations | 483 | 26,948 |
Interest expense | (5,448) | (5,317) |
Other (expense) income, net | (2,337) | 1,985 |
(Loss) earnings before provision for income taxes | (7,302) | 23,616 |
Provision for income taxes | 1,441 | 2,907 |
Net (loss) earnings available to common shareholders | (8,743) | 20,709 |
Common Class A [Member] | ||
Net (loss) earnings available to common shareholders | $ (1,531) | $ 3,521 |
Net (loss) earnings per common share: | ||
Net earnings per share, basic and diluted (in dollars per share) | $ (0.71) | $ 1.62 |
Weighted-average shares outstanding: | ||
Common shares - basic and diluted (in shares) | 2,167 | 2,175 |
Common Class B [Member] | ||
Net (loss) earnings available to common shareholders | $ (7,212) | $ 17,188 |
Net (loss) earnings per common share: | ||
Net earnings per share, basic and diluted (in dollars per share) | $ (0.71) | $ 1.73 |
Weighted-average shares outstanding: | ||
Common shares - basic and diluted (in shares) | 10,117 | 9,939 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) earnings | $ (8,743) | $ 20,709 |
Other comprehensive income (loss): | ||
Currency translation adjustment, net of taxes of $9 and $51 | 2,603 | (6,098) |
Unrealized holding losses on marketable securities arising during the period, net of taxes of ($0) and ($85) | (133) | |
Change in unfunded SERP liability, net of taxes of ($422) and $954 | (1,367) | 1,018 |
Other comprehensive income (loss): | 1,236 | (5,213) |
Comprehensive (loss) income | $ (7,507) | $ 15,496 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive (Loss) Income (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Currency translation adjustment, tax | $ 9 | $ 51 |
Unrealized loss on marketable securities arising during the period, tax | 0 | (85) |
Change in unfunded SERP liability, tax | $ (422) | $ 954 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Class A [Member]Retained Earnings [Member] | Common Class A [Member]AOCI Attributable to Parent [Member] | Common Class A [Member]Common Stock, Common Class A [Member] | Common Class A [Member]Common Stock, Common Class B [Member] | Common Class A [Member]Additional Paid-in Capital [Member] | Common Class A [Member] | Common Class B [Member]Retained Earnings [Member] | Common Class B [Member]AOCI Attributable to Parent [Member] | Common Class B [Member]Common Stock, Common Class A [Member] | Common Class B [Member]Common Stock, Common Class B [Member] | Common Class B [Member]Additional Paid-in Capital [Member] | Common Class B [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Stock, Common Class A [Member] | Common Stock, Common Class B [Member] | Additional Paid-in Capital [Member] | Total |
Balance at Dec. 31, 2017 | $ 147,807 | $ (19,625) | $ 217 | $ 986 | $ 28,575 | $ 157,960 | ||||||||||||
Net (loss) earnings | $ 3,521 | $ 17,188 | 20,709 | 20,709 | ||||||||||||||
Cash dividends declared on common stock | $ (522) | (522) | $ (2,796) | (2,796) | ||||||||||||||
Issuance of restricted common stock | 26 | (26) | ||||||||||||||||
Forfeiture of restricted common stock | (3) | |||||||||||||||||
Forfeiture of restricted common stock, APIC | 3 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | (6,098) | (6,098) | ||||||||||||||||
Unrealized holding losses on marketable securities arising during the period, net of taxes of ($0) and ($85) | (133) | (133) | ||||||||||||||||
Stock-based compensation expense | 2,835 | 2,835 | ||||||||||||||||
Change in unfunded SERP liability, net of taxes | 1,018 | 1,018 | ||||||||||||||||
Balance at Dec. 31, 2018 | 168,695 | (24,838) | 217 | 1,009 | 31,387 | 176,470 | ||||||||||||
Effect of adoption of ASU | 3,497 | 3,497 | ||||||||||||||||
Net (loss) earnings | (1,531) | (7,212) | (8,743) | (8,743) | ||||||||||||||
Cash dividends declared on common stock | $ (518) | $ (518) | $ (2,834) | $ (2,834) | ||||||||||||||
Forfeiture of restricted common stock | (3) | |||||||||||||||||
Forfeiture of restricted common stock, APIC | 3 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 2,603 | 2,603 | ||||||||||||||||
Unrealized holding losses on marketable securities arising during the period, net of taxes of ($0) and ($85) | ||||||||||||||||||
Stock-based compensation expense | 2,888 | 2,888 | ||||||||||||||||
Change in unfunded SERP liability, net of taxes | (1,367) | (1,367) | ||||||||||||||||
Issuance of stock awards | 7 | |||||||||||||||||
Issuance of stock awards, APIC | (7) | |||||||||||||||||
Repurchase of Class A common stock | (3) | (445) | (448) | |||||||||||||||
Balance at Dec. 31, 2019 | 157,063 | (24,065) | 214 | 1,013 | 33,826 | 168,051 | ||||||||||||
Effect of adoption of ASU | $ 463 | $ (463) |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Common Class A [Member] | ||
Dividends declared (in dollars per share) | $ 0.06 | $ 0.06 |
Common Class B [Member] | ||
Dividends declared (in dollars per share) | $ 0.07 | $ 0.07 |
Foreign currency translation adjustment, tax expense | $ 9 | $ 51 |
Unrealized holding losses on marketable securities arising during the period, tax | 0 | (85) |
Change in unfunded SERP liability, tax | $ (422) | $ 954 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (8,743) | $ 20,709 |
Adjustments to reconcile net (loss) earnings to net cash provided by operating activities: | ||
Impairment of goodwill | 8,891 | |
Depreciation and amortization | 16,471 | 18,207 |
Stock based compensation | 2,888 | 2,835 |
Amortization of deferred financing costs | 466 | 531 |
Deferred income taxes | (2,172) | 2,490 |
Unrealized gain on foreign currency revaluation | (110) | (2,663) |
(Gain) loss on disposal of property, plant and equipment | (4,194) | 141 |
Other, net | 1,522 | 795 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 19,298 | (13,004) |
Unbilled receivables | (519) | (1,263) |
Inventories | 17,087 | (24,735) |
Other current assets | (2,292) | 966 |
Other assets | (1,392) | 922 |
Accounts payable | (15,105) | 8,995 |
Accrued expenses | (5,875) | 1,911 |
Other liabilities | 8,178 | (15,708) |
Income taxes payable | (9,949) | 8,968 |
Net cash provided by operating activities | 24,450 | 10,097 |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (9,891) | (11,594) |
Payment for acquisitions, net of cash acquired | (29,003) | (2,177) |
Proceeds from surrender of company owned life insurance | 433 | |
Purchase of company owned life insurance | (433) | |
Proceeds from sale of marketable securities within rabbi trust | 1,348 | |
Purchase of marketable securities within rabbi trust | (1,348) | |
Proceeds from disposal/sale of property, plant and equipment | 5,807 | 77 |
Net cash used in investing activities | (33,087) | (13,694) |
Cash flows from financing activities: | ||
Dividends paid to common shareholders | (3,352) | (3,295) |
Borrowings under revolving credit line | 44,000 | 7,500 |
Repayments under revolving credit line | (12,000) | (7,500) |
Reduction in notes payable | (2,974) | (9,012) |
Purchase and retirement of Class A common stock | (448) | |
Net cash provided by (used in) financing activities | 25,226 | (12,307) |
Effect of exchange rate changes on cash and cash equivalents | 1,789 | 461 |
Net increase (decrease) in cash and cash equivalents | 18,378 | (15,443) |
Cash and cash equivalents - beginning of year | 53,911 | 69,354 |
Cash and cash equivalents - end of year | 72,289 | 53,911 |
Supplemental cash flow information: | ||
Income taxes, net of refunds received | 4,686 | 7,483 |
Interest payments | 4,850 | 4,775 |
Goodwill | 21,993 | 19,817 |
Cash paid for acquisitions, net of cash acquired | 29,003 | 2,177 |
BCMZ Precision Engineering Limited [Member] | ||
Cash flows from investing activities: | ||
Payment for acquisitions, net of cash acquired | (29,003) | (2,177) |
Supplemental cash flow information: | ||
Fair value of identifiable net assets acquired | 18,909 | 1,298 |
Goodwill | 10,287 | 1,290 |
Fair value of net assets acquired | 29,196 | 2,588 |
Fair value of consideration transferred | 29,196 | 2,588 |
Less: Cash acquired in acquisitions | (193) | (411) |
Cash paid for acquisitions, net of cash acquired | $ 29,003 | $ 2,177 |
Note 1 - Description of Busines
Note 1 - Description of Business and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Bel Fuse Inc. and subsidiaries ("Bel," the "Company," "we," "us," and "our") 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 by product group through our reportable operating segments, Cinch Connectivity Solutions, Power Solutions and Protection and Magnetic Solutions, in addition to a Corporate segment. All amounts included in the tables to these notes to consolidated financial statements, except per share amounts, are in thousands. Principles of Consolidation Reclassifications fourth 2019, $26.9 $29.5 December 31, 2019 2018, fourth 2019, $0.1 $2.7 December 31, 2019 2018, Use of Estimates not not may Cash Equivalents three $250,000. Allowance for Doubtful Accounts Effects of Foreign Currency not $0.1 $2.7 December 31, 2019 2018 Concentration of Credit Risk 12, 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 Inventories Revenue Recognition January 1, 2018, 606 not January 1, 2018. 606 In accordance with ASC 606, Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. Product Warranties one three 11, Product Returns not not may may may Goodwill and Identifiable Intangible Assets 1 2 3 Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology-based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, ranging from 1 16 15.4% 14.1% 2019 2018 We use the acquisition method of accounting for all business combinations and do not fourth Impairment and Disposal of Long-Lived Assets For indefinite-lived intangible assets, such as trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 4, Depreciation rom 2 33 3 15 Income Taxes 9, We record net deferred tax assets to the extent we believe these assets will more-likely-than- not not We establish liabilities for tax contingencies when, despite the belief that our tax return positions are fully supported, it is more likely than not may may not (Loss) Earnings per Share two two 5% two 5% no December 31, 2019 2018 The (loss) earnings and weighted average shares outstanding used in the computation of basic and diluted (loss) earnings per share are as follows: Year Ended December 31, 2019 2018 Numerator: Net (loss) earnings $ (8,743 ) $ 20,709 Less dividends declared: Class A 518 522 Class B 2,834 2,796 Undistributed (loss) earnings $ (12,095 ) $ 17,391 Undistributed (loss) earnings allocation - basic and diluted: Class A undistributed (loss) earnings $ (2,049 ) $ 2,999 Class B undistributed (loss) earnings (10,046 ) 14,392 Total undistributed (loss) earnings $ (12,095 ) $ 17,391 Net (loss) earnings allocation - basic and diluted: Class A net (loss) earnings $ (1,531 ) $ 3,521 Class B net (loss) earnings (7,212 ) 17,188 Net (loss) earnings $ (8,743 ) $ 20,709 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,167 2,175 Class B - basic and diluted 10,117 9,939 Net (loss) earnings per share: Class A - basic and diluted $ (0.71 ) $ 1.62 Class B - basic and diluted $ (0.71 ) $ 1.73 Research and Development ("R&D") December 31, 2019 2018 $26.9 $29.5 Fair Value Measurements three Level 1 Level 2 Level 3 no For financial instruments such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, the carrying amount approximates fair value because of the short maturities of such instruments. See Note 5, Recently Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, 2016 02, Leases (Topic 842 2016 02” December 15, 2018. The Company adopted ASU 2016 02, January 1, 2019 840 840. three not 12 Adoption of the new standard resulted in the recording of right-of-use assets in the amount of $20.7 $21.0 January 1, 2019. not 16, Leases 842 2016 02. In February 2018, 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 December 22, 2017. December 15, 2018, January 1, 2019. $0.5 January 1, 2019. not In May 2018, 2018 07, Compensation – Stock Compensation (Topic 718 December 15, 2018, January 1, 2019 not In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2017 04 2 January 1, 2017. 2017 04 July 1, 2019, Note 4 In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09" 2014 09 2014 09, 606" January 1, 2018 Upon adoption, the new revenue standards replaced most existing revenue recognition guidance in U.S. GAAP. Based on our review of representative samples of contracts and other forms of agreements with customers globally and our evaluation of the provisions under the five In connection with the modified retrospective application of the new revenue standards, we recorded an adjustment to increase retained earnings by $3.4 January 1, 2018 3, not In January 2016, 2016 01, Financial Instruments-Overall (Subtopic 825 10 December 15, 2017. January 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 December 31, 2018 January 1, 2018 not In October 2016, 2016 16, Income Taxes (Topic 740 December 15, 2017, January 1, 2018 not In January 2017, 2017 01, Business Combinations (Topic 805 2017 01" 2017 01 2017 01 January 1, 2018. In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 2017 07" 2017 07 2017 07 January 1, 2018 13 10 December 31, 2018 December 31, 2018 not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 09" 718. December 15, 2017. 2017 09 January 1, 2018, Accounting Standards Issued But Not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” December 15, 2022, 2016 13, not In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. not In August 2018, 2018 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14" not December 15, 2020. 2018 14 In August 2018, 2018 15, Intangibles – Goodwill and Other-Internal-Use Software (Subtopic 350 40 December 15, 2019, In December 2019, 2019 12, Simplifying the Accounting for Income Taxes ("ASU 2019 12" 740 2019 12 December 15, 2021. 