0001437749-21-005899 | 10-K | XBRL Viewer

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Document And Entity Information - USD ($)	12 Months Ended
Document And Entity Information - USD ($)	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Document Information [Line Items]
Entity Central Index Key	0000729580
Entity Registrant Name	BEL FUSE INC /NJ
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Document Transition Report	false
Entity File Number	000-11676
Entity Address, Address Line One	206 Van Vorst Street
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07302
City Area Code	201
Local Phone Number	432-0463
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1463699
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 124,300,000
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock ($0.10 par value)
Trading Symbol	BELFB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,204,602
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock ($0.10 par value)
Trading Symbol	BELFA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,144,912

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 84,939	$ 72,289
Accounts receivable, net of allowance for doubtful accounts of $1,036 and $1,171, at December 31, 2020 and 2019, respectively	71,372	76,092
Inventories	100,133	107,276
Unbilled receivables	14,135	16,318
Other current assets	9,637	11,206
Total current assets	280,216	283,181
Property, plant and equipment, net	34,501	41,943
Right-of-use assets	14,217	18,504
Intangible assets, net	65,789	72,364
Goodwill	23,966	21,993
Deferred income taxes	5,705	3,731
Other assets	29,472	27,201
Total assets	453,866	468,917
Current liabilities:
Accounts payable	39,774	44,169
Accrued expenses	28,476	26,918
Current maturities of long-term debt	5,286	5,489
Operating lease liability, current	6,591	7,377
Other current liabilities	7,409	6,265
Total current liabilities	87,536	90,218
Long-term liabilities:
Long-term debt	110,294	138,215
Operating lease liability, long-term	8,064	11,751
Liability for uncertain tax positions	26,089	26,901
Minimum pension obligation and unfunded pension liability	24,620	21,545
Deferred income taxes	1,030	1,726
Other long-term liabilities	10,434	10,510
Total liabilities	268,067	300,866
Commitments and contingencies
Stockholders' equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0
Additional paid-in capital	36,136	33,826
Retained earnings	166,491	157,063
Accumulated other comprehensive loss	(18,063)	(24,065)
Total stockholders' equity	185,799	168,051
Total liabilities and stockholders' equity	453,866	468,917
Common Class A [Member]
Stockholders' equity:
Common stock	214	214
Common Class B [Member]
Stockholders' equity:
Common stock	$ 1,021	$ 1,013

Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Accounts receivable, allowance for doubtful accounts	$ 1,036	$ 1,171
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares outstanding (in shares)	2,144,912	2,144,912
Common stock, treasury shares (in shares)	1,072,769	1,072,769
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares outstanding (in shares)	10,208,602	10,127,602
Common stock, treasury shares (in shares)	3,218,307	3,218,307

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 465,771	$ 492,412
Cost of sales	346,041	382,439
Gross profit	119,730	109,973
Research and development costs	23,611	26,925
Selling, general and administrative expenses	78,704	77,416
Impairment of goodwill	0	8,891
Restructuring charges	601	2,593
Gain on sale of property	(1,853)	(4,257)
Income (loss) from operations	18,667	(1,595)
Interest expense	(4,746)	(5,448)
Other expense, net	(1,785)	(259)
Earnings (loss) before (benefit) provision for income taxes	12,136	(7,302)
(Benefit) provision for income taxes	(659)	1,441
Net earnings (loss) available to common shareholders	12,795	(8,743)
Common Class A [Member]
Net earnings (loss) available to common shareholders	$ 2,089	$ (1,531)
Net earnings (loss) per common share:
Common shares - basic and diluted (in dollars per share)	$ 0.97	$ (0.71)
Weighted-average shares outstanding:
Common shares - basic and diluted (in shares)	2,145	2,167
Common Class B [Member]
Net earnings (loss) available to common shareholders	$ 10,706	$ (7,212)
Net earnings (loss) per common share:
Common shares - basic and diluted (in dollars per share)	$ 1.05	$ (0.71)
Weighted-average shares outstanding:
Common shares - basic and diluted (in shares)	10,185	10,117

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net earnings (loss)	$ 12,795	$ (8,743)
Other comprehensive income (loss):
Currency translation adjustment, net of taxes of $8 and $9	6,890	2,603
Unrealized holding losses on marketable securities arising during the period, net of taxes of $7 and $0	7	0
Change in unfunded SERP liability, net of taxes of $738 and ($422)	(895)	(1,367)
Other comprehensive income:	6,002	1,236
Comprehensive income (loss)	$ 18,797	$ (7,507)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Consolidated Statements of Comprehensive Income (Loss) (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Foreign currency translation adjustment, tax expense	$ 8	$ 9
Unrealized loss on marketable securities arising during the period, tax	7	0
Change in unfunded SERP liability, tax	$ 738	$ (422)

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Class A [Member] Retained Earnings [Member]	Common Class A [Member] AOCI Attributable to Parent [Member]	Common Class A [Member] Common Stock, Common Class A [Member]	Common Class A [Member] Common Stock, Common Class B [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member]	Common Class B [Member] Retained Earnings [Member]	Common Class B [Member] AOCI Attributable to Parent [Member]	Common Class B [Member] Common Stock, Common Class A [Member]	Common Class B [Member] Common Stock, Common Class B [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Common Class B [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] AOCI Attributable to Parent [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock, Common Class A [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Common Stock, Common Class B [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member] Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Common Stock, Common Class A [Member]	Common Stock, Common Class B [Member]	Additional Paid-in Capital [Member]	Total
Balance at Dec. 31, 2018													$ 463	$ (463)	$ 0	$ 0	$ 0	$ 0	$ 168,695	$ (24,838)	$ 217	$ 1,009	$ 31,387	$ 176,470
Net earnings (loss)						$ (1,531)						$ (7,212)							(8,743)	0	0	0	0	(8,743)
Cash dividends declared on common stock	$ (518)	$ 0	$ 0	$ 0	$ 0	(518)	$ (2,834)	$ 0	$ 0	$ 0	$ 0	(2,834)
Issuance of restricted common stock																			0	0	0	7	(7)	0
Repurchase of Class A common stock																			0	0	(3)	0	(445)	(448)
Forfeiture of restricted common stock																			0	0	0	(3)		0
Forfeiture of restricted common stock, APIC																							3
Foreign currency translation adjustment, net of taxes																			0	2,603	0	0	0	2,603
Stock-based compensation expense																			0	0	0	0	2,888	2,888
Change in unfunded SERP liability, net of taxes																			0	(1,367)	0	0	0	(1,367)
Unrealized holding losses on marketable securities arising during the year, net of taxes of $7																								0
Balance at Dec. 31, 2019																			157,063	(24,065)	214	1,013	33,826	168,051
Net earnings (loss)						2,089						10,706							12,795	0	0	0	0	12,795
Cash dividends declared on common stock	$ (515)	$ 0	$ 0	$ 0	$ 0	$ (515)	$ (2,852)	$ 0	$ 0	$ 0	$ 0	$ (2,852)
Issuance of restricted common stock																			0	0	0	11	(11)	0
Forfeiture of restricted common stock																			0	0	0	(3)		0
Forfeiture of restricted common stock, APIC																							3
Foreign currency translation adjustment, net of taxes																			0	6,890	0	0	0	6,890
Stock-based compensation expense																			0	0	0	0	2,318	2,318
Change in unfunded SERP liability, net of taxes																			0	(895)	0	0	0	(895)
Unrealized holding losses on marketable securities arising during the year, net of taxes of $7																			0	7	0	0	0	7
Balance at Dec. 31, 2020																			$ 166,491	$ (18,063)	$ 214	$ 1,021	$ 36,136	$ 185,799

Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Common Class A [Member]
Dividends declared (in dollars per share)	$ 0.24	$ 0.24
Common Class B [Member]
Dividends declared (in dollars per share)	$ 0.28	$ 0.28
Foreign currency translation adjustment, tax expense	$ 8	$ 9
Change in unfunded SERP liability, tax	$ 738	$ (422)

Consolidated Statements of Cash Flows $ in Thousands	12 Months Ended
Consolidated Statements of Cash Flows $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Cash flows from operating activities:
Net earnings (loss)	$ 12,795	$ (8,743)
Adjustments to reconcile net earnings (loss) to net cash provided by operating activities:
Impairment of goodwill	0	8,891
Depreciation and amortization	16,423	16,471
Stock-based compensation	2,318	2,888
Amortization of deferred financing costs	654	466
Deferred income taxes	(1,743)	(2,172)
Unrealized losses (gains) on foreign currency revaluation	2,168	(110)
Gain on sale of property, plant and equipment	(1,694)	(4,194)
Other, net	1,259	1,522
Changes in operating assets and liabilities, net of effects of business combination:
Accounts receivable	5,397	19,298
Unbilled receivables	2,183	(519)
Inventories	9,690	17,087
Other current assets	4,468	(2,292)
Other assets	(1,587)	(1,392)
Accounts payable	(6,044)	(15,105)
Accrued expenses	1,021	(5,875)
Other liabilities	(1,460)	8,178
Income taxes payable	260	(9,949)
Net cash provided by operating activities	46,108	24,450
Cash flows from investing activities:
Purchase of property, plant and equipment	(5,476)	(9,891)
Payment for acquisition, net of cash acquired	0	(29,003)
Proceeds from disposal/sale of property, plant and equipment	3,961	5,807
Net cash used in investing activities	(1,515)	(33,087)
Cash flows from financing activities:
Dividends paid to common shareholders	(3,363)	(3,352)
Deferred financing costs	(600)	0
Borrowings under revolving credit line	0	44,000
Repayments under revolving credit line	(20,000)	(12,000)
Repayments of long-term debt	(8,179)	(2,974)
Purchase and retirement of Class A common stock	0	(448)
Net cash (used in) provided by financing activities	(32,142)	25,226
Effect of exchange rate changes on cash	199	1,789
Net increase in cash and cash equivalents	12,650	18,378
Cash and cash equivalents - beginning of year	72,289	53,911
Cash and cash equivalents - end of year	84,939	72,289
Supplemental cash flow information:
Income taxes, net of refunds received	2,649	4,686
Interest payments	4,131	4,850
Goodwill	23,966	21,993
Cash paid for acquisition, net of cash acquired	(0)	29,003
BCMZ Precision Engineering Limited [Member]
Cash flows from investing activities:
Payment for acquisition, net of cash acquired	0	(29,003)
Supplemental cash flow information:
Fair value of identifiable net assets acquired	0	18,909
Goodwill	0	10,287
Fair value of net assets acquired	0	29,196
Fair value of consideration transferred	0	29,196
Less: Cash acquired in acquisition		(193)
Cash paid for acquisition, net of cash acquired	$ 0	$ 29,003

Note 1 - Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1.	DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Bel Fuse Inc. and subsidiaries ("Bel," the "Company," "we," "us," and "our") design, manufacture and sell a broad array of products that power, protect and connect electronic circuits. These products are used in the networking, telecommunication, high-speed data transmission, commercial aerospace, military, broadcasting, transportation and consumer electronic industries around the world. We manage our operations by product group through our reportable operating segments, Cinch Connectivity Solutions, Power Solutions and Protection and Magnetic Solutions, in addition to a Corporate segment.

All amounts included in the tables to these notes to consolidated financial statements, except per share amounts, are in thousands.

Principles of Consolidation - The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Reclassifications - During the fourth quarter of 2020, the Company changed its financial statement presentation related to gain/loss on its SERP investments. These gains/losses were previously included within cost of sales and selling, general and administrative expense. Gains on SERP investments in the amount of $1.1 million and $2.1 million have been reclassified from cost of sales and selling, general and administrative expense to other (expense) income, net on the accompanying statements of operations for the years ended December 31, 2020 and 2019, respectively.

Use of Estimates - The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, including but not limited to those related to product returns, provisions for bad debt, inventories, goodwill, intangible assets, investments, Supplemental Executive Retirement Plan ("SERP") expense, income taxes, contingencies, litigation and the impact related to tax reform. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

Cash Equivalents - Cash equivalents include short-term investments in money market funds and certificates of deposit with an original maturity of three months or less when purchased. Accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. Some of our balances are in excess of the FDIC insured limit.

Allowance for Doubtful Accounts - We maintain an allowance for doubtful accounts for estimated losses from the inability of our customers to make required payments. We determine our allowance by both specific identification of customer accounts where appropriate and the application of historical loss experience to non-specific accounts.

Effects of Foreign Currency – In non-U.S. locations that are not considered highly inflationary, we translate the non-equity components of our foreign balance sheets at the end of period exchange rates with translation adjustments accumulated within stockholders' equity on our consolidated balance sheets. We translate the statements of operations at the average exchange rates during the applicable period. In connection with foreign currency denominated transactions, including multi-currency intercompany payable and receivable transactions and loans, the Company incurred net realized and unrealized currency exchange (losses) gains of ($2.2) million and $0.1 million for the years ended December 31, 2020 and 2019, respectively, which were included in other (expense) income, net on the consolidated statements of operations.

Concentration of Credit Risk - Financial instruments which potentially subject us to concentrations of credit risk consist principally of accounts receivable and temporary cash investments. We grant credit to customers that are primarily original equipment manufacturers and to subcontractors of original equipment manufacturers based on an evaluation of the customer's financial condition, without requiring collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. We control our exposure to credit risk through credit approvals, credit limits and monitoring procedures and establish allowances for anticipated losses. See Note 12, "Segments," for disclosures regarding significant customers.

We place temporary cash investments with quality financial institutions and commercial issuers of short-term paper and, by policy, limit the amount of credit exposure in any one financial instrument.

Inventories - Inventories are stated at the lower of weighted-average cost or market. Costs related to inventories include raw materials, direct labor and manufacturing overhead which are included in cost of sales on the consolidated statements of operations. The Company utilizes the average cost method in determining amounts to be removed from inventory.

Revenue Recognition – 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.

Product 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.

Goodwill and Identifiable Intangible Assets – Goodwill represents the excess of the aggregate of the following (1) consideration transferred, (2) the fair value of any noncontrolling interest in the acquiree and, (3) if the business combination is achieved in stages, the acquisition-date fair value of our previously held equity interest in the acquiree over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed.

Identifiable intangible assets consist primarily of patents, licenses, trademarks, trade names, customer lists and relationships, non-compete agreements and technology-based intangibles and other contractual agreements. We amortize finite lived identifiable intangible assets over the shorter of their stated or statutory duration or their estimated useful lives, ranging from 1 to 16 years, on a straight-line basis to their estimated residual values and periodically review them for impairment. Total identifiable intangible assets comprise 14.5% and 15.4% at December 31, 2020 and 2019, respectively, of our consolidated total assets.

We use the acquisition method of accounting for all business combinations and do not amortize goodwill or intangible assets with indefinite useful lives. Goodwill and intangible assets with indefinite useful lives are tested for possible impairment annually during the fourth quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the asset might be impaired.

Impairment and Disposal of Long-Lived Assets – For definite-lived intangible assets, such as customer relationships, contracts, intellectual property, and for other long-lived assets, such as property, plant and equipment, whenever impairment indicators are present, we perform a review for impairment. We calculate the undiscounted value of the projected cash flows associated with the asset, or asset group, and compare this estimated amount to the carrying amount. If the carrying amount is found to be greater, we record an impairment loss for the excess of book value over the fair value. In addition, in all cases of an impairment review, we re-evaluate the remaining useful lives of the assets and modify them, as appropriate.

For indefinite-lived intangible assets, such as trademarks and trade names, each year and whenever impairment indicators are present, we determine the fair value of the asset and record an impairment loss for the excess of book value over the fair value, if any. In addition, in all cases of an impairment review we re-evaluate whether continuing to characterize the asset as indefinite-lived is appropriate. See Note 4, "Goodwill and Other Intangible Assets," for additional details.

Depreciation - Property, plant and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated primarily using the straight-line method over the estimated useful life of the asset. The estimated useful lives primarily range from 1 to 33 years for buildings and leasehold improvements, and from 2 to 15 years for machinery and equipment.

