Note 6 - Fair Value Measurements |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Text Block] |
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, 2024 and December 31, 2023, our available-for-sale securities primarily consisted of investments held in a rabbi trust which are intended to fund the Company’s Supplemental Executive Retirement Plan (“SERP”) obligations. These securities are measured at fair value using quoted prices in active markets for identical assets (Level 1) inputs and amounted to $0.7 million at September 30, 2024 and $0.3 million at December 31, 2023.
Throughout 2024 and 2023, the Company entered into a series of foreign currency forward contracts, the fair values of which were ($0.6) million at September 30, 2024 and $0.5 million at December 31, 2023. 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 $2.5 million at September 30, 2024 and $4.0 million at December 31, 2023, 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 (Level 2).
The fair values of our derivative financial instruments and their classifications in our condensed consolidated balance sheets as of September 30, 2024 and December 31, 2023 were as follows:
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, 2024 or September 30, 2023. 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, 2024 or September 30, 2023.
There were no financial assets accounted for at fair value on a nonrecurring basis as of September 30, 2024 or December 31, 2023.
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, 2024 and December 31, 2023, the estimated fair value of total debt was $59.9 million at each date, compared to a carrying amount of $60.0 million at each date. The Company did not have any other financial liabilities within the scope of the fair value disclosure requirements as of September 30, 2024.
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, 2024 or September 30, 2023.
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- References No definition available.
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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Note 15 - Commitments and Contingencies |
9 Months Ended | ||
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Sep. 30, 2024 | |||
Notes to Financial Statements | |||
Commitments and Contingencies Disclosure [Text Block] |
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 rendered a judgment against BPS China in March 2024. BPS China filed an appeal in July 2024. 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, 2024 and December 31, 2023. As Bel is entitled to be 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, 2024 and December 31, 2023.
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 entitled to be 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, 2024.
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.
Agreement to Acquire Enercon
On September 18, 2024, the Company entered into a definitive Share Purchase Agreement, dated as of September 19, 2024 (the “Enercon Purchase Agreement”), with Enercon Technologies, Ltd. (“Enercon”), FF3 Holdings, L.P., for itself and as Sellers’ Representative, and the other seller parties signatory thereto. See Note 3, “Acquisition and Divestiture”.
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- Definition The entire disclosure for commitments and contingencies. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Note 9 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands |
9 Months Ended |
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Sep. 30, 2024
USD ($)
| |
Liability, beginning balance | $ 5,498 |
New charges | 1,790 |
Cash payment and other settlements | (2,338) |
Liability, ending balance | 4,950 |
Employee Severance [Member] | |
Liability, beginning balance | 1,551 |
New charges | 1,219 |
Cash payment and other settlements | (2,367) |
Liability, ending balance | 403 |
Other Restructuring [Member] | |
Liability, beginning balance | 3,947 |
New charges | 571 |
Cash payment and other settlements | 29 |
Liability, ending balance | $ 4,547 |
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- Definition The amount of cash payments made as the result of exit or disposal activities and any other settlements which is not reported separately during the period. No definition available.
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- Definition Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The age of employees for contributions to become fully vested under deferred compensation arrangement. No definition available.
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- Definition The number of shares of the company's common stock owned by the plan. No definition available.
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- Definition The compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount as of the balance sheet date of assets held under deferred compensation agreements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of cost for defined contribution plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Foreign currency translation adjustment, tax expense | $ 3 | $ 0 | $ 26 | $ (13) | $ (105) | $ 9 | $ 29 | $ (109) |
Unrealized gains (losses) on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | 0 | 0 | 0 | ||
Unrealized loss on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 | 0 | 0 | ||
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (4) | $ (4) | $ (4) | $ (4) | $ (13) | $ (12) |
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- Definition Amount of tax expense (benefit) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness, attributable to parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, before adjustment, of tax expense (benefit) for unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 12 - Income Taxes |
9 Months Ended | ||
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Sep. 30, 2024 | |||
Notes to Financial Statements | |||
Income Tax Disclosure [Text Block] |
The Company's estimated taxable income in future periods is not on a legal entity basis and therefore income tax expense for the interim period is not measured using the annual effective tax rate ("AETR") method. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 2020 and for state examinations before 2017. Regarding foreign subsidiaries, the Company is no longer subject to examination by tax authorities for years before 2013 in Asia and generally 2015 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, 2024. The Company’s liabilities for uncertain tax positions totaled $18.2 million at September 30, 2024 and $19.8 million at December 31, 2023, of which $2.7 million was resolved during the nine months ended September 30, 2024 by way of expiration of the related statute of limitations. These remaining 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, 2024 and 2023, the Company recognized $0.2 million and $0.3 million, respectively, of interest and penalties in the condensed consolidated statements of operations. The Company has approximately $1.2 million and $2.0 million accrued for the payment of interest and penalties at September 30, 2024 and December 31, 2023, respectively, which is included in liability for uncertain tax positions in the condensed consolidated balance sheets. |
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- References No definition available.
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- Definition The entire disclosure for income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 10 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions |
Sep. 30, 2024 |
Dec. 31, 2023 |
Jan. 31, 2023 |
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Foreign Exchange Forward [Member] | |||
Derivative, Notional Amount | $ 14.9 | $ 25.8 | |
The 2021 Swaps One [Member] | |||
Derivative, Notional Amount | $ 30.0 | ||
Derivative, Fixed Interest Rate | 1.3055% | 1.334% | |
Derivative, Basis Spread on Variable Rate | 0.10% | ||
The 2021 Swaps Two [Member] | |||
Derivative, Notional Amount | $ 30.0 | ||
Derivative, Fixed Interest Rate | 1.318% | 1.348% |
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- Definition The percentage points added to the reference rate to compute the variable rate on the interest rate derivative. No definition available.
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- Definition Fixed interest rate related to the interest rate derivative. No definition available.
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- Definition Nominal or face amount used to calculate payment on derivative. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 9 - Accrued Expenses (Tables) |
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Schedule of Accrued Liabilities [Table Text Block] |
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Restructuring and Related Costs [Table Text Block] |
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- Definition Tabular disclosure of the components of accrued liabilities. No definition available.
