Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 01, 2020 | |
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 Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Class A Common Stock ($0.10 par value), Class B Common Stock ($0.10 par value) | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 2,144,912 | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding (in shares) | 10,120,602 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash and cash equivalents | $ 68,431 | $ 72,289 |
Accounts receivable, net of allowance for doubtful accounts of $1,232 and $1,171, respectively | 69,070 | 76,092 |
Inventories | 104,313 | 107,276 |
Unbilled receivables | 13,597 | 16,318 |
Other current assets | 9,494 | 11,206 |
Total current assets | 264,905 | 283,181 |
Property, plant and equipment, net | 40,861 | 41,943 |
Right-of-use assets | 17,466 | 18,504 |
Intangible assets, net | 70,215 | 72,364 |
Goodwill | 22,219 | 21,993 |
Deferred income taxes | 4,489 | 3,731 |
Other assets | 25,493 | 27,201 |
Total assets | 445,648 | 468,917 |
Current Liabilities: | ||
Accounts payable | 38,800 | 44,169 |
Accrued expenses | 24,104 | 26,918 |
Current portion of long-term debt | 817 | 5,489 |
Operating lease liability, current | 6,403 | 7,377 |
Other current liabilities | 6,832 | 6,265 |
Total current liabilities | 76,956 | 90,218 |
Long-term Liabilities: | ||
Long-term debt | 134,258 | 138,215 |
Operating lease liability, long-term | 11,329 | 11,751 |
Liability for uncertain tax positions | 26,864 | 26,901 |
Minimum pension obligation and unfunded pension liability | 21,745 | 21,545 |
Deferred income taxes | 1,239 | 1,726 |
Other liabilities | 11,425 | 10,510 |
Total liabilities | 283,816 | 300,866 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | ||
Additional paid-in capital | 34,430 | 33,826 |
Retained earnings | 152,420 | 157,063 |
Accumulated other comprehensive loss | (26,244) | (24,065) |
Total stockholders' equity | 161,832 | 168,051 |
Total liabilities and stockholders' equity | 445,648 | 468,917 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 214 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,012 | $ 1,013 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance for doubtful accounts | $ 1,232 | $ 1,171 |
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 | 2,144,912 |
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) | 10,120,602 | 10,127,602 |
Common stock, treasury shares (in shares) | 3,218,307 | 3,218,307 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 103,978 | $ 125,389 |
Cost of sales | 78,866 | 94,645 |
Gross profit | 25,112 | 30,744 |
Research and development costs | 6,059 | 7,184 |
Selling, general and administrative expenses | 22,062 | 19,225 |
Restructuring charges | 128 | 946 |
(Loss) income from operations | (3,137) | 3,389 |
Interest expense | (1,351) | (1,440) |
Other income/expense, net | (88) | (779) |
(Loss) earnings before (benefit from) provision for income taxes | (4,576) | 1,170 |
(Benefit from) provision for income taxes | (772) | 39 |
Net (loss) earnings available to common stockholders | (3,804) | 1,131 |
Common Class A [Member] | ||
Net (loss) earnings available to common stockholders | $ (649) | $ 180 |
Net (loss) earnings per common share: | ||
Common shares - basic and diluted (in dollars per share) | $ (0.30) | $ 0.08 |
Weighted-average number of shares outstanding: | ||
Common shares - basic and diluted (in shares) | 2,145 | 2,175 |
Common Class B [Member] | ||
Net (loss) earnings available to common stockholders | $ (3,155) | $ 951 |
Net (loss) earnings per common share: | ||
Common shares - basic and diluted (in dollars per share) | $ (0.31) | $ 0.09 |
Weighted-average number of shares outstanding: | ||
Common shares - basic and diluted (in shares) | 10,123 | 10,089 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) earnings available to common stockholders | $ (3,804) | $ 1,131 |
Other comprehensive (loss) income: | ||
Currency translation adjustment, net of taxes of ($27) in the three months ended March 31, 2020 and $17 in the three months ended March 31, 2019 | (2,245) | 540 |
Change in unfunded SERP liability, net of taxes of ($20) in the three months ended March 31, 2020 and ($11) in the three months ended March 31, 2019 | 66 | 37 |
Other comprehensive (loss) income | (2,179) | 577 |
Comprehensive (loss) income | $ (5,983) | $ 1,708 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive (Loss) Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Foreign currency translation adjustment, tax expense | $ (27) | $ 17 |
