0001437749-23-030168 | 10-Q | XBRL Viewer

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

3.	DIVESTITURE OF SUBSIDIARY

On June 1, 2023, the Company completed its divestment of Bel Stewart s.r.o., a former subsidiary in the Czech Republic which has historically been reported within Bel’s Connectivity Solutions segment. The business was sold to PEI Genesis (“PEI”) for total consideration of $5.1 million, subject to working capital adjustments. The divestment of this non-core business was a strategic decision which allows the Connectivity Solutions segment to focus on its main product categories serving customer end markets such as commercial air, defense, industrial and networking which better align with its long-term growth objectives.

The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows:

	Total
Cash and cash equivalents	$	2,072
Accounts receivable		1,030
Inventories		1,310
Property, plant and equipment		326
Other assets		48
Accounts payable		(441	)
Accrued expenses		(126	)
Income taxes payable		(100	)
Other current liabilities		(13	)
Other long-term liabilities		(23	)
Total net assets transferred		4,083
Consideration received		5,063
Gain on sale recognized	$	980

Note 13 - Retirement, Savings and Deferred Compensation Plans (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares
Bel Fuse Inc. Employees' Savings Plan [Member]
Defined Contribution Plan, Cost \| $	$ 0.3	$ 0.3	$ 1.0	$ 1.0
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares	302,074		302,074
Bel Fuse Inc. Employees' Savings Plan [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares	69,485		69,485
Nonqualified Deferred Compensation Plan [Member]
Defined Contribution Plan, Cost \| $	$ 0.3	0.4	$ 1.2	1.3
Deferred Compensation Arrangement, Vesting Age	65		65
Deferred Compensation Arrangement with Individual, Compensation Expense \| $			$ 0.1	$ 0.1
Deferred Compensation Plan Assets \| $	$ 0.8		$ 0.8		$ 0.7
Nonqualified Deferred Compensation Plan [Member] \| Maximum [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense \| $	$ 0.1	$ 0.1
Retirement Fund Covering Hong Kong-based Employees [Member]
Shares Held in Plan (in shares) \| shares	0		0		0
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class A [Member]
Shares Held in Plan (in shares) \| shares						3,323
Retirement Fund Covering Hong Kong-based Employees [Member] \| Common Class B [Member]
Shares Held in Plan (in shares) \| shares						17,342

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net earnings	$ 61,795	$ 38,649
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	9,962	11,604
Stock-based compensation	2,712	1,672
Amortization of deferred financing costs	33	34
Deferred tax benefit	(4,894)	(5,113)
Net unrealized losses (gains) on foreign currency revaluation	130	(494)
Gains on sale of properties	(3,819)	(1,596)
Gain on sale of Czech Republic business	(980)	0
Other, net	(495)	360
Changes in operating assets and liabilities:
Accounts receivable, net	11,931	(17,851)
Unbilled receivables	1,590	(317)
Inventories	29,313	(32,574)
Accounts payable	(18,674)	4,884
Accrued expenses	4,536	6,678
Accrued restructuring costs	(148)	3,628
Income taxes payable	2,008	6,380
Other operating assets/liabilities, net	(13,575)	8,125
Net cash provided by operating activities	81,425	24,069
Cash flows from investing activities:
Purchases of property, plant and equipment	(9,659)	(5,612)
Payment for equity method investment	(9,975)	0
Investment in related-party notes receivable	(1,905)	0
Proceeds from sale of property, plant and equipment	5,403	1,833
Proceeds from sale of Czech Republic business	5,063	0
Net cash used in investing activities	(11,073)	(3,779)
Cash flows from financing activities:
Dividends paid to common stockholders	(2,490)	(2,470)
Repayments under revolving credit line	(40,000)	(2,500)
Borrowings under revolving credit line	5,000	0
Purchase of treasury stock	0	(349)
Net cash used in financing activities	(37,490)	(5,319)
Effect of exchange rate changes on cash and cash equivalents	(2,903)	(5,832)
Net increase in cash and cash equivalents	29,959	9,139
Cash and cash equivalents - beginning of period	70,266	61,756
Cash and cash equivalents - end of period	100,225	70,895
Supplementary information:
Income taxes, net of refunds received	18,148	7,496
Interest payments	3,738	2,129
ROU assets obtained in exchange for lease obligations	$ 5,887	$ 6,111

Note 3 - Divestiture of Subsidiary - Assets and Liabilities Included in Sale (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 01, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Gain on sale recognized		$ (135)	$ 0	$ 980	$ 0
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] \| Bel Stewart s.r.o. [Member]
Cash and cash equivalents	$ 2,072
Accounts receivable	1,030
Inventories	1,310
Property, plant and equipment	326
Other assets	48
Accounts payable	441
Accrued expenses	126
Income taxes payable	100
Other current liabilities	13
Other long-term liabilities	23
Total net assets transferred	4,083
Consideration received	5,063
Gain on sale recognized	$ 980

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Foreign currency translation adjustment, tax expense	$ (13)	$ (105)	$ 9	$ (40)	$ (31)	$ (12)	$ (109)	$ (83)
Unrealized gains (losses) on interest rate swap cash flow hedge, tax	0		0	0			0	0
Unrealized loss on marketable securities arising during the period, tax	0		0	0			0	0
Change in unfunded SERP liability, tax	$ (4)	$ (4)	$ (4)	$ (18)	$ (17)	$ (17)	$ (12)	$ (52)

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Unrecognized Tax Benefits	$ 19.6		$ 24.8
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations	5.3
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense	0.3	$ 0.4
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued	$ 2.0		$ 4.0

Note 2 - Investment in Innolectric

9 Months Ended

Sep. 30, 2023

Investment [Text Block]

2.	INVESTMENT IN INNOLECTRIC

On February 1, 2023, the Company closed on a noncontrolling (one-third) investment in Germany-based innolectric AG (“innolectric”) for consideration of €8.0 million (approximately $8.8 million as of the February 2023 closing). Transaction costs associated with the Company's investment in innolectric amounted to $1.3 million and these costs have been recorded as part of the carrying value of the investment. Under the terms of the investment agreement, if innolectric achieves certain EBITDA thresholds within a specified timeframe, the Company would be committed to acquiring the remaining shares of innolectric at that time. The accompanying condensed consolidated balance sheet reflects the fair value as of the February 2023 closing of the initial one-third equity method investment, inclusive of transaction costs, of $11.0 million, and an other liability of $1.0 million associated with the net fair value of the put and call options related to the remaining shares pursuant to the agreement in the event certain profitability thresholds are met.

This passive investment creates a strategic alliance that is focused on Electric Vehicles (“EV”) on-board power electronics, and in particular next generation fast-charging technology. With no product overlap, this relationship expands the Bel eMobility Power portfolio, further enhancing Bel's competitive position in this emerging field. Our investment in innolectric is accounted for using the equity method and we have determined that the innolectric investment is not a variable interest entity (VIE). Results from this investment have been included in Bel's Power Solution and Protection segment and amounted to losses of $0.3 million and $0.7 million during the three and nine months ended September 30, 2023, respectively. The Company adopted a policy to record its share of innolectric's results on a one-month lag on a consistent basis to allow time for innolectric to provide its financial statements to Bel.

Related Party Transactions

From time to time, the Company provides cash loans to innolectric to fund working capital needs and further business development. During the first nine months of 2023, the Company provided loans to innolectric in the aggregate amount of €1.8 million (approximately $1.9 million at the September 30, 2023 exchange rate). These loans bear interest at a rate of 5% per annum. This balance is shown as a related-party note receivable on the accompanying condensed consolidated balance sheet at September 30, 2023.

