Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2024 | Jul. 26, 2024 | |
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 | Q2 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-11676 | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-1463699 | |
Entity Address, Address Line One | 300 Executive Drive, Suite 300 | |
Entity Address, City or Town | West Orange | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07052 | |
City Area Code | 201 | |
Local Phone Number | 432-0463 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
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 | 10,432,548 | |
Common Class A [Member] | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Class A Common Stock ($0.10 par value) | |
Trading Symbol | BELFA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 2,115,677 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets: | ||
Cash and cash equivalents | $ 84,976 | $ 89,371 |
Held to maturity U.S. Treasury securities | 58,822 | 37,548 |
Accounts receivable, net of allowance of $1,305 and $1,388, respectively | 81,153 | 84,129 |
Inventories | 127,931 | 136,540 |
Unbilled receivables | 5,906 | 12,793 |
Other current assets | 17,233 | 21,097 |
Total current assets | 376,021 | 381,478 |
Property, plant and equipment, net | 35,082 | 36,533 |
Right-of-use assets | 21,945 | 20,481 |
Equity method investment | 9,943 | 10,282 |
Intangible assets, net | 46,715 | 49,391 |
Goodwill, net | 25,415 | 26,642 |
Deferred income taxes | 14,525 | 11,553 |
Other assets | 35,173 | 33,119 |
Total assets | 567,604 | 571,631 |
Current Liabilities: | ||
Accounts payable | 36,415 | 40,441 |
Accrued expenses | 38,916 | 54,657 |
Operating lease liabilities, current | 5,992 | 6,350 |
Other current liabilities | 8,432 | 9,161 |
Total current liabilities | 89,755 | 110,609 |
Long-term Liabilities: | ||
Long-term debt | 60,000 | 60,000 |
Operating lease liabilities, long-term | 16,131 | 14,212 |
Liability for uncertain tax positions | 17,953 | 19,823 |
Minimum pension obligation and unfunded pension liability | 20,307 | 19,876 |
Deferred income taxes | 1,626 | 1,456 |
Other long-term liabilities | 5,417 | 5,097 |
Total liabilities | 211,189 | 231,073 |
Commitments and contingencies (see Note 15) | ||
Stockholders' Equity: | ||
Preferred stock, no par value, 1,000,000 shares authorized; none issued | 0 | 0 |
Treasury stock (unrestricted, consisting of 23,923 Class A shares and 232,242 Class B shares) | (14,629) | (454) |
Additional paid-in capital | 46,054 | 44,260 |
Retained earnings | 340,462 | 307,510 |
Accumulated other comprehensive loss | (16,732) | (12,037) |
Total stockholders' equity | 356,415 | 340,558 |
Total liabilities and stockholders' equity | 567,604 | 571,631 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 212 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | 1,048 | 1,065 |
Related Party [Member] | ||
Current Assets: | ||
Related party note receivable | $ 2,785 | $ 2,152 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Accounts receivable, allowance for doubtful accounts | $ 1,305 | $ 1,388 |
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) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Common stock, shares outstanding (in shares) | 2,120,989 | 2,141,589 |
Common stock, treasury shares (in shares) | 23,923 | 23,923 |
Common Class A [Member] | Restricted Stock [Member] | ||
Common stock, treasury shares (in shares) | 1,072,769 | 1,072,769 |
Common Class B [Member] | ||
Common stock, par value (in dollars per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares outstanding (in shares) | 10,453,469 | 10,620,260 |
Common stock, treasury shares (in shares) | 232,242 | 232,242 |
Common Class B [Member] | Restricted Stock [Member] | ||
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 | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 133,205 | $ 168,777 | $ 261,295 | $ 341,121 |
Cost of sales | 79,809 | 113,240 | 159,821 | 231,920 |
Gross profit | 53,396 | 55,537 | 101,474 | 109,201 |
Research and development costs | 5,994 | 6,006 | 11,209 | 11,229 |
Selling, general and administrative expenses | 24,141 | 25,135 | 49,085 | 50,432 |
Restructuring charges | 638 | 709 | 703 | 4,215 |
Gain on sale of property | 0 | (3,672) | 0 | (3,672) |
Income from operations | 22,623 | 27,359 | 40,477 | 46,997 |
Gain on sale of Czech Republic business | 0 | 1,115 | 0 | 1,115 |
Interest expense | (415) | (908) | (849) | (1,890) |
Interest income | 1,146 | 0 | 2,261 | 0 |
Other (expense)/income, net | (471) | (270) | 1,346 | (190) |
Earnings before provision for income taxes | 22,883 | 27,296 | 43,235 | 46,032 |
Provision for (benefit from) income taxes | 4,077 | (479) | 8,555 | 3,685 |
Net earnings available to common stockholders | 18,806 | 27,775 | 34,680 | 42,347 |
Common Class A [Member] | ||||
Net earnings available to common stockholders | $ 3,028 | $ 4,458 | $ 5,573 | $ 6,790 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 1.43 | $ 2.08 | $ 2.61 | $ 3.17 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 2,124 | 2,142 | 2,131 | 2,142 |
Common Class B [Member] | ||||
Net earnings available to common stockholders | $ 15,778 | $ 23,317 | $ 29,107 | $ 35,557 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 1.5 | $ 2.19 | $ 2.76 | $ 3.34 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 10,492 | 10,634 | 10,551 | 10,636 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net earnings available to common stockholders | $ 18,806 | $ 27,775 | $ 34,680 | $ 42,347 |
Other comprehensive loss: | ||||
Currency translation adjustment, net of taxes of $0, ($105), $26, and ($96), respectively | (999) | (2,231) | (4,775) | (233) |
Unrealized (losses) gains on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | (291) | 789 | 49 | (105) |
Unrealized holding gains on marketable securities, net of taxes of $0 in all periods presented | 0 | 0 | 1 | 1 |
Change in unfunded SERP liability, net of taxes of ($4), ($4), ($9), and ($8), respectively | 15 | 14 | 30 | 27 |
Other comprehensive loss | (1,275) | (1,428) | (4,695) | (310) |
Comprehensive income | $ 17,531 | $ 26,347 | $ 29,985 | $ 42,037 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Foreign currency translation adjustment, tax expense | $ 0 | $ 26 | $ (105) | $ 9 | $ 26 | $ (96) |
Unrealized losses on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | 0 | 0 | 0 |
Unrealized holding losses on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 | 0 | 0 |
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (4) | $ (4) | $ (9) | $ (8) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ 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] Treasury Stock, Common [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] Treasury Stock, Common [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] | Treasury Stock, Common [Member] | Additional Paid-in Capital [Member] | Total |
Balance at Dec. 31, 2022 | $ 237,188 | $ (16,546) | $ 214 | $ 1,067 | $ (349) | $ 40,772 | $ 262,346 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,142 | 10,643 | |||||||||||||||||||
Net earnings | 14,572 | 0 | $ 0 | $ 0 | 0 | 0 | 14,572 | ||||||||||||||
Cash dividends declared on common stock | $ (128) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (128) | $ (747) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ (747) | |||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (10) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | 0 | |||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 1,998 | 0 | 0 | 0 | 0 | 1,998 | ||||||||||||||
Unrealized holding gains on interest rate swap cash flow hedge, net of taxes | 0 | (894) | 0 | 0 | 0 | 0 | (894) | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 902 | 902 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||||||||
Net earnings | 14,572 | 0 | 0 | 0 | 0 | 0 | 14,572 | ||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ 1 | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (10) | |||||||||||||||||||
Forfeiture of restricted common stock | (1) | ||||||||||||||||||||
Forfeiture of restricted common stock | 1 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | 0 | 902 | 902 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 13 | 0 | 0 | 0 | 0 | 13 | ||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | $ 214 | $ 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 2,142 | 10,633 | |||||||||||||||||||
Balance at Dec. 31, 2022 | 237,188 | (16,546) | $ 214 | $ 1,067 | (349) | 40,772 | 262,346 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,142 | 10,643 | |||||||||||||||||||
Net earnings | 6,790 | 35,557 | 42,347 | ||||||||||||||||||
