0001437749-22-011326 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2022	May 01, 2022
Document Information [Line Items]
Entity Central Index Key	0000729580
Entity Registrant Name	BEL FUSE INC /NJ
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
Document Transition Report	false
Entity File Number	000-11676
Entity Address, Address Line One	206 Van Vorst Street
Entity Address, City or Town	Jersey City
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07302
City Area Code	201
Local Phone Number	432-0463
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1463699
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Common Class B [Member]
Document Information [Line Items]
Title of 12(b) Security	Class B Common Stock ($0.10 par value)
Trading Symbol	BELFB
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		10,371,602
Common Class A [Member]
Document Information [Line Items]
Title of 12(b) Security	Class A Common Stock ($0.10 par value)
Trading Symbol	BELFA
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		2,144,912

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 51,235	$ 61,756
Accounts receivable, net of allowance for doubtful accounts of $1,347 and $1,536, respectively	93,683	87,135
Inventories	155,341	139,383
Unbilled receivables	20,556	28,275
Assets held for sale	1,626	1,626
Other current assets	11,649	10,841
Total current assets	334,090	329,016
Property, plant and equipment, net	37,569	38,210
Right-of-use assets	25,126	21,252
Intangible assets, net	58,878	60,995
Goodwill	26,272	26,651
Deferred income taxes	5,294	4,461
Other assets	33,052	31,261
Total assets	520,281	511,846
Current Liabilities:
Accounts payable	64,615	65,960
Accrued expenses	30,116	34,453
Operating lease liabilities, current	7,063	6,880
Other current liabilities	7,646	4,719
Total current liabilities	109,440	112,012
Long-term Liabilities:
Long-term debt	112,500	112,500
Operating lease liabilities, long-term	18,290	14,668
Liability for uncertain tax positions	28,740	28,434
Minimum pension obligation and unfunded pension liability	24,051	23,909
Deferred income taxes	1,583	1,487
Other liabilities	10,321	10,093
Total liabilities	304,925	303,103
Commitments and contingencies (see Note 14)
Stockholders' Equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0
Additional paid-in capital	38,996	38,419
Retained earnings	192,143	187,935
Accumulated other comprehensive loss	(17,034)	(18,863)
Total stockholders' equity	215,356	208,743
Total liabilities and stockholders' equity	520,281	511,846
Common Class A [Member]
Stockholders' Equity:
Common stock	214	214
Common Class B [Member]
Stockholders' Equity:
Common stock	$ 1,037	$ 1,038

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 1,347	$ 1,536
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, par value (in shares)	10,000,000	10,000,000
Common stock, shares outstanding (in shares)	2,144,912	2,144,912
Common stock, treasury shares (in shares)	1,072,769	1,072,769
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, par value (in shares)	30,000,000	30,000,000
Common stock, shares outstanding (in shares)	10,372,602	10,377,102
Common stock, treasury shares (in shares)	3,218,307	3,218,307

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 136,718	$ 110,643
Cost of sales	102,594	86,384
Gross profit	34,124	24,259
Research and development costs	5,009	4,986
Selling, general and administrative expenses	21,026	20,995
Gain on sale of property	0	(6,175)
Income from operations	8,089	4,453
Interest expense	(688)	(801)
Other (expense) income, net	(773)	546
Earnings before provision for income taxes	6,628	4,198
Provision for income taxes	1,564	999
Net earnings available to common stockholders	5,064	3,199
Common Class A [Member]
Net earnings available to common stockholders	$ 821	$ 522
Net earnings per common share:
Common shares - basic and diluted (in dollars per share)	$ 0.38	$ 0.24
Weighted-average number of shares outstanding:
Common shares - basic and diluted (in shares)	2,145	2,145
Common Class B [Member]
Net earnings available to common stockholders	$ 4,243	$ 2,677
Net earnings per common share:
Common shares - basic and diluted (in dollars per share)	$ 0.41	$ 0.26
Weighted-average number of shares outstanding:
Common shares - basic and diluted (in shares)	10,374	10,203

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Net earnings available to common stockholders	$ 5,064	$ 3,199
Other comprehensive income (loss):
Currency translation adjustment, net of taxes of ($12) and $9, respectively	(1,216)	(2,529)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented	2,984	(1)
Change in unfunded SERP liability, net of taxes of ($17) and ($28), respectively	61	99
Other comprehensive income (loss)	1,829	(2,431)
Comprehensive income	$ 6,893	$ 768

- 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

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Foreign currency translation adjustment, tax expense	$ (12)	$ 9
Unrealized loss on marketable securities arising during the period, tax	0	0
Change in unfunded SERP liability, tax	$ (17)	$ (28)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Class A [Member] Retained Earnings [Member]	Common Class A [Member] AOCI Attributable to Parent [Member]	Common Class A [Member] Common Stock, Common Class A [Member]	Common Class A [Member] Common Stock, Common Class B [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member]	Common Class B [Member] Retained Earnings [Member]	Common Class B [Member] AOCI Attributable to Parent [Member]	Common Class B [Member] Common Stock, Common Class A [Member]	Common Class B [Member] Common Stock, Common Class B [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Common Stock, Common Class A [Member]	Common Stock, Common Class B [Member]	Additional Paid-in Capital [Member]	Total
Balance at Dec. 31, 2020													$ 166,491	$ (18,063)	$ 214	$ 1,021	$ 36,136	$ 185,799
Net earnings						$ 522						$ 2,677	3,199	0	0	0	0	3,199
Cash dividends declared on common stock						(128)	$ (716)	$ 0	$ 0	$ 0	$ 0	(716)
Forfeiture of restricted common stock													0	0	0	(1)		0
Forfeiture of restricted common stock, APIC																	1
Foreign currency translation adjustment, net of taxes													0	(2,529)	0	0	0	(2,529)
Stock-based compensation expense													0	0	0	0	600	600
Change in unfunded SERP liability, net of taxes													0	99	0	0	0	99
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented													0	(1)	0	0	0	(1)
Balance at Mar. 31, 2021													168,846	(20,494)	214	1,020	36,737	186,323
Balance at Dec. 31, 2021													187,935	(18,863)	214	1,038	38,419	208,743
Net earnings						821						4,243	5,064	0	0	0	0	5,064
Cash dividends declared on common stock	$ (129)	$ 0	$ 0	$ 0	$ 0	$ (129)	$ (727)	$ 0	$ 0	$ 0	$ 0	$ (727)
Forfeiture of restricted common stock													0	0	0	(1)		0
Forfeiture of restricted common stock, APIC																	1
Foreign currency translation adjustment, net of taxes													0	(1,216)	0	0	0	(1,216)
Unrealized gains on interest rate swap cash flow hedge													0	2,984	0	0	0	2,984
Stock-based compensation expense													0	0	0	0	576	576
Change in unfunded SERP liability, net of taxes													0	61	0	0	0	61
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented																		2,984
Balance at Mar. 31, 2022													$ 192,143	$ (17,034)	$ 214	$ 1,037	$ 38,996	$ 215,356

