Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 01, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000729580 | |
Entity Registrant Name | BEL FUSE INC /NJ | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-11676 | |
Entity Address, Address Line One | 206 Van Vorst Street | |
Entity Address, City or Town | Jersey City | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07302 | |
City Area Code | 201 | |
Local Phone Number | 432-0463 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1463699 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Common Class B [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class B Common Stock ($0.10 par value) | |
Trading Symbol | BELFB | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 10,260,602 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock ($0.10 par value) | |
Trading Symbol | BELFA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 2,144,912 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Cash and cash equivalents | $ 61,961 | $ 84,939 |
Accounts receivable, net of allowance for doubtful accounts of $1,003 and $1,036, respectively | 86,031 | 71,372 |
Inventories | 128,179 | 100,133 |
Unbilled receivables | 28,093 | 14,135 |
Assets held for sale | 1,626 | 0 |
Other current assets | 9,655 | 9,637 |
Total current assets | 315,545 | 280,216 |
Property, plant and equipment, net | 35,553 | 34,501 |
Right-of-use assets | 11,314 | 14,217 |
Intangible assets, net | 62,698 | 65,789 |
Goodwill | 25,846 | 23,966 |
Deferred income taxes | 5,671 | 5,705 |
Other assets | 30,956 | 29,472 |
Total assets | 487,583 | 453,866 |
Current Liabilities: | ||
Accounts payable | 57,610 | 39,774 |
Accrued expenses | 38,249 | 28,476 |
Current portion of long-term debt | 0 | 5,286 |
Operating lease liabilities, current | 5,623 | 6,591 |
Other current liabilities | 4,754 | 7,409 |
Total current liabilities | 106,236 | 87,536 |
Long-term Liabilities: | ||
Long-term debt | 112,500 | 110,294 |
Operating lease liabilities, long-term | 5,944 | 8,064 |
Liability for uncertain tax positions | 27,565 | 26,089 |
Minimum pension obligation and unfunded pension liability | 25,193 | 24,620 |
Deferred income taxes | 938 | 1,030 |
Other liabilities | 9,005 | 10,434 |
Total liabilities | 287,381 | 268,067 |
Commitments and contingencies (see Note 13) | ||
Stockholders' Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 37,883 | 36,136 |
Retained earnings | 180,769 | 166,491 |
Accumulated other comprehensive loss | (19,690) | (18,063) |
Total stockholders' equity | 200,202 | 185,799 |
Total liabilities and stockholders' equity | 487,583 | 453,866 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 214 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,026 | $ 1,021 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance for doubtful accounts | $ 1,003 | $ 1,036 |
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, par value (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, par value (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares outstanding (in shares) | 10,263,102 | 10,208,602 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 146,966 | $ 124,492 | $ 396,351 | $ 349,642 |
Cost of sales | 110,992 | 91,183 | 301,234 | 259,286 |
Gross profit | 35,974 | 33,309 | 95,117 | 90,356 |
Research and development costs | 5,918 | 5,713 | 16,301 | 17,889 |
Selling, general and administrative expenses | 21,188 | 19,368 | 64,757 | 59,140 |
Restructuring charges | 398 | 111 | 675 | 283 |
Gain on sale of property | (403) | 0 | (6,578) | 0 |
Income from operations | 8,873 | 8,117 | 19,962 | 13,044 |
Interest expense | (1,491) | (1,242) | (3,014) | (3,843) |
Other (expense) income, net | (201) | (483) | 458 | (1,390) |
Earnings before provision for (benefit from) income taxes | 7,181 | 6,392 | 17,406 | 7,811 |
Provision for (benefit from) income taxes | 1,447 | (1,083) | 593 | (1,433) |
Net earnings available to common stockholders | 5,734 | 7,475 | 16,813 | 9,244 |
Common Class A [Member] | ||||
Net earnings available to common stockholders | $ 940 | $ 1,233 | $ 2,761 | $ 1,512 |
Net earnings per common share: | ||||
Common shares - basic and diluted (in dollars per share) | $ 0.44 | $ 0.57 | $ 1.29 | $ 0.70 |
Weighted-average number of shares outstanding: | ||||
Common shares - basic and diluted (in shares) | 2,145 | 2,145 | 2,145 | 2,145 |
Common Class B [Member] | ||||
Net earnings available to common stockholders | $ 4,794 | $ 6,242 | $ 14,052 | $ 7,732 |
Net earnings per common share: | ||||
Common shares - basic and diluted (in dollars per share) | $ 0.47 | $ 0.61 | $ 1.37 | $ 0.76 |
Weighted-average number of shares outstanding: | ||||
Common shares - basic and diluted (in shares) | 10,269 | 10,223 | 10,237 | 10,176 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net earnings available to common stockholders | $ 5,734 | $ 7,475 | $ 16,813 | $ 9,244 |
Other comprehensive (loss) income: | ||||
Currency translation adjustment, net of taxes of ($12), $17, ($336) and ($14), respectively | (1,982) | 3,588 | (1,971) | 2,020 |
Unrealized gains (losses) on marketable securities arising during the period, net of taxes of $0 in all periods presented | 46 | 0 | 45 | (1) |
Change in unfunded SERP liability, net of taxes of ($28), ($20), ($83) and ($59), respectively | 100 | 66 | 299 | 198 |
Other comprehensive (loss) income | (1,836) | 3,654 | (1,627) | 2,217 |
Comprehensive income | $ 3,898 | $ 11,129 | $ 15,186 | $ 11,461 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Foreign currency translation adjustment, tax expense | $ (12) | $ 17 | $ (336) | $ (14) |
Unrealized loss on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 |
Change in unfunded SERP liability, tax | $ (28) | $ (20) | $ (83) | $ (59) |
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] | 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, 2019 | $ 157,063 | $ (24,065) | $ 214 | $ 1,013 | $ 33,826 | $ 168,051 | ||||||||||||
Net earnings | (3,804) | 0 | 0 | 0 | 0 | (3,804) | ||||||||||||
Cash dividends declared on common stock | $ (130) | $ 0 | $ 0 | $ 0 | $ 0 | $ (130) | $ (709) | $ 0 | $ 0 | $ 0 | $ 0 | $ (709) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,245) | 0 | 0 | 0 | (2,245) | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 603 | 603 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 66 | 0 | 0 | 0 | 66 | ||||||||||||
Balance at Mar. 31, 2020 | 152,420 | (26,244) | 214 | 1,012 | 34,430 | 161,832 | ||||||||||||
Balance at Dec. 31, 2019 | 157,063 | (24,065) | 214 | 1,013 | 33,826 | 168,051 | ||||||||||||
Net earnings | 1,512 | 7,732 | 9,244 | |||||||||||||||
Cash dividends declared on common stock | (388) | (2,133) | ||||||||||||||||
Foreign currency translation adjustment, net of taxes | 2,020 | |||||||||||||||||
Unrealized holding losses on marketable securities | (1) | |||||||||||||||||