Income Taxes - We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. See Note 9, “Income Taxes”.

We record net deferred tax assets to the extent we believe these assets will more-likely-than-not be realized. In making such determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. We have established valuation allowances for deferred tax assets that are not likely to be realized. In the event we were to determine that we would be able to realize our deferred income tax assets in the future in excess of our net recorded amount, we would adjust the valuation allowance, which would reduce the provision for income taxes.

We establish liabilities for tax contingencies when, despite the belief that our tax return positions are fully supported, it is more likely than not that certain positions may be challenged and may not be fully sustained. The tax contingency liabilities are analyzed on a quarterly basis and adjusted based upon changes in facts and circumstances, such as the conclusion of federal and state audits, expiration of the statute of limitations for the assessment of tax, case law and emerging legislation. Our effective tax rate includes the effect of tax contingency liabilities and changes to the liabilities as considered appropriate by management.

Earnings (Loss) per Share – We utilize the two-class method to report our earnings (loss) per share. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common stock according to dividends declared and participation rights in undistributed earnings (losses). The Company's Certificate of Incorporation, as amended, states that Class B common shares are entitled to dividends at least 5% greater than dividends paid to Class A common shares, resulting in the two-class method of computing earnings (loss) per share. In computing earnings (loss) per share, the Company has allocated dividends declared to Class A and Class B based on amounts actually declared for each class of stock and 5% more of the undistributed earnings (losses) have been allocated to Class B shares than to the Class A shares on a per share basis. Basic earnings (loss) per common share are computed by dividing net earnings (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per common share, for each class of common stock, are computed by dividing net earnings (loss) by the weighted-average number of common shares and potential common shares outstanding during the period. There were no potential common shares outstanding during the years ended December 31, 2020 and 2019 which would have had a dilutive effect on earnings (loss) per share.

The earnings (loss) and weighted average shares outstanding used in the computation of basic and diluted earnings (loss) per share are as follows:

	Years Ended December 31,
	2020		2019
Numerator:
Net earnings (loss)	$	12,795	$	(8,743	)
Less dividends declared:
Class A		515		518
Class B		2,852		2,834
Undistributed earnings (loss)	$	9,428	$	(12,095	)

Undistributed earnings (loss) allocation:
Class A undistributed earnings (loss)	$	1,574	$	(2,049	)
Class B undistributed earnings (loss)		7,854		(10,046	)
Total undistributed earnings (loss)	$	9,428	$	(12,095	)

Net earnings (loss) allocation:
Class A net earnings (loss)	$	2,089	$	(1,531	)
Class B net earnings (loss)		10,706		(7,212	)
Net earnings (loss)	$	12,795	$	(8,743	)

Denominator:
Weighted average shares outstanding:
Class A		2,145		2,167
Class B		10,185		10,117

Net earnings (loss) per share:
Class A	$	0.97	$	(0.71	)
Class B	$	1.05	$	(0.71	)

Research and Development ("R&D") - Our engineering groups are strategically located around the world to facilitate communication with and access to customers' engineering personnel. This collaborative approach enables partnerships with customers for technical development efforts. On occasion, we execute non-disclosure agreements with our customers to help develop proprietary, next generation products destined for rapid deployment. R&D costs are expensed as incurred, and are shown as a separate line within operating expenses on the consolidated statements of operations. Generally, R&D is performed internally for the benefit of the Company. R&D costs include salaries, building maintenance and utilities, rents, materials, administration costs and miscellaneous other items. R&D expenses for the years ended December 31, 2020 and 2019 amounted to $23.6 million and $26.9 million, respectively.

Fair Value Measurements - We utilize the accounting guidance for fair value measurements and disclosures for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements on a recurring basis or on a nonrecurring basis during the reporting period. The fair value is 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. The Company utilizes market data or assumptions that market participants would use in pricing the asset or liability. We classify our fair value measurements based on the lowest level of input included in the established three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers are defined as follows:

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

Level 3 - Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions

For financial instruments such as cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, the carrying amount approximates fair value because of the short maturities of such instruments. See Note 5, "Fair Value Measurements," for additional disclosures related to fair value measurements.

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

In August 2018, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement. The updated guidance improves the disclosure requirements on fair value measurements. The updated guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted the updated provisions effective January 1, 2020. The adoption did not have a material impact on the Company's consolidated financial position or consolidated results of operations.

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Cost. This guidance aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. This guidance is effective for interim and annual reporting periods beginning after December 15, 2019. The Company adopted this guidance effective January 1, 2020 and it did not have a material impact on its consolidated financial position or consolidated results of operations.

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”), 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 was 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.

The Company adopted ASU 2016-02, as amended, effective January 1, 2019 using the modified retrospective approach. In connection with the adoption, we elected to utilize the Comparatives Under 840 Option whereby the Company will continue to present prior period financial statements and disclosures under ASC 840. In addition, we elected the transition package of three practical expedients permitted within the standard, which eliminates the requirements to reassess prior conclusions about lease identification, lease classification and initial direct costs. Further, we elected a short-term lease exception policy, permitting us to not apply the recognition requirements of this standard to short-term leases (i.e. leases with terms of 12 months or less) and an accounting policy to account for lease and non-lease components as a single component for certain classes of assets. We implemented a new lease system to facilitate the requirements of the new standard and completed the necessary changes to our accounting policies, processes, disclosures and internal control over financial reporting.

Adoption of the new standard resulted in the recording of right-of-use assets in the amount of $20.7 million and lease liabilities related to our operating leases in the amount of $21.0 million on our consolidated balance sheet as of January 1, 2019. The standard did not materially affect the Company’s consolidated net earnings or have any impact on cash flows. See Note 16, "Leases", for Topic 842 disclosures in connection with the adoption of ASU 2016-02.

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. This guidance was adopted by the Company effective January 1, 2019. In accordance with this guidance, the Company reclassified $0.5 million of stranded tax effects from accumulated other comprehensive income to retained earnings within the equity section of the consolidated balance sheet as of January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements.

In May 2018, the FASB issued ASU 2018- 07, Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting, which simplifies the accounting for share-based payments granted to nonemployees for goods and services. This guidance will better align the treatment of share-based payments to nonemployees with the requirements for such share-based payments granted to employees. This guidance is effective for all public entities for fiscal years beginning after December 15, 2018, including interim periods within that year. This guidance was adopted by the Company effective January 1, 2019 and did not have a material impact on the Company’s consolidated financial statements.

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 elected to early adopt ASU 2017- 04 effective July 1, 2019 and accounted for the goodwill impairment charge discussed in Note 4 under this guidance.

Accounting Standards Issued But Not Yet Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), as amended. The new guidance will broaden the information that an entity must consider in developing its expected credit loss estimates related to its financial instruments and adds to U.S. GAAP an impairment model that is based on expected losses rather than incurred losses. The amendment is currently effective for the Company for annual reporting periods beginning after December 15, 2022, with early adoption permitted. Management is currently assessing the impact of ASU 2016-13, but it is not expected to have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans ("ASU 2018-14"). This guidance removes certain disclosures that are not considered cost beneficial, clarifies certain required disclosures and adds additional disclosures. The standard is effective for fiscal years ending after December 15, 2020. The amendments in ASU 2018-14 would need to be applied on a retrospective basis. The Company is currently assessing the impact the new guidance will have on the Company's disclosures.

In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes ("ASU 2019-12"), which modifies ASC 740 to reduce complexity while maintaining or improving the usefulness of the information provided to users of financial statements. ASU 2019-12 is effective for the Company for interim and annual reporting periods beginning after December 15, 2021. The Company is currently assessing the impact of ASU 2019-12, but it is not expected to have a material impact on the Company’s consolidated financial statements.

Note 2 - Acquisitions

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2.	ACQUISITIONS

Agreement to Acquire EOS Power:

On November 25, 2020, the Company entered into a stock purchase agreement (the “Agreement”) with EOS Power Panama Inc. to acquire substantially all of the issued and outstanding shares of EOS Power India Private Ltd. ("EOS"). The Agreement provides for the assumption of certain liabilities and the purchase price is subject to closing working capital adjustments. Based in Mumbai, India, the EOS business had 2020 sales of approximately $12 million, and manufactures power products that are well known in the market and the distribution channels in which EOS operates. The acquisition of EOS is expected to increase Bel's Power Solution presence in the industrial and medical markets. EOS has developed a strong line of high-power density and low-profile products with high convection ratings that support these same markets. Importantly, this acquisition will allow Bel to extend its manufacturing footprint outside of China through a turnkey operation that has an established local supply chain and onsite technical expertise for design and manufacturing. The transaction is expected to close by the end of the first quarter of 2021. The purchase price, estimated to be approximately $7.0 million (after working capital adjustments), is expected to be funded with cash on hand.

CUI Acquisition:

On December 3, 2019, the Company completed the acquisition of the majority of the power supply products business of CUI Inc. (the "CUI power business") through an asset purchase agreement with CUI Global Inc. for $29.2 million (after a working capital adjustment), plus the assumption of certain liabilities. The CUI power business, headquartered in Tualatin, Oregon, designs and markets a broad portfolio of AC/DC and DC/DC power supplies and board level components. The acquisition of the CUI power business enhanced Bel's existing offering of power products, allowing us to better address more of our customers' power needs. It also introduced an alternative business model to Bel's, one which carries a higher gross margin profile and lower manufacturing risk.

The results of operations of the CUI power business have been included in the Company's consolidated financial statements for the period subsequent to its acquisition date. During the years ended December 31, 2020 and December 31, 2019, the CUI power business contributed revenue of $43.1 million and $2.2 million, respectively, and operating income (loss) of $6.8 million and ($0.4) million, respectively, to the Company's consolidated financial results. During each of the years ended December 31, 2020 and December 31, 2019, the Company incurred $0.2 million in acquisition-related costs relating the CUI acquisition. These costs are included in selling, general and administrative expense in the accompanying consolidated statement of operations.

The accounting related to the acquisition of the CUI power business has been finalized. The following table depicts the Company’s acquisition date fair values of the combined consideration transferred and identifiable net assets acquired in this transaction:

				Measurement			Acquisition-Date
	Acquisition-Date			Period			Fair Values
	Fair Values			Adjustments			(As adjusted)
Total identifiable assets	$	9,764		$	15,412		$	25,176
Total liabilities assumed		(6,855	)		-			(6,855	)
Net identifiable assets acquired		2,909			15,412			18,321
Goodwill		29,091			(18,216	)		10,875
Net assets acquired	$	32,000		$	(2,804	)	$	29,196

Cash paid		32,000			(2,804	)		29,196
Fair value of consideration transferred	$	32,000		$	(2,804	)	$	29,196

The identifiable assets acquired included $11.0 million assigned to customer relationships, which is being amortized over its estimated future life of 13 years utilizing the straight-line method, and $5.0 million assigned to the CUI tradename, which is concluded to have an indefinite life. The goodwill noted above related to the CUI acquisition was allocated to the Company's Power Solutions and Protection operating segment at the time of acquisition. The Company has determined that all of the goodwill and intangible assets associated with the CUI acquisition will be deductible for tax purposes.

The following unaudited pro forma information presents a summary of the combined results of operations of the Company and the results of CUI for the periods presented as if the acquisition had occurred on January 1, 2019, along with certain pro forma adjustments. These pro forma adjustments give effect to the amortization of certain definite-lived intangible assets, interest expense related to the financing of the business combination, and related tax effects. The pro forma results do not reflect the realization of any potential cost savings, or any related integration costs. Certain cost savings may result from the acquisition; however, there can be no assurance that these cost savings will be achieved. The unaudited pro forma results are presented for illustrative purposes only and are not necessarily indicative of the results that would have actually been obtained if the acquisition had occurred on the assumed date, nor is the pro forma data intended to be a projection of results that may be obtained in the future:

	Year Ended
	December 31,
	2019
Revenue	$	522,128
Net loss		(7,715	)
Loss per Class A common share - basic and diluted		(0.63	)
Loss per Class B common share - basic and diluted		(0.63	)

Note 3 - Revenue

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

REVENUE

Nature of Goods and Services

Our revenues are substantially derived from sales of our products.

In our Cinch Connectivity Solutions product group, we provide 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 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 (e.g., servers, aircraft, missiles and rail applications). The OEMs, ODMs or CMs that purchase 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.

•

Customer-Designated Hub Arrangements: 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 customer-designated hub 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. Revenue is therefore 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). The accompanying consolidated balance sheet reflects a corresponding 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.

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 our customer-designated hub arrangements 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. 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 geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:

	Year Ended December 31, 2020
	Cinch Connectivity		Power Solutions		Magnetic
	Solutions		and Protection		Solutions		Consolidated

*By Geographic Region:*
North America	$	112,663	$	123,014	$	29,999	$	265,676
Europe		30,017		34,447		6,328		70,792
Asia		8,051		24,027		97,225		129,303
	$	150,731	$	181,488	$	133,552	$	465,771

*By Sales Channel:*
Direct to customer	$	95,853	$	113,570	$	108,727	$	318,150
Through distribution		54,878		67,918		24,825		147,621
	$	150,731	$	181,488	$	133,552	$	465,771

	Year Ended December 31, 2019
	Cinch Connectivity		Power Solutions		Magnetic
	Solutions		and Protection		Solutions		Consolidated

*By Geographic Region:*
North America	$	128,096	$	93,540	$	34,408	$	256,044
Europe		33,099		41,016		7,507		81,622
Asia		11,153		28,972		114,621		154,746
	$	172,348	$	163,528	$	156,536	$	492,412

*By Sales Channel:*
Direct to customer	$	113,115	$	110,587	$	132,911	$	356,613
Through distribution		59,233		52,941		23,625		135,799
	$	172,348	$	163,528	$	156,536	$	492,412

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 December 31, 2020 and December 31, 2019 are as follows:

	December 31,		December 31,
	2020		2019

Contract assets - current (unbilled receivable)	$	14,135	$	16,318
Contract liabilities - current (deferred revenue)	$	2,077	$	653

The change in balance of our unbilled receivables from December 31, 2019 to December 31, 2020 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).

A tabular presentation of the activity within the deferred revenue account for the year ended December 31, 2020 is presented below:

	Year Ended
	December 31, 2020
Balance, January 1	$	653
New advance payments received		7,798
Recognized as revenue during period		(6,380	)
Currency translation		6
Balance, December 31	$	2,077

Transaction Price Allocated to Future Obligations:

The aggregate amount of transaction price allocated to remaining performance obligations that have not been satisfied as of December 31, 2020 related to contracts that exceed one year in duration amounted to $8.6 million, with expected contract expiration dates that range from 2022 - 2025. It is expected that 63% of this aggregate amount will be recognized in 2022, 6% will be recognized in 2023 and the remainder will be recognized in years beyond 2023. The majority of the Company's total backlog of orders at December 31, 2020 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 15
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Note 4 - Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill Disclosure [Text Block]

4.	GOODWILL AND OTHER INTANGIBLE ASSETS

Goodwill

Goodwill represents the excess of the purchase price and related acquisition costs over the fair value assigned to the net tangible and other intangible assets acquired in a business acquisition. At December 31, 2020 and 2019, the Company's reportable operating segments were as follows:

	•	Cinch Connectivity Solutions: includes the 2010 acquisition of Cinch Connectors, the 2012 acquisitions of Fibreco Limited and GigaCom Interconnect, the 2013 acquisition of Array Connector, the 2014 acquisition of Emerson Network Power Connectivity Solutions, in addition to sales and an estimated allocation of expenses related to connectivity products manufactured at Bel sites that are not product group specific.

	•	Power Solutions and Protection: includes the 2012 acquisition of Powerbox Italia, the 2014 acquisition of Power-One's Power Solutions business, the 2019 acquisition of the majority of CUI Inc.'s power products business, in addition to sales and an estimated allocation of expenses related to power products manufactured at Bel sites that are not product group specific.