Cash dividends declared on common stock | (257) | (1,490) | |||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (233) | ||||||||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 1 | ||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 27 | ||||||||||||||||||||
Net earnings | 6,790 | 35,557 | 42,347 | ||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 27 | ||||||||||||||||||||
Balance at Jun. 30, 2023 | 277,790 | (16,856) | $ 214 | $ 1,064 | (349) | 42,627 | 304,490 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 2,142 | 10,638 | |||||||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | $ 214 | $ 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 2,142 | 10,633 | |||||||||||||||||||
Net earnings | 4,458 | 23,317 | 27,775 | 0 | $ 0 | $ 0 | 0 | 0 | 27,775 | ||||||||||||
Cash dividends declared on common stock | (128) | 0 | 0 | 0 | 0 | 0 | (128) | (742) | 0 | 0 | 0 | 0 | 0 | (742) | |||||||
Issuance of restricted common stock | 0 | 0 | $ 0 | $ 1 | 0 | (1) | 0 | ||||||||||||||
Issuance of restricted common stock (in shares) | 0 | 10 | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (3) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (5) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (3) | 0 | 0 | |||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,231) | 0 | 0 | 0 | 0 | (2,231) | ||||||||||||||
Unrealized holding gains on interest rate swap cash flow hedge, net of taxes | 0 | 789 | 0 | 0 | 0 | 0 | 789 | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 950 | 950 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 14 | 0 | 0 | 0 | 0 | 14 | ||||||||||||||
Net earnings | 4,458 | 23,317 | 27,775 | 0 | 0 | 0 | 0 | 0 | 27,775 | ||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ 3 | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (5) | |||||||||||||||||||
Forfeiture of restricted common stock | (3) | ||||||||||||||||||||
Forfeiture of restricted common stock | 3 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | 0 | 950 | 950 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 14 | 0 | 0 | 0 | 0 | 14 | ||||||||||||||
Balance at Jun. 30, 2023 | 277,790 | (16,856) | $ 214 | $ 1,064 | (349) | 42,627 | 304,490 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 2,142 | 10,638 | |||||||||||||||||||
Balance at Dec. 31, 2023 | 307,510 | (12,037) | $ 214 | $ 1,065 | (454) | 44,260 | 340,558 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 2,142 | 10,620 | |||||||||||||||||||
Net earnings | 15,874 | 0 | $ 0 | $ 0 | 0 | 0 | 15,874 | ||||||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | 0 | (129) | (747) | 0 | 0 | 0 | 0 | 0 | (747) | |||||||
Issuance of restricted common stock | 0 | 0 | $ 0 | $ 6 | $ 0 | $ (6) | 0 | ||||||||||||||
Issuance of restricted common stock (in shares) | 0 | 58 | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (6) | 0 | ||||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (6) | 0 | ||||||||||||||||
Purchases of common stock | 0 | 0 | $ (1) | $ (10) | $ (6,283) | (6,283) | |||||||||||||||
Purchases of common stock (in shares) | (11) | (98) | |||||||||||||||||||
Purchases of common stock | $ 11 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (3,776) | $ 0 | $ 0 | 0 | 0 | (3,776) | ||||||||||||||
Unrealized holding gains on interest rate swap cash flow hedge, net of taxes | 0 | 340 | 0 | 0 | 0 | 0 | 340 | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 804 | 804 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Net earnings | 15,874 | 0 | 0 | 0 | $ 0 | $ 0 | 15,874 | ||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ 6 | 0 | ||||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Purchases of common stock (in shares) | 11 | 98 | |||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 804 | 804 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Balance at Mar. 31, 2024 | 322,508 | (15,457) | $ 213 | $ 1,061 | (6,737) | 45,069 | 346,657 | ||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 2,131 | 10,574 | |||||||||||||||||||
Balance at Dec. 31, 2023 | 307,510 | (12,037) | $ 214 | $ 1,065 | (454) | 44,260 | 340,558 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 2,142 | 10,620 | |||||||||||||||||||
Net earnings | 5,573 | 29,107 | 34,680 | ||||||||||||||||||
Cash dividends declared on common stock | (256) | (1,472) | |||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (4,775) | ||||||||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 1 | ||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 30 | ||||||||||||||||||||
Net earnings | 5,573 | 29,107 | 34,680 | ||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 30 | ||||||||||||||||||||
Balance at Jun. 30, 2024 | 340,462 | (16,732) | $ 212 | $ 1,048 | (14,629) | 46,054 | 356,415 | ||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 2,121 | 10,453 | |||||||||||||||||||
Balance at Mar. 31, 2024 | 322,508 | (15,457) | $ 213 | $ 1,061 | (6,737) | 45,069 | 346,657 | ||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 2,131 | 10,574 | |||||||||||||||||||
Net earnings | 3,028 | 15,778 | 18,806 | 0 | $ 0 | $ 0 | 0 | 0 | 18,806 | ||||||||||||
Cash dividends declared on common stock | $ (127) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (127) | $ (725) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (725) | |||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (4) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||||||||||
Purchases of common stock | 0 | 0 | $ (1) | $ (12) | (7,892) | (7,893) | |||||||||||||||
Purchases of common stock (in shares) | (10) | 117 | |||||||||||||||||||
Purchases of common stock | 12 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (999) | $ 0 | $ 0 | 0 | 0 | (999) | ||||||||||||||
Unrealized holding gains on interest rate swap cash flow hedge, net of taxes | 0 | (291) | 0 | 0 | 0 | 0 | (291) | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 971 | 971 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Net earnings | $ 3,028 | $ 15,778 | 18,806 | 0 | 0 | 0 | 0 | 0 | 18,806 | ||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ 1 | 0 | 1 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (4) | |||||||||||||||||||
Forfeiture of restricted common stock | 2 | ||||||||||||||||||||
Purchases of common stock (in shares) | 10 | (117) | |||||||||||||||||||
Forfeiture of restricted common stock | (2) | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | 0 | 971 | 971 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Balance at Jun. 30, 2024 | $ 340,462 | $ (16,732) | $ 212 | $ 1,048 | $ (14,629) | $ 46,054 | $ 356,415 | ||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 2,121 | 10,453 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
Common Class A [Member] | ||||
Dividends declared (in dollars per share) | $ 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 |
Foreign currency translation adjustment, tax expense | $ 0 | $ 26 | $ (105) | $ 9 |
Unrealized losses on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | 0 |
Unrealized holding losses on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 |
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (4) | $ (4) |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net earnings | $ 34,680 | $ 42,347 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 7,123 | 6,571 |
Stock-based compensation | 1,775 | 1,851 |
Amortization of deferred financing costs | 27 | 33 |
Deferred tax benefit | (2,930) | (3,128) |
Net unrealized (gains)/losses on foreign currency revaluation | (355) | 505 |
Gain on sale of property | 0 | (3,672) |
Gain on sale of Czech Republic business | 0 | (1,115) |
Other, net | 652 | (1,124) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,805 | (236) |
Unbilled receivables | 6,887 | 5,018 |
Inventories | 7,972 | 13,473 |
Accounts payable | (4,026) | (11,544) |
Accrued expenses | (14,147) | 2,448 |
Accrued restructuring costs | (1,553) | 2,343 |
Income taxes payable | 4,517 | 3,856 |
Other operating assets/liabilities, net | (5,083) | (16,970) |
Net cash provided by operating activities | 38,344 | 40,656 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (4,278) | (7,081) |
Purchases of held to maturity and marketable securities | (122,345) | 0 |
Proceeds from held to maturity securities | 101,071 | 0 |
Payment for equity method investment | 0 | (9,975) |
Investment in related party notes receivable | (633) | 0 |
Proceeds from disposal/sale of property, plant and equipment | 229 | 5,239 |
Proceeds from sale of business | 0 | 5,198 |
Net cash used in investing activities | (25,956) | (6,619) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (1,674) | (1,658) |
Repayments under revolving credit line | 0 | (40,000) |
Borrowings under revolving credit line | 0 | 5,000 |