2019 12, not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITIONS On December 3, 2019, $29.2 $32.0 December 31, 2019. one On October 1, 2018, $2.6 The results of operations of the CUI Power business and BCMZ have been included in the Company's consolidated financial statements for the period subsequent to their respective acquisition dates. During the year ended December 31, 2019, $2.2 0.4 December 31, 2019 December 31, 2018, $1.0 $0.5 $0.1 $0.1 December 31, 2019 December 31, 2018, $0.2 $0.1 Due to the proximity of the acquisition date to the filing date of this Annual Report on Form 10 10 Measurement Acquisition-Date Acquisition-Date Period Fair Values Fair Values Adjustments (As adjusted) Cash and cash equivalents $ 193 $ - $ 193 Accounts receivable 3,404 - 3,404 Inventories 4,686 - 4,686 Other current assets 101 - 101 Property, plant and equipment 81 - 81 Right-of-use asset 1,299 - 1,299 Intangible assets - 16,000 16,000 Total identifiable assets 9,764 16,000 25,764 Accounts payable (3,599 ) - (3,599 ) Accrued expenses (879 ) - (879 ) Refund liability (1,078 ) - (1,078 ) Operating lease liability, current (230 ) - (230 ) Operating lease liability, long-term (1,069 ) - (1,069 ) Total liabilities assumed (6,855 ) - (6,855 ) Net identifiable assets acquired 2,909 16,000 18,909 Goodwill 29,091 (18,804 ) 10,287 Net assets acquired $ 32,000 $ (2,804 ) $ 29,196 Cash paid 32,000 (2,804 ) 29,196 Fair value of consideration transferred $ 32,000 $ (2,804 ) $ 29,196 The identifiable assets acquired included $11.0 13 $5.0 The final determination of the assets acquired and liabilities assumed will be based on the established fair value of the assets acquired and the liabilities assumed as of the acquisition date. The excess of the purchase price over the fair value of net assets acquired is allocated to goodwill. The goodwill noted above related to the CUI acquisition was allocated to the Company's Power Solutions and Protection operating segment at the time of acquisition. The Company has determined that all of the goodwill and intangible assets associated with the CUI acquisition will be deductible for tax purposes. The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the results of CUI for the periods presented as if the acquisition had occurred on January 1, 2018, not may no not may Year Ended December 31, 2019 2018 Revenue $ 522,128 $ 588,425 Net earnings (7,715 ) 25,232 Earnings per Class A common share - basic and diluted (0.63 ) 1.98 Earnings per Class B common share - basic and diluted (0.63 ) 2.11 |
Note 3 - Revenue
Note 3 - Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. REVENUE Nature of Goods and Services Our revenues are substantially derived from sales of our products. In our Cinch Connectivity Solutions product group, we provide connectors and cable assemblies to the aerospace, military/defense, commercial, rugged harsh environment and communication markets. This group also includes passive jacks, plugs and cable assemblies that provide connectivity in networking equipment, as well as modular plugs and cable assemblies used within the structured cabling system, known as premise wiring. In our Power Solutions and Protection group, we provide AC-DC and DC-DC power conversion devices and circuit protection products. Applications range from board-mount power to system-level architectures for servers, storage, networking, industrial and transportation. In our Magnetic Solutions group, we provide an extensive line of integrated connector modules (ICM), where an Ethernet magnetic solution is integrated into a connector package. Products within the Company's magnetic solutions group are primarily used in networking and industrial applications. The Company also provides incremental services to our customers in the form of training, technical support, special tooling, and other support as deemed necessary from time to time. For purposes of ASC 606, Types of Contracts Substantially all of the Company's revenue is derived from contracts with its customers under one • Direct with customer: e.g., • Distributor: • Consignment: not not 606, January 1, 2018, not • Licensing Agreements: third 30 Significant Payment Terms Contracts with customers indicate the general terms and conditions in which business will be conducted for a set period of time. Individual purchase orders state the description, quantity and price of each product purchased. Payment for products sold under direct contracts with customers or contracts with distributors is typically due in full within 30 90 60 30 Since the customer agrees to a stated price for each product on each purchase order, the majority of contracts are not Disaggregation of Revenue The following table provides information about disaggregated revenue by product group and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments: Year Ended December 31, 2019 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Product Group: North America $ 128,096 $ 93,540 $ 34,408 $ 256,044 Europe 33,099 41,016 7,507 81,622 Asia 11,153 28,972 114,621 154,746 $ 172,348 $ 163,528 $ 156,536 $ 492,412 By Sales Channel: Direct to customer $ 113,115 $ 110,587 $ 132,911 $ 356,613 Through distribution 59,233 52,941 23,625 135,799 $ 172,348 $ 163,528 $ 156,536 $ 492,412 Year Ended December 31, 2018 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Product Group: North America $ 135,454 $ 98,432 $ 37,805 $ 271,691 Europe 34,130 45,556 9,604 89,290 Asia 17,140 32,065 137,998 187,203 $ 186,724 $ 176,053 $ 185,407 $ 548,184 By Sales Channel: Direct to customer $ 120,333 $ 120,787 $ 157,539 $ 398,659 Through distribution 66,391 55,266 27,868 149,525 $ 186,724 $ 176,053 $ 185,407 $ 548,184 Contract Assets and Contract Liabilities A contract asset results when goods or services have been transferred to the customer but payment is contingent upon a future event, other than passage of time. In the case of our consignment arrangements, we are unable to invoice the customer until product is pulled from the hub by the customer, which generates an unbilled receivable (a contract asset) when revenue is initially recognized. A contract liability results when cash payments are received or due in advance of our performance obligation being met. We have certain customers who provide payment in advance of product being shipped, which results in deferred revenue (a contract liability). The balances of the Company's contract assets and contract liabilities at December 31, 2019 January 1, 2019 December 31, January 1, 2019 2019 Contract assets - current (unbilled receivable) $ 16,318 $ 15,799 Contract liabilities - current (deferred revenue) $ 653 $ 1,036 The change in balance of our unbilled receivables from January 1, 2019 December 31, 2019 A tabular presentation of the activity within the deferred revenue account for the year ended December 31, 2019 Year Ended December 31, 2019 Balance, January 1 $ 1,036 New advance payments received 3,204 Recognized as revenue during period (3,598 ) Currency translation 11 Balance, December 31 $ 653 Transaction Price Allocated to Future Obligations The aggregate amount of transaction price allocated to remaining performance obligations that have not December 31, 2019 one $16.9 2021 2025. 76% 2021, 20% 2022 2022. December 31, 2019 one Other Practical Expedients: In the application of the recognition and measurement principles of ASC 606, • Financing Components one • Costs to Obtain a Contract may not not one |
Note 4 - Goodwill and Other Int
Note 4 - Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 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. Throughout 2018 September 30, 2019, three October 1, 2019. • Cinch Connectivity Solutions 2010 2012 2013 2014 not • Power Solutions and Protection 2012 2014 2019 not • Magnetic Solutions: 2013 not As of the October 1, 2019 three The changes in the carrying value of goodwill classified by our segment reporting structure for the years ended December 31, 2019 2018 Segment Structure Prior to October 1, 2019 Total North America Asia Europe Balance at January 1, 2018: Goodwill, gross $ 148,768 $ 63,364 $ 54,508 $ 30,896 Accumulated impairment charges (128,591 ) (54,474 ) (54,508 ) (19,609 ) Goodwill, net 20,177 8,890 - 11,287 Goodwill allocation related to acquisition 1,290 - - 1,290 Foreign currency translation (1,650 ) - - (1,650 ) Balance at December 31, 2018: Goodwill, gross 148,408 63,364 54,508 30,536 Accumulated impairment charges (128,591 ) (54,473 ) (54,508 ) (19,610 ) Goodwill, net 19,817 8,891 - 10,926 Impairment charge (8,891 ) (8,891 ) - - Foreign currency translation (122 ) - - (122 ) Measurement period adjustment (26 ) - - (26 ) Balance at September 30, 2019: Goodwill, gross 148,260 63,364 54,508 30,388 Accumulated impairment charges (137,482 ) (63,364 ) (54,508 ) (19,610 ) Goodwill, net $ 10,778 $ - $ - $ 10,778 Segment Structure Effective October 1, 2019 Total Cinch Connectivity Solutions Power Solutions & Protection Magnetic Solutions Balance at October 1, 2019: Goodwill, gross (reallocation) $ 10,778 $ 6,467 $ 4,311 $ - Goodwill, net 10,778 6,467 4,311 - Goodwill allocation related to acquisition 10,287 - 10,287 - Foreign currency translation 928 712 216 - Balance at December 31, 2019: Goodwill, gross 21,993 7,179 14,814 - Goodwill, net $ 21,993 $ 7,179 $ 14,814 $ - The Company has not As discussed in Note 5, fourth may not 2019 As weakened market conditions from earlier in 2019 third 2019 October 1, 2018), not 2019. third 2019. $8.9 third 2019. No July 31, 2019 17.3%. 2019 On October 1, 2019, one no October 1, 2019. one no The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2019 Reporting Unit % by Which Estimated Fair Value Exceeds Carrying Value Connectivity Europe 138.8 % Power Europe 16.4 % As noted above, the fair value determined in connection with the goodwill impairment test completed in the fourth 2019 exceeded the carrying value for each reporting unit. Therefore, there was no may 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 may 2018 Based on annual impairment tests performed in the prior year, there was no October 1, 2018 Other Intangible Assets Other identifiable 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 1 16 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, 2019 The components of definite and indefinite-lived intangible assets are as follows: December 31, 2019 December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Patents, licenses and technology $ 38,885 $ 21,757 $ 17,128 $ 38,845 $ 18,281 $ 20,564 Customer relationships 55,656 17,231 38,425 44,588 14,193 30,395 Non-compete agreements 2,701 2,701 - 2,683 2,683 - Trademarks 16,852 40 16,812 11,770 40 11,730 $ 114,094 $ 41,729 $ 72,365 $ 97,886 $ 35,197 $ 62,689 Amortization expense was $6.4 $6.4 2019 2018 Estimated amortization expense for intangible assets for the next five Year Ended December 31, Amortization Expense 2020 $ 7,112 2021 7,108 2022 5,735 2023 4,473 2024 4,412 2019 Due to weakened market conditions discussed above, the Company completed an interim impairment test related to its indefinite-lived intangible assets as of July 31, 2019, no fourth 2019 no December 31, 2019 no |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. FAIR VALUE MEASUREMENTS As of December 31, 2019 December 31, 2018, 1 $1.1 December 31, 2019 $1.4 December 31, 2018. not 3, no 1, 2 3 2019 2018. no 2019. There were no December 31, 2019 December 31, 2018. The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued expenses, which are not December 31, 2019 2018, $146.4 $117.9 $143.7 $114.2 not December 31, 2019. 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. We review goodwill for impairment on a reporting unit basis annually during the fourth may not 2019 third 2019 October 1, 2018), not 2019. third 2019. no July 31, 2019 The Company’s Level 3 two 4, The July 31, 2019 $8.9 $8.5 third 2019. $19.8 December 31, 2018. September 30, 2019 $10.8 orting unit. Effective October 1, 2019, October 1, 2019 no Not 4, In connection with the fair value estimate calculation for the interim test performed as of July 31, 2019, October 1, 2018. Goodwill Impairment Analysis Key Assumptions 2019 - Interim 2018 - Annual Income Approach - Discounted Cash Flows: Revenue 5-year compound annual growth rate (CAGR) 1.5 % 2.6 % EBITDA margins (next 12 month forecast) 3.9 % 7.6 % Cost of equity capital 15.4 % 14.2 % Cost of debt capital 4.0 % 3.7 % Weighted average cost of capital 14.0 % 13.0 % Market Approach - Multiples of Guideline Companies: Net operating revenue multiples used 0.3 0.4 Operating EBITDA multiples used 7.0 8.0 5.1 5.7 Invested capital control premium 25 % 25 % Weighting of Valuation Methods: Income Approach - Discounted Cash Flows 75 % 75 % Market Approach - Multiples of Guideline Companies 25 % 25 % The Company had also performed an interim impairment analysis of its indefinite-lived intangible assets as of July 31, 2019. December 31, 2018, no July 31, 2019 October 1, 2019 4 no |
Note 6 - Other Assets
Note 6 - Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Other Assets Disclosure [Text Block] | 6. OTHER ASSETS At December 31, 2019 2018 $21.5 $18.7 December 31, 2019 2018 $14.7 $13.0 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 $13.7 $11.6 December 31, 2019 2018 $2.4 $0.4 December 31, 2019 2018 December 31, 2019 2018 Other Investments At December 31, 2019 2018 $1.1 $1.4 December 31, 2019 2018 $1.1 $1.4 |
Note 7 - Inventories
Note 7 - Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. INVENTORIES The components of inventories are as follows: December 31, 2019 2018 Raw materials $ 47,936 $ 63,348 Work in progress 27,065 21,441 Finished goods 32,275 35,279 Inventories $ 107,276 $ 120,068 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PROPERTY, PLANT AND EQUIPMENT, NET Property, plant and equipment, net consist of the following: December 31, 2019 2018 Land $ 1,431 $ 2,251 Buildings and improvements 29,722 30,119 Machinery and equipment 132,134 126,747 Construction in progress 5,090 4,687 168,377 163,804 Accumulated depreciation (126,434 ) (119,872 ) Property, plant and equipment, net $ 41,943 $ 43,932 Depreciation expense for the years ended December 31, 2019 2018 $10.0 $11.8 |
