0001437749-22-026007 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2022	Nov. 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	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		10,338,260
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		2,141,589

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current Assets:
Cash and cash equivalents	$ 70,895	$ 61,756
Accounts receivable, net of allowance for doubtful accounts of $1,403 and $1,536, respectively	103,221	87,135
Inventories	164,381	139,383
Unbilled receivables	28,592	28,275
Assets held for sale	1,466	1,626
Other current assets	8,810	10,841
Total current assets	377,365	329,016
Property, plant and equipment, net	35,227	38,210
Right-of-use assets	20,828	21,252
Intangible assets, net	54,725	60,995
Goodwill	23,775	26,651
Deferred income taxes	8,965	4,461
Other assets	32,931	31,261
Total assets	553,816	511,846
Current Liabilities:
Accounts payable	66,191	65,960
Accrued expenses	42,662	34,453
Operating lease liabilities, current	5,904	6,880
Other current liabilities	22,325	4,719
Total current liabilities	137,082	112,012
Long-term Liabilities:
Long-term debt	110,000	112,500
Operating lease liabilities, long-term	14,992	14,668
Liability for uncertain tax positions	24,007	28,434
Minimum pension obligation and unfunded pension liability	24,284	23,909
Deferred income taxes	1,026	1,487
Other liabilities	6,392	10,093
Total liabilities	317,783	303,103
Commitments and contingencies (see Note 14)
Stockholders' Equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0
Treasury stock (unrestricted, consisting of 3,323 Class A shares and 17,342 Class B shares)	(349)	0
Additional paid-in capital	40,095	38,419
Retained earnings	224,022	187,935
Accumulated other comprehensive loss	(28,983)	(18,863)
Total stockholders' equity	236,033	208,743
Total liabilities and stockholders' equity	553,816	511,846
Common Class A [Member]
Stockholders' Equity:
Common stock	214	214
Common Class B [Member]
Stockholders' Equity:
Common stock	$ 1,034	$ 1,038

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable, allowance for doubtful accounts	$ 1,403	$ 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, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares outstanding (in shares)	2,141,589	2,144,912
Common stock, treasury shares (in shares)	3,323
Common Class A [Member] \| Restricted Stock [Member]
Common stock, treasury shares (in shares)	1,072,769	1,072,769
Common Class B [Member]
Common stock, par value (in dollars per share)	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares outstanding (in shares)	10,338,260	10,377,102
Common stock, treasury shares (in shares)	17,342
Common Class B [Member] \| Restricted Stock [Member]
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 177,739	$ 146,966	$ 485,030	$ 396,351
Cost of sales	126,205	110,992	354,084	301,234
Gross profit	51,534	35,974	130,946	95,117
Research and development costs	4,877	5,918	14,381	16,301
Selling, general and administrative expenses	22,223	21,188	67,216	64,757
Restructuring charges	3,969	398	4,000	675
Gain on sale of property	(1,596)	(403)	(1,596)	(6,578)
Income from operations	22,061	8,873	46,945	19,962
Interest expense	(944)	(1,491)	(2,411)	(3,014)
Other (expense) income, net	(429)	(201)	(2,926)	458
Earnings before provision for income taxes	20,688	7,181	41,608	17,406
Provision for income taxes	4,140	1,447	2,959	593
Net earnings available to common stockholders	16,548	5,734	38,649	16,813
Common Class A [Member]
Net earnings available to common stockholders	$ 2,715	$ 940	$ 6,327	$ 2,761
Net earnings per common share:
Class A common share - basic and diluted (in dollars per share)	$ 1.27	$ 0.44	$ 2.95	$ 1.29
Weighted-average number of shares outstanding:
Class A common share - basic and diluted (in shares)	2,142	2,145	2,144	2,145
Common Class B [Member]
Net earnings available to common stockholders	$ 13,833	$ 4,794	$ 32,322	$ 14,052
Net earnings per common share:
Class A common share - basic and diluted (in dollars per share)	$ 1.34	$ 0.47	$ 3.12	$ 1.37
Weighted-average number of shares outstanding:
Class A common share - basic and diluted (in shares)	10,340	10,269	10,358	10,237

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net earnings available to common stockholders	$ 16,548	$ 5,734	$ 38,649	$ 16,813
Other comprehensive (loss) income:
Currency translation adjustment, net of taxes of ($40), ($12), ($83) and ($336), respectively	(8,372)	(1,982)	(16,352)	(1,971)
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented	2,070	0	6,061	0
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented	(1)	46	(11)	45
Change in unfunded SERP liability, net of taxes of ($18), ($28), ($52) and ($83), respectively	61	100	182	299
Other comprehensive loss	(6,242)	(1,836)	(10,120)	(1,627)
Comprehensive income	$ 10,306	$ 3,898	$ 28,529	$ 15,186

- 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Foreign currency translation adjustment, tax expense	$ (40)	$ (12)	$ (83)	$ (336)
Unrealized gains (losses) on interest rate swap cash flow hedge, tax	0	0	0	0
Unrealized loss on marketable securities arising during the period, tax	0	0	0	0
Change in unfunded SERP liability, tax	$ (18)	$ (28)	$ (52)	$ (83)