Purchases of common stock | (14,175) | 0 |
Net cash used in financing activities | (15,849) | (36,658) |
Effect of exchange rate changes on cash and cash equivalents | (934) | (2,592) |
Net decrease in cash and cash equivalents | (4,395) | (5,213) |
Cash and cash equivalents - beginning of period | 89,371 | 70,266 |
Cash and cash equivalents - end of period | 84,976 | 65,053 |
Supplementary information: | ||
Income taxes, net of refunds received | 8,277 | 10,358 |
Interest payments | 1,985 | 2,762 |
ROU assets obtained in exchange for lease obligations | $ 4,239 | $ 5,172 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation and Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
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 three six June 30, 2024 not 10 December 31, 2023 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, 2023 no six June 30, 2024 Cash, Cash Equivalents and Investments Cash equivalents include short-term investments in money market funds and certificates of deposit with an original maturity of three $250,000. The Company has held to maturity securities comprised of U.S. Treasury Bills. These investments are classified as held to maturity as the Company has the intent and ability to hold these investments until they mature. The held to maturity securities mature within the next 12 June 30, 2024 Amortized Cost Gross Unrealized Gain Fair Value Held to maturity U.S. Treasury securities $ 58,822 $ 384 $ 59,206 In determining the fair value of the Company's held to maturity U.S. Treasury securities, the Company utilized Level 1 June 30, 2024 Investments We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not 20% 50% Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our original equity investment plus our share of those entities' undistributed earnings subsequent to our investment. We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may 2, Investment in Innolectric Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero 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 March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 December 31, 2024. January 2023, January 31, 2023. 2020 04 first 2023 not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , January 1, 2023, 2016 13. not Accounting Standards Issued But Not In November 2023, 2023 07, Segment Reporting (Topic 280 not December 15, 2023, December 15, 2024, no In December 2023, 2023 09, Income Taxes (Topic 740 2023 09 5% December 15, 2024, may December 31, 2025 may no |
Note 2 - Investment in Innolect
Note 2 - Investment in Innolectric | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Investment [Text Block] | 2. INVESTMENT IN INNOLECTRIC On February 1, 2023, one third €8.0 February 2023 February 2023 one third This passive investment creates a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology. With no not three six June 30, 2024 one Related Party Transactions From time to time, the Company provides cash loans to innolectric to fund working capital needs and further business development. During the three six June 30, 2024 €0.2 €0.7 June 30, 2024 December 31, 2023 €2.6 June 30, 2024 €2.0 December 31, 2023 June 30, 2024 December 31, 2023 |
Note 3 - Divestiture of Subsidi
Note 3 - Divestiture of Subsidiary | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3. DIVESTITURE OF SUBSIDIARY On June 1, 2023, The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows: Total Cash and cash equivalents $ 2,072 Accounts receivable 1,030 Inventories 1,310 Property, plant and equipment 326 Other assets 48 Accounts payable (441 ) Accrued expenses (126 ) Income taxes payable (100 ) Other current liabilities (13 ) Other long-term liabilities (23 ) Total net assets transferred 4,083 Consideration received 5,063 Gain on sale recognized $ 980 |
Note 4 - Revenue
Note 4 - Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 4. 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 June 30, 2024 Six Months Ended June 30, 2024 Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated By Geographic Region: North America $ 39,197 $ 45,380 $ 7,350 $ 91,927 $ 78,746 $ 89,264 $ 13,473 $ 181,483 Europe 14,610 11,242 1,118 26,970 30,943 20,678 2,334 53,955 Asia 4,744 1,200 8,364 14,308 9,109 2,165 14,583 25,857 $ 58,551 $ 57,822 $ 16,832 $ 133,205 $ 118,798 $ 112,107 $ 30,390 $ 261,295 By Sales Channel: Direct to customer $ 37,572 $ 36,428 $ 11,793 $ 85,793 $ 76,397 $ 70,498 $ 21,579 $ 168,474 Through distribution 20,979 21,394 5,039 47,412 42,401 41,609 8,811 92,821 $ 58,551 $ 57,822 $ 16,832 $ 133,205 $ 118,798 $ 112,107 $ 30,390 $ 261,295 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated By Geographic Region: North America $ 64,121 $ 44,233 $ 11,345 $ 119,699 $ 126,921 $ 87,245 $ 21,700 $ 235,866 Europe 15,907 9,561 2,666 28,134 29,507 17,962 5,431 52,900 Asia 7,063 1,049 12,832 20,944 13,844 3,032 35,479 52,355 $ 87,091 $ 54,843 $ 26,843 $ 168,777 $ 170,272 $ 108,239 $ 62,610 $ 341,121 By Sales Channel: Direct to customer $ 62,022 $ 35,970 $ 18,268 $ 116,260 $ 121,636 $ 69,694 $ 45,679 $ 237,009 Through distribution 25,069 18,873 8,575 52,517 48,636 38,545 16,931 104,112 $ 87,091 $ 54,843 $ 26,843 $ 168,777 $ 170,272 $ 108,239 $ 62,610 $ 341,121 June 30, 2024 December 31, 2023 June 30, December 31, 2024 2023 Contract assets - current (unbilled receivables) $ 5,906 $ 12,793 Contract liabilities - current (deferred revenue) $ 2,320 $ 3,046 The change in balance of our unbilled receivables from December 31, 2023 June 30, 2024 December 31, 2023 June 30, 2024 , which will be r Transaction Price Allocated to Future Obligations The aggregate amount of transaction price allocated to remaining performance obligations that have not June 30, 2024 one 2025 2026 . 2025, 2026 2026. not June 30, 2024 one |
Note 5 - Earnings Per Share
Note 5 - Earnings Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. EARNINGS PER SHARE The following table sets forth the calculation of basic and diluted net earnings per common share under the two three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net earnings $ 18,806 $ 27,775 $ 34,680 $ 42,347 Less dividends declared: Class A 127 128 256 257 Class B 725 742 1,472 1,490 Undistributed earnings $ 17,954 $ 26,905 $ 32,952 $ 40,600 Undistributed earnings allocation: Class A undistributed earnings $ 2,901 $ 4,330 $ 5,317 $ 6,533 Class B undistributed earnings 15,053 22,575 27,635 34,067 Total undistributed earnings $ 17,954 $ 26,905 $ 32,952 $ 40,600 Net earnings allocation: Class A net earnings $ 3,028 $ 4,458 $ 5,573 $ 6,790 Class B net earnings 15,778 23,317 29,107 35,557 Net earnings $ 18,806 $ 27,775 $ 34,680 $ 42,347 Denominator: Weighted-average shares outstanding: Class A 2,124 2,142 2,131 2,142 Class B 10,492 10,634 10,551 10,636 Net earnings per share: Class A $ 1.43 $ 2.08 $ 2.61 $ 3.17 Class B $ 1.50 $ 2.19 $ 2.76 $ 3.34 |
Note 6 - Fair Value Measurement
Note 6 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 6. 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 June 30, 2024 Carrying value Fair value Cash and cash equivalents Other Current Assets Cash $ 61,321 $ 61,321 $ 61,321 $ - Level 1: Money market funds 22,201 22,201 22,201 - Money market funds (Rabbi Trust) 804 804 - - Subtotal 23,005 23,005 22,201 - Level 2: Certificates of deposit and time deposits 4,553 4,868 1,454 3,099 Subtotal 4,553 4,868 1,454 3,099 Total $ 88,879 $ 89,194 $ 84,976 $ 3,099 December 31, 2023 Carrying value Fair value Cash and cash equivalents Other Current Assets Cash $ 57,544 $ 57,544 $ 57,544 $ - Level 1: Money market funds 31,188 31,188 31,188 - Money market funds (Rabbi Trust) 303 303 - 303 Subtotal 31,491 31,491 31,188 303 Level 2: Certificates of deposit and time deposits 3,629 3,926 639 2,990 Subtotal 3,629 3,926 639 2,990 Total $ 92,664 $ 92,961 $ 89,371 $ 3,293 As of June 30, 2024 December 31, 2023 1 June 30, 2024 $0.3 million December 31, 2023 Throughout 2024 2023 $0.5) million June 30, 2024 $0.5 million December 31, 2023 2 The Company is a party to two 10, Derivative Instruments and Hedging Activities $4.0 million June 30, 2024 December 31, 2023 The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of June 30, 2024 December 31, 2023 Balance Sheet Classification June 30, 2024 December 31, 2023 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ - $ - Non designated as hedging instruments Other current assets - 486 Interest rate swap agreements: Designated as a cash flow hedge Other assets 4,012 3,960 Total derivative assets $ 4,012 $ 4,446 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ 232 $ 5 Not designated as hedging instruments Other current liabilities 292 - Total derivative liabilities $ 524 $ 5 The Company does not 3, no 1, 2 3 six June 30, 2024 or June 30, 2023 . There were no six June 30, 2024 June 30, 2023 There were no financial assets June 30, 2024 December 31, 2023 The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, which are not The fair value of the Company’s long-term debt is estimated using a discounted cash flow method based on interest rates that are currently available for debt issuances with similar terms and maturities. At June 30, 2024 and December 31, 2023 , the estimated fair value of total debt was $60.0 million at each date, compared to a carrying amount of $60.0 million at each date not June 30, 2024 Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets, long-lived assets and the net liability related to the put/call options pursuant to the innolectric investment agreement, 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 six June 30, 2024 June 30, 2023 |