	•	Magnetic Solutions: includes the 2013 acquisition of TE Connectivity's Coil Wound Magnetics business, our Signal Transformer business, in addition to sales and an estimated allocation of expenses related to Bel's ICM and discrete magnetic products that are manufactured at Bel sites that are not product group specific.

Prior to October 1, 2019, the Company operated under three reportable operating segments which were geographic in nature: North America, Asia and Europe. In connection with the transition in ERP systems, and resulting discussions around how management would like to view the results of the Company on a go-forward basis, management determined that viewing the Company by product group for purposes of managing the business and asset allocation decisions was most appropriate. This change in management's view resulted in a reorganization of the Company's reportable operating segments effective October 1, 2019. As of the October 1, 2019 segment reorganization date, the remaining goodwill under the former segment structure was reassigned to the new reporting units identified within the three product group reportable operating segments using a relative fair value allocation approach.

The changes in the carrying value of goodwill classified by our segment reporting structure for the years ended December 31, 2020 and 2019 are as noted in the table below.


	Total		Cinch Connectivity Solutions		Power Solutions & Protection		Magnetic Solutions
Balance at January 1, 2020:
Goodwill, gross	$	21,993	$	7,179	$	14,814	$	-
Accumulated impairment charges		-		-		-		-
Goodwill, net	$	21,993	$	7,179	$	14,814	$	-

Goodwill allocation related to acquisition		588		-		588		-
Foreign currency translation		1,385		676		709		-

Balance at December 31, 2020:
Goodwill, gross	$	23,966	$	7,855	$	16,111	$	-
Goodwill, net	$	23,966	$	7,855	$	16,111	$	-

As discussed in Note 5, Fair Value Measurements, goodwill is reviewed for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. We estimated the fair value of these reporting units using a weighting of fair values derived from income and market approaches. Under the income approach, we determine the fair value of a reporting unit based on the present value of estimated future cash flows. Cash flow projections are based on management's estimates of revenue growth rates and operating margins, taking into consideration industry and market conditions. The discount rate used is based on a weighted average cost of capital adjusted for the relevant risk associated with the characteristics of the business and the projected cash flows. The market approach estimates fair value based on market multiples of revenue and earnings derived from comparable publicly traded companies with similar operating and investment characteristics as the reporting unit.

2020 Annual Impairment Test

On October 1, 2020, the Company completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair value of the Company's Connectivity Europe, Power Europe and CUI reporting units (the only reporting units with goodwill) exceeded the carrying value and that there was no indication of impairment.

The excess of estimated fair values over carrying value, including goodwill for each of our reporting units that had goodwill as of the 2020 annual impairment test were as follows:

Reporting Unit	% by Which Estimated Fair Value Exceeds Carrying Value
Connectivity Europe	51.1		%
Power Europe		21.0	%
CUI		38.6	%

2019 Impairment Tests

As weakened market conditions from earlier in 2019 continued into the third quarter without a visible rebound in incoming orders, the Company’s actual revenue and margin levels in 2019 were significantly lower than the financial projections utilized in the annual goodwill impairment analysis (performed as of October 1, 2018), and were not projected to rebound to those levels in 2019. The Company determined that current business conditions, and the resulting decrease in the Company’s projected undiscounted and discounted cash flows, together with the accompanying stock price decline, constituted a triggering event, which required the Company to perform interim impairment tests related to its long-lived assets and goodwill during the third quarter of 2019. This resulted in a full impairment of the Company's then North America operating segment, and the Company recorded a resulting goodwill impairment charge of $8.9 million in the third quarter of 2019. No impairment existed as of the July 31, 2019 interim test date related to the Company's then Europe operating segment. As of the interim test date, the estimated fair value of the Company's then Europe operating segment exceeded its carrying value by 17.3%.

On October 1, 2019, the Company completed step one of our annual goodwill impairment test for our reporting units. We concluded that the fair value of the Company's then Europe reporting unit (the only remaining reporting unit with goodwill) exceeded the carrying value and that there was no indication of impairment. As described above, the Company reorganized its segment structure effective October 1, 2019. In connection with the segment reorganization, the Company also completed step one of our annual goodwill impairment test for our new reporting units. We concluded that the fair value each of the Company's reporting units exceeded the respective carrying values and that there was no indication of impairment on that date.

As noted above, the fair value determined in connection with the goodwill impairment test completed in the fourth quarter of 2020 exceeded the carrying value for each reporting unit. Therefore, there was no impairment of goodwill. However, if the fair value decreases in future periods, the Company may need to complete an interim goodwill impairment test and any potential goodwill impairment charge would be dependent upon the estimated fair value of the reporting unit at that time and the outcome of the impairment test. The fair values of the assets and liabilities of the reporting unit, including the intangible assets, could vary depending on various factors.

The future occurrence of a potential indicator of impairment, such as a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more-likely-than-not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of, could require an interim assessment for some or all of the reporting units before the next required annual assessment. In the event of significant adverse changes of the nature described above, it may be necessary for us to recognize an additional non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and consolidated results of operations.

Other Intangible Assets

Other identifiable intangible assets include patents, technology, license agreements, non-compete agreements and trademarks. Amounts assigned to these intangible assets have been determined by management. Management considered a number of factors in determining the allocations, including valuations and independent appraisals. Trademarks have indefinite lives and are reviewed for impairment on an annual basis. Other intangible assets, excluding trademarks, are being amortized over 1 to 16 years.

The Company tests indefinite-lived intangible assets for impairment using a fair value approach, the relief-from-royalty method (a form of the income approach). At December 31, 2020, the Company's indefinite-lived intangible assets related to the trademarks acquired in the CUI, Power Solutions, Connectivity Solutions, Cinch and Fibreco acquisitions.

The components of definite and indefinite-lived intangible assets are as follows:

	December 31, 2020							December 31, 2019
	Gross Carrying		Accumulated		Net Carrying			Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount			Amount		Amortization		Amount

Patents, licenses and technology	$	39,056	$	25,160	$	13,896		$	38,885	$	21,757	$	17,128
Customer relationships		56,261		21,280		34,981			55,656		17,231		38,425
Non-compete agreements		2,716		2,717		(1	)		2,701		2,701		-
Trademarks		16,953		40		16,913			16,852		40		16,812

	$	114,986	$	49,197	$	65,789		$	114,094	$	41,729	$	72,365

Amortization expense was $7.1 million and $6.4 million in 2020 and 2019, respectively.

Estimated amortization expense for intangible assets for the next five years is as follows:

December 31,	Amortization Expense

2021	$	6,972
2022		5,673
2023		4,523
2024		4,461
2025		4,445

2020 and 2019 Impairment Tests

The Company completed its annual indefinite-lived intangible assets impairment test as of October 1, 2020 and October 1, 2019, noting no impairment. During the third quarter of 2019, due to weakened market conditions discussed above, the Company completed an interim impairment test related to its indefinite-lived intangible assets as of July 31, 2019, noting no impairment. Management has concluded that the fair value of these trademarks exceeded the related carrying values at both December 31, 2020 and December 31, 2019, with no indication of impairment at either date.

Note 5 - Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Fair Value Disclosures [Text Block]

5.	FAIR VALUE MEASUREMENTS

As of December 31, 2020 and December 31, 2019, our available-for-sale securities primarily consisted of investments held in a rabbi trust which are intended to fund the Company’s Supplemental Executive Retirement Plan (“SERP”) obligations. These securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) inputs and amounted to $0.7 million at December 31, 2020 and $1.1 million at December 31, 2019. During the second quarter of 2020, the Company entered into foreign exchange forward contracts, the fair value of which was less than $0.1 million at December 31, 2020. 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 2020 or 2019. There were no changes to the Company’s valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during 2020.

There were no financial assets accounted for at fair value on a nonrecurring basis as of December 31, 2020 or December 31, 2019.

The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued expenses, which are not 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 December 31, 2020 and 2019, the estimated fair value of total debt was $118.4 million and $146.4 million, respectively, compared to a carrying amount of $115.6 million and $143.7 million, respectively. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of December 31, 2020.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event. We review goodwill for impairment on a reporting unit basis annually during the fourth quarter of each year and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. As weakened market conditions from earlier in 2019 continued into the third quarter without a visible rebound in incoming orders, the Company’s actual revenue and margin levels in 2019 were significantly lower than the financial projections utilized in the annual goodwill impairment analysis (performed as of October 1, 2018), and were not projected to rebound to those levels in 2019. The Company determined that current business conditions, and the resulting decrease in the Company’s projected undiscounted and discounted cash flows, together with the accompanying stock price decline, constituted a triggering event, which required the Company to perform interim impairment tests related to its long-lived assets, indefinite-lived intangible assets and goodwill during the third quarter of 2019. The Company’s interim test on its long-lived assets and indefinite-lived intangible assets indicated that the carrying value of these assets were recoverable and that no impairment existed as of the July 31, 2019 testing date.

The Company’s Level 3 fair value analysis related to the interim test for goodwill impairment was supported by a weighting of two generally accepted valuation approaches, the income approach and the market approach, as further described in Note 4, "Goodwill and Other Intangible Assets". These approaches include numerous assumptions with respect to future circumstances, such as industry and/or local market conditions, which might directly impact each of the reporting units’ operations in the future, and are therefore uncertain. These approaches are utilized to develop a range of fair values and a weighted average of these approaches is utilized to determine the best fair value estimate within that range.

The July 31, 2019 interim impairment test related to the Company's goodwill was performed by reporting unit (North America and Europe). The valuation test, which heavily weights future discounted cash flow projections, indicated impairment of the goodwill associated with the Company’s then North America reporting unit. As a result, the Company recorded a non-cash goodwill impairment charge of $8.9 million ($8.5 million after-tax) during the third quarter of 2019. The Company’s goodwill associated with its then North America reporting unit originated from several of Bel’s prior acquisitions, primarily Power Solutions and Connectivity Solutions. The remaining goodwill as of September 30, 2019 had a carrying value of $10.8 million related solely to the Company's then Europe reporting unit. Effective October 1, 2019, in connection with a change in how management views the business as a result of our ongoing transition in ERP systems and the recent acquisition of CUI, the Company reorganized its segment reporting structure. The Company's new reportable operating segments are Cinch Connectivity Solutions, Power Solutions and Protection, and Magnetic Solutions. At our October 1, 2019 annual goodwill impairment test date, an analysis was performed on both the former segments and the new segments to ensure no impairment existed under either structure as of the reorganization date. See Note 4, "Goodwill and Other Intangible Assets".

- 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

Note 6 - Other Assets

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Other Assets Disclosure [Text Block]

6.	OTHER ASSETS

At December 31, 2020 and 2019, the Company has obligations of $24.3 million and $21.5 million, respectively, associated with its SERP. As a means of informally funding these obligations, the Company has invested in life insurance policies related to certain employees and marketable securities held in a rabbi trust. At December 31, 2020 and 2019, these assets had a combined value of $15.4 million and $14.7 million, respectively.

Company-Owned Life Insurance

Investments in company-owned life insurance policies ("COLI") were made with the intention of utilizing them as a long-term funding source for the Company's SERP obligations. However, the cash surrender value of the COLI does not represent a committed funding source for these obligations. Any proceeds from these policies are subject to claims from creditors. The cash surrender value of the COLI of $14.7 million and $13.7 million at December 31, 2020 and 2019, respectively, is included in other assets in the accompanying consolidated balance sheets. The volatility in global equity markets in recent years has also had an effect on the cash surrender value of the COLI policies. The Company recorded income to account for the increase in cash surrender value in the amount of $1.4 million and $2.4 million during the years ended December 31, 2020 and 2019, respectively. Prior to the fourth quarter of 2020, these fluctuations in the cash surrender value were allocated between cost of sales and selling, general and administrative expenses on the consolidated statements of operations. Beginning in the fourth quarter of 2020, these fluctuations have been reclassified to other income (expense), net on the consolidated statements of operations for all periods presented. This revised classification is consistent with the costs associated with the long-term employee benefit obligations that the COLI is intended to fund.

Other Investments

At December 31, 2020 and 2019, the Company held, in the aforementioned rabbi trust, available-for-sale investments at a cost of $0.7 million and $1.1 million, respectively. Together with the COLI described above, these investments are intended to fund the Company's SERP obligations and are classified as other assets in the accompanying consolidated balance sheets. The Company monitors these investments for impairment on an ongoing basis. At December 31, 2020 and 2019, the fair market value of these investments was $0.7 million and $1.1 million, respectively.

Note 7 - Inventories

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Inventory Disclosure [Text Block]

7.	INVENTORIES

The components of inventories are as follows:

	December 31,
	2020		2019
Raw materials	$	40,846	$	47,936
Work in progress		25,916		27,065
Finished goods		33,371		32,275
Inventories	$	100,133	$	107,276

Note 8 - Property, Plant and Equipment, Net

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

8.	PROPERTY, PLANT AND EQUIPMENT, NET

Property, plant and equipment, net consist of the following:

	December 31,
	2020			2019
Land	$	1,115		$	1,431
Buildings and improvements		19,917			29,722
Machinery and equipment		124,114			132,134
Construction in progress		1,603			5,090
		146,749			168,377
Accumulated depreciation		(112,248	)		(126,434	)
Property, plant and equipment, net	$	34,501		$	41,943

Depreciation expense for the years ended December 31, 2020 and 2019 was $9.3 million and $10.0 million, respectively.

Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Income Tax Disclosure [Text Block]

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 2017 and for state examinations before 2014. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2010 in Asia and generally 2012 in Europe.

At December 31, 2020 and 2019, the Company has approximately $28.5 million and $29.1 million, respectively, of liabilities for uncertain tax positions ($2.4 million and $2.2 million, respectively, is included in other current liabilities on the consolidated balance sheets and $26.1 million and $26.9 million, respectively, is included in liability for uncertain tax positions on the consolidated balance sheets). These amounts, if recognized, would reduce the Company’s effective tax rate. As of December 31, 2020, approximately $2.4 million of the Company’s liabilities for uncertain tax positions are expected to be resolved during the next twelve months by way of expiration of the related statute of limitations.

A reconciliation of the beginning and ending amount of the liability for uncertain tax positions, including the portion included in income taxes payable, is as follows:

	Year Ended December 31,
	2020			2019
Liability for uncertain tax positions - January 1	$	29,061		$	28,951
Additions based on tax positions related to the current year		764			1,738
Translation adjustment		887			(211	)
Settlement/expiration of statutes of limitations		(2,196	)		(1,417	)
Liability for uncertain tax positions - December 31	$	28,516		$	29,061

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 years ended December 31, 2020 and 2019, the Company recognized $0.8 million and $0.7 million, respectively, in interest and penalties in the consolidated statements of operations. During the years ended December 31, 2020 and 2019, the Company recognized a benefit of $0.5 million and $0.7 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 $5.2 million and $4.9 million accrued for the payment of interest and penalties at December 31, 2020 and 2019, respectively, which is included in both income taxes payable and liability for uncertain tax positions in the consolidated balance sheets.

The Company’s total earnings (loss) before provision for income taxes included losses from domestic operations of ($6.0) million and ($17.1) million for 2020 and 2019, respectively, and earnings before provision for income taxes from foreign operations of $18.1 million and $9.8 million for 2020 and 2019, respectively.