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Common Class A [Member]
Dividends declared (in dollars per share)	$ 0.06	$ 0.06
Common Class B [Member]
Dividends declared (in dollars per share)	$ 0.07	$ 0.07
Foreign currency translation adjustment, tax expense	$ (12)	$ 9
Change in unfunded SERP liability, tax	$ 17	$ 28

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net earnings	$ 5,064	$ 3,199
Adjustments to reconcile net earnings to net cash (used in) provided by operating activities:
Depreciation and amortization	4,301	4,145
Stock-based compensation	576	600
Amortization of deferred financing costs	34	165
Deferred income taxes	(451)	48
Net unrealized gains on foreign currency revaluation	(289)	(361)
Gains on sale of property	0	(6,175)
Other, net	131	(941)
Changes in operating assets and liabilities:
Accounts receivable, net	(6,694)	174
Unbilled receivables	7,719	1,267
Inventories	(16,344)	(1,293)
Accounts payable	(1,194)	804
Accrued expenses	(3,564)	(263)
Other operating assets/liabilities, net	2,963	397
Net cash (used in) provided by operating activities	(7,748)	1,766
Cash flows from investing activities:
Purchases of property, plant and equipment	(2,040)	(1,203)
Payments for acquisitions, net of cash acquired	0	(14,759)
Proceeds from sale of property, plant and equipment	87	6,724
Net cash used in investing activities	(1,953)	(9,238)
Cash flows from financing activities:
Dividends paid to common stockholders	(823)	(815)
Repayments of long-term debt	0	(1,487)
Net cash used in financing activities	(823)	(2,302)
Effect of exchange rate changes on cash and cash equivalents	3	(1,125)
Net decrease in cash and cash equivalents	(10,521)	(10,899)
Cash and cash equivalents - beginning of period	61,756	84,939
Cash and cash equivalents - end of period	51,235	74,040
Supplementary information:
Income taxes, net of refunds received	1,152	578
Interest payments	461	627
Goodwill	26,272
Less: Deferred consideration	0	(1,278)
Cash paid for acquisitions, net of cash acquired	(0)	14,759
RMS and EOS Acquisitions [Member]
Supplementary information:
Fair value of identifiable net assets acquired	0	18,215
Goodwill	0	2,499
Fair value of net assets acquired	0	20,714
Fair value of consideration transferred	0	20,714
Less: Cash acquired in acquisitions	$ 0	$ (4,677)

Note 1 - Basis of Presentation and Accounting Policies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Basis of Presentation and Significant Accounting Policies [Text Block]

1.	BASIS OF PRESENTATION AND ACCOUNTING POLICIES

The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates.

The Company’s significant accounting policies are summarized in Note 1 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. There were no significant changes to these accounting policies during the three months ended March 31, 2022, except as discussed in “Recently Adopted Accounting Standards” below.

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

Recently Adopted Accounting Standards

In August 2018, 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 Company adopted amendments in ASU 2018-14 on a retrospective basis effective January 1, 2021. The adoption of this guidance modified the Company's annual disclosures for its defined benefit plan, but did not have any impact on the Company's consolidated financial statements.

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. This guidance was adopted by the Company effective January 1, 2021 and did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Issued But Not Yet Adopted

In June 2016, the FASB issued ASU 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides temporary optional guidance on contract modifications and hedging accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate activities. The new guidance was effective upon issuance, and the Company is allowed to elect to apply the amendments prospectively through December 31, 2022. Management is currently evaluating the impact of this accounting standard update on the Company's consolidated financial statements and related disclosures.

Note 2 - Acquisitions

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Business Combination Disclosure [Text Block]

2.	ACQUISITIONS

rms Connectors

On January 8, 2021, the Company acquired rms Connectors, Inc. (“rms Connectors” or "rms"), from rms Company Inc., a division of Cretex Companies, Inc., for $9.0 million in cash, including a working capital adjustment. 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 complemented Bel's existing military and aerospace product portfolio and enabled us to expand key customer relationships within these end markets and leverage the combined manufacturing resources to improve our operational efficiency. Originally based in Coon Rapids, Minnesota, the rms Connectors business was relocated into Bel's existing facilities during the second quarter of 2021, and is part of Bel's Connectivity Solutions group. The transaction was funded with cash on hand.

EOS Power

On March 31, 2021, the Company completed the acquisition of EOS Power ("EOS") through a stock purchase agreement for $7.8 million, net of cash acquired, including a working capital adjustment. EOS, located in Mumbai, India, had sales of $12.0 million for the year ended December 31, 2020. EOS enhances Bel's position related to certain industrial and medical markets historically served by EOS, with a strong line of high-power density and low-profile products with high convection ratings. In addition to new products and customers acquired, this acquisition diversified Bel's manufacturing footprint in Asia. The EOS business is part of Bel’s Power Solutions and Protection group. The transaction was funded with cash on hand.

The acquisitions of rms Connectors and EOS may hereafter be referred to collectively as either the "2021 Acquisitions" or the "2021 Acquired Companies". As of the respective acquisition dates, all of the assets acquired and liabilities assumed were recorded at their fair values and the Company's condensed consolidated results of operations for the three months ended March 31, 2021 include the operating results of the 2021 Acquired Companies from their respective acquisition dates through March 31, 2021. During the three months ended March 31, 2021, the Company incurred $0.2 million of acquisition-related costs related to the 2021 Acquisitions. No acquisition-related costs were incurred during the first quarter of 2022. These costs are included in selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

The results of operations of the 2021 Acquired Companies have been included in the Company’s condensed consolidated financial statements for the periods subsequent to their respective acquisition dates. During the three months ended March 31, 2021, rms Connectors contributed revenues of $2.1 million and estimated net earnings of $0.4 million to the Company since its acquisition date. As EOS was acquired on March 31, 2021, this acquisition did not have any contribution to revenue or net earnings during the first quarter of 2021. The unaudited pro forma information below presents the combined operating results of the Company and the 2021 Acquired Companies assuming that the acquisition of the 2021 Acquired Companies had occurred as of January 1, 2021. The unaudited pro forma results are presented for illustrative purposes only. They do not reflect the realization of any potential cost savings, or any related integration costs. This unaudited pro forma information does not purport to be indicative of the results that would have actually been obtained if the 2021 Acquisitions had occurred as of January 1, 2021, nor is the pro forma data intended to be a projection of results that may be achieved in the future.

