View Filing Data

Print Document View Excel Document

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2018	May 01, 2018
Entity Information [Line Items]
Entity Registrant Name	BEL FUSE INC /NJ
Entity Central Index Key	0000729580
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Document Fiscal Year Focus	2018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Class A Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		2,174,912
Class B Common Stock [Member]
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		9,847,102

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets:
Cash and cash equivalents	$ 66,852	$ 69,354
Accounts receivable, net of allowance for doubtful accounts of $1,709 in 2018 and $1,745 in 2017	76,787	78,808
Unbilled receivables	13,643	0
Inventories	102,693	107,719
Other current assets	10,004	10,218
Total current assets	269,979	266,099
Property, plant and equipment, net	43,322	43,495
Intangible assets, net	68,286	69,366
Goodwill	20,419	20,177
Deferred income taxes	4,980	4,155
Other assets	28,408	27,973
Total assets	435,394	431,265
Current Liabilities:
Accounts payable	48,169	47,947
Accrued expenses	27,409	30,508
Current portion of long-term debt	2,642	2,641
Other current liabilities	7,664	6,204
Total current liabilities	85,884	87,300
Long-term Liabilities:
Long-term debt	119,390	120,053
Liability for uncertain tax positions	28,788	27,948
Minimum pension obligation and unfunded pension liability	19,403	19,134
Deferred income taxes	1,778	1,567
Other liabilities	15,976	17,303
Total liabilities	271,219	273,305
Commitments and contingencies
Stockholders' Equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0
Additional paid-in capital	29,355	28,575
Retained earnings	149,171	147,807
Accumulated other comprehensive loss	(15,553)	(19,625)
Total stockholders' equity	164,175	157,960
Total liabilities and stockholders' equity	435,394	431,265
Class A Common Stock [Member]
Stockholders' Equity:
Common Stock	217	217
Class B Common Stock [Member]
Stockholders' Equity:
Common Stock	$ 985	$ 986

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current Assets
Accounts receivable, allowance for doubtful accounts	$ 1,709	$ 1,745
Stockholders' Equity:
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	1,000,000	1,000,000
Preferred stock, issued (in shares)	0	0
Class A Common Stock [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, outstanding (in shares)	2,174,912	2,174,912
Common stock, treasury shares (in shares)	1,072,769	1,072,769
Class B Common Stock [Member]
Stockholders' Equity:
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, authorized (in shares)	30,000,000	30,000,000
Common stock, outstanding (in shares)	9,847,102	9,859,352
Common stock, treasury shares (in shares)	3,218,307	3,218,307

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Net sales	$ 118,251	$ 113,668
Cost of sales	97,118	90,305
Gross profit	21,133	23,363
Selling, general and administrative expense	20,692	20,975
Restructuring charges	4	33
Income from operations	437	2,355
Interest expense	(1,177)	(1,424)
Other income/expense, net	(238)	(208)
(Loss) earnings before provision for (benefit from) income taxes	(978)	723
Provision for (benefit from) income taxes	325	(23)
Net (loss) earnings available to common stockholders	(1,303)	746
Class A Common Share [Member]
Net (loss) earnings available to common stockholders	$ (240)	$ 116
Net (loss) earnings per common share:
Common share - basic and diluted (in dollars per share)	$ (0.11)	$ 0.05
Weighted-average number of shares outstanding:
Common share - basic and diluted (in shares)	2,175	2,175
Dividends paid per common share:
Common share (in dollars per share)	$ 0.06	$ 0.06
Class B Common Share [Member]
Net (loss) earnings available to common stockholders	$ (1,063)	$ 630
Net (loss) earnings per common share:
Common share - basic and diluted (in dollars per share)	$ (0.11)	$ 0.06
Weighted-average number of shares outstanding:
Common share - basic and diluted (in shares)	9,856	9,845
Dividends paid per common share:
Common share (in dollars per share)	$ 0.07	$ 0.07

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net (loss) earnings available to common stockholders	$ (1,303)	$ 746
Other comprehensive income:
Currency translation adjustment, net of taxes of $25 in 2018 and ($32) in 2017	4,017	1,910
Unrealized holding gains on marketable securities arising during the period, net of taxes of $20 in 2018 and $178 and 2017	(31)	(279)
Change in unfunded SERP liability, net of taxes of ($25) in 2018 and ($32) in 2017	86	62
Other comprehensive income	4,072	1,693
Comprehensive income	$ 2,769	$ 2,439

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other comprehensive income:
Currency translation adjustment, tax	$ 25	$ (32)
Unrealized holding gains on marketable securities arising during the period, tax	20	178
Change in unfunded SERP liability, tax	$ (25)	$ (32)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net (loss) earnings	$ (1,303)	$ 746
Adjustments to reconcile net (loss) earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	4,776	5,227
Stock-based compensation	777	785
Amortization of deferred financing costs	120	277
Deferred income taxes	(505)	(535)
Net unrealized losses on foreign currency revaluation	1,002	532
Other, net	520	56
Changes in operating assets and liabilities:
Accounts receivable	2,528	1,985
Unbilled receivables	893	0
Inventories	(4,734)	(2,384)
Account payable	(777)	(932)
Accrued expenses	(3,616)	(4,651)
Other operating assets/liabilities, net	645	(1,822)
Net cash provided by (used in) operating activities	326	(716)
Cash flows from investing activities:
Purchases of property, plant and equipment	(2,216)	(1,009)
Proceeds from disposal/sale of property, plant and equipment	48	9
Net cash used in investing activities	(2,168)	(1,000)
Cash flows from financing activities:
Dividends paid to common stockholders	(791)	(781)
Borrowings under revolving credit line	0	6,000
Repayments of revolving credit line	0	(2,000)
Reduction in notes payable	0	(203)
Repayments of long-term debt	(781)	(2,544)
Net cash (used in) provided by financing activities	(1,572)	472
Effect of exchange rate changes on cash and cash equivalents	912	114
Net decrease in cash and cash equivalents	(2,502)	(1,130)
Cash and cash equivalents - beginning of period	69,354	73,411
Cash and cash equivalents - end of period	66,852	72,281
Cash paid during the period for:
Income taxes, net of refunds received	1,040	478
Interest payment	$ 1,079	$ 1,143

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2018

BASIS OF PRESENTATION AND ACCOUNTING POLICIES [Abstract]

BASIS OF PRESENTATION AND ACCOUNTING POLICIES

1.	BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated balance sheets, statements of operations, comprehensive income (loss) and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form 10-K for the year ended December 31, 2017.

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 the following condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the 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 of the Company's Annual Report on Form 10-K for the year ended December 31, 2017. There were no significant changes to these accounting policies during the three months ended March 31, 2018, except as discussed in Note 2, Revenue, related to the adoption of the new revenue standards.

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 May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB issued several other updates related to revenue recognition (collectively with ASU 2014-09, the "new revenue standards" or "ASC 606"). We adopted the guidance under the new revenue standards effective January 1, 2018 using the modified retrospective approach by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings.

Upon adoption, the new revenue standards replaced most existing revenue recognition guidance in U.S. GAAP. Based on our review of representative samples of contracts and other forms of agreements with customers globally and our evaluation of the provisions under the five-step model specified by the new revenue standards, the Company has implemented changes with respect to timing of revenue recognition primarily related to arrangements for which the customer takes the Company's products from a facility holding consignment inventory.

In connection with the modified retrospective application of the new revenue standards, we recorded an adjustment to increase retained earnings of $3.4 million upon the January 1, 2018 adoption date. Apart from this adjustment and the inclusion of additional required disclosures in Note 2, the adoption of the new revenue standards did not have a material impact on the Company's condensed consolidated financial statements.

In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, entities will be required to measure certain equity investments at fair value and recognize any changes in fair value in net earnings, unless the investments qualify for the new practicability exception. The new standard was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017. We adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements.

In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This accounting guidance was effective for annual reporting periods beginning after December 31, 2017, including interim reporting periods within those annual reporting periods, and should be applied retrospectively to all periods presented. This guidance was adopted by the Company effective January 1, 2018 and it did not have any impact on the Company's condensed consolidated statement of cash flows in the periods presented.