Note 4 - Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Text Block]

4.	REVENUE

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

	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	*Power Solutions and Protection*		*Connectivity Solutions*		*Magnetic Solutions*		*Consolidated*		*Power Solutions and Protection*		*Connectivity Solutions*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	55,262	$	42,841	$	12,980	$	111,083	$	182,183	$	130,086	$	34,680	$	346,949
Europe		13,759		7,500		1,545		22,804		43,266		25,462		6,976		75,704
Asia		5,841		1,430		17,524		24,795		19,685		4,462		53,003		77,150
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803

*By Sales Channel:*
Direct to customer	$	52,507	$	31,369	$	25,021	$	108,897	$	174,143	$	101,063	$	70,700	$	345,906
Through distribution		22,355		20,402		7,028		49,785		70,991		58,947		23,959		153,897
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803

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

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

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

The balances of the Company’s contract assets and contract liabilities at September 30, 2023 and December 31, 2022 are as follows:

	*September 30,*		*December 31,*
	*2023*		*2022*

Contract assets - current (unbilled receivables)	$	16,654	$	18,244
Contract liabilities - current (deferred revenue)	$	2,940	$	8,847

The change in balance of our unbilled receivables from December 31, 2022 to September 30, 2023 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). Our deferred revenue balance at December 31, 2022 and September 30, 2023 primarily relates to customer prepayments on invoices related to 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 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.

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts	$ 1,233	$ 1,552
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Common Class A [Member]
Common stock, par value (in dollars per share)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	10,000,000	10,000,000
Common stock, shares outstanding (in shares)	2,141,589	2,141,589
Common stock, treasury shares (in shares)	3,323	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)	$ 0.1	$ 0.1
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares outstanding (in shares)	10,630,760	10,642,760
Common stock, treasury shares (in shares)	17,342	17,342
Common Class B [Member] \| Restricted Stock [Member]
Common stock, treasury shares (in shares)	3,218,307	3,218,307

Note 7 - Inventories (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	September 30,		December 31,
	2023		2022
Raw materials	$	62,646	$	74,572
Work in progress		46,002		44,397
Finished goods		31,349		53,496
Inventories	$	139,997	$	172,465

Note 10 - Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

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

	Balance Sheet Classification	September 30, 2023		December 31, 2022
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	-	$	359
Non designated as hedging instruments	Other current assets		114		-
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		5,529		5,539
Total derivative assets		$	5,643	$	5,898

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	782	$	-
Total derivative liabilities		$	782	$	-

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Net gains (losses) recognized in AOCL:
Foreign currency forward contracts	$	(385	)	$	(671	)	$	(1,837	)	$	(1,196	)
Interest rate swap agreements		698			2,206			1,641			5,939
	$	313		$	1,535		$	(196	)	$	4,743

Net gains (losses) reclassified from AOCL to the consolidated statement of operations:
Foreign currency forward contracts	$	(311	)	$	(308	)	$	(197	)	$	(381	)
Interest rate swap agreements		602			136			1,650			(122	)
	$	291		$	(172	)	$	1,453		$	(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	2023		2022		2023		2022
Foreign currency forward contracts	Other (expense) income, net	$	54	$	17	$	88	$	58
		$	54	$	17	$	88	$	58

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, Common [Member]	Common Class A [Member] Additional Paid-in Capital [Member]	Common Class A [Member]	Common Class B [Member] Retained Earnings [Member]	Common Class B [Member] AOCI Attributable to Parent [Member]	Common Class B [Member] Common Stock, Common Class A [Member]	Common Class B [Member] Common Stock, Common Class B [Member]	Common Class B [Member] Treasury Stock, Common [Member]	Common Class B [Member] Additional Paid-in Capital [Member]	Common Class B [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Common Stock, Common Class A [Member]	Common Stock, Common Class B [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	Total
Balance at Dec. 31, 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	1	0
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
Forfeiture of restricted common stock															(0)	(0)	(0)	1	(0)	(1)	(0)
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)
Unrealized holding gains on marketable securities, net of taxes																					(11)
Change in unfunded SERP liability, net of taxes																					182
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	1	0
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
Unrealized holding gains on marketable securities, net of taxes															0	(12)	0	0	0	0	(12)
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
Forfeiture of restricted common stock															(0)	(0)	(0)	1	(0)	(1)	(0)
Repurchase of treasury stock															0	0	0	0	(349)		(349)
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	2	0
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
Unrealized holding gains on marketable securities, net of taxes															0	(1)	0	0	0	0	(1)
Stock-based compensation expense															0	0	0	0	0	584	584
Change in unfunded SERP liability, net of taxes															0	61	0	0	0	0	61
Forfeiture of restricted common stock															(0)	(0)	(0)	2	(0)	(2)	(0)
Balance at Sep. 30, 2022															224,022	(28,983)	214	1,034	(349)	40,095	236,033
Balance at Dec. 31, 2022															237,188	(16,546)	214	1,067	(349)	40,772	262,346
Net earnings															14,572	0	0	0	0	0	14,572
Cash dividends declared on common stock	(128)	0	0	0	0	0	(128)	(747)	0	0	0	0	0	(747)
Forfeiture of restricted common stock															0	0	0	(1)	0		0
Forfeiture of restricted common stock, APIC																				1
Foreign currency translation adjustment, net of taxes															0	1,998	0	0	0	0	1,998
Unrealized gains on interest rate swap cash flow hedge															0	(894)	0	0	0	0	(894)
Unrealized holding gains on marketable securities, net of taxes															0	1	0	0	0	0	1
Stock-based compensation expense															0	0	0	0	0	902	902
Change in unfunded SERP liability, net of taxes															0	13	0	0	0	0	13
Forfeiture of restricted common stock															(0)	(0)	(0)	1	(0)		(0)
Balance at Mar. 31, 2023															250,885	(15,428)	214	1,066	(349)	41,675	278,063
Balance at Dec. 31, 2022															237,188	(16,546)	214	1,067	(349)	40,772	262,346
Net earnings							9,907							51,888							61,795
Cash dividends declared on common stock							(385)							(2,235)
Foreign currency translation adjustment, net of taxes																					(2,857)
Unrealized holding gains on marketable securities, net of taxes																					1
Change in unfunded SERP liability, net of taxes																					41
Balance at Sep. 30, 2023															296,365	(19,370)	214	1,063	(349)	43,488	321,411
Balance at Mar. 31, 2023															250,885	(15,428)	214	1,066	(349)	41,675	278,063
Net earnings															27,775	0	0	0	0	0	27,775
Cash dividends declared on common stock	(128)	0	0	0	0	0	(128)	(742)	0	0	0	0	0	(742)
Forfeiture of restricted common stock															0	0	0	(3)	0		0
Forfeiture of restricted common stock, APIC																				3
Foreign currency translation adjustment, net of taxes															0	(2,231)	0	0	0	0	(2,231)
Unrealized gains on interest rate swap cash flow hedge															0	789	0	0	0	0	789
Stock-based compensation expense															0	0	0	0	0	950	950
Change in unfunded SERP liability, net of taxes															0	14	0	0	0	0	14
Issuance of restricted common stock															0	0	0	1	0	(1)	0
Forfeiture of restricted common stock															(0)	(0)	(0)	3	(0)		(0)
Balance at Jun. 30, 2023															277,790	(16,856)	214	1,064	(349)	42,627	304,490
Net earnings							3,117							16,331	19,448	0	0	0	0	0	19,448
Cash dividends declared on common stock	$ (128)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (128)	$ (745)	$ 0	$ 0	$ 0	$ 0	$ 0	$ (745)
Forfeiture of restricted common stock															0	0	0	(1)	0		0
Forfeiture of restricted common stock, APIC																				1
Foreign currency translation adjustment, net of taxes															0	(2,624)	0	0	0	0	(2,624)
Unrealized gains on interest rate swap cash flow hedge															0	96	0	0	0	0	96
Unrealized holding gains on marketable securities, net of taxes																					0
Stock-based compensation expense															0	0	0	0	0	860	860
Change in unfunded SERP liability, net of taxes															0	14	0	0	0	0	14
Forfeiture of restricted common stock															(0)	(0)	(0)	1	(0)		(0)
Balance at Sep. 30, 2023															$ 296,365	$ (19,370)	$ 214	$ 1,063	$ (349)	$ 43,488	$ 321,411