The following unaudited pro forma consolidated results of operations assume that the acquisition of the 2021 Acquired Companies was completed as of January 1, 2021:


	Three Months Ended
	March 31, 2021
Revenue, net	$	113,665
Net earnings		3,429
Earnings per Class A common share - basic and diluted		0.26
Earnings per Class B common share - basic and diluted		0.28

Note 3 - Revenue

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

3.	REVENUE

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

	*Three Months Ended March 31, 2022*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	32,532	$	42,349	$	10,878	$	85,759
Europe		9,214		9,385		2,471		21,070
Asia		1,967		7,056		20,866		29,889
	$	43,713	$	58,790	$	34,215	$	136,718

*By Sales Channel:*
Direct to customer	$	26,053	$	35,844	$	25,738	$	87,635
Through distribution		17,660		22,946		8,477		49,083
	$	43,713	$	58,790	$	34,215	$	136,718

	*Three Months Ended March 31, 2021*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	29,542	$	29,777	$	7,077	$	66,396
Europe		6,747		9,959		1,248		17,954
Asia		1,767		3,905		20,621		26,293
	$	38,056	$	43,641	$	28,946	$	110,643

*By Sales Channel:*
Direct to customer	$	23,637	$	26,489	$	24,335	$	74,461
Through distribution		14,419		17,152		4,611		36,182
	$	38,056	$	43,641	$	28,946	$	110,643

The balances of the Company’s contract assets and contract liabilities at March 31, 2022 and December 31, 2021 are as follows:

	*March 31,*		*December 31,*
	*2022*		*2021*

Contract assets - current (unbilled receivables)	$	20,556	$	28,275
Contract liabilities - current (deferred revenue)	$	3,977	$	2,224

The change in balance of our unbilled receivables from December 31, 2021 to March 31, 2022 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).

The aggregate amount of transaction price allocated to remaining performance obligations that have not been satisfied as of March 31, 2022 related to contracts that exceed one year in duration amounted to $61.5 million, with expected contract expiration dates that range from 2023 - 2025. It is expected that 88% of this aggregate amount will be recognized in 2023, 7% will be recognized in 2024 and the remainder will be recognized in years beyond 2024.

- 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
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-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Note 4 - Earnings Per Share

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

4.	EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the three months ended March 31, 2022 and 2021:

	Three Months Ended
	March 31,
	2022		2021

Numerator:
Net earnings	$	5,064	$	3,199
Less dividends declared:
Class A		129		128
Class B		727		716
Undistributed earnings	$	4,208	$	2,355

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	692	$	394
Class B undistributed earnings		3,516		1,961
Total undistributed earnings	$	4,208	$	2,355

Net earnings allocation - basic and diluted:
Class A net earnings	$	821	$	522
Class B net earnings		4,243		2,677
Net earnings	$	5,064	$	3,199

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,145		2,145
Class B - basic and diluted		10,374		10,203

Net earnings per share:
Class A - basic and diluted	$	0.38	$	0.24
Class B - basic and diluted	$	0.41	$	0.26

Note 5 - Fair Value Measurements

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Fair Value Disclosures [Text Block]

5.	FAIR VALUE MEASUREMENTS

Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three levels of inputs that may be used to measure fair value:

Level 1 – Observable inputs such as quoted market prices in active markets;

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable; and

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

As of March 31, 2022 and December 31, 2021, 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 $0.2 million at March 31, 2022 and $0.3 million at December 31, 2021.

Throughout 2022 and 2021, the Company entered into a series of foreign currency forward contracts, the fair value of which was $0.1 million at March 31, 2022 and less than $0.1 million at December 31, 2021. The estimated fair value of foreign currency forward contracts is based on quotes received from the applicable counterparty, and represents the estimated amount we would receive or pay to settle the contracts, taking into consideration current exchange rates which can be validated through readily observable data from external sources (Level 2).

During the fourth quarter of 2021, the Company entered into two interest rate swap agreements as further described in Note 9, "Derivative Instruments and Hedging Activities". The fair value of the interest rate swap agreements was $2.9 million at March 31, 2022 and $0.1 million at December 31, 2021, which was based on data received from the counterparty, and represents the estimated amount we would receive or pay to settle the agreements, taking into consideration current and projected future interest rates as well as the creditworthiness of the parties, all of which can be validated through readily observable data from external sources.

The Company does not have any financial assets measured at fair value on a recurring basis categorized as Level 3, and there were no transfers in or out of Level 1, Level 2 or Level 3 during the three months ended March 31, 2022 or March 31, 2021. There were no changes to the Company’s valuation techniques used to measure asset fair values on a recurring or nonrecurring basis during the three months ended March 31, 2022 or March 31, 2021.

There were no financial assets accounted for at fair value on a nonrecurring basis as of March 31, 2022 or December 31, 2021.

The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, restricted cash, accounts payable and accrued expenses, which are not 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 each March 31, 2022 and December 31, 2021, the estimated fair value of total debt was $112.5 million, compared to a carrying amount of $112.5 million at each date. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of March 31, 2022.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets and long-lived assets, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. Based on the Company's assessment, it was concluded that no triggering events occurred during the three months ended March 31, 2022 or March 31, 2021.

- 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 - Inventories

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

6.	INVENTORIES

The components of inventories are as follows:

	March 31,		December 31,
	2022		2021
Raw materials	$	69,239	$	67,127
Work in progress		44,117		31,103
Finished goods		41,985		41,153
Inventories	$	155,341	$	139,383

Note 7 - Property, Plant and Equipment, Net

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Property, Plant and Equipment Disclosure [Text Block]

7.	PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	March 31,			December 31,
	2022			2021
Land	$	1,105		$	1,105
Buildings and improvements		21,469			20,915
Machinery and equipment		122,051			120,961
Construction in progress		4,462			5,081
		149,087			148,062
Accumulated depreciation		(111,518	)		(109,852	)
Property, plant and equipment, net	$	37,569		$	38,210

Depreciation expense was $2.4 million for each of the three month periods ended March 31, 2022 and 2021. Depreciation expense related to our manufacturing facilities and equipment is included in cost of sales and depreciation expense associated with administrative facilities and office equipment is included in selling, general and administrative expense within the accompanying condensed consolidated statements of operations.

At March 31, 2022, a total of $1.6 million of property was classified as assets held for sale on the accompanying condensed consolidated balance sheet related to our corporate headquarters in Jersey City, New Jersey.

Note 8 - Accrued Expenses

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

8.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	March 31,		December 31,
	2022		2021
Sales commissions	$	2,012	$	2,049
Subcontracting labor		1,977		1,622
Salaries, bonuses and related benefits		17,065		21,342
Warranty accrual		1,038		1,056
Other		8,024		8,384
	$	30,116	$	34,453

The change in warranty accrual during the three months ended March 31, 2022 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during the three months ended March 31, 2022.