Change in unfunded SERP liability, tax | $ (20) | $ (11) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock, Common Class A [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock, Common Class B [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [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, 2018 | $ 463 | $ (463) | $ 168,695 | $ (24,838) | $ 217 | $ 1,009 | $ 31,387 | $ 176,470 | ||||||||||||||||
Net loss | $ 180 | $ 951 | 1,131 | 1,131 | ||||||||||||||||||||
Cash dividends declared on common stock | $ (130) | (130) | $ (708) | (708) | ||||||||||||||||||||
Forfeiture of restricted common stock | (1) | |||||||||||||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 540 | 540 | ||||||||||||||||||||||
Stock-based compensation expense | 813 | 813 | ||||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 37 | 37 | ||||||||||||||||||||||
Balance at Mar. 31, 2019 | 169,451 | (24,724) | 217 | 1,008 | 32,201 | 178,153 | ||||||||||||||||||
Balance at Dec. 31, 2019 | 157,063 | (24,065) | 214 | 1,013 | 33,826 | 168,051 | ||||||||||||||||||
Net loss | (649) | (3,155) | (3,804) | (3,804) | ||||||||||||||||||||
Cash dividends declared on common stock | $ (130) | $ (130) | $ (709) | $ (709) | ||||||||||||||||||||
Forfeiture of restricted common stock | (1) | |||||||||||||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (2,245) | (2,245) | ||||||||||||||||||||||
Stock-based compensation expense | 603 | 603 | ||||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 66 | 66 | ||||||||||||||||||||||
Balance at Mar. 31, 2020 | $ 152,420 | $ (26,244) | $ 214 | $ 1,012 | $ 34,430 | $ 161,832 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | $ (27) | $ 17 |
Change in unfunded SERP liability, tax | (20) | (11) |
Foreign currency translation adjustment, tax expense | (27) | 17 |
Change in unfunded SERP liability, tax | $ (20) | $ (11) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (3,804) | $ 1,131 |
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,126 | 4,110 |
Stock-based compensation | 603 | 813 |
Amortization of deferred financing costs | 149 | 115 |
Deferred income taxes | (1,322) | (756) |
Net unrealized gains/losses on foreign currency revaluation | (45) | 573 |
Other, net | (215) | 950 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 6,682 | (2,285) |
Unbilled receivables | 2,721 | 5,569 |
Inventories | 2,059 | (4,239) |
Accounts payable | (4,891) | (8,493) |
Accrued expenses | (2,884) | (5,044) |
Other operating assets/liabilities, net | 4,879 | 1,299 |
Net cash provided by (used in) operating activities | 8,058 | (6,257) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (1,832) | (2,437) |
Proceeds from disposal/sale of property, plant and equipment | 2 | 2 |
Net cash used in investing activities | (1,830) | (2,435) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (806) | (800) |
Deferred financing costs | (600) | |
Borrowings under revolving credit line | 10,000 | |
Repayments of revolving credit line | (10,000) | |
Repayments of long-term debt | (8,179) | (744) |
Net cash used in financing activities | (9,585) | (1,544) |
Effect of exchange rate changes on cash and cash equivalents | (501) | (484) |
Net decrease in cash and cash equivalents | (3,858) | (10,720) |
Cash and cash equivalents - beginning of period | 72,289 | 53,911 |
Cash and cash equivalents - end of period | 68,431 | 43,191 |
Supplementary information: | ||
Income taxes, net of refunds received | 857 | 926 |
Interest payments | $ 1,266 | $ 1,216 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES The condensed consolidated balance sheets and statements of operations, comprehensive (loss) income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three March 31, 2020 not 10 December 31, 2019 Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates. The Company’s significant accounting policies are summarized in Note 1 10 December 31, 2019 no three March 31, 2020 Reclassifications fourth 2019, $ 7.2 three March 31, 2019. fourth 2019, $ 0.6 three March 31, 2019. fourth 2019. three 14 three March 31, 2019 All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands. Recently Adopted Accounting Standards In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. January 1, 2020. not In August 2018, 2018 15, Intangibles – Goodwill and Other-Internal-Use Software (Subtopic 350 40 December 15, 2019. January 1, 2020 not 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 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14" not December 15, 2020. 2018 14 In December 2019, 2019 12, Simplifying the Accounting for Income Taxes ("ASU 2019 12" 740 2019 12 December 15, 2020. 2019 12, not |
Note 2 - Acquisitions