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] Treasury Stock [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member]	Common Class B [Member] Retained Earnings [Member]	Common Class B [Member] AOCI Attributable to Parent [Member]	Common Class B [Member] Common Stock, Common Class A [Member]	Common Class B [Member] Common Stock, Common Class B [Member]	Common Class B [Member] Treasury Stock [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Common Stock, Common Class A [Member]	Common Stock, Common Class B [Member]	Treasury Stock [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															3,199	0	0	0		0	3,199
Cash dividends declared on common stock	$ (128)	$ 0	$ 0	$ 0		$ 0	$ (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 holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented															0	(1)	0	0		0	(1)
Unrealized holding losses on marketable securities															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, 2020															166,491	(18,063)	214	1,021		36,136	185,799
Net earnings							2,761							14,052							16,813
Cash dividends declared on common stock							(386)							(2,149)
Foreign currency translation adjustment, net of taxes																					(1,971)
Change in unfunded SERP liability, net of taxes																					299
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented																					45
Unrealized holding losses on marketable securities																					45
Balance at Sep. 30, 2021															180,769	(19,690)	214	1,026		37,883	200,202
Balance at Mar. 31, 2021															168,846	(20,494)	214	1,020		36,737	186,323
Net earnings															7,880	0	0	0		0	7,880
Cash dividends declared on common stock	(129)	0	0	0		0	(129)	(714)	0	0	0		0	(714)
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	2,540	0	0		0	2,540
Stock-based compensation expense															0	0	0	0		598	598
Change in unfunded SERP liability, net of taxes															0	100	0	0		0	100
Issuance of restricted common stock															0	0	0	8		(8)	0
Balance at Jun. 30, 2021															175,883	(17,854)	214	1,027		37,328	196,598
Net earnings							940							4,794	5,734	0	0	0		0	5,734
Cash dividends declared on common stock	(129)	0	0	0		0	(129)	(719)	0	0	0		0	(719)
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	(1,982)	0	0		0	(1,982)
Stock-based compensation expense															0	0	0	0		554	554
Change in unfunded SERP liability, net of taxes															0	100	0	0		0	100
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented															0	46	0	0		0	46
Unrealized holding losses on marketable securities															0	46	0	0		0	46
Balance at Sep. 30, 2021															180,769	(19,690)	214	1,026		37,883	200,202
Balance at Dec. 31, 2021															187,935	(18,863)	214	1,038	$ 0	38,419	208,743
Net earnings															5,064	0	0	0	0	0	5,064
Cash dividends declared on common stock	(129)	0	0	0	$ 0	0	(129)	(727)	0	0	0	$ 0	0	(727)
Forfeiture of restricted common stock															0	0	0	(1)			0
Forfeiture of restricted common stock, APIC																			0	1
Foreign currency translation adjustment, net of taxes															0	(1,216)	0	0	0	0	(1,216)
Unrealized gains on interest rate swap cash flow hedge															0	2,984	0	0	0	0	2,984
Stock-based compensation expense															0	0	0	0	0	576	576
Change in unfunded SERP liability, net of taxes															0	61	0	0	0	0	61
Balance at Mar. 31, 2022															192,143	(17,034)	214	1,037	0	38,996	215,356
Balance at Dec. 31, 2021															187,935	(18,863)	214	1,038	0	38,419	208,743
Net earnings							6,327							32,322							38,649
Cash dividends declared on common stock							(386)							(2,176)
Foreign currency translation adjustment, net of taxes																					(16,352)
Change in unfunded SERP liability, net of taxes																					182
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented																					(11)
Unrealized holding losses on marketable securities																					(11)
Balance at Sep. 30, 2022															224,022	(28,983)	214	1,034	(349)	40,095	236,033
Balance at Mar. 31, 2022															192,143	(17,034)	214	1,037	0	38,996	215,356
Net earnings															17,038	0	0	0	0	0	17,038
Cash dividends declared on common stock	(129)	0	0	0	0	0	(129)	(726)	0	0	0	0	0	(726)
Forfeiture of restricted common stock															0	0	0	(1)			0
Forfeiture of restricted common stock, APIC																			0	1
Foreign currency translation adjustment, net of taxes															0	(6,764)	0	0	0	0	(6,764)
Unrealized gains on interest rate swap cash flow hedge															0	1,008	0	0	0	0	1,008
Stock-based compensation expense															0	0	0	0	0	512	512
Change in unfunded SERP liability, net of taxes															0	61	0	0	0	0	61
Repurchase of treasury stock															0	0	0	0	(349)	0	(349)
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented															0	(12)	0	0	0	0	(12)
Unrealized holding losses on marketable securities															0	(12)	0	0	0	0	(12)
Balance at Jun. 30, 2022															208,326	(22,741)	214	1,036	(349)	39,509	225,995
Net earnings							2,715							13,833	16,548	0	0	0	0	0	16,548
Cash dividends declared on common stock	$ (128)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (128)	$ (724)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (724)
Forfeiture of restricted common stock															0	0	0	(2)	0		0
Forfeiture of restricted common stock, APIC																				2
Foreign currency translation adjustment, net of taxes															0	(8,372)	0	0	0	0	(8,372)
Unrealized gains on interest rate swap cash flow hedge															0	2,070	0	0	0	0	2,070
Stock-based compensation expense															0	0	0	0	0	584	584
Change in unfunded SERP liability, net of taxes															0	61	0	0	0	0	61
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented															0	(1)	0	0	0	0	(1)
Repurchase of Class A common stock															0	0	0	0	0	0	0
Unrealized holding losses on marketable securities															0	(1)	0	0	0	0	(1)
Balance at Sep. 30, 2022															$ 224,022	$ (28,983)	$ 214	$ 1,034	$ (349)	$ 40,095	$ 236,033

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Common Class A [Member]
Dividends declared (in dollars per share)	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.06	$ 0.06
Common Class B [Member]
Dividends declared (in dollars per share)	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07	$ 0.07
Foreign currency translation adjustment, tax expense	$ (40)	$ (31)	$ (12)	$ (12)	$ (333)	$ 9
Change in unfunded SERP liability, tax	(18)	(17)	$ (17)	(28)	$ (28)	$ (28)
Unrealized loss on marketable securities arising during the period, tax	$ 0	$ 0		$ 0

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net earnings	$ 38,649	$ 16,813
Adjustments to reconcile net earnings to net cash provided by (used in) operating activities:
Depreciation and amortization	11,604	12,514
Stock-based compensation	1,672	1,752
Amortization of deferred financing costs	34	1,267
Deferred income taxes	(5,113)	(124)
Net unrealized gains on foreign currency revaluation	(494)	(373)
Gains on sale of property	(1,596)	(6,578)
Other, net	360	1,355
Changes in operating assets and liabilities:
Accounts receivable, net	(17,851)	(11,893)
Unbilled receivables	(317)	(13,958)
Inventories	(32,574)	(22,831)
Accounts payable	4,884	15,800
Accrued expenses	6,678	9,066
Accrued restructuring costs	3,628	124
Income taxes payable	6,380	(1,372)
Other operating assets/liabilities, net	8,125	(3,276)
Net cash provided by (used in) operating activities	24,069	(1,714)
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,612)	(4,154)
Payments for acquisitions, net of cash acquired	0	(16,811)
Proceeds from sale of property, plant and equipment	1,833	7,249
Net cash used in investing activities	(3,779)	(13,716)
Cash flows from financing activities:
Dividends paid to common stockholders	(2,470)	(2,447)
Purchase of treasury stock	(349)	0
Deferred financing costs	0	(675)
Borrowings under revolving credit line	0	115,000
Repayments of revolving credit line	0	(14,500)
Repayments of long-term debt	(2,500)	(104,846)
Net cash used in financing activities	(5,319)	(7,468)
Effect of exchange rate changes on cash and cash equivalents	(5,832)	(80)
Net increase (decrease) in cash and cash equivalents	9,139	(22,978)
Cash and cash equivalents - beginning of period	61,756	84,939
Cash and cash equivalents - end of period	70,895	61,961
Supplementary information:
Income taxes, net of refunds received	7,496	2,024
Interest payments	2,129	1,683
ROU assets obtained in exchange for lease obligations	6,111	6,382
Goodwill	23,775
Cash paid for acquisitions, net of cash acquired	(0)	16,811
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	$ (3,903)

Note 1 - Basis of Presentation and Accounting Policies

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 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 nine months ended September 30, 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