Change in unfunded SERP liability, net of taxes | 198 | |||||||||||||||||
Balance at Sep. 30, 2020 | 163,786 | (21,848) | 214 | 1,022 | 35,597 | 178,771 | ||||||||||||
Balance at Mar. 31, 2020 | 152,420 | (26,244) | 214 | 1,012 | 34,430 | 161,832 | ||||||||||||
Net earnings | 5,573 | 0 | 0 | 0 | 0 | 5,573 | ||||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | (129) | (707) | 0 | 0 | 0 | 0 | (707) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | 11 | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | (11) | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 676 | 0 | 0 | 0 | 676 | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 617 | 617 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 66 | 0 | 0 | 0 | 66 | ||||||||||||
Balance at Jun. 30, 2020 | 157,157 | (25,502) | 214 | 1,023 | 35,036 | 167,928 | ||||||||||||
Net earnings | 1,233 | 6,242 | 7,475 | 0 | 0 | 0 | 0 | 7,475 | ||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | (129) | (717) | 0 | 0 | 0 | 0 | (717) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 3,588 | 0 | 0 | 0 | 3,588 | ||||||||||||
Unrealized holding losses on marketable securities | 0 | |||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 560 | 560 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 66 | 0 | 0 | 0 | 66 | ||||||||||||
Balance at Sep. 30, 2020 | 163,786 | (21,848) | 214 | 1,022 | 35,597 | 178,771 | ||||||||||||
Balance at Dec. 31, 2020 | 166,491 | (18,063) | 214 | 1,021 | 36,136 | 185,799 | ||||||||||||
Net earnings | 3,199 | 0 | 0 | 0 | 0 | 3,199 | ||||||||||||
Cash dividends declared on common stock | (128) | 0 | 0 | 0 | 0 | (128) | (716) | 0 | 0 | 0 | 0 | (716) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,529) | 0 | 0 | 0 | (2,529) | ||||||||||||
Unrealized holding losses on marketable securities | 0 | (1) | 0 | 0 | 0 | (1) | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 600 | 600 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 99 | 0 | 0 | 0 | 99 | ||||||||||||
Balance at Mar. 31, 2021 | 168,846 | (20,494) | 214 | 1,020 | 36,737 | 186,323 | ||||||||||||
Balance at Dec. 31, 2020 | 166,491 | (18,063) | 214 | 1,021 | 36,136 | 185,799 | ||||||||||||
Net earnings | 2,761 | 14,052 | 16,813 | |||||||||||||||
Cash dividends declared on common stock | (386) | (2,149) | ||||||||||||||||
Foreign currency translation adjustment, net of taxes | (1,971) | |||||||||||||||||
Unrealized holding losses on marketable securities | 45 | |||||||||||||||||
Change in unfunded SERP liability, net of taxes | 299 | |||||||||||||||||
Balance at Sep. 30, 2021 | 180,769 | (19,690) | 214 | 1,026 | 37,883 | 200,202 | ||||||||||||
Balance at Mar. 31, 2021 | 168,846 | (20,494) | 214 | 1,020 | 36,737 | 186,323 | ||||||||||||
Net earnings | 7,880 | 0 | 0 | 0 | 0 | 7,880 | ||||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | (129) | (714) | 0 | 0 | 0 | 0 | (714) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 2,540 | 0 | 0 | 0 | 2,540 | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 598 | 598 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 100 | 0 | 0 | 0 | 100 | ||||||||||||
Issuance of restricted common stock | 0 | 0 | 0 | 8 | (8) | 0 | ||||||||||||
Balance at Jun. 30, 2021 | 175,883 | (17,854) | 214 | 1,027 | 37,328 | 196,598 | ||||||||||||
Net earnings | 940 | 4,794 | 5,734 | 0 | 0 | 0 | 0 | 5,734 | ||||||||||
Cash dividends declared on common stock | $ (129) | $ 0 | $ 0 | $ 0 | $ 0 | $ (129) | $ (719) | $ 0 | $ 0 | $ 0 | $ 0 | $ (719) | ||||||
Forfeiture of restricted common stock | 0 | 0 | 0 | (1) | 0 | |||||||||||||
Forfeiture of restricted common stock, APIC | 1 | |||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (1,982) | 0 | 0 | 0 | (1,982) | ||||||||||||
Unrealized holding losses on marketable securities | 0 | 46 | 0 | 0 | 0 | 46 | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 554 | 554 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 100 | 0 | 0 | 0 | 100 | ||||||||||||
Repurchase of Class A common stock | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Balance at Sep. 30, 2021 | $ 180,769 | $ (19,690) | $ 214 | $ 1,026 | $ 37,883 | $ 200,202 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | |
Common Class A [Member] | ||||||
Dividends declared (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 | $ 0.06 |
Common Class B [Member] | ||||||
Dividends declared (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 |
Foreign currency translation adjustment, tax expense | $ (12) | $ (333) | $ 9 | $ 17 | $ (3) | $ (27) |
Change in unfunded SERP liability, tax | $ (28) | $ (28) | $ (28) | $ (20) | $ (20) | $ (20) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net earnings | $ 16,813 | $ 9,244 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 12,514 | 12,322 |
Stock-based compensation | 1,752 | 1,780 |
Amortization of deferred financing costs | 1,267 | 485 |
Deferred income taxes | (124) | (1,821) |
Net unrealized (gains) losses on foreign currency revaluation | (373) | 1,066 |
Gains on sale of property | (6,578) | (32) |
Other, net | 1,355 | 735 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (11,893) | 6,517 |
Unbilled receivables | (13,958) | (3,065) |
Inventories | (22,831) | 4,419 |
Accounts payable | 15,800 | (4,597) |
Accrued expenses | 9,066 | 3,694 |
Other operating assets/liabilities, net | (4,524) | 4,022 |
Net cash (used in) provided by operating activities | (1,714) | 34,769 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (4,154) | (4,501) |
Payments for acquisitions, net of cash acquired | (16,811) | 0 |
Proceeds from disposal/sale of property, plant and equipment | 7,249 | 54 |
Net cash used in investing activities | (13,716) | (4,447) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (2,447) | (2,422) |
Deferred financing costs | (675) | (600) |
Borrowings under revolving credit line | 115,000 | 0 |
Repayments of revolving credit line | (14,500) | (10,000) |
Repayments of long-term debt | (104,846) | (8,179) |
Net cash used in financing activities | (7,468) | (21,201) |
Effect of exchange rate changes on cash and cash equivalents | (80) | (281) |
Net (decrease) increase in cash and cash equivalents | (22,978) | 8,840 |
Cash and cash equivalents - beginning of period | 84,939 | 72,289 |
Cash and cash equivalents - end of period | 61,961 | 81,129 |
Supplementary information: | ||
Income taxes, net of refunds received | 2,024 | 1,571 |
Interest payments | 1,683 | 3,408 |
Goodwill | 25,846 | |
Cash paid for acquisitions, net of cash acquired | 16,811 | 0 |
RMS and EOS Acquisitions [Member] | ||
Supplementary information: | ||
Fair value of identifiable net assets acquired | 18,055 | 0 |
Goodwill | 2,659 | 0 |
Fair value of net assets acquired | 20,714 | 0 |
Fair value of consideration transferred | 20,714 | 0 |
Less: Cash acquired in acquisitions | $ (3,903) | $ 0 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