Note 9 - Income Taxes
Note 9 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 9. INCOME TAXES 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 2016 2013. no 2009 2011 2014 At December 31, 2019 2018, $29.1 $28.9 $2.2 $1.4 $26.9 $27.5 December 31, 2019, $2.2 twelve 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 December 31, 2019. $2.2 $0.9 2009 June 1, 2020. $1.3 2016 September 15, 2020. $1.4 2019, $1.0 2008 $0.1 2015 $0.3 2017 December 31, 2019. 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: Year Ended December 31, 2019 2018 Liability for uncertain tax positions - January 1 $ 28,951 $ 30,430 Additions based on tax positions related to the current year 1,738 1,703 Translation adjustment (211 ) (657 ) Settlement/expiration of statutes of limitations (1,417 ) (2,525 ) Liability for uncertain tax positions - December 31 $ 29,061 $ 28,951 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, 2019 2018, $0.7 $1.3 December 31, 2019 2018, $0.7 $0.3 $4.9 $3.8 December 31, 2019 2018, The Company’s total (loss) earnings before provision for income taxes included (loss) earnings from domestic operations of ( $17.1 $0.3 2019 2018, $9.8 $23.3 2019 2018, The provision (benefit) for income taxes consists of the following: Year Ended December 31, 2019 2018 Current: Federal $ (215 ) $ (3,517 ) State 141 152 Foreign 3,687 3,782 3,613 417 Deferred: Federal (2,222 ) 2,895 State (135 ) 196 Foreign 185 (601 ) (2,172 ) 2,490 $ 1,441 $ 2,907 A reconciliation of taxes on income computed at the U.S. federal statutory rate to amounts provided is as follows: Year Ended December 31, 2019 2018 $ % $ % Tax (benefit) provision computed at the federal statutory rate $ (1,534 ) 21 % $ 4,959 21 % Increase (decrease) in taxes resulting from: Different tax rates applicable to foreign operations 2,978 (41 %) 1,231 5 % Increase in (reversal of) liability for uncertain tax positions - net 320 (4 %) (822 ) (3 %) Impact of U.S. Tax Reform - 0 % (2,628 ) (11 %) Research and experimentation and foreign tax credits (907 ) 12 % (300 ) (1 %) State taxes, net of federal benefit (54 ) 1 % 322 1 % SERP/COLI and restricted stock income (547 ) 7 % 195 1 % Impairment of goodwill 1,522 (21 %) - 0 % Other, including under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles (337 ) 5 % (50 ) 0 % Tax provision computed at the Company's effective tax rate $ 1,441 (20 %) $ 2,907 12 % 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 not 12%. September 21, 2018, January 1, 2021. 12% As of December 31, 2019, $29.6 $0.3 $0.2 $7.1 $7.1 $1.5 $0.8 $0.2 $2.1 $1.1 2026 2027, 2020 2033 2026 2035. Management has no December 31, 2019. $0.2 December 31, 2019. not During the fourth 2018, December 31, 2017, one $18.1 December 31, 2018, $2.6 $18.1 $15.5 2018, $10.8 December 31, 2018. December 31, 2019, December 2018. Components of deferred income tax assets are as follows: December 31, 2019 2018 Tax Effect Tax Effect Deferred tax assets: State tax credits $ 1,046 $ 1,000 Unfunded pension liability 1,102 605 Reserves and accruals 2,721 2,483 Federal, state and foreign net operating loss and credit carryforwards 8,042 8,370 Depreciation 686 850 Amortization 698 - Lease accounting 3,961 - Other accruals 5,079 5,641 Total deferred tax assets 23,335 18,949 Deferred tax liabilities: Depreciation 1,901 1,666 Amortization 6,973 7,930 Lease accounting 3,871 - Other accruals 370 893 Total deferred tax liabilities 13,115 10,489 Valuation allowance 8,216 9,200 Net deferred tax assets/(liabilities) $ 2,004 $ (740 ) |
Note 10 - Debt
Note 10 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. DEBT At December 31, 2019 2018 $113.0 $116.0 $32.0 $0 $43.0 December 31, 2019 $75.0 December 31, 2018 December 31, 2019 2018 $1.3 $1.8 The interest rate in effect at December 31, 2019 3.31%, 1.81 1.50%. December 31, 2018 4.31%, 2.56% 1.75%. $5.4 $5.3 December 31, 2019 2018 2014 On June 19, 2014, June 30, 2014 "2014 2014 $50 $145 $70 2014 June 18, 2019. $5.8 2014 5 2016 In March 2016, 2014 2016 2015, 2014 September 2016. 2014 $0.7 $0.5 first 2016. 2017 On December 11, 2017, 2014 December 11, 2022, ( $125.0 $75.0 first four 5 "2017 2017 2017 $1.8 2014 2014 $1.0 fourth 2017. Under the terms of the 2017 $75 The obligations of the Company under the 2017 first 65% The borrowings under the 2017 1 1.375% 2.75% 2 0.50%, one 1.00%, 0.375% 1.75% The 2017 2020 On February 18, 2020, $8.2 At December 31, 2019 Scheduled principal payments of the total debt outstanding at December 31, 2019 2020 $ 5,948 (1) 2021 5,948 2022 133,118 Total long-term debt 145,014 Less: Current maturities of long-term debt (5,948 ) Noncurrent portion of long-term debt $ 139,066 ( 1 $5.9 2020 February 18, 2020, $8.2 |
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. ACCRUED EXPENSES Accrued expenses consist of the following: December 31, 2019 2018 Sales commissions $ 2,542 $ 2,609 Subcontracting labor 990 1,550 Salaries, bonuses and related benefits 14,715 18,275 Warranty accrual 1,576 1,078 Other 7,095 8,778 $ 26,918 $ 32,290 The change in warranty accrual during 2019 There were no 2019 . |
Note 12 - Segments
Note 12 - Segments | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 12. SEGMENTS The Company operates in one three three Year Ended December 31, 2019 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Net sales $ 172,348 $ 163,528 $ 156,536 $ - $ 492,412 Gross Profit 44,417 32,846 34,350 (916 ) 110,697 Gross Profit % 25.8 % 20.1 % 21.9 % nm 22.5 % Total Assets 145,344 168,422 89,463 65,688 468,917 Capital Expenditures 2,934 4,570 2,387 - 9,891 Depreciation and Amortization Expense 6,021 7,858 2,592 - 16,471 Year Ended December 31, 2018 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Net sales $ 186,724 $ 176,053 $ 185,407 $ - $ 548,184 Gross Profit 55,092 39,976 46,467 (2,278 ) 139,257 Gross Profit % 29.5 % 22.7 % 25.1 % nm 25.4 % Total Assets 140,240 171,165 119,573 12,546 443,524 Capital Expenditures 5,004 3,661 2,929 - 11,594 Depreciation and Amortization Expense 6,269 9,225 2,713 - 18,207 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. Year Ended December 31, 2019 2018 Net Sales by Geographic Location: United States $ 256,044 $ 271,691 Macao 154,745 187,204 United Kingdom 24,877 26,340 Slovakia 22,705 24,123 Germany 14,855 15,298 Switzerland 10,654 13,279 All other foreign countries 8,532 10,249 Consolidated net sales $ 492,412 $ 548,184 Net Sales by Major Product Line: Connectivity solutions $ 172,348 $ 186,724 Magnetic solutions 156,536 185,407 Power solutions and protection 163,528 176,053 Consolidated net sales $ 492,412 $ 548,184 The following is a summary of long-lived assets by geographic area as of December 31, 2019 2018 December 31, 2019 2018 Long-lived Assets by Geographic Location: United States $ 27,377 $ 27,505 People's Republic of China (PRC) 30,245 29,563 Slovakia 5,726 6,475 Switzerland 2,339 3,023 United Kingdom 2,053 2,330 All other foreign countries 1,123 1,117 Consolidated long-lived assets $ 68,863 $ 70,013 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. 1999. 30.5% Net Sales to Major Customers The Company had net sales to one ten 2019 2018 $50.2 2019 10.2% $67.7 2018 12.3% two |
Note 13 - Retirement Fund and P
Note 13 - Retirement Fund and Profit Sharing Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 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 1986, 100% first 1% 50% 5% January 1, 2012, December 31, 2019 2018 $1.1 $1.3 December 31, 2019 166,004 108,868 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% 5% 7% December 31, 2019 2018 $ 0.3 December 31, 2019 3,323 17,342 The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. Participants in the SERP are selected by the Compensation Committee of the Board of Directors. The SERP initially became effective in 2002 April 2007 409A 6, The benefits available under the SERP 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 20 5 40% five 55 20 five 65, 120 120 60 100% one 50% four December 31, 2019 2018 $1.5 $1.8 Net Periodic Benefit Cost December 31, 2019 2018 Year Ended December 31, 2019 2018 Service Cost $ 576 $ 732 Interest Cost 739 664 Net amortization 192 443 Net periodic benefit cost $ 1,507 $ 1,839 The service cost component of net benefit cost is presented within cost of sales or selling, general and administrative expense on the accompanying consolidated statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other (expense) income, net in the accompanying consolidated statements of operations. Obligations and Funded Status December 31, 2019 2018 Year Ended December 31, 2019 2018 Fair value of plan assets, January 1 $ - $ - Company contributions 430 325 Benefits paid (430 ) (325 ) Fair value of plan assets, December 31 $ - $ - Benefit obligation, January 1 $ 18,676 $ 19,134 Service cost 576 732 Interest cost 739 664 Benefits paid (430 ) (325 ) Plan amendments - 39 Actuarial (gains) losses 1,980 (1,568 ) Benefit obligation, December 31 21,541 18,676 Underfunded status, December 31 $ (21,541 ) $ (18,676 ) The Company has recorded the 2019 2018 $18.5 December 31, 2019 $16.5 December 31, 2018 $14.7 $13.0 December 31, 2019 2018 6, The estimated net loss and prior service cost for the SERP that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $0.3 $0.4 2020. no not 2020, no The following benefit payments, which reflect expected future service, are expected to be paid: Year Ending December 31, 2020 $ 662 2021 890 2022 893 2023 932 2024 968 2025 - 2029 5,432 The following gross amounts are recognized net of tax in accumulated other comprehensive loss: December 31, 2019 2018 Prior service cost $ 738 $ 918 Net loss 1,965 1,977 $ 2,703 $ 2,895 Actuarial Assumptions The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows: Year Ended December 31, 2019 2018 Net periodic benefit cost: Discount rate 4.00 % 3.50 % Rate of compensation increase 2.50 % 3.00 % Benefit obligation: Discount rate 3.00 % 4.00 % Rate of compensation increase 2.50 % 2.50 % |
Note 14 - Share-based Compensat
Note 14 - Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 14. SHARE-BASED COMPENSATION The Company has an equity compensation program (the "Program") which provides for the granting of "Incentive Stock Options" within the meaning of Section 422 1986, 2011 1.4 December 31, 2019 323,850 2011 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 $2.9 $2.8 2019 2018 not 2019 2018 December 31, 2019 2018 Restricted Stock Awards The Company provides common stock awards to certain officers, directors 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 typically earned in 25% fourth fifth 2019 2018 70,000 262,000 A summary of the restricted stock activity under the Program for the year ended December 31, 2019 Weighted Average Restricted Stock Weighted Average Remaining Awards Shares Award Price Contractual Term (Years) Outstanding at January 1, 2019 527,900 $ 24.37 3.5 years Granted 70,000 20.80 Vested 117,850 23.58 Forfeited 34,750 25.06 Outstanding at December 31, 2019 445,300 $ 23.96 3.4 years As of December 31, 2019 $6.8 4.4 The Company's policy is to issue new shares to satisfy restricted stock awards. Currently the Company believes that the majority of its restricted stock awards will vest. |
Note 15 - Common Stock
Note 15 - Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 15. COMMON STOCK As of December 31, 2019 one 10% no 10% not 1998 90 December 31, 2019 not 10%. December 31, 2019 21.5% not 10%. not Throughout 2019 2018 $ 0.06 $ 0.07 $3.4 $3.3 2019 2018 no not |
Note 16 - Leases
Note 16 - Leases | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 16. LEASES The Company has operating leases for its facilities used for manufacturing, research and development, sales and administration. There are also operating and finance leases related to manufacturing equipment, office equipment and vehicles. These leases have remaining lease terms ranging from 1 8 not The components of lease expense, which are included in cost of sales and selling, general and administrative expense, based on the underlying use of the ROU asset, were as follows: Year Ended December 31, 2019 Amortization of ROU assets - finance leases $ 134 Interest on lease liabilities - finance leases 48 Operating lease cost (cost resulting from lease payments) 7,897 Short-term lease cost 102 Variable lease cost (cost excluded from lease payments) 256 Sublease income - Total lease cost $ 8,437 Supplemental cash flow information related to leases are as follows: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,840 Operating cash flows from finance leases 48 Finance cash flows from finance leases 117 Right-of-use assets obtained in exchange for lease obligations: Operating leases 24,494 Finance leases 9 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating Leases: Operating lease right-of-use assets $ 18,504 Operating lease liability, current 7,377 Operating lease liability, long-term 11,751 Total operating lease liabilities 19,128 Finance Leases: Property, plant and equipment, gross $ 882 Accumulated depreciation (262 ) Property, plant and equipment, net 620 Other current liabilities 121 Other long-term liabilities 512 Total finance lease liabilities $ 633 December 31, 2019 Weighted-Average Remaining Lease Term: Operating leases (in years) 3.36 Finance leases (in years) 4.86 Weighted-Average Discount Rate: Operating leases 6.0 % Finance leases 6.4 % Our discount rate is based on our incremental borrowing rate, as adjusted based on the geographic regions in which our leases assets are located. Maturities of lease liabilities were as follows as of December 31, 2019: Year Ending Operating Finance December 31, Leases Leases 2020 $ 7,217 $ 232 2021 6,126 232 2022 4,190 232 2023 2,145 232 2024 578 218 Thereafter 544 141 Total undiscounted cash flows 20,800 1,287 Less imputed interest (1,672 ) (654 ) Present value of lease liabilities $ 19,128 $ 633 Maturities of lease liabilities were as follows as of December 31, 2018: Year Ending Operating December 31, Leases 2019 $ 7,363 2020 6,017 2021 4,967 2022 3,338 2023 1,194 Thereafter 442 $ 23,321 |