Note 7 - Inventories
Note 7 - Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 7. INVENTORIES The components of inventories are as follows: June 30, December 31, 2024 2023 Raw materials $ 54,903 $ 63,647 Work in progress 44,000 42,038 Finished goods 29,028 30,855 Inventories $ 127,931 $ 136,540 |
Note 8 - Property, Plant and Eq
Note 8 - Property, Plant and Equipment | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 8. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following: June 30, December 31, 2024 2023 Land $ 117 $ 348 Buildings and improvements 12,945 15,286 Machinery and equipment 98,439 98,527 Construction in progress 1,507 1,567 113,008 115,728 Accumulated depreciation (77,926 ) (79,195 ) Property, plant and equipment, net $ 35,082 $ 36,533 Depreciation expense was $2.3 $2.2 three June 30, 2024 2023 six June 30, 2024 2023 At June 30, 2024 December 31, 2023 |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. ACCRUED EXPENSES Accrued expenses consist of the following: June 30, December 31, 2024 2023 Salaries, bonuses and related benefits $ 22,370 $ 33,566 Deferred revenue 2,320 3,046 Accrued restructuring costs 4,054 5,498 Sales commissions 2,377 2,347 Warranty accrual 1,659 1,542 Other 6,136 8,658 $ 38,916 $ 54,657 The change in warranty accrual during the six June 30, 2024 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no six June 30, 2024 Restructuring Activities: Activity and liability balances related to restructuring costs for the six June 30, 2024 Six Months Ended June 30, 2024 Liability at Cash Payments Liability at December 31, New and Other June 30, 2023 Charges Settlements 2024 Severance costs $ 1,551 $ 703 $ (2,045 ) $ 209 Other restructuring costs 3,947 - (102 ) 3,845 Total $ 5,498 $ 703 $ (2,147 ) $ 4,054 The new charges and ending liability balance noted above for severance costs largely relate to an initiative within our Connectivity segment related to the transition of certain manufacturing from our Glen Rock, Pennsylvania facility to other existing Bel sites. The balances in other restructuring costs in the table above as of December 31, 2023 June 30, 2024 two |
Note 10 - Derivative Instrument
Note 10 - Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 10. 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 $18.8 $25.8 June 30, 2024 December 31, 2023 Interest Rate Swap Agreements To partially mitigate risks associated with the variable interest rates on the revolver borrowings under the Company's credit agreement (as defined and described in Note 11, Debt , below), in November 2021, two ltinational financial institutions under which we, prior to the January 2023 1.3055% a nd received variable interest of one of $30.0 million and (ii) paid interest at a fixed rate of 1.3180% and received variable interest of one $30.0 “2021 2021 December 31, 2021, January 31, 2022 onthly basis. The 2021 August 31, 2026. January 2023, 2021 January 31, 2023. 2021 of 1.334% and 1.348%, resp ectively, in exchange for the daily SOFR rate plus 10 basis points. The 2021 Fair Values of Derivative Financial Instruments See Note 6, "Fair Value Measurements" June 30, 2024 December 31, 2023 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”) an three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net (losses) gains recognized in AOCL: Foreign currency forward contracts $ (77 ) $ (1,091 ) $ (188 ) $ (1,452 ) Interest rate swap agreements 331 1,351 1,286 943 $ 254 $ 260 $ 1,098 $ (509 ) Net gains (losses) reclassified from AOCL to the consolidated statement of operations: Foreign currency forward contracts $ (83 ) $ (37 ) $ (351 ) $ 114 Interest rate swap agreements 622 562 1,237 1,048 $ 539 $ 525 $ 886 $ 1,162 The losses related to the foreign currency forward contracts are included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income for the six June 30, 2024 2023 Derivative Financial Instruments Not Gains recognized on derivative financial instruments not three six June 30, 2024 2023 Three Months Ended Six Months Ended June 30, June 30, Classification in Consolidated Statements of Operations 2024 2023 2024 2023 Foreign currency forward contracts Other (expense)/income, net $ 103 $ 34 262 $ 34 $ 103 $ 34 $ 262 $ 34 |
Note 11 - Debt
Note 11 - Debt | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 11. 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 September 1, 2026. June 30, 2024 December 31, 2023 $60 June 30, 2024 December 31, 2023 three June 30, 2024 2023, six June 30, 2024 June 30, 2023 2021 January 2023, 2021 January 31, 2023 . The interest rate in effect at June 30, 2024 December 31, 2023 June 30, 2024 December 31, 2023 2021 10, "Derivative Instruments and Hedging Activities" June 30, 2024 December 31, 2023 The credit agreement contains customary representations and warranties, covenants and events of default. In addition, the 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 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 June 30, 2024 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. INCOME TAXES The Company's estimated taxable income in future periods is not not The Company is no 2020 2017. no 2013 2015 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 June 30, 2024 . $18.0 June 30, 2024 $19.8 December 31, 2023 six June 30, 2024 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 six June 30, 2024 and 2023 , the Company recognized $0.2 million and $0.3 June 30, 2024 December 31, 2023 |
Note 13 - Retirement, Savings a
Note 13 - Retirement, Savings and Deferred Compensation Plans | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS 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, T three months ended June 30, 2024 2023 amounted to $0.3 million in each period. The expense for the six months ended June 30, 2024 2023 amounted to $0.9 million and $0.7 m illion, respectively. June 30, 2024 271,013 59,080 The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exceptions, 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 months ended June 30, 2024 2023 amounted to less than $0.1 million during each period. six June 30, 2024 2023 $0 .1 June 30, 2024 December 31, 2023 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 June 30, 2024 2023 six June 30, 2024 2023 d to $0.2 $0.9 pectively . The Company maintains a SERP, Note 6 The components of SERP expense are as follows: Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Service cost $ 99 $ 92 $ 198 $ 185 Interest cost 226 221 452 443 Net amortization 20 18 40 35 Net periodic benefit cost $ 345 $ 331 $ 690 $ 663 The service cost component of net benefit cost is presented within cost of sales, research and development costs 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: June 30, December 31, 2024 2023 Prior service cost $ 172 $ 212 Net gain (1,336 ) (1,336 ) $ (1,164 ) $ (1,124 ) |
Note 14 - Accumulated Other Com