Note 2 - Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITION On December 3, 2019, $29.2 $32.0 December 31, 2019. one $10.9 During the three March 31, 2020, $0.2 While the purchase price allocation related to CUI is substantially complete, the allocations are currently under review and are subject to change. The Company expects to finalize the purchase price allocation as soon as practicable, but no one CUI’s results of operations have been included in the Company’s condensed consolidated financial statements for the period subsequent to the acquisition date. CUI contributed revenues of $8.2 $0.9 three March 31, 2020. January 1, 2019: Three Months Ended March 31, 2019 Revenue $ 134,657 Net earnings 1,686 Earnings per Class A common share - basic and diluted 0.13 Earnings per Class B common share - basic and diluted 0.14 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. REVENUE The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments: Three Months Ended March 31, 2020 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Geographic Region: North America $ 29,703 $ 22,723 $ 7,107 $ 59,533 Europe 7,762 9,314 1,201 18,277 Asia 1,635 4,140 20,393 26,168 $ 39,100 $ 36,177 $ 28,701 $ 103,978 By Sales Channel: Direct to customer $ 25,053 $ 21,577 $ 24,342 $ 70,972 Through distribution 14,047 14,600 4,359 33,006 $ 39,100 $ 36,177 $ 28,701 $ 103,978 Three Months Ended March 31, 2019 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Geographic Region: North America $ 32,121 $ 23,521 $ 8,945 $ 64,587 Europe 8,765 12,539 2,221 23,525 Asia 3,475 6,712 27,090 37,277 $ 44,361 $ 42,772 $ 38,256 $ 125,389 By Sales Channel: Direct to customer $ 29,615 $ 29,101 $ 32,506 $ 91,222 Through distribution 14,746 13,671 5,750 34,167 $ 44,361 $ 42,772 $ 38,256 $ 125,389 March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 Contract assets - current (unbilled receivable) $ 13,597 $ 16,318 Contract liabilities - current (deferred revenue) $ 917 $ 653 The change in balance of our unbilled receivables from December 31, 2019 March 31, 2020 The aggregate amount of transaction price allocated to remaining performance obligations that have not March 31, 2020 one $16.7 2021 2025. 77% 2021, 20% 2022 2022. |
Note 4 - (Loss) Earnings Per Sh
Note 4 - (Loss) Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. (LOSS) EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted net (loss) earnings per common share under the two three March 31, 2020 2019 Three Months Ended March 31, 2020 2019 Numerator: Net (loss) earnings $ (3,804 ) $ 1,131 Less dividends declared: Class A 130 130 Class B 709 708 Undistributed (loss) earnings $ (4,643 ) $ 293 Undistributed earnings (loss) allocation - basic and diluted: Class A undistributed (loss) earnings $ (780 ) $ 50 Class B undistributed (loss) earnings (3,863 ) 243 Total undistributed (loss) earnings $ (4,643 ) $ 293 Net earnings (loss) allocation - basic and diluted: Class A net (loss) earnings $ (649 ) $ 180 Class B net (loss) earnings (3,155 ) 951 Net (loss) earnings $ (3,804 ) $ 1,131 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,175 Class B - basic and diluted 10,123 10,089 Net (loss) earnings per share: Class A - basic and diluted $ (0.30 ) $ 0.08 Class B - basic and diluted $ (0.31 ) $ 0.09 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. FAIR VALUE MEASUREMENTS Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three may Level 1 Level 2 Level 3 no As of March 31, 2020 December 31, 2019 1 $1.0 March 31, 2020 $1.1 December 31, 2019 not 3, no 1, 2 3 three March 31, 2020 March 31, 2019 no three March 31, 2020 March 31, 2019 There were no March 31, 2020 December 31, 2019 The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued expenses, which are not March 31, 2020 December 31, 2019 $141.4 $146.4 $135.1 $143.7 not March 31, 2020 Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. There were no three March 31, 2020 |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORIES The components of inventories are as follows: March 31, December 31, 2020 2019 Raw materials $ 50,011 $ 47,936 Work in progress 28,784 27,065 Finished goods 25,518 32,275 Inventories $ 104,313 $ 107,276 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: March 31, December 31, 2020 2019 Land $ 1,423 $ 1,431 Buildings and improvements 30,550 29,722 Machinery and equipment 132,447 132,134 Construction in progress 2,645 5,090 167,065 168,377 Accumulated depreciation (126,204 ) (126,434 ) Property, plant and equipment, net $ 40,861 $ 41,943 Depreciation expense for the three March 31, 2020 2019 $2.3 $2.5 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. ACCRUED EXPENSES Accrued expenses consist of the following: March 31, December 31, 2020 2019 Sales commissions $ 2,755 $ 2,542 Subcontracting labor 742 990 Salaries, bonuses