Note 17 - Commitments and Conti
Note 17 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 17. COMMITMENTS AND CONTINGENCIES 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 42.5 $58.9 December 31, 2019 December 31, 2018 2.8 $5.2 December 31, 2019 December 31, 2018 Legal Proceedings The Company is party to a number of legal actions and claims, none 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 2006. September 2012, February 2013, October 2, 2014. October 13, 2014, July 18, 2015 December 5, 2016, January 4, 2017. $12.0 December 31, 2019 December 31, 2018 In 2015, 306 934 B1. three January 29, 2016 August 31, 2016. March 23, 2017. April 6, 2017 March 29, 2018, not June 29, 2018. 75,000 In 2015, one three $3.2 April 2018, 3 rd two $3.2 none 20,133,174 May 25, 2018, May 31, 2018, October 16, 2015. July 2, 2018 July 9, 2018 20,133,174 August 27, 2018, 20,430,203 $3.2 June 1, 2018, January 23, 2015 December 17, 2018 January 10, 2019. The Company is not |
Note 18 - Accumulated Other Com
Note 18 - Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 18. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss as of December 31, 2019 2018 December 31, 2019 2018 Foreign currency translation adjustment $ (20,032 ) $ (22,635 ) Unrealized holding gain on available-for-sale securities, net of taxes of $0 and $0 as of December 31, 2019 and 2018 12 12 Unfunded SERP liability, net of taxes of ($639) and ($680) as of December 31, 2019 and 2018 (4,045 ) (2,215 ) Accumulated other comprehensive loss $ (24,065 ) $ (24,838 ) Changes in accumulated other comprehensive (loss) income by component during the years ended December 31, 2019 2018 Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at January 1, 2018 $ (16,537) $ 145 $ (3,233) $ (19,625) Other comprehensive income (loss) before reclassifications (6,098) 37 679 (5,382) Amounts reclassified from accumulated other comprehensive income (loss) - (170) 339 (a) 169 Net current period other comprehensive income (loss) (6,098) (133) 1,018 (5,213) Balance at December 31, 2018 (22,635) 12 (2,215) (24,838) Other comprehensive income (loss) before reclassifications 2,603 - (1,492) 1,111 Amounts reclassified from accumulated other comprehensive income (loss) - - 125 (a) 125 Effect of adoption of ASU 2018-02 (Topic 220) - - (463) (463) Net current period other comprehensive income (loss) 2,603 - (1,830) 773 Balance at December 31, 2019 $ (20,032) $ 12 $ (4,045) $ (24,065) (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. |
Note 19 - Subsequent Events
Note 19 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 19. SUBSEQUENT EVENTS Credit Agreement Amendment On February 18, 2020, $8.2 Coronavirus Outbreak In January 2020, first four first 2020. March 9, 2020, 85%. may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Reclassification, Policy [Policy Text Block] | Reclassifications fourth 2019, $26.9 $29.5 December 31, 2019 2018, fourth 2019, $0.1 $2.7 December 31, 2019 2018, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates not not may |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash Equivalents three $250,000. |
Receivable [Policy Text Block] | Allowance for Doubtful Accounts |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Effects of Foreign Currency not $0.1 $2.7 December 31, 2019 2018 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk 12, 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 |
Inventory, Policy [Policy Text Block] | Inventories |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition January 1, 2018, 606 not January 1, 2018. 606 In accordance with ASC 606, Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales. |
Standard Product Warranty, Policy [Policy Text Block] | Product Warranties one three 11, |
Product Returns [Policy Text Block] | Product Returns not not may may may |
Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block] | Goodwill and Identifiable Intangible Assets 1 2 3 Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology-based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, ranging from 1 16 15.4% 14.1% 2019 2018 We use the acquisition method of accounting for all business combinations and do not fourth |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment and Disposal of Long-Lived Assets For indefinite-lived intangible assets, such as trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 4, |
Depreciation, Depletion, and Amortization [Policy Text Block] | Depreciation rom 2 33 3 15 |
Income Tax, Policy [Policy Text Block] | Income Taxes 9, We record net deferred tax assets to the extent we believe these assets will more-likely-than- not not We establish liabilities for tax contingencies when, despite the belief that our tax return positions are fully supported, it is more likely than not may may not |
Earnings Per Share, Policy [Policy Text Block] | (Loss) Earnings per Share two two 5% two 5% no December 31, 2019 2018 The (loss) earnings and weighted average shares outstanding used in the computation of basic and diluted (loss) earnings per share are as follows: Year Ended December 31, 2019 2018 Numerator: Net (loss) earnings $ (8,743 ) $ 20,709 Less dividends declared: Class A 518 522 Class B 2,834 2,796 Undistributed (loss) earnings $ (12,095 ) $ 17,391 Undistributed (loss) earnings allocation - basic and diluted: Class A undistributed (loss) earnings $ (2,049 ) $ 2,999 Class B undistributed (loss) earnings (10,046 ) 14,392 Total undistributed (loss) earnings $ (12,095 ) $ 17,391 Net (loss) earnings allocation - basic and diluted: Class A net (loss) earnings $ (1,531 ) $ 3,521 Class B net (loss) earnings (7,212 ) 17,188 Net (loss) earnings $ (8,743 ) $ 20,709 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,167 2,175 Class B - basic and diluted 10,117 9,939 Net (loss) earnings per share: Class A - basic and diluted $ (0.71 ) $ 1.62 Class B - basic and diluted $ (0.71 ) $ 1.73 |
Research and Development Expense, Policy [Policy Text Block] | Research and Development ("R&D") December 31, 2019 2018 $26.9 $29.5 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements three Level 1 Level 2 Level 3 no For financial instruments such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, the carrying amount approximates fair value because of the short maturities of such instruments. See Note 5, |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Recently Adopted Accounting Standards In February 2016, 2016 02, Leases (Topic 842 2016 02” December 15, 2018. The Company adopted ASU 2016 02, January 1, 2019 840 840. three not 12 Adoption of the new standard resulted in the recording of right-of-use assets in the amount of $20.7 $21.0 January 1, 2019. not 16, Leases 842 2016 02. In February 2018, 2018 02, Income Statement – Reporting Comprehensive Income (Topic 220 December 22, 2017. December 15, 2018, January 1, 2019. $0.5 January 1, 2019. not In May 2018, 2018 07, Compensation – Stock Compensation (Topic 718 December 15, 2018, January 1, 2019 not In January 2017, 2017 04, Intangibles-Goodwill and Other (Topic 350 2017 04” 2017 04 2 January 1, 2017. 2017 04 July 1, 2019, Note 4 In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 2014 09" 2014 09 2014 09, 606" January 1, 2018 Upon adoption, the new revenue standards replaced most existing revenue recognition guidance in U.S. GAAP. Based on our review of representative samples of contracts and other forms of agreements with customers globally and our evaluation of the provisions under the five In connection with the modified retrospective application of the new revenue standards, we recorded an adjustment to increase retained earnings by $3.4 January 1, 2018 3, not In January 2016, 2016 01, Financial Instruments-Overall (Subtopic 825 10 December 15, 2017. January 1, 2018. not In August 2016, 2016 15, Statement of Cash Flows (Topic 230 December 31, 2018 January 1, 2018 not In October 2016, 2016 16, Income Taxes (Topic 740 December 15, 2017, January 1, 2018 not In January 2017, 2017 01, Business Combinations (Topic 805 2017 01" 2017 01 2017 01 January 1, 2018. In March 2017, 2017 07, Compensation – Retirement Benefits (Topic 715 2017 07" 2017 07 2017 07 January 1, 2018 13 10 December 31, 2018 December 31, 2018 not In May 2017, 2017 09, Compensation – Stock Compensation (Topic 718 2017 09" 718. December 15, 2017. 2017 09 January 1, 2018, Accounting Standards Issued But Not In June 2016, No. 2016 13, Financial Instruments – Credit Losses (Topic 326 2016 13” December 15, 2022, 2016 13, not In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. not In August 2018, 2018 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14" not December 15, 2020. 2018 14 In August 2018, 2018 15, Intangibles – Goodwill and Other-Internal-Use Software (Subtopic 350 40 December 15, 2019, In December 2019, 2019 12, Simplifying the Accounting for Income Taxes ("ASU 2019 12" 740 2019 12 December 15, 2021. 2019 12, not |
Note 1 - Description of Busin_2
Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2019 2018 Numerator: Net (loss) earnings $ (8,743 ) $ 20,709 Less dividends declared: Class A 518 522 Class B 2,834 2,796 Undistributed (loss) earnings $ (12,095 ) $ 17,391 Undistributed (loss) earnings allocation - basic and diluted: Class A undistributed (loss) earnings $ (2,049 ) $ 2,999 Class B undistributed (loss) earnings (10,046 ) 14,392 Total undistributed (loss) earnings $ (12,095 ) $ 17,391 Net (loss) earnings allocation - basic and diluted: Class A net (loss) earnings $ (1,531 ) $ 3,521 Class B net (loss) earnings (7,212 ) 17,188 Net (loss) earnings $ (8,743 ) $ 20,709 Denominator: Weighted average shares outstanding: Class A - basic and diluted 2,167 2,175 Class B - basic and diluted 10,117 9,939 Net (loss) earnings per share: Class A - basic and diluted $ (0.71 ) $ 1.62 Class B - basic and diluted $ (0.71 ) $ 1.73 |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Measurement Acquisition-Date Acquisition-Date Period Fair Values Fair Values Adjustments (As adjusted) Cash and cash equivalents $ 193 $ - $ 193 Accounts receivable 3,404 - 3,404 Inventories 4,686 - 4,686 Other current assets 101 - 101 Property, plant and equipment 81 - 81 Right-of-use asset 1,299 - 1,299 Intangible assets - 16,000 16,000 Total identifiable assets 9,764 16,000 25,764 Accounts payable (3,599 ) - (3,599 ) Accrued expenses (879 ) - (879 ) Refund liability (1,078 ) - (1,078 ) Operating lease liability, current (230 ) - (230 ) Operating lease liability, long-term (1,069 ) - (1,069 ) Total liabilities assumed (6,855 ) - (6,855 ) Net identifiable assets acquired 2,909 16,000 18,909 Goodwill 29,091 (18,804 ) 10,287 Net assets acquired $ 32,000 $ (2,804 ) $ 29,196 Cash paid 32,000 (2,804 ) 29,196 Fair value of consideration transferred $ 32,000 $ (2,804 ) $ 29,196 |
Business Acquisition, Pro Forma Information [Table Text Block] | Year Ended December 31, 2019 2018 Revenue $ 522,128 $ 588,425 Net earnings (7,715 ) 25,232 Earnings per Class A common share - basic and diluted (0.63 ) 1.98 Earnings per Class B common share - basic and diluted (0.63 ) 2.11 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2019 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Product Group: North America $ 128,096 $ 93,540 $ 34,408 $ 256,044 Europe 33,099 41,016 7,507 81,622 Asia 11,153 28,972 114,621 154,746 $ 172,348 $ 163,528 $ 156,536 $ 492,412 By Sales Channel: Direct to customer $ 113,115 $ 110,587 $ 132,911 $ 356,613 Through distribution 59,233 52,941 23,625 135,799 $ 172,348 $ 163,528 $ 156,536 $ 492,412 Year Ended December 31, 2018 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Product Group: North America $ 135,454 $ 98,432 $ 37,805 $ 271,691 Europe 34,130 45,556 9,604 89,290 Asia 17,140 32,065 137,998 187,203 $ 186,724 $ 176,053 $ 185,407 $ 548,184 By Sales Channel: Direct to customer $ 120,333 $ 120,787 $ 157,539 $ 398,659 Through distribution 66,391 55,266 27,868 149,525 $ 186,724 $ 176,053 $ 185,407 $ 548,184 |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, January 1, 2019 2019 Contract assets - current (unbilled receivable) $ 16,318 $ 15,799 Contract liabilities - current (deferred revenue) $ 653 $ 1,036 Year Ended December 31, 2019 Balance, January 1 $ 1,036 New advance payments received 3,204 Recognized as revenue during period (3,598 ) Currency translation 11 Balance, December 31 $ 653 |
Note 4 - Goodwill and Other I_2
Note 4 - Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Segment Structure Prior to October 1, 2019 Total North America Asia Europe Balance at January 1, 2018: Goodwill, gross $ 148,768 $ 63,364 $ 54,508 $ 30,896 Accumulated impairment charges (128,591 ) (54,474 ) (54,508 ) (19,609 ) Goodwill, net 20,177 8,890 - 11,287 Goodwill allocation related to acquisition 1,290 - - 1,290 Foreign currency translation (1,650 ) - - (1,650 ) Balance at December 31, 2018: Goodwill, gross 148,408 63,364 54,508 30,536 Accumulated impairment charges (128,591 ) (54,473 ) (54,508 ) (19,610 ) Goodwill, net 19,817 8,891 - 10,926 Impairment charge (8,891 ) (8,891 ) - - Foreign currency translation (122 ) - - (122 ) Measurement period adjustment (26 ) - - (26 ) Balance at September 30, 2019: Goodwill, gross 148,260 63,364 54,508 30,388 Accumulated impairment charges (137,482 ) (63,364 ) (54,508 ) (19,610 ) Goodwill, net $ 10,778 $ - $ - $ 10,778 Segment Structure Effective October 1, 2019 Total Cinch Connectivity Solutions Power Solutions & Protection Magnetic Solutions Balance at October 1, 2019: Goodwill, gross (reallocation) $ 10,778 $ 6,467 $ 4,311 $ - Goodwill, net 10,778 6,467 4,311 - Goodwill allocation related to acquisition 10,287 - 10,287 - Foreign currency translation 928 712 216 - Balance at December 31, 2019: Goodwill, gross 21,993 7,179 14,814 - Goodwill, net $ 21,993 $ 7,179 $ 14,814 $ - |