In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfer until the asset has been sold to an outside party. The new guidance eliminates the exception and requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This accounting guidance was effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. This guidance was adopted by the Company effective January 1, 2018 and it did not have a material impact on the Company's condensed consolidated financial position or results of operations.

In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"), to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. ASU 2017-01 provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. The Company adopted ASU 2017-01 on January 1, 2018, and the guidance will be applied on a prospective basis.

In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"). This guidance requires that an employer disaggregate the service cost component from the other components of net benefit cost. ASU 2017-07 requires employers to present the service cost component of the net periodic benefit cost in the same income statement line as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service costs and actuarial gains/losses, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income. The guidance also specifies that the amount of costs that can be capitalized will be limited to service cost only. The Company adopted the guidance of ASU 2017-07 on January 1, 2018 and elected to apply the practical expedient and use the amounts disclosed in Note 9 to the financial statements included in Part I, Item 1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 as the basis for applying the retrospective application required by the standard. The amounts reclassified within the statement of operations for the three-month period ended March 31, 2017 were not material.

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). This update provides guidance about which changes to the terms or conditions of a share-based payment require an entity to apply modification accounting in Topic 718. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018, and the guidance within this update will be applied to any future award modifications.

Accounting Standards Issued But Not Yet Adopted

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to provide a new comprehensive model for lease accounting. Under this guidance, lessees and lessors should apply a "right-of-use" model in accounting for all leases (including subleases) and eliminate the concept of operating leases and off-balance sheet leases. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. We are currently in the process of evaluating this new standard update.

In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Early adoption is permitted for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is required to adopt ASU 2017-04 for its annual or any interim goodwill impairment tests for annual periods beginning after December 15, 2019, and the guidance is to be applied on a prospective basis.

In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act, which was enacted on December 22, 2017. This guidance is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act is recognized. Early adoption is permitted. We are currently in the process of evaluating this new standard update.

REVENUE

3 Months Ended

Mar. 31, 2018

REVENUE [Abstract]

REVENUE

Significant Accounting Policy

On January 1, 2018, the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with our historical accounting under ASC 605. The adoption of ASC 606 represents a change in accounting principle that will more closely align revenue recognition with the transfer of control of the Company's goods and services and provides financial statement readers with enhanced disclosures related to the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers.

In accordance with ASC 606, revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods and services.

Taxes assessed by a governmental authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as a fulfillment cost and are included in cost of sales.

Nature of Goods and Services

Our revenues are substantially derived from sales of our products.

In our connectivity solutions product group, we provide high-quality and reliable high-performance connectors and cable assemblies to the aerospace, military/defense, commercial, rugged harsh environment and communication markets. This group also includes passive jacks, plugs and cable assemblies that provide connectivity in networking equipment, as well as modular plugs and cable assemblies used within the structured cabling system, known as premise wiring.

In our power solutions and protection group, we provide intelligent, efficient and reliable AC-DC and DC-DC power conversion devices and circuit protection products. Applications range from board-mount power to system-level architectures for servers, storage, networking, industrial and transportation.

In our magnetic solutions group, we provide an extensive line of integrated connector modules (ICM), where an Ethernet magnetic solution is integrated into a connector package. Products within the Company's magnetic solutions group are primarily used in networking and industrial applications.

The Company also provides incremental services to our customers in the form of training, technical support, special tooling, and other support as deemed necessary from time to time. For purposes of ASC 606, all such incremental services were concluded to be immaterial in the context of the contracts.

Types of Contracts

Substantially all of the Company's revenue is derived from contracts with its customers under one of the following types of contracts:

Direct with customer: This includes contracts with original equipment manufacturers (OEMs), original design manufacturers (ODMs), and contract manufacturers (CMs). The nature of Bel's products are such that they represent components which are installed in various end applications (i.e. servers, aircraft, missiles and rail applications). The OEM, ODM or CM that purchases our product for further installation are our end customers. Contracts with these customers are broad-based and cover general terms and conditions. Details such as order volume and pricing are typically contained in individual purchase orders, and as a result, we view each product on each purchase order as an individual performance obligation. Incremental services included in the contracts, such as training, tooling and other customer support are determined to be immaterial in the context of the contract, both individually and in the aggregate. Revenue under these contracts is generally recognized at a point in time, generally upon shipping or delivery, which closely mirrors the shipping terms dictated by the applicable contract.

Distributor: Distribution customers buy product directly from Bel and sell it in the marketplace to end customers. Bel contracts directly with the distributor. These contracts are typically global in nature and cover a variety of our product groups. Similar to contracts with OEMs, ODMs and CMs, each product on each purchase order is considered an individual performance obligation. Revenue is recognized at a point in time, generally upon shipping or delivery, which closely mirrors the shipping terms dictated by the applicable contract.

Consignment: These customers operate under a type of concession agreement whereby the Company ships goods to a warehouse or hub, where they will be pulled by the customer at a later date. The terms specified in the consignment contracts specify that the Company will not invoice the customer for product until it is pulled from the warehouse or hub. Once product arrives at the hub, it is generally not returned to Bel unless there is a warranty issue (see "Warranties" section below). Similar to the contracts described above, each product on each purchase order is considered an individual performance obligation. Under ASC 606, it was determined that the majority of these hubs are customer-controlled, and therefore control transfers to the customer upon either delivery from Bel's warehouse, or arrival at the customer-controlled hub, depending upon the applicable shipping terms. Effective January 1, 2018, revenue is recognized as control of the product is transferred to the customer (for customer-controlled hubs, this is at the time product is shipped to the hub). This gives rise to an unbilled receivable balance, as we do not have the right to invoice the customer until product is pulled from the hub.

Licensing Agreements: License agreements are only applicable to our Power Solutions and Protection product group, and include provisions for Bel to receive sales-based royalty income related to the licensing of Bel's patents or other intellectual property (IP) utilized by a third-party entity. Income related to these agreements is tracked by the licensee throughout the year based on their sales of product that utilize Bel's IP, and that data is reported to Bel either on a quarterly or annual basis, with payment generally received within 30 days of the reporting date. Our performance obligation is satisfied upon delivery of the IP at the beginning of the license period, as the licenses are functional in nature. However, the recognition of revenue associated with these licenses is subject to the sales- or usage-based constraint on variable consideration. As such, the Company records a constrained estimate of this variable consideration as royalty income in the period of the underlying customers' product sales, with adjustments made as actual licensee sales data becomes available.

Warranties

Warranties vary by product line and are competitive for the markets in which the Company operates. Warranties generally extend for one to three years from the date of sale, providing customers with assurance that the related product will function as intended. The Company reviews its warranty liability quarterly based on an analysis of actual expenses and failure rates accompanied with estimated future costs and projected failure rate trends. Factors taken into consideration when evaluating our warranty reserve are (i) historical claims for each product, (ii) volume increases, (iii) life of warranty, (iv) historical warranty repair costs and (v) other factors. To the extent that actual experience differs from our estimate, the provision for product warranties will be adjusted in future periods. Actual warranty repair costs are charged against the reserve balance as incurred. See Note 11, "Accrued Expenses."

Product Returns

We estimate product returns, including product exchanges under warranty, based on historical experience. In general, the Company is not contractually obligated to accept returns except for defective product or in instances where the product does not meet the Company's product specifications. However, the Company may permit its customers to return product for other reasons. In certain instances, the Company would generally require a significant cancellation penalty payment by the customer. The Company estimates such returns, where applicable, based upon management's evaluation of historical experience, market acceptance of products produced and known negotiations with customers. Such estimates are deducted from sales and provided for at the time revenue is recognized. Distribution customers often receive what is referred to as "ship and debit" arrangements, whereby Bel will invoice them at an agreed upon unit price upon shipment of product and a price reduction may be granted if the market price of the product declines after shipment. Distributors may also be entitled to special pricing discount credits, and certain customers are entitled to return allowances based on previous sales volumes. Bel deducts estimates for anticipated credits, refunds and returns from sales each quarter based on historical experience.

Significant Payment Terms

Contracts with customers indicate the general terms and conditions in which business will be conducted for a set period of time. Individual purchase orders state the description, quantity and price of each product purchased. Payment for products sold under direct contracts with customers or contracts with distributors is typically due in full within 30-90 days from the transfer of title to customer. Payment for products sold under consignment contracts is typically due within 60 days of the customer pulling the product from the hub. Payment due related to our licensing agreements is generally within 30 days of receiving the licensee sales data, which is either on a quarterly or annual basis.