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- Definition Tabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 16 - Segments - Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Revenue | $ 123,638 | $ 158,682 | $ 384,933 | $ 499,803 |
Gross Profit | $ 44,677 | $ 55,465 | $ 146,151 | $ 164,666 |
Gross Profit % | 36.10% | 35.00% | 38.00% | 32.90% |
Power Solutions and Protection Segment [Member] | ||||
Revenue | $ 48,680 | $ 74,862 | $ 167,478 | $ 245,134 |
Gross Profit | $ 19,167 | $ 31,206 | $ 72,419 | $ 92,010 |
Gross Profit % | 39.40% | 41.70% | 43.20% | 37.50% |
Connectivity Solutions [Member] | ||||
Revenue | $ 55,715 | $ 51,771 | $ 167,822 | $ 160,010 |
Gross Profit | $ 20,405 | $ 18,510 | $ 62,535 | $ 57,218 |
Gross Profit % | 36.60% | 35.80% | 37.30% | 35.80% |
Magnetic Solutions Segment [Member] | ||||
Revenue | $ 19,243 | $ 32,049 | $ 49,633 | $ 94,659 |
Gross Profit | $ 5,245 | $ 7,051 | $ 11,861 | $ 21,814 |
Gross Profit % | 27.30% | 22.00% | 23.90% | 23.00% |
Corporate Segment [Member] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Gross Profit | $ (140) | $ (1,302) | $ (664) | $ (6,376) |
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- Definition Represents percentage of gross profit. No definition available.
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- Definition Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) (Parentheticals) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Foreign currency translation adjustment, tax | $ (305) | $ (276) |
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 | $ 732 | $ 718 |
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- Definition Represents the tax expense (benefit) of arising from the accumulated appreciation or loss in value of total available-for-sale securities at the end of an accounting period. No definition available.
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- Definition Represents the tax expense (benefit) arising from the accumulated appreciation or loss in value of foreign currency translation adjustment at the end of an accounting period. No definition available.
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- Definition Represents the tax portion in relation to net gain (loss), prior service cost (credit), and transition assets (obligations), as well as minimum pension liability if still remaining, included in accumulated other comprehensive income associated with a defined benefit pension or other post-retirement plan(s) because they have yet to be recognized as components of net periodic benefit cost. No definition available.
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- Definition Amount of tax on accumulated gain (loss) on derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. No definition available.
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Note 9 - Accrued Expenses |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
Accrued expenses consist of the following:
The change in warranty accrual during the nine months ended September 30, 2024 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, 2024.
Restructuring Activities:
Activity and liability balances related to restructuring costs for the nine months ended September 30, 2024 are as follows:
The new charges and ending liability balance noted above for severance costs largely relate to an initiative within our Power segment related to the transition of our fuse operations to other existing sites and also within our Connectivity segment related to the transition of certain manufacturing from our Glen Rock, Pennsylvania facility to other existing Bel sites. The new charges noted above for other restructuring costs relate to housing and social insurance costs associated with our fuse restructuring initiative within our Power segment. The balances in other restructuring costs in the table above as of
December 31, 2023 and
September 30, 2024 largely related to remaining liabilities associated with the Company's facility consolidation project in the PRC whereby
two of our Magnetic Solutions manufacturing sites were consolidated into a single new site.
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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Note 3 - Acquisition and Divestiture (Details Textual) - USD ($) $ in Thousands |
Sep. 18, 2024 |
Jan. 01, 2027 |
Sep. 30, 2024 |
Jun. 01, 2023 |
---|---|---|---|---|
Bel Stewart s.r.o. [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Disposal Group, Including Discontinued Operation, Consideration | $ 5,063 | $ 5,100 | ||
Enercon Technologies, Ltd [Member] | ||||
Business Combination, Consideration Transferred | $ 400,000 | |||
Business Acquisition, Percentage of Voting Interests Acquired | 80.00% | |||
Business Combination, Price of Acquisition, Expected | $ 320,000 | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 10,000 | |||
Payments to Acquire Businesses, Gross | 80,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 240,000 | |||
Enercon Technologies, Ltd [Member] | Forecast [Member] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 20.00% |
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- Definition Percentage of voting equity interests acquired at the acquisition date in the business combination. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of consideration transferred, consisting of acquisition-date fair value of assets transferred by the acquirer, liabilities incurred by the acquirer, and equity interest issued by the acquirer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition For contingent consideration arrangements recognized in connection with a business combination, this element represents an estimate of the high-end of the potential range (undiscounted) of the consideration which may be paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Purchase price of expected business acquisition prior to consideration being transferred. Excludes asset acquisition. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of consideration received or receivable for the disposal of assets and liabilities, including discontinued operation. No definition available.
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- Definition The cash outflow associated with the acquisition of business during the period. The cash portion only of the acquisition price. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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- Definition Amount after tax, before reclassification adjustments, of other comprehensive income (loss), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of reclassification adjustments of other comprehensive income (loss) attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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Note 5 - Earnings Per Share |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] |
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, 2024 and 2023:
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- References No definition available.
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- Definition The entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 9 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Salaries, bonuses and related benefits | $ 25,238 | $ 33,566 |
Deferred revenue | 2,579 | 3,046 |
Accrued restructuring costs | 4,950 | 5,498 |
Sales commissions | 2,166 | 2,347 |
Warranty accrual | 1,424 | 1,542 |
Other | 5,752 | 8,658 |
Accrued Liabilities, Current | $ 42,109 | $ 54,657 |
X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for sales commissions. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Total of the carrying values as of the balance sheet date of obligations incurred through that date and payable for obligations related to services received from employees, such as accrued salaries and bonuses, payroll taxes and fringe benefits. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Carrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 5 - Earnings Per Share (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
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- Definition Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Note 1 - Basis of Presentation and Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||
Debt Securities, Held-to-Maturity [Table Text Block] |
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- Definition Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- References No definition available.