and related benefits 11,781 14,715 Warranty accrual 1,537 1,576 Other 7,289 7,095 $ 24,104 $ 26,918 The change in warranty accrual during the three March 31, 2020 no three March 31, 2020 Restructuring Activities Included within other accrued expenses in the table above are costs accrued related to the Company’s restructuring activities. Activity and liability balances related to restructuring costs for the three March 31, 2020 Three Months Ended March 31, 2020 Liability at Cash Payments Liability at December 31, New and Other March 31, 2019 Charges Settlements 2020 Severance costs $ - $ 128 $ (128 ) $ - Other restructuring costs 44 - - 44 Total $ 44 $ 128 $ (128 ) $ 44 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. DEBT The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the “CSA”). The CSA consists of (i) a term loan, with outstanding borrowings of $104.8 $113.0 March 31, 2020 December 31, 2019 $ 75 $ 32.0 March 31, 2020 December 31, 2019 December 11, 2022. March 31, 2020 December 31, 2019 $1.8 $1.3 On February 18, 2020, $8.2 The weighted-average interest rate in effect was 3.25% March 31, 2020 3.31% December 31, 2019 $1.4 $1.4 three March 31, 2020 March 31, 2019 The CSA contains customary representations and warranties, covenants and events of default and financial covenants that measure (i) the ratio of the Company's total funded indebtedness, on a consolidated basis, to the amount of the Company’s consolidated EBITDA, as defined, (“Leverage Ratio”) and (ii) the ratio of the amount of the Company’s consolidated EBITDA to the Company’s consolidated fixed charges. If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At March 31, 2020 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES On March 27, 2020, 2019 three March 31, 2020, 2019 2020. 163 30% 50% December 31, 2019. December 31, 2015 three March 31, 2020. three March 31, 2020. 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 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 March 31, 2020. $ 29.1 March 31, 2020 December 31, 2019, $ 2.2 March 31, 2020 December 31, 2019 2020 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 three March 31, 2020 2019, $ 0.2 three March 31, 2019, $0.3 $5.1 $4.9 March 31, 2020 December 31, 2019, |
Note 11 - Retirement Fund and P
Note 11 - Retirement Fund and Profit Sharing Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 11. 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, three March 31, 2020 2019 $ 0.3 March 31, 2020 194,235 111,879 The Company's subsidiaries in Asia have a retirement fund covering substantially all of their Hong Kong based full-time employees. The expense for the three March 31, 2020 2019 $ 0.1 March 31, 2020 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. As discussed in Note 4 The components of SERP expense are as follows: Three Months Ended March 31, 2020 2019 Service cost $ 150 $ 144 Interest cost 159 185 Net amortization 86 48 Net periodic benefit cost $ 395 $ 377 The service cost component of net benefit cost is presented within cost of sales or selling, general and administrative expense on the accompanying condensed 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 income/expense, net in the accompanying condensed consolidated statements of operations. The following amounts are recognized net of tax in accumulated other comprehensive loss: March 31, December 31, 2020 2019 Prior service cost $ 700 $ 738 Net loss 1,918 1,965 $ 2,618 $ 2,703 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss at March 31, 2020 December 31, 2019 March 31, December 31, 2020 2019 Foreign currency translation adjustment, net of taxes of ($715) at March 31, 2020 and ($742) at December 31, 2019 $ (22,277 ) $ (20,032 ) Unrealized holding gains on available-for-sale securities, net of taxes of $0 at March 31, 2020 and $0 at December 31, 2019 12 12 Unfunded SERP liability, net of taxes of ($619) at March 31, 2020 and ($639) at December 31, 2019 (3,979 ) (4,045 ) Accumulated other comprehensive loss $ (26,244 ) $ (24,065 ) Changes in accumulated other comprehensive loss by component during the three March 31, 2020 Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at December 31, 2019 $ (20,032 ) $ 12 $ (4,045 ) $ (24,065 ) Other comprehensive (loss) income before reclassifications (2,245 ) - (169 ) (2,414 ) Amount reclassified from accumulated other comprehensive income (Loss) - - 235 (a) 235 Net current period other comprehensive income (loss) (2,245 ) - 66 (2,179 ) Balance at March 31, 2020 $ (22,277 ) $ 12 $ (3,979 ) $ (26,244 ) (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 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Legal Proceedings 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 March 31, 2020 December 31, 2019 The Company is not |