Since the customer agrees to a stated price for each product on each purchase order, the majority of contracts are not subject to variable consideration, except as discussed above related to product returns. However, the "ship and debit" arrangements with distributors, royalty income associated with our licensing agreements, and the product returns described above are each deemed to be variable consideration which requires the Company to make constrained estimates based on historical data.

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product group and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

	Three Months Ended March 31, 2018
	North
	America		Asia		Europe		Consolidated

By Product Group:
Connectivity solutions	$	31,046	$	3,420	$	8,453	$	42,919
Magnetic solutions		8,051		27,825		2,352		38,228
Power solutions and protection		20,360		7,375		9,369		37,104
	$	59,457	$	38,620	$	20,174	$	118,251

By Sales Channel:
Direct to customer	$	37,897	$	32,927	$	14,193	$	85,017
Through distribution		21,560		5,693		5,981		33,234
	$	59,457	$	38,620	$	20,174	$	118,251

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:

	Balance at		Adjustments			Balance at
	December 31,		Due to			January 1,
	2017		ASC 606			2018
Balance Sheet
Unbilled receivables	$	-	$	14,536		$	14,536
Inventory		107,719		(11,044	)		96,675
Other current liabilities		6,204		43			6,247
Retained earnings		147,807		3,449			151,256

In accordance with the new revenue standard requirements, the disclosure of the impact of adoption on our balance sheet as of March 31, 2018 and consolidated statement of operations for the period ended March 31, 2018 was as follows:

	As of March 31, 2018
			Balances		Effect of
	As		Without Adoption		Change
	Reported		of ASC 606		Higher/(Lower)

Balance Sheet
Assets
Unbilled receivables	$	13,643	$	-	$	13,643
Inventories		102,693		112,650		(9,957	)

Liabilities
Other current liabilities		7,664		7,553		111

Equity
Retained earnings		149,171		145,596		3,575

	Three Months Ended March 31, 2018
				Balances			Effect of
	As			Without Adoption			Change
	Reported			of ASC 606			Higher/(Lower)

Statement of Operations
Net sales	$	118,251		$	119,092		$	(841	)
Cost of sales		97,118			98,205			(1,087	)
Operating income		437			191			246
Provision for income taxes		325			260			65
Net earnings	$	(1,303	)	$	(1,484	)	$	181

Contract Assets and Contract Liabilities:

A contract asset results when goods or services have been transferred to the customer but payment is contingent upon a future event, other than passage of time. In the case of our consignment arrangements, we are unable to invoice the customer until product is pulled from the hub by the customer, which generates an unbilled receivable (a contract asset) when revenue is initially recognized.

A contract liability results when cash payments are received or due in advance of our performance obligation being met. We have certain customers who provide payment in advance of product being shipped, which results in deferred revenue (a contract liability).

The balances of the Company's contract assets and contract liabilities at March 31, 2018 are as follows:

	March 31,		January 1,
	2018		2018

Contract assets - current (unbilled receivable)	$	13,643	$	14,536
Contract liabilities - current (deferred revenue)	$	1,829	$	855

The change in balance of our unbilled receivables from January 1, 2018 to March 31, 2018 primarily relates to a timing difference between the Company's performance (i.e. when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e. when the customer pulls our product from the customer-controlled hub). Of the $0.9 million of deferred revenue at January 1, 2018, $0.5 million was recognized as revenue during the three months ended March 31, 2018.

Transaction Price Allocated to Future Obligations:

The aggregate amount of transaction price allocated to remaining performance obligations that have not been satisfied as of March 31, 2018 related to contracts that exceed one year in duration amounted to $17.4 million, with expected contract expiration dates that range from 2019 - 2024. It is expected that 36% of this aggregate amount will be recognized in 2019, 61% will be recognized in 2020 and the remainder will be recognized in years beyond 2020. The majority of the Company's total backlog of orders at March 31, 2018 is related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers. The transaction price related to these future obligations also excludes variable consideration consisting of sales or usage-based royalties earned on licensing agreements. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the licensed intellectual property.

Other Practical Expedients:

In the application of the recognition and measurement principles of ASC 606, the Company elected to utilize the following additional practical expedients which are provided for within the guidance:

·	Financing Components: Bel has elected the practical expedient which enables management to disregard the effects of a financing component if the time difference between delivery of goods or services and payment for the goods or services is within one year.

Costs to Obtain a Contract: As part of negotiations, Bel may incur incremental costs to obtain a contract. Incremental costs are only those costs that would not have been incurred if the contract had not been obtained (e.g. sales commissions). Bel has elected the practical expedient that allows incremental costs to obtain a contract to be expensed as incurred when the expected amortization period is one year or less.

(LOSS) EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

(LOSS) EARNINGS PER SHARE [Abstract]

(LOSS) EARNINGS PER SHARE

3.	(LOSS) EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted net (loss) earnings per common share under the two-class method for the three months ended March 31, 2018 and 2017:

	Three Months Ended
	March 31,
	2018			2017

Numerator:
Net (loss) earnings	$	(1,303	)	$	746
Less dividends declared:
Class A		130			130
Class B		700			699
Undistributed loss	$	(2,133	)	$	(83	)

Undistributed loss allocation - basic and diluted:
Class A undistributed loss	$	(370	)	$	(14	)
Class B undistributed loss		(1,763	)		(69	)
Total undistributed loss	$	(2,133	)	$	(83	)

Net earnings (loss) allocation - basic and diluted:
Class A net (loss) earnings	$	(240	)	$	116
Class B net (loss) earnings		(1,063	)		630
Net (loss) earnings	$	(1,303	)	$	746

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,175			2,175
Class B - basic and diluted		9,856			9,845

Net (loss) earnings per share:
Class A - basic and diluted	$	(0.11	)	$	0.05
Class B - basic and diluted	$	(0.11	)	$	0.06

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2018
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	4. 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 levels of inputs that may be used to measure fair value: Level 1 – Observable inputs such as quoted market prices in active markets; Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3 – Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions. As of March 31, 2018 and December 31, 2017, the Company held certain financial assets that are measured at fair value on a recurring basis. These consisted of securities that are among the Company's investments in a rabbi trust which are intended to fund the Company's Supplemental Executive Retirement Plan ("SERP") obligations. The securities that are held in the rabbi trust are categorized as available-for-sale securities and are included as other assets in the accompanying condensed consolidated balance sheets at March 31, 2018 and December 31, 2017. The gross unrealized gains associated with the investment securities held in the rabbi trust were $0.2 million at each of March 31, 2018 and December 31, 2017. Such unrealized gains are included, net of tax, in accumulated other comprehensive loss. As of March 31, 2018 and December 31, 2017, our available-for-sale securities, which primarily consist of investments held in a rabbi trust of $1.5 million at each date, are measured at fair value using quoted prices in active markets for identical assets (Level 1) inputs. The Company does not have any financial assets measured at fair value on a recurring basis categorized as Level 3, and there were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2018 or March 31, 2017. There were no changes to the Company's valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during the three months ended March 31, 2018. There were no financial assets accounted for at fair value on a nonrecurring basis as of March 31, 2018 or December 31, 2017. The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable, accrued expenses and notes payable, which are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. 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 March 31, 2018 and December 31, 2017, the estimated fair value of total debt was $123.5 million and $124.8 million, respectively, compared to a carrying amount of $122.0 million and $122.7 million, respectively. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of March 31, 2018. Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. There were no triggering events that occurred during the three months ended March 31, 2018 that would warrant interim impairment testing.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORIES

3 Months Ended

Mar. 31, 2018

INVENTORIES [Abstract]

INVENTORIES

5. INVENTORIES

The components of inventories are as follows:

	March 31,		December 31,
	2018		2017
Raw materials	$	52,315	$	46,712
Work in progress		19,949		17,688
Finished goods		30,429		43,319
Inventories	$	102,693	$	107,719

PROPERTY, PLANT AND EQUIPMENT

3 Months Ended

Mar. 31, 2018

PROPERTY, PLANT AND EQUIPMENT [Abstract]

PROPERTY, PLANT AND EQUIPMENT

6.	PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	March 31,			December 31,
	2018			2017
Land	$	2,266		$	2,259
Buildings and improvements		31,362			30,761
Machinery and equipment		122,984			122,773
Construction in progress		2,209			1,511
		158,821			157,304
Accumulated depreciation		(115,499	)		(113,809	)
Property, plant and equipment, net	$	43,322		$	43,495

Depreciation expense for the three months ended March 31, 2018 and 2017 was $3.2 million and $3.5 million, respectively.