The provision (benefit) for income taxes consists of the following:

	Years Ended December 31,
	2020			2019
Current:
Federal	$	(1,555	)	$	(215	)
State		168			141
Foreign		2,472			3,687
		1,085			3,613
Deferred:
Federal		(1,412	)		(2,222	)
State		(151	)		(135	)
Foreign		(181	)		185
		(1,744	)		(2,172	)

	$	(659	)	$	1,441

A reconciliation of taxes on income computed at the U.S. federal statutory rate to amounts provided is as follows:

	Years Ended December 31,
	2020						2019
	$			%			$			%
Tax provision (benefit) computed at the federal statutory rate	$	2,549			21	%	$	(1,534	)		21	%
Increase (decrease) in taxes resulting from:
Different tax rates applicable to foreign operations		311			3	%		2,978			(41	%)

(Reversal of) increase in liability for uncertain tax positions - net		(1,432	)		(12	%)		320			(4	%)

Impact of U.S. Tax Reform		(1,129	)		(9	%)		-			0	%

Research and experimentation and foreign tax credits		(245	)		(2	%)		(907	)		12	%

State taxes, net of federal benefit		4			0	%		(54	)		1	%

SERP/COLI and restricted stock income		(234	)		(2	%)		(547	)		7	%

Impairment of goodwill		-			0	%		1,522			(21	%)

Other, net		(483	)		(4	%)		(337	)		5	%
Tax (benefit) provision computed at the Company's effective tax rate	$	(659	)		(5	%)	$	1,441			(20	%)

As of December 31, 2020, the Company has $22.9 million of deferred tax assets, which the Company evaluates for utilization on an annual basis. The Company has gross federal, state and foreign net operating losses (“NOL”) of $27.5 million which amount to $5.9 million of deferred tax assets. In addition, the Company has $2.6 million of credit carryforwards and acquired deferred tax assets of $0.6 million. The Company believes that it is more likely than not that the benefit arising from certain NOL, credit carryforwards and acquisition assets will not be realized. In recognition of this risk, the Company has provided a valuation allowance of $6.3 million on these deferred tax assets. The federal and certain foreign NOL's can be carried forward indefinitely, the state and certain foreign NOL's expire at various times during 2025 – 2040 and the tax credit carryforwards expire at various times during 2028 - 2040.

Management has no specific plans to indefinitely reinvest the unremitted earnings of our foreign subsidiaries as of December 31, 2020. Applicable income and dividend withholding taxes of $0.2 million have been reflected in the accompanying consolidated statements of operations for the year ended December 31, 2020. Due to the practicality of determining the deferred taxes on outside basis differences in our investments in our foreign subsidiaries, we have not provided for deferred taxes on outside basis differences and deemed that these basis differences will be indefinitely reinvested.

Components of deferred income tax assets are as follows:

	December 31,
	2020		2019
	Tax Effect		Tax Effect

Deferred tax assets:
State tax credits	$	757	$	1,046
Unfunded pension liability		1,840		1,102
Reserves and accruals		3,181		2,721
Federal, state and foreign net operating loss and credit carryforwards		7,744		8,042
Depreciation		604		686
Amortization		142		698
Lease accounting		3,217		3,961
Other accruals		5,452		5,079
Total deferred tax assets		22,937		23,335
Deferred tax liabilities:
Depreciation		1,992		1,901
Amortization		6,541		6,973
Lease accounting		3,110		3,871
Other accruals		330		370
Total deferred tax liabilities		11,973		13,115
Valuation allowance		6,289		8,216
Net deferred tax assets	$	4,675	$	2,004

The Company continues to monitor proposed legislation affecting the taxation of transfers of U.S. intangible property and other potential tax law changes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Note 10 - Debt

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

10.

DEBT

At December 31, 2020 and 2019, borrowings outstanding related to the respective term loans described below were $104.8 million and $113.0 million, respectively, with $12.0 million and $32.0 borrowings outstanding under the revolver, respectively. The unused credit available under the applicable credit facility was $63.0 million at December 31, 2020 and $43.0 million at December 31, 2019. At December 31, 2020 and 2019 the carrying value of the debt on the consolidated balance sheets is reflected net of $1.3 million and $1.3 million, respectively, of deferred financing costs.

The interest rate in effect at December 31, 2020 was 2.19%, which consisted of LIBOR of 0.19% plus the Company's margin of 2.00%. The interest rate in effect at December 31, 2019 was 3.31%, which consisted of LIBOR of 1.81% plus the Company's margin of 1.50%. In connection with its outstanding borrowings and amortization of the deferred financing costs described below, the Company incurred $4.7 million and $5.4 million of interest expense during the years ended December 31, 2020 and 2019, respectively.

2014 Credit and Security Agreement

On June 19, 2014, the Company entered into a senior Credit and Security Agreement with KeyBank National Association ("KeyBank"), as administrative agent and lender, which was amended on June 30, 2014 principally to add a syndicate of additional lenders (as so amended, the "2014 CSA"). The 2014 CSA consisted of (i) a $50 million revolving credit facility ("Revolver"), (ii) a $145 million term loan facility ("Term Loan") and (iii) a $70 million delayed draw term loan ("DDTL"). The maturity date of the 2014 CSA was June 18, 2019. The Company recorded $5.8 million of deferred financing costs associated with the 2014 CSA, to be amortized through interest expense over the 5-year term of the agreement.

2016 Amendment

In March 2016, the Company amended the terms of the 2014 CSA to modify (i) the date by which the Company was obligated to make excess cash flow prepayments in 2016 on account of excess cash flow achieved for fiscal year 2015, (ii) the method of application of mandatory and voluntary prepayments related to the Company's loans, and (iii) the maximum Leverage Ratio of the Company allowed under the 2014 CSA for the period from the effective date of the amendment through September 2016. In connection with this amendment to the 2014 CSA, the Company paid $0.7 million of deferred financing costs, and the modification to the amortization schedule resulted in $0.5 million of existing deferred financing costs to be accelerated and recorded as interest expense during the first quarter of 2016.

2017 Amendment and Refinancing

On December 11, 2017, the Company refinanced the borrowings under the 2014 CSA and further amended its terms as follows: (i) extended the maturity date to December 11, 2022, (ii) revised the amount of the Term Loan to $125.0 million, (iii) increased the amount available under the Revolver to $75.0 million, (iv) reduced mandatory amortization payments over the first four years of the new 5-year term; and (v) reduced the pricing grid related to interest expense, among other items (the "2017 CSA"). Concurrent with its entry into the 2017 CSA, the Company's outstanding balances due under the DDTL and Revolver were paid in full. In connection with 2017 CSA and related refinancing, the Company paid $1.8 million of deferred financing costs. Due to the magnitude of the modifications to the 2014 CSA, including a reduction in the number of lenders within the syndicate, this modification was deemed an extinguishment of the balances outstanding related to the Term Loan and DDTL that originated under the 2014 CSA. As a result, $1.0 million of existing deferred financing costs were accelerated and recorded as interest expense during the fourth quarter of 2017.

Under the terms of the 2017 CSA, the Company is entitled, subject to the satisfaction of certain conditions, to request additional commitments under the revolving credit facility or term loans in the aggregate principal amount of up to $75 million to the extent that existing or new lenders agree to provide such additional commitments and/or term loans.

The obligations of the Company under the 2017 CSA are guaranteed by certain of the Company's material U.S. subsidiaries (together with the Company, the "Loan Parties") and are secured by a first priority security interest in substantially all of the existing and future personal property of the Loan Parties, certain material real property of the Loan Parties and certain of the Loan Parties' material U.S. subsidiaries, including 65% of the voting capital stock of certain of the Loan Parties' direct foreign subsidiaries.

The borrowings under the 2017 CSA bear interest at a rate equal to, at the Company's option, either (1) LIBOR, plus a margin ranging from 1.375% per annum to 2.75% per annum depending on the Company's leverage ratio, or (2)(a) an "Alternate Base Rate," which is the highest of (i) the federal funds rate plus 0.50%, (ii) KeyBank's prime rate and (iii) the LIBOR rate with a maturity of one month plus 1.00%, plus (b) a margin ranging from 0.375% per annum to 1.75% per annum, depending on the Company's leverage ratio.

The 2017 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 ("Fixed Charge Coverage Ratio"). If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor.

2020 Amendment

On February 18, 2020, the Company further amended its credit agreement whereby the Company voluntarily prepaid a portion of its term loan under the credit agreement in the amount of $8.2 million. The Amendment also served to modify the interest rate and fees applicable to the loans under the credit agreement and change certain covenants related to matters including acquisitions, share repurchases and financial ratios.

At December 31, 2020, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio.

Scheduled principal payments of the total debt outstanding at December 31, 2020 are as follows (in thousands):

2021	$	5,948
2022		110,887
Total long-term debt		116,835
Less: Current maturities of long-term debt		(5,948	)
Noncurrent portion of long-term debt	$	110,887

Note 11 - Accrued Expenses

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

11.

ACCRUED EXPENSES

Accrued expenses consist of the following:

	December 31,
	2020		2019
Sales commissions	$	2,574	$	2,542
Subcontracting labor		758		990
Salaries, bonuses and related benefits		17,165		14,715
Warranty accrual		1,010		1,576
Other		6,969		7,095
	$	28,476	$	26,918

The change in warranty accrual during 2020 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during 2020.

Note 12 - Segments

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

12.

SEGMENTS

The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups and a corporate segment. The segments consist of Cinch Connectivity Solutions, Power Solutions and Protection, Magnetic Solutions and a Corporate segment. The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations. The following is a summary of key financial data:

	Year Ended December 31, 2020
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	150,731		$	181,488		$	133,552		$	-		$	465,771
Gross Profit		42,200			45,587			33,072			(1,129	)		119,730
Gross Profit %		28.0	%		25.1	%		24.8	%		nm			25.7	%
Total Assets		137,333			180,939			92,538			43,056			453,866
Capital Expenditures		1,955			2,458			1,063			-			5,476
Depreciation and Amortization Expense		5,700			8,611			2,112						16,423

	Year Ended December 31, 2019
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	172,348		$	163,528		$	156,536		$	-		$	492,412
Gross Profit		44,417			32,846			34,350			(1,640	)		109,973
Gross Profit %		25.8	%		20.1	%		21.9	%		nm			22.3	%
Total Assets		145,344			168,422			89,463			65,688			468,917
Capital Expenditures		2,934			4,570			2,387						9,891
Depreciation and Amortization Expense		6,021			7,858			2,592						16,471

Entity-Wide Information

The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line.

	Years Ended December 31,
	2020		2019
*Net Sales by Geographic Location:*

United States	$	265,676	$	256,044
Macao		129,303		154,745
United Kingdom		22,017		24,877
Slovakia		17,609		22,705
Germany		13,582		14,855
Switzerland		8,612		10,654
All other foreign countries		8,972		8,532
Consolidated net sales	$	465,771	$	492,412

*Net Sales by Major Product Line:*

Connectivity solutions	$	150,731	$	172,348
Magnetic solutions		133,552		156,536
Power solutions and protection		181,488		163,528
Consolidated net sales	$	465,771	$	492,412

The following is a summary of long-lived assets by geographic area as of December 31, 2020 and 2019:

	December 31,
	2020		2019
*Long-lived Assets by Geographic Location:*

United States	$	26,748	$	27,377
People's Republic of China (PRC)		28,711		30,245
Slovakia		5,514		5,726
Switzerland		87		2,339
United Kingdom		1,715		2,053
All other foreign countries		1,148		1,123
Consolidated long-lived assets	$	63,923	$	68,863

Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area.

The territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC in the middle of 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact this will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately 32.6% of its identifiable assets are located in Asia.

Net Sales to Major Customers

The Company had net sales to one customer in excess of ten percent of consolidated net sales in 2020 and 2019. The net sales associated with this customer were $55.2 million (11.9% of sales) in 2020 and $50.2 million (10.2% of sales) in 2019. Net sales related to this significant customer were primarily reflected in the Magnetic Solutions operating segment.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Note 13 - Retirement Fund and Profit Sharing Plan

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Retirement Benefits [Text Block]

13.

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 Employees' Savings Plan allows eligible employees to voluntarily contribute a percentage of their eligible compensation, subject to Code limitations, which contributions are matched by the Company in an amount equal to 100% of the first 1% of compensation contributed by participants, and 50% of the next 5% of compensation contributed by participants. The Company's matching contribution is made in the form of Bel Fuse Inc. Class A common stock. Prior to January 1, 2012, the Company's matching and profit sharing contributions were made in the form of shares of Bel Fuse Inc. Class A and Class B common stock. The expense for the years ended December 31, 2020 and 2019 amounted to $1.1 million for each period. As of December 31, 2020, the plan owned 257,030 and 109,435 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. Eligible employees contribute up to 5% of salary to the fund. In addition, the Company must contribute a minimum of 5% of eligible salary, as determined by Hong Kong government regulations. The Company currently contributes 7% of eligible salary in cash or Company stock. The expense for the years ended December 31, 2020 and 2019 amounted to approximately $0.3 million in each year. As of December 31, 2020, 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. Participants in the SERP are selected by the Compensation Committee of the Board of Directors. The SERP initially became effective in 2002 and was amended and restated in April 2007 to conform with applicable requirements of Section 409A of the Internal Revenue Code and to modify the provisions regarding benefits payable in connection with a change in control of the Company. The Plan is unfunded. Benefits under the SERP are payable from the general assets of the Company, but the Company has established a rabbi trust which includes certain life insurance policies in effect on participants as well as other investments to partially cover the Company's obligations under the Plan. See Note 6, "Other Assets," for further information on these assets.

The benefits available under the SERP vary according to when and how the participant terminates employment with the Company. If a participant retires (with the prior written consent of the Company) on his normal retirement date (65 years old, 20 years of service, and 5 years of Plan participation), his normal retirement benefit under the Plan would be annual payments equal to 40% of his average base compensation (calculated using compensation from the highest five consecutive calendar years of Plan participation), payable in monthly installments for the remainder of his life. If a participant retires early from the Company (55 years old, 20 years of service, and five years of Plan participation), his early retirement benefit under the Plan would be an amount (i) calculated as if his early retirement date were in fact his normal retirement date, (ii) multiplied by a fraction, with the numerator being the actual years of service the participant has with the Company and the denominator being the years of service the participant would have had if he had retired at age 65, and (iii) actuarially reduced to reflect the early retirement date. If a participant dies prior to receiving 120 monthly payments under the Plan, his beneficiary would be entitled to continue receiving benefits for the shorter of (i) the time necessary to complete 120 monthly payments or (ii) 60 months. If a participant dies while employed by the Company, his beneficiary would receive, as a survivor benefit, an annual amount equal to (i) 100% of the participant's annual base salary at date of death for one year, and (ii) 50% of the participant's annual base salary at date of death for each of the following four years, each payable in monthly installments. The Plan also provides for disability benefits, and a forfeiture of benefits if a participant terminates employment for reasons other than those contemplated under the Plan. The expense related to the Plan for the years ended December 31, 2020 and 2019 amounted to $1.6 million and $1.5 million, respectively.

Net Periodic Benefit Cost

The net periodic benefit cost related to the SERP consisted of the following components during the years ended December 31, 2020 and 2019:

	Years Ended December 31,
	2020		2019

Service Cost	$	600	$	576
Interest Cost		636		739
Net amortization		343		192
Net periodic benefit cost	$	1,579	$	1,507

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

Obligations and Funded Status

Summarized information about the changes in plan assets and benefit obligation, the funded status and the amounts recorded at December 31, 2020 and 2019 are as follows:

	Years Ended December 31,
	2020			2019
Fair value of plan assets, January 1	$	-		$	-
Company contributions		446			430
Benefits paid		(446	)		(430	)
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1	$	21,541		$	18,676
Service cost		600			576
Interest cost		636			739
Benefits paid		(446	)		(430	)
Plan amendments		-			-
Actuarial losses		1,977			1,980
Benefit obligation, December 31	$	24,308		$	21,541
Underfunded status, December 31	$	(24,308	)	$	(21,541	)

The Company has recorded the 2020 and 2019 underfunded status as a long-term liability on the consolidated balance sheets. The accumulated benefit obligation for the SERP was $22.4 million as of December 31, 2020 and $18.5 million as of December 31, 2019. The aforementioned company-owned life insurance policies and marketable securities held in a rabbi trust had a combined value of $15.4 million and $14.7 million at December 31, 2020 and 2019, respectively. See Note 6, "Other Assets," for additional information on these investments.

The estimated net loss and prior service cost for the SERP that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next fiscal year is $0.5 million. The Company expects to make contributions of $0.5 million to the SERP in 2021. The Company had no net transition assets or obligations recognized as an adjustment to other comprehensive income and does not anticipate any plan assets being returned to the Company during 2021, as the plan has no assets.