Note 9 - Derivative Instruments and Hedging Activities

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Derivative Instruments and Hedging Activities Disclosure [Text Block]

9.	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not for speculative purposes.

Foreign Currency Forward Contracts

Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Chinese Renminbi and the Mexican Peso. These foreign currency forward contracts generally have maturities of no longer than twelve months, although occasionally we will execute a contract that extends beyond twelve months, depending upon the nature of the underlying risk.

We held outstanding foreign currency forward contracts with notional amounts of $17.3 million and $17.1 million as of March 31, 2022 and December 31, 2021, respectively.

Interest Rate Swap Agreements

To partially mitigate risks associated with the variable interest rates on the revolver borrowings under the credit agreement (further described in Note 10, "Debt"), in December 2021, we executed a pay-fixed, receive-variable interest rate swap agreement with each of two multinational financial institutions under which we (i) pay interest at a fixed rate of 1.3055% and receive variable interest of one-month LIBOR on a notional amount of $30.0 million and (ii) pay interest at a fixed rate of 1.3180% and receive variable interest of one-month LIBOR on a notional amount of $30.0 million (the “2021 Swaps”). The effective date of the 2021 Swaps was December 31, 2021, and settlements with the counterparties began on January 31, 2022 and occur on a monthly basis. The 2021 Swaps will terminate on August 31, 2026.

The 2021 Swaps are designated as cash flow hedges for accounting purposes and as such, changes in their fair value are recognized in accumulated other comprehensive loss in the condensed consolidated balance sheets and are reclassified into the condensed consolidated statements of operations within interest expense in the period in which the hedged transaction affects earnings.

Fair Values of Derivative Financial Instruments

The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of March 31, 2022 and December 31, 2021 were as follows:

	Balance Sheet Classification	March 31, 2022		December 31, 2021
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	67	$	57
Not designated as hedging instruments	Other current assets		43		-
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		2,868
Total derivative assets		$	2,978	$	57

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	-	$	-
Not designated as hedging instruments	Other current liabilities		-		19
Interest rate swap agreements:
Designated as a cash flow hedge	Other long-term liabilities		-		116
Total derivative liabilities		$	-	$	135

Derivative Financial Instruments in Cash Flow Hedging Relationships

The effects of derivative financial instruments designated as cash flow hedges on accumulated other comprehensive loss (“AOCL”) and on the condensed consolidated statements of operations for the three months ended March 31, 2022 and March 31, 2021 were as follows:

	Three Months Ended March 31,
	2022			2021
Net gains recognized in AOCL:
Foreign currency forward contracts	$	154		$	-
Interest rate swap agreements		2,809			-
	$	2,963		$	-

Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations:
Foreign currency forward contracts	$	67		$	-
Interest rate swap agreements		(176	)		-
	$	(109	)	$	-

The gain related to the foreign currency forward contracts is included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income at March 31, 2022 and December 31, 2021. The unrealized gains (losses) related to the interest rate swap agreements on the accompanying condensed consolidated statements of comprehensive income at March 31, 2022 and December 31, 2021 includes an immaterial amount of unrealized gain (loss) on marketable securities as of each date. There were no net gains (losses) reclassified from AOCL to the consolidated statements of operations during the three months ended March 31, 2021.

Derivative Financial Instruments Not Designated as Hedging Instruments

Gains recognized on derivative financial instruments not designated as hedging instruments in our condensed consolidated statements of operations for the three months ended March 31, 2022 and March 31, 2021 were as follows:

		Three Months Ended March 31,
	Classification in Consolidated Statements of Operations	2022			2021
Foreign currency forward contracts	Other (expense) income, net	$	(7	)	$	10
		$	(7	)	$	10

Note 10 - Debt

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Debt Disclosure [Text Block]

10.

DEBT

The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "credit agreement" or the "CSA"). The CSA provides a $175 million 5-year senior secured revolving credit facility ("Revolver"), with a sublimit of up to $10 million available for letters of credit and a sublimit of up to $5 million available for swing line loans. The Company had $112.5 million in outstanding borrowings under the Revolver at each of March 31, 2022 and December 31, 2021. Revolving loans borrowed under the CSA mature of September 1, 2026.

The weighted-average interest rate in effect for the variable-rate portion of our outstanding borrowings ($52.5 million at each date) was 1.96% at March 31, 2022 and 1.60% at December 31, 2021 and consisted of LIBOR plus the Company’s credit spread, as determined per the terms of the CSA. In order to manage our interest rate exposure on the remaining borrowings, and as further described in Note 9, "Derivative Instruments and Hedging Activities", the Company is party to the 2021 Swaps, each with an aggregate notional amount of $30 million, or $60 million in the aggregate, the effect of which is to fix the LIBOR portion of the interest rate on a portion of our outstanding debt on our Revolver. The 2021 Swaps require the Company to pay interest on the notional amount at the rate of 1.3055% and 1.3180%, respectively, in exchange for the one-month LIBOR rate. The effective rate of interest for our outstanding borrowings, including the impact of the 2021 Swaps, was 2.41% during the first quarter of 2022. In connection with interest due on its outstanding borrowings under the CSA during each period, the effects of the 2021 Swaps and amortization of deferred financing costs, the Company incurred $0.7 million and $0.8 million of interest expense during the three months ended March 31, 2022 and March 31, 2021, respectively.

The CSA contains customary representations and warranties, covenants and events of default. In addition, the CSA contains financial covenants that measure (i) the ratio of the Company’s total funded indebtedness, on a consolidated basis, less the aggregate amount of all unencumbered cash and cash equivalents, to the amount of the Company’s consolidated EBITDA (“Leverage Ratio”) and (ii) the ratio of the amount of the Company’s consolidated EBITDA to the Company’s consolidated fixed charges (“Fixed Charge Coverage Ratio”). If an event of default occurs, the lenders under the CSA would be entitled to take various actions, including the acceleration of amounts due thereunder and all actions permitted to be taken by a secured creditor. At March 31, 2022, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Leverage Ratio.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
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+ Details

Note 11 - Income Taxes

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Income Tax Disclosure [Text Block]

11.

INCOME TAXES

The Company's estimated taxable income in future periods is not on a legal entity basis and therefore income tax expense for the interim period is not measured using the annual effective tax rate ("AETR") method. The Company is working on developing reliable estimates for future periods. 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 2018 and for state examinations before 2015. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2011 in Asia and generally 2013 in Europe.

As a result of the expiration of the statutes of limitations for specific jurisdictions, it is reasonably possible that the related unrecognized benefits for tax positions taken regarding previously filed tax returns may change materially from those recorded as liabilities for uncertain tax positions in the Company’s consolidated financial statements at March 31, 2022. The Company’s liabilities for uncertain tax positions totaled $28.7 million and $28.4 million at March 31, 2022 and December 31, 2021, respectively, of which $4.1 million are expected to be resolved during 2022 by way of expiration of the related statute of limitations. These amounts, if recognized, would reduce the Company’s effective tax rate.