ACCRUED EXPENSES

3 Months Ended

Mar. 31, 2018

ACCRUED EXPENSES [Abstract]

ACCRUED EXPENSES

7.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	March 31,		December 31,
	2018		2017
Sales commissions	$	2,321	$	2,461
Subcontracting labor		1,221		1,408
Salaries, bonuses and related benefits		14,097		16,531
Warranty accrual		1,606		1,769
Other		8,164		8,339
	$	27,409	$	30,508

A tabular presentation of the activity within the warranty accrual account for the three months ended March 31, 2018 and 2017 is presented below:

	Three Months Ended March 31,
	2018			2017
Balance, January 1	$	1,769		$	2,718
Adjustments related to pre-existing warranties
(including changes in estimates)		(143	)		(158	)
Less repair costs incurred		(61	)		(50	)
Currency translation		41			30
Balance, March 31	$	1,606		$	2,540

DEBT

3 Months Ended

Mar. 31, 2018

DEBT [Abstract]

DEBT

The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "CSA"). The CSA consists of (i) a term loan, with outstanding borrowings of $124.2 million and $125.0 million at March 31, 2018 and December 31, 2017, respectively and (ii) a $75 million revolving credit facility ("Revolver"), with no outstanding borrowings at March 31, 2018 or December 31, 2017. The CSA has a maturity date of December 11, 2022. At March 31, 2018 and December 31, 2017, the carrying value of the debt on the condensed consolidated balance sheet is reflected net of $2.2 million and $2.3 million, respectively, of deferred financing costs.

The weighted-average interest rate in effect was 3.69% at March 31, 2018 and 3.38% at December 31, 2017 and consisted of LIBOR plus the Company's credit spread, as determined per the terms of the CSA. The Company incurred $1.2 million and $1.4 million of interest expense during the three months ended March 31, 2018 and March 31, 2017, respectively.

The CSA contains customary representations and warranties, covenants and events of default and financial covenants that measure (i) the ratio of the Company's total funded indebtedness, on a consolidated basis, to the amount of the Company's consolidated EBITDA, as defined, ("Leverage Ratio") and (ii) the ratio of the amount of the Company's consolidated EBITDA to the Company's consolidated fixed charges. If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At March 31, 2018, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2018
INCOME TAXES [Abstract]
INCOME TAXES	9. INCOME TAXES The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2014 and for state examinations before 2011. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2007 in Asia and generally 2010 in Europe. 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 change materially from those recorded as liabilities for uncertain tax positions in the Company's consolidated financial statements at March 31, 2018. The Company's liabilities for uncertain tax positions totaled $31.3 million and $30.4 million at March 31, 2018 and December 31, 2017, respectively, of which $2.5 million is included in other current liabilities at each date. These amounts, if recognized, would reduce the Company's effective tax rate. As of March 31, 2018, approximately $2.5 million of the Company's liabilities for uncertain tax positions are expected to be resolved during 2018 by way of expiration of the related statute of limitations. The Company's policy is to recognize interest and penalties related to uncertain tax positions as a component of the current provision for income taxes. During the three months ended March 31, 2018 and 2017, the Company recognized $0.2 million and $0.3 million, respectively, in interest and penalties in the consolidated statements of operations. During the three months ended March 31, 2018 and 2017, the Company recognized zero and a benefit of less than $0.1 million, respectively, for the reversal of such interest and penalties, relating to the expiration of statues of limitations and settlement of the acquired liability for uncertain tax positions, respectively. The Company has approximately $3.4 million and $3.2 million accrued for the payment of interest and penalties at March 31, 2018 and December 31, 2017, respectively, which is included in both income taxes payable and liability for uncertain tax positions in the consolidated balance sheets. Tax Reform The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017. The Act reduces the U.S. federal corporate tax rate from 35% to 21%, requires companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and creates new taxes on certain foreign sourced earnings. At December 31, 2017, we had not completed our accounting for the tax effects of enactment of the Act; however, we had made a reasonable estimate of the effects on our existing deferred tax balances and the one-time transition tax in which we recognized a provisional amount of $18.1 million, which was included as a component of income tax expense from continuing operations. During the three months ended March 31, 2018, we continue to refine our calculations as additional analysis is completed. In addition, our estimates may also be affected as we gain a more thorough understanding of the tax law. Effective January 1, 2018, the Act subjects a U.S. shareholder to current tax on global intangible low-taxed income (GILTI) earned by certain foreign subsidiaries. The Company has elected an accounting policy to provide for the tax expense related to the GILTI in the period the tax is incurred.

RETIREMENT FUND AND PROFIT SHARING PLAN

3 Months Ended

Mar. 31, 2018

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

RETIREMENT FUND AND PROFIT SHARING PLAN

10. RETIREMENT FUND AND PROFIT SHARING PLAN

The Company maintains the Bel Fuse Inc. Employees' Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended (the "Code"). The expense for the three months ended March 31, 2018 and 2017 amounted to $0.3 million in both periods. The Company's matching contribution is made in the form of Bel Fuse Inc. Class A common stock. As of March 31, 2018, the plan owned 71,616 and 141,652 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

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 months ended March 31, 2018 and 2017 amounted to approximately $0.1 million in both periods. As of March 31, 2018, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 3 above, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP.

The components of SERP expense are as follows:

	Three Months Ended
	March 31,
	2018		2017
Service cost	$	183	$	175
Interest cost		166		168
Net amortization		111		94
Net periodic benefit cost	$	460	$	437

The service cost component of net benefit cost is presented within cost of sales or selling, general and administrative expense on the accompanying statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other income/expense, net in the accompanying statements of operations.

The following amounts are recognized net of tax in accumulated other comprehensive loss:

	March 31,		December 31,
	2018		2017
Prior service cost	$	1,071	$	1,135
Net loss		3,685		3,732
	$	4,756	$	4,867

ACCUMULATED OTHER COMPREHENSIVE LOSS

3 Months Ended

Mar. 31, 2018

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

ACCUMULATED OTHER COMPREHENSIVE LOSS

11. ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss at March 31, 2018 and December 31, 2017 are summarized below:

	March 31,			December 31,
	2018			2017

Foreign currency translation adjustment, net of taxes of ($826) at
March 31, 2018 and ($801) at December 31, 2017	$	(12,520	)	$	(16,537	)
Unrealized holding gains on available-for-sale securities, net of taxes of
$65 at March 31, 2018 and $85 at December 31, 2017		114			145
Unfunded SERP liability, net of taxes of ($1,609) at March 31, 2018
and ($1,635) at December 31, 2017		(3,147	)		(3,233	)

Accumulated other comprehensive loss	$	(15,553	)	$	(19,625	)

Changes in accumulated other comprehensive loss by component during the three months ended March 31, 2018 are as follows. All amounts are net of tax.