Note 14 - Segments
Note 14 - Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. SEGMENTS The Company operates in one three three Three Months Ended March 31, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 39,100 $ 36,177 $ 28,701 $ - 103,978 Gross Profit 11,194 8,798 6,076 (956 ) 25,112 Gross Profit % 28.6 % 24.3 % 21.2 % nm 24.2 % Three Months Ended March 31, 2019 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 44,361 $ 42,772 $ 38,256 $ - $ 125,389 Gross Profit 12,315 9,991 8,525 (87 ) 30,744 Gross Profit % 27.8 % 23.4 % 22.3 % nm 24.5 % |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENT On April 22, 2020, 19. April 29, 2020, 20% 60% May 5, 2020. $4 $4.5 19 may 19 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications fourth 2019, $7.2 three March 31, 2019. fourth 2019, $0.6 three March 31, 2019. fourth 2019. three 14 three March 31, 2019 All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In August 2018, 2018 13, Fair Value Measurement (Topic 820 December 15, 2019. January 1, 2020. not In August 2018, 2018 15, Intangibles – Goodwill and Other-Internal-Use Software (Subtopic 350 40 December 15, 2019. January 1, 2020 not 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 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 2018 14" not December 15, 2020. 2018 14 In December 2019, 2019 12, Simplifying the Accounting for Income Taxes ("ASU 2019 12" 740 2019 12 December 15, 2020. 2019 12, not |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2019 Revenue $ 134,657 Net earnings 1,686 Earnings per Class A common share - basic and diluted 0.13 Earnings per Class B common share - basic and diluted 0.14 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Geographic Region: North America $ 29,703 $ 22,723 $ 7,107 $ 59,533 Europe 7,762 9,314 1,201 18,277 Asia 1,635 4,140 20,393 26,168 $ 39,100 $ 36,177 $ 28,701 $ 103,978 By Sales Channel: Direct to customer $ 25,053 $ 21,577 $ 24,342 $ 70,972 Through distribution 14,047 14,600 4,359 33,006 $ 39,100 $ 36,177 $ 28,701 $ 103,978 Three Months Ended March 31, 2019 Cinch Connectivity Power Solutions Magnetic Solutions and Protection Solutions Consolidated By Geographic Region: North America $ 32,121 $ 23,521 $ 8,945 $ 64,587 Europe 8,765 12,539 2,221 23,525 Asia 3,475 6,712 27,090 37,277 $ 44,361 $ 42,772 $ 38,256 $ 125,389 By Sales Channel: Direct to customer $ 29,615 $ 29,101 $ 32,506 $ 91,222 Through distribution 14,746 13,671 5,750 34,167 $ 44,361 $ 42,772 $ 38,256 $ 125,389 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2020 2019 Contract assets - current (unbilled receivable) $ 13,597 $ 16,318 Contract liabilities - current (deferred revenue) $ 917 $ 653 |
Note 4 - (Loss) Earnings Per _2
Note 4 - (Loss) Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Numerator: Net (loss) earnings $ (3,804 ) $ 1,131 Less dividends declared: Class A 130 130 Class B 709 708 Undistributed (loss) earnings $ (4,643 ) $ 293 Undistributed earnings (loss) allocation - basic and diluted: Class A undistributed (loss) earnings $ (780 ) $ 50 Class B undistributed (loss) earnings (3,863 ) 243 Total undistributed (loss) earnings $ (4,643 ) $ 293 Net earnings (loss) allocation - basic and diluted: Class A net (loss) earnings $ (649 ) $ 180 Class B net (loss) earnings (3,155 ) 951 Net (loss) earnings $ (3,804 ) $ 1,131 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,175 Class B - basic and diluted 10,123 10,089 Net (loss) earnings per share: Class A - basic and diluted $ (0.30 ) $ 0.08 Class B - basic and diluted $ (0.31 ) $ 0.09 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 Raw materials $ 50,011 $ 47,936 Work in progress 28,784 27,065 Finished goods 25,518 32,275 Inventories $ 104,313 $ 107,276 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2020 2019 Land $ 1,423 $ 1,431 Buildings and improvements 30,550 29,722 Machinery and equipment 132,447 132,134 Construction in progress 2,645 5,090 167,065 168,377 Accumulated depreciation (126,204 ) (126,434 ) Property, plant and equipment, net $ 40,861 $ 41,943 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2020 2019 Sales commissions $ 2,755 $ 2,542 Subcontracting labor 742 990 Salaries, bonuses and related benefits 11,781 14,715 Warranty accrual 1,537 1,576 Other 7,289 7,095 $ 24,104 $ 26,918 |
Restructuring and Related Costs [Table Text Block] | Three Months Ended March 31, 2020 Liability at Cash Payments Liability at December 31, New and Other March 31, 2019 Charges Settlements 2020 Severance costs $ - $ 128 $ (128 ) $ - Other restructuring costs 44 - - 44 Total $ 44 $ 128 $ (128 ) $ 44 |