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2021 include the operating results of the 2021 Acquired Companies from their respective acquisition dates through September 30, 2021. During the nine months ended September 30, 2021, the Company incurred $0.5 million of acquisition-related costs related to the 2021 Acquisitions. No acquisition-related costs were incurred during the three months ended September 30, 2022 or 2021 or during the nine months ended September 30, 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 and nine months ended September 30, 2021, the 2021 Acquired Companies contributed revenues of $4.3 million and $12.4 million, respectively, and estimated net earnings of $0.2 million and $1.6 million, respectively, to the Company since their respective acquisition dates. 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		Nine Months Ended
	September 30, 2021		September 30, 2021
Revenue, net	$	146,966	$	399,372
Net earnings		5,734		17,043
Earnings per Class A common share - basic and diluted		0.44		1.31
Earnings per Class B common share - basic and diluted		0.47		1.39

Note 3 - Revenue

9 Months Ended

Sep. 30, 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 September 30, 2022*								*Nine Months Ended September 30, 2022*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*		*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	37,877	$	60,267	$	13,490	$	111,634	$	105,189	$	155,022	$	38,616	$	298,827
Europe		9,327		8,779		2,535		20,641		26,895		29,264		8,128		64,287
Asia		3,049		7,387		35,028		45,464		7,978		21,961		91,977		121,916
	$	50,253	$	76,433	$	51,053	$	177,739	$	140,062	$	206,247	$	138,721	$	485,030

*By Sales Channel:*
Direct to customer	$	29,974	$	48,765	$	40,362	$	119,101	$	84,571	$	130,210	$	105,619	$	320,400
Through distribution		20,279		27,668		10,691		58,638		55,491		76,037		33,102		164,630
	$	50,253	$	76,433	$	51,053	$	177,739	$	140,062	$	206,247	$	138,721	$	485,030

	*Three Months Ended September 30, 2021*								*Nine Months Ended September 30, 2021*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*		*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	30,144	$	42,064	$	11,338	$	83,546	$	92,868	$	109,708	$	28,009	$	230,585
Europe		7,916		9,679		2,635		20,230		22,220		29,306		6,126		57,652
Asia		2,284		8,538		32,368		43,190		6,358		20,298		81,458		108,114
	$	40,344	$	60,281	$	46,341	$	146,966	$	121,446	$	159,312	$	115,593	$	396,351

*By Sales Channel:*
Direct to customer	$	23,476	$	36,154	$	38,022	$	97,652	$	72,898	$	96,759	$	95,104	$	264,761
Through distribution		16,868		24,127		8,319		49,314		48,548		62,553		20,489		131,590
	$	40,344	$	60,281	$	46,341	$	146,966	$	121,446	$	159,312	$	115,593	$	396,351

The balances of the Company’s contract assets and contract liabilities at September 30, 2022 and December 31, 2021 are as follows:

	*September 30,*		*December 31,*
	*2022*		*2021*

Contract assets - current (unbilled receivables)	$	28,592	$	28,275
Contract liabilities - current (deferred revenue)	$	11,303	$	2,224

The change in balance of our unbilled receivables from December 31, 2021 to September 30, 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 increase in our deferred revenue balance from December 31, 2021 to September 30, 2022 primarily relates to customer prepayments on raw material surcharges and expedite fees, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer.

The aggregate amount of transaction price allocated to remaining performance obligations that have not been satisfied as of September 30, 2022 related to contracts that exceed one year in duration amounted to $94.5 million, with expected contract expiration dates that range from 2023 - 2026. It is expected that 57% of this aggregate amount will be recognized in 2023, 36% will be recognized in 2024 and the remainder will largely be recognized in 2025.

- 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-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

9 Months Ended

Sep. 30, 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 and nine months ended September 30, 2022 and 2021:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

Numerator:
Net earnings	$	16,548	$	5,734	$	38,649	$	16,813
Less dividends declared:
Class A		128		129		386		386
Class B		724		719		2,176		2,149
Undistributed earnings	$	15,696	$	4,886	$	36,087	$	14,278

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	2,587	$	811	$	5,941	$	2,375
Class B undistributed earnings		13,109		4,075		30,146		11,903
Total undistributed earnings	$	15,696	$	4,886	$	36,087	$	14,278

Net earnings allocation - basic and diluted:
Class A net earnings	$	2,715	$	940	$	6,327	$	2,761
Class B net earnings		13,833		4,794		32,322		14,052
Net earnings	$	16,548	$	5,734	$	38,649	$	16,813

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,142		2,145		2,144		2,145
Class B - basic and diluted		10,340		10,269		10,358		10,237

Net earnings per share:
Class A - basic and diluted	$	1.27	$	0.44	$	2.95	$	1.29
Class B - basic and diluted	$	1.34	$	0.47	$	3.12	$	1.37

Note 5 - Fair Value Measurements

9 Months Ended

Sep. 30, 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 September 30, 2022 and December 31, 2021, our equity 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 September 30, 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 ($1.0) million at September 30, 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 $5.9 million at September 30, 2022 and $0.1 million at December 31, 2021, which was based on market data, 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 nine months ended September 30, 2022 or September 30, 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 nine months ended September 30, 2022 or September 30, 2021.

There were no financial assets accounted for at fair value on a nonrecurring basis as of September 30, 2022 or December 31, 2021.

The Company has other financial instruments, such as cash and cash equivalents, accounts receivable, 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 September 30, 2022 and December 31, 2021, the estimated fair value of total debt was $110.0 million $112.5 million, respectively, compared to a carrying amount of $110.0 million $112.5 million, respectively. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of September 30, 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 nine months ended September 30, 2022 or September 30, 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

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Inventory Disclosure [Text Block]

6.	INVENTORIES

The components of inventories are as follows:

	September 30,		December 31,
	2022		2021
Raw materials	$	71,024	$	67,127
Work in progress		44,814		31,103
Finished goods		48,543		41,153
Inventories	$	164,381	$	139,383

Note 7 - Property, Plant and Equipment, Net

9 Months Ended

Sep. 30, 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:

	September 30,			December 31,
	2022			2021
Land	$	1,082		$	1,105
Buildings and improvements		21,058			20,915
Machinery and equipment		120,501			120,961
Construction in progress		3,135			5,081
		145,776			148,062
Accumulated depreciation		(110,549	)		(109,852	)
Property, plant and equipment, net	$	35,227		$	38,210

Depreciation expense was $2.1 million and $2.3 million, respectively, for the three months ended September 30, 2022 and 2021 and $6.8 million and $7.2 million, respectively, for the nine months ended September 30, 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 December 31, 2021, a total of $1.6 million of property was classified as assets held for sale on the accompanying condensed consolidated balance sheet as of such date related to our corporate headquarters in Jersey City, New Jersey. On July 21, 2022, the Company closed on the sale of one of its two buildings in Jersey City, New Jersey. In connection with this sale, the Company received proceeds in the amount of $1.8 million and recognized a gain on sale during the third quarter of 2022 in the amount of $1.6 million. The other property in Jersey City, New Jersey continues to be classified as held for sale at a net book value of $1.5 million.