Note 7 - Inventories

9 Months Ended

Sep. 30, 2023

Inventory Disclosure [Text Block]

7.	INVENTORIES

The components of inventories are as follows:

	September 30,		December 31,
	2023		2022
Raw materials	$	62,646	$	74,572
Work in progress		46,002		44,397
Finished goods		31,349		53,496
Inventories	$	139,997	$	172,465

Note 8 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Table Text Block]

	September 30,			December 31,
	2023			2022
Land	$	1,015		$	1,098
Buildings and improvements		22,157			21,529
Machinery and equipment		109,524			118,358
Construction in progress		2,349			4,239
		135,045			145,224
Accumulated depreciation		(96,852	)		(108,391	)
Property, plant and equipment, net	$	38,193		$	36,833

Note 13 - Retirement, Savings and Deferred Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Service cost	$	92	$	126	$	277	$	377
Interest cost		221		159		664		477
Net amortization		18		78		53		234
Net periodic benefit cost	$	331	$	363	$	994	$	1,088

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

	September 30,			December 31,
	2023			2022
Prior service cost	$	242		$	334
Net loss		(2,177	)		(2,216	)
	$	(1,935	)	$	(1,882	)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2023	Nov. 01, 2023
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	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	000-11676
Entity Incorporation, State or Country Code	NJ
Entity Tax Identification Number	22-1463699
Entity Address, Address Line One	300 Executive Drive, Suite 300
Entity Address, City or Town	West Orange
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07052
City Area Code	201
Local Phone Number	432-0463
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	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		10,630,760
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

Note 14 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2023

Comprehensive Income (Loss) Note [Text Block]

14.

ACCUMULATED OTHER COMPREHENSIVE LOSS

The components of accumulated other comprehensive loss at September 30, 2023 and December 31, 2022 are summarized below:

	September 30,			December 31,
	2023			2022

Foreign currency translation adjustment, net of taxes of ($260) at September 30, 2023 and ($369) at December 31, 2022	$	(25,964	)	$	(23,107	)
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2023 and $0 at December 31, 2022		5,530			5,539
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2023 and ($7) at December 31, 2022		19			18
Unfunded SERP liability, net of taxes of $891 at September 30, 2023 and $879 at December 31, 2022		1,045			1,004

Accumulated other comprehensive loss	$	(19,370	)	$	(16,546	)

Changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2023 are as follows. All amounts are net of tax.

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

Balance at December 31, 2022	$	(23,107	)	$	5,539		$	18	$	1,004		$	(16,546	)
Other comprehensive (loss) income before reclassifications		(3,054	)		1,641			1		-			(1,412	)
Amount reclassified from accumulated other comprehensive loss		197			(1,650	)		-		41	(a)		(1,412	)
Net current period other comprehensive (loss) income		(2,857	)		(9	)		1		41			(2,824	)

Balance at September 30, 2023	$	(25,964	)	$	5,530		$	19	$	1,045		$	(19,370	)

(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, net on the accompanying condensed consolidated statements of operations.

Note 3 - Divestiture of Subsidiary (Details Textual) $ in Thousands	Jun. 01, 2023 USD ($)
Bel Stewart s.r.o. [Member] \| Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Disposal Group, Including Discontinued Operation, Consideration	$ 5,063

Note 8 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

8.	PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consist of the following:

	September 30,			December 31,
	2023			2022
Land	$	1,015		$	1,098
Buildings and improvements		22,157			21,529
Machinery and equipment		109,524			118,358
Construction in progress		2,349			4,239
		135,045			145,224
Accumulated depreciation		(96,852	)		(108,391	)
Property, plant and equipment, net	$	38,193		$	36,833

Depreciation expense was $2.2 million and $2.1 million, respectively, for the three months ended September 30, 2023 and 2022, and $6.5 million and $6.8 million, respectively, for the nine months ended September 30, 2023 and 2022. 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, 2022, a total of $1.5 million of property was classified as assets held for sale on the accompanying condensed consolidated balance sheets related to our corporate headquarters in Jersey City, New Jersey. The Company closed on the sale of this property during the second quarter of 2023 for $5.9 million, resulting in a gain on sale of $3.8 million, which is reflected in the condensed consolidated statement of operations for the nine months ended September 30, 2023.

Note 14 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2023

Sep. 30, 2022

Sep. 30, 2023

Sep. 30, 2022

$ 304,490

$ 225,995

$ 262,346

$ 208,743

(2,514)

(6,242)

(2,824)

(10,120)

Accumulated Foreign Currency Adjustment Attributable to Parent [Member]

321,411

236,033

321,411

236,033

Other comprehensive (loss) income before reclassifications

(23,107)

(3,054)

Amount reclassified from accumulated other comprehensive loss

197

(2,857)

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

(25,964)

Other comprehensive (loss) income before reclassifications

5,539

1,641

Amount reclassified from accumulated other comprehensive loss

(1,650)

(9)

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

5,530

Other comprehensive (loss) income before reclassifications

Amount reclassified from accumulated other comprehensive loss

Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]

Other comprehensive (loss) income before reclassifications

1,004

Amount reclassified from accumulated other comprehensive loss

^[1]

AOCI Attributable to Parent [Member]

1,045

Other comprehensive (loss) income before reclassifications

(16,856)

(22,741)

(16,546)

(18,863)

(1,412)

Amount reclassified from accumulated other comprehensive loss

(1,412)

(2,824)

$ (19,370)

$ (28,983)

$ (19,370)

$ (28,983)

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

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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Note 10 - Derivative Instruments and Hedging Activities

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Text Block]

10.

DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

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

Foreign Currency Forward Contracts

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

We held outstanding foreign currency forward contracts with notional amounts of $25.9 million and $25.7 million as of September 30, 2023 and December 31, 2022, respectively. The Company's foreign currency forward contracts related to the Chinese renminbi 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 consolidated balance sheet and are reclassified into the statement of operations within cost of goods sold in the period in which the hedged transaction affects earnings.

Interest Rate Swap Agreements

To partially mitigate risks associated with the variable interest rates on the revolver borrowings under the Company's credit agreement (as defined and described in Note 11, "Debt", below), in November 2021, we executed a pay-fixed, receive-variable interest rate swap agreement with each of two multinational financial institutions under which we, prior to the January 2023 amendment described below which transitioned the reference rate from LIBOR to SOFR, (i) paid interest at a fixed rate of 1.3055% and received variable interest of one-month LIBOR on a notional amount of $30.0 million and (ii) paid interest at a fixed rate of 1.3180% and received variable interest of one-month LIBOR on a notional amount of $30.0 million (as amended to date, 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. In January 2023, and in connection with related changes to its credit agreement, the Company amended the 2021 Swaps to transition the related reference rates in these agreements from LIBOR to SOFR, effective January 31, 2023. Under the amended 2021 Swaps, the Company is required to pay interest on the notional amount at the rate of 1.334% and 1.348%, respectively, in exchange for the daily SOFR rate plus 10 basis points.