The Company’s policy is to recognize interest and penalties related to uncertain tax positions as a component of the current provision for income taxes. During the three months ended March 31, 2022 and 2021, the Company recognized $0.2 million in interest and penalties in the condensed consolidated statements of operations during each period. The Company has approximately $5.2 million and $5.0 million, respectively, accrued for the payment of interest and penalties at March 31, 2022 and December 31, 2021, which is included in liability for uncertain tax positions in the condensed consolidated balance sheets.

- 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.

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+ Details

Note 12 - Retirement Fund and Profit Sharing Plan

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

12.

RETIREMENT FUND AND PROFIT SHARING PLAN

The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended. The expense for the three months ended March 31, 2022 and 2021 amounted to $0.4 million and $0.3 million, respectively. The Company’s matching contribution is made in the form of Bel Fuse Inc. Class A common stock. As of March 31, 2022, the plan owned 321,707 and 99,858 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exception, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense for the three months ended March 31, 2022 and 2021 amounted less than $0.1 million during each period. As the plan is fully funded, the assets and liabilities related to the DCP were in equal amounts of $0.7 million at March 31, 2022 and $0.8 million at December 31, 2021. These amounts are included in other assets and other liabilities, respectively, on the accompanying condensed consolidated balance sheets as of each date.

The Company's subsidiaries in Asia have a retirement fund covering substantially all of their Hong Kong based full-time employees. The expense for the three months ended March 31, 2022 and 2021 amounted to $0.8 million and $0.1 million, respectively. As of March 31, 2022, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.

The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 5 above, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP.

The components of SERP expense are as follows:

	Three Months Ended
	March 31,
	2022		2021
Service cost	$	126	$	169
Interest cost		159		135
Net amortization		78		127
Net periodic benefit cost	$	363	$	431

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

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

	March 31,		December 31,
	2022		2021
Prior service cost	$	428	$	460
Net loss		1,345		1,391
	$	1,773	$	1,851

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 13 - Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

13.

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss at March 31, 2022 and December 31, 2021 are summarized below:

	March 31,			December 31,
	2022			2021

Foreign currency translation adjustment, net of taxes of ($404) at March 31, 2022 and ($417) at December 31, 2021	$	(16,127	)	$	(14,911	)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) at March 31, 2022 and ($7) at December 31, 2021		2,897			(87	)
Unfunded SERP liability, net of taxes of ($485) at March 31, 2022 and ($502) at December 31, 2021		(3,804	)		(3,865	)

Accumulated other comprehensive loss	$	(17,034	)	$	(18,863	)

Changes in accumulated other comprehensive loss by component during the three months ended March 31, 2022 are as follows. All amounts are net of tax.

				Unrealized
	Foreign Currency			Gains (Losses) on
	Translation			Interest Rate Swap			Unfunded
	Adjustment			Cash Flow Hedge			SERP Liability				Total

Balance at December 31, 2021	$	(14,911	)	$	(87	)	$	(3,865	)		$	(18,863	)
Other comprehensive (loss) income before reclassifications		(1,216	)		2,984			(6	)			1,762
Amount reclassified from accumulated other comprehensive loss		-			-			67		(a)		67
Net current period other comprehensive (loss) income		(1,216	)		2,984			61				1,829

Balance at March 31, 2022	$	(16,127	)	$	2,897		$	(3,804	)		$	(17,034	)

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

Note 14 - Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

14.

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

On June 23, 2021, a patent infringement lawsuit styled Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc., Case Number 6:21cv00655, was filed in the United States District Court for the Western District of Texas (Waco Division) by Bel Power Solutions, Inc. against Monolithic Power Systems, Inc. ("MPS") for infringement of various patents directed towards systems, methods and articles of manufacture that provide a substantial improvement in power control for circuits, including novel and unique point-of-load regulators. MPS filed a Motion to Dismiss and a Motion to Transfer Venue to the Northern District of California in September 2021. On May 5, 2022, the Western District of Texas court denied MPS’s motion to dismiss and its efforts to challenge venue. As such, the suit shall remain and continue in the Western District of Texas. The Company has made a demand for a jury trial.

In connection with the Company's 2014 acquisition of the Power-One Power Solutions business ("Power Solutions") of ABB Ltd., there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or “BPS China”) for the years 2004 to 2006. In September 2012, the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013, the Arezzo Revenue Agency filed an appeal of the Tax Court’s ruling. The hearing of the appeal was held on October 2, 2014. On October 13, 2014, BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. An appeal was filed on July 18, 2015 before the Regional Tax Commission of Florence and rejected. On December 5, 2016, the Arezzo Revenue Agency filed an appeal with the Supreme Court and BPS China filed a counter-appeal on January 4, 2017. The Supreme Court has yet to render its judgment. The estimated liability related to this matter is approximately $12.0 million and has been included as a liability for uncertain tax positions on the accompanying condensed consolidated balance sheets. As Bel is fully indemnified in this matter per the terms of the stock purchase agreement with ABB, a corresponding other asset for indemnification is also included in other assets on the accompanying condensed consolidated balance sheets at March 31, 2022 and December 31, 2021.

The Company is not a party to any other legal proceeding, the adverse outcome of which is likely to have a material adverse effect on the Company's consolidated financial condition or results of operations.

Note 15 - Segments

3 Months Ended

Mar. 31, 2022

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

15.

SEGMENTS

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

	Three Months Ended March 31, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	43,713		$	58,790		$	34,215		$	-		$	136,718
Gross Profit		11,596			15,938			6,890			(300	)		34,124
Gross Profit %		26.5	%		27.1	%		20.1	%		nm			25.0	%

	Three Months Ended March 31, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	38,056		$	43,641		$	28,946		$	-		$	110,643
Gross Profit		9,773			10,782			3,961			(257	)		24,259
Gross Profit %		25.7	%		24.7	%		13.7	%		nm			21.9	%

- 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

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

New Accounting Pronouncements, Policy [Policy Text Block]

Recently Adopted Accounting Standards

In 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. This guidance was adopted by the Company effective January 1, 2021 and did not have a material impact on the Company’s consolidated financial statements.

Accounting Standards Issued But Not Yet Adopted

In June 2016, the FASB issued ASU 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04"). ASU 2020-04 provides temporary optional guidance on contract modifications and hedging accounting to ease the financial reporting burdens of the expected market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refines the scope of Topic 848 and clarifies some of its guidance as part of the FASB’s monitoring of global reference rate activities. The new guidance was effective upon issuance, and the Company is allowed to elect to apply the amendments prospectively through December 31, 2022. Management is currently evaluating the impact of this accounting standard update on the Company's consolidated financial statements and related disclosures.