Note 14 - Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 14. ACCUMULATED OTHER COMPREHENSIVE LOSS The components of accumulated other comprehensive loss at June 30, 2024 December 31, 2023 June 30, December 31, 2024 2023 Foreign currency translation adjustment, net of taxes of ($ 302 276 $ (21,198 ) $ (16,423 ) Unrealized gains on interest rate swap cash flow hedge, net of taxes of $ 0 0 4,009 3,960 Unrealized holding gains on marketable securities, net of taxes of ($ 7 7 20 19 Unfunded SERP liability, net of taxes of $ 727 718 437 407 Accumulated other comprehensive loss $ (16,732 ) $ (12,037 ) Changes in accumulated other comprehensive loss by component during the six June 30, 2024 Foreign Currency Unrealized Gains on Unrealized Holding Translation Interest Rate Swap Gains on Unfunded Adjustment Cash Flow Hedge Marketable Securities SERP Liability Total Balance at December 31, 2023 $ (16,423 ) $ 3,960 $ 19 $ 407 $ (12,037 ) Other comprehensive (loss) income before reclassifications (5,126 ) 1,286 1 61 (3,778 ) Amount reclassified from accumulated other comprehensive loss 351 (1,237 ) - (31 ) (a) (917 ) Net current period other comprehensive (loss) income (4,775 ) 49 1 30 (4,695 ) Balance at June 30, 2024 $ (21,198 ) $ 4,009 $ 20 $ 437 $ (16,732 ) (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, |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 15. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to a number of legal actions and claims, none On June 23, 2021, Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc. 6:21cv00655, July 27, 2023, The Company is evaluating its options for appeal. 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 2024. July 2024. June 30, 2024 December 31, 2023. June 30, 2024 December 31, 2023 In connection with the Company's 2021 1994. $1.4 million, of which EOS has paid $0.5 million. E 2016 $0.9 March 2021, 7 may As such, no June 30, 2024 . The Company is not |
Note 16 - Segments
Note 16 - Segments | 6 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. SEGMENTS The Company operates in one three three Three Months Ended June 30, 2024 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 58,551 $ 57,822 $ 16,832 $ - $ 133,205 Gross Profit 26,736 22,512 4,442 (294 ) 53,396 Gross Profit % 45.7 % 38.9 % 26.4 % nm 40.1 % Three Months Ended June 30, 2023 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 87,091 $ 54,843 $ 26,843 $ - $ 168,777 Gross Profit 31,124 20,512 6,595 (2,694 ) 55,537 Gross Profit % 35.7 % 37.4 % 24.6 % nm 32.9 % Six Months Ended June 30, 2024 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 118,798 $ 112,107 $ 30,390 $ - $ 261,295 Gross Profit 53,252 42,129 6,616 (523 ) 101,474 Gross Profit % 44.8 % 37.6 % 21.8 % nm 38.8 % Six Months Ended June 30, 2023 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 170,272 $ 108,239 $ 62,610 $ - $ 341,121 Gross Profit 60,804 38,708 14,763 (5,074 ) 109,201 Gross Profit % 35.7 % 35.8 % 23.6 % nm 32.0 % |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended | 6 Months Ended |
Jun. 30, 2024 | Jun. 30, 2024 | |
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] | 5. Other Information Rule 10b5 1 Trading Arrangements and Non-Rule 10b5 1 Trading Arrangements During the fiscal quarter ended June 30, 2024 none 16a 1 10b5 1 10b5 1 408 | |
Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Investments Cash equivalents include short-term investments in money market funds and certificates of deposit with an original maturity of three $250,000. The Company has held to maturity securities comprised of U.S. Treasury Bills. These investments are classified as held to maturity as the Company has the intent and ability to hold these investments until they mature. The held to maturity securities mature within the next 12 June 30, 2024 Amortized Cost Gross Unrealized Gain Fair Value Held to maturity U.S. Treasury securities $ 58,822 $ 384 $ 59,206 In determining the fair value of the Company's held to maturity U.S. Treasury securities, the Company utilized Level 1 June 30, 2024 |
Investment, Policy [Policy Text Block] | Investments We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not 20% 50% Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our original equity investment plus our share of those entities' undistributed earnings subsequent to our investment. We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may 2, Investment in Innolectric Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero 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 March 2020, 2020 04, Reference Rate Reform (Topic 848 2020 04" 2020 04 January 2021, 2021 01, 848 December 31, 2022. December 2022, 2022 06, Reference Rate Reform (Topic 848 848 December 31, 2024. January 2023, January 31, 2023. 2020 04 first 2023 not In June 2016, 2016 13, Financial Instruments Credit Losses (Topic 326 2016 13” , January 1, 2023, 2016 13. not Accounting Standards Issued But Not In November 2023, 2023 07, Segment Reporting (Topic 280 not December 15, 2023, December 15, 2024, no In December 2023, 2023 09, Income Taxes (Topic 740 2023 09 5% December 15, 2024, may December 31, 2025 may no |
Note 1 - Basis of Presentatio_2
Note 1 - Basis of Presentation and Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | Amortized Cost Gross Unrealized Gain Fair Value Held to maturity U.S. Treasury securities $ 58,822 $ 384 $ 59,206 |
Note 3 - Divestiture of Subsi_2
Note 3 - Divestiture of Subsidiary (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Total Cash and cash equivalents $ 2,072 Accounts receivable 1,030 Inventories 1,310 Property, plant and equipment 326 Other assets 48 Accounts payable (441 ) Accrued expenses (126 ) Income taxes payable (100 ) Other current liabilities (13 ) Other long-term liabilities (23 ) Total net assets transferred 4,083 Consideration received 5,063 Gain on sale recognized $ 980 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated By Geographic Region: North America $ 39,197 $ 45,380 $ 7,350 $ 91,927 $ 78,746 $ 89,264 $ 13,473 $ 181,483 Europe 14,610 11,242 1,118 26,970 30,943 20,678 2,334 53,955 Asia 4,744 1,200 8,364 14,308 9,109 2,165 14,583 25,857 $ 58,551 $ 57,822 $ 16,832 $ 133,205 $ 118,798 $ 112,107 $ 30,390 $ 261,295 By Sales Channel: Direct to customer $ 37,572 $ 36,428 $ 11,793 $ 85,793 $ 76,397 $ 70,498 $ 21,579 $ 168,474 Through distribution 20,979 21,394 5,039 47,412 42,401 41,609 8,811 92,821 $ 58,551 $ 57,822 $ 16,832 $ 133,205 $ 118,798 $ 112,107 $ 30,390 $ 261,295 Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated Power Solutions and Protection Connectivity Solutions Magnetic Solutions Consolidated By Geographic Region: North America $ 64,121 $ 44,233 $ 11,345 $ 119,699 $ 126,921 $ 87,245 $ 21,700 $ 235,866 Europe 15,907 9,561 2,666 28,134 29,507 17,962 5,431 52,900 Asia 7,063 1,049 12,832 20,944 13,844 3,032 35,479 52,355 $ 87,091 $ 54,843 $ 26,843 $ 168,777 $ 170,272 $ 108,239 $ 62,610 $ 341,121 By Sales Channel: Direct to customer $ 62,022 $ 35,970 $ 18,268 $ 116,260 $ 121,636 $ 69,694 $ 45,679 $ 237,009 Through distribution 25,069 18,873 8,575 52,517 48,636 38,545 16,931 104,112 $ 87,091 $ 54,843 $ 26,843 $ 168,777 $ 170,272 $ 108,239 $ 62,610 $ 341,121 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | June 30, December 31, 2024 2023 Contract assets - current (unbilled receivables) $ 5,906 $ 12,793 Contract liabilities - current (deferred revenue) $ 2,320 $ 3,046 |
Note 5 - Earnings Per Share (Ta
Note 5 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Numerator: Net earnings $ 18,806 $ 27,775 $ 34,680 $ 42,347 Less dividends declared: Class A 127 128 256 257 Class B 725 742 1,472 1,490 Undistributed earnings $ 17,954 $ 26,905 $ 32,952 $ 40,600 Undistributed earnings allocation: Class A undistributed earnings $ 2,901 $ 4,330 $ 5,317 $ 6,533 Class B undistributed earnings 15,053 22,575 27,635 34,067 Total undistributed earnings $ 17,954 $ 26,905 $ 32,952 $ 40,600 Net earnings allocation: Class A net earnings $ 3,028 $ 4,458 $ 5,573 $ 6,790 Class B net earnings 15,778 23,317 29,107 35,557 Net earnings $ 18,806 $ 27,775 $ 34,680 $ 42,347 Denominator: Weighted-average shares outstanding: Class A 2,124 2,142 2,131 2,142 Class B 10,492 10,634 10,551 10,636 Net earnings per share: Class A $ 1.43 $ 2.08 $ 2.61 $ 3.17 Class B $ 1.50 $ 2.19 $ 2.76 $ 3.34 |
Note 6 - Fair Value Measureme_2
Note 6 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] | June 30, 2024 Carrying value Fair value Cash and cash equivalents Other Current Assets Cash $ 61,321 $ 61,321 $ 61,321 $ - Level 1: Money market funds 22,201 22,201 22,201 - Money market funds (Rabbi Trust) 804 804 - - Subtotal 23,005 23,005 22,201 - Level 2: Certificates of deposit and time deposits 4,553 4,868 1,454 3,099 Subtotal 4,553 4,868 1,454 3,099 Total $ 88,879 $ 89,194 $ 84,976 $ 3,099 December 31, 2023 Carrying value Fair value Cash and cash equivalents Other Current Assets Cash $ 57,544 $ 57,544 $ 57,544 $ - Level 1: Money market funds 31,188 31,188 31,188 - Money market funds (Rabbi Trust) 303 303 - 303 Subtotal 31,491 31,491 31,188 303 Level 2: Certificates of deposit and time deposits 3,629 3,926 639 2,990 Subtotal 3,629 3,926 639 2,990 Total $ 92,664 $ 92,961 $ 89,371 $ 3,293 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | Balance Sheet Classification June 30, 2024 December 31, 2023 Derivative assets: Foreign currency forward contracts: Designated as cash flow hedges Other current assets $ - $ - Non designated as hedging instruments Other current assets - 486 Interest rate swap agreements: Designated as a cash flow hedge Other assets 4,012 3,960 Total derivative assets $ 4,012 $ 4,446 Derivative liabilities: Foreign currency forward contracts: Designated as cash flow hedges Other current liabilities $ 232 $ 5 Not designated as hedging instruments Other current liabilities 292 - Total derivative liabilities $ 524 $ 5 |