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 consolidated balance sheet and are reclassified into the statement 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, 2023 and December 31, 2022 were as follows:

	Balance Sheet Classification	September 30, 2023		December 31, 2022
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets	$	-	$	359
Non designated as hedging instruments	Other current assets		114		-
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets		5,529		5,539
Total derivative assets		$	5,643	$	5,898

Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities	$	782	$	-
Total derivative liabilities		$	782	$	-

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, 2023 and 2022 were as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2023			2022			2023			2022
Net gains (losses) recognized in AOCL:
Foreign currency forward contracts	$	(385	)	$	(671	)	$	(1,837	)	$	(1,196	)
Interest rate swap agreements		698			2,206			1,641			5,939
	$	313		$	1,535		$	(196	)	$	4,743

Net gains (losses) reclassified from AOCL to the consolidated statement of operations:
Foreign currency forward contracts	$	(311	)	$	(308	)	$	(197	)	$	(381	)
Interest rate swap agreements		602			136			1,650			(122	)
	$	291		$	(172	)	$	1,453		$	(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 for the three and nine months ended September 30, 2023 and 2022.

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, 2023 and 2022 were as follows:

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
	Classification in Consolidated Statements of Operations	2023		2022		2023		2022
Foreign currency forward contracts	Other (expense) income, net	$	54	$	17	$	88	$	58
		$	54	$	17	$	88	$	58

Note 9 - Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2023

Schedule of Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2023		2022
Salaries, bonuses and related benefits	$	30,683	$	27,422
Deferred revenue		2,940		8,847
Accrued restructuring costs		6,655		6,796
Sales commissions		2,388		2,521
Subcontracting labor		1,680		1,875
Warranty accrual		1,440		1,287
Other		9,470		2,125
	$	55,256	$	50,873

Restructuring and Related Costs [Table Text Block]

			Nine Months Ended
			September 30, 2023
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2022		Charges		Settlements			2023
Severance costs	$	3,390	$	5,115	$	(5,951	)	$	2,554
Other restructuring costs		3,406		1,191		(496	)		4,101
Total	$	6,796	$	6,306	$	(6,447	)	$	6,655

Note 16 - Segments

9 Months Ended

Sep. 30, 2023

Segment Reporting Disclosure [Text Block]

16.

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 the aforementioned 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, 2023
	Power Solutions			Connectivity			Magnetic			Corporate
	and Protection			Solutions			Solutions			Segment			Total
Revenue	$	74,862		$	51,771		$	32,049		$	-		$	158,682
Gross Profit		31,206			18,510			7,051			(1,302	)		55,465
Gross Profit %		41.7	%		35.8	%		22.0	%		nm			35.0	%

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

	Nine Months Ended September 30, 2023
	Power Solutions			Connectivity			Magnetic			Corporate
	and Protection			Solutions			Solutions			Segment			Total
Revenue	$	245,134		$	160,010		$	94,659		$	-		$	499,803
Gross Profit		92,010			57,218			21,814			(6,376	)		164,666
Gross Profit %		37.5	%		35.8	%		23.0	%		nm			32.9	%

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

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

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Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2023
Accounting Policies [Abstract]
Investment, Policy [Policy Text Block]	Investments We account for non-marketable investments using the equity method of accounting if the investment gives us the ability to exercise significant influence over, but not control, of an investee. Significant influence generally exists if we have an ownership interest representing between 20% and 50% of the voting stock of the investee. Under the equity method of accounting, investments are stated at initial cost and are adjusted for subsequent additional investments and our proportionate share of earnings or losses and distributions. Equity in earnings of unconsolidated affiliates, in the consolidated statements of operations, reflects our proportionate share of the investee's net income, including any associated affiliate taxes. Our proportionate share of the investee’s other comprehensive income (loss), net of income taxes, is recorded in the consolidated statements of stockholders’ equity and consolidated statements of comprehensive income. In general, the equity investment in our unconsolidated affiliates is equal to our original equity investment plus our share of those entities' undistributed earnings subsequent to our investment . We evaluate our equity method investments for impairment at least annually or whenever events or changes in circumstances indicate, in management’s judgment, that the carrying value of an investment may have experienced an other-than-temporary decline in value. When evidence of loss in value has occurred, management compares the estimated fair value of the investment to the carrying value of the investment to determine whether an impairment has occurred. If the estimated fair value is less than the carrying value and management considers the decline in value to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment. See Note 2, "Investment in Innolectric", below, for our discussion on specific equity method investments. Where we are unable to exercise significant influence over the investee, or when our investment balance is reduced to zero from our proportionate share of losses, the investments are accounted for under the cost method. Under the cost method, investments are carried at cost and adjusted only for other-than-temporary declines in fair value, distributions of earnings, additional investments, or in the case of an observable price change in an orderly transaction for an identical security. All amounts included in the tables to these notes to condensed consolidated financial statements, except per share amounts, are in thousands.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Adopted Accounting Standards In March 2020, 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 market transition from the London Interbank Offered Rate (“LIBOR”) to alternative reference rates. In January 2021, the FASB issued ASU 2021-01, which refined the scope of Topic 848 and clarified some of its guidance as part of the FASB’s monitoring of global reference rate activities. This updated guidance was effective upon issuance, and the Company was initially allowed to elect to apply the amendments prospectively through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848), Deferral of the Sunset Date of Topic 848, which extended the date by which companies could elect to apply the amendments to December 31, 2024. During January 2023, the Company amended its credit agreement and related interest rate swap agreements to transition the reference rate from LIBOR to a Secured Overnight Financing Rate ("SOFR") effective January 31, 2023. In connection with these amendments, the Company adopted ASU 2020-04 in the first quarter of 2023 and elected to apply the relevant practical expedients within the guidance. The adoption of this guidance did not have a material impact on the Company's consolidated financial statements. 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 broadens 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. On January 1, 2023, the Company adopted ASU 2016-13. The adoption of this standard did not have a material impact on the Company's consolidated financial statements.

Disclosure of accounting policy for investment in financial asset.

+ References + Details

Note 6 - Fair Value Measurements

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Text Block]

6.	FAIR VALUE MEASUREMENTS

Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date. Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value. There are three 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, 2023 and December 31, 2022, 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 $0.4 million at September 30, 2023 and $0.1 million at December 31, 2022.

Throughout 2023 and 2022, the Company entered into a series of foreign currency forward contracts, the fair value of which was ($0.7) million at September 30, 2023 and $0.4 million at December 31, 2022. 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).

The Company is a party to two interest rate swap agreements as further described in Note 10, "Derivative Instruments and Hedging Activities". The fair value of the interest rate swap agreements was $5.5 million at each of September 30, 2023 and December 31, 2022, 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, 2023 or September 30, 2022. 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, 2023 or September 30, 2022.

There were no financial assets accounted for at fair value on a nonrecurring basis as of September 30, 2023 or December 31, 2022.

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, 2023 and December 31, 2022, the estimated fair value of total debt was $60.0 million and $95.0 million, respectively, compared to a carrying amount of $60.0 million and $95.0 million, respectively. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of September 30, 2023.

Nonfinancial assets and liabilities, such as goodwill, indefinite-lived intangible assets, long-lived assets and the net liability related to the put/call options pursuant to the innolectric investment agreement, are accounted for at fair value on a nonrecurring basis. These items are tested for impairment upon the occurrence of a triggering event or in the case of goodwill, on at least an annual basis. Based on the Company's assessment, it was concluded that no triggering events occurred during the nine months ended September 30, 2023 or September 30, 2022.

During the second quarter of 2023, the Company completed its preliminary valuation of the innolectric equity method investment including the valuations of the put and call options noted in the related investment agreement. To estimate the fair value of the put and call options conditional on certain thresholds related to innolectric's EBITDA, a variation of the income approach, known as the real options method was used, where innolectric’s EBITDA and equity were simulated in a risk-neutral framework using Geometric Brownian Motion.