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 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 nine September 30, 2021 not 10 December 31, 2020 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, 2020 no nine September 30, 2021 Reclassifications fourth 2020, three September 30, 2020. nine September 30, 2020. 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 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 Changes to the Disclosure Requirements for Defined Benefit Plans 2018 14" not 2018 14 January 1, 2021. not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12" 740 January 1, 2021 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 March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. |
Note 2 - Acquisitions
Note 2 - Acquisitions | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 2. ACQUISITIONS rms Connectors On January 8, 2021, 30 second 2021, EOS Power On March 31, 2021, December 31, 2020. The acquisitions of rms Connectors and EOS may "2021 "2021 nine September 30, 2021 2021 September 30, 2021. nine September 30, 2021, 2021 third 2021. While the final accounting related to the 2021 not 10 Acquisition Date Fair Values rms EOS Total Cash and cash equivalents $ - $ 3,903 $ 3,903 Accounts receivable 1,283 1,805 3,088 Inventories 3,946 1,878 5,824 Other current assets 9 1,340 1,349 Property, plant and equipment 4,035 721 4,756 Intangible assets - 2,000 2,000 Other assets - 60 60 Total identifiable assets 9,273 11,707 20,980 Accounts payable (62 ) (2,148 ) (2,210 ) Accrued expenses (209 ) (506 ) (715 ) Total liabilities assumed (271 ) (2,654 ) (2,925 ) Net identifiable assets acquired 9,002 9,053 18,055 Goodwill - 2,659 2,659 Net assets acquired $ 9,002 $ 11,712 $ 20,714 Cash paid $ 9,002 $ 11,712 $ 20,714 Fair value of consideration transferred $ 9,002 $ 11,712 $ 20,714 Measurement period adjustments recorded during the second 2021 third 2021, 2021 no one Based upon the preliminary purchase price allocation above, there is currently no not The results of operations of the 2021 three nine September 30, 2021, 2021 $0.2 March 31, 2021, not first 2021. 2021 2021 January 1, 2020. not not 2021 January 1, 2020, may The following unaudited pro forma consolidated results of operations assume that the acquisition of the 2021 January 1, 2020: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue, net $ 146,966 $ 129,782 $ 399,372 $ 362,918 Net earnings 5,734 7,814 17,043 9,538 Earnings per Class A common share - basic and diluted 0.44 0.60 1.31 0.72 Earnings per Class B common share - basic and diluted 0.47 0.64 1.39 0.78 |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 Nine Months Ended September 30, 2021 Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 30,144 $ 42,064 $ 11,338 $ 83,546 $ 92,868 $ 109,708 $ 28,009 $ 230,585 Europe 7,916 9,679 2,635 20,230 22,220 29,306 6,126 57,652 Asia 2,284 8,538 32,368 43,190 6,358 20,298 81,458 108,114 $ 40,344 $ 60,281 $ 46,341 $ 146,966 $ 121,446 $ 159,312 $ 115,593 $ 396,351 By Sales Channel: Direct to customer $ 23,476 $ 36,154 $ 38,022 $ 97,652 $ 72,898 $ 96,759 $ 95,104 $ 264,761 Through distribution 16,868 24,127 8,319 49,314 48,548 62,553 20,489 131,590 $ 40,344 $ 60,281 $ 46,341 $ 146,966 $ 121,446 $ 159,312 $ 115,593 $ 396,351 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 28,933 $ 31,770 $ 8,111 $ 68,814 $ 86,244 $ 83,522 $ 22,315 $ 192,081 Europe 7,458 8,714 1,972 18,144 23,576 26,993 4,890 55,459 Asia 2,144 7,309 28,081 37,534 6,723 18,567 76,812 102,102 $ 38,535 $ 47,793 $ 38,164 $ 124,492 $ 116,543 $ 129,082 $ 104,017 $ 349,642 By Sales Channel: Direct to customer $ 24,806 $ 29,648 $ 29,927 $ 84,381 $ 73,459 $ 78,119 $ 85,290 $ 236,868 Through distribution 13,729 18,145 8,237 40,111 43,084 50,963 18,727 112,774 $ 38,535 $ 47,793 $ 38,164 $ 124,492 $ 116,543 $ 129,082 $ 104,017 $ 349,642 September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 Contract assets - current (unbilled receivables) $ 28,093 $ 14,135 Contract liabilities - current (deferred revenue) $ 1,131 $ 2,077 The change in balance of our unbilled receivables from December 31, 2020 September 30, 2021 The aggregate amount of transaction price allocated to remaining performance obligations that have not September 30, 2021 one 2022 2025. 2022, 2023 2023. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4. EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted net earnings per common share under the two three nine September 30, 2021 2020 Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net earnings $ 5,734 $ 7,475 $ 16,813 $ 9,244 Less dividends declared: Class A 129 129 386 388 Class B 719 717 2,149 2,133 Undistributed earnings $ 4,886 $ 6,629 $ 14,278 $ 6,723 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 811 $ 1,104 $ 2,375 $ 1,124 Class B undistributed earnings 4,075 5,525 11,903 5,599 Total undistributed earnings $ 4,886 $ 6,629 $ 14,278 $ 6,723 Net earnings allocation - basic and diluted: Class A net earnings $ 940 $ 1,233 $ 2,761 $ 1,512 Class B net earnings 4,794 6,242 14,052 7,732 Net earnings $ 5,734 $ 7,475 $ 16,813 $ 9,244 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,145 2,145 2,145 Class B - basic and diluted 10,269 10,223 10,237 10,176 Net earnings per share: Class A - basic and diluted $ 0.44 $ 0.57 $ 1.29 $ 0.70 Class B - basic and diluted $ 0.47 $ 0.61 $ 1.37 $ 0.76 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 December 31, 2020 1 September 30, 2021 December 31, 2020 first 2021, September 30, 2021 not 3, no 3 nine September 30, 2021 September 30, 2020 no nine September 30, 2021 September 30, 2020 There were no September 30, 2021 December 31, 2020 The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, unbilled receivables, restricted cash, accounts payable and accrued expenses, which are not September 30, 2021 December 31, 2020 not September 30, 2021 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. The Company considered the impacts of COVID- 19 nine September 30, 2021. no nine September 30, 2021 2020 |
Note 6 - Inventories