Schedule of Excess of Estimated Fair Values Over Carrying Value, Including Goodwill [Table Text Block] | Reporting Unit % by Which Estimated Fair Value Exceeds Carrying Value Connectivity Europe 138.8 % Power Europe 16.4 % |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2019 December 31, 2018 Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Amount Amortization Amount Amount Amortization Amount Patents, licenses and technology $ 38,885 $ 21,757 $ 17,128 $ 38,845 $ 18,281 $ 20,564 Customer relationships 55,656 17,231 38,425 44,588 14,193 30,395 Non-compete agreements 2,701 2,701 - 2,683 2,683 - Trademarks 16,852 40 16,812 11,770 40 11,730 $ 114,094 $ 41,729 $ 72,365 $ 97,886 $ 35,197 $ 62,689 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended December 31, Amortization Expense 2020 $ 7,112 2021 7,108 2022 5,735 2023 4,473 2024 4,412 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill [Member] | |
Notes Tables | |
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block] | Goodwill Impairment Analysis Key Assumptions 2019 - Interim 2018 - Annual Income Approach - Discounted Cash Flows: Revenue 5-year compound annual growth rate (CAGR) 1.5 % 2.6 % EBITDA margins (next 12 month forecast) 3.9 % 7.6 % Cost of equity capital 15.4 % 14.2 % Cost of debt capital 4.0 % 3.7 % Weighted average cost of capital 14.0 % 13.0 % Market Approach - Multiples of Guideline Companies: Net operating revenue multiples used 0.3 0.4 Operating EBITDA multiples used 7.0 8.0 5.1 5.7 Invested capital control premium 25 % 25 % Weighting of Valuation Methods: Income Approach - Discounted Cash Flows 75 % 75 % Market Approach - Multiples of Guideline Companies 25 % 25 % |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2019 2018 Raw materials $ 47,936 $ 63,348 Work in progress 27,065 21,441 Finished goods 32,275 35,279 Inventories $ 107,276 $ 120,068 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2019 2018 Land $ 1,431 $ 2,251 Buildings and improvements 29,722 30,119 Machinery and equipment 132,134 126,747 Construction in progress 5,090 4,687 168,377 163,804 Accumulated depreciation (126,434 ) (119,872 ) Property, plant and equipment, net $ 41,943 $ 43,932 |
Note 9 - Income Taxes (Tables)
Note 9 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2019 2018 Liability for uncertain tax positions - January 1 $ 28,951 $ 30,430 Additions based on tax positions related to the current year 1,738 1,703 Translation adjustment (211 ) (657 ) Settlement/expiration of statutes of limitations (1,417 ) (2,525 ) Liability for uncertain tax positions - December 31 $ 29,061 $ 28,951 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2019 2018 Current: Federal $ (215 ) $ (3,517 ) State 141 152 Foreign 3,687 3,782 3,613 417 Deferred: Federal (2,222 ) 2,895 State (135 ) 196 Foreign 185 (601 ) (2,172 ) 2,490 $ 1,441 $ 2,907 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 $ % $ % Tax (benefit) provision computed at the federal statutory rate $ (1,534 ) 21 % $ 4,959 21 % Increase (decrease) in taxes resulting from: Different tax rates applicable to foreign operations 2,978 (41 %) 1,231 5 % Increase in (reversal of) liability for uncertain tax positions - net 320 (4 %) (822 ) (3 %) Impact of U.S. Tax Reform - 0 % (2,628 ) (11 %) Research and experimentation and foreign tax credits (907 ) 12 % (300 ) (1 %) State taxes, net of federal benefit (54 ) 1 % 322 1 % SERP/COLI and restricted stock income (547 ) 7 % 195 1 % Impairment of goodwill 1,522 (21 %) - 0 % Other, including under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles (337 ) 5 % (50 ) 0 % Tax provision computed at the Company's effective tax rate $ 1,441 (20 %) $ 2,907 12 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Tax Effect Tax Effect Deferred tax assets: State tax credits $ 1,046 $ 1,000 Unfunded pension liability 1,102 605 Reserves and accruals 2,721 2,483 Federal, state and foreign net operating loss and credit carryforwards 8,042 8,370 Depreciation 686 850 Amortization 698 - Lease accounting 3,961 - Other accruals 5,079 5,641 Total deferred tax assets 23,335 18,949 Deferred tax liabilities: Depreciation 1,901 1,666 Amortization 6,973 7,930 Lease accounting 3,871 - Other accruals 370 893 Total deferred tax liabilities 13,115 10,489 Valuation allowance 8,216 9,200 Net deferred tax assets/(liabilities) $ 2,004 $ (740 ) |
Note 10 - Debt (Tables)
Note 10 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Maturities of Long-term Debt [Table Text Block] | 2020 $ 5,948 (1) 2021 5,948 2022 133,118 Total long-term debt 145,014 Less: Current maturities of long-term debt (5,948 ) Noncurrent portion of long-term debt $ 139,066 |
Note 11 - Accrued Expenses (Tab
Note 11 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2019 2018 Sales commissions $ 2,542 $ 2,609 Subcontracting labor 990 1,550 Salaries, bonuses and related benefits 14,715 18,275 Warranty accrual 1,576 1,078 Other 7,095 8,778 $ 26,918 $ 32,290 |
Note 12 - Segments (Tables)
Note 12 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2019 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Net sales $ 172,348 $ 163,528 $ 156,536 $ - $ 492,412 Gross Profit 44,417 32,846 34,350 (916 ) 110,697 Gross Profit % 25.8 % 20.1 % 21.9 % nm 22.5 % Total Assets 145,344 168,422 89,463 65,688 468,917 Capital Expenditures 2,934 4,570 2,387 - 9,891 Depreciation and Amortization Expense 6,021 7,858 2,592 - 16,471 Year Ended December 31, 2018 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Net sales $ 186,724 $ 176,053 $ 185,407 $ - $ 548,184 Gross Profit 55,092 39,976 46,467 (2,278 ) 139,257 Gross Profit % 29.5 % 22.7 % 25.1 % nm 25.4 % Total Assets 140,240 171,165 119,573 12,546 443,524 Capital Expenditures 5,004 3,661 2,929 - 11,594 Depreciation and Amortization Expense 6,269 9,225 2,713 - 18,207 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Year Ended December 31, 2019 2018 Net Sales by Geographic Location: United States $ 256,044 $ 271,691 Macao 154,745 187,204 United Kingdom 24,877 26,340 Slovakia 22,705 24,123 Germany 14,855 15,298 Switzerland 10,654 13,279 All other foreign countries 8,532 10,249 Consolidated net sales $ 492,412 $ 548,184 Net Sales by Major Product Line: Connectivity solutions $ 172,348 $ 186,724 Magnetic solutions 156,536 185,407 Power solutions and protection 163,528 176,053 Consolidated net sales $ 492,412 $ 548,184 |
Long-lived Assets by Geographic Areas [Table Text Block] | December 31, 2019 2018 Long-lived Assets by Geographic Location: United States $ 27,377 $ 27,505 People's Republic of China (PRC) 30,245 29,563 Slovakia 5,726 6,475 Switzerland 2,339 3,023 United Kingdom 2,053 2,330 All other foreign countries 1,123 1,117 Consolidated long-lived assets $ 68,863 $ 70,013 |
Note 13 - Retirement Fund and_2
Note 13 - Retirement Fund and Profit Sharing Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Year Ended December 31, 2019 2018 Service Cost $ 576 $ 732 Interest Cost 739 664 Net amortization 192 443 Net periodic benefit cost $ 1,507 $ 1,839 |
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block] | Year Ended December 31, 2019 2018 Fair value of plan assets, January 1 $ - $ - Company contributions 430 325 Benefits paid (430 ) (325 ) Fair value of plan assets, December 31 $ - $ - Benefit obligation, January 1 $ 18,676 $ 19,134 Service cost 576 732 Interest cost 739 664 Benefits paid (430 ) (325 ) Plan amendments - 39 Actuarial (gains) losses 1,980 (1,568 ) Benefit obligation, December 31 21,541 18,676 Underfunded status, December 31 $ (21,541 ) $ (18,676 ) |
Schedule of Expected Benefit Payments [Table Text Block] | Year Ending December 31, 2020 $ 662 2021 890 2022 893 2023 932 2024 968 2025 - 2029 5,432 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2019 2018 Prior service cost $ 738 $ 918 Net loss 1,965 1,977 $ 2,703 $ 2,895 |
Defined Benefit Plan, Assumptions [Table Text Block] | Year Ended December 31, 2019 2018 Net periodic benefit cost: Discount rate 4.00 % 3.50 % Rate of compensation increase 2.50 % 3.00 % Benefit obligation: Discount rate 3.00 % 4.00 % Rate of compensation increase 2.50 % 2.50 % |
Note 14 - Share-based Compens_2
Note 14 - Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Restricted Stock Weighted Average Remaining Awards Shares Award Price Contractual Term (Years) Outstanding at January 1, 2019 527,900 $ 24.37 3.5 years Granted 70,000 20.80 Vested 117,850 23.58 Forfeited 34,750 25.06 Outstanding at December 31, 2019 445,300 $ 23.96 3.4 years |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year Ended December 31, 2019 Amortization of ROU assets - finance leases $ 134 Interest on lease liabilities - finance leases 48 Operating lease cost (cost resulting from lease payments) 7,897 Short-term lease cost 102 Variable lease cost (cost excluded from lease payments) 256 Sublease income - Total lease cost $ 8,437 December 31, 2019 Weighted-Average Remaining Lease Term: Operating leases (in years) 3.36 Finance leases (in years) 4.86 Weighted-Average Discount Rate: Operating leases 6.0 % Finance leases 6.4 % |
Leases, Supplemental Cash Flow Information [Table Text Block] | Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,840 Operating cash flows from finance leases 48 Finance cash flows from finance leases 117 Right-of-use assets obtained in exchange for lease obligations: Operating leases 24,494 Finance leases 9 |
Lease, Supplemental Balance Sheet Information [Table Text Block] | December 31, 2019 Operating Leases: Operating lease right-of-use assets $ 18,504 Operating lease liability, current 7,377 Operating lease liability, long-term 11,751 Total operating lease liabilities 19,128 Finance Leases: Property, plant and equipment, gross $ 882 Accumulated depreciation (262 ) Property, plant and equipment, net 620 Other current liabilities 121 Other long-term liabilities 512 Total finance lease liabilities $ 633 |
Lessee, Operating and Financing Lease Liability Maturity [Table Text Block] | Year Ending Operating Finance December 31, Leases Leases 2020 $ 7,217 $ 232 2021 6,126 232 2022 4,190 232 2023 2,145 232 2024 578 218 Thereafter 544 141 Total undiscounted cash flows 20,800 1,287 Less imputed interest (1,672 ) (654 ) Present value of lease liabilities $ 19,128 $ 633 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending Operating December 31, Leases 2019 $ 7,363 2020 6,017 2021 4,967 2022 3,338 2023 1,194 Thereafter 442 $ 23,321 |
Note 18 - Accumulated Other C_2
Note 18 - Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | December 31, 2019 2018 Foreign currency translation adjustment $ (20,032 ) $ (22,635 ) Unrealized holding gain on available-for-sale securities, net of taxes of $0 and $0 as of December 31, 2019 and 2018 12 12 Unfunded SERP liability, net of taxes of ($639) and ($680) as of December 31, 2019 and 2018 (4,045 ) (2,215 ) Accumulated other comprehensive loss $ (24,065 ) $ (24,838 ) |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block] | Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at January 1, 2018 $ (16,537) $ 145 $ (3,233) $ (19,625) Other comprehensive income (loss) before reclassifications (6,098) 37 679 (5,382) Amounts reclassified from accumulated other comprehensive income (loss) - (170) 339 (a) 169 Net current period other comprehensive income (loss) (6,098) (133) 1,018 (5,213) Balance at December 31, 2018 (22,635) 12 (2,215) (24,838) Other comprehensive income (loss) before reclassifications 2,603 - (1,492) 1,111 Amounts reclassified from accumulated other comprehensive income (loss) - - 125 (a) 125 Effect of adoption of ASU 2018-02 (Topic 220) - - (463) (463) Net current period other comprehensive income (loss) 2,603 - (1,830) 773 Balance at December 31, 2019 $ (20,032) $ 12 $ (4,045) $ (24,065) |
Note 1 - Description of Busin_3
Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Research and Development Expense, Total | $ 26,925 | $ 29,487 | ||
Foreign Currency Transaction Gain (Loss), before Tax, Total | $ 110 | $ 2,663 | ||
Intangible Assets, Percent of Total Assets | 15.40% | 14.10% | ||
Excessive Dividend Rate of Class B Over Class A | 5.00% | |||
Excessive Undistributed Earnings Allocation Rate of Class B Over Class A | 5.00% | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0 | 0 | ||
Operating Lease, Right-of-Use Asset | $ 18,504 | |||
Operating Lease, Liability, Total | 19,128 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | 3,497 | |||
Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 463 | $ 3,497 | ||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | $ 20,700 | |||
Operating Lease, Liability, Total | 21,000 | |||
Accounting Standards Update 2018-02 [Member] | ||||
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect | $ 500 | |||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,400 | |||
Minimum [Member] | ||||
Standard Product Warranty, Period | 1 year | |||
Finite-Lived Intangible Asset, Useful Life | 1 year | |||
Minimum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Minimum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | ||||
Standard Product Warranty, Period | 3 years | |||
Finite-Lived Intangible Asset, Useful Life | 16 years | |||
Maximum [Member] | Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life | 33 years | |||
Maximum [Member] | Machinery and Equipment [Member] | ||||
Property, Plant and Equipment, Useful Life | 15 years |
Note 1 - Description of Busin_4
