Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 01, 2022 | |
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 | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
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 | 10,371,602 | |
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 | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Cash and cash equivalents | $ 51,235 | $ 61,756 |
Accounts receivable, net of allowance for doubtful accounts of $1,347 and $1,536, respectively | 93,683 | 87,135 |
Inventories | 155,341 | 139,383 |
Unbilled receivables | 20,556 | 28,275 |
Assets held for sale | 1,626 | 1,626 |
Other current assets | 11,649 | 10,841 |
Total current assets | 334,090 | 329,016 |
Property, plant and equipment, net | 37,569 | 38,210 |
Right-of-use assets | 25,126 | 21,252 |
Intangible assets, net | 58,878 | 60,995 |
Goodwill | 26,272 | 26,651 |
Deferred income taxes | 5,294 | 4,461 |
Other assets | 33,052 | 31,261 |
Total assets | 520,281 | 511,846 |
Current Liabilities: | ||
Accounts payable | 64,615 | 65,960 |
Accrued expenses | 30,116 | 34,453 |
Operating lease liabilities, current | 7,063 | 6,880 |
Other current liabilities | 7,646 | 4,719 |
Total current liabilities | 109,440 | 112,012 |
Long-term Liabilities: | ||
Long-term debt | 112,500 | 112,500 |
Operating lease liabilities, long-term | 18,290 | 14,668 |
Liability for uncertain tax positions | 28,740 | 28,434 |
Minimum pension obligation and unfunded pension liability | 24,051 | 23,909 |
Deferred income taxes | 1,583 | 1,487 |
Other liabilities | 10,321 | 10,093 |
Total liabilities | 304,925 | 303,103 |
Commitments and contingencies (see Note 14) | ||
Stockholders' Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Additional paid-in capital | 38,996 | 38,419 |
Retained earnings | 192,143 | 187,935 |
Accumulated other comprehensive loss | (17,034) | (18,863) |
Total stockholders' equity | 215,356 | 208,743 |
Total liabilities and stockholders' equity | 520,281 | 511,846 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 214 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | $ 1,037 | $ 1,038 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance for doubtful accounts | $ 1,347 | $ 1,536 |
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) | 10,372,602 | 10,377,102 |
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, 2022 | Mar. 31, 2021 | |
Revenue | $ 136,718 | $ 110,643 |
Cost of sales | 102,594 | 86,384 |
Gross profit | 34,124 | 24,259 |
Research and development costs | 5,009 | 4,986 |
Selling, general and administrative expenses | 21,026 | 20,995 |
Gain on sale of property | 0 | (6,175) |
Income from operations | 8,089 | 4,453 |
Interest expense | (688) | (801) |
Other (expense) income, net | (773) | 546 |
Earnings before provision for income taxes | 6,628 | 4,198 |
Provision for income taxes | 1,564 | 999 |
Net earnings available to common stockholders | 5,064 | 3,199 |
Common Class A [Member] | ||
Net earnings available to common stockholders | $ 821 | $ 522 |
Net earnings per common share: | ||
Common shares - basic and diluted (in dollars per share) | $ 0.38 | $ 0.24 |
Weighted-average number of shares outstanding: | ||
Common shares - basic and diluted (in shares) | 2,145 | 2,145 |
Common Class B [Member] | ||
Net earnings available to common stockholders | $ 4,243 | $ 2,677 |
Net earnings per common share: | ||
Common shares - basic and diluted (in dollars per share) | $ 0.41 | $ 0.26 |
Weighted-average number of shares outstanding: | ||
Common shares - basic and diluted (in shares) | 10,374 | 10,203 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net earnings available to common stockholders | $ 5,064 | $ 3,199 |
Other comprehensive income (loss): | ||
Currency translation adjustment, net of taxes of ($12) and $9, respectively | (1,216) | (2,529) |
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | 2,984 | (1) |
Change in unfunded SERP liability, net of taxes of ($17) and ($28), respectively | 61 | 99 |
Other comprehensive income (loss) | 1,829 | (2,431) |
Comprehensive income | $ 6,893 | $ 768 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Foreign currency translation adjustment, tax expense | $ (12) | $ 9 |
Unrealized loss on marketable securities arising during the period, tax | 0 | 0 |
Change in unfunded SERP liability, tax | $ (17) | $ (28) |
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, 2020 | $ 166,491 | $ (18,063) | $ 214 | $ 1,021 | $ 36,136 | $ 185,799 | ||||||||||||
Net earnings | $ 522 | $ 2,677 | 3,199 | 0 | 0 | 0 | 0 | 3,199 | ||||||||||
Cash dividends declared on common stock | (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) | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 600 | 600 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 99 | 0 | 0 | 0 | 99 | ||||||||||||
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | 0 | (1) | 0 | 0 | 0 | (1) | ||||||||||||
Balance at Mar. 31, 2021 | 168,846 | (20,494) | 214 | 1,020 | 36,737 | 186,323 | ||||||||||||
Balance at Dec. 31, 2021 | 187,935 | (18,863) | 214 | 1,038 | 38,419 | 208,743 | ||||||||||||
Net earnings | 821 | 4,243 | 5,064 | 0 | 0 | 0 | 0 | 5,064 | ||||||||||