Note 6 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORIES The components of inventories are as follows: September 30, December 31, 2021 2020 Raw materials $ 61,481 $ 40,846 Work in progress 31,010 25,916 Finished goods 35,688 33,371 Inventories $ 128,179 $ 100,133 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment, Net | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: September 30, December 31, 2021 2020 Land $ 1,108 $ 1,115 Buildings and improvements 20,919 19,917 Machinery and equipment 125,895 124,114 Construction in progress 2,261 1,603 150,183 146,749 Accumulated depreciation (114,630 ) (112,248 ) Property, plant and equipment, net $ 35,553 $ 34,501 Depreciation expense was $2.3 million for each of the three September 30, 2021 2020 nine September 30, 2021 2020. At September 30, 2021, |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. ACCRUED EXPENSES Accrued expenses consist of the following: September 30, December 31, 2021 2020 Sales commissions $ 2,526 $ 2,574 Subcontracting labor 1,622 758 Salaries, bonuses and related benefits 20,355 17,165 Warranty accrual 1,129 1,010 Other 12,617 6,969 $ 38,249 $ 28,476 The change in warranty accrual during the nine September 30, 2021 no nine September 30, 2021 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 nine September 30, 2021 Nine Months Ended September 30, 2021 Liability at Cash Payments Liability at December 31, New and Other September 30, 2020 Charges Settlements 2021 Severance costs $ 124 $ 675 $ (550 ) $ 249 Other restructuring costs - - - - Total $ 124 $ 675 $ (550 ) $ 249 |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. DEBT At December 31, 2020, June 19, 2014 June 30, 2014 ( $12.0 December 31, 2020. December 31, 2020 On September 2, 2021, Concurrent with its entry into the New Credit Agreement, the Company borrowed $115 million under the New Revolver facility, of which approximately $101.9 million and $12.0 million, respectively, was applied to discharge and satisfy in full the remaining obligations outstanding under the former term loan and the previous revolving credit facility that had existed under the Prior Credit Agreement. Under the terms of the New Credit Agreement, the Company is entitled, subject to the satisfaction of certain conditions, to request additional commitments under the New Revolver or the addition of a term loan facility in the aggregate principal amount of up to $100 million for all such increases (revolver and term) to the extent that existing or new lenders agree to provide such additional commitments and/or term loans. In addition to requesting loans denominated in U.S. dollars, the New Credit Agreement provides that up to a U.S. Dollar equivalent principal amount of $15 million of the New Revolver may In connection with the effectiveness of the New Credit Agreement, the Company and certain of the Company’s material U.S. subsidiaries (together with the Company, the “Loan Parties”) provided to the administrative agent, for the benefit of the lenders, confirmation of the continuing use and effectiveness of each guaranty of payment and each security document executed and delivered by the Loan Parties in connection with the Prior Credit Agreement. As a result, consistent with the Prior Credit Agreement, the obligations of the Company under the New Credit Agreement are guaranteed by the Loan Parties’ material U.S. subsidiaries, and secured by a first The borrowings under the New Credit Agreement will bear interest, generally payable quarterly, at a rate equal to, at the Company's option, either ( 1 2 one Revolving loans borrowed under the New Credit Agreement mature on September 1, 2026, The New Credit Agreement contains customary representations and warranties, covenants and events of default. In addition, the New Credit Agreement contains financial covenants that measure (i) the ratio of the Company’s total funded indebtedness, on a consolidated basis, less the aggregate amount of all unencumbered cash and cash equivalents, to the amount of the Company’s consolidated EBITDA (“Leverage Ratio”) and (ii) the ratio of the amount of the Company’s consolidated EBITDA to the Company’s consolidated fixed charges (“Fixed Charge Coverage Ratio”). If an event of default occurs, the lenders under the New Credit Agreement 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 September 30, 2021 the Leverage Ratio. The weighted-average interest rate in effect was 1.58% at September 30, 2021 December 31, 2020 three September 30, 2021 September 30, 2020 nine September 30, 2021 September 30, 2020, three September 30, 2021 September 30, 2021 five |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. INCOME TAXES The Company's estimated taxable income in future periods is not not no 2017 2014. no 2010 2012 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 September 30, 2021. September 30, 2021 December 31, 2020, December 31, 2020 2021 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 nine September 30, 2021 2020, September 30, 2021 December 31, 2020, |
Note 11 - Retirement Fund and P
Note 11 - Retirement Fund and Profit Sharing Plan | 9 Months Ended |
Sep. 30, 2021 | |
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 September 30, 2021 2020 $0.3 nine September 30, 2021 2020 0.9 m September 30, 2021 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 September 30, 2021 2020 $0.1 nine September 30, 2021 2020 $0.2 m September 30, 2021 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 5 The components of SERP expense are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 169 $ 150 $ 508 $ 450 Interest cost 135 159 405 477 Net amortization 127 86 382 258 Net periodic benefit cost $ 431 $ 395 $ 1,295 $ 1,185 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 (expense) income, net in the accompanying condensed consolidated statements of operations. The following amounts are recognized net of tax in accumulated other comprehensive loss: September 30, December 31, 2021 2020 Prior service cost $ 492 $ 586 Net loss 1,487 1,773 $ 1,979 $ 2,359 |
Note 12 - Accumulated Other Com
Note 12 - Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 12. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss at September 30, 2021 December 31, 2020 September 30, December 31, 2021 2020 Foreign currency translation adjustment, net of taxes of ($ 414 750 $ (15,113 ) $ (13,142 ) Unrealized holding gains on available-for-sale securities, net of taxes of ($ 7 0 64 19 Unfunded SERP liability, net of taxes of ($1 ,294 1,377 (4,641 ) (4,940 ) Accumulated other comprehensive loss $ (19,690 ) $ (18,063 ) Changes in accumulated other comprehensive loss by component during the nine September 30, 2021 Unrealized Holding Foreign Currency Gains on Translation Available-for- Unfunded Adjustment Sale Securities SERP Liability Total Balance at December 31, 2020 $ (13,142 ) $ 19 $ (4,940 ) $ (18,063 ) Other comprehensive (loss) income before reclassifications (1,971 ) 45 43 (1,883 ) Amount reclassified from accumulated other comprehensive loss - - 256 (a) 256 Net current period other comprehensive (loss) income (1,971 ) 45 299 (1,627 ) Balance at September 30, 2021 $ (15,113 ) $ 64 $ (4,641 ) $ (19,690 ) (a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. This expense is reflected in other (expense) income, net on the accompanying condensed consolidated statement of operations. |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. COMMITMENTS AND CONTINGENCIES Legal Proceedings On June 23, 2021, Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc. 6:21cv00655, In connection with the Company's 2014 2004 2006. September 2012, February 2013, October 2, 2014. October 13, 2014, July 18, 2015 December 5, 2016, January 4, 2017. September 30, 2021 December 31, 2020 The Company is not |