Note 1 - Description of Business and Summary of Significant Accounting Policies - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net (loss) earnings | $ (8,743) | $ 20,709 |
Undistributed (loss) earnings | (12,095) | 17,391 |
Common Class A [Member] | ||
Net (loss) earnings | (1,531) | 3,521 |
Less dividends declared | 518 | 522 |
Undistributed (loss) earnings | $ (2,049) | $ 2,999 |
Weighted-average shares outstanding, basic and diluted (in shares) | 2,167 | 2,175 |
Net earnings per share, basic and diluted (in dollars per share) | $ (0.71) | $ 1.62 |
Common Class B [Member] | ||
Net (loss) earnings | $ (7,212) | $ 17,188 |
Less dividends declared | 2,834 | 2,796 |
Undistributed (loss) earnings | $ (10,046) | $ 14,392 |
Weighted-average shares outstanding, basic and diluted (in shares) | 10,117 | 9,939 |
Net earnings per share, basic and diluted (in dollars per share) | $ (0.71) | $ 1.73 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Dec. 03, 2019 | Oct. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination, Acquisition Related Costs | $ 200 | $ 100 | |||
CUI Power [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 32,000 | ||||
Majority Products Business of CUI Power [Member] | |||||
Payments to Acquire Businesses, Gross | $ 32,000 | $ 29,196 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 2,200 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 400 | ||||
Majority Products Business of CUI Power [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | 5,000 | ||||
Majority Products Business of CUI Power [Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 11,000 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 13 years | ||||
BCMZ Precision Engineering Limited [Member] | |||||
Payments to Acquire Businesses, Gross | $ 2,600 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 1,000 | 500 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 100 | $ 100 |
Note 2 - Acquisitions - Identif
Note 2 - Acquisitions - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 03, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Oct. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Goodwill, Ending Balance | $ 21,993 | $ 10,778 | $ 10,778 | $ 19,817 | $ 20,177 | |
Goodwill | $ (26) | |||||
Majority Products Business of CUI Power [Member] | ||||||
Cash and cash equivalents | $ 193 | 193 | ||||
Accounts receivable | 3,404 | 3,404 | ||||
Inventories | 4,686 | 4,686 | ||||
Other current assets | 101 | 101 | ||||
Property, plant and equipment | 81 | 81 | ||||
Right-of-use asset | 1,299 | 1,299 | ||||
Intangible assets | 16,000 | |||||
Intangible assets | 16,000 | |||||
Total identifiable assets | 9,764 | 25,764 | ||||
Total identifiable assets | 16,000 | |||||
Accounts payable | (3,599) | (3,599) | ||||
Accrued expenses | (879) | (879) | ||||
Refund liability | (1,078) | (1,078) | ||||
Operating lease liability, current | (230) | (230) | ||||
Operating lease liability, long-term | (1,069) | (1,069) | ||||
Total liabilities assumed | (6,855) | (6,855) | ||||
Net identifiable assets acquired | 2,909 | 18,909 | ||||
Net identifiable assets acquired | 16,000 | |||||
Goodwill, Ending Balance | 29,091 | 10,287 | ||||
Goodwill | (18,804) | |||||
Net assets acquired | 32,000 | 29,196 | ||||
Net assets acquired | (2,804) | |||||
Payments to Acquire Businesses, Gross | 32,000 | 29,196 | ||||
Cash paid | (2,804) | |||||
Fair value of consideration transferred | $ 32,000 | 29,196 | ||||
Fair value of consideration transferred | $ (2,804) |
Note 2 - Acquisitions - Proform
Note 2 - Acquisitions - Proforma Results (Details) - Majority Products Business of CUI Power [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 522,128 | $ 588,425 |
Net earnings | $ (7,715) | $ 25,232 |
Common Class A [Member] | ||
Earnings per common share - basic and diluted (in dollars per share) | $ (0.63) | $ 1.98 |
Common Class B [Member] | ||
Earnings per common share - basic and diluted (in dollars per share) | $ (0.63) | $ 2.11 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) $ in Millions | Dec. 31, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 16.9 |
Revenue, Remaining Performance Obligation, Percentage | 76.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 20.00% |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 492,412 | $ 548,184 |
Sales Channel, Directly to Consumer [Member] | ||
Net sales | 356,613 | 398,659 |
Sales Channel, Through Intermediary [Member] | ||
Net sales | 135,799 | 149,525 |
North America [Member] | ||
Net sales | 256,044 | 271,691 |
Europe [Member] | ||
Net sales | 81,622 | 89,290 |
Asia [Member] | ||
Net sales | 154,746 | 187,203 |
Connectivity Solutions [Member] | ||
Net sales | 172,348 | 186,724 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Net sales | 113,115 | 120,333 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Net sales | 59,233 | 66,391 |
Connectivity Solutions [Member] | North America [Member] | ||
Net sales | 128,096 | 135,454 |
Connectivity Solutions [Member] | Europe [Member] | ||
Net sales | 33,099 | 34,130 |
Connectivity Solutions [Member] | Asia [Member] | ||
Net sales | 11,153 | 17,140 |
Power Solutions and Protection [Member] | ||
Net sales | 163,528 | 176,053 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||
Net sales | 110,587 | 120,787 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||
Net sales | 52,941 | 55,266 |
Power Solutions and Protection [Member] | North America [Member] | ||
Net sales | 93,540 | 98,432 |
Power Solutions and Protection [Member] | Europe [Member] | ||
Net sales | 41,016 | 45,556 |
Power Solutions and Protection [Member] | Asia [Member] | ||
Net sales | 28,972 | 32,065 |
Magnetic Solutions [Member] | ||
Net sales | 156,536 | 185,407 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Net sales | 132,911 | 157,539 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Net sales | 23,625 | 27,868 |
Magnetic Solutions [Member] | North America [Member] | ||
Net sales | 34,408 | 37,805 |
Magnetic Solutions [Member] | Europe [Member] | ||
Net sales | 7,507 | 9,604 |
Magnetic Solutions [Member] | Asia [Member] | ||
Net sales | $ 114,621 | $ 137,998 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Contract assets - current (unbilled receivable) | $ 16,318 | $ 15,799 | $ 15,799 |
Contract liabilities - current (deferred revenue) | 653 | $ 1,036 | |
Balance | 1,036 | ||
New advance payments received | 3,204 | ||
Recognized as revenue during period | (3,598) | ||
Currency translation | 11 | ||
Balance | $ 653 |
Note 4 - Goodwill and Other I_3
Note 4 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Reportable Segments | 3 | ||||
Goodwill, Impairment Loss | $ 8,891 | $ 0 | $ 0 | ||
Amortization of Intangible Assets, Total | 6,400 | $ 6,400 | |||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | ||||
Minimum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 1 year | ||||
Maximum [Member] | |||||
Finite-Lived Intangible Asset, Useful Life | 16 years | ||||
North America [Member] | |||||
Goodwill, Impairment Loss | $ 8,900 | 8,891 | |||
Europe [Member] | |||||
Goodwill, Impairment Loss | $ 0 | ||||
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount | 17.30% | 17.30% |
Note 4 - Goodwill and Other I_4
Note 4 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Jan. 01, 2018 | |
Goodwill, gross | $ 21,993 | $ 148,260 | $ 148,260 | $ 21,993 | $ 148,408 | $ 10,778 | $ 148,768 |
Accumulated impairment charges | (137,482) | (137,482) | (128,591) | (128,591) | |||
Goodwill | 21,993 | 10,778 | 10,778 | 21,993 | 19,817 | 10,778 | 20,177 |
Goodwill allocation related to acquisition | 10,287 | 1,290 | |||||
Foreign currency translation | 928 | (122) | (1,650) | ||||
Impairment charge | (8,891) | 0 | 0 | ||||
Measurement period adjustment | (26) | ||||||
Goodwill, gross (reallocation) | 21,993 | 148,260 | 148,260 | 21,993 | 148,408 | 10,778 | 148,768 |
Cinch Connectivity Solutions Segment [Member] | |||||||
Goodwill, gross | 7,179 | 7,179 | 6,467 | ||||
Goodwill | 7,179 | 7,179 | 6,467 | ||||
Goodwill allocation related to acquisition | |||||||
Foreign currency translation | 712 | ||||||
Goodwill, gross (reallocation) | 7,179 | 7,179 | 6,467 | ||||
Power Solutions and Protection Segment [Member] | |||||||
Goodwill, gross | 14,814 | 14,814 | 4,311 | ||||
Goodwill | 14,814 | 14,814 | 4,311 | ||||
Goodwill allocation related to acquisition | 10,287 | ||||||
Foreign currency translation | 216 | ||||||
Goodwill, gross (reallocation) | 14,814 | 14,814 | 4,311 | ||||
Magnetic Solutions Segment [Member] | |||||||
Goodwill, gross | |||||||
Goodwill | |||||||
Goodwill allocation related to acquisition | |||||||
Foreign currency translation | |||||||
Goodwill, gross (reallocation) | |||||||
North America [Member] | |||||||
Goodwill, gross | 63,364 | 63,364 | 63,364 | 63,364 | |||
Accumulated impairment charges | (63,364) | (63,364) | (54,473) | (54,474) | |||
Goodwill | 8,891 | 8,890 | |||||
Goodwill allocation related to acquisition | |||||||
Foreign currency translation | |||||||
Impairment charge | (8,900) | (8,891) | |||||
Measurement period adjustment | |||||||
Goodwill, gross (reallocation) | 63,364 | 63,364 | 63,364 | 63,364 | |||
Asia [Member] | |||||||
Goodwill, gross | 54,508 | 54,508 | 54,508 | 54,508 | |||
Accumulated impairment charges | (54,508) | (54,508) | (54,508) | (54,508) | |||
Goodwill | |||||||
Goodwill allocation related to acquisition | |||||||
Foreign currency translation | |||||||
Impairment charge | |||||||
Measurement period adjustment | |||||||
Goodwill, gross (reallocation) | 54,508 | 54,508 | 54,508 | 54,508 | |||
Europe [Member] | |||||||
Goodwill, gross | 30,388 | 30,388 | 30,536 | 30,896 | |||
Accumulated impairment charges | (19,610) | (19,610) | (19,610) | (19,609) | |||
Goodwill | 10,778 | 10,778 | 10,926 | 11,287 | |||
Goodwill allocation related to acquisition | 1,290 | ||||||
Foreign currency translation | (122) | (1,650) | |||||
Impairment charge | $ 0 | ||||||
Measurement period adjustment | (26) | ||||||
Goodwill, gross (reallocation) | $ 30,388 | $ 30,388 | $ 30,536 | $ 30,896 |
Note 4 - Goodwill and Other I_5
Note 4 - Goodwill and Other Intangible Assets - Estimated Fair Values Over Carrying Value, Including Goodwill (Details) - Europe [Member] | Dec. 31, 2019 | Sep. 30, 2019 |
% by Which Estimated Fair Value Exceeds Carrying Value | 17.30% | |
Cinch Connectivity Solutions Segment [Member] | ||
% by Which Estimated Fair Value Exceeds Carrying Value | 138.80% | |
Power Solutions and Protection Segment [Member] | ||
% by Which Estimated Fair Value Exceeds Carrying Value | 16.40% |
Note 4 - Goodwill and Other I_6
Note 4 - Goodwill and Other Intangible Assets - Components of Definite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Gross carrying amount | $ 114,094 | $ 97,886 |
Accumulated amortization | 41,729 | 35,197 |
Net carrying amount | 72,365 | 62,689 |
Trademarks [Member] | ||
Trademarks, gross | 16,852 | 11,770 |
Trademarks, Accumulated amortization | 40 | 40 |
Trademarks, Net carrying amount | 16,812 | 11,730 |
Patents, Licenses and Technology [Member] | ||
Gross carrying amount | 38,885 | 38,845 |
Accumulated amortization | 21,757 | 18,281 |
Net carrying amount | 17,128 | 20,564 |
Customer Relationships [Member] | ||
Gross carrying amount | 55,656 | 44,588 |
Accumulated amortization | 17,231 | 14,193 |
Net carrying amount | 38,425 | 30,395 |
Noncompete Agreements [Member] | ||
Gross carrying amount | 2,701 | 2,683 |
Accumulated amortization | 2,701 | 2,683 |
Net carrying amount |
Note 4 - Goodwill and Other I_7
Note 4 - Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 7,112 |
2021 | 7,108 |
2022 | 5,735 |
2023 | 4,473 |
2024 | $ 4,412 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Oct. 01, 2019 | Jan. 01, 2018 | |
Long-term Debt, Fair Value | $ 146,400 | $ 117,900 | ||||
Long-term Debt, Gross | 143,700 | 114,200 | ||||
Goodwill, Impairment Loss | $ 8,891 | 0 | 0 | |||
Goodwill, Ending Balance | $ 10,778 | 10,778 | 21,993 | 19,817 | $ 10,778 | $ 20,177 |
North America Reporting Unit [Member] | ||||||
Goodwill, Impairment Loss | 8,900 | |||||
Goodwill, Impairment Loss, Net of Tax | 8,500 | |||||
Europe Reporting Unit [Member] | ||||||
Goodwill, Ending Balance | $ 10,800 | $ 10,800 | ||||
Fair Value, Nonrecurring [Member] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | ||||
Investments Held in Rabbi Trust [Member] | ||||||
Debt Securities, Available-for-sale, Total | $ 1,100 | $ 1,400 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value Estimate Calculation (Details) - North America Reporting Unit [Member] | Dec. 31, 2019 | Dec. 31, 2018 |
Valuation Technique, Discounted Cash Flow [Member] | ||
Valuation Method Allocation Of Use Percentage | 75.00% | 75.00% |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Long-term Revenue Growth Rate [Member] | ||
Goodwill Impairment, Measurement Input | 0.015 | 0.026 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, EBITDA Margins [Member] | ||
Goodwill Impairment, Measurement Input | 0.039 | 0.076 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cost of Equity Capital [Member] | ||
Goodwill Impairment, Measurement Input | 0.154 | 0.142 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Cost of Debt [Member] | ||
Goodwill Impairment, Measurement Input | 0.04 | 0.037 |
Valuation Technique, Discounted Cash Flow [Member] | Measurement Input, Weighted Average Cost of Capital [Member] | ||
Goodwill Impairment, Measurement Input | 0.14 | 0.13 |
Valuation, Market Approach [Member] | ||
Valuation Method Allocation Of Use Percentage | 25.00% | 25.00% |
Valuation, Market Approach [Member] | Measurement Input, Revenue Multiple [Member] | ||
Goodwill Impairment, Measurement Input | 0.3 | 0.4 |
Valuation, Market Approach [Member] | Measurement Input, EBITDA Multiple [Member] | Minimum [Member] | ||
Goodwill Impairment, Measurement Input | 7 | 5.1 |