Note 8 - Accrued Expenses

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

8.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	September 30,		December 31,
	2022		2021
Salaries, bonuses and related benefits	$	24,718	$	21,342
Accrued restructuring costs		3,637		9
Sales commissions		2,449		2,049
Subcontracting labor		1,927		1,622
Warranty accrual		1,338		1,056
Other		8,593		8,375
	$	42,662	$	34,453

The change in warranty accrual during the nine months ended September 30, 2022 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during the nine months ended September 30, 2022.

Restructuring Activities:

Activity and liability balances related to restructuring costs for the nine months ended September 30, 2022 are as follows:

			Nine Months Ended
			September 30, 2022
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2021		Charges		Settlements			2022
Severance costs	$	9	$	1,429	$	(372	)	$	1,066
Other restructuring costs		-		2,571		-			2,571
Total	$	9	$	4,000	$	(372	)	$	3,637

During the third quarter of 2022, Bel launched a series of initiatives to simplify its operational footprint. Two of the Company's Magnetic Solutions manufacturing facilities in China will be consolidated into a single new facility in Southwestern China, with expected completion by mid-2023. In connection with the announcement internally, the Company recorded $1.1 million of severance costs and $2.6 million of other restructuring costs associated with this initiative. Also during the third quarter of 2022, the Company incurred $0.2 million of severance costs in connection with the reorganization of the Connectivity Solutions' sales and product management teams. These amounts are classified as restructuring charges on the condensed consolidated statements of operations for the three and nine months ended September 30, 2022.

Note 9 - Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 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. The foreign currency forward contracts related to the Chinese Renminbi have been designated for hedge accounting.

We held outstanding foreign currency forward contracts with notional amounts of $14.9 million and $17.1 million as of September 30, 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 September 30, 2022 and December 31, 2021 were as follows:

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	-	$	57
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		5,946		-
Total derivative assets		$	5,946	$	57

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	995	$	-
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		$	995	$	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 and nine months ended September 30, 2022 and 2021 were as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2022			2021		2022			2021
Net (losses) gains recognized in AOCL:
Foreign currency forward contracts	$	(671	)	$	-	$	(1,196	)	$	-
Interest rate swap agreements		2,206			-		5,939			-
	$	1,535		$	-	$	4,743		$	-

Net (losses) gains reclassified from AOCL to the consolidated statement of operations:
Foreign currency forward contracts	$	(308	)	$	-	$	(381	)	$	-
Interest rate swap agreements		136			-		(122	)		-
	$	(172	)	$	-	$	(503	)	$	-

The losses related to the foreign currency forward contracts are included as a component of currency translation adjustment on the accompanying condensed consolidated statements of comprehensive income at September 30, 2022 and December 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 and nine months ended September 30, 2022 and 2021 were as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Classification in Consolidated Statements of Operations	2022		2021		2022		2021
Foreign currency forward contracts	Other (expense) income, net		17		31		58		82
		$	17	$	31	$	58	$	82

Note 10 - Debt

9 Months Ended

Sep. 30, 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 $110.0 million and $112.5 million in outstanding borrowings under the Revolver at September 30, 2022 and December 31, 2021, respectively. Revolving loans borrowed under the CSA mature on September 1, 2026.

The weighted-average interest rate in effect for the variable-rate portion of our outstanding borrowings ($50.0 million at September 30, 2022 and $52.5 million at December 31, 2021) was 4.37% at September 30, 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 3.38% and 2.92%, respectively, during the three and nine months ended September 30, 2022. The Company incurred $0.9 million and $1.5 million of interest expense during the three months ended September 30, 2022 and September 30, 2021, respectively, and $2.4 million and $3.0 million during the nine months ended September 30, 2022 and 2021, respectively 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 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 September 30, 2022, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Fixed Charge Coverage Ratio.

Subsequent to September 30, 2022, the Company made a voluntary payment of $10.0 million towards its Revolver balance, bringing the outstanding borrowings under the Revolver to $100.0 million as of October 31, 2022.

- 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.

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+ Details

Note 11 - Income Taxes

9 Months Ended

Sep. 30, 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 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 2012 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 condensed consolidated financial statements at September 30, 2022. The Company’s liabilities for uncertain tax positions totaled $24.0 million and $28.4 million at September 30, 2022 and December 31, 2021, respectively, of which $4.1 million is included in other current liabilities at December 31, 2021 and was 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 nine months ended September 30, 2022 and 2021, the Company recognized $0.4 million and $0.5 million, respectively, in interest and penalties in the condensed consolidated statements of operations during each period. The Company has approximately $3.8 million and $5.0 million, respectively, accrued for the payment of interest and penalties at September 30, 2022 and December 31, 2021, which is included in both income taxes payable and 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, Savings and Deferred Compensation Plans

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Retirement Benefits [Text Block]

12.

RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS

The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended. The expense for the three months ended September 30, 2022 and 2021 amounted to $0.3 million for each period. The expense for the nine months ended September 30, 2022 and 2021 amounted to $1.0 million and $0.9 million, respectively. The Company’s matching contribution is made in the form of Bel Fuse Inc. Class A common stock. As of September 30, 2022, the plan owned 313,559 and 93,789 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 exceptions, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense for the three months September 30, 2022 and 2021 amounted to less than $0.1 million during each period. The expense for the nine months ended September 30, 2022 and 2021 amounted to $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 $0.6 million at September 30, 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 September 30, 2022 and 2021 amounted to $0.4 million and $0.6 million, respectively, and the expense for the nine months ended September 30, 2022 and 2021 amounted to $1.3 million and $1.9 million, respectively. As of December 31, 2021, the plan owned 3,323 and 17,342 shares of Bel Fuse Inc. Class A and Class B common stock, respectively. During the second quarter of 2022, the Company repurchased all shares back from the Asia retirement plan and no shares were owned by the plan as of September 30, 2022.

The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 5 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				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	126	$	169	$	377	$	508
Interest cost		159		135		477		405
Net amortization		78		127		234		382
Net periodic benefit cost	$	363	$	431	$	1,088	$	1,295

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:

	September 30,		December 31,
	2022		2021
Prior service cost	$	365	$	460
Net loss		1,252		1,391
	$	1,617	$	1,851

- Definition

The entire disclosure for retirement benefits.

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+ Details

Note 13 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2022

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

13.

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss at September 30, 2022 and December 31, 2021 are summarized below:

	September 30,			December 31,
	2022			2021

Foreign currency translation adjustment, net of taxes of ($334) at September 30, 2022 and ($417) at December 31, 2021	$	(31,263	)	$	(14,911	)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2022 and $0 at December 31, 2021		5,945			(116	)
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2022 and ($7) at December 31, 2021		18			29
Unfunded SERP liability, net of taxes of ($451) at September 30, 2022 and ($502) at December 31, 2021		(3,683	)		(3,865	)

Accumulated other comprehensive loss	$	(28,983	)	$	(18,863	)

Changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2022 are as follows. All amounts are net of tax.