Note 14 - Segments
Note 14 - Segments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. SEGMENTS The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups and a corporate segment. The segments consist of Cinch Connectivity Solutions, Power Solutions and Protection, Magnetic Solutions and a Corporate segment. The primary criteria by which financial performance is evaluated and resources are allocated are revenue and gross profit. The following is a summary of key financial data: Three Months Ended September 30, 2021 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 40,344 $ 60,281 $ 46,341 $ - $ 146,966 Gross Profit 10,003 15,762 10,722 (513 ) 35,974 Gross Profit % 24.8 % 26.1 % 23.1 % nm 24.5 % Three Months Ended September 30, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 38,535 $ 47,793 $ 38,164 $ - $ 124,492 Gross Profit 11,219 11,552 10,793 (255 ) 33,309 Gross Profit % 29.1 % 24.2 % 28.3 % nm 26.8 % Nine Months Ended September 30, 2021 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 121,446 $ 159,312 $ 115,593 $ - $ 396,351 Gross Profit 32,826 40,917 24,026 (2,652 ) 95,117 Gross Profit % 27.0 % 25.7 % 20.8 % nm 24.0 % Nine Months Ended September 30, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 116,543 $ 129,082 $ 104,017 $ - $ 349,642 Gross Profit 33,950 31,085 26,198 (877 ) 90,356 Gross Profit % 29.1 % 24.1 % 25.2 % nm 25.8 % |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENT In the second 2021, October 26, 2021, November 30, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications fourth 2020, three September 30, 2020. nine September 30, 2020. 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 14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715 20 Changes to the Disclosure Requirements for Defined Benefit Plans 2018 14" not 2018 14 January 1, 2021. not In December 2019, 2019 12, Simplifying the Accounting for Income Taxes 2019 12" 740 January 1, 2021 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 March 2020, No. 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. |
Note 2 - Acquisitions (Tables)
Note 2 - Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Acquisition Date Fair Values rms EOS Total Cash and cash equivalents $ - $ 3,903 $ 3,903 Accounts receivable 1,283 1,805 3,088 Inventories 3,946 1,878 5,824 Other current assets 9 1,340 1,349 Property, plant and equipment 4,035 721 4,756 Intangible assets - 2,000 2,000 Other assets - 60 60 Total identifiable assets 9,273 11,707 20,980 Accounts payable (62 ) (2,148 ) (2,210 ) Accrued expenses (209 ) (506 ) (715 ) Total liabilities assumed (271 ) (2,654 ) (2,925 ) Net identifiable assets acquired 9,002 9,053 18,055 Goodwill - 2,659 2,659 Net assets acquired $ 9,002 $ 11,712 $ 20,714 Cash paid $ 9,002 $ 11,712 $ 20,714 Fair value of consideration transferred $ 9,002 $ 11,712 $ 20,714 |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Revenue, net $ 146,966 $ 129,782 $ 399,372 $ 362,918 Net earnings 5,734 7,814 17,043 9,538 Earnings per Class A common share - basic and diluted 0.44 0.60 1.31 0.72 Earnings per Class B common share - basic and diluted 0.47 0.64 1.39 0.78 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2021 Nine Months Ended September 30, 2021 Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 30,144 $ 42,064 $ 11,338 $ 83,546 $ 92,868 $ 109,708 $ 28,009 $ 230,585 Europe 7,916 9,679 2,635 20,230 22,220 29,306 6,126 57,652 Asia 2,284 8,538 32,368 43,190 6,358 20,298 81,458 108,114 $ 40,344 $ 60,281 $ 46,341 $ 146,966 $ 121,446 $ 159,312 $ 115,593 $ 396,351 By Sales Channel: Direct to customer $ 23,476 $ 36,154 $ 38,022 $ 97,652 $ 72,898 $ 96,759 $ 95,104 $ 264,761 Through distribution 16,868 24,127 8,319 49,314 48,548 62,553 20,489 131,590 $ 40,344 $ 60,281 $ 46,341 $ 146,966 $ 121,446 $ 159,312 $ 115,593 $ 396,351 Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated Cinch Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 28,933 $ 31,770 $ 8,111 $ 68,814 $ 86,244 $ 83,522 $ 22,315 $ 192,081 Europe 7,458 8,714 1,972 18,144 23,576 26,993 4,890 55,459 Asia 2,144 7,309 28,081 37,534 6,723 18,567 76,812 102,102 $ 38,535 $ 47,793 $ 38,164 $ 124,492 $ 116,543 $ 129,082 $ 104,017 $ 349,642 By Sales Channel: Direct to customer $ 24,806 $ 29,648 $ 29,927 $ 84,381 $ 73,459 $ 78,119 $ 85,290 $ 236,868 Through distribution 13,729 18,145 8,237 40,111 43,084 50,963 18,727 112,774 $ 38,535 $ 47,793 $ 38,164 $ 124,492 $ 116,543 $ 129,082 $ 104,017 $ 349,642 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, December 31, 2021 2020 Contract assets - current (unbilled receivables) $ 28,093 $ 14,135 Contract liabilities - current (deferred revenue) $ 1,131 $ 2,077 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Numerator: Net earnings $ 5,734 $ 7,475 $ 16,813 $ 9,244 Less dividends declared: Class A 129 129 386 388 Class B 719 717 2,149 2,133 Undistributed earnings $ 4,886 $ 6,629 $ 14,278 $ 6,723 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 811 $ 1,104 $ 2,375 $ 1,124 Class B undistributed earnings 4,075 5,525 11,903 5,599 Total undistributed earnings $ 4,886 $ 6,629 $ 14,278 $ 6,723 Net earnings allocation - basic and diluted: Class A net earnings $ 940 $ 1,233 $ 2,761 $ 1,512 Class B net earnings 4,794 6,242 14,052 7,732 Net earnings $ 5,734 $ 7,475 $ 16,813 $ 9,244 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,145 2,145 2,145 Class B - basic and diluted 10,269 10,223 10,237 10,176 Net earnings per share: Class A - basic and diluted $ 0.44 $ 0.57 $ 1.29 $ 0.70 Class B - basic and diluted $ 0.47 $ 0.61 $ 1.37 $ 0.76 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 Raw materials $ 61,481 $ 40,846 Work in progress 31,010 25,916 Finished goods 35,688 33,371 Inventories $ 128,179 $ 100,133 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, December 31, 2021 2020 Land $ 1,108 $ 1,115 Buildings and improvements 20,919 19,917 Machinery and equipment 125,895 124,114 Construction in progress 2,261 1,603 150,183 146,749 Accumulated depreciation (114,630 ) (112,248 ) Property, plant and equipment, net $ 35,553 $ 34,501 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2021 2020 Sales commissions $ 2,526 $ 2,574 Subcontracting labor 1,622 758 Salaries, bonuses and related benefits 20,355 17,165 Warranty accrual 1,129 1,010 Other 12,617 6,969 $ 38,249 $ 28,476 |
Restructuring and Related Costs [Table Text Block] | Nine Months Ended September 30, 2021 Liability at Cash Payments Liability at December 31, New and Other September 30, 2020 Charges Settlements 2021 Severance costs $ 124 $ 675 $ (550 ) $ 249 Other restructuring costs - - - - Total $ 124 $ 675 $ (550 ) $ 249 |
Note 11 - Retirement Fund and_2