Valuation, Market Approach [Member] | Measurement Input, EBITDA Multiple [Member] | Maximum [Member] | ||
Goodwill Impairment, Measurement Input | 8 | 5.7 |
Valuation, Market Approach [Member] | Measurement Input, Invested Capital Control Premium [Member] | ||
Goodwill Impairment, Measurement Input | 0.25 | 0.25 |
Note 6 - Other Assets (Details
Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Surrender Value, Fair Value Disclosure | $ 13,700 | $ 11,600 | |
Increase (Decrease) in Cash Surrender Value | 2,400 | (400) | |
Investments Held in Rabbi Trust [Member] | |||
Debt Securities, Available-for-sale, Amortized Cost, Total | 1,100 | 1,400 | |
Debt Securities, Available-for-sale, Total | 1,100 | 1,400 | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Benefit Obligation, Ending Balance | 21,541 | 18,676 | $ 19,134 |
Investments, Fair Value Disclosure, Total | $ 14,700 | $ 13,000 |
Note 7 - Inventories - Componen
Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 47,936 | $ 63,348 |
Work in progress | 27,065 | 21,441 |
Finished goods | 32,275 | 35,279 |
Inventories | $ 107,276 | $ 120,068 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 10 | $ 11.8 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 168,377 | $ 163,804 |
Accumulated depreciation | (126,434) | (119,872) |
Property, plant and equipment, net | 41,943 | 43,932 |
Land [Member] | ||
Property, plant and equipment, gross | 1,431 | 2,251 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 29,722 | 30,119 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 132,134 | 126,747 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 5,090 | $ 4,687 |
Note 9 - Income Taxes (Details
Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized Tax Benefits, Ending Balance | $ 29,061 | $ 28,951 | $ 30,430 | |
Liability for Uncertainty in Income Taxes, Current | 2,200 | 1,400 | ||
Liability for Uncertainty in Income Taxes, Noncurrent | 26,901 | 27,553 | ||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 1,400 | |||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 700 | 1,300 | ||
Income Tax Expense (Benefit) on Reversal of Interest and Penalties | 700 | 300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 4,900 | 3,800 | ||
Income (Loss) from Continuing Operations before Income Taxes, Domestic | 17,100 | 300 | ||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 9,800 | $ 23,300 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | ||
Deferred Tax Assets, Gross, Total | $ 23,335 | $ 18,949 | ||
Deferred Tax Assets, Valuation Allowance, Total | 8,216 | 9,200 | ||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 8,042 | 8,370 | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | 200 | |||
Tax Cuts and Jobs Act, Incomplete Accounting, Transition Tax for Accumulated Foreign Earnings, Provisional Income Tax Expense | $ 18,100 | |||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Income Tax Expense (Benefit) | (2,600) | |||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Income Tax Expense | 15,500 | |||
Other Current Liabilities [Member] | ||||
Tax Cuts and Jobs Act, Transition Tax for Accumulated Foreign Earnings, Liability, Total | $ 10,800 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards, Total | 29,600 | |||
Tax Credit Carryforward, Amount | 300 | |||
Deferred Tax Assets, Gross, Total | 7,100 | |||
Deferred Tax Assets, Valuation Allowance, Total | 7,100 | |||
Foreign Tax Authority [Member] | Capital Loss Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 200 | |||
Federal and State and Local Authority [Member] | ||||
Operating Loss Carryforwards, Total | 1,500 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 1,100 | |||
Bel Fuse Limited [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 12.00% | |||
Array [Member] | Federal and State and Local Authority [Member] | ||||
Operating Loss Carryforwards, Total | $ 800 | |||
Tax Credit Carryforward, Amount | 2,100 | |||
Deferred Tax Assets, Operating Loss Carryforwards, Total | 200 | |||
Tax Year 2008 [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 1,000 | |||
Tax Year 2015 [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 100 | |||
Tax Year 2017 [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 300 | |||
Forecast [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 2,200 | |||
Forecast [Member] | Tax Year 2009 [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 900 | |||
Forecast [Member] | Tax Year 2016 [Member] | ||||
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | $ 1,300 |
Note 9 - Income Taxes - Liabili
Note 9 - Income Taxes - Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Liability for uncertain tax positions | $ 28,951 | $ 30,430 |
Additions based on tax positions related to the current year | 1,738 | 1,703 |
Translation adjustment | 211 | 657 |
Settlement/expiration of statutes of limitations | (1,417) | (2,525) |
Liability for uncertain tax positions | $ 29,061 | $ 28,951 |
Note 9 - Income Taxes - Provisi
Note 9 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Federal, current | $ (215) | $ (3,517) |
State, current | 141 | 152 |
Foreign, current | 3,687 | 3,782 |
Current | 3,613 | 417 |
Federal, deferred | (2,222) | 2,895 |
State, deferred | (135) | 196 |
Foreign, deferred | 185 | (601) |
Deferred | (2,172) | 2,490 |
$ 1,441 | $ 2,907 |
Note 9 - Income Taxes - Reconci
Note 9 - Income Taxes - Reconciliation of Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax provision computed at the federal statutory rate, amount | $ (1,534) | $ 4,959 |
Tax provision computed at the federal statutory rate, percent | 21.00% | 21.00% |
Different tax rates applicable to foreign operations, amount | $ 2,978 | $ 1,231 |
Different tax rates applicable to foreign operations, percent | (41.00%) | 5.00% |
Increase in (reversal of) liability for uncertain tax positions - net | $ 320 | $ (822) |
Increase in (reversal of) liability for uncertain tax positions - net, percent | (4.00%) | (3.00%) |
Impact of U.S. Tax Reform, amount | $ (2,628) | |
Impact of U.S. Tax Reform, percent | 0.00% | (11.00%) |
Research and experimentation and foreign tax credits | $ (907) | $ (300) |
Research and experimentation and foreign tax credits | 12.00% | (1.00%) |
State taxes, net of federal benefit, amount | $ (54) | $ 322 |
State taxes, net of federal benefit, percent | 1.00% | 1.00% |
SERP/COLI and restricted stock income | $ (547) | $ 195 |
SERP/COLI and restricted stock income | 7.00% | 1.00% |
Impairment of goodwill | $ 1,522 | |
Impairment of goodwill | (21.00%) | 0.00% |
Other, including under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles | $ (337) | $ (50) |
Other, including under/(over) accruals, unrealized foreign exchange gains and amortization of purchase accounting intangibles | 5.00% | 0.00% |
Tax provision computed at the Company's effective tax rate, amount | $ 1,441 | $ 2,907 |
Tax provision computed at the Company's effective tax rate, percent | (20.00%) | 12.00% |
Note 9 - Income Taxes - Compone
Note 9 - Income Taxes - Components of Deferred Income Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
State tax credits | $ 1,046 | $ 1,000 |
Unfunded pension liability | 1,102 | 605 |
Reserves and accruals | 2,721 | 2,483 |
Federal, state and foreign net operating loss and credit carryforwards | 8,042 | 8,370 |
Depreciation | 686 | 850 |
Amortization | 698 | |
Lease accounting | 3,961 | |
Other accruals | 5,079 | 5,641 |
Total deferred tax assets | 23,335 | 18,949 |
Depreciation | 1,901 | 1,666 |
Amortization | 6,973 | 7,930 |
Lease accounting | 3,871 | |
Other accruals | 370 | 893 |
Total deferred tax liabilities | 13,115 | 10,489 |
Valuation allowance | 8,216 | 9,200 |
Net deferred tax liabilities | $ 2,004 | |
Net deferred tax assets | $ (740) |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands | Feb. 18, 2020 | Dec. 11, 2017 | Jun. 19, 2014 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Long-term Debt, Total | $ 145,014 | |||||||
Amortization of Debt Issuance Costs | 466 | $ 531 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | [1] | 5,948 | ||||||
Credit and Security Agreement with KeyBank [Member] | ||||||||
Debt Issuance Costs, Net, Total | $ 5,800 | $ 1,300 | $ 1,800 | |||||
Line of Credit Facility, Interest Rate at Period End | 3.31% | 4.31% | ||||||
Effective LIBOR Rate | 1.81% | 2.56% | ||||||
Interest Expense, Debt, Total | $ 5,400 | $ 5,300 | ||||||
Debt Instrument, Term | 5 years | 5 years | ||||||
Payments of Debt Issuance Costs | $ 1,800 | $ 700 | ||||||
Amortization of Debt Issuance Costs | $ 500 | $ 1,000 | ||||||
Line of Credit Facility, Percentage of Capital Stock of Foreign Subsidiaries Collateralized Security | 65.00% | |||||||
LIBOR Additional Rate | 1.00% | |||||||
Credit and Security Agreement with KeyBank [Member] | Term Loan [Member] | ||||||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 5,900 | |||||||
Credit and Security Agreement with KeyBank [Member] | Subsequent Event [Member] | Term Loan [Member] | ||||||||
Repayments of Long-term Debt, Total | $ 8,200 | |||||||
Credit and Security Agreement with KeyBank [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.75% | ||||||
Credit and Security Agreement with KeyBank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||
Credit and Security Agreement with KeyBank [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||||||
Credit and Security Agreement with KeyBank [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Credit and Security Agreement with KeyBank [Member] | LIBOR With Maturity of One Month [Member] | Minimum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||||
Credit and Security Agreement with KeyBank [Member] | LIBOR With Maturity of One Month [Member] | Maximum [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | ||||||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 43,000 | $ 75,000 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | $ 50,000 | ||||||
Credit and Security Agreement with KeyBank [Member] | Term Loan [Member] | ||||||||
Long-term Debt, Total | 113,000 | 116,000 | ||||||
Long-term Line of Credit, Total | $ 32,000 | $ 0 | ||||||
Debt Instrument, Face Amount | $ 125,000 | 145,000 | ||||||
Credit and Security Agreement with KeyBank [Member] | Delayed Draw Term Loan ("DDTL") [Member] | ||||||||
Debt Instrument, Face Amount | $ 70,000 | |||||||
[1] | The $5.9 million of scheduled principal payments for 2020 noted in the table above was paid in full on February 18, 2020, as part of the above-mentioned $8.2 million voluntary prepayment made in connection with the amendment to the Credit Agreement. |
Note 10 - Debt - Scheduled Prin
Note 10 - Debt - Scheduled Principal Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) | |
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 5,948 | [1] |
2021 | 5,948 | |
2022 | 133,118 | |
Total long-term debt | 145,014 | |
Less: Current maturities of long-term debt | (5,948) | |
Noncurrent portion of long-term debt | $ 139,066 | |
[1] | The $5.9 million of scheduled principal payments for 2020 noted in the table above was paid in full on February 18, 2020, as part of the above-mentioned $8.2 million voluntary prepayment made in connection with the amendment to the Credit Agreement. |
Note 11 - Accrued Expenses - Ac
Note 11 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Sales commissions | $ 2,542 | $ 2,609 |
Subcontracting labor | 990 | 1,550 |
Salaries, bonuses and related benefits | 14,715 | 18,275 |
Warranty accrual | 1,576 | 1,078 |
Other | 7,095 | 8,778 |
$ 26,918 | $ 32,290 |
Note 12 - Segments (Details Tex
Note 12 - Segments (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Industry in which Entity Operates | 1 | |
Number of Operating Segments | 3 | |
Number of Reportable Segments | 3 | |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 492,412 | $ 548,184 |
Asia [Member] | ||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 154,746 | $ 187,203 |
Assets, Total [Member] | Geographic Concentration Risk [Member] | Asia [Member] | ||
Concentration Risk, Percentage | 30.50% | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 10.20% | 12.30% |
Number of Customers | 1 | 1 |
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 50,200 | $ 67,700 |
Note 12 - Segments - Segments (
Note 12 - Segments - Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 492,412 | $ 548,184 |
Gross Profit | $ 110,697 | $ 139,257 |
Gross Profit % | 22.50% | 25.40% |
Total Assets | $ 468,917 | $ 443,524 |
Capital Expenditures | 9,891 | 11,594 |
Depreciation and amortization | 16,471 | 18,207 |
Connectivity Solutions [Member] | ||
Net sales | 172,348 | 186,724 |
Gross Profit | $ 44,417 | $ 55,092 |
Gross Profit % | 25.80% | 29.50% |
Total Assets | $ 145,344 | $ 140,240 |
Capital Expenditures | 2,934 | 5,004 |
Depreciation and amortization | 6,021 | 6,269 |
Power Solutions and Protection Segment [Member] | ||
Net sales | 163,528 | 176,053 |
Gross Profit | $ 32,846 | $ 39,976 |
Gross Profit % | 20.10% | 22.70% |
Total Assets | $ 168,422 | $ 171,165 |
Capital Expenditures | 4,570 | 3,661 |
Depreciation and amortization | 7,858 | 9,225 |
Magnetic Solutions Segment [Member] | ||
Net sales | 156,536 | 185,407 |
Gross Profit | $ 34,350 | $ 46,467 |
Gross Profit % | 21.90% | 25.10% |
Total Assets | $ 89,463 | $ 119,573 |
Capital Expenditures | 2,387 | 2,929 |
Depreciation and amortization | 2,592 | 2,713 |
Corporate Segment [Member] | ||
Net sales | ||
Gross Profit | (916) | (2,278) |
Total Assets | 65,688 | 12,546 |
Capital Expenditures | ||
Depreciation and amortization |
Note 12 - Segments - Net Sales
Note 12 - Segments - Net Sales to External Customers by Geographic Area and by Major Product Line (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net sales | $ 492,412 | $ 548,184 |
Connectivity Solutions [Member] | ||
Net sales | 172,348 | 186,724 |