The following benefit payments, which reflect expected future service, are expected to be paid:

Years Ending
December 31,

2021	$	675
2022		919
2023		921
2024		959
2025		999
2026 - 2030		5,642

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

	December 31,
	2020		2019
Prior service cost	$	586	$	738
Net loss		1,773		1,965
	$	2,359	$	2,703

Actuarial Assumptions

The weighted average assumptions used in determining the periodic net cost and benefit obligation information related to the SERP are as follows:

	Years Ended December 31,
	2020			2019
Net periodic benefit cost:
Discount rate		3.00	%		4.00	%
Rate of compensation increase		2.50	%		2.50	%
Benefit obligation:
Discount rate		2.25	%		3.00	%
Rate of compensation increase		2.50	%		2.50	%

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 14 - Share-based Compensation

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Share-based Payment Arrangement [Text Block]

14.

SHARE-BASED COMPENSATION

The Company has an equity compensation program (the "Program") which provides for the granting of "Incentive Stock Options" within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, non-qualified stock options and restricted stock awards. The Company believes that such awards better align the interest of its employees with those of its shareholders. The 2020 Equity Compensation Plan provides for the issuance of 1.0 million shares of the Company's Class B common stock. At December 31, 2020, 1.0 million shares remained available for future issuance under the 2020 Equity Compensation Plan. The 2011 Equity Compensation Plan provided for the issuance of 1.4 million shares of the Company's Class B common stock. At December 31, 2020, no shares remained available for future issuance under the 2011 Equity Compensation Plan.

The Company records compensation expense in its consolidated statements of operations related to employee stock-based options and awards. The aggregate pretax compensation cost recognized for stock-based compensation amounted to approximately $2.3 million and $2.9 million for 2020 and 2019, respectively, and related solely to restricted stock awards. The Company did not use any cash to settle any equity instruments granted under share-based arrangements during 2020 and 2019. At December 31, 2020 and 2019, the only instruments issued and outstanding under the Program related to restricted stock awards.

Restricted Stock Awards

The Company provides common stock awards to certain officers, directors and key employees. The Company grants these awards, at its discretion, from the shares available under the Program. Unless otherwise provided at the date of grant or unless subsequently accelerated, the shares awarded are typically earned in 25% increments on the second, third, fourth and fifth anniversaries of the award and are distributed provided the employee has remained employed by the Company through such anniversary dates; otherwise the unearned shares are forfeited. The market value of these shares at the date of award is recorded as compensation expense on the straight-line method over the applicable vesting period from the respective award dates, as adjusted for forfeitures of unvested awards. During 2020 and 2019, the Company issued 113,000 shares and 70,000 shares of the Company's Class B common stock, respectively, under a restricted stock plan to various officers, directors and employees.

A summary of the restricted stock activity under the Program for the year ended December 31, 2020 is presented below:

						Weighted Average
Restricted Stock				Weighted Average		Remaining
Awards	Shares			Award Price		Contractual Term (Years)

Outstanding at January 1, 2020		445,300		$	23.96		3.4 years
Granted		113,000			8.24
Vested		(120,850	)		24.10
Forfeited		(32,000	)		20.52
Outstanding at December 31, 2020		405,450		$	19.77		3.0 years

As of December 31, 2020, there was $5.1 million of total pretax unrecognized compensation cost related to non-vested stock-based compensation arrangements granted under the restricted stock award plan. That cost is expected to be recognized over a period of 4.4 years. This expense is recorded in cost of sales and SG&A expense based upon the employment classification of the award recipients.

The Company's policy is to issue new shares to satisfy restricted stock awards. Currently the Company believes that the majority of its restricted stock awards will vest.

Note 15 - Common Stock

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Stockholders' Equity Note Disclosure [Text Block]

15.

COMMON STOCK

As of December 31, 2020, according to regulatory filings, there was one shareholder of the Company's common stock (other than shareholders subject to specific exceptions) with ownership in excess of 10% of Class A outstanding shares with no ownership of the Company's Class B common stock. In accordance with the Company's certificate of incorporation, the Class B Protection clause is triggered if a shareholder owns 10% or more of the outstanding Class A common stock and does not own an equal or greater percentage of all then outstanding shares of both Class A and Class B common stock (all of which common stock must have been acquired after the date of the 1998 recapitalization). In such a circumstance, such shareholder must, within 90 days of the trigger date, purchase Class B common shares, in an amount and at a price determined in accordance with a formula described in the Company's certificate of incorporation, or forfeit its right to vote its Class A common shares. As of December 31, 2020, to the Company's knowledge, this shareholder had not purchased any Class B shares to comply with these requirements. In order to vote its shares at Bel's next shareholders' meeting, this shareholder must either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings are under 10%. As of December 31, 2020, to the Company's knowledge, this shareholder owned 21.6% of the Company's Class A common stock in the aggregate and had not taken steps to either purchase the required number of Class B common shares or sell or otherwise transfer Class A common shares until its Class A holdings fall below 10%. Unless and until this situation is satisfied in a manner permitted by the Company's Restated Certificate of Incorporation, the subject shareholder will not be permitted to vote its shares of common stock.

Throughout 2020 and 2019, the Company declared cash dividends on a quarterly basis at a rate of $0.06 per Class A (voting) share of common stock and $0.07 per Class B (non-voting) share of common stock. The Company declared and paid cash dividends totaling $3.4 million and $3.4 million in 2020 and 2019, respectively. There are no contractual restrictions on the Company's ability to pay dividends, provided that the Company is not in default under its credit agreements immediately before such payment and after giving effect to such payment.

Note 16 - Leases

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Lessee, Operating Leases [Text Block]

16.

LEASES

The Company has operating leases for its facilities used for manufacturing, research and development, sales and administration. There are also operating and finance leases related to manufacturing equipment, office equipment and vehicles. These leases have remaining lease terms ranging from 1 year to 8 years. Certain of the leases contain options to extend the term of the lease and certain of the leases contain options to terminate the lease within a specified period of time. These options to extend or terminate a lease are included in the lease term only when it is reasonably likely that the Company will elect that option. The Company is not a party to any material sublease arrangements.

The components of lease expense, which are included in cost of sales, research and development costs, and selling, general and administrative expense, based on the underlying use of the ROU asset, were as follows:

	Year Ended
	December 31, 2020
Amortization of ROU assets - finance leases	$	205
Interest on lease liabilities - finance leases		65
Operating lease cost (cost resulting from lease payments)		8,113
Short-term lease cost		189
Variable lease cost (cost excluded from lease payments)		270
Sublease income		-
Total lease cost	$	8,842

Supplemental cash flow information related to leases are as follows:

	Year Ended
	December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,022
Operating cash flows from finance leases		65
Finance cash flows from finance leases		185
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		3,384
Finance leases		451

Supplemental balance sheet information related to leases was as follows:

	December 31, 2020
Operating Leases:
Operating lease right-of-use assets	$	14,217
Operating lease liability, current		6,591
Operating lease liability, long-term		8,064
Total operating lease liabilities	$	14,655

Finance Leases:
Property, plant and equipment, gross	$	966
Accumulated depreciation		(391	)
Property, plant and equipment, net	$	575
Other current liabilities	$	198
Other long-term liabilities		790
Total finance lease liabilities	$	988

	December 31, 2020
Weighted-Average Remaining Lease Term:
Operating leases (in years)		2.7
Finance leases (in years)		4.6

Weighted-Average Discount Rate:
Operating leases		6.0	%
Finance leases		6.3	%

Our discount rate is based on our incremental borrowing rate, as adjusted based on the geographic regions in which our leases assets are located.

Maturities of lease liabilities were as follows as of December 31, 2020:

Year Ending	Operating			Finance
December 31,	Leases			Leases
2021	$	7,575		$	280
2022		4,655			264
2023		2,421			264
2024		883			248
2025		260			78
Thereafter		315			80
Total undiscounted cash flows		16,109			1,214
Less imputed interest		(1,454	)		(226	)
Present value of lease liabilities	$	14,655		$	988

Note 17 - Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

17.

COMMITMENTS AND CONTINGENCIES

Other Commitments

The Company submits purchase orders for raw materials to various vendors throughout the year for current production requirements, as well as forecasted requirements. Certain of these purchase orders relate to special purpose material and, as such, the Company may incur penalties if an order is cancelled. The Company had outstanding purchase orders related to raw materials in the amount of $42.5 million and $42.5 million at December 31, 2020 and December 31, 2019, respectively. The Company also had outstanding purchase orders related to capital expenditures in the amount of $2.1 million and $2.8 million at December 31, 2020 and December 31, 2019, respectively.

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 consolidated 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 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 December 31, 2020 and December 31, 2019.

On June 1, 2018, the Company filed an action against Unipower, LLC in the United States District Court for the Southern District of New York for breach of contract. Specifically, the Company alleges in its Complaint that Unipower has willfully violated the Master Services Agreement ("MSA") entered into by the parties on January 23, 2015 by failing to make payment for the products it contracted for under the MSA. The parties entered into a settlement agreement on December 17, 2018 resolving all outstanding claims and a Stipulation of Dismissal was filed and entered on January 10, 2019.

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 consolidated results of operations.

Note 18 - Accumulated Other Comprehensive Loss

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

18.

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss as of December 31, 2020 and 2019 are summarized below:

	December 31,
	2020			2019

Foreign currency translation adjustment	$	(13,142	)	$	(20,032	)
Unrealized holding gains on available-for-sale securities, net of taxes of $0 at December 31, 2020 and $0 at December 31, 2020		19			12
Unfunded SERP liability, net of taxes of ($1,377) at December 31, 2020 and ($639) at December 31, 2020		(4,940	)		(4,045	)

Accumulated other comprehensive loss	$	(18,063	)	$	(24,065	)

Changes in accumulated other comprehensive (loss) income by component during the years ended December 31, 2020 and 2019 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, 2019	$	(22,635)	$	12	$	(2,215)		$	(24,838)

Other comprehensive income (loss) before reclassifications		2,603		-		(1,492)			1,111
Amounts reclassified from accumulated other comprehensive income (loss)		-		-		125	(a)		125
Effect of adoption of ASU 2018-02 (Topic 220)		-		-		(463)			(463)
Net current period other comprehensive income (loss)		2,603		-		(1,830)			773

Balance at December 31, 2019		(20,032)		12		(4,045)			(24,065)

Other comprehensive income (loss) before reclassifications		6,890		7		(933)			5,964
Amounts reclassified from accumulated other comprehensive income (loss)		-		-		38	(a)		38
Net current period other comprehensive income (loss)		6,890		7		(895)			6,002

Balance at December 31, 2020	$	(13,142)	$	19	$	(4,940)		$	(18,063)

(a)

This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is reflected in other (expense) income, net on the accompanying consolidated statement of operations.

Note 19 - Subsequent Events

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

19.

SUBSEQUENT EVENTS

Acquisition of rms Connectors, Inc.

On January 8, 2021, the Company acquired rms Connectors, Inc. (“rms Connectors”), from rms Company Inc., a division of Cretex Companies, Inc., for $8.5 million in cash. rms Connectors is a highly-regarded connector manufacturer with over 30 years of experience producing harsh environment circular connectors used in a variety of military and aerospace applications. This acquisition complements Bel's existing military and aerospace product portfolio and we anticipate will allow us to expand key customer relationships within these end markets and leverage the combined manufacturing resources to improve our operational efficiency. The transaction was funded with cash on hand. The initial purchase price allocation related to this acquisition was not yet available at the time of filing this Annual Report on Form 10-K.

Sale of Hong Kong Property and Related Bank Consent

On January 15, 2021, the Company sold a property in Hong Kong for net cash proceeds of $6.7 million. The net book value for this property is approximately $0.5 million, and a related gain on sale will be recorded in the first quarter of 2021. When this asset sale is combined with the previously-announced dispositions of the Company's Signal manufacturing facility in Inwood, New York and its Power R&D facility in Switzerland, the aggregate amount of proceeds of asset sales during the term of the credit agreement exceeded the disposition basket provided pursuant to the credit agreement. On February 3, 2021, the Company received a retroactive consent from its lenders to exclude the proceeds of the Hong Kong property sale from the calculation of the disposition basket outlined in the Credit Agreement.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Consolidation, Policy [Policy Text Block]

Reclassification, Comparability Adjustment [Policy Text Block]

Use of Estimates, Policy [Policy Text Block]

Cash and Cash Equivalents, Policy [Policy Text Block]

Receivable [Policy Text Block]

Foreign Currency Transactions and Translations Policy [Policy Text Block]

Concentration Risk, Credit Risk, Policy [Policy Text Block]

Inventory, Policy [Policy Text Block]

Revenue from Contract with Customer [Policy Text Block]

Standard Product Warranty, Policy [Policy Text Block]

Product Returns [Policy Text Block]

Goodwill and Intangible Assets, Intangible Assets, Indefinite-Lived, Policy [Policy Text Block]

Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]

Depreciation, Depletion, and Amortization [Policy Text Block]

Income Tax, Policy [Policy Text Block]

Earnings Per Share, Policy [Policy Text Block]

The earnings (loss) and weighted average shares outstanding used in the computation of basic and diluted earnings (loss) per share are as follows:

	Years Ended December 31,
	2020		2019
Numerator:
Net earnings (loss)	$	12,795	$	(8,743	)
Less dividends declared:
Class A		515		518
Class B		2,852		2,834
Undistributed earnings (loss)	$	9,428	$	(12,095	)

Undistributed earnings (loss) allocation:
Class A undistributed earnings (loss)	$	1,574	$	(2,049	)
Class B undistributed earnings (loss)		7,854		(10,046	)
Total undistributed earnings (loss)	$	9,428	$	(12,095	)

Net earnings (loss) allocation:
Class A net earnings (loss)	$	2,089	$	(1,531	)
Class B net earnings (loss)		10,706		(7,212	)
Net earnings (loss)	$	12,795	$	(8,743	)

Denominator:
Weighted average shares outstanding:
Class A		2,145		2,167
Class B		10,185		10,117

Net earnings (loss) per share:
Class A	$	0.97	$	(0.71	)
Class B	$	1.05	$	(0.71	)

Research and Development Expense, Policy [Policy Text Block]

Fair Value of Financial Instruments, Policy [Policy Text Block]

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

Level 3 - Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Issued Accounting Standards

Recently Adopted Accounting Standards

Accounting Standards Issued But Not Yet Adopted

Note 1 - Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Years Ended December 31,
	2020		2019
Numerator:
Net earnings (loss)	$	12,795	$	(8,743	)
Less dividends declared:
Class A		515		518
Class B		2,852		2,834
Undistributed earnings (loss)	$	9,428	$	(12,095	)

Undistributed earnings (loss) allocation:
Class A undistributed earnings (loss)	$	1,574	$	(2,049	)
Class B undistributed earnings (loss)		7,854		(10,046	)
Total undistributed earnings (loss)	$	9,428	$	(12,095	)

Net earnings (loss) allocation:
Class A net earnings (loss)	$	2,089	$	(1,531	)
Class B net earnings (loss)		10,706		(7,212	)
Net earnings (loss)	$	12,795	$	(8,743	)

Denominator:
Weighted average shares outstanding:
Class A		2,145		2,167
Class B		10,185		10,117

Net earnings (loss) per share:
Class A	$	0.97	$	(0.71	)
Class B	$	1.05	$	(0.71	)

Note 2 - Acquisitions (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

				Measurement			Acquisition-Date
	Acquisition-Date			Period			Fair Values
	Fair Values			Adjustments			(As adjusted)
Total identifiable assets	$	9,764		$	15,412		$	25,176
Total liabilities assumed		(6,855	)		-			(6,855	)
Net identifiable assets acquired		2,909			15,412			18,321
Goodwill		29,091			(18,216	)		10,875
Net assets acquired	$	32,000		$	(2,804	)	$	29,196

Cash paid		32,000			(2,804	)		29,196
Fair value of consideration transferred	$	32,000		$	(2,804	)	$	29,196