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

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
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	$ (13)	$ (105)	$ 9	$ (40)	$ (31)	$ (12)
Unrealized losses on interest rate swap cash flow hedge, tax	0		0	0
Unrealized loss on marketable securities arising during the period, tax	0		0	0
Change in unfunded SERP liability, tax	$ (4)	$ (4)	$ (4)	$ (18)	$ (17)	$ (17)

Note 10 - Derivative Instruments and Hedging Activities - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Total derivative assets	$ 5,643	$ 5,898
Total derivative liabilities	782	0
Interest Rate Swap [Member]
Total derivative assets	5,500
Other Current Assets [Member] \| Foreign Exchange Forward [Member]
Designated as cash flow hedges	0	359
Non designated as hedging instruments	114	0
Other Noncurrent Assets [Member] \| Interest Rate Swap [Member]
Designated as a cash flow hedge	5,529	5,539
Other Current Liabilities [Member] \| Foreign Exchange Forward [Member]
Designated as a cash flow hedge	$ 782	$ 0

Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Derivative Asset	$ 5,643	$ 5,898
Long-Term Debt, Fair Value	60,000	95,000
Long-Term Debt, Gross	60,000	95,000
Fair Value, Nonrecurring [Member]
Assets, Fair Value Disclosure, Total	0	0
Foreign Exchange Forward [Member]
Derivative Assets (Liabilities), at Fair Value, Net	(700)	400
Interest Rate Swap [Member]
Derivative Asset	5,500
Investments Held in Rabbi Trust [Member]
Debt Securities, Available-for-Sale	$ 400	$ 100

Note 4 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 158,682	$ 177,739	$ 499,803	$ 485,030
Sales Channel, Directly to Consumer [Member]
Net sales	108,897	119,101	345,906	320,400
Sales Channel, Through Intermediary [Member]
Net sales	49,785	58,638	153,897	164,630
Power Solutions and Protection [Member]
Net sales	74,862	76,433	245,134	206,247
Power Solutions and Protection [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	52,507	48,765	174,143	130,210
Power Solutions and Protection [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	22,355	27,668	70,991	76,037
Connectivity Solutions [Member]
Net sales	51,771	50,253	160,010	140,062
Connectivity Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	31,369	29,974	101,063	84,571
Connectivity Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	20,402	20,279	58,947	55,491
Magnetic Solutions [Member]
Net sales	32,049	51,053	94,659	138,721
Magnetic Solutions [Member] \| Sales Channel, Directly to Consumer [Member]
Net sales	25,021	40,362	70,700	105,619
Magnetic Solutions [Member] \| Sales Channel, Through Intermediary [Member]
Net sales	7,028	10,691	23,959	33,102
North America [Member]
Net sales	111,083	111,634	346,949	298,827
North America [Member] \| Power Solutions and Protection [Member]
Net sales	55,262	60,267	182,183	155,022
North America [Member] \| Connectivity Solutions [Member]
Net sales	42,841	37,877	130,086	105,189
North America [Member] \| Magnetic Solutions [Member]
Net sales	12,980	13,490	34,680	38,616
Europe [Member]
Net sales	22,804	20,641	75,704	64,287
Europe [Member] \| Power Solutions and Protection [Member]
Net sales	13,759	8,779	43,266	29,264
Europe [Member] \| Connectivity Solutions [Member]
Net sales	7,500	9,327	25,462	26,895
Europe [Member] \| Magnetic Solutions [Member]
Net sales	1,545	2,535	6,976	8,128
Asia [Member]
Net sales	24,795	45,464	77,150	121,916
Asia [Member] \| Power Solutions and Protection [Member]
Net sales	5,841	7,387	19,685	21,961
Asia [Member] \| Connectivity Solutions [Member]
Net sales	1,430	3,049	4,462	7,978
Asia [Member] \| Magnetic Solutions [Member]
Net sales	$ 17,524	$ 35,028	$ 53,003	$ 91,977

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

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-Topic 924
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Note 9 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Salaries, bonuses and related benefits	$ 30,683	$ 27,422
Deferred revenue	2,940	8,847
Accrued restructuring costs	6,655	6,796
Sales commissions	2,388	2,521
Subcontracting labor	1,680	1,875
Warranty accrual	1,440	1,287
Other	9,470	2,125
Accrued Liabilities, Current	$ 55,256	$ 50,873

Note 9 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Liability, beginning balance	$ 6,796
New charges	6,306
Cash payment and other settlements	(6,447)
Liability, ending balance	6,655
Employee Severance [Member]
Liability, beginning balance	3,390
New charges	5,115
Cash payment and other settlements	(5,951)
Liability, ending balance	2,554
Other Restructuring [Member]
Liability, beginning balance	3,406
New charges	1,191
Cash payment and other settlements	(496)
Liability, ending balance	$ 4,101

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 100,225	$ 70,266
Accounts receivable, net of allowance of $1,233 and $1,552, respectively	94,265	107,274
Inventories	139,997	172,465
Unbilled receivables	16,654	18,244
Assets held for sale	0	1,466
Other current assets	11,875	11,693
Total current assets	363,016	381,408
Property, plant and equipment, net	38,193	36,833
Right-of-use assets	21,660	21,551
Equity method investment	9,978	0
Intangible assets, net	50,662	54,111
Goodwill	25,463	25,099
Deferred income taxes	11,936	7,281
Other assets	36,255	34,183
Total assets	559,068	560,466
Current Liabilities:
Accounts payable	43,984	64,589
Accrued expenses	55,256	50,873
Operating lease liabilities, current	6,190	5,870
Other current liabilities	12,252	14,972
Total current liabilities	117,682	136,304
Long-term Liabilities:
Long-term debt	60,000	95,000
Operating lease liabilities, long-term	15,551	15,742
Liability for uncertain tax positions	19,608	24,798
Minimum pension obligation and unfunded pension liability	18,903	18,522
Deferred income taxes	973	1,257
Other liabilities	4,940	6,497
Total liabilities	237,657	298,120
Commitments and contingencies (see Note 15)
Stockholders' Equity:
Preferred stock, no par value, 1,000,000 shares authorized; none issued	0	0
Treasury stock (unrestricted, consisting of 3,323 Class A shares and 17,342 Class B shares)	(349)	(349)
Additional paid-in capital	43,488	40,772
Retained earnings	296,365	237,188
Accumulated other comprehensive loss	(19,370)	(16,546)
Total stockholders' equity	321,411	262,346
Total liabilities and stockholders' equity	559,068	560,466
Common Class A [Member]
Stockholders' Equity:
Common stock	214	214
Common Class B [Member]
Stockholders' Equity:
Common stock	1,063	1,067
Related Party [Member]
Current Assets:
Related party note receivable	$ 1,905	$ 0

Note 5 - Earnings Per Share - Basic and Diluted Net Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Net earnings	$ 19,448	$ 27,775	$ 14,572	$ 16,548	$ 17,038	$ 5,064	$ 61,795	$ 38,649
Undistributed earnings	18,575			15,696			59,175	36,087
Common Class A [Member]
Net earnings	3,117			2,715			9,907	6,327
Less dividends declared	128	128	128	128	129	129	385	386
Undistributed earnings	$ 2,989			$ 2,587			$ 9,522	$ 5,941
Class A - basic and diluted (in shares)	2,142			2,142			2,142	2,144
Net earnings per common share - basic and diluted (in dollars per share)	$ 1.46			$ 1.27			$ 4.63	$ 2.95
Common Class B [Member]
Net earnings	$ 16,331			$ 13,833			$ 51,888	$ 32,322
Less dividends declared	745	$ 742	$ 747	724	$ 726	$ 727	2,235	2,176
Undistributed earnings	$ 15,586			$ 13,109			$ 49,653	$ 30,146
Class A - basic and diluted (in shares)	10,636			10,340			10,636	10,358
Net earnings per common share - basic and diluted (in dollars per share)	$ 1.54			$ 1.34			$ 4.88	$ 3.12

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Note 12 - Income Taxes

9 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Text Block]

12.