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Cash flows from operating activities: | ||
Net earnings | $ 42,760 | $ 61,795 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 10,759 | 9,962 |
Stock-based compensation | 2,782 | 2,712 |
Amortization of deferred financing costs | 27 | 33 |
Deferred tax benefit | (5,366) | (4,894) |
Net unrealized losses on foreign currency revaluation | 1,275 | 130 |
Gain on sale of property | 0 | (3,819) |
Gain on sale of Czech Republic business | 0 | (980) |
Other, net | 628 | (495) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 8,366 | 11,931 |
Unbilled receivables | 7,482 | 1,590 |
Inventories | 12,266 | 29,313 |
Accounts payable | (3,302) | (18,674) |
Accrued expenses | (11,849) | 4,536 |
Accrued restructuring costs | (590) | (148) |
Income taxes payable | 4,809 | 2,008 |
Other operating assets/liabilities, net | (4,327) | (13,575) |
Net cash provided by operating activities | 65,720 | 81,425 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (7,906) | (9,659) |
Purchases of held to maturity and marketable securities | (131,309) | 0 |
Proceeds from held to maturity securities | 139,316 | 0 |
Payment for equity method investment | 0 | (9,975) |
Investment in related party notes receivable | (918) | (1,905) |
Proceeds from disposal/sale of property, plant and equipment | 236 | 5,403 |
Proceeds from sale of business | 0 | 5,063 |
Net cash used in investing activities | (581) | (11,073) |
Cash flows from financing activities: | ||
Dividends paid to common stockholders | (2,487) | (2,490) |
Deferred financing costs | (330) | 0 |
Repayments under revolving credit line | 0 | (40,000) |
Borrowings under revolving credit line | 0 | 5,000 |
Purchases of common stock | (16,053) | 0 |
Net cash used in financing activities | (18,870) | (37,490) |
Effect of exchange rate changes on cash and cash equivalents | (1,374) | (2,903) |
Net increase in cash and cash equivalents | 44,895 | 29,959 |
Cash and cash equivalents - beginning of period | 89,371 | 70,266 |
Cash and cash equivalents - end of period | 134,266 | 100,225 |
Supplementary information: | ||
Income taxes, net of refunds received | 15,556 | 18,148 |
Interest payments | 3,010 | 3,738 |
ROU assets obtained in exchange for lease obligations | $ 4,711 | $ 5,887 |
X | ||||||||||
- References No definition available.
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- Definition Amount of amortization expense attributable to debt issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of deferred income tax expense (benefit) and income tax credits. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies. Excludes amounts for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, before tax, of realized and unrealized gain (loss) from foreign currency transaction. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after refund, of cash paid to foreign, federal, state, and local jurisdictions as income tax. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of increase (decrease) in right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- Definition Amount of increase (decrease) in operating assets after deduction of operating liabilities classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The increase (decrease) during the period in the carrying amount (including both current and noncurrent portions of the accrual) of the liability pertaining to the exit from or disposal of business activities or restructuring pursuant to a duly authorized plan, excluding costs or losses pertaining to an entity newly acquired in a business combination and to asset retirement obligations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of income (expense) included in net income that results in no cash inflow (outflow), classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash outflow paid to third parties in connection with debt origination, which will be amortized over the remaining maturity period of the associated long-term debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash outflow for purchase of marketable security. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The cash inflow associated with the amount received from the sale of a portion of the company's business, for example a segment, division, branch or other business, during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Definition The cash inflow associated with the sale of securities that had been designated as held-to-maturity. Excludes proceeds from maturities, prepayments and calls by the issuer. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of increase in right-of-use asset obtained in exchange for operating lease liability. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of noncash expense for share-based payment arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Note 4 - Revenue - Disaggregation of Revenue by Product Group and Sales Channel (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Net sales | $ 123,638 | $ 158,682 | $ 384,933 | $ 499,803 |
Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 80,443 | 108,897 | 248,917 | 345,906 |
Sales Channel, Through Intermediary [Member] | ||||
Net sales | 43,195 | 49,785 | 136,016 | 153,897 |
Power Solutions and Protection [Member] | ||||
Net sales | 48,680 | 74,862 | 167,478 | 245,134 |
Power Solutions and Protection [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 32,960 | 52,507 | 109,357 | 174,143 |
Power Solutions and Protection [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 15,720 | 22,355 | 58,121 | 70,991 |
Connectivity Solutions [Member] | ||||
Net sales | 55,715 | 51,771 | 167,822 | 160,010 |
Connectivity Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 34,085 | 31,369 | 104,583 | 101,063 |
Connectivity Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 21,630 | 20,402 | 63,239 | 58,947 |
Magnetic Solutions [Member] | ||||
Net sales | 19,243 | 32,049 | 49,633 | 94,659 |
Magnetic Solutions [Member] | Sales Channel, Directly to Consumer [Member] | ||||
Net sales | 13,398 | 25,021 | 34,977 | 70,700 |
Magnetic Solutions [Member] | Sales Channel, Through Intermediary [Member] | ||||
Net sales | 5,845 | 7,028 | 14,656 | 23,959 |
North America [Member] | ||||
Net sales | 80,555 | 111,083 | 262,038 | 346,949 |
North America [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 30,806 | 55,262 | 109,552 | 182,183 |
North America [Member] | Connectivity Solutions [Member] | ||||
Net sales | 42,414 | 42,841 | 131,678 | 130,086 |
North America [Member] | Magnetic Solutions [Member] | ||||
Net sales | 7,335 | 12,980 | 20,808 | 34,680 |
Europe [Member] | ||||
Net sales | 25,909 | 22,804 | 79,864 | 75,704 |
Europe [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 13,172 | 13,759 | 44,115 | 43,266 |
Europe [Member] | Connectivity Solutions [Member] | ||||
Net sales | 11,422 | 7,500 | 32,100 | 25,462 |
Europe [Member] | Magnetic Solutions [Member] | ||||
Net sales | 1,315 | 1,545 | 3,649 | 6,976 |
Asia [Member] | ||||
Net sales | 17,174 | 24,795 | 43,031 | 77,150 |
Asia [Member] | Power Solutions and Protection [Member] | ||||
Net sales | 4,702 | 5,841 | 13,811 | 19,685 |
Asia [Member] | Connectivity Solutions [Member] | ||||
Net sales | 1,879 | 1,430 | 4,044 | 4,462 |
Asia [Member] | Magnetic Solutions [Member] | ||||
Net sales | $ 10,593 | $ 17,524 | $ 25,176 | $ 53,003 |
X | ||||||||||
- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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- Details
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- Details
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- Details
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- Details
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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, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Service cost | $ 98 | $ 92 | $ 296 | $ 277 |
Interest cost | 225 | 221 | 677 | 664 |
Net amortization | 19 | 18 | 59 | 53 |
Net periodic benefit cost | $ 342 | $ 331 | $ 1,032 | $ 994 |
X | ||||||||||
- Definition Amount of gain (loss) recognized in net periodic benefit (cost) credit of defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of cost recognized for passage of time related to defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of net periodic benefit cost (credit) for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Amount of cost for actuarial present value of benefits attributed to service rendered by employee for defined benefit plan. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Details
|
Note 10 - Derivative Instruments and Hedging Activities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Table Text Block] |
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Derivatives Not Designated as Hedging Instruments [Table Text Block] |
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Tabular disclosure of derivative instrument not designated or qualifying as hedging instrument. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
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- References No definition available.