Business Acquisition, Pro Forma Information [Table Text Block]

	Year Ended
	December 31,
	2019
Revenue	$	522,128
Net loss		(7,715	)
Loss per Class A common share - basic and diluted		(0.63	)
Loss per Class B common share - basic and diluted		(0.63	)

Note 3 - Revenue (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Disaggregation of Revenue [Table Text Block]

	Year Ended December 31, 2020
	Cinch Connectivity		Power Solutions		Magnetic
	Solutions		and Protection		Solutions		Consolidated

*By Geographic Region:*
North America	$	112,663	$	123,014	$	29,999	$	265,676
Europe		30,017		34,447		6,328		70,792
Asia		8,051		24,027		97,225		129,303
	$	150,731	$	181,488	$	133,552	$	465,771

*By Sales Channel:*
Direct to customer	$	95,853	$	113,570	$	108,727	$	318,150
Through distribution		54,878		67,918		24,825		147,621
	$	150,731	$	181,488	$	133,552	$	465,771

	Year Ended December 31, 2019
	Cinch Connectivity		Power Solutions		Magnetic
	Solutions		and Protection		Solutions		Consolidated

*By Geographic Region:*
North America	$	128,096	$	93,540	$	34,408	$	256,044
Europe		33,099		41,016		7,507		81,622
Asia		11,153		28,972		114,621		154,746
	$	172,348	$	163,528	$	156,536	$	492,412

*By Sales Channel:*
Direct to customer	$	113,115	$	110,587	$	132,911	$	356,613
Through distribution		59,233		52,941		23,625		135,799
	$	172,348	$	163,528	$	156,536	$	492,412

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	December 31,		December 31,
	2020		2019

Contract assets - current (unbilled receivable)	$	14,135	$	16,318
Contract liabilities - current (deferred revenue)	$	2,077	$	653

	Year Ended
	December 31, 2020
Balance, January 1	$	653
New advance payments received		7,798
Recognized as revenue during period		(6,380	)
Currency translation		6
Balance, December 31	$	2,077

Note 4 - Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Goodwill [Table Text Block]


	Total		Cinch Connectivity Solutions		Power Solutions & Protection		Magnetic Solutions
Balance at January 1, 2020:
Goodwill, gross	$	21,993	$	7,179	$	14,814	$	-
Accumulated impairment charges		-		-		-		-
Goodwill, net	$	21,993	$	7,179	$	14,814	$	-

Goodwill allocation related to acquisition		588		-		588		-
Foreign currency translation		1,385		676		709		-

Balance at December 31, 2020:
Goodwill, gross	$	23,966	$	7,855	$	16,111	$	-
Goodwill, net	$	23,966	$	7,855	$	16,111	$	-

Schedule of Excess of Estimated Fair Values Over Carrying Value, Including Goodwill [Table Text Block]

Reporting Unit	% by Which Estimated Fair Value Exceeds Carrying Value
Connectivity Europe	51.1		%
Power Europe		21.0	%
CUI		38.6	%

Schedule of Finite-Lived Intangible Assets [Table Text Block]

	December 31, 2020							December 31, 2019
	Gross Carrying		Accumulated		Net Carrying			Gross Carrying		Accumulated		Net Carrying
	Amount		Amortization		Amount			Amount		Amortization		Amount

Patents, licenses and technology	$	39,056	$	25,160	$	13,896		$	38,885	$	21,757	$	17,128
Customer relationships		56,261		21,280		34,981			55,656		17,231		38,425
Non-compete agreements		2,716		2,717		(1	)		2,701		2,701		-
Trademarks		16,953		40		16,913			16,852		40		16,812

	$	114,986	$	49,197	$	65,789		$	114,094	$	41,729	$	72,365

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]

December 31,	Amortization Expense

2021	$	6,972
2022		5,673
2023		4,523
2024		4,461
2025		4,445

Note 7 - Inventories (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	December 31,
	2020		2019
Raw materials	$	40,846	$	47,936
Work in progress		25,916		27,065
Finished goods		33,371		32,275
Inventories	$	100,133	$	107,276

Note 8 - Property, Plant and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	December 31,
	2020			2019
Land	$	1,115		$	1,431
Buildings and improvements		19,917			29,722
Machinery and equipment		124,114			132,134
Construction in progress		1,603			5,090
		146,749			168,377
Accumulated depreciation		(112,248	)		(126,434	)
Property, plant and equipment, net	$	34,501		$	41,943

Note 9 - Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

	Year Ended December 31,
	2020			2019
Liability for uncertain tax positions - January 1	$	29,061		$	28,951
Additions based on tax positions related to the current year		764			1,738
Translation adjustment		887			(211	)
Settlement/expiration of statutes of limitations		(2,196	)		(1,417	)
Liability for uncertain tax positions - December 31	$	28,516		$	29,061

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

	Years Ended December 31,
	2020			2019
Current:
Federal	$	(1,555	)	$	(215	)
State		168			141
Foreign		2,472			3,687
		1,085			3,613
Deferred:
Federal		(1,412	)		(2,222	)
State		(151	)		(135	)
Foreign		(181	)		185
		(1,744	)		(2,172	)

	$	(659	)	$	1,441

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Years Ended December 31,
	2020						2019
	$			%			$			%
Tax provision (benefit) computed at the federal statutory rate	$	2,549			21	%	$	(1,534	)		21	%
Increase (decrease) in taxes resulting from:
Different tax rates applicable to foreign operations		311			3	%		2,978			(41	%)

(Reversal of) increase in liability for uncertain tax positions - net		(1,432	)		(12	%)		320			(4	%)

Impact of U.S. Tax Reform		(1,129	)		(9	%)		-			0	%

Research and experimentation and foreign tax credits		(245	)		(2	%)		(907	)		12	%

State taxes, net of federal benefit		4			0	%		(54	)		1	%

SERP/COLI and restricted stock income		(234	)		(2	%)		(547	)		7	%

Impairment of goodwill		-			0	%		1,522			(21	%)

Other, net		(483	)		(4	%)		(337	)		5	%
Tax (benefit) provision computed at the Company's effective tax rate	$	(659	)		(5	%)	$	1,441			(20	%)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

	December 31,
	2020		2019
	Tax Effect		Tax Effect

Deferred tax assets:
State tax credits	$	757	$	1,046
Unfunded pension liability		1,840		1,102
Reserves and accruals		3,181		2,721
Federal, state and foreign net operating loss and credit carryforwards		7,744		8,042
Depreciation		604		686
Amortization		142		698
Lease accounting		3,217		3,961
Other accruals		5,452		5,079
Total deferred tax assets		22,937		23,335
Deferred tax liabilities:
Depreciation		1,992		1,901
Amortization		6,541		6,973
Lease accounting		3,110		3,871
Other accruals		330		370
Total deferred tax liabilities		11,973		13,115
Valuation allowance		6,289		8,216
Net deferred tax assets	$	4,675	$	2,004

Note 10 - Debt (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Maturities of Long-term Debt [Table Text Block]

2021	$	5,948
2022		110,887
Total long-term debt		116,835
Less: Current maturities of long-term debt		(5,948	)
Noncurrent portion of long-term debt	$	110,887

Note 11 - Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	December 31,
	2020		2019
Sales commissions	$	2,574	$	2,542
Subcontracting labor		758		990
Salaries, bonuses and related benefits		17,165		14,715
Warranty accrual		1,010		1,576
Other		6,969		7,095
	$	28,476	$	26,918

Note 12 - Segments (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Year Ended December 31, 2020
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	150,731		$	181,488		$	133,552		$	-		$	465,771
Gross Profit		42,200			45,587			33,072			(1,129	)		119,730
Gross Profit %		28.0	%		25.1	%		24.8	%		nm			25.7	%
Total Assets		137,333			180,939			92,538			43,056			453,866
Capital Expenditures		1,955			2,458			1,063			-			5,476
Depreciation and Amortization Expense		5,700			8,611			2,112						16,423

	Year Ended December 31, 2019
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	172,348		$	163,528		$	156,536		$	-		$	492,412
Gross Profit		44,417			32,846			34,350			(1,640	)		109,973
Gross Profit %		25.8	%		20.1	%		21.9	%		nm			22.3	%
Total Assets		145,344			168,422			89,463			65,688			468,917
Capital Expenditures		2,934			4,570			2,387						9,891
Depreciation and Amortization Expense		6,021			7,858			2,592						16,471

Revenue from External Customers by Geographic Areas [Table Text Block]

	Years Ended December 31,
	2020		2019
*Net Sales by Geographic Location:*

United States	$	265,676	$	256,044
Macao		129,303		154,745
United Kingdom		22,017		24,877
Slovakia		17,609		22,705
Germany		13,582		14,855
Switzerland		8,612		10,654
All other foreign countries		8,972		8,532
Consolidated net sales	$	465,771	$	492,412

*Net Sales by Major Product Line:*

Connectivity solutions	$	150,731	$	172,348
Magnetic solutions		133,552		156,536
Power solutions and protection		181,488		163,528
Consolidated net sales	$	465,771	$	492,412

Long-lived Assets by Geographic Areas [Table Text Block]

	December 31,
	2020		2019
*Long-lived Assets by Geographic Location:*

United States	$	26,748	$	27,377
People's Republic of China (PRC)		28,711		30,245
Slovakia		5,514		5,726
Switzerland		87		2,339
United Kingdom		1,715		2,053
All other foreign countries		1,148		1,123
Consolidated long-lived assets	$	63,923	$	68,863

Note 13 - Retirement Fund and Profit Sharing Plan (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Years Ended December 31,
	2020		2019

Service Cost	$	600	$	576
Interest Cost		636		739
Net amortization		343		192
Net periodic benefit cost	$	1,579	$	1,507

Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]

	Years Ended December 31,
	2020			2019
Fair value of plan assets, January 1	$	-		$	-
Company contributions		446			430
Benefits paid		(446	)		(430	)
Fair value of plan assets, December 31	$	-		$	-
Benefit obligation, January 1	$	21,541		$	18,676
Service cost		600			576
Interest cost		636			739
Benefits paid		(446	)		(430	)
Plan amendments		-			-
Actuarial losses		1,977			1,980
Benefit obligation, December 31	$	24,308		$	21,541
Underfunded status, December 31	$	(24,308	)	$	(21,541	)

Schedule of Expected Benefit Payments [Table Text Block]

Years Ending
December 31,

2021	$	675
2022		919
2023		921
2024		959
2025		999
2026 - 2030		5,642

Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]

	December 31,
	2020		2019
Prior service cost	$	586	$	738
Net loss		1,773		1,965
	$	2,359	$	2,703

Defined Benefit Plan, Assumptions [Table Text Block]

	Years Ended December 31,
	2020			2019
Net periodic benefit cost:
Discount rate		3.00	%		4.00	%
Rate of compensation increase		2.50	%		2.50	%
Benefit obligation:
Discount rate		2.25	%		3.00	%
Rate of compensation increase		2.50	%		2.50	%

Note 14 - Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Share-based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

						Weighted Average
Restricted Stock				Weighted Average		Remaining
Awards	Shares			Award Price		Contractual Term (Years)

Outstanding at January 1, 2020		445,300		$	23.96		3.4 years
Granted		113,000			8.24
Vested		(120,850	)		24.10
Forfeited		(32,000	)		20.52
Outstanding at December 31, 2020		405,450		$	19.77		3.0 years

Note 16 - Leases (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Lease, Cost [Table Text Block]

	Year Ended
	December 31, 2020
Amortization of ROU assets - finance leases	$	205
Interest on lease liabilities - finance leases		65
Operating lease cost (cost resulting from lease payments)		8,113
Short-term lease cost		189
Variable lease cost (cost excluded from lease payments)		270
Sublease income		-
Total lease cost	$	8,842

	December 31, 2020
Weighted-Average Remaining Lease Term:
Operating leases (in years)		2.7
Finance leases (in years)		4.6

Weighted-Average Discount Rate:
Operating leases		6.0	%
Finance leases		6.3	%

Leases, Supplemental Cash Flow Information [Table Text Block]

	Year Ended
	December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	8,022
Operating cash flows from finance leases		65
Finance cash flows from finance leases		185
Right-of-use assets obtained in exchange for lease obligations:
Operating leases		3,384
Finance leases		451

Lease, Supplemental Balance Sheet Information [Table Text Block]

	December 31, 2020
Operating Leases:
Operating lease right-of-use assets	$	14,217
Operating lease liability, current		6,591
Operating lease liability, long-term		8,064
Total operating lease liabilities	$	14,655

Finance Leases:
Property, plant and equipment, gross	$	966
Accumulated depreciation		(391	)
Property, plant and equipment, net	$	575
Other current liabilities	$	198
Other long-term liabilities		790
Total finance lease liabilities	$	988

Lessee, Operating and Financing Lease Liability Maturity [Table Text Block]

Year Ending	Operating			Finance
December 31,	Leases			Leases
2021	$	7,575		$	280
2022		4,655			264
2023		2,421			264
2024		883			248
2025		260			78
Thereafter		315			80
Total undiscounted cash flows		16,109			1,214
Less imputed interest		(1,454	)		(226	)
Present value of lease liabilities	$	14,655		$	988

Note 18 - Accumulated Other Comprehensive Loss (Tables)

12 Months Ended

Dec. 31, 2020

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	December 31,
	2020			2019

Foreign currency translation adjustment	$	(13,142	)	$	(20,032	)
Unrealized holding gains on available-for-sale securities, net of taxes of $0 at December 31, 2020 and $0 at December 31, 2020		19			12
Unfunded SERP liability, net of taxes of ($1,377) at December 31, 2020 and ($639) at December 31, 2020		(4,940	)		(4,045	)

Accumulated other comprehensive loss	$	(18,063	)	$	(24,065	)

Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block]

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

Balance at January 1, 2019	$	(22,635)	$	12	$	(2,215)		$	(24,838)

Other comprehensive income (loss) before reclassifications		2,603		-		(1,492)			1,111
Amounts reclassified from accumulated other comprehensive income (loss)		-		-		125	(a)		125
Effect of adoption of ASU 2018-02 (Topic 220)		-		-		(463)			(463)
Net current period other comprehensive income (loss)		2,603		-		(1,830)			773

Balance at December 31, 2019		(20,032)		12		(4,045)			(24,065)

Other comprehensive income (loss) before reclassifications		6,890		7		(933)			5,964
Amounts reclassified from accumulated other comprehensive income (loss)		-		-		38	(a)		38
Net current period other comprehensive income (loss)		6,890		7		(895)			6,002

Balance at December 31, 2020	$	(13,142)	$	19	$	(4,940)		$	(18,063)

Note 1 - Description of Business and Summary of Significant Accounting Policies (Details Textual) - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
	Jan. 01, 2019	Dec. 31, 2020	Dec. 31, 2019
Cost of Goods and Services Sold, Total		$ 346,041	$ 382,439
Nonoperating Income (Expense), Total		(1,785)	(259)
Selling, General and Administrative Expense, Total		78,704	77,416
Foreign Currency Transaction Gain (Loss), before Tax, Total		$ (2,168)	$ 110
Intangible Assets, Percent of Total Assets		14.50%	15.40%
Excessive Dividend Rate of Class B Over Class A		5.00%
Excessive Undistributed Earnings Allocation Rate of Class B Over Class A		5.00%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)		0	0
Research and Development Expense, Total		$ 23,611	$ 26,925
Operating Lease, Right-of-Use Asset		14,217	$ 18,504
Operating Lease, Liability, Total		$ 14,655
Accounting Standards Update 2016-02 [Member]
Operating Lease, Right-of-Use Asset	$ 20,700
Operating Lease, Liability, Total	21,000
Accounting Standards Update 2018-02 [Member]
Tax Cuts and Jobs Act, Reclassification from AOCI to Retained Earnings, Tax Effect	$ 500
Minimum [Member]
Standard Product Warranty, Period (Year)		1 year
Finite-Lived Intangible Asset, Useful Life (Year)		1 year
Minimum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)		1 year
Minimum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		2 years
Maximum [Member]
Standard Product Warranty, Period (Year)		3 years
Finite-Lived Intangible Asset, Useful Life (Year)		16 years	16 years
Maximum [Member] \| Building and Building Improvements [Member]
Property, Plant and Equipment, Useful Life (Year)		33 years
Maximum [Member] \| Machinery and Equipment [Member]
Property, Plant and Equipment, Useful Life (Year)		15 years
Revision of Prior Period, Adjustment [Member]
Cost of Goods and Services Sold, Total		$ (1,100)
Nonoperating Income (Expense), Total		$ 1,100	$ 2,100
Selling, General and Administrative Expense, Total			$ (2,100)