INCOME TAXES

The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2019 and for state examinations before 2016. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2012 in Asia and generally 2014 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, 2023. The Company’s liabilities for uncertain tax positions totaled $19.6 million and $24.8 million at September 30, 2023 and December 31, 2022, respectively, of which $5.3 million that was included in other current liabilities at December 31, 2022 was resolved during 2023 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, 2023 and 2022, the Company recognized $0.3 million and $0.4 million, respectively, in interest and penalties in the condensed consolidated statements of operations. The Company has approximately $2.0 million and $4.0 million accrued for the payment of interest and penalties at September 30, 2023 and December 31, 2022, respectively, which is included in liability for uncertain tax positions in the condensed consolidated balance sheets.

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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Note 16 - Segments (Details Textual)	9 Months Ended
Note 16 - Segments (Details Textual)	Sep. 30, 2023
Number of Industry in which Entity Operates	1
Number of Operating Segments	3
Number of Reportable Segments	3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net earnings available to common stockholders	$ 19,448	$ 16,548	$ 61,795	$ 38,649
Other comprehensive income (loss):
Currency translation adjustment, net of taxes of ($13), ($40), ($109) and ($83), respectively	(2,624)	(8,372)	(2,857)	(16,352)
Unrealized gains (losses) on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented	96	2,070	(9)	6,061
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented	0	(1)	1	(11)
Change in unfunded SERP liability, net of taxes of ($4), ($18), ($12) and ($52), respectively	14	61	41	182
Other comprehensive loss	(2,514)	(6,242)	(2,824)	(10,120)
Comprehensive income	$ 16,934	$ 10,306	$ 58,971	$ 28,529

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

Note 11 - Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Text Block]

11.

DEBT

The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "credit agreement" or the "CSA"). The CSA provides a $175 million 5-year senior secured revolving credit facility ("Revolver"), with a sublimit of up to $10 million available for letters of credit and a sublimit of up to $5 million available for swing line loans. The Company had $60 million and $95.0 million in outstanding borrowings under the Revolver at September 30, 2023 and December 31, 2022, respectively. Revolving loans borrowed under the CSA mature on September 1, 2026. During January 2023, the Company amended its CSA and related interest rate swap agreements to transition the reference rate from LIBOR to SOFR effective January 31, 2023.

The weighted-average interest rate in effect for the variable-rate portion of our outstanding borrowings ($35.0 million at December 31, 2022) was 5.51% at December 31, 2022 and consisted of LIBOR plus the Company’s credit spread at December 31, 2022, as determined per the terms of the CSA. No outstanding borrowings were subject to a variable interest rate at September 30, 2023. In order to manage our interest rate exposure on the remaining borrowings, and as further described in Note 10, "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 SOFR portion (or, for periods prior to January 31, 2023, the LIBOR portion) of the interest rate on our outstanding debt on our Revolver (or such portion thereof up to the aggregate $60 million notional amount of the 2021 Swaps). In periods prior to January 31, 2023, the 2021 Swaps required 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. Effective January 31, 2023, in connection with the Company's transition of its reference rate from LIBOR to SOFR as further described in Recently Adopted Accounting Standards in Note 1, "Basis of Presentation and Accounting Policies", the 2021 Swaps require the Company to pay interest on the notional amount at the rate of 1.334% and 1.348%, respectively, in exchange for the daily SOFR rate plus 10 basis points. The effective rate of interest for our outstanding borrowings, including the impact of the 2021 Swaps, was 2.47% and 3.57%, respectively, as of September 30, 2023 and December 31, 2022. The Company incurred $0.5 million and $0.9 million of interest expense during the three months ended September 30, 2023 and 2022, respectively, and $2.4 million during each of the nine month periods ended September 30, 2023 and 2022, in connection with interest due on its outstanding borrowings under the CSA during each period, including 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, 2023, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Fixed Charge Coverage Ratio.

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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-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
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Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	12 Months Ended	252 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 1994
Arezzo Revenue Agency [Member]
Loss Contingency, Estimate of Possible Loss			$ 12,000	$ 12,000
EOS Claim From Principal Commissioner of Customs [Member]
Loss Contingency Accrual			$ 0
EOS Claim From Principal Commissioner of Customs [Member] \| EOS Power Panama Inc. [Member]
Customs Duties and Imposed Fines	$ 900				$ 1,400
Payment for Customs Duties and Imposed Fines and Penalties		$ 500
Indemnification Period (Year)	7 years

Note 10 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions	Sep. 30, 2023	Jan. 31, 2023	Dec. 31, 2022
Foreign Exchange Forward [Member]
Derivative, Notional Amount	$ 25.9		$ 25.7
The 2021 Swaps One [Member]
Derivative, Notional Amount			$ 30.0
Derivative, Fixed Interest Rate		1.334%	1.3055%
The 2021 Swaps Two [Member]
Derivative, Notional Amount			$ 30.0
Derivative, Fixed Interest Rate		1.348%	1.318%
The 2021 Swaps [Member]
Derivative, Notional Amount			$ 60.0
The 2021 Swaps [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Derivative, Basis Spread on Variable Rate		0.10%

Note 13 - Retirement, Savings and Deferred Compensation Plans

9 Months Ended

Sep. 30, 2023

Retirement Benefits [Text Block]

13.

RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS

The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended.The expense for the three months ended September 30, 2023 and 2022 amounted to $0.3 million for each period. The expense for the nine months ended September 30, 2023 and 2022 amounted to $1.0 million during each period. The Company’s matching contribution is made in the form of Bel Fuse Inc. Class A common stock. As of September 30, 2023, the plan owned 302,074and 69,485 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 amounted to less than $0.1 million during each of the three month periods ended September 30, 2023 and 2022 and amounted to $0.1 million during each of the nine month periods ended September 30, 2023 and 2022. As the plan is fully funded, the assets and liabilities related to the DCP were in equal amounts of $0.8 million at September 30, 2023 and $0.7 million at December 31, 2022. 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, 2023 and 2022 amounted to $0.3 million and $0.4 million, respectively. The expense for the nine months ended September 30, 2023 and 2022 amounted to $1.2 million and $1.3 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, 2023 or December 31, 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 6 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,
	2023		2022		2023		2022
Service cost	$	92	$	126	$	277	$	377
Interest cost		221		159		664		477
Net amortization		18		78		53		234
Net periodic benefit cost	$	331	$	363	$	994	$	1,088

The service cost component of net benefit cost is presented within cost of sales, research and development costs or selling, general and administrative expense on the accompanying condensed consolidated statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other expense, 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,
	2023			2022
Prior service cost	$	242		$	334
Net loss		(2,177	)		(2,216	)
	$	(1,935	)	$	(1,882	)

The entire disclosure for retirement benefits.