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

Balance at December 31, 2021	$	(14,911	)	$	(116	)	$	29		$	(3,865	)		$	(18,863	)
Other comprehensive (loss) income before reclassifications		(16,733	)		5,939			(11	)		(7	)			(10,812	)
Amount reclassified from accumulated other comprehensive loss		381			122			-			189		(a)		692
Net current period other comprehensive (loss) income		(16,352	)		6,061			(11	)		182				(10,120	)

Balance at September 30, 2022	$	(31,263	)	$	5,945		$	18		$	(3,683	)		$	(28,983	)

(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

9 Months Ended

Sep. 30, 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 at September 30, 2022 and December 31, 2021. 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 September 30, 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

9 Months Ended

Sep. 30, 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 September 30, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	50,253		$	76,433		$	51,053		$	-		$	177,739
Gross Profit		13,099			24,801			15,501			(1,867	)		51,534
Gross Profit %		26.1	%		32.4	%		30.4	%		nm			29.0	%

	Three Months Ended September 30, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	40,344		$	60,281		$	46,341		$	-		$	146,966
Gross Profit		10,003			15,762			10,722			(513	)		35,974
Gross Profit %		24.8	%		26.1	%		23.1	%		nm			24.5	%

	Nine Months Ended September 30, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	140,062		$	206,247		$	138,721		$	-		$	485,030
Gross Profit		37,414			60,775			37,476			(4,719	)		130,946
Gross Profit %		26.7	%		29.5	%		27.0	%		nm			27.0	%

	Nine Months Ended September 30, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	121,446		$	159,312		$	115,593		$	-		$	396,351
Gross Profit		32,826			40,917			24,026			(2,652	)		95,117
Gross Profit %		27.0	%		25.7	%		20.8	%		nm			24.0	%

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: 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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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: 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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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 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)

9 Months Ended

Sep. 30, 2022

Notes Tables

Business Acquisition, Pro Forma Information [Table Text Block]

	Three Months Ended		Nine Months Ended
	September 30, 2021		September 30, 2021
Revenue, net	$	146,966	$	399,372
Net earnings		5,734		17,043
Earnings per Class A common share - basic and diluted		0.44		1.31
Earnings per Class B common share - basic and diluted		0.47		1.39

Note 3 - Revenue (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Disaggregation of Revenue [Table Text Block]

	*Three Months Ended September 30, 2022*								*Nine Months Ended September 30, 2022*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*		*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	37,877	$	60,267	$	13,490	$	111,634	$	105,189	$	155,022	$	38,616	$	298,827
Europe		9,327		8,779		2,535		20,641		26,895		29,264		8,128		64,287
Asia		3,049		7,387		35,028		45,464		7,978		21,961		91,977		121,916
	$	50,253	$	76,433	$	51,053	$	177,739	$	140,062	$	206,247	$	138,721	$	485,030

*By Sales Channel:*
Direct to customer	$	29,974	$	48,765	$	40,362	$	119,101	$	84,571	$	130,210	$	105,619	$	320,400
Through distribution		20,279		27,668		10,691		58,638		55,491		76,037		33,102		164,630
	$	50,253	$	76,433	$	51,053	$	177,739	$	140,062	$	206,247	$	138,721	$	485,030

	*Three Months Ended September 30, 2021*								*Nine Months Ended September 30, 2021*
	*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*		*Connectivity Solutions*		*Power Solutions and Protection*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	30,144	$	42,064	$	11,338	$	83,546	$	92,868	$	109,708	$	28,009	$	230,585
Europe		7,916		9,679		2,635		20,230		22,220		29,306		6,126		57,652
Asia		2,284		8,538		32,368		43,190		6,358		20,298		81,458		108,114
	$	40,344	$	60,281	$	46,341	$	146,966	$	121,446	$	159,312	$	115,593	$	396,351

*By Sales Channel:*
Direct to customer	$	23,476	$	36,154	$	38,022	$	97,652	$	72,898	$	96,759	$	95,104	$	264,761
Through distribution		16,868		24,127		8,319		49,314		48,548		62,553		20,489		131,590
	$	40,344	$	60,281	$	46,341	$	146,966	$	121,446	$	159,312	$	115,593	$	396,351

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

	*September 30,*		*December 31,*
	*2022*		*2021*

Contract assets - current (unbilled receivables)	$	28,592	$	28,275
Contract liabilities - current (deferred revenue)	$	11,303	$	2,224

Note 4 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

Numerator:
Net earnings	$	16,548	$	5,734	$	38,649	$	16,813
Less dividends declared:
Class A		128		129		386		386
Class B		724		719		2,176		2,149
Undistributed earnings	$	15,696	$	4,886	$	36,087	$	14,278

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	2,587	$	811	$	5,941	$	2,375
Class B undistributed earnings		13,109		4,075		30,146		11,903
Total undistributed earnings	$	15,696	$	4,886	$	36,087	$	14,278

Net earnings allocation - basic and diluted:
Class A net earnings	$	2,715	$	940	$	6,327	$	2,761
Class B net earnings		13,833		4,794		32,322		14,052
Net earnings	$	16,548	$	5,734	$	38,649	$	16,813

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,142		2,145		2,144		2,145
Class B - basic and diluted		10,340		10,269		10,358		10,237

Net earnings per share:
Class A - basic and diluted	$	1.27	$	0.44	$	2.95	$	1.29
Class B - basic and diluted	$	1.34	$	0.47	$	3.12	$	1.37

Note 6 - Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30,		December 31,
	2022		2021
Raw materials	$	71,024	$	67,127
Work in progress		44,814		31,103
Finished goods		48,543		41,153
Inventories	$	164,381	$	139,383

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

9 Months Ended

Sep. 30, 2022

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30,			December 31,
	2022			2021
Land	$	1,082		$	1,105
Buildings and improvements		21,058			20,915
Machinery and equipment		120,501			120,961
Construction in progress		3,135			5,081
		145,776			148,062
Accumulated depreciation		(110,549	)		(109,852	)
Property, plant and equipment, net	$	35,227		$	38,210

Note 8 - Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2022		2021
Salaries, bonuses and related benefits	$	24,718	$	21,342
Accrued restructuring costs		3,637		9
Sales commissions		2,449		2,049
Subcontracting labor		1,927		1,622
Warranty accrual		1,338		1,056
Other		8,593		8,375
	$	42,662	$	34,453

Restructuring and Related Costs [Table Text Block]

			Nine Months Ended
			September 30, 2022
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2021		Charges		Settlements			2022
Severance costs	$	9	$	1,429	$	(372	)	$	1,066
Other restructuring costs		-		2,571		-			2,571
Total	$	9	$	4,000	$	(372	)	$	3,637