Cash dividends declared on common stock | $ (129) | $ 0 | $ 0 | $ 0 | $ 0 | $ (129) | $ (727) | $ 0 | $ 0 | $ 0 | $ 0 | $ (727) | ||||||
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 | (1,216) | 0 | 0 | 0 | (1,216) | ||||||||||||
Unrealized gains on interest rate swap cash flow hedge | 0 | 2,984 | 0 | 0 | 0 | 2,984 | ||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 576 | 576 | ||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 61 | 0 | 0 | 0 | 61 | ||||||||||||
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | 2,984 | |||||||||||||||||
Balance at Mar. 31, 2022 | $ 192,143 | $ (17,034) | $ 214 | $ 1,037 | $ 38,996 | $ 215,356 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ (12) | $ 9 |
Change in unfunded SERP liability, tax | $ 17 | $ 28 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net earnings | $ 5,064 | $ 3,199 |
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 4,301 | 4,145 |
Stock-based compensation | 576 | 600 |
Amortization of deferred financing costs | 34 | 165 |
Deferred income taxes | (451) | 48 |
Net unrealized gains on foreign currency revaluation | (289) | (361) |
Gains on sale of property | 0 | (6,175) |
Other, net | 131 | (941) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (6,694) | 174 |
Unbilled receivables | 7,719 | 1,267 |
Inventories | (16,344) | (1,293) |
Accounts payable | (1,194) | 804 |
Accrued expenses | (3,564) | (263) |
Other operating assets/liabilities, net | 2,963 | 397 |
Net cash (used in) provided by operating activities | (7,748) | 1,766 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (2,040) | (1,203) |
Payments for acquisitions, net of cash acquired | 0 | (14,759) |
Proceeds from sale of property, plant and equipment | 87 | 6,724 |
Net cash used in investing activities | (1,953) | (9,238) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (823) | (815) |
Repayments of long-term debt | 0 | (1,487) |
Net cash used in financing activities | (823) | (2,302) |
Effect of exchange rate changes on cash and cash equivalents | 3 | (1,125) |
Net decrease in cash and cash equivalents | (10,521) | (10,899) |
Cash and cash equivalents - beginning of period | 61,756 | 84,939 |
Cash and cash equivalents - end of period | 51,235 | 74,040 |
Supplementary information: | ||
Income taxes, net of refunds received | 1,152 | 578 |
Interest payments | 461 | 627 |
Goodwill | 26,272 | |
Less: Deferred consideration | 0 | (1,278) |
Cash paid for acquisitions, net of cash acquired | 0 | 14,759 |
RMS and EOS Acquisitions [Member] | ||
Supplementary information: | ||
Fair value of identifiable net assets acquired | 0 | 18,215 |
Goodwill | 0 | 2,499 |
Fair value of net assets acquired | 0 | 20,714 |
Fair value of consideration transferred | 0 | 20,714 |
Less: Cash acquired in acquisitions | $ 0 | $ (4,677) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
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 three March 31, 2022 not 10 December 31, 2021 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, 2021 no three March 31, 2022 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, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , December 15, 2022, 2016 13, not In March 2020, 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 | 3 Months Ended |
Mar. 31, 2022 | |
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 three March 31, 2021 2021 March 31, 2021. three March 31, 2021, 2021 No first 2022. The results of operations of the 2021 three March 31, 2021, $0.4 March 31, 2021, not first 2021. 2021 2021 January 1, 2021. not not 2021 January 1, 2021, may The following unaudited pro forma consolidated results of operations assume that the acquisition of the 2021 January 1, 2021: Three Months Ended March 31, 2021 Revenue, net $ 113,665 Net earnings 3,429 Earnings per Class A common share - basic and diluted 0.26 Earnings per Class B common share - basic and diluted 0.28 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 32,532 $ 42,349 $ 10,878 $ 85,759 Europe 9,214 9,385 2,471 21,070 Asia 1,967 7,056 20,866 29,889 $ 43,713 $ 58,790 $ 34,215 $ 136,718 By Sales Channel: Direct to customer $ 26,053 $ 35,844 $ 25,738 $ 87,635 Through distribution 17,660 22,946 8,477 49,083 $ 43,713 $ 58,790 $ 34,215 $ 136,718 Three Months Ended March 31, 2021 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 29,542 $ 29,777 $ 7,077 $ 66,396 Europe 6,747 9,959 1,248 17,954 Asia 1,767 3,905 20,621 26,293 $ 38,056 $ 43,641 $ 28,946 $ 110,643 By Sales Channel: Direct to customer $ 23,637 $ 26,489 $ 24,335 $ 74,461 Through distribution 14,419 17,152 4,611 36,182 $ 38,056 $ 43,641 $ 28,946 $ 110,643 March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Contract assets - current (unbilled receivables) $ 20,556 $ 28,275 Contract liabilities - current (deferred revenue) $ 3,977 $ 2,224 The change in balance of our unbilled receivables from December 31, 2021 March 31, 2022 The aggregate amount of transaction price allocated to remaining performance obligations that have not March 31, 2022 one $61.5 2023 2025. 88% of 2023, 7% 2024 2024. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 2021 Three Months Ended March 31, 2022 2021 Numerator: Net earnings $ 5,064 $ 3,199 Less dividends declared: Class A 129 128 Class B 727 716 Undistributed earnings $ 4,208 $ 2,355 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 692 $ 394 Class B undistributed earnings 3,516 1,961 Total undistributed earnings $ 4,208 $ 2,355 Net earnings allocation - basic and diluted: Class A net earnings $ 821 $ 522 Class B net earnings 4,243 2,677 Net earnings $ 5,064 $ 3,199 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,145 Class B - basic and diluted 10,374 10,203 Net earnings per share: Class A - basic and diluted $ 0.38 $ 0.24 Class B - basic and diluted $ 0.41 $ 0.26 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 December 31, 2021 1 March 31, 2022 December 31, 2021 Throughout 2022 2021 0.1 March 31, 2022 December 31, 2021 2 During the fourth 2021, two 9, $2.9 March 31, 2022 December 31, 2021 The Company does not 3, no 1, 2 3 three March 31, 2022 March 31, 2021 no three March 31, 2022 March 31, 2021 There were no financial assets accounted for at fair value on a nonrecurring basis as of March 31, 2022 December 31, 2021 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, 2022 December 31, 2021 not March 31, 2022 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. Based on the Company's assessment, it was concluded that no three March 31, 2022 March 31, 2021 |
Note 6 - Inventories
Note 6 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. INVENTORIES The components of inventories are as follows: March 31, December 31, 2022 2021 Raw materials $ 69,239 $ 67,127 Work in progress 44,117 31,103 Finished goods 41,985 41,153 Inventories $ 155,341 $ 139,383 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment, Net | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Land $ 1,105 $ 1,105 Buildings and improvements 21,469 20,915 Machinery and equipment 122,051 120,961 Construction in progress 4,462 5,081 149,087 148,062 Accumulated depreciation (111,518 ) (109,852 ) Property, plant and equipment, net $ 37,569 $ 38,210 Depreciation expense was $2.4 million for each of the three March 31, 2022 2021 At March 31, 2022 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
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, 2022 2021 Sales commissions $ 2,012 $ 2,049 Subcontracting labor 1,977 1,622 Salaries, bonuses and related benefits 17,065 21,342 Warranty accrual 1,038 1,056 Other 8,024 8,384 $ 30,116 $ 34,453 The change in warranty accrual during the three March 31, 2022 no three March 31, 2022 |
Note 9 - Derivative Instruments
Note 9 - Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not Foreign Currency Forward Contracts Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Chinese Renminbi and the Mexican Peso. These foreign currency forward contracts generally have maturities of no twelve twelve We held outstanding foreign currency forward contracts with notional amounts of $17.3 March 31, 2022 December 31, 2021, Interest Rate Swap Agreements To partially mitigate risks associated with the variable interest rates on the revolver borrowings under the credit agreement (further described in Note 10, December 2021, two one one $30.0 “2021 2021 December 31, 2021, January 31, 2022 2021 August 31, 2026. The 2021 Fair Values of Derivative Financial Instruments The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of March 31, 2022 December 31, 2021 Balance Sheet Classification March 31, 2022 December 31, 2021 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ 67 $ 57 Not designated as hedging instruments Other current assets 43 - Interest rate swap agreements: Designated as a cash flow hedge Other assets 2,868 Total derivative assets $ 2,978 $ 57 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ - $ - Not designated as hedging instruments Other current liabilities - 19 Interest rate swap agreements: Designated as a cash flow hedge Other long-term liabilities - 116 Total derivative liabilities $ - $ 135 Derivative Financial Instruments in Cash Flow Hedging Relationships The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statements of operations for the three March 31, 2022 March 31, 2021 Three Months Ended March 31, 2022 2021 Net gains recognized in AOCL: Foreign currency forward contracts $ 154 $ - Interest rate swap agreements 2,809 - $ 2,963 $ - Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ 67 $ - Interest rate swap agreements (176 ) - $ (109 ) $ - The gain related to the foreign currency forward contracts is included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income at March 31, 2022 December 31, 2021. March 31, 2022 December 31, 2021 no three March 31, 2021. Derivative Financial Instruments Not Gains recognized on derivative financial instruments not three March 31, 2022 March 31, 2021 Three Months Ended March 31, Classification in Consolidated Statements of Operations 2022 2021 Foreign currency forward contracts Other (expense) income, net $ (7 ) $ 10 $ (7 ) $ 10 |
Note 10 - Debt