Note 11 - Retirement Fund and_2
Note 11 - Retirement Fund and Profit Sharing Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2020 2019 Service cost $ 150 $ 144 Interest cost 159 185 Net amortization 86 48 Net periodic benefit cost $ 395 $ 377 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2020 2019 Prior service cost $ 700 $ 738 Net loss 1,918 1,965 $ 2,618 $ 2,703 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2020 2019 Foreign currency translation adjustment, net of taxes of ($715) at March 31, 2020 and ($742) at December 31, 2019 $ (22,277 ) $ (20,032 ) Unrealized holding gains on available-for-sale securities, net of taxes of $0 at March 31, 2020 and $0 at December 31, 2019 12 12 Unfunded SERP liability, net of taxes of ($619) at March 31, 2020 and ($639) at December 31, 2019 (3,979 ) (4,045 ) Accumulated other comprehensive loss $ (26,244 ) $ (24,065 ) |
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 December 31, 2019 $ (20,032 ) $ 12 $ (4,045 ) $ (24,065 ) Other comprehensive (loss) income before reclassifications (2,245 ) - (169 ) (2,414 ) Amount reclassified from accumulated other comprehensive income (Loss) - - 235 (a) 235 Net current period other comprehensive income (loss) (2,245 ) - 66 (2,179 ) Balance at March 31, 2020 $ (22,277 ) $ 12 $ (3,979 ) $ (26,244 ) |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 39,100 $ 36,177 $ 28,701 $ - 103,978 Gross Profit 11,194 8,798 6,076 (956 ) 25,112 Gross Profit % 28.6 % 24.3 % 21.2 % nm 24.2 % Three Months Ended March 31, 2019 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 44,361 $ 42,772 $ 38,256 $ - $ 125,389 Gross Profit 12,315 9,991 8,525 (87 ) 30,744 Gross Profit % 27.8 % 23.4 % 22.3 % nm 24.5 % |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cost of Goods and Services Sold, Total | $ 78,866 | $ 94,645 |
Selling, General and Administrative Expense, Total | 22,062 | 19,225 |
Research and Development Expense, Total | 6,059 | 7,184 |
Interest Income and Other Expense | $ (88) | (779) |
Revision of Prior Period, Adjustment [Member] | ||
Cost of Goods and Services Sold, Total | (7,200) | |
Selling, General and Administrative Expense, Total | (600) | |
Research and Development Expense, Total | 7,200 | |
Interest Income and Other Expense | $ 600 |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Dec. 03, 2019 | Dec. 31, 2019 | Mar. 31, 2020 |
Goodwill, Ending Balance | $ 21,993 | $ 22,219 | |
Business Combination, Acquisition Related Costs | 200 | ||
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 | $ 29,200 | ||
Goodwill, Ending Balance | $ 10,900 | ||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 8,200 | ||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 900 |
Note 2 - Acquisitions - Proform
Note 2 - Acquisitions - Proforma Results (Details) - Majority Products Business of CUI Power [Member] | 3 Months Ended |
Mar. 31, 2019USD ($)$ / shares | |
Revenue | $ | $ 134,657 |
Net earnings | $ | $ 1,686 |
Common Class A [Member] | |
Earnings per common share - basic and diluted (in dollars per share) | $ / shares | $ 0.13 |
Common Class B [Member] | |
Earnings per common share - basic and diluted (in dollars per share) | $ / shares | $ 0.14 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) $ in Millions | Mar. 31, 2020USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Amount | $ 16.7 |
Revenue, Remaining Performance Obligation, Percentage | 77.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 103,978 | $ 125,389 |
Sales Channel, Directly to Consumer [Member] | ||
Revenue | 70,972 | 91,222 |
Sales Channel, Through Intermediary [Member] | ||
Revenue | 33,006 | 34,167 |
North America [Member] | ||
Revenue | 59,533 | 64,587 |
Europe [Member] | ||
Revenue | 18,277 | 23,525 |
Asia [Member] | ||
Revenue | 26,168 | 37,277 |
Connectivity Solutions [Member] | ||
Revenue | 39,100 | 44,361 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 25,053 | 29,615 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 14,047 | 14,746 |
Connectivity Solutions [Member] | North America [Member] | ||
Revenue | 29,703 | 32,121 |
Connectivity Solutions [Member] | Europe [Member] | ||
Revenue | 7,762 | 8,765 |
Connectivity Solutions [Member] | Asia [Member] | ||
Revenue | 1,635 | 3,475 |
Power Solutions and Protection [Member] | ||
Revenue | 36,177 | 42,772 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 21,577 | 29,101 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 14,600 | 13,671 |
Power Solutions and Protection [Member] | North America [Member] | ||
Revenue | 22,723 | 23,521 |
Power Solutions and Protection [Member] | Europe [Member] | ||
Revenue | 9,314 | 12,539 |
Power Solutions and Protection [Member] | Asia [Member] | ||