Note 7 - Inventories (Tables)
Note 7 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2024 2023 Raw materials $ 54,903 $ 63,647 Work in progress 44,000 42,038 Finished goods 29,028 30,855 Inventories $ 127,931 $ 136,540 |
Note 8 - Property, Plant and _2
Note 8 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | June 30, December 31, 2024 2023 Land $ 117 $ 348 Buildings and improvements 12,945 15,286 Machinery and equipment 98,439 98,527 Construction in progress 1,507 1,567 113,008 115,728 Accumulated depreciation (77,926 ) (79,195 ) Property, plant and equipment, net $ 35,082 $ 36,533 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, 2024 2023 Salaries, bonuses and related benefits $ 22,370 $ 33,566 Deferred revenue 2,320 3,046 Accrued restructuring costs 4,054 5,498 Sales commissions 2,377 2,347 Warranty accrual 1,659 1,542 Other 6,136 8,658 $ 38,916 $ 54,657 |
Restructuring and Related Costs [Table Text Block] | Six Months Ended June 30, 2024 Liability at Cash Payments Liability at December 31, New and Other June 30, 2023 Charges Settlements 2024 Severance costs $ 1,551 $ 703 $ (2,045 ) $ 209 Other restructuring costs 3,947 - (102 ) 3,845 Total $ 5,498 $ 703 $ (2,147 ) $ 4,054 |
Note 10 - Derivative Instrume_2
Note 10 - Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Derivative Instruments, Gain (Loss) [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Net (losses) gains recognized in AOCL: Foreign currency forward contracts $ (77 ) $ (1,091 ) $ (188 ) $ (1,452 ) Interest rate swap agreements 331 1,351 1,286 943 $ 254 $ 260 $ 1,098 $ (509 ) Net gains (losses) reclassified from AOCL to the consolidated statement of operations: Foreign currency forward contracts $ (83 ) $ (37 ) $ (351 ) $ 114 Interest rate swap agreements 622 562 1,237 1,048 $ 539 $ 525 $ 886 $ 1,162 |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, Classification in Consolidated Statements of Operations 2024 2023 2024 2023 Foreign currency forward contracts Other (expense)/income, net $ 103 $ 34 262 $ 34 $ 103 $ 34 $ 262 $ 34 |
Note 13 - Retirement, Savings_2
Note 13 - Retirement, Savings and Deferred Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2024 2023 2024 2023 Service cost $ 99 $ 92 $ 198 $ 185 Interest cost 226 221 452 443 Net amortization 20 18 40 35 Net periodic benefit cost $ 345 $ 331 $ 690 $ 663 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2024 2023 Prior service cost $ 172 $ 212 Net gain (1,336 ) (1,336 ) $ (1,164 ) $ (1,124 ) |
Note 14 - Accumulated Other C_2
Note 14 - Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | June 30, December 31, 2024 2023 Foreign currency translation adjustment, net of taxes of ($ 302 276 $ (21,198 ) $ (16,423 ) Unrealized gains on interest rate swap cash flow hedge, net of taxes of $ 0 0 4,009 3,960 Unrealized holding gains on marketable securities, net of taxes of ($ 7 7 20 19 Unfunded SERP liability, net of taxes of $ 727 718 437 407 Accumulated other comprehensive loss $ (16,732 ) $ (12,037 ) |
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block] | Foreign Currency Unrealized Gains on Unrealized Holding Translation Interest Rate Swap Gains on Unfunded Adjustment Cash Flow Hedge Marketable Securities SERP Liability Total Balance at December 31, 2023 $ (16,423 ) $ 3,960 $ 19 $ 407 $ (12,037 ) Other comprehensive (loss) income before reclassifications (5,126 ) 1,286 1 61 (3,778 ) Amount reclassified from accumulated other comprehensive loss 351 (1,237 ) - (31 ) (a) (917 ) Net current period other comprehensive (loss) income (4,775 ) 49 1 30 (4,695 ) Balance at June 30, 2024 $ (21,198 ) $ 4,009 $ 20 $ 437 $ (16,732 ) |
Note 16 - Segments (Tables)
Note 16 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2024 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 58,551 $ 57,822 $ 16,832 $ - $ 133,205 Gross Profit 26,736 22,512 4,442 (294 ) 53,396 Gross Profit % 45.7 % 38.9 % 26.4 % nm 40.1 % Three Months Ended June 30, 2023 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 87,091 $ 54,843 $ 26,843 $ - $ 168,777 Gross Profit 31,124 20,512 6,595 (2,694 ) 55,537 Gross Profit % 35.7 % 37.4 % 24.6 % nm 32.9 % Six Months Ended June 30, 2024 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 118,798 $ 112,107 $ 30,390 $ - $ 261,295 Gross Profit 53,252 42,129 6,616 (523 ) 101,474 Gross Profit % 44.8 % 37.6 % 21.8 % nm 38.8 % Six Months Ended June 30, 2023 Power Solutions Connectivity Magnetic and Protection Solutions Solutions Corporate Total Revenue $ 170,272 $ 108,239 $ 62,610 $ - $ 341,121 Gross Profit 60,804 38,708 14,763 (5,074 ) 109,201 Gross Profit % 35.7 % 35.8 % 23.6 % nm 32.0 % |
Note 1 - Basis of Presentatio_3
Note 1 - Basis of Presentation and Accounting Policies - Held to Maturity Securities (Details) - US Treasury Securities [Member] $ in Thousands | Jun. 30, 2024 USD ($) |
Held to maturity U.S. Treasury securities, amortized cost | $ 58,822 |
Held to maturity U.S. Treasury securities, gross unrealized gains | 384 |
Held to maturity U.S. Treasury securities, fair value | $ 59,206 |
Note 2 - Investment in Innole_2
Note 2 - Investment in Innolectric (Details Textual) $ in Thousands, € in Millions | 3 Months Ended | 6 Months Ended | |||||||
Feb. 01, 2023 USD ($) | Feb. 01, 2023 EUR (€) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 EUR (€) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 9,943 | $ 9,943 | $ 10,282 | ||||||
Innolectric AG [Member] | |||||||||
Loans and Leases Receivable, Related Parties, Additions | € | € 0.2 | € 0.7 | |||||||
Loans and Leases Receivable, Related Parties | 2,800 | 2,800 | € 2.6 | $ 2,100 | € 2 | ||||
Loans and Leases Receivable, Interest Rate | 5% | 5% | |||||||
Innolectric AG [Member] | Power Solutions and Protection Segment [Member] | |||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (300) | $ (100) | |||||||
Innolectric AG [Member] | |||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 33.33% | ||||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8,800 | € 8 | |||||||
Business Acquisition, Transaction Costs | 1,300 | ||||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,000 | ||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000 |
Note 3 - Divestiture of Subsi_3
Note 3 - Divestiture of Subsidiary (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2024 | Jun. 01, 2023 |
Bel Stewart s.r.o. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||
Disposal Group, Including Discontinued Operation, Consideration | $ 5,063 | $ 5,100 |
Note 3 - Divestiture of Subsi_4
Note 3 - Divestiture of Subsidiary - Assets and Liabilities Included in Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 01, 2023 | |
Gain on sale recognized | $ 0 | $ 1,115 | $ 0 | $ 1,115 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bel Stewart s.r.o. [Member] | |||||
Cash and cash equivalents | 2,072 | 2,072 | |||
Accounts receivable | 1,030 | 1,030 | |||
Inventories | 1,310 | 1,310 | |||
Property, plant and equipment | 326 | 326 | |||
Other assets | 48 | 48 | |||
Accounts payable | 441 | 441 | |||
Accrued expenses | 126 | 126 | |||
Income taxes payable | 100 | 100 | |||
Other current liabilities | 13 | 13 | |||
Other long-term liabilities | 23 | 23 | |||
Total net assets transferred | 4,083 | 4,083 | |||
Consideration received | $ 5,063 | 5,063 | $ 5,100 | ||
Gain on sale recognized | $ 980 |
Note 4 - Revenue (Details Textu
Note 4 - Revenue (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 18.4 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 10.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 3.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 4 - Revenue - Disaggregati
Note 4 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | $ 133,205 | $ 168,777 | $ 261,295 | $ 341,121 |
Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 85,793 | 116,260 | 168,474 | 237,009 |
Sales Channel, Through Intermediary [Member] | ||||
Net sales | 47,412 | 52,517 | 92,821 | 104,112 |
Power Solutions and Protection [Member] | ||||
Net sales | 58,551 | 87,091 | 118,798 | 170,272 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 37,572 | 62,022 | 76,397 | 121,636 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 20,979 | 25,069 | 42,401 | 48,636 |
Connectivity Solutions [Member] | ||||
Net sales | 57,822 | 54,843 | 112,107 | 108,239 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 36,428 | 35,970 | 70,498 | 69,694 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 21,394 | 18,873 | 41,609 | 38,545 |