Note 10 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. DEBT The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "credit agreement" or the "CSA"). The CSA provides a $175 million 5-year senior secured revolving credit facility ("Revolver"), with a sublimit of up to $10 million available for letters of credit and a sublimit of up to $5 million available for swing line loans. The Company had $112.5 million in outstanding borrowings under the Revolver at each of March 31, 2022 December 31, 2021 September 1, 2026. The weighted-average interest rate in effect for the variable-rate portion of our outstanding borrowings ($52.5 million at each date) was 1.96% at March 31, 2022 December 31, 2021 9, 2021 2021 one 2021 first 2022. 2021 three March 31, 2022 March 31, 2021 The CSA contains customary representations and warranties, covenants and events of default. In addition, the CSA 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 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, 2022 the Leverage Ratio. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES The Company's estimated taxable income in future periods is not not no 2018 2015. no 2011 2013 As a result of the expiration of the statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized benefits for tax positions taken regarding previously filed tax returns may March 31, 2022. March 31, 2022 December 31, 2021, 2022 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, 2022 2021, March 31, 2022 December 31, 2021, |
Note 12 - Retirement Fund and P
Note 12 - Retirement Fund and Profit Sharing Plan | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 12. 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, 2022 2021 $0.4 million and $0.3 March 31, 2022 321,707 and 99,858 The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exception, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense for the three March 31, 2022 2021 March 31, 2022 December 31, 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 March 31, 2022 2021 $0.8 $0.1 March 31, 2022 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 March 31, 2022 2021 Service cost $ 126 $ 169 Interest cost 159 135 Net amortization 78 127 Net periodic benefit cost $ 363 $ 431 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: March 31, December 31, 2022 2021 Prior service cost $ 428 $ 460 Net loss 1,345 1,391 $ 1,773 $ 1,851 |
Note 13 - Accumulated Other Com
Note 13 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 13. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss at March 31, 2022 December 31, 2021 March 31, December 31, 2022 2021 Foreign currency translation adjustment, net of taxes of ($404) ($417) $ (16,127 ) $ (14,911 ) Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) ($7) 2,897 (87 ) Unfunded SERP liability, net of taxes of ($485) ($502) (3,804 ) (3,865 ) Accumulated other comprehensive loss $ (17,034 ) $ (18,863 ) Changes in accumulated other comprehensive loss by component during the three March 31, 2022 Unrealized Foreign Currency Gains (Losses) on Translation Interest Rate Swap Unfunded Adjustment Cash Flow Hedge SERP Liability Total Balance at December 31, 2021 $ (14,911 ) $ (87 ) $ (3,865 ) $ (18,863 ) Other comprehensive (loss) income before reclassifications (1,216 ) 2,984 (6 ) 1,762 Amount reclassified from accumulated other comprehensive loss - - 67 (a) 67 Net current period other comprehensive (loss) income (1,216 ) 2,984 61 1,829 Balance at March 31, 2022 $ (16,127 ) $ 2,897 $ (3,804 ) $ (17,034 ) (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 statements of operations. |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. COMMITMENTS AND CONTINGENCIES Legal Proceedings On June 23, 2021, Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc. 6:21cv00655, September 2021. May 5, 2022, 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. March 31, 2022 December 31, 2021 The Company is not |
Note 15 - Segments
Note 15 - Segments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. 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 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 March 31, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 43,713 $ 58,790 $ 34,215 $ - $ 136,718 Gross Profit 11,596 15,938 6,890 (300 ) 34,124 Gross Profit % 26.5 % 27.1 % 20.1 % nm 25.0 % Three Months Ended March 31, 2021 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 38,056 $ 43,641 $ 28,946 $ - $ 110,643 Gross Profit 9,773 10,782 3,961 (257 ) 24,259 Gross Profit % 25.7 % 24.7 % 13.7 % nm 21.9 % |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
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, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , December 15, 2022, 2016 13, not In March 2020, 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) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Business Acquisition, Pro Forma Information [Table Text Block] | Three Months Ended March 31, 2021 Revenue, net $ 113,665 Net earnings 3,429 Earnings per Class A common share - basic and diluted 0.26 Earnings per Class B common share - basic and diluted 0.28 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 32,532 $ 42,349 $ 10,878 $ 85,759 Europe 9,214 9,385 2,471 21,070 Asia 1,967 7,056 20,866 29,889 $ 43,713 $ 58,790 $ 34,215 $ 136,718 By Sales Channel: Direct to customer $ 26,053 $ 35,844 $ 25,738 $ 87,635 Through distribution 17,660 22,946 8,477 49,083 $ 43,713 $ 58,790 $ 34,215 $ 136,718 Three Months Ended