Revenue | 4,140 | 6,712 |
Magnetic Solutions [Member] | ||
Revenue | 28,701 | 38,256 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 24,342 | 32,506 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 4,359 | 5,750 |
Magnetic Solutions [Member] | North America [Member] | ||
Revenue | 7,107 | 8,945 |
Magnetic Solutions [Member] | Europe [Member] | ||
Revenue | 1,201 | 2,221 |
Magnetic Solutions [Member] | Asia [Member] | ||
Revenue | $ 20,393 | $ 27,090 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Contract assets - current (unbilled receivable) | $ 13,597 | $ 16,318 |
Contract liabilities - current (deferred revenue) | $ 917 | $ 653 |
Note 4 - (Loss) Earnings Per _3
Note 4 - (Loss) Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (loss) earnings | $ (3,804) | $ 1,131 |
Undistributed (loss) earnings | (4,643) | 293 |
Common Class A [Member] | ||
Net (loss) earnings | (649) | 180 |
Less dividends declared | 130 | 130 |
Undistributed (loss) earnings | $ (780) | $ 50 |
Weighted-average shares outstanding, basic and diluted (in shares) | 2,145 | 2,175 |
Common shares - basic and diluted (in dollars per share) | $ (0.30) | $ 0.08 |
Common Class B [Member] | ||
Net (loss) earnings | $ (3,155) | $ 951 |
Less dividends declared | 709 | 708 |
Undistributed (loss) earnings | $ (3,863) | $ 243 |
Weighted-average shares outstanding, basic and diluted (in shares) | 10,123 | 10,089 |
Common shares - basic and diluted (in dollars per share) | $ (0.31) | $ 0.09 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Long-term Debt, Fair Value | $ 141,400 | $ 146,400 |
Long-term Debt, Gross | 135,100 | 143,700 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Investments Held in Rabbi Trust [Member] | ||
Debt Securities, Available-for-sale, Total | $ 1,000 | $ 1,100 |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 50,011 | $ 47,936 |
Work in progress | 28,784 | 27,065 |
Finished goods | 25,518 | 32,275 |
Inventories | $ 104,313 | $ 107,276 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Total | $ 2.3 | $ 2.5 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 167,065 | $ 168,377 |
Accumulated depreciation | (126,204) | (126,434) |
Property, plant and equipment, net | 40,861 | 41,943 |
Land [Member] | ||
Property, plant and equipment, gross | 1,423 | 1,431 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 30,550 | 29,722 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 132,447 | 132,134 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 2,645 | $ 5,090 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Sales commissions | $ 2,755 | $ 2,542 |
Subcontracting labor | 742 | 990 |
Salaries, bonuses and related benefits | 11,781 | 14,715 |
Warranty accrual | 1,537 | 1,576 |
Other | 7,289 | 7,095 |
Accrued Liabilities, Current, Total | $ 24,104 | $ 26,918 |
Note 8 - Accrued Expenses - Act
Note 8 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Liability, beginning balance | $ 44 | $ 44 |
New charges | 128 | |
Cash payment and other settlements | (128) | |
Employee Severance [Member] | ||
Liability, beginning balance | ||
New charges | 128 | |
Cash payment and other settlements | (128) | |
Other Restructuring [Member] | ||
Liability, beginning balance | 44 | $ 44 |
New charges | ||
Cash payment and other settlements |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | Feb. 18, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Repayments of Long-term Debt, Total | $ 8,179 | $ 744 | ||
Credit and Security Agreement with KeyBank [Member] | ||||
Debt Issuance Costs, Net, Total | $ 1,800 | $ 1,300 | ||
Debt, Weighted Average Interest Rate | 3.25% | 3.31% | ||
Interest Expense, Debt, Total | $ 1,400 | $ 1,400 | ||
Credit and Security Agreement with KeyBank [Member] | Term Loan [Member] | ||||
Repayments of Long-term Debt, Total | $ 8,200 | |||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 75,000 | $ 75,000 | ||
Long-term Line of Credit, Total | 32,000 | |||
Credit and Security Agreement with KeyBank [Member] | Term Loan [Member] | ||||
Long-term Debt, Total | $ 104,800 | $ 113,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Unrecognized Tax Benefits, Ending Balance | $ 29.1 | $ 29.1 | |
Liability for Uncertainty in Income Taxes, Current | 2.2 | 2.2 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0.2 | $ 0.2 | |
Tax Credit Carryforward, Amount | $ 0.3 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 5.1 | $ 4.9 |
Note 11 - Retirement Fund and_3
Note 11 - Retirement Fund and Profit Sharing Plan (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | ||
Defined Contribution Plan, Cost | $ 0.3 | $ 0.3 |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | ||