Note 2 - Acquisitions (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Business Acquisition, Pro Forma Information [Table Text Block]


	Three Months Ended
	March 31, 2021
Revenue, net	$	113,665
Net earnings		3,429
Earnings per Class A common share - basic and diluted		0.26
Earnings per Class B common share - basic and diluted		0.28

Note 3 - Revenue (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended March 31, 2022*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	32,532	$	42,349	$	10,878	$	85,759
Europe		9,214		9,385		2,471		21,070
Asia		1,967		7,056		20,866		29,889
	$	43,713	$	58,790	$	34,215	$	136,718

*By Sales Channel:*
Direct to customer	$	26,053	$	35,844	$	25,738	$	87,635
Through distribution		17,660		22,946		8,477		49,083
	$	43,713	$	58,790	$	34,215	$	136,718

	*Three Months Ended March 31, 2021*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	29,542	$	29,777	$	7,077	$	66,396
Europe		6,747		9,959		1,248		17,954
Asia		1,767		3,905		20,621		26,293
	$	38,056	$	43,641	$	28,946	$	110,643

*By Sales Channel:*
Direct to customer	$	23,637	$	26,489	$	24,335	$	74,461
Through distribution		14,419		17,152		4,611		36,182
	$	38,056	$	43,641	$	28,946	$	110,643

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

	*March 31,*		*December 31,*
	*2022*		*2021*

Contract assets - current (unbilled receivables)	$	20,556	$	28,275
Contract liabilities - current (deferred revenue)	$	3,977	$	2,224

Note 4 - Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	Three Months Ended
	March 31,
	2022		2021

Numerator:
Net earnings	$	5,064	$	3,199
Less dividends declared:
Class A		129		128
Class B		727		716
Undistributed earnings	$	4,208	$	2,355

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	692	$	394
Class B undistributed earnings		3,516		1,961
Total undistributed earnings	$	4,208	$	2,355

Net earnings allocation - basic and diluted:
Class A net earnings	$	821	$	522
Class B net earnings		4,243		2,677
Net earnings	$	5,064	$	3,199

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,145		2,145
Class B - basic and diluted		10,374		10,203

Net earnings per share:
Class A - basic and diluted	$	0.38	$	0.24
Class B - basic and diluted	$	0.41	$	0.26

Note 6 - Inventories (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	March 31,		December 31,
	2022		2021
Raw materials	$	69,239	$	67,127
Work in progress		44,117		31,103
Finished goods		41,985		41,153
Inventories	$	155,341	$	139,383

Note 7 - Property, Plant and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	March 31,			December 31,
	2022			2021
Land	$	1,105		$	1,105
Buildings and improvements		21,469			20,915
Machinery and equipment		122,051			120,961
Construction in progress		4,462			5,081
		149,087			148,062
Accumulated depreciation		(111,518	)		(109,852	)
Property, plant and equipment, net	$	37,569		$	38,210

Note 8 - Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	March 31,		December 31,
	2022		2021
Sales commissions	$	2,012	$	2,049
Subcontracting labor		1,977		1,622
Salaries, bonuses and related benefits		17,065		21,342
Warranty accrual		1,038		1,056
Other		8,024		8,384
	$	30,116	$	34,453

Note 9 - Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]

	Balance Sheet Classification	March 31, 2022		December 31, 2021
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	67	$	57
Not designated as hedging instruments	Other current assets		43		-
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		2,868
Total derivative assets		$	2,978	$	57

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	-	$	-
Not designated as hedging instruments	Other current liabilities		-		19
Interest rate swap agreements:
Designated as a cash flow hedge	Other long-term liabilities		-		116
Total derivative liabilities		$	-	$	135

Derivative Instruments, Gain (Loss) [Table Text Block]

	Three Months Ended March 31,
	2022			2021
Net gains recognized in AOCL:
Foreign currency forward contracts	$	154		$	-
Interest rate swap agreements		2,809			-
	$	2,963		$	-

Net gains (losses) reclassified from AOCL to the condensed consolidated statements of operations:
Foreign currency forward contracts	$	67		$	-
Interest rate swap agreements		(176	)		-
	$	(109	)	$	-

Derivatives Not Designated as Hedging Instruments [Table Text Block]

		Three Months Ended March 31,
	Classification in Consolidated Statements of Operations	2022			2021
Foreign currency forward contracts	Other (expense) income, net	$	(7	)	$	10
		$	(7	)	$	10

Note 12 - Retirement Fund and Profit Sharing Plan (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended
	March 31,
	2022		2021
Service cost	$	126	$	169
Interest cost		159		135
Net amortization		78		127
Net periodic benefit cost	$	363	$	431

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

	March 31,		December 31,
	2022		2021
Prior service cost	$	428	$	460
Net loss		1,345		1,391
	$	1,773	$	1,851

Note 13 - Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	March 31,			December 31,
	2022			2021

Foreign currency translation adjustment, net of taxes of ($404) at March 31, 2022 and ($417) at December 31, 2021	$	(16,127	)	$	(14,911	)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) at March 31, 2022 and ($7) at December 31, 2021		2,897			(87	)
Unfunded SERP liability, net of taxes of ($485) at March 31, 2022 and ($502) at December 31, 2021		(3,804	)		(3,865	)

Accumulated other comprehensive loss	$	(17,034	)	$	(18,863	)

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

				Unrealized
	Foreign Currency			Gains (Losses) on
	Translation			Interest Rate Swap			Unfunded
	Adjustment			Cash Flow Hedge			SERP Liability				Total

Balance at December 31, 2021	$	(14,911	)	$	(87	)	$	(3,865	)		$	(18,863	)
Other comprehensive (loss) income before reclassifications		(1,216	)		2,984			(6	)			1,762
Amount reclassified from accumulated other comprehensive loss		-			-			67		(a)		67
Net current period other comprehensive (loss) income		(1,216	)		2,984			61				1,829

Balance at March 31, 2022	$	(16,127	)	$	2,897		$	(3,804	)		$	(17,034	)

Note 15 - Segments (Tables)

3 Months Ended

Mar. 31, 2022

Notes Tables

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

	Three Months Ended March 31, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	43,713		$	58,790		$	34,215		$	-		$	136,718
Gross Profit		11,596			15,938			6,890			(300	)		34,124
Gross Profit %		26.5	%		27.1	%		20.1	%		nm			25.0	%

	Three Months Ended March 31, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	38,056		$	43,641		$	28,946		$	-		$	110,643
Gross Profit		9,773			10,782			3,961			(257	)		24,259
Gross Profit %		25.7	%		24.7	%		13.7	%		nm			21.9	%

Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands			3 Months Ended		12 Months Ended
	Mar. 31, 2021	Jan. 08, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2020
Payments to Acquire Businesses, Net of Cash Acquired, Total			$ (0)	$ 14,759
EOS Power Panama Inc. [Member]
Revenues, Total					$ 12,000
Business Combination, Acquisition Related Costs				200
rms Connectors, Inc. [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total		$ 9,000
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred	$ (7,800)
Revenues, Total				2,100
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 400

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Note 2 - Acquisitions - Proforma Results (Details) - The 2021 Acquisitions [Member] $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares
Revenue, net \| $	$ 113,665
Net earnings \| $	$ 3,429
Common Class A [Member]
Earnings per common share - basic and diluted (in dollars per share) \| $ / shares	$ 0.26
Common Class B [Member]
Earnings per common share - basic and diluted (in dollars per share) \| $ / shares	$ 0.28

Note 3 - Revenue 1 (Details Textual) $ in Millions	Mar. 31, 2022 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 61.5

Note 3 - Revenue 2 (Details Textual)	Mar. 31, 2022	Dec. 31, 2021
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)	1 year
Revenue, Remaining Performance Obligation, Percentage	88.00%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year)		1 year
Revenue, Remaining Performance Obligation, Percentage	7.00%

Note 3 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 136,718	$ 110,643
Sales Channel, Directly to Consumer [Member]
Revenue	87,635	74,461
Sales Channel, Through Intermediary [Member]
Revenue	49,083	36,182
Connectivity Solutions [Member]
Revenue	43,713	38,056
Connectivity Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Revenue	26,053	23,637
Connectivity Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Revenue	17,660	14,419
Power Solutions and Protection [Member]
Revenue	58,790	43,641
Power Solutions and Protection [Member] \| Sales Channel, Directly to Consumer [Member]
Revenue	35,844	26,489
Power Solutions and Protection [Member] \| Sales Channel, Through Intermediary [Member]
Revenue	22,946	17,152
Magnetic Solutions [Member]
Revenue	34,215	28,946
Magnetic Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Revenue	25,738	24,335
Magnetic Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Revenue	8,477	4,611
North America [Member]
Revenue	85,759	66,396
North America [Member] \| Connectivity Solutions [Member]
Revenue	32,532	29,542
North America [Member] \| Power Solutions and Protection [Member]
Revenue	42,349	29,777
North America [Member] \| Magnetic Solutions [Member]
Revenue	10,878	7,077
Europe [Member]
Revenue	21,070	17,954
Europe [Member] \| Connectivity Solutions [Member]
Revenue	9,214	6,747
Europe [Member] \| Power Solutions and Protection [Member]
Revenue	9,385	9,959
Europe [Member] \| Magnetic Solutions [Member]
Revenue	2,471	1,248
Asia [Member]
Revenue	29,889	26,293
Asia [Member] \| Connectivity Solutions [Member]
Revenue	1,967	1,767
Asia [Member] \| Power Solutions and Protection [Member]
Revenue	7,056	3,905
Asia [Member] \| Magnetic Solutions [Member]
Revenue	$ 20,866	$ 20,621

- 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.

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-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Contract assets - current (unbilled receivables)	$ 20,556	$ 28,275
Contract liabilities - current (deferred revenue)	$ 3,977	$ 2,224

Note 4 - Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		15 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2021
Net earnings	$ 5,064	$ 3,199
Undistributed earnings	4,208	2,355
Common Class A [Member]
Net earnings	821	522
Less dividends declared	129	128	$ 128
Undistributed earnings	$ 692	$ 394
Class A - basic and diluted (in shares)	2,145	2,145
Common shares - basic and diluted (in dollars per share)	$ 0.38	$ 0.24
Common Class B [Member]
Net earnings	$ 4,243	$ 2,677
Less dividends declared	727	716
Undistributed earnings	$ 3,516	$ 1,961
Class A - basic and diluted (in shares)	10,374	10,203
Common shares - basic and diluted (in dollars per share)	$ 0.41	$ 0.26

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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+ Details

- Definition

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

+ References

+ Details

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Derivative Asset, Total	$ 2,978	$ 57
Long-Term Debt, Fair Value	112,500	112,500
Long-Term Debt, Gross	112,500	112,500
Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure		0
Foreign Exchange Forward [Member] \| Maximum [Member]
Derivative Asset, Total	100	100
Interest Rate Swap [Member]
Derivative Asset, Total	2,900	100
Investments Held in Rabbi Trust [Member]
Debt Securities, Available-for-Sale, Total	$ 200	$ 300

Note 6 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Raw materials	$ 69,239	$ 67,127
Work in progress	44,117	31,103
Finished goods	41,985	41,153
Inventories	$ 155,341	$ 139,383

Note 7 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation, Total	$ 2.4	$ 2.4
Assets Held-for-sale, Not Part of Disposal Group, Total	$ 1.6

Note 7 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 149,087	$ 148,062
Accumulated depreciation	(111,518)	(109,852)
Property, plant and equipment, net	37,569	38,210
Land [Member]
Property, plant and equipment, gross	1,105	1,105
Building and Building Improvements [Member]
Property, plant and equipment, gross	21,469	20,915
Machinery and Equipment [Member]
Property, plant and equipment, gross	122,051	120,961
Construction in Progress [Member]
Property, plant and equipment, gross	$ 4,462	$ 5,081

Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Sales commissions	$ 2,012	$ 2,049
Subcontracting labor	1,977	1,622
Salaries, bonuses and related benefits	17,065	21,342
Warranty accrual	1,038	1,056
Other	8,024	8,384
Accrued Liabilities, Current, Total	$ 30,116	$ 34,453

Note 9 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Foreign Exchange Forward [Member]
Derivative, Notional Amount	$ 17.3	$ 17.1
The 2021 Swaps One [Member]
Derivative, Notional Amount	$ 30.0
Derivative, Fixed Interest Rate	1.3055%	1.3055%
The 2021 Swaps Two [Member]
Derivative, Notional Amount	$ 30.0
Derivative, Fixed Interest Rate	1.318%	1.318%

Note 9 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Total derivative assets	$ 2,978	$ 57
Total derivative liabilities	0	135
Interest Rate Swap [Member]
Total derivative assets	2,900	100
Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Designated as cash flow hedges	67	57
Not designated as hedging instruments	43	0
Designated as a cash flow hedge	43	0
Other Noncurrent Assets [Member] \| Interest Rate Swap [Member]
Not designated as hedging instruments	2,868
Designated as a cash flow hedge	2,868
Other Current Liabilities [Member] \| Foreign Exchange Forward [Member]
Not designated as hedging instruments	0	19
Designated as a cash flow hedge	0	19
Other Noncurrent Liabilities [Member] \| Interest Rate Swap [Member]
Not designated as hedging instruments	0	116
Designated as a cash flow hedge	$ 0	$ 116