Note 1 - Description of Business and Summary of Significant Accounting Policies - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net earnings (loss)	$ 12,795	$ (8,743)
Undistributed earnings (loss)	9,428	(12,095)
Common Class A [Member]
Net earnings (loss)	2,089	(1,531)
Less dividends declared	515	518
Undistributed earnings (loss)	$ 1,574	$ (2,049)
Weighted-average shares outstanding, basic and diluted (in shares)	2,145	2,167
Net earnings per share, basic and diluted (in dollars per share)	$ 0.97	$ (0.71)
Common Class B [Member]
Net earnings (loss)	$ 10,706	$ (7,212)
Less dividends declared	2,852	2,834
Undistributed earnings (loss)	$ 7,854	$ (10,046)
Weighted-average shares outstanding, basic and diluted (in shares)	10,185	10,117
Net earnings per share, basic and diluted (in dollars per share)	$ 1.05	$ (0.71)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands		3 Months Ended	12 Months Ended		13 Months Ended
	Dec. 03, 2019	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020
EOS Power Panama Inc. [Member] \| Forecast [Member]
Business Combination, Consideration Transferred, Total		$ 7,000
Majority Products Business of CUI Power [Member]
Business Combination, Consideration Transferred, Total	$ 32,000				$ 29,196
Payments to Acquire Businesses, Gross	32,000				$ 29,196
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual			$ 43,100	$ 2,200
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual			6,800	400
Business Combination, Acquisition Related Costs			200	$ 200
Majority Products Business of CUI Power [Member] \| Trade Names [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets	5,000
Majority Products Business of CUI Power [Member] \| Customer Relationships [Member]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles	$ 11,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life (Year)	13 years
EOS Power Panama Inc. [Member]
Revenues, Total			$ 12,000

Note 2 - Acquisitions - Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands		13 Months Ended
	Dec. 03, 2019	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Goodwill, Ending Balance		$ 23,966	$ 21,993	$ 10,800
Majority Products Business of CUI Power [Member]
Total identifiable assets	$ 9,764	25,176
Total identifiable assets		15,412
Total liabilities assumed	(6,855)	(6,855)
Net identifiable assets acquired	2,909	18,321
Net identifiable assets acquired		15,412
Goodwill, Ending Balance	29,091	10,875
Goodwill		(18,216)
Net assets acquired	32,000	29,196
Net assets acquired		(2,804)
Payments to Acquire Businesses, Gross	32,000	29,196
Cash paid		(2,804)
Business Combination, Consideration Transferred, Total	$ 32,000	29,196
Fair value of consideration transferred		$ (2,804)

Note 2 - Acquisitions - Proforma Results (Details) - Majority Products Business of CUI Power [Member] $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($) $ / shares
Revenue \| $	$ 522,128
Net loss \| $	$ (7,715)
Common Class A [Member]
Loss per Class A common share - basic and diluted (in dollars per share) \| $ / shares	$ (0.63)
Common Class B [Member]
Loss per Class A common share - basic and diluted (in dollars per share) \| $ / shares	$ (0.63)

Note 3 - Revenue 1 (Details Textual) $ in Millions	Dec. 31, 2020 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 8.6

Note 3 - Revenue 2 (Details Textual)	Dec. 31, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	63.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	6.00%

Note 3 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 465,771	$ 492,412
Sales Channel, Directly to Consumer [Member]
Net sales	318,150	356,613
Sales Channel, Through Intermediary [Member]
Net sales	147,621	135,799
Connectivity Solutions [Member]
Net sales	150,731	172,348
Connectivity Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	95,853	113,115
Connectivity Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	54,878	59,233
Power Solutions and Protection [Member]
Net sales	181,488	163,528
Power Solutions and Protection [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	113,570	110,587
Power Solutions and Protection [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	67,918	52,941
Magnetic Solutions [Member]
Net sales	133,552	156,536
Magnetic Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	108,727	132,911
Magnetic Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	24,825	23,625
North America [Member]
Net sales	265,676	256,044
North America [Member] \| Connectivity Solutions [Member]
Net sales	112,663	128,096
North America [Member] \| Power Solutions and Protection [Member]
Net sales	123,014	93,540
North America [Member] \| Magnetic Solutions [Member]
Net sales	29,999	34,408
Europe [Member]
Net sales	70,792	81,622
Europe [Member] \| Connectivity Solutions [Member]
Net sales	30,017	33,099
Europe [Member] \| Power Solutions and Protection [Member]
Net sales	34,447	41,016
Europe [Member] \| Magnetic Solutions [Member]
Net sales	6,328	7,507
Asia [Member]
Net sales	129,303	154,746
Asia [Member] \| Connectivity Solutions [Member]
Net sales	8,051	11,153
Asia [Member] \| Power Solutions and Protection [Member]
Net sales	24,027	28,972
Asia [Member] \| Magnetic Solutions [Member]
Net sales	$ 97,225	$ 114,621

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

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-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Contract assets - current (unbilled receivable)	$ 14,135	$ 16,318
Contract liabilities - current (deferred revenue)	2,077	$ 653
Balance, January 1	653
New advance payments received	7,798
Recognized as revenue during period	(6,380)
Currency translation	6
Balance, December 31	$ 2,077

Note 4 - Goodwill and Other Intangible Assets (Details Textual) $ in Thousands			3 Months Ended		12 Months Ended
	Oct. 01, 2019	Jul. 31, 2019 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2019 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Operating Segments	3				3
Goodwill, Impairment Loss			$ 0
Amortization of Intangible Assets, Total					$ 7,100	$ 6,400
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)					$ 0	$ 0
Minimum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)					1 year
Maximum [Member]
Finite-Lived Intangible Asset, Useful Life (Year)					16 years	16 years
North America [Member]
Goodwill, Impairment Loss				$ 8,900
Europe [Member]
Goodwill, Impairment Loss		$ 0
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount		17.30%

Note 4 - Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Goodwill, gross	$ 23,966	$ 21,993
Accumulated impairment charges		0
Goodwill	23,966	21,993	$ 10,800
Goodwill allocation related to acquisition	588
Foreign currency translation	1,385
North America [Member]
Goodwill, gross	7,855	7,179
Accumulated impairment charges		0
Goodwill	7,855	7,179
Goodwill allocation related to acquisition	0
Foreign currency translation	676
Asia [Member]
Goodwill, gross	16,111	14,814
Accumulated impairment charges		0
Goodwill	16,111	14,814
Goodwill allocation related to acquisition	588
Foreign currency translation	709
Europe [Member]
Goodwill, gross	0	0
Accumulated impairment charges		0
Goodwill	0	$ 0
Goodwill allocation related to acquisition	0
Foreign currency translation	$ 0

Note 4 - Goodwill and Other Intangible Assets - Estimated Fair Values Over Carrying Value, Including Goodwill (Details) - Europe [Member]	Dec. 31, 2020	Jul. 31, 2019
% by Which Estimated Fair Value Exceeds Carrying Value		17.30%
Cinch Connectivity Solutions Segment [Member]
% by Which Estimated Fair Value Exceeds Carrying Value	51.10%
Power Solutions and Protection Segment [Member]
% by Which Estimated Fair Value Exceeds Carrying Value	21.00%
CUI Power [Member]
% by Which Estimated Fair Value Exceeds Carrying Value	38.60%

Note 4 - Goodwill and Other Intangible Assets - Components of Definite and Indefinite-lived Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Gross carrying amount	$ 114,986	$ 114,094
Accumulated amortization	49,197	41,729
Net carrying amount	65,789	72,365
Trademarks [Member]
Trademarks, gross	16,953	16,852
Trademarks, Accumulated amortization	40	40
Trademarks, Net carrying amount	16,913	16,812
Patents, Licenses and Technology [Member]
Gross carrying amount	39,056	38,885
Accumulated amortization	25,160	21,757
Net carrying amount	13,896	17,128
Customer Relationships [Member]
Gross carrying amount	56,261	55,656
Accumulated amortization	21,280	17,231
Net carrying amount	34,981	38,425
Noncompete Agreements [Member]
Gross carrying amount	2,716	2,701
Accumulated amortization	2,717	2,701
Net carrying amount	$ 1	$ 0

Note 4 - Goodwill and Other Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 6,972
2022	5,673
2023	4,523
2024	4,461
2025	$ 4,445

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2020	Sep. 30, 2019	Dec. 31, 2019
Long-term Debt, Fair Value	$ 118,400		$ 146,400
Long-term Debt, Gross	115,600		143,700
Goodwill, Impairment Loss	0
Goodwill, Ending Balance	23,966	$ 10,800	21,993
North America Reporting Unit [Member]
Goodwill, Impairment Loss		8,900
Goodwill, Impairment Loss, Net of Tax		$ 8,500
Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure	0		0
Foreign Exchange Forward [Member]
Derivative Asset, Total	100
Investments Held in Rabbi Trust [Member]
Debt Securities, Available-for-sale, Total	$ 700		$ 1,100

Note 6 - Other Assets (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash Surrender Value, Fair Value Disclosure	$ 14,700	$ 13,700
Increase (Decrease) in Cash Surrender Value	1,400	2,400
Investments Held in Rabbi Trust [Member]
Debt Securities, Available-for-sale, Amortized Cost, Total	700	1,100
Debt Securities, Available-for-sale, Total	700	1,100
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Benefit Obligation, Ending Balance	24,308	21,541	$ 18,676
Investments, Fair Value Disclosure, Total	$ 15,400	$ 14,700

Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Raw materials	$ 40,846	$ 47,936
Work in progress	25,916	27,065
Finished goods	33,371	32,275
Inventories	$ 100,133	$ 107,276

Note 8 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Depreciation, Total	$ 9.3	$ 10.0

Note 8 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Property, plant and equipment, gross	$ 146,749	$ 168,377
Accumulated depreciation	(112,248)	(126,434)
Property, plant and equipment, net	34,501	41,943
Land [Member]
Property, plant and equipment, gross	1,115	1,431
Building and Building Improvements [Member]
Property, plant and equipment, gross	19,917	29,722
Machinery and Equipment [Member]
Property, plant and equipment, gross	124,114	132,134
Construction in Progress [Member]
Property, plant and equipment, gross	$ 1,603	$ 5,090

Note 9 - Income Taxes (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Unrecognized Tax Benefits, Ending Balance		$ 28,516	$ 29,061	$ 28,951
Liability for Uncertainty in Income Taxes, Current		2,400	2,200
Liability for Uncertainty in Income Taxes, Noncurrent		26,089	26,901
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total		800	700
Income Tax Expense (Benefit) on Reversal of Interest and Penalties		500	700
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total		5,200	4,900
Income (Loss) from Continuing Operations before Income Taxes, Domestic		(6,000)	(17,100)
Income (Loss) from Continuing Operations before Income Taxes, Foreign		18,100	9,800
Deferred Tax Assets, Gross, Total		22,937	23,335
Deferred Tax Assets, Operating Loss Carryforwards, Total		7,744	8,042
Tax Credit Carryforward, Amount		2,600
Deferred Tax Assets, Tax Credit Carryforwards, Total		600
Deferred Tax Assets, Valuation Allowance, Total		6,289	$ 8,216
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount		200
Federal and State and Local Authority [Member]
Operating Loss Carryforwards, Total		27,500
Deferred Tax Assets, Operating Loss Carryforwards, Total		$ 5,900
Forecast [Member]
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	$ 2,400

Note 9 - Income Taxes - Liability for Uncertain Tax Positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Liability for uncertain tax positions	$ 29,061	$ 28,951
Additions based on tax positions related to the current year	764	1,738
Translation adjustment	887
Translation adjustment		(211)
Settlement/expiration of statutes of limitations	(2,196)	(1,417)
Liability for uncertain tax positions	$ 28,516	$ 29,061

Note 9 - Income Taxes - Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Federal, current	$ (1,555)	$ (215)
State, current	168	141
Foreign, current	2,472	3,687
Current	1,085	3,613
Federal, deferred	(1,412)	(2,222)
State, deferred	(151)	(135)
Foreign, deferred	(181)	185
Deferred	(1,744)	(2,172)
Income Tax Expense (Benefit), Total	$ (659)	$ 1,441

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Note 9 - Income Taxes - Reconciliation of Taxes on Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Tax provision computed at the federal statutory rate, amount	$ 2,549	$ (1,534)
Tax provision computed at the federal statutory rate, percent	21.00%	21.00%
Different tax rates applicable to foreign operations, amount	$ 311	$ 2,978
Different tax rates applicable to foreign operations, percent	3.00%	(41.00%)
(Reversal of) increase in liability for uncertain tax positions - net	$ (1,432)	$ 320
Increase in (reversal of) liability for uncertain tax positions - net, percent	(12.00%)	(4.00%)
Impact of U.S. Tax Reform, amount	$ (1,129)	$ 0
Impact of U.S. Tax Reform, percent	(9.00%)	0.00%
Research and experimentation and foreign tax credits	$ (245)	$ (907)
Research and experimentation and foreign tax credits	(2.00%)	12.00%
State taxes, net of federal benefit, amount	$ 4	$ (54)
State taxes, net of federal benefit, percent	0.00%	1.00%
SERP/COLI and restricted stock income	$ (234)	$ (547)
SERP/COLI and restricted stock income, percent	(2.00%)	7.00%
Impairment of goodwill	$ 0	$ 1,522
Impairment of goodwill, percent	0.00%	(21.00%)
Other, net	$ (483)	$ (337)
Other, net, percent	(4.00%)	5.00%
Income Tax Expense (Benefit), Total	$ (659)	$ 1,441
Tax (benefit) provision computed at the Company's effective tax rate	(5.00%)	(20.00%)

Note 9 - Income Taxes - Components of Deferred Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
State tax credits	$ 757	$ 1,046
Unfunded pension liability	1,840	1,102
Reserves and accruals	3,181	2,721
Federal, state and foreign net operating loss and credit carryforwards	7,744	8,042
Depreciation	604	686
Amortization	142	698
Lease accounting	3,217	3,961
Other accruals	5,452	5,079
Total deferred tax assets	22,937	23,335
Depreciation	1,992	1,901
Amortization	6,541	6,973
Lease accounting	3,110	3,871
Other accruals	330	370
Total deferred tax liabilities	11,973	13,115
Valuation allowance	6,289	8,216
Net deferred tax assets	$ 4,675	$ 2,004