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Note 3 - Acquisition and Divestiture - Assets and Liabilities Included in Sale (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 01, 2023 |
|
Gain on sale recognized | $ 0 | $ (135) | $ 0 | $ 980 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Bel Stewart s.r.o. [Member] | |||||
Cash and cash equivalents | 2,072 | 2,072 | |||
Accounts receivable | 1,030 | 1,030 | |||
Inventories | 1,310 | 1,310 | |||
Property, plant and equipment | 326 | 326 | |||
Other assets | 48 | 48 | |||
Accounts payable | 441 | 441 | |||
Accrued expenses | 126 | 126 | |||
Income taxes payable | 100 | 100 | |||
Other current liabilities | 13 | 13 | |||
Other long-term liabilities | 23 | 23 | |||
Total net assets transferred | 4,083 | 4,083 | |||
Consideration received | $ 5,063 | 5,063 | $ 5,100 | ||
Gain on sale recognized | $ 980 |
X | ||||||||||
- Definition Amount classified as assets (liabilities), net, attributable to disposal group held for sale or disposed of. No definition available.
|
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- Definition Amount classified as accounts, notes and loans receivable attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as accounts payable attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount classified as income tax obligations attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as accrued liabilities attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as cash and cash equivalents attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of consideration received or receivable for the disposal of assets and liabilities, including discontinued operation. No definition available.
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X | ||||||||||
- Definition Amount classified as inventory attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as other assets attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as other liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount classified as other liabilities attributable to disposal group held for sale or disposed of, expected to be disposed of beyond one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount classified as property, plant and equipment attributable to disposal group held for sale or disposed of. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of gain (loss) from sale and disposal of integrated set of activities and assets capable of being conducted and managed for purpose of providing return in form of dividend, lower cost, or other economic benefit to investor, owner, member and participant. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Details
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- Details
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Note 3 - Acquisition and Divestiture (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations [Table Text Block] |
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- Definition 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. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Note 3 - Acquisition and Divestiture |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions and Divestures [Text Block] |
Agreement to Acquire Enercon
On September 18, 2024, the Company entered into a definitive Share Purchase Agreement, dated as of September 19, 2024 (the “Enercon Purchase Agreement”), with Enercon Technologies, Ltd. (“Enercon”), FF3 Holdings, L.P., for itself and as Sellers’ Representative (“FF3”), and the other seller parties signatory thereto (together with FF3, each a “Seller” and collectively, the “Sellers”). The Enercon Purchase Agreement provides for Bel’s acquisition of a majority stake in Enercon from the Sellers based on an enterprise value of $400 million. Pursuant to the terms and conditions of the Enercon Purchase Agreement, Bel will acquire an 80% stake upfront for $320 million in cash at the closing (subject to customary adjustments), plus up to $10 million of potential earnout payments for the 2025-2026 period, with the intent to purchase the remaining 20% by early 2027 based on a put-call mechanism to be set forth in shareholders’ agreement to be entered into at closing and subject to the terms and pricing prescribed thereby, which include future EBITDA performance. Enercon is a leading supplier of highly customized power conversion and networking solutions to aerospace and defense markets globally, providing robust and reliable solutions across air, land and sea applications. This acquisition will allow Bel to extend its product portfolio supporting the aerospace and defense markets to include power solutions, with clear potential cross selling opportunities in the future. Enercon is based in Netanya, Israel with additional facilities in New Hampshire, U.S. and Haryana, India. The transaction is expected to close in the fourth quarter of 2024 subject to satisfaction of customary closing conditions. The Company anticipates funding the acquisition of the 80% stake in Enercon through approximately $80 million of cash on hand and $240 million of incremental borrowings under its credit facility (see Note 11, "Debt"). The preceding discussion of the proposed Enercon acquisition contains Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."
Divestiture of Czech Republic 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 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 Connectivity's long-term growth objectives.
The carrying amounts of the major classes of assets and liabilities included as part of the sale were as follows:
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- Definition The entire disclosure relating to acquisitions and divestures. No definition available.
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- References No definition available.