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Note 5 - Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Numerator:
Net earnings	$	19,448	$	16,548	$	61,795	$	38,649
Less dividends declared:
Class A		128		128		385		386
Class B		745		724		2,235		2,176
Undistributed earnings	$	18,575	$	15,696	$	59,175	$	36,087

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	2,989	$	2,587	$	9,522	$	5,941
Class B undistributed earnings		15,586		13,109		49,653		30,146
Total undistributed earnings	$	18,575	$	15,696	$	59,175	$	36,087

Net earnings allocation - basic and diluted:
Class A net earnings	$	3,117	$	2,715	$	9,907	$	6,327
Class B net earnings		16,331		13,833		51,888		32,322
Net earnings	$	19,448	$	16,548	$	61,795	$	38,649

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,142		2,142		2,142		2,144
Class B - basic and diluted		10,636		10,340		10,636		10,358

Net earnings per share:
Class A - basic and diluted	$	1.46	$	1.27	$	4.63	$	2.95
Class B - basic and diluted	$	1.54	$	1.34	$	4.88	$	3.12

Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Foreign currency translation adjustment, net of taxes of ($260) at September 30, 2023 and ($369) at December 31, 2022	$ (25,964)	$ (23,107)
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2023 and $0 at December 31, 2022	5,530	5,539
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2023 and ($7) at December 31, 2022	19	18
Unfunded SERP liability, net of taxes of $891 at September 30, 2023 and $879 at December 31, 2022	1,045	1,004
Accumulated other comprehensive loss	$ (19,370)	$ (16,546)

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Note 13 - 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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Service cost	$ 92	$ 126	$ 277	$ 377
Interest cost	221	159	664	477
Net amortization	18	78	53	234
Net periodic benefit cost	$ 331	$ 363	$ 994	$ 1,088

Note 9 - Accrued Expenses

9 Months Ended

Sep. 30, 2023

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

9.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	September 30,		December 31,
	2023		2022
Salaries, bonuses and related benefits	$	30,683	$	27,422
Deferred revenue		2,940		8,847
Accrued restructuring costs		6,655		6,796
Sales commissions		2,388		2,521
Subcontracting labor		1,680		1,875
Warranty accrual		1,440		1,287
Other		9,470		2,125
	$	55,256	$	50,873

The change in warranty accrual during the nine months ended September 30, 2023 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, 2023.

Restructuring Activities:

Activity and liability balances related to restructuring costs for the nine months ended September 30, 2023 are as follows:

			Nine Months Ended
			September 30, 2023
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2022		Charges		Settlements			2023
Severance costs	$	3,390	$	5,115	$	(5,951	)	$	2,554
Other restructuring costs		3,406		1,191		(496	)		4,101
Total	$	6,796	$	6,306	$	(6,447	)	$	6,655

During the third quarter of 2022, a series of initiatives were launched to streamline our operational footprint. In a project substantially complete with final transitions expected by late 2023, two of our Magnetic Solutions manufacturing facilities in Zhongshan and Pingguo, China, are being largely consolidated into a single centralized site in the Binyang county of Southwestern China (the new Bel Guangxi facility). Further, facility consolidation actions within our Connectivity Solutions group have been underway in both the U.S. and Europe. During the first half of 2023, we completed the transition out of our Tempe, Arizona and Sudbury, UK facilities into other existing Bel sites. Our Melbourne, Florida site is in the process of transitioning its manufacturing operations into our existing site in Waseca, Minnesota, scheduled for completion by the end of 2023. The $6.3 million of restructuring charges incurred during the nine months ended September 30, 2023, and the accrued restructuring costs of $6.7 million at September 30, 2023, are associated with these collective initiatives.

Note 3 - Divestiture of Subsidiary (Tables)

9 Months Ended

Sep. 30, 2023

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Total
Cash and cash equivalents	$	2,072
Accounts receivable		1,030
Inventories		1,310
Property, plant and equipment		326
Other assets		48
Accounts payable		(441	)
Accrued expenses		(126	)
Income taxes payable		(100	)
Other current liabilities		(13	)
Other long-term liabilities		(23	)
Total net assets transferred		4,083
Consideration received		5,063
Gain on sale recognized	$	980

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Depreciation	$ 2,200	$ 2,100	$ 6,500	$ 6,800
Gain (Loss) on Disposition of Property Plant Equipment			3,819	$ 1,596
Jersey City [Member]
Asset, Held-for-Sale, Not Part of Disposal Group						$ 1,500
Gain (Loss) on Disposition of Property Plant Equipment			$ 3,800
Jersey City [Member] \| Disposal of Corporate Headquarters [Member]
Disposal Group, Including Discontinued Operation, Consideration					$ 5,900

Note 4 - Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Disaggregation of Revenue [Table Text Block]

	Three Months Ended September 30, 2023								Nine Months Ended September 30, 2023
	*Power Solutions and Protection*		*Connectivity Solutions*		*Magnetic Solutions*		*Consolidated*		*Power Solutions and Protection*		*Connectivity Solutions*		*Magnetic Solutions*		*Consolidated*

*By Geographic Region:*
North America	$	55,262	$	42,841	$	12,980	$	111,083	$	182,183	$	130,086	$	34,680	$	346,949
Europe		13,759		7,500		1,545		22,804		43,266		25,462		6,976		75,704
Asia		5,841		1,430		17,524		24,795		19,685		4,462		53,003		77,150
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803

*By Sales Channel:*
Direct to customer	$	52,507	$	31,369	$	25,021	$	108,897	$	174,143	$	101,063	$	70,700	$	345,906
Through distribution		22,355		20,402		7,028		49,785		70,991		58,947		23,959		153,897
	$	74,862	$	51,771	$	32,049	$	158,682	$	245,134	$	160,010	$	94,659	$	499,803

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

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

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

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

	*September 30,*		*December 31,*
	*2023*		*2022*

Contract assets - current (unbilled receivables)	$	16,654	$	18,244
Contract liabilities - current (deferred revenue)	$	2,940	$	8,847

Note 10 - Derivative Instruments and Hedging Activities - (Losses) Gains Recognized on Derivatives Instruments Not Designated as Hedging (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative instruments gain (loss)	$ 54	$ 17	$ 88	$ 58
Foreign Exchange Forward [Member] \| Nonoperating Income (Expense) [Member]
Derivative instruments gain (loss)	$ 54	$ 17	$ 88	$ 58

Note 16 - Segments (Tables)

9 Months Ended

Sep. 30, 2023

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

	Three Months Ended September 30, 2023
	Power Solutions			Connectivity			Magnetic			Corporate
	and Protection			Solutions			Solutions			Segment			Total
Revenue	$	74,862		$	51,771		$	32,049		$	-		$	158,682
Gross Profit		31,206			18,510			7,051			(1,302	)		55,465
Gross Profit %		41.7	%		35.8	%		22.0	%		nm			35.0	%

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

	Nine Months Ended September 30, 2023
	Power Solutions			Connectivity			Magnetic			Corporate
	and Protection			Solutions			Solutions			Segment			Total
Revenue	$	245,134		$	160,010		$	94,659		$	-		$	499,803
Gross Profit		92,010			57,218			21,814			(6,376	)		164,666
Gross Profit %		37.5	%		35.8	%		23.0	%		nm			32.9	%

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

Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Foreign currency translation adjustment, tax	$ (260)	$ (369)
Unrealized gains (losses) on interest rate swap cash flow hedge, tax	0	0
Unrealized holding gains on available-for-sale securities, tax	(7)	(7)
Change in unfunded SERP liabilityChange in unfunded SERP liability, tax, tax	$ 891	$ 879

Note 11 - Debt (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jan. 31, 2023
Interest Rate Swap [Member]
Derivative, Notional Amount					$ 30,000
The 2021 Swaps [Member]
Derivative, Notional Amount					60,000
The 2021 Swaps [Member] \| Secured Overnight Financing Rate (SOFR) [Member]
Derivative, Basis Spread on Variable Rate						0.10%
The 2021 Swaps One [Member]
Derivative, Notional Amount					$ 30,000
Derivative, Fixed Interest Rate					1.3055%	1.334%
The 2021 Swaps Two [Member]
Derivative, Notional Amount					$ 30,000
Derivative, Fixed Interest Rate					1.318%	1.348%
Revolving Credit Facility [Member]
Long-Term Line of Credit	$ 60,000		$ 60,000		$ 95,000
Credit and Security Agreement with KeyBank [Member]
Long-Term Debt, Percentage Bearing Variable Interest, Amount	0		$ 0		$ 35,000
Debt, Weighted Average Interest Rate					5.51%
Debt Instrument, Interest Rate During Period			2.47%		3.57%
Interest Expense, Debt	500	$ 900	$ 2,400	$ 2,400
Credit and Security Agreement with KeyBank [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	175,000		$ 175,000
Debt Instrument, Term (Year)			5 years
Line of Credit Facility, Maximum Letters of Credit Capacity	10,000		$ 10,000
Line of Credit Facility, Maximum Swing Line Loan Capacity	$ 5,000		$ 5,000

Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Raw materials	$ 62,646	$ 74,572
Work in progress	46,002	44,397
Finished goods	31,349	53,496
Inventories	$ 139,997	$ 172,465

Note 15 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Text Block]

15.