Note 10 - Debt (Details Textual) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended	12 Months Ended
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands	Feb. 18, 2020	Dec. 11, 2017	Jun. 19, 2014	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2020	Dec. 31, 2019
Long-term Debt, Total						$ 116,835
Amortization of Debt Issuance Costs						654	$ 466
Repayments of Long-term Debt, Total						8,179	2,974
Credit and Security Agreement with KeyBank [Member]
Debt Issuance Costs, Net, Total			$ 5,800			$ 1,300	$ 1,300
Line of Credit Facility, Interest Rate at Period End						2.19%	3.31%
Effective LIBOR Rate						0.19%	1.81%
Interest Expense, Debt, Total						$ 4,700	$ 5,400
Debt Instrument, Term (Year)		5 years	5 years
Payments of Debt Issuance Costs		$ 1,800		$ 700
Amortization of Debt Issuance Costs				$ 500	$ 1,000
Line of Credit Facility, Percentage of Capital Stock of Foreign Subsidiaries Collateralized Security		65.00%
LIBOR Additional Rate		1.00%
Credit and Security Agreement with KeyBank [Member] \| Term Loan [Member]
Repayments of Long-term Debt, Total	$ 8,200
Credit and Security Agreement with KeyBank [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate		0.50%				2.00%	1.50%
Credit and Security Agreement with KeyBank [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.375%
Credit and Security Agreement with KeyBank [Member] \| London Interbank Offered Rate (LIBOR) [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		2.75%
Credit and Security Agreement with KeyBank [Member] \| LIBOR With Maturity of One Month [Member] \| Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate		0.375%
Credit and Security Agreement with KeyBank [Member] \| LIBOR With Maturity of One Month [Member] \| Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate		1.75%
Credit and Security Agreement with KeyBank [Member] \| Revolving Credit Facility [Member]
Long-term Line of Credit, Total						$ 12,000	$ 32,000
Line of Credit Facility, Remaining Borrowing Capacity						63,000	43,000
Line of Credit Facility, Maximum Borrowing Capacity		$ 75,000	$ 50,000
Credit and Security Agreement with KeyBank [Member] \| Term Loan [Member]
Long-term Debt, Total						$ 104,800	$ 113,000
Debt Instrument, Face Amount		$ 125,000	145,000
Credit and Security Agreement with KeyBank [Member] \| Delayed Draw Term Loan ("DDTL") [Member]
Debt Instrument, Face Amount			$ 70,000

Note 10 - Debt - Scheduled Principal Payments (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 5,948
2022	110,887
Total long-term debt	116,835
Less: Current maturities of long-term debt	(5,948)
Noncurrent portion of long-term debt	$ 110,887

Note 11 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Sales commissions	$ 2,574	$ 2,542
Subcontracting labor	758	990
Salaries, bonuses and related benefits	17,165	14,715
Warranty accrual	1,010	1,576
Other	6,969	7,095
Accrued Liabilities, Current, Total	$ 28,476	$ 26,918

Note 12 - Segments (Details Textual) $ in Thousands		12 Months Ended
Note 12 - Segments (Details Textual) $ in Thousands	Oct. 01, 2019	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of Industry in which Entity Operates		1
Number of Operating Segments	3	3
Number of Reportable Segments		3
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 465,771	$ 492,412
Asia [Member]
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 129,303	$ 154,746
Assets, Total [Member] \| Geographic Concentration Risk [Member] \| Asia [Member]
Concentration Risk, Percentage		32.60%
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage		11.90%	10.20%
Number of Customers		1	1
Revenue from Contract with Customer, Excluding Assessed Tax, Total		$ 55,200	$ 50,200

Note 12 - Segments - Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 465,771	$ 492,412
Gross Profit	$ 119,730	$ 109,973
Gross Profit %	25.70%	22.30%
Total Assets	$ 453,866	$ 468,917
Capital Expenditures	5,476	9,891
Depreciation and amortization	16,423	16,471
Connectivity Solutions [Member]
Net sales	150,731	172,348
Gross Profit	$ 42,200	$ 44,417
Gross Profit %	28.00%	25.80%
Total Assets	$ 137,333	$ 145,344
Capital Expenditures	1,955	2,934
Depreciation and amortization	5,700	6,021
Power Solutions and Protection Segment [Member]
Net sales	181,488	163,528
Gross Profit	$ 45,587	$ 32,846
Gross Profit %	25.10%	20.10%
Total Assets	$ 180,939	$ 168,422
Capital Expenditures	2,458	4,570
Depreciation and amortization	8,611	7,858
Magnetic Solutions Segment [Member]
Net sales	133,552	156,536
Gross Profit	$ 33,072	$ 34,350
Gross Profit %	24.80%	21.90%
Total Assets	$ 92,538	$ 89,463
Capital Expenditures	1,063	2,387
Depreciation and amortization	2,112	2,592
Corporate Segment [Member]
Net sales	0	0
Gross Profit	(1,129)	(1,640)
Total Assets	43,056	65,688
Capital Expenditures	0
Depreciation and amortization

Note 12 - Segments - Net Sales to External Customers by Geographic Area and by Major Product Line (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 465,771	$ 492,412
Connectivity Solutions [Member]
Net sales	150,731	172,348
Magnetic Solutions [Member]
Net sales	133,552	156,536
Power Solutions and Protection [Member]
Net sales	181,488	163,528
UNITED STATES
Net sales	265,676	256,044
MACAU
Net sales	129,303	154,745
UNITED KINGDOM
Net sales	22,017	24,877
SLOVAKIA
Net sales	17,609	22,705
GERMANY
Net sales	13,582	14,855
SWITZERLAND
Net sales	8,612	10,654
All Other Foreign Countries [Member]
Net sales	$ 8,972	$ 8,532

Note 12 - Segments - Long-lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Long-lived assets	$ 63,923	$ 68,863
UNITED STATES
Long-lived assets	26,748	27,377
CHINA
Long-lived assets	28,711	30,245
SLOVAKIA
Long-lived assets	5,514	5,726
SWITZERLAND
Long-lived assets	87	2,339
UNITED KINGDOM
Long-lived assets	1,715	2,053
All Other Foreign Countries [Member]
Long-lived assets	$ 1,148	$ 1,123

Note 13 - Retirement Fund and Profit Sharing Plan (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Supplemental Employee Retirement Plan [Member]
Defined Benefit Plan, Percentage of Average Base Compensation Five Consecutive Years, Normal Retirement	40.00%
Defined Benefit Plan, Number of Monthly Payments	120
Percentage of Participant's Annual Base Salary Received by Beneficiary, One Year From Date of Death	100.00%
Percentage of Participant's Annual Base Salary Received by Beneficiary, Following Four Years From Date of Death	50.00%
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Total	$ 1,579	$ 1,507
Defined Benefit Plan, Accumulated Benefit Obligation	22,400	18,500
Investments, Fair Value Disclosure, Total	15,400	14,700
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total	500
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year	500
Defined Benefit Plan, Plan Assets, Amount, Ending Balance	$ 0	0	$ 0
Bel Fuse Inc. Employees' Savings Plan [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent Of Match, First 1% Employee Contribution	100.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Next 5% Employee Contribution	50.00%
Defined Contribution Plan, Cost	$ 1,100	1,100
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class A [Member]
Shares Held in Plan (in shares)	257,030
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class B [Member]
Shares Held in Plan (in shares)	109,435
Retirement Fund Covering Hong Kong-based Employees [Member]
Defined Contribution Plan, Cost	$ 300	$ 300
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent	5.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	7.00%
Retirement Fund Covering Hong Kong-based Employees [Member] \| Minimum [Member]
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	5.00%
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class A [Member]
Shares Held in Plan (in shares)	3,323
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class B [Member]
Shares Held in Plan (in shares)	17,342

Note 13 - Retirement Fund and Profit Sharing Plan - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Service cost	$ 600	$ 576
Interest cost	636	739
Net amortization	343	192
Net periodic benefit cost	$ 1,579	$ 1,507

Note 13 - Retirement Fund and Profit Sharing Plan - Changes in Plan Assets and Benefit Obligation (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Fair value of plan assets	$ 0	$ 0
Company contributions	446	430
Benefits paid	(446)	(430)
Fair value of plan assets	0	0
Benefit obligation	21,541	18,676
Service cost	600	576
Interest cost	636	739
Benefits paid	(446)	(430)
Plan amendments	0	0
Actuarial losses	1,977	1,980
Benefit obligation	24,308	21,541
Underfunded status, December 31	$ (24,308)	$ (21,541)

Note 13 - Retirement Fund and Profit Sharing Plan - Benefit Payments Expected to be Paid (Details) - Supplemental Employee Retirement Plan [Member] $ in Thousands	Dec. 31, 2020 USD ($)
2021	$ 675
2022	919
2023	921
2024	959
2025	999
2026 - 2030	$ 5,642

Note 13 - Retirement Fund and Profit Sharing Plan - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Prior service cost	$ 586	$ 738
Net loss	1,773	1,965
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total	$ 2,359	$ 2,703

Note 13 - Retirement Fund and Profit Sharing Plan - Weighted Average Assumptions Used in Determining the Periodic Net Cost and Benefit Obligation (Details) - Supplemental Employee Retirement Plan [Member]	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Discount rate, net periodic benefit cost	3.00%	4.00%
Rate of compensation increase, net periodic benefit cost	2.50%	2.50%
Discount rate, benefit obligation	2.25%	3.00%
Rate of compensation increase, benefit obligation	2.50%	2.50%

Note 14 - Share-based Compensation (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock [Member]
Share-based Payment Arrangement, Expense	$ 2.3	$ 2.9
Share-based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount	$ 5.1
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)	4 years 4 months 24 days
Restricted Stock [Member] \| Share-based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	25.00%
Common Class B [Member] \| Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)	113,000	70,000
The 2020 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	1,000,000.0
The 2020 Equity Compensation Plan [Member] \| Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,000,000.0
The 2011 Equity Compensation Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares)	0
The 2011 Equity Compensation Plan [Member] \| Common Class B [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)	1,400,000

Note 14 - Share-based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Outstanding, shares (in shares)	445,300
Outstanding, weighted average award price (in dollars per share)	$ 23.96
Outstanding, weighted average remaining contractual term (Year)	3 years	3 years 4 months 24 days
Granted, shares (in shares)	113,000
Granted, weighted average award price (in dollars per share)	$ 8.24
Vested, shares (in shares)	(120,850)
Vested, weighted average award price (in dollars per share)	$ 24.10
Forfeited, shares (in shares)	(32,000)
Forfeited, weighted average award price (in dollars per share)	$ 20.52
Outstanding, shares (in shares)	405,450	445,300
Outstanding, weighted average award price (in dollars per share)	$ 19.77	$ 23.96

Note 15 - Common Stock (Details Textual) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Percentage of Common Stock A Held By One Shareholder Without Any Common Stock B	21.60%
Dividends, Common Stock, Total	$ 3.4	$ 3.4
Common Class A [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.24	$ 0.24
Common Class A [Member] \| Quarterly Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	0.06	0.06
Common Class B [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	0.28	0.28
Common Class B [Member] \| Quarterly Dividends [Member]
Common Stock, Dividends, Per Share, Declared (in dollars per share)	$ 0.07	$ 0.07

Note 16 - Leases (Details Textual)	12 Months Ended
Note 16 - Leases (Details Textual)	Dec. 31, 2020
Minimum [Member]
Operating and Finance Leases, Remaining Lease Term (Year)	1 year
Maximum [Member]
Operating and Finance Leases, Remaining Lease Term (Year)	8 years

Note 16 - Leases - Components of Lease Expense (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Amortization of ROU assets - finance leases	$ 205
Interest on lease liabilities - finance leases	65
Operating lease cost (cost resulting from lease payments)	8,113
Short-term lease cost	189
Variable lease cost (cost excluded from lease payments)	270
Sublease income	0
Total lease cost	$ 8,842
Operating leases (in years) (Year)	2 years 8 months 12 days
Finance leases (in years) (Year)	4 years 7 months 6 days
Operating leases	6.00%
Finance leases	6.30%

Note 16 - Leases - Supplemental Cash Flow Information Related to Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
Operating cash flows from operating leases	$ 8,022
Operating cash flows from finance leases	65
Finance cash flows from finance leases	185
Operating leases	3,384
Finance leases	$ 451

Note 16 - Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Operating Lease, Right-of-Use Asset	$ 14,217	$ 18,504
Operating lease liability, current	6,591	7,377
Operating lease liability, long-term	8,064	11,751
Total operating lease liabilities	14,655
Property, plant and equipment, gross	146,749	168,377
Accumulated depreciation	(112,248)	(126,434)
Property, plant and equipment, net	34,501	$ 41,943
Other current liabilities	198
Other long-term liabilities	790
Total finance lease liabilities	988
Assets under Finance Lease [Member]
Property, plant and equipment, gross	966
Accumulated depreciation	(391)
Property, plant and equipment, net	$ 575

Note 16 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2020 USD ($)
2021, operating leases	$ 7,575
2021, finance leases	280
2022, operating leases	4,655
2022, finance leases	264
2023, operating leases	2,421
2023, finance leases	264
2024, operating leases	883
2024, finance leases	248
2025, operating leases	260
2025, finance leases	78
Operating leases, Thereafter	315
Finance leases, Thereafter	80
Operating leases, Total undiscounted cash flows	16,109
Finance leases, Total undiscounted cash flows	1,214
Operating leases, Less imputed interest	(1,454)
Finance leases, Less imputed interest	(226)
Operating Lease, Liability, Total	14,655
Finance leases, Present value of lease liabilities	988
Other Liabilities [Member]
Operating Lease, Liability, Total	$ 14,655

Note 17 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Purchase Commitment, Remaining Minimum Amount Committed	$ 42.5	$ 42.5
Arezzo Revenue Agency [Member]
Loss Contingency, Estimate of Possible Loss	12.0
Capital Addition Purchase Commitments [Member]
Long-term Purchase Commitment, Amount	$ 2.1	$ 2.8

Note 18 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Foreign currency translation adjustment	$ (13,142)	$ (20,032)
Unrealized holding gains on available-for-sale securities, net of taxes of $0 at December 31, 2020 and $0 at December 31, 2020	19	12
Unfunded SERP liability, net of taxes of ($1,377) at December 31, 2020 and ($639) at December 31, 2020	(4,940)	(4,045)
Accumulated other comprehensive loss	$ (18,063)	$ (24,065)

- Definition

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References + Details

Note 18 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Unrealized loss on marketable securities arising during the period, tax	$ 0	$ 0
Change in unfunded SERP liability, tax	$ (1,377)	$ (639)

Note 18 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2020

Dec. 31, 2019

Balance

$ 168,051

$ 176,470

Other comprehensive income:

6,002

1,236

Balance

185,799

168,051

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Balance

(20,032)

(22,635)

Other comprehensive income (loss) before reclassifications

6,890

2,603

Amounts reclassified from accumulated other comprehensive income (loss)

Effect of adoption of ASU 2018-02 (Topic 220)

Other comprehensive income:

6,890

2,603

Balance

(13,142)

(20,032)

AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]

Balance

Other comprehensive income (loss) before reclassifications

Amounts reclassified from accumulated other comprehensive income (loss)

Effect of adoption of ASU 2018-02 (Topic 220)

Other comprehensive income:

Balance

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Balance

(4,045)

(2,215)

Other comprehensive income (loss) before reclassifications

(933)

(1,492)

Amounts reclassified from accumulated other comprehensive income (loss)

^[1]

125

Effect of adoption of ASU 2018-02 (Topic 220)

(463)

Other comprehensive income:

(895)

(1,830)

Balance

(4,940)

(4,045)

AOCI Attributable to Parent [Member]

Balance

(24,065)

(24,838)

Other comprehensive income (loss) before reclassifications

5,964

1,111

Amounts reclassified from accumulated other comprehensive income (loss)

125

Effect of adoption of ASU 2018-02 (Topic 220)

(463)

Other comprehensive income:

6,002

773

Balance

$ (18,063)

$ (24,065)

[1]	This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP plan. This expense is reflected in other (expense) income, net on the accompanying consolidated statement of operations.

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Note 19 - Subsequent Events (Details Textual) - USD ($) $ in Thousands			12 Months Ended
	Jan. 15, 2021	Jan. 08, 2021	Dec. 31, 2020	Dec. 31, 2019
Proceeds from Sale of Property, Plant, and Equipment, Total			$ 3,961	$ 5,807
Property, Plant and Equipment, Net, Ending Balance			$ 34,501	$ 41,943
Subsequent Event [Member] \| A Property in Hong Kong [Member]
Proceeds from Sale of Property, Plant, and Equipment, Total	$ 6,700
Subsequent Event [Member] \| A Property in Hong Kong [Member] \| Discontinued Operations, Disposed of by Sale [Member]
Property, Plant and Equipment, Net, Ending Balance	$ 500
rms Connectors, Inc. [Member] \| Subsequent Event [Member]
Payments to Acquire Businesses, Gross		$ 8,500