Note 9 - Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	Balance Sheet Classification	September 30, 2022		December 31, 2021
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	-	$	57
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		5,946		-
Total derivative assets		$	5,946	$	57

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	995	$	-
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		$	995	$	135

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

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2022			2021		2022			2021
Net (losses) gains recognized in AOCL:
Foreign currency forward contracts	$	(671	)	$	-	$	(1,196	)	$	-
Interest rate swap agreements		2,206			-		5,939			-
	$	1,535		$	-	$	4,743		$	-

Net (losses) gains reclassified from AOCL to the consolidated statement of operations:
Foreign currency forward contracts	$	(308	)	$	-	$	(381	)	$	-
Interest rate swap agreements		136			-		(122	)		-
	$	(172	)	$	-	$	(503	)	$	-

Derivatives Not Designated as Hedging Instruments [Table Text Block]

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Classification in Consolidated Statements of Operations	2022		2021		2022		2021
Foreign currency forward contracts	Other (expense) income, net		17		31		58		82
		$	17	$	31	$	58	$	82

Note 12 - Retirement, Savings and Deferred Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021
Service cost	$	126	$	169	$	377	$	508
Interest cost		159		135		477		405
Net amortization		78		127		234		382
Net periodic benefit cost	$	363	$	431	$	1,088	$	1,295

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

	September 30,		December 31,
	2022		2021
Prior service cost	$	365	$	460
Net loss		1,252		1,391
	$	1,617	$	1,851

Note 13 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	September 30,			December 31,
	2022			2021

Foreign currency translation adjustment, net of taxes of ($334) at September 30, 2022 and ($417) at December 31, 2021	$	(31,263	)	$	(14,911	)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2022 and $0 at December 31, 2021		5,945			(116	)
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2022 and ($7) at December 31, 2021		18			29
Unfunded SERP liability, net of taxes of ($451) at September 30, 2022 and ($502) at December 31, 2021		(3,683	)		(3,865	)

Accumulated other comprehensive loss	$	(28,983	)	$	(18,863	)

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

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

Balance at December 31, 2021	$	(14,911	)	$	(116	)	$	29		$	(3,865	)		$	(18,863	)
Other comprehensive (loss) income before reclassifications		(16,733	)		5,939			(11	)		(7	)			(10,812	)
Amount reclassified from accumulated other comprehensive loss		381			122			-			189		(a)		692
Net current period other comprehensive (loss) income		(16,352	)		6,061			(11	)		182				(10,120	)

Balance at September 30, 2022	$	(31,263	)	$	5,945		$	18		$	(3,683	)		$	(28,983	)

Note 15 - Segments (Tables)

9 Months Ended

Sep. 30, 2022

Notes Tables

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

	Three Months Ended September 30, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	50,253		$	76,433		$	51,053		$	-		$	177,739
Gross Profit		13,099			24,801			15,501			(1,867	)		51,534
Gross Profit %		26.1	%		32.4	%		30.4	%		nm			29.0	%

	Three Months Ended September 30, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	40,344		$	60,281		$	46,341		$	-		$	146,966
Gross Profit		10,003			15,762			10,722			(513	)		35,974
Gross Profit %		24.8	%		26.1	%		23.1	%		nm			24.5	%

	Nine Months Ended September 30, 2022
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	140,062		$	206,247		$	138,721		$	-		$	485,030
Gross Profit		37,414			60,775			37,476			(4,719	)		130,946
Gross Profit %		26.7	%		29.5	%		27.0	%		nm			27.0	%

	Nine Months Ended September 30, 2021
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Revenue	$	121,446		$	159,312		$	115,593		$	-		$	396,351
Gross Profit		32,826			40,917			24,026			(2,652	)		95,117
Gross Profit %		27.0	%		25.7	%		20.8	%		nm			24.0	%

Note 2 - Acquisitions (Details Textual) - USD ($) $ in Thousands			3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2021	Jan. 08, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2020
Payments to Acquire Businesses, Net of Cash Acquired, Total					$ (0)	$ 16,811
EOS Power Panama Inc. [Member]
Revenues, Total							$ 12,000
rms Connectors, Inc. [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total		$ 9,000
EOS Power Panama Inc. [Member]
Payments to Acquire Businesses, Net of Cash Acquired, Total	$ 7,800
The 2021 Acquisitions [Member]
Business Combination, Acquisition Related Costs			$ 0	$ 0	$ 0	500
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual				4,300		12,400
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual				$ 200		$ 1,600

- 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] - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Revenue, net	$ 146,966	$ 399,372
Net earnings	$ 5,734	$ 17,043
Common Class A [Member]
Earnings per Class A common share - basic and diluted (in dollars per share)	$ 0.44	$ 1.31
Common Class B [Member]
Earnings per Class A common share - basic and diluted (in dollars per share)	$ 0.47	$ 1.39

Note 3 - Revenue 1 (Details Textual) $ in Millions	Sep. 30, 2022 USD ($)
Revenue, Remaining Performance Obligation, Amount	$ 94.5

Note 3 - Revenue 2 (Details Textual)	Sep. 30, 2022
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	57.00%
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	36.00%

Note 3 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net sales	$ 177,739	$ 146,966	$ 485,030	$ 396,351
Sales Channel, Directly to Consumer [Member]
Net sales	119,101	97,652	320,400	264,761
Sales Channel, Through Intermediary [Member]
Net sales	58,638	49,314	164,630	131,590
Connectivity Solutions [Member]
Net sales	50,253	40,344	140,062	121,446
Connectivity Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	29,974	23,476	84,571	72,898
Connectivity Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	20,279	16,868	55,491	48,548
Power Solutions and Protection [Member]
Net sales	76,433	60,281	206,247	159,312
Power Solutions and Protection [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	48,765	36,154	130,210	96,759
Power Solutions and Protection [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	27,668	24,127	76,037	62,553
Magnetic Solutions [Member]
Net sales	51,053	46,341	138,721	115,593
Magnetic Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	40,362	38,022	105,619	95,104
Magnetic Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	10,691	8,319	33,102	20,489
North America [Member]
Net sales	111,634	83,546	298,827	230,585
North America [Member] \| Connectivity Solutions [Member]
Net sales	37,877	30,144	105,189	92,868
North America [Member] \| Power Solutions and Protection [Member]
Net sales	60,267	42,064	155,022	109,708
North America [Member] \| Magnetic Solutions [Member]
Net sales	13,490	11,338	38,616	28,009
Europe [Member]
Net sales	20,641	20,230	64,287	57,652
Europe [Member] \| Connectivity Solutions [Member]
Net sales	9,327	7,916	26,895	22,220
Europe [Member] \| Power Solutions and Protection [Member]
Net sales	8,779	9,679	29,264	29,306
Europe [Member] \| Magnetic Solutions [Member]
Net sales	2,535	2,635	8,128	6,126
Asia [Member]
Net sales	45,464	43,190	121,916	108,114
Asia [Member] \| Connectivity Solutions [Member]
Net sales	3,049	2,284	7,978	6,358
Asia [Member] \| Power Solutions and Protection [Member]
Net sales	7,387	8,538	21,961	20,298
Asia [Member] \| Magnetic Solutions [Member]
Net sales	$ 35,028	$ 32,368	$ 91,977	$ 81,458