				Unrealized Holding
	Foreign Currency			Gains on
	Translation			Available-for-			Unfunded
	Adjustment			Sale Securities			SERP Liability				Total

Balance at January 1, 2018	$	(16,537	)	$	145		$	(3,233	)		$	(19,625	)
Other comprehensive income before reclassifications		4,017			(31	)		14				4,000
Amount reclassified from accumulated other
comprehensive loss		-			-			72		(a)		72
Net current period other comprehensive income		4,017			(31	)		86				4,072

Balance at March 31, 2018	$	(12,520	)	$	114		$	(3,147	)		$	(15,553	)

(a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan.
This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment
classification of the plan participants.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2018
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is party to a number of legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material adverse effect on the Company's consolidated results of operations or financial position. In connection with the acquisition of Power Solutions, there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or "BPS China") for the years 2004 to 2006. In September 2012, the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013, the Arezzo Revenue Agency filed an appeal of the Tax Court's ruling. The hearing of the appeal was held on October 2, 2014. On October 13, 2014, BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. An appeal was filed on July 18, 2015 before the Regional Tax Commission of Florence and rejected. On December 5, 2016, the Arezzo Revenue Agency filed an appeal with the Supreme Court and BPS China filed a counter-appeal on January 4, 2017. The Supreme Court has yet to render its judgment. The estimated liability related to this matter is approximately $12.0 million and has been included as a liability for uncertain tax positions on the accompanying condensed consolidated balance sheets. As Bel is fully indemnified in this matter per the terms of the stock purchase agreement with ABB, a corresponding other asset for indemnification is also included in other assets on the accompanying consolidated balance sheets at March 31, 2018 and December 31, 2017. In 2015, the Company was provided notice of a potential patent infringement claim by Setec Netzwerke AG ("Setec"), a German company, for the alleged infringement of their patent EP 306 934 B1. Setec subsequently filed a lawsuit against the Company and three of its subsidiaries in Dusseldorf, Germany on January 29, 2016 for patent infringement. The Company filed its defense to Setec's complaint and a nullity lawsuit against Setec's patent on August 31, 2016. The Court hearing on infringement took place on March 23, 2017. Upon hearing argument from both parties, the Court issued a decision on April 6, 2017 staying the infringement case pending resolution of the nullity lawsuit. The nullity lawsuit is currently pending before the Patent Court in Munich, Germany. The Company does not have enough information at this time in order to make any further conclusions or assessments as to infringement or any potential damages. In 2015, one of the Company’s subsidiaries in the PRC, Dongguan Transpower Electric Products Co., Ltd. (“Dongguan Transpower”), was provided notice of a claim by DG Yu Shing Industrial Development Company Limited against Dongguan Transpower and three other defendants for past due construction costs of approximately $3.2 million. In April 2018, the 3^rd People Court of Dongguan ruled and provided an unfavorable judgment against Dongguan Transpower and two of the other defendants requiring payment of the aforementioned amount. It is yet to be determined the extent to which each defendant will ultimately be liable or how the authorities will enforce the judgment between the co-defendants. Furthermore, in the event the Company is deemed liable to any extent, we would expect to dispute the assessment and/or seek indemnification and reimbursement from the other parties involved, as the Company is of the position that Dongguan Transpower had no involvement in this matter. As the Company’s portion of this amount is not currently estimable, the Company has not recorded a liability for this potential exposure at March 31, 2018. The Company is not a party to any other legal proceeding, the adverse outcome of which is likely to have a material adverse effect on the Company's consolidated financial condition or results of operations.

SEGMENTS

3 Months Ended

Mar. 31, 2018

SEGMENTS [Abstract]

SEGMENTS

13. SEGMENTS

The Company operates in one industry with three reportable operating segments, which are geographic in nature. The segments consist of North America, Asia and Europe. The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations. The following is a summary of key financial data:

	Three Months Ended
	March 31,
	2018			2017
Net Sales to External Customers:
North America	$	59,457		$	60,430
Asia		38,620			35,812
Europe		20,174			17,426
	$	118,251		$	113,668

Net Sales:
North America	$	62,570		$	63,155
Asia		56,139			56,411
Europe		24,312			20,385
Less intercompany net sales		(24,770	)		(26,283	)
	$	118,251		$	113,668

Income from Operations:
North America	$	(302	)	$	992
Asia		(85	)		1,036
Europe		824			327
	$	437		$	2,355

Net Sales – Segment net sales are attributed to individual segments based on the geographic source of the billing for such customer sales. Intercompany sales include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States which are sold to Asia for further processing.

Income from operations represents net sales less operating costs and expenses and does not include any amounts related to intercompany transactions.

BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2018
BASIS OF PRESENTATION AND ACCOUNTING POLICIES [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASU 2014-09"), which amends the existing accounting standards for revenue recognition. ASU 2014-09 is based on principles that govern the recognition of revenue at an amount an entity expects to be entitled when products are transferred to customers. Subsequently, the FASB issued several other updates related to revenue recognition (collectively with ASU 2014-09, the "new revenue standards" or "ASC 606"). We adopted the guidance under the new revenue standards effective January 1, 2018 using the modified retrospective approach by recognizing the cumulative effect of initially applying the new standard as an increase to the opening balance of retained earnings. Upon adoption, the new revenue standards replaced most existing revenue recognition guidance in U.S. GAAP. Based on our review of representative samples of contracts and other forms of agreements with customers globally and our evaluation of the provisions under the five-step model specified by the new revenue standards, the Company has implemented changes with respect to timing of revenue recognition primarily related to arrangements for which the customer takes the Company's products from a facility holding consignment inventory. In connection with the modified retrospective application of the new revenue standards, we recorded an adjustment to increase retained earnings of $3.4 million upon the January 1, 2018 adoption date. Apart from this adjustment and the inclusion of additional required disclosures in Note 2, the adoption of the new revenue standards did not have a material impact on the Company's condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. This guidance primarily affects the accounting for equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. Under the new guidance, entities will be required to measure certain equity investments at fair value and recognize any changes in fair value in net earnings, unless the investments qualify for the new practicability exception. The new standard was effective for fiscal years, including interim periods within those fiscal years, beginning after December 15, 2017. We adopted this guidance on January 1, 2018. The adoption of this guidance did not have a material impact on the Company's condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This guidance addresses diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This accounting guidance was effective for annual reporting periods beginning after December 31, 2017, including interim reporting periods within those annual reporting periods, and should be applied retrospectively to all periods presented. This guidance was adopted by the Company effective January 1, 2018 and it did not have any impact on the Company's condensed consolidated statement of cash flows in the periods presented. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Current U.S. GAAP prohibits the recognition of current and deferred income taxes for intra-entity asset transfer until the asset has been sold to an outside party. The new guidance eliminates the exception and requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This accounting guidance was effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods, and should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. This guidance was adopted by the Company effective January 1, 2018 and it did not have a material impact on the Company's condensed consolidated financial position or results of operations. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"), to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill and consolidation. ASU 2017-01 provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset or a business. The Company adopted ASU 2017-01 on January 1, 2018, and the guidance will be applied on a prospective basis. In March 2017, the FASB issued ASU 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost ("ASU 2017-07"). This guidance requires that an employer disaggregate the service cost component from the other components of net benefit cost. ASU 2017-07 requires employers to present the service cost component of the net periodic benefit cost in the same income statement line as other employee compensation costs arising from services rendered during the period. The other components of net benefit cost, including interest cost, expected return on plan assets, amortization of prior service costs and actuarial gains/losses, and settlement and curtailment effects, are to be presented outside of any subtotal of operating income. The guidance also specifies that the amount of costs that can be capitalized will be limited to service cost only. The Company adopted the guidance of ASU 2017-07 on January 1, 2018 and elected to apply the practical expedient and use the amounts disclosed in Note 9 to the financial statements included in Part I, Item 1 of the Company's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2017 as the basis for applying the retrospective application required by the standard. The amounts reclassified within the statement of operations for the three-month period ended March 31, 2017 were not material. In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting ("ASU 2017-09"). This update provides guidance about which changes to the terms or conditions of a share-based payment require an entity to apply modification accounting in Topic 718. This guidance is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. The Company adopted ASU 2017-09 on January 1, 2018, and the guidance within this update will be applied to any future award modifications.
Accounting Standards Issued But Not Yet Adopted	Accounting Standards Issued But Not Yet Adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), to provide a new comprehensive model for lease accounting. Under this guidance, lessees and lessors should apply a "right-of-use" model in accounting for all leases (including subleases) and eliminate the concept of operating leases and off-balance sheet leases. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. Similar modifications have been made to lessor accounting in-line with revenue recognition guidance. This guidance is effective for annual periods and interim periods within those annual periods beginning after December 15, 2018. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. We are currently in the process of evaluating this new standard update. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment ("ASU 2017-04"). ASU 2017-04 simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. Early adoption is permitted for interim and annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is required to adopt ASU 2017-04 for its annual or any interim goodwill impairment tests for annual periods beginning after December 15, 2019, and the guidance is to be applied on a prospective basis. In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. This guidance allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the U.S. Tax Cuts and Jobs Act, which was enacted on December 22, 2017. This guidance is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and should be applied either in the period of adoption or retrospectively to each period in which the effect of the change in the U.S. federal corporate income tax rate in the U.S. Tax Cuts and Jobs Act is recognized. Early adoption is permitted. We are currently in the process of evaluating this new standard update.