March 31, 2021 Connectivity Solutions Power Solutions and Protection Magnetic Solutions Consolidated By Geographic Region: North America $ 29,542 $ 29,777 $ 7,077 $ 66,396 Europe 6,747 9,959 1,248 17,954 Asia 1,767 3,905 20,621 26,293 $ 38,056 $ 43,641 $ 28,946 $ 110,643 By Sales Channel: Direct to customer $ 23,637 $ 26,489 $ 24,335 $ 74,461 Through distribution 14,419 17,152 4,611 36,182 $ 38,056 $ 43,641 $ 28,946 $ 110,643 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, December 31, 2022 2021 Contract assets - current (unbilled receivables) $ 20,556 $ 28,275 Contract liabilities - current (deferred revenue) $ 3,977 $ 2,224 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 2021 Numerator: Net earnings $ 5,064 $ 3,199 Less dividends declared: Class A 129 128 Class B 727 716 Undistributed earnings $ 4,208 $ 2,355 Undistributed earnings allocation - basic and diluted: Class A undistributed earnings $ 692 $ 394 Class B undistributed earnings 3,516 1,961 Total undistributed earnings $ 4,208 $ 2,355 Net earnings allocation - basic and diluted: Class A net earnings $ 821 $ 522 Class B net earnings 4,243 2,677 Net earnings $ 5,064 $ 3,199 Denominator: Weighted-average shares outstanding: Class A - basic and diluted 2,145 2,145 Class B - basic and diluted 10,374 10,203 Net earnings per share: Class A - basic and diluted $ 0.38 $ 0.24 Class B - basic and diluted $ 0.41 $ 0.26 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2022 2021 Raw materials $ 69,239 $ 67,127 Work in progress 44,117 31,103 Finished goods 41,985 41,153 Inventories $ 155,341 $ 139,383 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, December 31, 2022 2021 Land $ 1,105 $ 1,105 Buildings and improvements 21,469 20,915 Machinery and equipment 122,051 120,961 Construction in progress 4,462 5,081 149,087 148,062 Accumulated depreciation (111,518 ) (109,852 ) Property, plant and equipment, net $ 37,569 $ 38,210 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2022 2021 Sales commissions $ 2,012 $ 2,049 Subcontracting labor 1,977 1,622 Salaries, bonuses and related benefits 17,065 21,342 Warranty accrual 1,038 1,056 Other 8,024 8,384 $ 30,116 $ 34,453 |
Note 9 - Derivative Instrumen_2
Note 9 - Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Classification March 31, 2022 December 31, 2021 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ 67 $ 57 Not designated as hedging instruments Other current assets 43 - Interest rate swap agreements: Designated as a cash flow hedge Other assets 2,868 Total derivative assets $ 2,978 $ 57 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ - $ - Not designated as hedging instruments Other current liabilities - 19 Interest rate swap agreements: Designated as a cash flow hedge Other long-term liabilities - 116 Total derivative liabilities $ - $ 135 |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended March 31, 2022 2021 Net gains recognized in AOCL: Foreign currency forward contracts $ 154 $ - Interest rate swap agreements 2,809 - $ 2,963 $ - Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations: Foreign currency forward contracts $ 67 $ - Interest rate swap agreements (176 ) - $ (109 ) $ - |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended March 31, Classification in Consolidated Statements of Operations 2022 2021 Foreign currency forward contracts Other (expense) income, net $ (7 ) $ 10 $ (7 ) $ 10 |
Note 12 - Retirement Fund and_2
Note 12 - Retirement Fund and Profit Sharing Plan (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended March 31, 2022 2021 Service cost $ 126 $ 169 Interest cost 159 135 Net amortization 78 127 Net periodic benefit cost $ 363 $ 431 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2022 2021 Prior service cost $ 428 $ 460 Net loss 1,345 1,391 $ 1,773 $ 1,851 |
Note 13 - Accumulated Other C_2
Note 13 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | March 31, December 31, 2022 2021 Foreign currency translation adjustment, net of taxes of ($404) ($417) $ (16,127 ) $ (14,911 ) Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) ($7) 2,897 (87 ) Unfunded SERP liability, net of taxes of ($485) ($502) (3,804 ) (3,865 ) Accumulated other comprehensive loss $ (17,034 ) $ (18,863 ) |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block] | Unrealized Foreign Currency Gains (Losses) on Translation Interest Rate Swap Unfunded Adjustment Cash Flow Hedge SERP Liability Total Balance at December 31, 2021 $ (14,911 ) $ (87 ) $ (3,865 ) $ (18,863 ) Other comprehensive (loss) income before reclassifications (1,216 ) 2,984 (6 ) 1,762 Amount reclassified from accumulated other comprehensive loss - - 67 (a) 67 Net current period other comprehensive (loss) income (1,216 ) 2,984 61 1,829 Balance at March 31, 2022 $ (16,127 ) $ 2,897 $ (3,804 ) $ (17,034 ) |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 43,713 $ 58,790 $ 34,215 $ - $ 136,718 Gross Profit 11,596 15,938 6,890 (300 ) 34,124 Gross Profit % 26.5 % 27.1 % 20.1 % nm 25.0 % Three Months Ended March 31, 2021 Connectivity Power Solutions Magnetic Corporate Solutions and Protection Solutions Segment Total Revenue $ 38,056 $ 43,641 $ 28,946 $ - $ 110,643 Gross Profit 9,773 10,782 3,961 (257 ) 24,259 Gross Profit % 25.7 % 24.7 % 13.7 % nm 21.9 % |