Magnetic Solutions [Member] | ||
Net sales | 156,536 | 185,407 |
Power Solutions and Protection [Member] | ||
Net sales | 163,528 | 176,053 |
UNITED STATES | ||
Net sales | 256,044 | 271,691 |
MACAU | ||
Net sales | 154,745 | 187,204 |
UNITED KINGDOM | ||
Net sales | 24,877 | 26,340 |
SLOVAKIA | ||
Net sales | 22,705 | 24,123 |
GERMANY | ||
Net sales | 14,855 | 15,298 |
SWITZERLAND | ||
Net sales | 10,654 | 13,279 |
All Other Foreign Countries [Member] | ||
Net sales | $ 8,532 | $ 10,249 |
Note 12 - Segments - Long-lived
Note 12 - Segments - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-lived assets | $ 68,863 | $ 70,013 |
UNITED STATES | ||
Long-lived assets | 27,377 | 27,505 |
CHINA | ||
Long-lived assets | 30,245 | 29,563 |
SLOVAKIA | ||
Long-lived assets | 5,726 | 6,475 |
SWITZERLAND | ||
Long-lived assets | 2,339 | 3,023 |
UNITED KINGDOM | ||
Long-lived assets | 2,053 | 2,330 |
All Other Foreign Countries [Member] | ||
Long-lived assets | $ 1,123 | $ 1,117 |
Note 13 - Retirement Fund and_3
Note 13 - Retirement Fund and Profit Sharing Plan (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Supplemental Employee Retirement Plan [Member] | |||
Defined Benefit Plan, Percentage of Average Base Compensation Five Consecutive Years, Normal Retirement | 40.00% | ||
Defined Benefit Plan, Number of Monthly Payments | 120 | ||
Percentage of Participant's Annual Base Salary Received by Beneficiary, One Year From Date of Death | 100.00% | ||
Percentage of Participant's Annual Base Salary Received by Beneficiary, Following Four Years From Date of Death | 50.00% | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 1,507 | $ 1,839 | |
Defined Benefit Plan, Accumulated Benefit Obligation | 18,500 | 16,500 | |
Investments, Fair Value Disclosure, Total | 14,700 | 13,000 | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | 300 | ||
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | 400 | ||
Defined Benefit Plan, Plan Assets, Amount, Ending Balance | $ 0 | ||
Bel Fuse Inc. Employees' Savings Plan [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent Of Match, First 1% Employee Contribution | 100.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Next 5% Employee Contribution | 50.00% | ||
Defined Contribution Plan, Cost | $ 1,100 | 1,300 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | |||
Shares Held in Plan | shares | 166,004 | ||
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member] | |||
Shares Held in Plan | shares | 108,868 | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | |||
Defined Contribution Plan, Cost | $ 300 | $ 300 | |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 5.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 7.00% | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | Minimum [Member] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class A [Member] | |||
Shares Held in Plan | shares | 3,323 | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class B [Member] | |||
Shares Held in Plan | shares | 17,342 |
Note 13 - Retirement Fund and_4
Note 13 - Retirement Fund and Profit Sharing Plan - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Service cost | $ 576 | $ 732 |
Interest cost | 739 | 664 |
Net amortization | 192 | 443 |
Net periodic benefit cost | $ 1,507 | $ 1,839 |
Note 13 - Retirement Fund and_5
Note 13 - Retirement Fund and Profit Sharing Plan - Changes in Plan Assets and Benefit Obligation (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair value of plan assets | ||
Company contributions | 430 | 325 |
Benefits paid | (430) | (325) |
Fair value of plan assets | 0 | |
Benefit obligation | 18,676 | 19,134 |
Service cost | 576 | 732 |
Interest cost | 739 | 664 |
Benefits paid | (430) | (325) |
Plan amendments | 39 | |
Actuarial (gains) losses | 1,980 | (1,568) |
Benefit obligation | 21,541 | 18,676 |
Underfunded status, December 31 | $ (21,541) | $ (18,676) |
Note 13 - Retirement Fund and_6
Note 13 - Retirement Fund and Profit Sharing Plan - Benefit Payments Expected to be Paid (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands | Dec. 31, 2019USD ($) |
2019 | $ 662 |
2020 | 890 |
2021 | 893 |
2022 | 932 |
2023 | 968 |
2024 - 2028 | $ 5,432 |
Note 13 - Retirement Fund and_7
Note 13 - Retirement Fund and Profit Sharing Plan - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Prior service cost | $ 738 | $ 918 |
Net loss | 1,965 | 1,977 |
$ 2,703 | $ 2,895 |
Note 13 - Retirement Fund and_8
Note 13 - Retirement Fund and Profit Sharing Plan - Weighted Average Assumptions Used in Determining the Periodic Net Cost and Benefit Obligation (Details) - Supplemental Employee Retirement Plan [Member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Discount rate, net periodic benefit cost | 4.00% | 3.50% |
Rate of compensation increase, net periodic benefit cost | 2.50% | 3.00% |
Discount rate, benefit obligation | 3.00% | 4.00% |
Rate of compensation increase, benefit obligation | 2.50% | 2.50% |
Note 14 - Share-based Compens_3
Note 14 - Share-based Compensation (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Expense | $ 2.9 | $ 2.8 |
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 6.8 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 4 years 146 days | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Restricted Stock [Member] | Share Based Compensation Award, Tranche Four [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Common Class B [Member] | Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 70,000 | 262,000 |
The 2011 Equity Compensation Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 323,850 | |
The 2011 Equity Compensation Plan [Member] | Common Class B [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,400,000 |
Note 14 - Share-based Compens_4
Note 14 - Share-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Outstanding, shares (in shares) | 527,900 | |
Outstanding, weighted average award price (in dollars per share) | $ 24.37 | |
Outstanding, weighted average remaining contractual term (Year) | 3 years 146 days | 3 years 182 days |
Granted, shares (in shares) | 70,000 | |
Granted, weighted average award price (in dollars per share) | $ 20.80 | |
Vested, shares (in shares) | 117,850 | |
Vested, weighted average award price (in dollars per share) | $ 23.58 | |
Forfeited, shares (in shares) | 34,750 | |
Forfeited, weighted average award price (in dollars per share) | $ 25.06 | |
Outstanding, shares (in shares) | 445,300 | 527,900 |
Outstanding, weighted average award price (in dollars per share) | $ 23.96 | $ 24.37 |
Note 15 - Common Stock (Details
Note 15 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Percentage of Common Stock A Held By One Shareholder Without Any Common Stock B | 21.50% | |
Dividends, Common Stock, Total | $ 3.4 | $ 3.3 |
Common Class A [Member] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.06 | $ 0.06 |
Common Class B [Member] | ||
Common Stock, Dividends, Per Share, Declared | $ 0.07 | $ 0.07 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Minimum [Member] | |
Operating and Finance Leases, Remaining Lease Term | 1 year |
Maximum [Member] | |
Operating and Finance Leases, Remaining Lease Term | 8 years |
Note 16 - Leases - Components o
Note 16 - Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Amortization of ROU assets - finance leases | $ 134 |
Interest on lease liabilities - finance leases | 48 |
Operating lease cost (cost resulting from lease payments) | 7,897 |
Short-term lease cost | 102 |
Variable lease cost (cost excluded from lease payments) | 256 |
Sublease income | |
Total lease cost | $ 8,437 |
Operating leases (in years) (Year) | 3 years 131 days |
Finance leases (in years) (Year) | 4 years 313 days |
Operating leases | 6.00% |
Finance leases | 6.40% |
Note 16 - Leases - Supplemental
Note 16 - Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating cash flows from operating leases | $ 7,840 |
Operating cash flows from finance leases | 48 |
Finance cash flows from finance leases | 117 |
Operating leases | 24,494 |
Finance leases | $ 9 |
Note 16 - Leases - Supplement_2
Note 16 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Lease, Right-of-Use Asset | $ 18,504 | |
Operating lease liability, current | 7,377 | |
Operating lease liability, long-term | 11,751 | |
Total operating lease liabilities | 19,128 | |
Property, plant and equipment, gross | 168,377 | 163,804 |
Accumulated depreciation | (126,434) | (119,872) |
Property, plant and equipment, net | 41,943 | $ 43,932 |
Other current liabilities | 121 | |
Other long-term liabilities | 512 | |
Total finance lease liabilities | 633 | |
Assets under Finance Lease [Member] | ||
Property, plant and equipment, gross | 882 | |
Accumulated depreciation | (262) | |
Property, plant and equipment, net | $ 620 |
Note 16 - Leases - Maturities o
Note 16 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating leases, 2020 | $ 7,217 |
Finance leases, 2020 | 232 |
Operating leases, 2021 | 6,126 |
Finance leases, 2021 | 232 |
Operating leases, 2022 | 4,190 |
Finance leases, 2022 | 232 |
Operating leases, 2023 | 2,145 |
Finance leases, 2023 | 232 |
Operating leases, 2024 | 578 |
Finance leases, 2024 | 218 |
Operating leases, Thereafter | 544 |
Finance leases, Thereafter | 141 |
Operating leases, Total undiscounted cash flows | 20,800 |
Finance leases, Total undiscounted cash flows | 1,287 |
Operating leases, Less imputed interest | (1,672) |
Finance leases, Less imputed interest | (654) |
Operating Lease, Liability, Total | 19,128 |
Finance leases, Present value of lease liabilities | 633 |
Other Liabilities [Member] | |
Operating Lease, Liability, Total | $ 19,128 |
Note 16 - Leases - Future Minim
Note 16 - Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 7,363 |
2020 | 6,017 |
2021 | 4,967 |
2022 | 3,338 |
2023 | 1,194 |
Thereafter | 442 |
$ 23,321 |
Note 17 - Commitments and Con_2
Note 17 - Commitments and Contingencies (Details Textual) $ in Millions | Aug. 27, 2018USD ($) | Aug. 27, 2018CNY (¥) | Jul. 09, 2018CNY (¥) | Jun. 29, 2018EUR (€) | Apr. 30, 2018USD ($) | Apr. 30, 2018CNY (¥) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2015USD ($) |
Purchase Commitment, Remaining Minimum Amount Committed | $ 42.5 | $ 58.9 | |||||||
Arezzo Revenue Agency [Member] | |||||||||
Loss Contingency, Estimate of Possible Loss | 12 | ||||||||
Claim by Setec Netzwerke AG [Member] | |||||||||
Litigation Settlement, Amount Awarded to Other Party | € | € 75,000 | ||||||||
Claim by DG Yu Shing Industrial Development Company Limited [Member] | Donugguan Transpower Electric Products Co., Ltd. [Member] | |||||||||
Loss Contingency, Number of Defendants | 3 | ||||||||
Loss Contingency, Damages Sought, Value | $ 3.2 | ||||||||
Loss Contingency, Damages Awarded, Value | $ 3.2 | ¥ 20,133,174 | |||||||
Claim Against Jimmei Entities [Member] | Donugguan Transpower Electric Products Co., Ltd. [Member] | |||||||||
Litigation Settlement, Amount Awarded from Other Party | $ 3.2 | ¥ 20,430,203 | ¥ 20,133,174 | ||||||
Capital Addition Purchase Commitments [Member] | |||||||||
Long-term Purchase Commitment, Amount | $ 2.8 | $ 5.2 |
Note 18 - Accumulated Other C_3
Note 18 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Foreign currency translation adjustment | $ (20,032) | $ (22,635) |
Unrealized holding gain on available-for-sale securities, net of taxes of $0 and $0 as of December 31, 2019 and 2018 | 12 | 12 |
Unfunded SERP liability, net of taxes of ($639) and ($680) as of December 31, 2019 and 2018 | (4,045) | (2,215) |
Accumulated other comprehensive loss | $ (24,065) | $ (24,838) |
Note 18 - Accumulated Other C_4
Note 18 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unrealized loss on marketable securities arising during the period, tax | $ 0 | $ 0 |
Change in unfunded SERP liability, tax | $ (639) | $ (680) |
Note 18 - Accumulated Other C_5
Note 18 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Balance | $ 176,470 | $ 157,960 | |
Other comprehensive income (loss): | 1,236 | (5,213) | |
Balance | 168,051 | 176,470 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (22,635) | (16,537) | |
Other comprehensive income (loss) before reclassifications | 2,603 | (6,098) | |
Amounts reclassified from accumulated other comprehensive income (loss) | |||
Other comprehensive income (loss): | 2,603 | (6,098) | |
Effect of adoption of ASU 2018-02 (Topic 220) | |||
Balance | (20,032) | (22,635) | |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | 12 | 145 | |
Other comprehensive income (loss) before reclassifications | 37 | ||
Amounts reclassified from accumulated other comprehensive income (loss) | (170) | ||
Other comprehensive income (loss): | (133) | ||
Effect of adoption of ASU 2018-02 (Topic 220) | |||
Balance | 12 | 12 | |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (2,215) | (3,233) | |
Other comprehensive income (loss) before reclassifications | (1,492) | 679 | |
Amounts reclassified from accumulated other comprehensive income (loss) | [1] | 125 | 339 |
Other comprehensive income (loss): | (1,830) | 1,018 | |
Effect of adoption of ASU 2018-02 (Topic 220) | (463) | ||
Balance | (4,045) | (2,215) | |
AOCI Attributable to Parent [Member] | |||
Balance | (24,838) | (19,625) | |
Other comprehensive income (loss) before reclassifications | 1,111 | (5,382) | |
Amounts reclassified from accumulated other comprehensive income (loss) | 125 | 169 | |
Other comprehensive income (loss): | 773 | (5,213) | |
Effect of adoption of ASU 2018-02 (Topic 220) | (463) | ||
Balance | $ (24,065) | $ (24,838) | |
[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. |
Note 19 - Subsequent Events (De
Note 19 - Subsequent Events (Details Textual) $ in Millions | Feb. 18, 2020USD ($) |
Subsequent Event [Member] | Term Loan [Member] | Term Loan [Member] | |
Repayments of Long-term Debt, Total | $ 8.2 |