COMMITMENTS AND CONTINGENCIES

Legal Proceedings

The Company is party to a number of legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material adverse effect on the Company's consolidated results of operations or consolidated financial position.

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. On July 27, 2023, the Western District of Texas court filed an Order granting MPS’s motion for summary judgment of non-infringement. The Court’s memorandum and opinion is forthcoming. The Company is evaluating its options for appeal.

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, 2023 and December 31, 2022. 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, 2023 and December 31, 2022.

In connection with the Company's 2021 acquisition of EOS Power ("EOS"), there is an ongoing claim asserted with respect to EOS by the Principal Commissioner of Customs (Preventive), Mumbai related to customs duties and imposed fines and penalties dating back to 1994. The original demand was in the amount of approximately$1.4 million, of which EOS has paid $0.5 million. EOS filed an Appeal in 2016 which is pending with the Customs, Excise and Service Tax Appellate Tribunal in Mumbai related to the $0.9 million balance of the original demand net of EOS' payment. As part of the EOS acquisition agreement entered into in March 2021, the Company is indemnified for this matter for a period of 7 years from the acquisition date. The Company is unable to determine at this time what amount, if any, may ultimately be due in connection with this claim. As such, no estimate was accrued as of September 30, 2023.

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

Note 8 - Property, Plant and Equipment, Net - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 135,045	$ 145,224
Accumulated depreciation	(96,852)	(108,391)
Property, plant and equipment, net	38,193	36,833
Land [Member]
Property, plant and equipment, gross	1,015	1,098
Building and Building Improvements [Member]
Property, plant and equipment, gross	22,157	21,529
Machinery and Equipment [Member]
Property, plant and equipment, gross	109,524	118,358
Construction in Progress [Member]
Property, plant and equipment, gross	$ 2,349	$ 4,239

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net sales	$ 158,682	$ 177,739	$ 499,803	$ 485,030
Cost of sales	103,217	126,205	335,137	354,084
Gross profit	55,465	51,534	164,666	130,946
Research and development costs	5,292	4,877	16,521	14,381
Selling, general and administrative expenses	23,717	22,223	74,149	67,216
Restructuring charges	2,091	3,969	6,306	4,000
Gains on sale of properties	(147)	(1,596)	(3,819)	(1,596)
Income from operations	24,512	22,061	71,509	46,945
Gain on sale of Czech Republic business	(135)	0	980	0
Interest expense	(512)	(944)	(2,402)	(2,411)
Other expense, net	(96)	(429)	(286)	(2,926)
Earnings before provision for income taxes	23,769	20,688	69,801	41,608
Provision for income taxes	4,321	4,140	8,006	2,959
Net earnings available to common stockholders	19,448	16,548	61,795	38,649
Common Class A [Member]
Net earnings available to common stockholders	$ 3,117	$ 2,715	$ 9,907	$ 6,327
Net earnings per common share:
Net earnings per common share - basic and diluted (in dollars per share)	$ 1.46	$ 1.27	$ 4.63	$ 2.95
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding - basic and diluted (in shares)	2,142	2,142	2,142	2,144
Common Class B [Member]
Net earnings available to common stockholders	$ 16,331	$ 13,833	$ 51,888	$ 32,322
Net earnings per common share:
Net earnings per common share - basic and diluted (in dollars per share)	$ 1.54	$ 1.34	$ 4.88	$ 3.12
Weighted-average number of shares outstanding:
Weighted-average number of shares outstanding - basic and diluted (in shares)	10,636	10,340	10,636	10,358

Note 4 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Contract assets - current (unbilled receivables)	$ 16,654	$ 18,244
Contract liabilities - current (deferred revenue)	$ 2,940	$ 8,847

Note 5 - Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Text Block]

5.	EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022

Numerator:
Net earnings	$	19,448	$	16,548	$	61,795	$	38,649
Less dividends declared:
Class A		128		128		385		386
Class B		745		724		2,235		2,176
Undistributed earnings	$	18,575	$	15,696	$	59,175	$	36,087

Undistributed earnings allocation - basic and diluted:
Class A undistributed earnings	$	2,989	$	2,587	$	9,522	$	5,941
Class B undistributed earnings		15,586		13,109		49,653		30,146
Total undistributed earnings	$	18,575	$	15,696	$	59,175	$	36,087

Net earnings allocation - basic and diluted:
Class A net earnings	$	3,117	$	2,715	$	9,907	$	6,327
Class B net earnings		16,331		13,833		51,888		32,322
Net earnings	$	19,448	$	16,548	$	61,795	$	38,649

Denominator:
Weighted-average shares outstanding:
Class A - basic and diluted		2,142		2,142		2,142		2,144
Class B - basic and diluted		10,636		10,340		10,636		10,358

Net earnings per share:
Class A - basic and diluted	$	1.46	$	1.27	$	4.63	$	2.95
Class B - basic and diluted	$	1.54	$	1.34	$	4.88	$	3.12

Note 14 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2023

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

	September 30,			December 31,
	2023			2022

Foreign currency translation adjustment, net of taxes of ($260) at September 30, 2023 and ($369) at December 31, 2022	$	(25,964	)	$	(23,107	)
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2023 and $0 at December 31, 2022		5,530			5,539
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2023 and ($7) at December 31, 2022		19			18
Unfunded SERP liability, net of taxes of $891 at September 30, 2023 and $879 at December 31, 2022		1,045			1,004

Accumulated other comprehensive loss	$	(19,370	)	$	(16,546	)

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			on		Unfunded
	Adjustment			Cash Flow Hedge			Marketable Securities		SERP Liability			Total

Balance at December 31, 2022	$	(23,107	)	$	5,539		$	18	$	1,004		$	(16,546	)
Other comprehensive (loss) income before reclassifications		(3,054	)		1,641			1		-			(1,412	)
Amount reclassified from accumulated other comprehensive loss		197			(1,650	)		-		41	(a)		(1,412	)
Net current period other comprehensive (loss) income		(2,857	)		(9	)		1		41			(2,824	)

Balance at September 30, 2023	$	(25,964	)	$	5,530		$	19	$	1,045		$	(19,370	)

Note 16 - Segments - Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue	$ 158,682	$ 177,739	$ 499,803	$ 485,030
Gross Profit	$ 55,465	$ 51,534	$ 164,666	$ 130,946
Gross Profit %	35.00%	29.00%	32.90%	27.00%
Power Solutions and Protection Segment [Member]
Revenue	$ 74,862	$ 76,433	$ 245,134	$ 206,247
Gross Profit	$ 31,206	$ 24,801	$ 92,010	$ 60,775
Gross Profit %	41.70%	32.40%	37.50%	29.50%
Connectivity Solutions [Member]
Revenue	$ 51,771	$ 50,253	$ 160,010	$ 140,062
Gross Profit	$ 18,510	$ 13,099	$ 57,218	$ 37,414
Gross Profit %	35.80%	26.10%	35.80%	26.70%
Magnetic Solutions Segment [Member]
Revenue	$ 32,049	$ 51,053	$ 94,659	$ 138,721
Gross Profit	$ 7,051	$ 15,501	$ 21,814	$ 37,476
Gross Profit %	22.00%	30.40%	23.00%	27.00%
Corporate Segment [Member]
Revenue	$ 0	$ 0	$ 0	$ 0
Gross Profit	$ (1,302)	$ (1,867)	$ (6,376)	$ (4,719)