REVENUE (Tables)

3 Months Ended

Mar. 31, 2018

REVENUE [Abstract]

Disaggregation of Revenue

The following table provides information about disaggregated revenue by product group and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

	Three Months Ended March 31, 2018
	North
	America		Asia		Europe		Consolidated

By Product Group:
Connectivity solutions	$	31,046	$	3,420	$	8,453	$	42,919
Magnetic solutions		8,051		27,825		2,352		38,228
Power solutions and protection		20,360		7,375		9,369		37,104
	$	59,457	$	38,620	$	20,174	$	118,251

By Sales Channel:
Direct to customer	$	37,897	$	32,927	$	14,193	$	85,017
Through distribution		21,560		5,693		5,981		33,234
	$	59,457	$	38,620	$	20,174	$	118,251

Cumulative Effect of Changes Made to Consolidated Balance Sheet

The cumulative effect of the changes made to our consolidated January 1, 2018 balance sheet for the adoption of ASC 606 were as follows:

	Balance at		Adjustments			Balance at
	December 31,		Due to			January 1,
	2017		ASC 606			2018
Balance Sheet
Unbilled receivables	$	-	$	14,536		$	14,536
Inventory		107,719		(11,044	)		96,675
Other current liabilities		6,204		43			6,247
Retained earnings		147,807		3,449			151,256

Impact of Adoption of Balance Sheet and Consolidated Statement of Operations

	As of March 31, 2018
			Balances		Effect of
	As		Without Adoption		Change
	Reported		of ASC 606		Higher/(Lower)

Balance Sheet
Assets
Unbilled receivables	$	13,643	$	-	$	13,643
Inventories		102,693		112,650		(9,957	)

Liabilities
Other current liabilities		7,664		7,553		111

Equity
Retained earnings		149,171		145,596		3,575

	Three Months Ended March 31, 2018
				Balances			Effect of
	As			Without Adoption			Change
	Reported			of ASC 606			Higher/(Lower)

Statement of Operations
Net sales	$	118,251		$	119,092		$	(841	)
Cost of sales		97,118			98,205			(1,087	)
Operating income		437			191			246
Provision for income taxes		325			260			65
Net earnings	$	(1,303	)	$	(1,484	)	$	181

Contract Assets and Contract Liabilities

The balances of the Company's contract assets and contract liabilities at March 31, 2018 are as follows:

	March 31,		January 1,
	2018		2018

Contract assets - current (unbilled receivable)	$	13,643	$	14,536
Contract liabilities - current (deferred revenue)	$	1,829	$	855

(LOSS) EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2018

(LOSS) EARNINGS PER SHARE [Abstract]

Schedule of earnings and weighted average shares outstanding used in the computation of basic and diluted (loss) earnings per share

The following table sets forth the calculation of basic and diluted net (loss) earnings per common share under the two-class method for the three months ended March 31, 2018 and 2017:

	Three Months Ended
	March 31,
	2018			2017

Numerator:
Net (loss) earnings	$	(1,303	)	$	746
Less dividends declared:
Class A		130			130
Class B		700			699
Undistributed loss	$	(2,133	)	$	(83	)

Undistributed loss allocation - basic and diluted:
Class A undistributed loss	$	(370	)	$	(14	)
Class B undistributed loss		(1,763	)		(69	)
Total undistributed loss	$	(2,133	)	$	(83	)

Net earnings (loss) allocation - basic and diluted:
Class A net (loss) earnings	$	(240	)	$	116
Class B net (loss) earnings		(1,063	)		630
Net (loss) earnings	$	(1,303	)	$	746

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,175			2,175
Class B - basic and diluted		9,856			9,845

Net (loss) earnings per share:
Class A - basic and diluted	$	(0.11	)	$	0.05
Class B - basic and diluted	$	(0.11	)	$	0.06

INVENTORIES (Tables)

3 Months Ended

Mar. 31, 2018

INVENTORIES [Abstract]

Components of inventories

The components of inventories are as follows:

	March 31,		December 31,
	2018		2017
Raw materials	$	52,315	$	46,712
Work in progress		19,949		17,688
Finished goods		30,429		43,319
Inventories	$	102,693	$	107,719

PROPERTY, PLANT AND EQUIPMENT (Tables)

3 Months Ended

Mar. 31, 2018

PROPERTY, PLANT AND EQUIPMENT [Abstract]

Property, plant and equipment

Property, plant and equipment consist of the following:

	March 31,			December 31,
	2018			2017
Land	$	2,266		$	2,259
Buildings and improvements		31,362			30,761
Machinery and equipment		122,984			122,773
Construction in progress		2,209			1,511
		158,821			157,304
Accumulated depreciation		(115,499	)		(113,809	)
Property, plant and equipment, net	$	43,322		$	43,495

ACCRUED EXPENSES (Tables)

3 Months Ended

Mar. 31, 2018

ACCRUED EXPENSES [Abstract]

Accrued expenses

Accrued expenses consist of the following:

	March 31,		December 31,
	2018		2017
Sales commissions	$	2,321	$	2,461
Subcontracting labor		1,221		1,408
Salaries, bonuses and related benefits		14,097		16,531
Warranty accrual		1,606		1,769
Other		8,164		8,339
	$	27,409	$	30,508

Schedule of warranty accrual account for the period from the acquisition date

A tabular presentation of the activity within the warranty accrual account for the three months ended March 31, 2018 and 2017 is presented below:

	Three Months Ended March 31,
	2018			2017
Balance, January 1	$	1,769		$	2,718
Adjustments related to pre-existing warranties
(including changes in estimates)		(143	)		(158	)
Less repair costs incurred		(61	)		(50	)
Currency translation		41			30
Balance, March 31	$	1,606		$	2,540

RETIREMENT FUND AND PROFIT SHARING PLAN (Tables)

3 Months Ended

Mar. 31, 2018

RETIREMENT FUND AND PROFIT SHARING PLAN [Abstract]

Components of SERP expense

The components of SERP expense are as follows:

	Three Months Ended
	March 31,
	2018		2017
Service cost	$	183	$	175
Interest cost		166		168
Net amortization		111		94
Net periodic benefit cost	$	460	$	437

Gross amounts recognized in accumulated other comprehensive loss, net of tax

The following amounts are recognized net of tax in accumulated other comprehensive loss:

	March 31,		December 31,
	2018		2017
Prior service cost	$	1,071	$	1,135
Net loss		3,685		3,732
	$	4,756	$	4,867

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)

3 Months Ended

Mar. 31, 2018

ACCUMULATED OTHER COMPREHENSIVE LOSS [Abstract]

Components of accumulated other comprehensive loss

The components of accumulated other comprehensive loss at March 31, 2018 and December 31, 2017 are summarized below:

	March 31,			December 31,
	2018			2017

Foreign currency translation adjustment, net of taxes of ($826) at
March 31, 2018 and ($801) at December 31, 2017	$	(12,520	)	$	(16,537	)
Unrealized holding gains on available-for-sale securities, net of taxes of
$65 at March 31, 2018 and $85 at December 31, 2017		114			145
Unfunded SERP liability, net of taxes of ($1,609) at March 31, 2018
and ($1,635) at December 31, 2017		(3,147	)		(3,233	)

Accumulated other comprehensive loss	$	(15,553	)	$	(19,625	)

Changes in accumulated other comprehensive loss by component

Changes in accumulated other comprehensive loss by component during the three months ended March 31, 2018 are as follows. All amounts are net of tax.

				Unrealized Holding
	Foreign Currency			Gains on
	Translation			Available-for-			Unfunded
	Adjustment			Sale Securities			SERP Liability				Total

Balance at January 1, 2018	$	(16,537	)	$	145		$	(3,233	)		$	(19,625	)
Other comprehensive income before reclassifications		4,017			(31	)		14				4,000
Amount reclassified from accumulated other
comprehensive loss		-			-			72		(a)		72
Net current period other comprehensive income		4,017			(31	)		86				4,072

Balance at March 31, 2018	$	(12,520	)	$	114		$	(3,147	)		$	(15,553	)

(a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan.
This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment
classification of the plan participants.