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Note 6 - Fair Value Measurements (Tables) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block] |
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Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] |
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X | ||||||||||
- Definition Tabular disclosure of assets measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Note 6 - Fair Value Measurements - Fair Value Assets by Investment Category (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Cash and Cash Equivalents [Member] | ||
Assets, fair value | $ 134,266 | $ 89,371 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,208 | 31,188 |
Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,503 | 639 |
Other Current Assets [Member] | ||
Assets, fair value | 2,512 | 3,293 |
Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 685 | 303 |
Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,827 | 2,990 |
Cash [Member] | Cash and Cash Equivalents [Member] | ||
Assets, fair value | 74,555 | 57,544 |
Cash [Member] | Other Current Assets [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,208 | 31,188 |
Money Market Funds [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds, Rabbi Trust [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 0 | 0 |
Money Market Funds, Rabbi Trust [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 685 | 303 |
Certificates of Deposit [Member] | Cash and Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,503 | 639 |
Certificates of Deposit [Member] | Other Current Assets [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 1,827 | 2,990 |
Reported Value Measurement [Member] | ||
Assets, fair value | 136,777 | 92,664 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,893 | 31,491 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,329 | 3,629 |
Reported Value Measurement [Member] | Cash [Member] | ||
Assets, fair value | 74,555 | 57,544 |
Reported Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,208 | 31,188 |
Reported Value Measurement [Member] | Money Market Funds, Rabbi Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 685 | 303 |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,329 | 3,629 |
Estimate of Fair Value Measurement [Member] | ||
Assets, fair value | 137,156 | 92,961 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,893 | 31,491 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 3,708 | 3,926 |
Estimate of Fair Value Measurement [Member] | Cash [Member] | ||
Assets, fair value | 74,555 | 57,544 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 58,208 | 31,188 |
Estimate of Fair Value Measurement [Member] | Money Market Funds, Rabbi Trust [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 685 | 303 |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | $ 3,708 | $ 3,926 |
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Note 12 - Income Taxes (Details Textual) - USD ($) |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
|
Unrecognized Tax Benefits | $ 18,200 | $ 19,800,000 | |
Unrecognized Tax Benefits, Reduction From Lapse of Applicable Statue of Limitations | 2,700,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 200,000 | $ 300,000 | |
Deferred Tax Assets, Valuation Allowance | $ 1,200,000 | $ 2,000,000 |
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- Definition Represents the amount of unrecognized tax benefits reduced due to a lapse of statue of limitations. No definition available.
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- Definition Amount of deferred tax assets for which it is more likely than not that a tax benefit will not be realized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of expense for interest on an underpayment of income taxes and penalties related to a tax position claimed or expected to be claimed in the tax return. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Note 13 - Retirement, Savings and Deferred Compensation Plans |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Text Block] |
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, 2024 and 2023 amounted to $0.3 million in each period. The expense for the nine months ended September 30, 2024 and 2023 amounted to $1.2 million in each period. The Company’s matching contribution is made in the form of Bel Fuse Inc. Class A common stock. As of September 30, 2024, the plan owned 263,234and 54,592 shares of Bel Fuse Inc. Class A and Class B common stock, respectively.
The Company also maintains a Nonqualified Deferred Compensation Plan (the "DCP"). With certain exceptions, the Company's contributions to the DCP are discretionary and become fully vested by the participants upon reaching age 65. The expense for the three months ended September 30, 2024 and 2023 amounted to less than $0.1 million during each period. The expense for the nine months ended September 30, 2024 and 2023 amounted to $0.1 million during each period. As the plan is fully funded, the assets and liabilities related to the DCP were in equal amounts of $1.3 million at September 30, 2024 and $1.0 million at December 31, 2023. 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, 2024 and 2023 amounted to less than $0.1 million and $0.3 million, respectively. The expense for the nine months ended September 30, 2024 and 2023 amounted to $0.2 million and $1.2 million, respectively.
The Company maintains a SERP, which is designed to provide a limited group of key management and other key employees of the Company with supplemental retirement and death benefits. As discussed in Note 6 above, the Company has investments in a rabbi trust which are intended to fund the obligations of the SERP.
The components of SERP expense are as follows:
The service cost component of net benefit cost is presented within cost of sales, research and development costs or selling, general and administrative expense on the accompanying condensed consolidated statements of operations, in accordance with where compensation cost for the related associate is reported. All other components of net benefit cost, including interest cost and net amortization noted above, are presented within other (expense) income, net in the accompanying condensed consolidated statements of operations.
The following amounts are recognized net of tax in accumulated other comprehensive loss:
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- References No definition available.
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- Definition The entire disclosure for retirement benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Accounts receivable, allowance for doubtful accounts | $ 1,164 | $ 1,388 |
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) | 2,115,263 | 2,141,589 |
Common stock, treasury shares (in shares) | 29,649 | 29,649 |
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) | 10,432,548 | 10,620,260 |
Common stock, treasury shares (in shares) | 253,163 | 253,163 |
Common Class B [Member] | Restricted Stock [Member] | ||
Common stock, treasury shares (in shares) | 3,218,307 | 3,218,307 |
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- Definition The maximum number of common shares permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Face amount per share of no-par value preferred stock nonredeemable or redeemable solely at the option of the issuer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of shares issued for nonredeemable preferred shares and preferred shares redeemable solely at option of issuer. Includes, but is not limited to, preferred shares issued, repurchased, and held as treasury shares. Excludes preferred shares classified as debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 8 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
|
Depreciation | $ 2.5 | $ 2.2 | $ 7.1 | $ 6.5 | |
Zhongshan, PRC [Member] | |||||
Asset, Held-for-Sale, Not Part of Disposal Group | $ 2.1 | $ 2.1 | $ 1.3 |
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Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Net sales | $ 123,638 | $ 158,682 | $ 384,933 | $ 499,803 |
Cost of sales | 78,961 | 103,217 | 238,782 | 335,137 |
Gross profit | 44,677 | 55,465 | 146,151 | 164,666 |
Research and development costs | 5,443 | 5,292 | 16,652 | 16,521 |
Selling, general and administrative expenses | 26,700 | 23,717 | 75,785 | 74,149 |
Restructuring charges | 1,087 | 2,091 | 1,790 | 6,306 |
Gain on sale of property | 0 | (147) | 0 | (3,819) |
Income from operations | 11,447 | 24,512 | 51,924 | 71,509 |
Gain on sale of Czech Republic business | 0 | (135) | 0 | 980 |
Interest expense | (414) | (512) | (1,263) | (2,402) |
Interest income | 1,480 | 0 | 3,741 | 0 |
Other (expense) income, net | (1,325) | (96) | 21 | (286) |
Earnings before provision for income taxes | 11,188 | 23,769 | 54,423 | 69,801 |
Provision for income taxes | 3,108 | 4,321 | 11,663 | 8,006 |