Note 9 - Derivative Instruments and Hedging Activities - Derivative Financial Instruments Effects on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative net gains (losses) recognized in AOCL	$ 2,963	$ 0
Derivative net gains (losses) reclassified from AOCL	(109)	0
Foreign Exchange Forward [Member]
Derivative net gains (losses) recognized in AOCL	154	0
Derivative net gains (losses) reclassified from AOCL	67	0
Interest Rate Swap [Member]
Derivative net gains (losses) recognized in AOCL	2,809	0
Derivative net gains (losses) reclassified from AOCL	$ (176)	$ 0

Note 9 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative instruments	$ (7)	$ 10
Foreign Exchange Forward [Member] \| Nonoperating Income (Expense) [Member]
Derivative instruments	$ (7)	$ 10

Note 10 - Debt (Details Textual) - USD ($) $ in Millions		3 Months Ended
Note 10 - Debt (Details Textual) - USD ($) $ in Millions	Sep. 02, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Interest Rate Swap [Member]
Derivative, Notional Amount				$ 30.0
The 2021 Swaps [Member]
Derivative, Notional Amount				$ 60.0
The 2021 Swaps One [Member]
Derivative, Notional Amount		$ 30.0
Derivative, Fixed Interest Rate		1.3055%		1.3055%
The 2021 Swaps Two [Member]
Derivative, Notional Amount		$ 30.0
Derivative, Fixed Interest Rate		1.318%		1.318%
Credit and Security Agreement with KeyBank [Member]
Long-Term Debt, Percentage Bearing Variable Interest, Amount		$ 52.5		$ 52.5
Debt, Weighted Average Interest Rate		1.96%		1.60%
Debt Instrument, Interest Rate, Effective Percentage		2.41%
Interest Expense, Debt, Total		$ 0.7	$ 0.8
Credit and Security Agreement with KeyBank [Member] \| Term Loan [Member]
Long-Term Debt, Total		$ 112.5		$ 112.5
Credit and Security Agreement with KeyBank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 175.0
Debt Instrument, Term (Year)	5 years
Line of Credit Facility, Maximum Letters of Credit Capacity	$ 10.0
Line of Credit Facility, Maximum Swing Line Loan Capacity	$ 5.0

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Unrecognized Tax Benefits, Ending Balance	$ 28.7		$ 28.4
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	4.1
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense, Total	0.2	$ 0.2
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 5.2		$ 5.0

Note 12 - Retirement Fund and Profit Sharing Plan (Details Textual) $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($)
Bel Fuse Inc. Employees' Savings Plan [Member]
Defined Contribution Plan, Cost	$ 0.4	$ 0.3
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares	321,707
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares	99,858
Nonqualified Deferred Compensation Plan [Member]
Deferred Compensation Arrangement, Vesting Age	65
Deferred Compensation Plan Assets	$ 0.7		$ 0.8
Deferred Compensation Liability, Current and Noncurrent, Total	0.7		$ 0.8
Nonqualified Deferred Compensation Plan [Member] \| Maximum [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense	0.1	0.1
Retirement Fund Covering Hong Kong-based Employees [Member]
Defined Contribution Plan, Cost	$ 0.8	$ 0.1
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares	3,323
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares	17,342

Note 12 - Retirement Fund and Profit Sharing Plan - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Service cost	$ 126	$ 169
Interest cost	159	135
Net amortization	78	127
Net periodic benefit cost	$ 363	$ 431

Note 12 - Retirement Fund and Profit Sharing Plan - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Prior service cost	$ 428	$ 460
Net loss	1,345	1,391
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total	$ 1,773	$ 1,851

Note 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustment, net of taxes of ($404) at March 31, 2022 and ($417) at December 31, 2021	$ (16,127)	$ (14,911)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of ($7) at March 31, 2022 and ($7) at December 31, 2021	2,897	(87)
Unfunded SERP liability, net of taxes of ($485) at March 31, 2022 and ($502) at December 31, 2021	(3,804)	(3,865)
Accumulated other comprehensive loss	$ (17,034)	$ (18,863)

- 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 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Foreign currency translation adjustment, tax	$ (404)	$ (417)
Unrealized holding gains on available-for-sale securities, tax	(7)	(7)
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax	$ (485)	$ (502)

Note 13 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2022

Mar. 31, 2021

Balance

$ 208,743

$ 185,799

Other comprehensive income (loss)

1,829

(2,431)

Balance

215,356

186,323

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Balance

(14,911)

Other comprehensive (loss) income before reclassifications

(1,216)

Amount reclassified from accumulated other comprehensive loss

Other comprehensive income (loss)

(1,216)

Balance

(16,127)

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

Balance

(87)

Other comprehensive (loss) income before reclassifications

2,984

Amount reclassified from accumulated other comprehensive loss

Other comprehensive income (loss)

2,984

Balance

2,897

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Balance

(3,865)

Other comprehensive (loss) income before reclassifications

(6)

Amount reclassified from accumulated other comprehensive loss

^[1]

Other comprehensive income (loss)

Balance

(3,804)

AOCI Attributable to Parent [Member]

Balance

(18,863)

(18,063)

Other comprehensive (loss) income before reclassifications

1,762

Amount reclassified from accumulated other comprehensive loss

Other comprehensive income (loss)

1,829

Balance

$ (17,034)

$ (20,494)

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

- 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Note 14 - Commitments and Contingencies (Details Textual) $ in Millions	Mar. 31, 2022 USD ($)
Arezzo Revenue Agency [Member]
Loss Contingency, Estimate of Possible Loss	$ 12

Note 15 - Segments (Details Textual)	3 Months Ended
Note 15 - Segments (Details Textual)	Mar. 31, 2022
Number of Industry in which Entity Operates	1
Number of Operating Segments	3
Number of Reportable Segments	3

Note 15 - Segments - Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenue	$ 136,718	$ 110,643
Gross Profit	$ 34,124	$ 24,259
Gross Profit %	25.00%	21.90%
Connectivity Solutions [Member]
Revenue	$ 43,713	$ 38,056
Gross Profit	$ 11,596	$ 9,773
Gross Profit %	26.50%	25.70%
Power Solutions and Protection Segment [Member]
Revenue	$ 58,790	$ 43,641
Gross Profit	$ 15,938	$ 10,782
Gross Profit %	27.10%	24.70%
Magnetic Solutions Segment [Member]
Revenue	$ 34,215	$ 28,946
Gross Profit	$ 6,890	$ 3,961
Gross Profit %	20.10%	13.70%
Corporate Segment [Member]
Revenue	$ 0	$ 0
Gross Profit	$ (300)	$ (257)

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
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Common Class A [Member] \| AOCI Attributable to Parent [Member]
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