Magnetic Solutions [Member] | ||||
Net sales | 16,832 | 26,843 | 30,390 | 62,610 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 11,793 | 18,268 | 21,579 | 45,679 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 5,039 | 8,575 | 8,811 | 16,931 |
North America [Member] | ||||
Net sales | 91,927 | 119,699 | 181,483 | 235,866 |
North America [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 39,197 | 64,121 | 78,746 | 126,921 |
North America [Member] | Connectivity Solutions [Member] | ||||
Net sales | 45,380 | 44,233 | 89,264 | 87,245 |
North America [Member] | Magnetic Solutions [Member] | ||||
Net sales | 7,350 | 11,345 | 13,473 | 21,700 |
Europe [Member] | ||||
Net sales | 26,970 | 28,134 | 53,955 | 52,900 |
Europe [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 14,610 | 15,907 | 30,943 | 29,507 |
Europe [Member] | Connectivity Solutions [Member] | ||||
Net sales | 11,242 | 9,561 | 20,678 | 17,962 |
Europe [Member] | Magnetic Solutions [Member] | ||||
Net sales | 1,118 | 2,666 | 2,334 | 5,431 |
Asia [Member] | ||||
Net sales | 14,308 | 20,944 | 25,857 | 52,355 |
Asia [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 4,744 | 7,063 | 9,109 | 13,844 |
Asia [Member] | Connectivity Solutions [Member] | ||||
Net sales | 1,200 | 1,049 | 2,165 | 3,032 |
Asia [Member] | Magnetic Solutions [Member] | ||||
Net sales | $ 8,364 | $ 12,832 | $ 14,583 | $ 35,479 |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Contract assets - current (unbilled receivables) | $ 5,906 | $ 12,793 |
Contract liabilities - current (deferred revenue) | $ 2,320 | $ 3,046 |
Note 5 - Earnings Per Share - B
Note 5 - Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net earnings | $ 18,806 | $ 15,874 | $ 27,775 | $ 14,572 | $ 34,680 | $ 42,347 |
Undistributed earnings | 17,954 | 26,905 | 32,952 | 40,600 | ||
Common Class A [Member] | ||||||
Net earnings | 3,028 | 4,458 | 5,573 | 6,790 | ||
Less dividends declared | 127 | 129 | 128 | 128 | 256 | 257 |
Undistributed earnings | $ 2,901 | $ 4,330 | $ 5,317 | $ 6,533 | ||
Class A - basic and diluted (in shares) | 2,124 | 2,142 | 2,131 | 2,142 | ||
Net earnings per common share - basic and diluted (in dollars per share) | $ 1.43 | $ 2.08 | $ 2.61 | $ 3.17 | ||
Common Class B [Member] | ||||||
Net earnings | $ 15,778 | $ 23,317 | $ 29,107 | $ 35,557 | ||
Less dividends declared | 725 | $ 747 | 742 | $ 747 | 1,472 | 1,490 |
Undistributed earnings | $ 15,053 | $ 22,575 | $ 27,635 | $ 34,067 | ||
Class A - basic and diluted (in shares) | 10,492 | 10,634 | 10,551 | 10,636 | ||
Net earnings per common share - basic and diluted (in dollars per share) | $ 1.5 | $ 2.19 | $ 2.76 | $ 3.34 |
Note 6 - Fair Value Measureme_3
Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative Asset | $ 4,012 | $ 4,446 |
Long-Term Debt, Fair Value | 60,000 | |
Long-Term Debt, Gross | 60,000 | |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | 500 | 500 |
Interest Rate Swap [Member] | ||
Derivative Asset | 4,000 | 4,000 |
Investments Held in Rabbi Trust [Member] | ||
Debt Securities, Available-for-Sale | $ 800 | $ 300 |
Note 6 - Fair Value Measureme_4
Note 6 - Fair Value Measurements - Fair Value Assets by Investment Category (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Cash and Cash Equivalents [Member] | ||
Assets, fair value | $ 84,976 | $ 89,371 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 22,201 | 31,188 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,454 | 639 |
Other Current Assets [Member] | ||
Assets, fair value | 3,099 | 3,293 |
Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 303 |
Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,099 | 2,990 |
Cash [Member] | Cash and Cash Equivalents [Member] | ||
Assets, fair value | 61,321 | 57,544 |
Cash [Member] | Other Current Assets [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 22,201 | 31,188 |
Money Market Funds [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds, Rabbi Trust [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds, Rabbi Trust [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 303 |
Certificates of Deposit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,454 | 639 |
Certificates of Deposit [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,099 | 2,990 |
Reported Value Measurement [Member] | ||
Assets, fair value | 88,879 | 92,664 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 23,005 | 31,491 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 4,553 | 3,629 |
Reported Value Measurement [Member] | Cash [Member] | ||
Assets, fair value | 61,321 | 57,544 |
Reported Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 22,201 | 31,188 |
Reported Value Measurement [Member] | Money Market Funds, Rabbi Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 804 | 303 |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 4,553 | 3,629 |
Estimate of Fair Value Measurement [Member] | ||
Assets, fair value | 89,194 | 92,961 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 23,005 | 31,491 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 4,868 | 3,926 |
Estimate of Fair Value Measurement [Member] | Cash [Member] | ||
Assets, fair value | 61,321 | 57,544 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 22,201 | 31,188 |
Estimate of Fair Value Measurement [Member] | Money Market Funds, Rabbi Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 804 | 303 |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | $ 4,868 | $ 3,926 |
Note 6 - Fair Value Measureme_5
Note 6 - Fair Value Measurements - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Total derivative assets | $ 4,012 | $ 4,446 |
Total derivative liabilities | 524 | 5 |
Interest Rate Swap [Member] | ||
Total derivative assets | 4,000 | 4,000 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Designated as cash flow hedges | 0 | 0 |
Non designated as hedging instruments | 0 | 486 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Designated as a cash flow hedge | 4,012 | 3,960 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Designated as a cash flow hedge | 232 | 5 |
Not designated as hedging instruments | $ 292 | $ 0 |
Note 7 - Inventories - Componen
Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Raw materials | $ 54,903 | $ 63,647 |
Work in progress | 44,000 | 42,038 |
Finished goods | 29,028 | 30,855 |
Inventories | $ 127,931 | $ 136,540 |
Note 8 - Property, Plant and _3
Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Depreciation | $ 2.3 | $ 2.2 | $ 4.6 | $ 4.2 | |
Zhongshan, PRC [Member] | |||||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 2.1 | $ 2.1 | $ 1.3 |
Note 8 - Property, Plant and _4
Note 8 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Property, plant and equipment, gross | $ 113,008 | $ 115,728 |
Accumulated depreciation | (77,926) | (79,195) |
Property, plant and equipment, net | 35,082 | 36,533 |
Land [Member] | ||
Property, plant and equipment, gross | 117 | 348 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 12,945 | 15,286 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 98,439 | 98,527 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 1,507 | $ 1,567 |
Note 9 - Accrued Expenses - Acc
Note 9 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Salaries, bonuses and related benefits | $ 22,370 | $ 33,566 |
Deferred revenue | 2,320 | 3,046 |
Accrued restructuring costs | 4,054 | 5,498 |
Sales commissions | 2,377 | 2,347 |
Warranty accrual | 1,659 | 1,542 |
Other | 6,136 | 8,658 |
Accrued Liabilities, Current | $ 38,916 | $ 54,657 |
Note 9 - Accrued Expenses - Act
Note 9 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Liability, beginning balance | $ 5,498 |
New charges | 703 |
Cash payment and other settlements | (2,147) |
Liability, ending balance | 4,054 |
Employee Severance [Member] | |
Liability, beginning balance | 1,551 |
New charges | 703 |
Cash payment and other settlements | (2,045) |
Liability, ending balance | 209 |
Other Restructuring [Member] | |
Liability, beginning balance | 3,947 |
New charges | 0 |
Cash payment and other settlements | (102) |
Liability, ending balance | $ 3,845 |
Note 10 - Derivative Instrume_3
Note 10 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jan. 31, 2023 |
Foreign Exchange Forward [Member] | |||
Derivative, Notional Amount | $ 18.8 | $ 25.8 | |
The 2021 Swaps One [Member] | |||
Derivative, Notional Amount | $ 30 | ||
Derivative, Fixed Interest Rate | 1.3055% | 1.334% | |
Derivative, Basis Spread on Variable Rate | 0.10% | ||
The 2021 Swaps Two [Member] | |||
Derivative, Notional Amount | $ 30 | ||
Derivative, Fixed Interest Rate | 1.318% | 1.348% |