SEGMENTS (Tables)

3 Months Ended

Mar. 31, 2018

SEGMENTS [Abstract]

Key financial data

The following is a summary of key financial data:

	Three Months Ended
	March 31,
	2018			2017
Net Sales to External Customers:
North America	$	59,457		$	60,430
Asia		38,620			35,812
Europe		20,174			17,426
	$	118,251		$	113,668

Net Sales:
North America	$	62,570		$	63,155
Asia		56,139			56,411
Europe		24,312			20,385
Less intercompany net sales		(24,770	)		(26,283	)
	$	118,251		$	113,668

Income from Operations:
North America	$	(302	)	$	992
Asia		(85	)		1,036
Europe		824			327
	$	437		$	2,355

BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 149,171	$ 147,807
ASU 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		151,256
Adjustments Due to ASC 606 [Member] \| ASU 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ 3,575	$ 3,449

REVENUE, Significant Payment Terms (Details)	3 Months Ended
REVENUE, Significant Payment Terms (Details)	Mar. 31, 2018
Significant Payment Terms [Abstract]
Period of payment for products sold under consignment contracts due from customer pulling the product from the hub	60 days
Minimum [Member]
Warranties [Abstract]
Standard warranty period of product	1 year
Significant Payment Terms [Abstract]
Period of payment for products sold under consignment contracts due from customer pulling the product from the hub	20 days
Maximum [Member]
Warranties [Abstract]
Standard warranty period of product	3 years
Significant Payment Terms [Abstract]
Period of payment for products sold under consignment contracts due from customer pulling the product from the hub	30 days
Direct to Customer [Member] \| Minimum [Member]
Significant Payment Terms [Abstract]
Period of payment for products sold due	30 days
Direct to Customer [Member] \| Maximum [Member]
Significant Payment Terms [Abstract]
Period of payment for products sold due	90 days
Through Distribution [Member] \| Minimum [Member]
Significant Payment Terms [Abstract]
Period of payment for products sold due	30 days
Through Distribution [Member] \| Maximum [Member]
Significant Payment Terms [Abstract]
Period of payment for products sold due	90 days
Power Solutions and Protection [Member] \| Maximum [Member]
Licensing Agreements [Abstract]
Payment received on reporting date, quarterly or annual	30 days

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 118,251	$ 113,668
Direct to Customer [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	85,017
Through Distribution [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	33,234
Connectivity Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	42,919
Magnetic Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	38,228
Power Solutions and Protection [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	37,104
North America [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	59,457
North America [Member] \| Direct to Customer [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	37,897
North America [Member] \| Through Distribution [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	21,560
North America [Member] \| Connectivity Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	31,046
North America [Member] \| Magnetic Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	8,051
North America [Member] \| Power Solutions and Protection [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	20,360
Asia [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	38,620
Asia [Member] \| Direct to Customer [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	32,927
Asia [Member] \| Through Distribution [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	5,693
Asia [Member] \| Connectivity Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	3,420
Asia [Member] \| Magnetic Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	27,825
Asia [Member] \| Power Solutions and Protection [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	7,375
Europe [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	20,174
Europe [Member] \| Direct to Customer [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	14,193
Europe [Member] \| Through Distribution [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	5,981
Europe [Member] \| Connectivity Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	8,453
Europe [Member] \| Magnetic Solutions [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	2,352
Europe [Member] \| Power Solutions and Protection [Member]
Disaggregation of Revenue [Line Items]
Disaggregation of revenue	$ 9,369

REVENUE, Cumulative Effect of Changes made to Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Balance Sheet [Abstract]
Unbilled receivables	$ 13,643	$ 0
Inventory	102,693	107,719
Other current liabilities	7,664	6,204
Retained earnings	149,171	147,807
ASU 2014-09 [Member]
Balance Sheet [Abstract]
Unbilled receivables		14,536
Inventory		96,675
Other current liabilities		6,247
Retained earnings		151,256
Adjustments Due to ASC 606 [Member] \| ASU 2014-09 [Member]
Balance Sheet [Abstract]
Unbilled receivables	13,643	14,536
Inventory	(9,957)	(11,044)
Other current liabilities	111	43
Retained earnings	3,575	$ 3,449
Balances Without Adoption of ASC 606 [Member] \| ASU 2014-09 [Member]
Balance Sheet [Abstract]
Unbilled receivables	0
Inventory	112,650
Other current liabilities	7,553
Retained earnings	$ 145,596

REVENUE, Disclosure of Impact of Adoption on Balance Sheet and Consolidated Statement of Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Assets [Abstract]
Unbilled receivables	$ 13,643		$ 0
Inventories	102,693		107,719
Liabilities [Abstract]
Other current liabilities	7,664		6,204
Equity [Abstract]
Retained earnings	149,171		147,807
Statement of Operations [Abstract]
Net sales	118,251	$ 113,668
Cost of sales	97,118	90,305
Operating income	437	2,355
Provision for income taxes	325	(23)
Net earnings	(1,303)	$ 746
ASU 2014-09 [Member]
Assets [Abstract]
Unbilled receivables			14,536
Inventories			96,675
Liabilities [Abstract]
Other current liabilities			6,247
Equity [Abstract]
Retained earnings			151,256
Balances Without Adoption of ASC 606 [Member] \| ASU 2014-09 [Member]
Assets [Abstract]
Unbilled receivables	0
Inventories	112,650
Liabilities [Abstract]
Other current liabilities	7,553
Equity [Abstract]
Retained earnings	145,596
Statement of Operations [Abstract]
Net sales	119,092
Cost of sales	98,205
Operating income	191
Provision for income taxes	260
Net earnings	(1,484)
Effect of Change Higher/(Lower) [Member] \| ASU 2014-09 [Member]
Assets [Abstract]
Unbilled receivables	13,643		14,536
Inventories	(9,957)		(11,044)
Liabilities [Abstract]
Other current liabilities	111		43
Equity [Abstract]
Retained earnings	3,575		$ 3,449
Statement of Operations [Abstract]
Net sales	(841)
Cost of sales	(1,087)
Operating income	246
Provision for income taxes	65
Net earnings	$ 181

REVENUE, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Contract with Customer, Asset and Liability [Abstract]
Contract assets - current (unbilled receivable)	$ 13,643	$ 0
Contract liabilities - current (deferred revenue)	1,829
Deferred revenue		900
Revenues	500
Revenue, remaining performance obligation	$ 17,400
ASU 2014-09 [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets - current (unbilled receivable)		14,536
Contract liabilities - current (deferred revenue)		$ 855

REVENUE, Transaction Price Allocated to Future Obligations (Details)	3 Months Ended
	Mar. 31, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01
Transaction Price Allocated to Future Obligations [Abstract]
Remaining performance obligation percentage	36.00%
Remaining performance satisfaction period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Transaction Price Allocated to Future Obligations [Abstract]
Remaining performance obligation percentage	61.00%
Remaining performance satisfaction period	1 year

(LOSS) EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator [Abstract]
Net (loss) earnings	$ (1,303)	$ 746
Undistributed loss	(2,133)	(83)
Class A [Member]
Numerator [Abstract]
Net (loss) earnings	(240)	116
Less dividends declared	130	130
Undistributed loss	$ (370)	$ (14)
Weighted-average shares outstanding [Abstract]
Basic and diluted (in shares)	2,175	2,175
Net (loss) earnings per share [Abstract]
Basic and diluted (in dollars per share)	$ (0.11)	$ 0.05
Class B [Member]
Numerator [Abstract]
Net (loss) earnings	$ (1,063)	$ 630
Less dividends declared	700	699
Undistributed loss	$ (1,763)	$ (69)
Weighted-average shares outstanding [Abstract]
Basic and diluted (in shares)	9,856	9,845
Net (loss) earnings per share [Abstract]
Basic and diluted (in dollars per share)	$ (0.11)	$ 0.06