Net earnings available to common stockholders | 8,080 | 19,448 | 42,760 | 61,795 |
Common Class A [Member] | ||||
Net earnings available to common stockholders | $ 1,297 | $ 3,117 | $ 6,872 | $ 9,907 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 0.61 | $ 1.46 | $ 3.23 | $ 4.63 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 2,116 | 2,142 | 2,126 | 2,142 |
Common Class B [Member] | ||||
Net earnings available to common stockholders | $ 6,783 | $ 16,331 | $ 35,888 | $ 51,888 |
Net earnings per common share: | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 0.65 | $ 1.54 | $ 3.41 | $ 4.88 |
Weighted-average number of shares outstanding: | ||||
Weighted-average number of shares outstanding - basic and diluted (in shares) | 10,434 | 10,636 | 10,512 | 10,636 |
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- Definition The aggregate costs related to goods produced and sold and services rendered by an entity during the reporting period. This excludes costs incurred during the reporting period related to financial services rendered and other revenue generating activities. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 6 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Derivative Asset | $ 2,571 | $ 4,446 |
Long-Term Debt, Fair Value | 59,900 | |
Long-Term Debt, Gross | 60,000 | |
Fair Value, Nonrecurring [Member] | ||
Assets, Fair Value Disclosure, Total | 0 | 0 |
Foreign Exchange Forward [Member] | ||
Derivative Assets (Liabilities), at Fair Value, Net | (600) | 500 |
Interest Rate Swap [Member] | ||
Derivative Asset | 2,500 | 4,000 |
Investments Held in Rabbi Trust [Member] | ||
Debt Securities, Available-for-Sale | $ 700 | $ 300 |
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- Definition Fair value portion of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Fair values as of the balance sheet date of the net amount of all assets and liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Note 7 - Inventories (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
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- References No definition available.
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Note 14 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Foreign currency translation adjustment, net of taxes of ($305) at September 30, 2024 and ($276) at December 31, 2023 | $ (15,106) | $ (16,423) |
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 at September 30, 2024 and $0 at December 31, 2023 | 2,478 | 3,960 |
Unrealized holding gains on marketable securities, net of taxes of ($7) at September 30, 2024 and ($7) at December 31, 2023 | 20 | 19 |
Unfunded SERP liability, net of taxes of $732 at September 30, 2024 and $718 at December 31, 2023 | 453 | 407 |
Accumulated other comprehensive loss | $ (12,155) | $ (12,037) |
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- Definition Amount, after tax, of accumulated unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount, after tax, of accumulated other comprehensive (income) loss for defined benefit plan, that has not been recognized in net periodic benefit cost (credit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Accumulated adjustment, net of tax, that results from the process of translating subsidiary financial statements and foreign equity investments into the reporting currency from the functional currency of the reporting entity, net of reclassification of realized foreign currency translation gains or losses. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax, of accumulated gain (loss) on derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Accumulated Other Comprehensive Loss (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
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Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block] |
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X | ||||||||||
- Definition Tabular disclosure of changes in components of accumulated other comprehensive income (loss). No definition available.
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X | ||||||||||
- Definition Tabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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Note 7 - Inventories - Components of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Raw materials | $ 52,183 | $ 63,647 |
Work in progress | 43,986 | 42,038 |
Finished goods | 28,716 | 30,855 |
Inventories | $ 124,885 | $ 136,540 |
X | ||||||||||
- Definition Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of merchandise or goods held by the company that are readily available for sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Carrying amount, net of valuation reserves and adjustments, as of the balance sheet date of unprocessed items to be consumed in the manufacturing or production process. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Carrying amount, net of reserves and adjustments, as of the balance sheet date of merchandise or goods which are partially completed. This inventory is generally comprised of raw materials, labor and factory overhead costs, which require further materials, labor and overhead to be converted into finished goods, and which generally require the use of estimates to determine percentage complete and pricing. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Document And Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2024 |
Oct. 25, 2024 |
|
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 | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2024 | |
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 | false | |
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 | 10,430,048 | |
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 | 2,115,263 |
X | ||||||||||
- Definition Boolean flag that is true when the XBRL content amends previously-filed or accepted submission. No definition available.
|
X | ||||||||||
- Definition Area code of city No definition available.
|
X | ||||||||||
- Definition End date of current fiscal year in the format --MM-DD. No definition available.
|
X | ||||||||||
- Definition Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY. No definition available.
|
X | ||||||||||
- Definition This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006. No definition available.
|
X | ||||||||||
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. No definition available.
|
X | ||||||||||
- Definition For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD. No definition available.
|
X | ||||||||||
- Definition Boolean flag that is true only for a form used as an quarterly report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Boolean flag that is true only for a form used as a transition report. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'. No definition available.
|
X | ||||||||||
- Definition Address Line 1 such as Attn, Building Name, Street Name No definition available.
|
X | ||||||||||
- Definition Name of the City or Town No definition available.
|
X | ||||||||||
- Definition Code for the postal or zip code No definition available.
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X | ||||||||||
- Definition Name of the state or province. No definition available.
|
X | ||||||||||
- Definition A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument. No definition available.
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X | ||||||||||
- Definition Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure. No definition available.
|
X | ||||||||||
- Definition Indicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen. No definition available.
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X | ||||||||||
- Definition Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Two-character EDGAR code representing the state or country of incorporation. No definition available.
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X | ||||||||||
- Definition Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Indicates that the company is a Smaller Reporting Company (SRC). Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Local phone number for entity. No definition available.
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- Definition Title of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Name of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Trading symbol of an instrument as listed on an exchange. No definition available.
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- Details
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Note 11 - Debt |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2024 | |||
Notes to Financial Statements | |||
Debt Disclosure [Text Block] |
The Company has a Credit and Security Agreement with KeyBank National Association (as amended, the "Existing Credit Agreement"). The Existing Credit Agreement 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. Revolving loans borrowed under the CSA mature on September 1, 2026.