Note 2 - Acquisitions (Details
Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Jan. 08, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2020 |
Payments to Acquire Businesses, Net of Cash Acquired, Total | $ 0 | $ 14,759 | |||
EOS Power Panama Inc. [Member] | |||||
Revenues, Total | $ 12,000 | ||||
Business Combination, Acquisition Related Costs | 200 | ||||
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) | ||||
Revenues, Total | 2,100 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 400 |
Note 2 - Acquisitions - Proform
Note 2 - Acquisitions - Proforma Results (Details) - The 2021 Acquisitions [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Revenue, net | $ | $ 113,665 |
Net earnings | $ | $ 3,429 |
Common Class A [Member] | |
Earnings per common share - basic and diluted (in dollars per share) | $ / shares | $ 0.26 |
Common Class B [Member] | |
Earnings per common share - basic and diluted (in dollars per share) | $ / shares | $ 0.28 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) $ in Millions | Mar. 31, 2022USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 61.5 |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) | Mar. 31, 2022 | Dec. 31, 2021 |
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 | 88.00% | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year | |
Revenue, Remaining Performance Obligation, Percentage | 7.00% |
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, 2022 | Mar. 31, 2021 | |
Revenue | $ 136,718 | $ 110,643 |
Sales Channel, Directly to Consumer [Member] | ||
Revenue | 87,635 | 74,461 |
Sales Channel, Through Intermediary [Member] | ||
Revenue | 49,083 | 36,182 |
Connectivity Solutions [Member] | ||
Revenue | 43,713 | 38,056 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 26,053 | 23,637 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 17,660 | 14,419 |
Power Solutions and Protection [Member] | ||
Revenue | 58,790 | 43,641 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 35,844 | 26,489 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 22,946 | 17,152 |
Magnetic Solutions [Member] | ||
Revenue | 34,215 | 28,946 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | 25,738 | 24,335 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | 8,477 | 4,611 |
North America [Member] | ||
Revenue | 85,759 | 66,396 |
North America [Member] | Connectivity Solutions [Member] | ||
Revenue | 32,532 | 29,542 |
North America [Member] | Power Solutions and Protection [Member] | ||
Revenue | 42,349 | 29,777 |
North America [Member] | Magnetic Solutions [Member] | ||
Revenue | 10,878 | 7,077 |
Europe [Member] | ||
Revenue | 21,070 | 17,954 |
Europe [Member] | Connectivity Solutions [Member] | ||
Revenue | 9,214 | 6,747 |
Europe [Member] | Power Solutions and Protection [Member] | ||
Revenue | 9,385 | 9,959 |
Europe [Member] | Magnetic Solutions [Member] | ||
Revenue | 2,471 | 1,248 |
Asia [Member] | ||
Revenue | 29,889 | 26,293 |
Asia [Member] | Connectivity Solutions [Member] | ||
Revenue | 1,967 | 1,767 |
Asia [Member] | Power Solutions and Protection [Member] | ||
Revenue | 7,056 | 3,905 |
Asia [Member] | Magnetic Solutions [Member] | ||
Revenue | $ 20,866 | $ 20,621 |
Note 3 - Revenue - Contract Ass
Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Contract assets - current (unbilled receivables) | $ 20,556 | $ 28,275 |
Contract liabilities - current (deferred revenue) | $ 3,977 | $ 2,224 |
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 | 15 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2021 | |
Net earnings | $ 5,064 | $ 3,199 | |
Undistributed earnings | 4,208 | 2,355 | |
Common Class A [Member] | |||
Net earnings | 821 | 522 | |
Less dividends declared | 129 | 128 | $ 128 |
Undistributed earnings | $ 692 | $ 394 | |
Class A - basic and diluted (in shares) | 2,145 | 2,145 | |
Common shares - basic and diluted (in dollars per share) | $ 0.38 | $ 0.24 | |
Common Class B [Member] | |||
Net earnings | $ 4,243 | $ 2,677 | |
Less dividends declared | 727 | 716 | |
Undistributed earnings | $ 3,516 | $ 1,961 | |
Class A - basic and diluted (in shares) | 10,374 | 10,203 | |
Common shares - basic and diluted (in dollars per share) | $ 0.41 | $ 0.26 |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Derivative Asset, Total | $ 2,978 | $ 57 |
Long-Term Debt, Fair Value | 112,500 | 112,500 |
Long-Term Debt, Gross | 112,500 | 112,500 |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure | 0 | |
Foreign Exchange Forward [Member] | Maximum [Member] | ||
Derivative Asset, Total | 100 | 100 |
Interest Rate Swap [Member] | ||
Derivative Asset, Total | 2,900 | 100 |
Investments Held in Rabbi Trust [Member] | ||
Debt Securities, Available-for-Sale, Total | $ 200 | $ 300 |
Note 6 - Inventories - Componen
Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Raw materials | $ 69,239 | $ 67,127 |
Work in progress | 44,117 | 31,103 |
Finished goods | 41,985 | 41,153 |
Inventories | $ 155,341 | $ 139,383 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 2.4 | $ 2.4 |
Assets Held-for-sale, Not Part of Disposal Group, Total | $ 1.6 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 149,087 | $ 148,062 |