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers in (out) between levels	$ 0.0		$ 0.0
Fair value of total debt	123.5	$ 124.8
Carrying amount of long-term debt	122.0	122.7
Investments held in Rabbi Trust [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities measured at fair value	1.5	1.5
Investments held in Rabbi Trust [Member] \| SERP [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Gross unrealized gains associated with the investment held in the rabbi trust	0.2	0.2
Nonrecurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets accounted at fair value	$ 0.0	$ 0.0

INVENTORIES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Components of inventories [Abstract]
Raw materials	$ 52,315	$ 46,712
Work in progress	19,949	17,688
Finished goods	30,429	43,319
Inventories	$ 102,693	$ 107,719

PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 158,821		$ 157,304
Accumulated depreciation	(115,499)		(113,809)
Property, plant and equipment, net	43,322		43,495
Depreciation expense	3,200	$ 3,500
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	2,266		2,259
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	31,362		30,761
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	122,984		122,773
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,209		$ 1,511

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	3 Months Ended
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
ACCRUED EXPENSES [Abstract]
Sales commissions	$ 2,321		$ 2,461
Subcontracting labor	1,221		1,408
Salaries, bonuses and related benefits	14,097		16,531
Warranty accrual	1,606		1,769
Other	8,164		8,339
Accrued expenses	27,409		$ 30,508
Warranty Accrual Activity Account [Roll Forward]
Balance	1,769	$ 2,718
Adjustments related to pre-existing warranties (including changes in estimates)	(143)	(158)
Less repair costs incurred	(61)	(50)
Currency translation	41	30
Balance	$ 1,606	$ 2,540

DEBT (Details) - USD ($) $ in Millions	3 Months Ended
DEBT (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Line of Credit Facility [Line Items]
Deferred finance cost net	$ 2.2		$ 2.3
KeyBank [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maturity date	Dec. 11, 2022
Weighted average interest rate	3.69%		3.38%
Interest expense incurred	$ 1.2	$ 1.4
KeyBank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings	0.0		$ 0.0
Available line of credit	75.0		75.0
KeyBank [Member] \| Term Loan [Member]
Line of Credit Facility [Line Items]
Outstanding borrowings	$ 124.2		$ 125.0

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Contingency [Line Items]
Liability for uncertain tax positions	$ 31.3		$ 30.4
Liability for uncertain tax positions - current	2.5		2.5
Liability for uncertain positions expected to be resolved in next fiscal year	2.5
Interest and penalties uncertain tax positions recognized	0.2	$ 0.3
Benefit on reversal of interest and penalties	0.0
Accrued interest and penalties uncertain tax positions	$ 3.4		$ 3.2
Federal statutory income tax rate	21.00%		35.00%
One-time transition tax	$ 18.1
Maximum [Member]
Income Tax Contingency [Line Items]
Benefit on reversal of interest and penalties		$ (0.1)

RETIREMENT FUND AND PROFIT SHARING PLAN (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Class A Common Stock [Member] \| UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Shares owned by plan (in shares)	71,616
Class B Common Stock [Member] \| UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Shares owned by plan (in shares)	141,652
401K Plan [Member] \| UNITED STATES
Defined Contribution Plan Disclosure [Line Items]
Compensation expense	$ 300	$ 300
Retirement Fund [Member] \| HONG KONG
Defined Contribution Plan Disclosure [Line Items]
Compensation expense	$ 100	100
Retirement Fund [Member] \| Class A Common Stock [Member] \| HONG KONG
Defined Contribution Plan Disclosure [Line Items]
Shares owned by plan (in shares)	3,323
Retirement Fund [Member] \| Class B Common Stock [Member] \| HONG KONG
Defined Contribution Plan Disclosure [Line Items]
Shares owned by plan (in shares)	17,342
SERP [Member]
Components of SERP expense [Abstract]
Service cost	$ 183	175
Interest cost	166	168
Net amortization	111	94
Net periodic benefit cost	460	$ 437
Amounts recognized in accumulated other comprehensive loss, pretax [Abstract]
Prior service cost	1,071		$ 1,135
Net loss	3,685		3,732
Total amounts recognized in accumulated other comprehensive loss	$ 4,756		$ 4,867

ACCUMULATED OTHER COMPREHENSIVE LOSS, Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accumulated other comprehensive loss [Abstract]
Foreign currency translation adjustment, net of taxes of ($826) at March 31, 2018 and ($801) at December 31, 2017	$ (12,520)	$ (16,537)
Unrealized holding gains on available-for-sale securities, net of taxes of $65 at March 31, 2018 and $85 at December 31, 2017	114	145
Unfunded SERP liability, net of taxes of ($1,609) at March 31, 2018 and ($1,635) at December 31, 2017	(3,147)	(3,233)
Accumulated other comprehensive loss	(15,553)	(19,625)
Accumulated other comprehensive loss, tax [Abstract]
Foreign currency translation adjustment, tax	(826)	(801)
Unrealized holding gains on available-for-sale securities, tax	65	85
Change in unfunded SERP liability, tax	$ (1,609)	$ (1,635)

ACCUMULATED OTHER COMPREHENSIVE LOSS, Changes in Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2018

Mar. 31, 2017

Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward]

Balance

$ 157,960

Other comprehensive income before reclassifications

4,000

Amount reclassified from accumulated other comprehensive loss

Net current period other comprehensive income

4,072

$ 1,693

Balance

164,175

Accumulated Other Comprehensive Income (Loss) [Member]

Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward]

Balance

(19,625)

Balance

(15,553)

Foreign Currency Translation Adjustment [Member]

Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward]

Balance

(16,537)

Other comprehensive income before reclassifications

4,017

Amount reclassified from accumulated other comprehensive loss

Net current period other comprehensive income

4,017

Balance

(12,520)

Unrealized Holding Gains on Available-for-Sale Securities [Member]

Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward]

Balance

145

Other comprehensive income before reclassifications

(31)

Amount reclassified from accumulated other comprehensive loss

Net current period other comprehensive income

(31)

Balance

114

Unfunded SERP Liability [Member]

Changes in Accumulated Other Comprehensive Loss by Component [Roll Forward]

Balance

(3,233)

Other comprehensive income before reclassifications

Amount reclassified from accumulated other comprehensive loss

^[1]

Net current period other comprehensive income

Balance

$ (3,147)

[1]	This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is allocated between cost of sales and selling, general and administrative expense based upon the employment classification of the plan participants.

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	3 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2018 USD ($) Defendant	Dec. 31, 2015 Subsidiary
Arezzo Revenue Agency [Member]
Loss Contingencies [Line Items]
Estimated liability	$ 12.0
Setec [Member]
Loss Contingencies [Line Items]
Number of subsidiaries named in the lawsuit \| Subsidiary		3
DG Yu Shing Industrial Development Company Limited [Member] \| Dongguan Transpower [Member]
Loss Contingencies [Line Items]
Damges sought	$ 3.2
Number of defendants \| Defendant	3

SEGMENTS (Details) $ in Thousands	3 Months Ended
SEGMENTS (Details) $ in Thousands	Mar. 31, 2018 USD ($) Industry Segment	Mar. 31, 2017 USD ($)
SEGMENTS [Abstract]
Number of industry in which entity operates \| Industry	1
Number of reportable operating segments \| Segment	3
Summary of key financial data [Abstract]
Net sales to external customers	$ 118,251	$ 113,668
Net sales	118,251	113,668
Income from operations	437	2,355
North America [Member]
Summary of key financial data [Abstract]
Net sales	59,457
Asia [Member]
Summary of key financial data [Abstract]
Net sales	38,620
Europe [Member]
Summary of key financial data [Abstract]
Net sales	20,174
Reportable Operating Segments [Member] \| North America [Member]
Summary of key financial data [Abstract]
Net sales to external customers	59,457	60,430
Net sales	62,570	63,155
Income from operations	(302)	992
Reportable Operating Segments [Member] \| Asia [Member]
Summary of key financial data [Abstract]
Net sales to external customers	38,620	35,812
Net sales	56,139	56,411
Income from operations	(85)	1,036
Reportable Operating Segments [Member] \| Europe [Member]
Summary of key financial data [Abstract]
Net sales to external customers	20,174	17,426
Net sales	24,312	20,385
Income from operations	824	327
Intersegment Elimination [Member]
Summary of key financial data [Abstract]
Net sales	$ (24,770)	$ (26,283)