At September 30, 2024 and December 31, 2023, outstanding borrowings under the revolver amounted to $60 million at each date. The unused credit available under the credit facility was $115 million at each of September 30, 2024 and December 31, 2023. The Company incurred $0.4 million and $0.5 million of interest expense during the three months ended September 30, 2024 and 2023, respectively, and $1.3 million and $2.4 million during the nine months ended September 30, 2024 and September 30, 2023, respectively, in connection with interest due on its outstanding borrowings under the Existing Credit Agreement during each period, including the effects of the 2021 Swaps and amortization of deferred financing costs. During January 2023, the Company amended its Existing Credit Agreement and related 2021 Swaps to transition the reference rate from LIBOR to SOFR effective January 31, 2023.
The interest rate in effect at September 30, 2024 and December 31, 2023 was 2.47% at each date. Our full debt balance at each of September 30, 2024 and December 31, 2023 was covered by the 2021 Swaps, as further described in Note 10, "Derivative Instruments and Hedging Activities". No outstanding borrowings were subject to a variable interest rate at September 30, 2024 or December 31, 2023.
The Existing Credit Agreement contains customary representations and warranties, covenants and events of default. In addition, the Existing Credit Agreement 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 Existing Credit Agreement 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.
Concurrently with the entry into the Enercon Purchase Agreement, Bel entered into a Commitment Letter, dated September 18, 2024 (the “Commitment Letter”), with KeyBank, Bank of America, N.A. (“BofA”), BMO Bank, N.A. (“BMO”), PNC Bank, National Association (“PNC”) (each of BofA, BMO, and PNC, together with KeyBank, the “Incremental Lenders”), KeyBanc Capital Markets Inc. (“KBCM”), PNC Capital Markets LLC (“PNC Capital”), and BofA Securities, Inc. (“BofA Securities”; together with KBCM, PNC Capital and the Incremental Lenders, the “Commitment Parties”), that provides a commitment, subject to satisfaction of certain conditions and the terms as agreed between the Company and the Commitment Parties, to increase the Maximum Revolving Amount available under the Existing Credit Agreement’s revolving credit facility by an aggregate of $150 million (the “Revolving Facility Increase”) to an aggregate amount of $325 million.
Among the satisfaction of other conditions and deliverables, the completion of the Revolving Facility Increase will be subject to the execution and delivery of an amendment to, or an amendment and restatement of, the Existing Credit Agreement.
In connection with Bel’s entry into the Commitment Letter, Bel entered into a Second Amendment Agreement dated September 18, 2024 (the “Second Amendment”) to the Existing Credit Agreement (as amended by the Second Amendment, the “Credit Agreement”). The Second Amendment makes certain amendments to the Existing Credit Agreement, including (i) increasing the cap set forth in Section 2.10(b) (governing “Increase in Commitment”) of the Existing Credit Agreement by $50 million to $150 million, (ii) adding certain customary provisions permitting the use of revolving loans on a limited conditions basis to finance the Enercon acquisition, and (iii) permitting the Enercon acquisition under the Credit Agreement. Except as otherwise specifically provided in the Second Amendment (including with respect to certain amendments which are effective upon and subject to the closing of the Enercon acquisition), the provisions of the Existing Credit Agreement revised by the Second Amendment were amended effective as of the date of the Second Amendment.
At September 30, 2024, the Company was in compliance with its debt covenants, including its most restrictive covenant, the Fixed Charge Coverage Ratio. |
X | ||||||||||
- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Note 7 - Inventories |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Text Block] |
The components of inventories are as follows:
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- References No definition available.
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X | ||||||||||
- Definition The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 14 - Accumulated Other Comprehensive Loss |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income (Loss) Note [Text Block] |
The components of accumulated other comprehensive loss at September 30, 2024 and December 31, 2023 are summarized below:
Changes in accumulated other comprehensive loss by component during the nine months ended September 30, 2024 are as set forth below. All amounts are net of tax:
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X | ||||||||||
- Definition The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- References No definition available.
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Note 10 - Derivative Instruments and Hedging Activities - Derivative Financial Instruments Effects on Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Net (losses) gains recognized in AOCL | $ (669) | $ 313 | $ 429 | $ (196) |
Net losses reclassified from AOCL to the consolidated statement of operations | 588 | 291 | 1,474 | 1,453 |
Foreign Exchange Forward [Member] | ||||
Net (losses) gains recognized in AOCL | 223 | (385) | 35 | (1,837) |
Net losses reclassified from AOCL to the consolidated statement of operations | (50) | (311) | (401) | (197) |
Interest Rate Swap [Member] | ||||
Net (losses) gains recognized in AOCL | (892) | 698 | 394 | 1,641 |
Net losses reclassified from AOCL to the consolidated statement of operations | $ 638 | $ 602 | $ 1,875 | $ 1,650 |
X | ||||||||||
- Definition Amount, after tax and before reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, after tax, of reclassification of gain (loss) from accumulated other comprehensive income (AOCI) for derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Note 15 - Commitments and Contingencies (Details Textual) - USD ($) $ in Millions |
12 Months Ended | 252 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2024 |
Dec. 31, 1994 |
|
Arezzo Revenue Agency [Member] | ||||
Loss Contingency, Estimate of Possible Loss | $ 12.0 | |||
EOS Claim From Principal Commissioner of Customs [Member] | EOS Power Panama Inc. [Member] | ||||
Customs Duties and Imposed Fines | $ 0.9 | $ 1.4 | ||
Payment for Customs Duties and Imposed Fines and Penalties | $ 0.5 | |||
Indemnification Period (Year) | 7 years |
X | ||||||||||
- Definition The value of customs duties and imposed fines. No definition available.
|
X | ||||||||||
- Definition The period of indemnification. No definition available.
|
X | ||||||||||
- Definition The amount of cash outflow for payment for customs duties and imposed fines and penalties. No definition available.