Shares Held in Plan (in shares) | 194,235 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member] | ||
Shares Held in Plan (in shares) | 111,879 | |
Retirement Fund Covering Hong Kong-based Employees [Member] | ||
Defined Contribution Plan, Cost | $ 0.1 | $ 0.1 |
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class A [Member] | ||
Shares Held in Plan (in shares) | 3,323 | |
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class B [Member] | ||
Shares Held in Plan (in shares) | 17,342 |
Note 11 - Retirement Fund and_4
Note 11 - Retirement Fund and Profit Sharing Plan - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Service cost | $ 150 | $ 144 |
Interest cost | 159 | 185 |
Net amortization | 86 | 48 |
Net periodic benefit cost | $ 395 | $ 377 |
Note 11 - Retirement Fund and_5
Note 11 - Retirement Fund and Profit Sharing Plan - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Prior service cost | $ 700 | $ 738 |
Net loss | 1,918 | 1,965 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total | $ 2,618 | $ 2,703 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Foreign currency translation adjustment, net of taxes of ($715) at March 31, 2020 and ($742) at December 31, 2019 | $ (22,277) | $ (20,032) |
Unrealized holding gains on available-for-sale securities, net of taxes of $0 at March 31, 2020 and $0 at December 31, 2019 | 12 | 12 |
Unfunded SERP liability, net of taxes of ($619) at March 31, 2020 and ($639) at December 31, 2019 | (3,979) | (4,045) |
Accumulated other comprehensive loss | $ (26,244) | $ (24,065) |
Note 12 - Accumulated Other C_4
Note 12 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Foreign currency translation adjustment, tax | $ (715) | $ (742) |
Unrealized holding gains on available-for-sale securities, tax | 0 | 0 |
Change in unfunded SERP liability, tax | $ (619) | $ (639) |
Note 12 - Accumulated Other C_5
Note 12 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Balance | $ 168,051 | $ 176,470 | |
Other comprehensive (loss) income | (2,179) | 577 | |
Balance | 161,832 | 178,153 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (20,032) | ||
Other comprehensive (loss) income before reclassifications | (2,245) | ||
Amount reclassified from accumulated other comprehensive income (Loss) | |||
Other comprehensive (loss) income | (2,245) | ||
Balance | (22,277) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | |||
Balance | 12 | ||
Other comprehensive (loss) income before reclassifications | |||
Amount reclassified from accumulated other comprehensive income (Loss) | |||
Other comprehensive (loss) income | |||
Balance | 12 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (4,045) | ||
Other comprehensive (loss) income before reclassifications | (169) | ||
Amount reclassified from accumulated other comprehensive income (Loss) | [1] | 235 | |
Other comprehensive (loss) income | 66 | ||
Balance | (3,979) | ||
AOCI Attributable to Parent [Member] | |||
Balance | (24,065) | (24,838) | |
Other comprehensive (loss) income before reclassifications | (2,414) | ||
Amount reclassified from accumulated other comprehensive income (Loss) | 235 | ||
Other comprehensive (loss) income | (2,179) | ||
Balance | $ (26,244) | $ (24,724) | |
[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 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2020USD ($) |
Arezzo Revenue Agency [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 12 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Industry in which Entity Operates | 1 |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 14 - Segments - Segments (
Note 14 - Segments - Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 103,978 | $ 125,389 |
Gross Profit | $ 25,112 | $ 30,744 |
Gross Profit % | 24.20% | 24.50% |
Connectivity Solutions [Member] | ||
Revenue | $ 39,100 | $ 44,361 |
Gross Profit | $ 11,194 | $ 12,315 |
Gross Profit % | 28.60% | 27.80% |
Power Solutions and Protection Segment [Member] | ||
Revenue | $ 36,177 | $ 42,772 |
Gross Profit | $ 8,798 | $ 9,991 |
Gross Profit % | 24.30% | 23.40% |
Magnetic Solutions Segment [Member] | ||
Revenue | $ 28,701 | $ 38,256 |
Gross Profit | $ 6,076 | $ 8,525 |
Gross Profit % | 21.20% | 22.30% |
Corporate Segment [Member] | ||
Revenue | ||
Gross Profit | $ (956) | $ (87) |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - MEXICO - USD ($) $ in Millions | May 05, 2020 | Apr. 29, 2020 | Mar. 31, 2020 |
Minimum [Member] | |||
Normal Production Rate | $ 4 | ||
Maximum [Member] | |||
Normal Production Rate | $ 4.5 | ||
Subsequent Event [Member] | COVID-19 Pandemic [Member] | |||
Facility Production, Percentage of Normal Production Rate | 60.00% | 20.00% |