Accumulated depreciation | (111,518) | (109,852) |
Property, plant and equipment, net | 37,569 | 38,210 |
Land [Member] | ||
Property, plant and equipment, gross | 1,105 | 1,105 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 21,469 | 20,915 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 122,051 | 120,961 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 4,462 | $ 5,081 |
Note 8 - Accrued Expenses - Acc
Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Sales commissions | $ 2,012 | $ 2,049 |
Subcontracting labor | 1,977 | 1,622 |
Salaries, bonuses and related benefits | 17,065 | 21,342 |
Warranty accrual | 1,038 | 1,056 |
Other | 8,024 | 8,384 |
Accrued Liabilities, Current, Total | $ 30,116 | $ 34,453 |
Note 9 - Derivative Instrumen_3
Note 9 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign Exchange Forward [Member] | ||
Derivative, Notional Amount | $ 17.3 | $ 17.1 |
The 2021 Swaps One [Member] | ||
Derivative, Notional Amount | $ 30 | |
Derivative, Fixed Interest Rate | 1.3055% | 1.3055% |
The 2021 Swaps Two [Member] | ||
Derivative, Notional Amount | $ 30 | |
Derivative, Fixed Interest Rate | 1.318% | 1.318% |
Note 9 - Derivative Instrumen_4
Note 9 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Total derivative assets | $ 2,978 | $ 57 |
Total derivative liabilities | 0 | 135 |
Interest Rate Swap [Member] | ||
Total derivative assets | 2,900 | 100 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Designated as cash flow hedges | 67 | 57 |
Not designated as hedging instruments | 43 | 0 |
Designated as a cash flow hedge | 43 | 0 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Not designated as hedging instruments | 2,868 | |
Designated as a cash flow hedge | 2,868 | |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Not designated as hedging instruments | 0 | 19 |
Designated as a cash flow hedge | 0 | 19 |
Other Noncurrent Liabilities [Member] | Interest Rate Swap [Member] | ||
Not designated as hedging instruments | 0 | 116 |
Designated as a cash flow hedge | $ 0 | $ 116 |
Note 9 - Derivative Instrumen_5
Note 9 - Derivative Instruments and Hedging Activities - Derivative Financial Instruments Effects on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative net gains (losses) recognized in AOCL | $ 2,963 | $ 0 |
Derivative net gains (losses) reclassified from AOCL | (109) | 0 |
Foreign Exchange Forward [Member] | ||
Derivative net gains (losses) recognized in AOCL | 154 | 0 |
Derivative net gains (losses) reclassified from AOCL | 67 | 0 |
Interest Rate Swap [Member] | ||
Derivative net gains (losses) recognized in AOCL | 2,809 | 0 |
Derivative net gains (losses) reclassified from AOCL | $ (176) | $ 0 |
Note 9 - Derivative Instrumen_6
Note 9 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Derivative instruments | $ (7) | $ 10 |
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | ||
Derivative instruments | $ (7) | $ 10 |
Note 10 - Debt (Details Textual
Note 10 - Debt (Details Textual) - USD ($) $ in Millions | Sep. 02, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Interest Rate Swap [Member] | ||||
Derivative, Notional Amount | $ 30 | |||
The 2021 Swaps [Member] | ||||
Derivative, Notional Amount | $ 60 | |||
The 2021 Swaps One [Member] | ||||
Derivative, Notional Amount | $ 30 | |||
Derivative, Fixed Interest Rate | 1.3055% | 1.3055% | ||
The 2021 Swaps Two [Member] | ||||
Derivative, Notional Amount | $ 30 | |||
Derivative, Fixed Interest Rate | 1.318% | 1.318% | ||
Credit and Security Agreement with KeyBank [Member] | ||||
Long-Term Debt, Percentage Bearing Variable Interest, Amount | $ 52.5 | $ 52.5 | ||
Debt, Weighted Average Interest Rate | 1.96% | 1.60% | ||
Debt Instrument, Interest Rate, Effective Percentage | 2.41% | |||
Interest Expense, Debt, Total | $ 0.7 | $ 0.8 | ||
Credit and Security Agreement with KeyBank [Member] | Term Loan [Member] | ||||
Long-Term Debt, Total | $ 112.5 | $ 112.5 | ||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | |||
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 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Unrecognized Tax Benefits, Ending Balance | $ 28.7 | $ 28.4 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 4.1 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total | 0.2 | $ 0.2 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 5.2 | $ 5 |
Note 12 - Retirement Fund and_3
Note 12 - Retirement Fund and Profit Sharing Plan (Details Textual) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022USD ($)shares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Bel Fuse Inc. Employees' Savings Plan [Member] | |||
Defined Contribution Plan, Cost | $ 0.4 | $ 0.3 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | |||
Shares Held in Plan (in shares) | shares | 321,707 | ||
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member] | |||
Shares Held in Plan (in shares) | shares | 99,858 | ||
Nonqualified Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement, Vesting Age | 65 | ||
Deferred Compensation Plan Assets | $ 0.7 | $ 0.8 | |
Deferred Compensation Liability, Current and Noncurrent, Total | 0.7 | $ 0.8 | |