Note 11 - Retirement Fund and Profit Sharing Plan (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Service cost $ 169 $ 150 $ 508 $ 450 Interest cost 135 159 405 477 Net amortization 127 86 382 258 Net periodic benefit cost $ 431 $ 395 $ 1,295 $ 1,185 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2021 2020 Prior service cost $ 492 $ 586 Net loss 1,487 1,773 $ 1,979 $ 2,359 |
Note 12 - Accumulated Other C_2
Note 12 - Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | September 30, December 31, 2021 2020 Foreign currency translation adjustment, net of taxes of ($ 414 750 $ (15,113 ) $ (13,142 ) Unrealized holding gains on available-for-sale securities, net of taxes of ($ 7 0 64 19 Unfunded SERP liability, net of taxes of ($1 ,294 1,377 (4,641 ) (4,940 ) Accumulated other comprehensive loss $ (19,690 ) $ (18,063 ) |
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, 2020 $ (13,142 ) $ 19 $ (4,940 ) $ (18,063 ) Other comprehensive (loss) income before reclassifications (1,971 ) 45 43 (1,883 ) Amount reclassified from accumulated other comprehensive loss - - 256 (a) 256 Net current period other comprehensive (loss) income (1,971 ) 45 299 (1,627 ) Balance at September 30, 2021 $ (15,113 ) $ 64 $ (4,641 ) $ (19,690 ) |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2021 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 40,344 $ 60,281 $ 46,341 $ - $ 146,966 Gross Profit 10,003 15,762 10,722 (513 ) 35,974 Gross Profit % 24.8 % 26.1 % 23.1 % nm 24.5 % Three Months Ended September 30, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 38,535 $ 47,793 $ 38,164 $ - $ 124,492 Gross Profit 11,219 11,552 10,793 (255 ) 33,309 Gross Profit % 29.1 % 24.2 % 28.3 % nm 26.8 % Nine Months Ended September 30, 2021 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 121,446 $ 159,312 $ 115,593 $ - $ 396,351 Gross Profit 32,826 40,917 24,026 (2,652 ) 95,117 Gross Profit % 27.0 % 25.7 % 20.8 % nm 24.0 % Nine Months Ended September 30, 2020 Cinch Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 116,543 $ 129,082 $ 104,017 $ - $ 349,642 Gross Profit 33,950 31,085 26,198 (877 ) 90,356 Gross Profit % 29.1 % 24.1 % 25.2 % nm 25.8 % |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Cost of Goods and Services Sold, Total | $ 110,992 | $ 91,183 | $ 301,234 | $ 259,286 |
Nonoperating Income (Expense), Total | (201) | (483) | 458 | (1,390) |
Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ 431 | 395 | $ 1,295 | 1,185 |
Revision of Prior Period, Adjustment [Member] | Cost of Sales Reclassified to Other (Expense) Income, Net [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | 200 | |||
Cost of Goods and Services Sold, Total | 200 | |||
Nonoperating Income (Expense), Total | 100 | |||
Revision of Prior Period, Adjustment [Member] | Selling, General and Administrative Expenses Reclassified to Other (Expense) Income, Net [Member] | ||||
Cost of Goods and Services Sold, Total | 500 | |||
Nonoperating Income (Expense), Total | $ 100 | |||
Revision of Prior Period, Adjustment [Member] | Supplemental Employee Retirement Plan [Member] | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total | $ (700) |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 08, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 16,811 | $ 0 | ||||
Goodwill, Ending Balance | $ 25,846 | 25,846 | $ 23,966 | |||
EOS Power Panama Inc. [Member] | ||||||
Revenues, Total | $ 12,000 | |||||
Business Combination, Acquisition Related Costs | 0 | 500 | ||||
rms Connectors, Inc. [Member] | ||||||
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 9,000 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ (7,800) | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 0 | |||||
Goodwill, Ending Balance | $ 0 | |||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,300 | 12,400 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | 200 | 1,600 | ||||
EOS Power Panama Inc. [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 2,000 | 2,000 | 2,000 | |||
Goodwill, Ending Balance | $ 2,659 | |||||
EOS Power Panama Inc. [Member] | Customer Relationships [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 1,800 | 1,800 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 16 years | |||||
EOS Power Panama Inc. [Member] | Trade Names [Member] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 200 | $ 200 | ||||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year) | 2 years |
Note 2 - Acquisitions - Identif
Note 2 - Acquisitions - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 08, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 25,846 | $ 23,966 | ||
rms Connectors, Inc. [Member] | ||||
Cash and cash equivalents | $ 0 | |||
Accounts receivable | 1,283 | |||
Inventories | 3,946 | |||
Other current assets | 9 | |||
Property, plant and equipment | 4,035 | |||
Intangible assets | 0 | |||
Other assets | 0 | |||
Total identifiable assets | 9,273 | |||
Accounts payable | (62) | |||
Accrued expenses | (209) | |||
Total liabilities assumed | (271) | |||
Net identifiable assets acquired | 9,002 | |||
Goodwill, Ending Balance | 0 | |||
Net assets acquired | 9,002 | |||
Cash paid | 9,002 | |||
Fair value of consideration transferred | $ 9,002 | |||
EOS Power Panama Inc. [Member] | ||||
Cash and cash equivalents | $ 3,903 | |||
Accounts receivable | 1,805 | |||
Inventories | 1,878 | |||
Other current assets | 1,340 | |||
Property, plant and equipment | 721 | |||
Intangible assets | 2,000 | 2,000 | ||
Other assets | 60 | |||
Total identifiable assets | 11,707 | |||
Accounts payable | (2,148) | |||
Accrued expenses | (506) | |||
Total liabilities assumed | (2,654) | |||
Net identifiable assets acquired | 9,053 | |||
Goodwill, Ending Balance | 2,659 | |||
Net assets acquired | 11,712 | |||
Cash paid | 11,712 | |||
Fair value of consideration transferred | $ 11,712 | |||
The 2021 Acquisitions [Member] | ||||
Cash and cash equivalents | 3,903 | |||
Accounts receivable | 3,088 | |||
Inventories | 5,824 | |||
Other current assets | 1,349 | |||
Property, plant and equipment | 4,756 | |||
Intangible assets | 2,000 | |||
Other assets | 60 | |||
Total identifiable assets | 20,980 | |||
Accounts payable | (2,210) | |||
Accrued expenses | (715) | |||
Total liabilities assumed | (2,925) | |||
Net identifiable assets acquired | 18,055 | |||
Goodwill, Ending Balance | 2,659 | |||
Net assets acquired | 20,714 | |||
Cash paid | 20,714 | |||
Fair value of consideration transferred | $ 20,714 |
Note 2 - Acquisitions - Proform
Note 2 - Acquisitions - Proforma Results (Details) - The 2021 Acquisitions [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue, net | $ 146,966 | $ 129,782 | $ 399,372 | $ 362,918 |
Net earnings | $ 5,734 | $ 7,814 | $ 17,043 | $ 9,538 |
Common Class A [Member] | ||||
Earnings per common share - basic and diluted (in dollars per share) | $ 0.44 | $ 0.60 | $ 1.31 | $ 0.72 |
Common Class B [Member] | ||||