Note 10 - Derivative Instrume_4
Note 10 - Derivative Instruments and Hedging Activities - Derivative Financial Instruments Effects on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net (losses) gains recognized in AOCL | $ 254 | $ 260 | $ 1,098 | $ (509) |
Net losses reclassified from AOCL to the consolidated statement of operations | 539 | 525 | 886 | 1,162 |
Foreign Exchange Forward [Member] | ||||
Net (losses) gains recognized in AOCL | (77) | (1,091) | (188) | (1,452) |
Net losses reclassified from AOCL to the consolidated statement of operations | (83) | (37) | (351) | 114 |
Interest Rate Swap [Member] | ||||
Net (losses) gains recognized in AOCL | 331 | 1,351 | 1,286 | 943 |
Net losses reclassified from AOCL to the consolidated statement of operations | $ 622 | $ 562 | $ 1,237 | $ 1,048 |
Note 10 - Derivative Instrume_5
Note 10 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Derivative instruments gain (loss) | $ 103 | $ 34 | $ 262 | $ 34 |
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | ||||
Derivative instruments gain (loss) | $ 103 | $ 34 | $ 262 | $ 34 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 18 Months Ended | ||||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Revolving Credit Facility [Member] | |||||||
Long-Term Line of Credit | $ 60,000 | $ 60,000 | $ 60,000 | $ 60,000 | |||
Credit and Security Agreement with KeyBank [Member] | |||||||
Interest Expense, Debt | 400 | $ 900 | 800 | $ 1,900 | |||
Debt, Weighted Average Interest Rate | 2.47% | ||||||
Long-Term Debt, Percentage Bearing Variable Interest, Amount | $ 0 | ||||||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000 | 175,000 | $ 175,000 | ||||
Debt Instrument, Term (Year) | 5 years | ||||||
Line of Credit Facility, Maximum Letters of Credit Capacity | 10,000 | 10,000 | $ 10,000 | ||||
Line of Credit Facility, Maximum Swing Line Loan Capacity | 5,000 | 5,000 | 5,000 | ||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 115,000 | $ 115,000 | $ 115,000 | $ 115,000 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Unrecognized Tax Benefits | $ 18 | $ 19.8 | |
Unrecognized Tax Benefits, Reduction From Lapse of Applicable Statue of Limitations | 2.7 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 0.2 | $ 0.3 | |
Deferred Tax Assets, Valuation Allowance | $ 1.1 | $ 2 |
Note 13 - Retirement, Savings_3
Note 13 - Retirement, Savings and Deferred Compensation Plans (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) shares | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Supplemental Employee Retirement Plan [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.1 | $ 0.3 | $ 0.2 | $ 0.9 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | |||||
Defined Contribution Plan, Cost | $ 0.3 | 0.3 | $ 0.9 | 0.7 | |
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member] | |||||
Shares Held in Plan (in shares) | shares | 271,013 | 271,013 | |||
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member] | |||||
Shares Held in Plan (in shares) | shares | 59,080 | 59,080 | |||
Nonqualified Deferred Compensation Plan [Member] | |||||
Deferred Compensation Arrangement, Vesting Age | 65 | 65 | |||
Deferred Compensation Plan Assets | $ 1.2 | $ 1.2 | $ 1 | ||
Nonqualified Deferred Compensation Plan [Member] | Maximum [Member] | |||||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 |
Note 13 - Retirement, Savings_4
Note 13 - Retirement, Savings and Deferred Compensation Plans - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Service cost | $ 99 | $ 92 | $ 198 | $ 185 |
Interest cost | 226 | 221 | 452 | 443 |
Net amortization | 20 | 18 | 40 | 35 |
Net periodic benefit cost | $ 345 | $ 331 | $ 690 | $ 663 |
Note 13 - Retirement, Savings_5
Note 13 - Retirement, Savings and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Prior service cost | $ 172 | $ 212 |
Net gain | (1,336) | (1,336) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (1,164) | $ (1,124) |
Note 14 - Accumulated Other C_3
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Foreign currency translation adjustment, net of taxes of ($302) at June 30, 2024 and ($276) at December 31, 2023 | $ (21,198) | $ (16,423) |
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at June 30, 2024 and $0 at December 31, 2023 | 4,009 | 3,960 |
Unrealized holding gains on marketable securities, net of taxes of ($7) at June 30, 2024 and ($7) at December 31, 2023 | 20 | 19 |
Unfunded SERP liability, net of taxes of $727 at June 30, 2024 and $718 at December 31, 2023 | 437 | 407 |
Accumulated other comprehensive loss | $ (16,732) | $ (12,037) |
Note 14 - Accumulated Other C_4
Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2024 | Dec. 31, 2023 |
Foreign currency translation adjustment, tax | $ (302) | $ (276) |
Unrealized gains (losses) on interest rate swap cash flow hedge, tax | 0 | 0 |
Unrealized holding gains on available-for-sale securities, tax | (7) | (7) |
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax | $ 727 | $ 718 |
Note 14 - Accumulated Other C_5
Note 14 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | ||
Balance | $ 346,657 | $ 278,063 | $ 340,558 | $ 262,346 | |
Other comprehensive loss | (1,275) | (1,428) | (4,695) | (310) | |
Balance | 356,415 | 304,490 | 356,415 | 304,490 | |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |||||
Balance | (16,423) | ||||
Other comprehensive (loss) income before reclassifications | (5,126) | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | 351 | |||
Other comprehensive loss | (4,775) | ||||
Balance | (21,198) | (21,198) | |||
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | |||||
Balance | 3,960 | ||||
Other comprehensive (loss) income before reclassifications | 1,286 | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | (1,237) | |||
Other comprehensive loss | 49 | ||||
Balance | 4,009 | 4,009 | |||
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |||||
Balance | 19 | ||||
Other comprehensive (loss) income before reclassifications | 1 | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | 0 | |||
Other comprehensive loss | 1 | ||||
Balance | 20 | 20 | |||
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||||
Balance | 407 | ||||
Other comprehensive (loss) income before reclassifications | 61 | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | (31) | |||
Other comprehensive loss | 30 | ||||
Balance | 437 | 437 | |||
AOCI Attributable to Parent [Member] | |||||
Balance | (15,457) | (15,428) | (12,037) | (16,546) | |
Other comprehensive (loss) income before reclassifications | (3,778) | ||||
Amount reclassified from accumulated other comprehensive loss | [1] | (917) | |||
Other comprehensive loss | (4,695) | ||||
Balance | $ (16,732) | $ (16,856) | $ (16,732) | $ (16,856) | |
[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 income/expense, net on the accompanying condensed consolidated statements of operations. |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions | 12 Months Ended | 252 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2024 | Dec. 31, 1994 | |
Arezzo Revenue Agency [Member] | ||||
Loss Contingency, Estimate of Possible Loss | $ 12 | |||
EOS Claim From Principal Commissioner of Customs [Member] | EOS Power Panama Inc. [Member] | ||||
Customs Duties and Imposed Fines | $ 0.9 | $ 1.4 | ||
Payment for Customs Duties and Imposed Fines and Penalties | $ 0.5 | |||
Indemnification Period (Year) | 7 years |
Note 16 - Segments (Details Tex
Note 16 - Segments (Details Textual) | 6 Months Ended |
Jun. 30, 2024 | |
Number of Industry in which Entity Operates | 1 |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
Note 16 - Segments - Segments (
Note 16 - Segments - Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenue | $ 133,205 | $ 168,777 | $ 261,295 | $ 341,121 |
Gross Profit | $ 53,396 | $ 55,537 | $ 101,474 | $ 109,201 |
Gross Profit % | 40.10% | 32.90% | 38.80% | 32% |
Power Solutions and Protection Segment [Member] | ||||
Revenue | $ 58,551 | $ 87,091 | $ 118,798 | $ 170,272 |
Gross Profit | $ 26,736 | $ 31,124 | $ 53,252 | $ 60,804 |
Gross Profit % | 45.70% | 35.70% | 44.80% | 35.70% |
Connectivity Solutions [Member] | ||||
Revenue | $ 57,822 | $ 54,843 | $ 112,107 | $ 108,239 |
Gross Profit | $ 22,512 | $ 20,512 | $ 42,129 | $ 38,708 |
Gross Profit % | 38.90% | 37.40% | 37.60% | 35.80% |
Magnetic Solutions Segment [Member] | ||||
Revenue | $ 16,832 | $ 26,843 | $ 30,390 | $ 62,610 |
Gross Profit | $ 4,442 | $ 6,595 | $ 6,616 | $ 14,763 |
Gross Profit % | 26.40% | 24.60% | 21.80% | 23.60% |
Corporate Segment [Member] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gross Profit | $ (294) | $ (2,694) | $ (523) | $ (5,074) |