- 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

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+ Details

Note 3 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Contract assets - current (unbilled receivables)	$ 28,592	$ 28,275
Contract liabilities - current (deferred revenue)	$ 11,303	$ 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						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Net earnings	$ 16,548	$ 17,038	$ 5,064	$ 5,734	$ 7,880	$ 3,199	$ 38,649	$ 16,813
Undistributed earnings	15,696			4,886			36,087	14,278
Common Class A [Member]
Net earnings	2,715			940			6,327	2,761
Less dividends declared	128	129	129	129	129	128	386	386
Undistributed earnings	$ 2,587			$ 811			$ 5,941	$ 2,375
Class A - basic and diluted (in shares)	2,142			2,145			2,144	2,145
Class A common share - basic and diluted (in dollars per share)	$ 1.27			$ 0.44			$ 2.95	$ 1.29
Common Class B [Member]
Net earnings	$ 13,833			$ 4,794			$ 32,322	$ 14,052
Less dividends declared	724	$ 726	$ 727	719	$ 714	$ 716	2,176	2,149
Undistributed earnings	$ 13,109			$ 4,075			$ 30,146	$ 11,903
Class A - basic and diluted (in shares)	10,340			10,269			10,358	10,237
Class A common share - basic and diluted (in dollars per share)	$ 1.34			$ 0.47			$ 3.12	$ 1.37

- Definition

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

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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI https://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 55
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=128363288&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

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-Name Accounting Standards Codification
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-SubTopic 10
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-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

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-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126958026&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ 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	Sep. 30, 2022	Dec. 31, 2021
Derivative Asset, Total	$ 5,946	$ 57
Long-Term Debt, Fair Value	110,000	112,500
Long-Term Debt, Gross	110,000	112,500
Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure, Total	0	0
Foreign Exchange Forward [Member] \| Maximum [Member]
Derivative Asset, Total	1,000	100
Interest Rate Swap [Member]
Derivative Asset, Total	5,900	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	Sep. 30, 2022	Dec. 31, 2021
Raw materials	$ 71,024	$ 67,127
Work in progress	44,814	31,103
Finished goods	48,543	41,153
Inventories	$ 164,381	$ 139,383

Note 7 - Property, Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Depreciation, Total	$ 2,100	$ 2,300	$ 6,800	$ 7,200
Assets Held-for-sale, Not Part of Disposal Group, Total					$ 1,600
Gain (Loss) on Sale of Properties	1,596	$ 403	1,596	$ 6,578
Jersey City [Member]
Assets Held-for-sale, Not Part of Disposal Group, Total	1,500		$ 1,500
Proceeds from Sale of Buildings	1,800
Gain (Loss) on Sale of Properties	$ 1,600

Note 7 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 145,776	$ 148,062
Accumulated depreciation	(110,549)	(109,852)
Property, plant and equipment, net	35,227	38,210
Land [Member]
Property, plant and equipment, gross	1,082	1,105
Building and Building Improvements [Member]
Property, plant and equipment, gross	21,058	20,915
Machinery and Equipment [Member]
Property, plant and equipment, gross	120,501	120,961
Construction in Progress [Member]
Property, plant and equipment, gross	$ 3,135	$ 5,081

Note 8 - Accrued Expenses (Details Textual) - Restructuring Charges [Member] - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022
Manufacturing Facilities Consolidated into One New Facility in Southwestern China [Member]
Severance Costs	$ 1.1	$ 1.1
Other Restructuring Costs	2.6	2.6
Reorganization of the Connectivity Solutions Teams [Member]
Severance Costs	$ 0.2	$ 0.2

Note 8 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Salaries, bonuses and related benefits	$ 24,718	$ 21,342
Accrued restructuring costs	3,637	9
Sales commissions	2,449	2,049
Subcontracting labor	1,927	1,622
Warranty accrual	1,338	1,056
Other	8,593	8,375
Accrued Liabilities, Current, Total	$ 42,662	$ 34,453

Note 8 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Liability, beginning balance	$ 9
New charges	4,000
Cash payment and other settlements	(372)
Liability, ending balance	3,637
Employee Severance [Member]
Liability, beginning balance	9
New charges	1,429
Cash payment and other settlements	(372)
Liability, ending balance	1,066
Other Restructuring [Member]
Liability, beginning balance	0
New charges	2,571
Cash payment and other settlements	0
Liability, ending balance	$ 2,571

Note 9 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Foreign Exchange Forward [Member]
Derivative, Notional Amount	$ 14.9	$ 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	Sep. 30, 2022	Dec. 31, 2021
Total derivative assets	$ 5,946	$ 57
Total derivative liabilities	995	135
Interest Rate Swap [Member]
Total derivative assets	5,900	100
Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Designated as cash flow hedges	0	57
Other Noncurrent Assets [Member] \| Interest Rate Swap [Member]
Designated as a cash flow hedge	5,946	0
Other Current Liabilities [Member] \| Foreign Exchange Forward [Member]
Designated as a cash flow hedge	995	0
Not designated as hedging instruments	0	19
Other Noncurrent Liabilities [Member] \| Interest Rate Swap [Member]
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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net (losses) gains recognized in AOCL	$ 1,535	$ 0	$ 4,743	$ 0
Net losses reclassified from AOCL to the consolidated statement of operations	(172)	0	(503)	0
Foreign Exchange Forward [Member]
Net (losses) gains recognized in AOCL	(671)	0	(1,196)	0
Net losses reclassified from AOCL to the consolidated statement of operations	(308)	0	(381)	0
Interest Rate Swap [Member]
Net (losses) gains recognized in AOCL	2,206	0	5,939	0
Net losses reclassified from AOCL to the consolidated statement of operations	$ 136	$ 0	$ (122)	$ 0

Note 9 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - Nonoperating Income (Expense) [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Derivative instruments gain (loss)	$ 17	$ 31	$ 58	$ 82
Foreign Exchange Forward [Member]
Derivative instruments gain (loss)	$ 17	$ 31	$ 58	$ 82