Nonqualified Deferred Compensation Plan [Member] | Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Compensation Expense | 0.1 | 0.1 | |
Retirement Fund Covering Hong Kong-based Employees [Member] | |||
Defined Contribution Plan, Cost | $ 0.8 | $ 0.1 | |
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class A [Member] | |||
Shares Held in Plan (in shares) | shares | 3,323 | ||
Retirement Fund Covering Hong Kong-based Employees [Member] | Common Class B [Member] | |||
Shares Held in Plan (in shares) | shares | 17,342 |
Note 12 - Retirement Fund and_4
Note 12 - Retirement Fund and Profit Sharing Plan - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Service cost | $ 126 | $ 169 |
Interest cost | 159 | 135 |
Net amortization | 78 | 127 |
Net periodic benefit cost | $ 363 | $ 431 |
Note 12 - Retirement Fund and_5
Note 12 - Retirement Fund and Profit Sharing Plan - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Prior service cost | $ 428 | $ 460 |
Net loss | 1,345 | 1,391 |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total | $ 1,773 | $ 1,851 |
Note 13 - Accumulated Other C_3
Note 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign currency translation adjustment, net of taxes of ($404) at March 31, 2022 and ($417) at December 31, 2021 | $ (16,127) | $ (14,911) |
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) at March 31, 2022 and ($7) at December 31, 2021 | 2,897 | (87) |
Unfunded SERP liability, net of taxes of ($485) at March 31, 2022 and ($502) at December 31, 2021 | (3,804) | (3,865) |
Accumulated other comprehensive loss | $ (17,034) | $ (18,863) |
Note 13 - Accumulated Other C_4
Note 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Foreign currency translation adjustment, tax | $ (404) | $ (417) |
Unrealized holding gains on available-for-sale securities, tax | (7) | (7) |
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax | $ (485) | $ (502) |
Note 13 - Accumulated Other C_5
Note 13 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Balance | $ 208,743 | $ 185,799 | |
Other comprehensive income (loss) | 1,829 | (2,431) | |
Balance | 215,356 | 186,323 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||
Balance | (14,911) | ||
Other comprehensive (loss) income before reclassifications | (1,216) | ||
Amount reclassified from accumulated other comprehensive loss | 0 | ||
Other comprehensive income (loss) | (1,216) | ||
Balance | (16,127) | ||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||
Balance | (87) | ||
Other comprehensive (loss) income before reclassifications | 2,984 | ||
Amount reclassified from accumulated other comprehensive loss | 0 | ||
Other comprehensive income (loss) | 2,984 | ||
Balance | 2,897 | ||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Balance | (3,865) | ||
Other comprehensive (loss) income before reclassifications | (6) | ||
Amount reclassified from accumulated other comprehensive loss | [1] | 67 | |
Other comprehensive income (loss) | 61 | ||
Balance | (3,804) | ||
AOCI Attributable to Parent [Member] | |||
Balance | (18,863) | (18,063) | |
Other comprehensive (loss) income before reclassifications | 1,762 | ||
Amount reclassified from accumulated other comprehensive loss | 67 | ||
Other comprehensive income (loss) | 1,829 | ||
Balance | $ (17,034) | $ (20,494) | |
[1] | 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 statements of operations. |
Note 14 - Commitments and Con_2
Note 14 - Commitments and Contingencies (Details Textual) $ in Millions | Mar. 31, 2022USD ($) |
Arezzo Revenue Agency [Member] | |
Loss Contingency, Estimate of Possible Loss | $ 12 |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Industry in which Entity Operates | 1 |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 15 - Segments - Segments (
Note 15 - Segments - Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue | $ 136,718 | $ 110,643 |
Gross Profit | $ 34,124 | $ 24,259 |
Gross Profit % | 25.00% | 21.90% |
Connectivity Solutions [Member] | ||
Revenue | $ 43,713 | $ 38,056 |
Gross Profit | $ 11,596 | $ 9,773 |
Gross Profit % | 26.50% | 25.70% |
Power Solutions and Protection Segment [Member] | ||
Revenue | $ 58,790 | $ 43,641 |
Gross Profit | $ 15,938 | $ 10,782 |
Gross Profit % | 27.10% | 24.70% |
Magnetic Solutions Segment [Member] | ||
Revenue | $ 34,215 | $ 28,946 |
Gross Profit | $ 6,890 | $ 3,961 |
Gross Profit % | 20.10% | 13.70% |
Corporate Segment [Member] | ||
Revenue | $ 0 | $ 0 |
Gross Profit | $ (300) | $ (257) |
Uncategorized Items - belfb2022
Label | Element | Value |
Common Class A [Member] | Additional Paid-in Capital [Member] | ||
Less dividends declared | us-gaap_DividendsCommonStockCash | $ 0 |
Common Class A [Member] | Retained Earnings [Member] | ||
Less dividends declared | us-gaap_DividendsCommonStockCash | 128,000 |
Common Class A [Member] | AOCI Attributable to Parent [Member] | ||
Less dividends declared | us-gaap_DividendsCommonStockCash | 0 |
Common Class A [Member] | Common Stock, Common Class B [Member] | ||
Less dividends declared | us-gaap_DividendsCommonStockCash | 0 |
Common Class A [Member] | Common Stock, Common Class A [Member] | ||
Less dividends declared | us-gaap_DividendsCommonStockCash | $ 0 |