Earnings per common share - basic and diluted (in dollars per share) | $ 0.47 | $ 0.64 | $ 1.39 | $ 0.78 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) $ in Millions | Sep. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 28.5 |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) | Sep. 30, 2021 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 59.00% |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Percentage | 32.00% |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 146,966 | $ 124,492 | $ 396,351 | $ 349,642 |
Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 97,652 | 84,381 | 264,761 | 236,868 |
Sales Channel, Through Intermediary [Member] | ||||
Revenue | 49,314 | 40,111 | 131,590 | 112,774 |
Connectivity Solutions [Member] | ||||
Revenue | 40,344 | 38,535 | 121,446 | 116,543 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 23,476 | 24,806 | 72,898 | 73,459 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Revenue | 16,868 | 13,729 | 48,548 | 43,084 |
Power Solutions and Protection [Member] | ||||
Revenue | 60,281 | 47,793 | 159,312 | 129,082 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 36,154 | 29,648 | 96,759 | 78,119 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||||
Revenue | 24,127 | 18,145 | 62,553 | 50,963 |
Magnetic Solutions [Member] | ||||
Revenue | 46,341 | 38,164 | 115,593 | 104,017 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Revenue | 38,022 | 29,927 | 95,104 | 85,290 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Revenue | 8,319 | 8,237 | 20,489 | 18,727 |
North America [Member] | ||||
Revenue | 83,546 | 68,814 | 230,585 | 192,081 |
North America [Member] | Connectivity Solutions [Member] | ||||
Revenue | 30,144 | 28,933 | 92,868 | 86,244 |
North America [Member] | Power Solutions and Protection [Member] | ||||
Revenue | 42,064 | 31,770 | 109,708 | 83,522 |
North America [Member] | Magnetic Solutions [Member] | ||||
Revenue | 11,338 | 8,111 | 28,009 | 22,315 |
Europe [Member] | ||||
Revenue | 20,230 | 18,144 | 57,652 | 55,459 |
Europe [Member] | Connectivity Solutions [Member] | ||||
Revenue | 7,916 | 7,458 | 22,220 | 23,576 |
Europe [Member] | Power Solutions and Protection [Member] | ||||
Revenue | 9,679 | 8,714 | 29,306 | 26,993 |
Europe [Member] | Magnetic Solutions [Member] | ||||
Revenue | 2,635 | 1,972 | 6,126 | 4,890 |
Asia [Member] | ||||
Revenue | 43,190 | 37,534 | 108,114 | 102,102 |
Asia [Member] | Connectivity Solutions [Member] | ||||
Revenue | 2,284 | 2,144 | 6,358 | 6,723 |
Asia [Member] | Power Solutions and Protection [Member] | ||||
Revenue | 8,538 | 7,309 | 20,298 | 18,567 |
Asia [Member] | Magnetic Solutions [Member] | ||||
Revenue | $ 32,368 | $ 28,081 | $ 81,458 | $ 76,812 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Contract assets - current (unbilled receivables) | $ 28,093 | $ 14,135 |
Contract liabilities - current (deferred revenue) | $ 1,131 | $ 2,077 |
Note 4 - Earnings Per Share - B
Note 4 - Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net earnings | $ 5,734 | $ 7,880 | $ 3,199 | $ 7,475 | $ 5,573 | $ (3,804) | $ 16,813 | $ 9,244 |
Undistributed earnings | 4,886 | 6,629 | 14,278 | 6,723 | ||||
Common Class A [Member] | ||||||||
Net earnings | 940 | 1,233 | 2,761 | 1,512 | ||||
Less dividends declared | 129 | 129 | 128 | 129 | 129 | 130 | 386 | 388 |
Undistributed earnings | $ 811 | $ 1,104 | $ 2,375 | $ 1,124 | ||||
Weighted-average shares outstanding, basic and diluted (in shares) | 2,145 | 2,145 | 2,145 | 2,145 | ||||
Common shares - basic and diluted (in dollars per share) | $ 0.44 | $ 0.57 | $ 1.29 | $ 0.70 | ||||
Common Class B [Member] | ||||||||
Net earnings | $ 4,794 | $ 6,242 | $ 14,052 | $ 7,732 | ||||
Less dividends declared | 719 | $ 714 | $ 716 | 717 | $ 707 | $ 709 | 2,149 | 2,133 |
Undistributed earnings | $ 4,075 | $ 5,525 | $ 11,903 | $ 5,599 | ||||
Weighted-average shares outstanding, basic and diluted (in shares) | 10,269 | 10,223 | 10,237 | 10,176 | ||||
Common shares - basic and diluted (in dollars per share) | $ 0.47 | $ 0.61 | $ 1.37 | $ 0.76 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Fair Value | $ 112,500 | $ 118,400 | |
Long-term Debt, Gross | 112,000 | 115,600 | |
Fair Value, Nonrecurring [Member] | |||
Assets, Fair Value Disclosure | 0 | 0 | |
Foreign Exchange Forward [Member] | Maximum [Member] | |||
Derivative Asset, Total | $ 100 | ||
Investments Held in Rabbi Trust [Member] | |||
Debt Securities, Available-for-sale, Total | $ 400 | $ 700 |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Raw materials | $ 61,481 | $ 40,846 |
Work in progress | 31,010 | 25,916 |
Finished goods | 35,688 | 33,371 |
Inventories | $ 128,179 | $ 100,133 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Depreciation, Total | $ 2,300 | $ 2,300 | $ 7,200 | $ 7,000 | |
Assets Held-for-sale, Not Part of Disposal Group, Current, Total | $ 1,626 | $ 1,626 | $ 0 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 150,183 | $ 146,749 |
Accumulated depreciation | (114,630) | (112,248) |
Property, plant and equipment, net | 35,553 | 34,501 |
Land [Member] | ||
Property, plant and equipment, gross | 1,108 | 1,115 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 20,919 | 19,917 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 125,895 | 124,114 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 2,261 | $ 1,603 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Sales commissions | $ 2,526 | $ 2,574 |
Subcontracting labor | 1,622 | 758 |
Salaries, bonuses and related benefits | 20,355 | 17,165 |
Warranty accrual | 1,129 | 1,010 |
Other | 12,617 | 6,969 |
Accrued Liabilities, Current, Total | $ 38,249 | $ 28,476 |
Note 8 - Accrued Expenses - Act
Note 8 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Liability, beginning balance | $ 124 |
New charges | 675 |
Cash payment and other settlements | (550) |
Liability, ending balance | 249 |
Employee Severance [Member] | |
Liability, beginning balance | 124 |
New charges | 675 |
Cash payment and other settlements | (550) |
Liability, ending balance | 249 |
Other Restructuring [Member] | |
Liability, beginning balance | 0 |
New charges | 0 |
Cash payment and other settlements | 0 |
Liability, ending balance | $ 0 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - Credit and Security Agreement with KeyBank [Member] - USD ($) $ in Millions | Sep. 02, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Long-term Debt, Total | $ 115 | $ 115 | ||||
Debt Issuance Costs, Net, Total | $ 0.7 | $ 0.7 | $ 1.3 | |||
Line of Credit Facility, Percentage of Capital Stock of Foreign Subsidiaries Collateralized Security | 65.00% | |||||
LIBOR Additional Rate | 1.00% | |||||
Debt, Weighted Average Interest Rate | 1.58% | 1.58% | 2.19% | |||
Interest Expense, Debt, Total | $ 1.5 | $ 1.2 | $ 3 | $ 3.8 | ||
Write off of Deferred Debt Issuance Cost | 0.8 | |||||
Fed Funds Effective Rate Overnight Index Swap Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Minimum [Member] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |||||
Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||
Minimum [Member] | LIBOR With Maturity of One Month [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.125% | |||||
Maximum [Member] | ||||||
Line of Credit Facility, Commitment Fee Percentage | 0.30% | |||||
Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.125% | |||||
Maximum [Member] | LIBOR With Maturity of One Month [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.125% | |||||
Revolving Credit Facility [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | $ 75 | ||||
Long-term Line of Credit, Total | 12 | 12 | 12 | |||
Debt Instrument, Term (Year) | 5 years | |||||
Line of Credit Facility, Maximum Letters of Credit Capacity | $ 10 | |||||
Line of Credit Facility, Maximum Swing Line Loan Capacity | 5 | |||||
Debt Instrument, Additional Borrowing Capacity | 100 | |||||
Debt Instrument, Maximum Principal Borrowing Capacity in Foreign Currencies | $ 15 | |||||
Term Loan [Member] | ||||||
Long-term Debt, Total | $ 101.9 | $ 101.9 | 104.8 | |||
Debt Instrument, Face Amount | $ 125 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Unrecognized Tax Benefits, Ending Balance | $ 27.6 | $ 28.5 | |
Liability for Uncertainty in Income Taxes, Current | 2.4 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0.5 | $ 0.4 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 4.7 | $ 5.2 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Open Tax Year | 2017 2018 2019 2020 | ||
State and Local Jurisdiction [Member] | |||
Open Tax Year | 2014 2015 2016 2017 2018 2019 2020 | ||
Foreign Tax Authority [Member] | Asia [Member] | |||
Open Tax Year | 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 | ||
Foreign Tax Authority [Member] | Europe [Member] | |||
Open Tax Year | 2012 2013 2014 2015 2016 2017 2018 2019 2020 |
Note 11 - Retirement Fund and_3
Note 11 - Retirement Fund and Profit Sharing Plan (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | ||||
Defined Contribution Plan, Cost | $ 0.3 | $ 0.3 | $ 0.9 | $ 0.8 |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | ||||
Shares Held in Plan (in shares) | 292,569 | 292,569 | ||
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member] | ||||
Shares Held in Plan (in shares) | 103,511 | 103,511 | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | ||||
Defined Contribution Plan, Cost | $ 0.6 | $ 0.1 | $ 1.9 | $ 0.2 |
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class A [Member] | ||||
Shares Held in Plan (in shares) | 3,323 | 3,323 | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class B [Member] | ||||
Shares Held in Plan (in shares) | 17,342 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Service cost | $ 169 | $ 150 | $ 508 | $ 450 |
Interest cost | 135 | 159 | 405 | 477 |
Net amortization | 127 | 86 | 382 | 258 |
Net periodic benefit cost | $ 431 | $ 395 | $ 1,295 | $ 1,185 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Prior service cost | $ 492 | $ 586 |
Net loss | 1,487 | 1,773 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total | $ 1,979 | $ 2,359 |
Note 12 - Accumulated Other C_3
Note 12 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Foreign currency translation adjustment, net of taxes of ($414) at September 30, 2021 and ($750) at December 31, 2020 | $ (15,113) | $ (13,142) |
Unrealized holding gains on available-for-sale securities, net of taxes of ($7) at September 30, 2021 and $0 at December 31, 2020 | 64 | 19 |
Unfunded SERP liability, net of taxes of ($1,294) at September 30, 2021 and ($1,377) at December 31, 2020 | (4,641) | (4,940) |
Accumulated other comprehensive loss | $ (19,690) | $ (18,063) |
Note 12 - Accumulated Other C_4
Note 12 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Foreign currency translation adjustment, tax | $ (414) | $ (750) |
Unrealized holding gains on available-for-sale securities, tax | (7) | 0 |
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax | $ (1,294) | $ (1,377) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Balance | $ 196,598 | $ 167,928 | $ 185,799 | $ 168,051 |
Other comprehensive (loss) income | (1,836) | 3,654 | (1,627) | 2,217 |
Balance | 200,202 | 178,771 | 200,202 | 178,771 |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | ||||
Balance | (13,142) | |||
Other comprehensive (loss) income before reclassifications | (1,971) | |||
Amount reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive (loss) income | (1,971) | |||
Balance | (15,113) | (15,113) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||||
Balance | 19 | |||
Other comprehensive (loss) income before reclassifications | 45 | |||
Amount reclassified from accumulated other comprehensive loss | 0 | |||
Other comprehensive (loss) income | 45 | |||
Balance | 64 | 64 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||||
Balance | (4,940) | |||
Other comprehensive (loss) income before reclassifications | 43 | |||
Amount reclassified from accumulated other comprehensive loss | 256 | |||
Other comprehensive (loss) income | 299 | |||
Balance | (4,641) | (4,641) | ||
AOCI Attributable to Parent [Member] | ||||
Balance | (17,854) | (25,502) | (18,063) | (24,065) |
Other comprehensive (loss) income before reclassifications | (1,883) | |||
Amount reclassified from accumulated other comprehensive loss | 256 | |||
Other comprehensive (loss) income | (1,627) | |||
Balance | $ (19,690) | $ (21,848) | $ (19,690) | $ (21,848) |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) $ in Millions | Sep. 30, 2021USD ($) |
Arezzo Revenue Agency [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 12 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 146,966 | $ 124,492 | $ 396,351 | $ 349,642 |
Gross Profit | $ 35,974 | $ 33,309 | $ 95,117 | $ 90,356 |
Gross Profit % | 24.50% | 26.80% | 24.00% | 25.80% |
Connectivity Solutions [Member] | ||||
Revenue | $ 40,344 | $ 38,535 | $ 121,446 | $ 116,543 |
Gross Profit | $ 10,003 | $ 11,219 | $ 32,826 | $ 33,950 |
Gross Profit % | 24.80% | 29.10% | 27.00% | 29.10% |
Power Solutions and Protection Segment [Member] | ||||
Revenue | $ 60,281 | $ 47,793 | $ 159,312 | $ 129,082 |
Gross Profit | $ 15,762 | $ 11,552 | $ 40,917 | $ 31,085 |
Gross Profit % | 26.10% | 24.20% | 25.70% | 24.10% |
Magnetic Solutions Segment [Member] | ||||
Revenue | $ 46,341 | $ 38,164 | $ 115,593 | $ 104,017 |
Gross Profit | $ 10,722 | $ 10,793 | $ 24,026 | $ 26,198 |
Gross Profit % | 23.10% | 28.30% | 20.80% | 25.20% |
Corporate Segment [Member] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gross Profit | $ (513) | $ (255) | $ (2,652) | $ (877) |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - Oct. 26, 2021 $ in Millions | USD ($) | CNY (¥) |
Foreign Exchange Contract [Member] | Subsequent Event [Member] | ||
Derivative, Amount of Hedged Item | $ 18.6 | ¥ 119,812,500 |