Note 10 - Debt (Details Textual) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
Note 10 - Debt (Details Textual) - USD ($) $ in Thousands	Sep. 02, 2021	Oct. 31, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Repayments of Lines of Credit					$ (0)	$ 14,500
Interest Rate Swap [Member]
Derivative, Notional Amount							$ 30,000
The 2021 Swaps [Member]
Derivative, Notional Amount							$ 60,000
The 2021 Swaps One [Member]
Derivative, Notional Amount			$ 30,000		$ 30,000
Derivative, Fixed Interest Rate			1.3055%		1.3055%		1.3055%
The 2021 Swaps Two [Member]
Derivative, Notional Amount			$ 30,000		$ 30,000
Derivative, Fixed Interest Rate			1.318%		1.318%		1.318%
Credit and Security Agreement with KeyBank [Member]
Long-Term Debt, Percentage Bearing Variable Interest, Amount			$ 50,000		$ 50,000		$ 52,500
Debt, Weighted Average Interest Rate			4.37%		4.37%		1.60%
Debt Instrument, Interest Rate During Period			3.38%		2.92%
Interest Expense, Debt, Total			$ 900	$ 1,500	$ 2,400	$ 3,000
Credit and Security Agreement with KeyBank [Member] \| Term Loan [Member]
Long-Term Debt, Total			$ 110,000		$ 110,000		$ 112,500
Credit and Security Agreement with KeyBank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 175,000
Debt Instrument, Term (Year)	5 years
Line of Credit Facility, Maximum Letters of Credit Capacity	$ 10,000
Line of Credit Facility, Maximum Swing Line Loan Capacity	$ 5,000
Credit and Security Agreement with KeyBank [Member] \| Revolving Credit Facility [Member] \| Subsequent Event [Member]
Repayments of Lines of Credit		$ 10,000
Long-Term Line of Credit, Total		$ 100,000

Note 11 - Income Taxes (Details Textual) - USD ($) $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Unrecognized Tax Benefits, Ending Balance	$ 24.0		$ 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	0.4	$ 0.5
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total	$ 3.8		$ 5.0

Note 12 - Retirement, Savings and Deferred Compensation Plans (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) shares
Bel Fuse Inc. Employees' Savings Plan [Member]
Defined Contribution Plan, Cost \| $	$ 0.3	$ 0.3	$ 1.0	$ 0.9
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares	313,559		313,559
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares	93,789		93,789
Nonqualified Deferred Compensation Plan [Member]
Deferred Compensation Arrangement, Vesting Age	65		65
Deferred Compensation Plan Assets \| $	$ 0.6		$ 0.6		$ 0.8
Nonqualified Deferred Compensation Plan [Member] \| Maximum [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense \| $	0.1	0.1	0.1	0.1
Retirement Fund Covering Hong Kong-based Employees [Member]
Defined Contribution Plan, Cost \| $	$ 0.4	$ 0.6	$ 1.3	$ 1.9
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares	0		0		3,323
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares	0		0		17,342

Note 12 - Retirement, Savings and Deferred Compensation Plans - Components of SERP Expense (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Service cost	$ 126	$ 169	$ 377	$ 508
Interest cost	159	135	477	405
Net amortization	78	127	234	382
Net periodic benefit cost	$ 363	$ 431	$ 1,088	$ 1,295

Note 12 - Retirement, Savings and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prior service cost	$ 365	$ 460
Net loss	1,252	1,391
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax, Total	$ 1,617	$ 1,851

Note 13 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Foreign currency translation adjustment, net of taxes of ($334) at September 30, 2022 and ($417) at December 31, 2021	$ (31,263)	$ (14,911)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2022 and $0 at December 31, 2021	5,945	(116)
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2022 and ($7) at December 31, 2021	18	29
Unfunded SERP liability, net of taxes of ($451) at September 30, 2022 and ($502) at December 31, 2021	(3,683)	(3,865)
Accumulated other comprehensive loss	$ (28,983)	$ (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	Sep. 30, 2022	Dec. 31, 2021
Foreign currency translation adjustment, tax	$ (334)	$ (417)
Unrealized gains (losses) on interest rate swap cash flow hedge, tax	0	0
Unrealized holding gains (losses) on marketable securities, tax	(7)	(7)
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax	$ (451)	$ (502)

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

3 Months Ended

9 Months Ended

Sep. 30, 2022

Sep. 30, 2021

Sep. 30, 2022

Sep. 30, 2021

Balance

$ 225,995

$ 196,598

$ 208,743

$ 185,799

Other comprehensive loss

(6,242)

(1,836)

(10,120)

(1,627)

Balance

236,033

200,202

236,033

200,202

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

Balance

(14,911)

Other comprehensive (loss) income before reclassifications

(16,733)

Amount reclassified from accumulated other comprehensive loss

381

Other comprehensive loss

(16,352)

Balance

(31,263)

Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]

Balance

(116)

Other comprehensive (loss) income before reclassifications

5,939

Amount reclassified from accumulated other comprehensive loss

122

Other comprehensive loss

6,061

Balance

5,945

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

Balance

Other comprehensive (loss) income before reclassifications

(11)

Amount reclassified from accumulated other comprehensive loss

Other comprehensive loss

(11)

Balance

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Balance

(3,865)

Other comprehensive (loss) income before reclassifications

(7)

Amount reclassified from accumulated other comprehensive loss

^[1]

189

Other comprehensive loss

182

Balance

(3,683)

AOCI Attributable to Parent [Member]

Balance

(22,741)

(17,854)

(18,863)

(18,063)

Other comprehensive (loss) income before reclassifications

(10,812)

Amount reclassified from accumulated other comprehensive loss

692

Other comprehensive loss

(10,120)

Balance

$ (28,983)

$ (19,690)

$ (28,983)

$ (19,690)

[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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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-Name Accounting Standards Codification
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 310
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-Section S99
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-Topic 825
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-URI https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

+ Details

Note 14 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Arezzo Revenue Agency [Member]
Loss Contingency, Estimate of Possible Loss	$ 12	$ 12

Note 15 - Segments (Details Textual)	9 Months Ended
Note 15 - Segments (Details Textual)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenue	$ 177,739	$ 146,966	$ 485,030	$ 396,351
Gross Profit	$ 51,534	$ 35,974	$ 130,946	$ 95,117
Gross Profit %	29.00%	24.50%	27.00%	24.00%
Connectivity Solutions [Member]
Revenue	$ 50,253	$ 40,344	$ 140,062	$ 121,446
Gross Profit	$ 13,099	$ 10,003	$ 37,414	$ 32,826
Gross Profit %	26.10%	24.80%	26.70%	27.00%
Power Solutions and Protection Segment [Member]
Revenue	$ 76,433	$ 60,281	$ 206,247	$ 159,312
Gross Profit	$ 24,801	$ 15,762	$ 60,775	$ 40,917
Gross Profit %	32.40%	26.10%	29.50%	25.70%
Magnetic Solutions Segment [Member]
Revenue	$ 51,053	$ 46,341	$ 138,721	$ 115,593
Gross Profit	$ 15,501	$ 10,722	$ 37,476	$ 24,026
Gross Profit %	30.40%	23.10%	27.00%	20.80%
Corporate Segment [Member]
Revenue	$ 0	$ 0	$ 0	$ 0
Gross Profit	$ (1,867)	$ (513)	$ (4,719)	$ (2,652)

- 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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