|
X | ||||||||||
- Definition Reflects the estimated amount of loss from the specified contingency as of the balance sheet date. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ 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, 2022 | $ 237,188 | $ (16,546) | $ 214 | $ 1,067 | $ (349) | $ 40,772 | $ 262,346 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,142 | 10,643 | |||||||||||||||||||
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 (in shares) | 0 | (10) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | 0 | |||||||||||||||
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, net of taxes of $0 | 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 | ||||||||||||||
Net earnings | 14,572 | 0 | 0 | 0 | 0 | 0 | 14,572 | ||||||||||||||
Forfeiture of restricted common stock | (0) | (0) | $ (0) | $ 1 | (0) | (0) | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (10) | |||||||||||||||||||
Forfeiture of restricted common stock | (1) | ||||||||||||||||||||
Forfeiture of restricted common stock | 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 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 1,998 | 0 | 0 | 0 | 0 | 1,998 | ||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | $ 214 | $ 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 2,142 | 10,633 | |||||||||||||||||||
Balance at Dec. 31, 2022 | 237,188 | (16,546) | $ 214 | $ 1,067 | (349) | 40,772 | 262,346 | ||||||||||||||
Balance (in shares) at Dec. 31, 2022 | 2,142 | 10,643 | |||||||||||||||||||
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 | ||||||||||||||||||||
Net earnings | 9,907 | 51,888 | 61,795 | ||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 41 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | (2,857) | ||||||||||||||||||||
Balance at Sep. 30, 2023 | 296,365 | (19,370) | $ 214 | $ 1,063 | (349) | 43,488 | 321,411 | ||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 2,142 | 10,638 | |||||||||||||||||||
Balance at Mar. 31, 2023 | 250,885 | (15,428) | $ 214 | $ 1,066 | (349) | 41,675 | 278,063 | ||||||||||||||
Balance (in shares) at Mar. 31, 2023 | 2,142 | 10,633 | |||||||||||||||||||
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) | |||||||
Issuance of restricted common stock | 0 | 0 | $ 0 | $ 1 | 0 | (1) | 0 | ||||||||||||||
Issuance of restricted common stock (in shares) | 0 | 10 | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (3) | 0 | 0 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (5) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (3) | 0 | 0 | |||||||||||||||
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, net of taxes of $0 | 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 | ||||||||||||||
Net earnings | 27,775 | 0 | 0 | 0 | 0 | 0 | 27,775 | ||||||||||||||
Forfeiture of restricted common stock | (0) | (0) | $ (0) | $ 3 | (0) | (0) | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (5) | |||||||||||||||||||
Forfeiture of restricted common stock | (3) | ||||||||||||||||||||
Forfeiture of restricted common stock | 3 | ||||||||||||||||||||
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 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,231) | 0 | 0 | 0 | 0 | (2,231) | ||||||||||||||
Balance at Jun. 30, 2023 | 277,790 | (16,856) | $ 214 | $ 1,064 | (349) | 42,627 | 304,490 | ||||||||||||||
Balance (in shares) at Jun. 30, 2023 | 2,142 | 10,638 | |||||||||||||||||||
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 | 0 | 0 | 0 | (1) | 0 | 0 | |||||||||||||||
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, net of taxes of $0 | 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 | ||||||||||||||
Net earnings | 3,117 | 16,331 | 19,448 | 0 | 0 | 0 | 0 | 0 | 19,448 | ||||||||||||
Forfeiture of restricted common stock | (0) | (0) | (0) | 1 | (0) | (0) | |||||||||||||||
Forfeiture of restricted common stock | (1) | ||||||||||||||||||||
Forfeiture of restricted common stock | 1 | ||||||||||||||||||||
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 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (2,624) | 0 | 0 | 0 | 0 | (2,624) | ||||||||||||||
Balance at Sep. 30, 2023 | 296,365 | (19,370) | $ 214 | $ 1,063 | (349) | 43,488 | 321,411 | ||||||||||||||
Balance (in shares) at Sep. 30, 2023 | 2,142 | 10,638 | |||||||||||||||||||
Balance at Dec. 31, 2023 | 307,510 | (12,037) | $ 214 | $ 1,065 | (454) | 44,260 | 340,558 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 2,142 | 10,620 | |||||||||||||||||||
Net earnings | 15,874 | 0 | $ 0 | $ 0 | 0 | 0 | 15,874 | ||||||||||||||
Cash dividends declared on common stock | (129) | 0 | 0 | 0 | 0 | 0 | (129) | (747) | 0 | 0 | 0 | 0 | 0 | (747) | |||||||
Issuance of restricted common stock | 0 | 0 | $ 0 | $ 6 | $ 0 | $ (6) | 0 | ||||||||||||||
Issuance of restricted common stock (in shares) | 0 | 58 | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (6) | 0 | ||||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (6) | 0 | ||||||||||||||||
Purchases of common stock | 0 | 0 | $ (1) | $ (10) | $ (6,283) | (6,283) | |||||||||||||||
Purchases of common stock (in shares) | (11) | (98) | |||||||||||||||||||
Purchases of common stock | $ 11 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (3,776) | $ 0 | $ 0 | 0 | 0 | (3,776) | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 | 0 | 340 | 0 | 0 | 0 | 0 | 340 | ||||||||||||||
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 | 804 | 804 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Net earnings | 15,874 | 0 | 0 | 0 | $ 0 | $ 0 | 15,874 | ||||||||||||||
Forfeiture of restricted common stock | (0) | (0) | $ (0) | $ 6 | (0) | ||||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | 0 | 0 | 0 | |||||||||||||||||
Purchases of common stock (in shares) | 11 | 98 | |||||||||||||||||||
Purchases of common stock | $ 11 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | $ 0 | 804 | 804 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (3,776) | 0 | 0 | 0 | 0 | (3,776) | ||||||||||||||
Balance at Mar. 31, 2024 | 322,508 | (15,457) | $ 213 | $ 1,061 | (6,737) | 45,069 | 346,657 | ||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 2,131 | 10,574 | |||||||||||||||||||
Balance at Dec. 31, 2023 | 307,510 | (12,037) | $ 214 | $ 1,065 | (454) | 44,260 | 340,558 | ||||||||||||||
Balance (in shares) at Dec. 31, 2023 | 2,142 | 10,620 | |||||||||||||||||||
Net earnings | 6,872 | 35,888 | 42,760 | ||||||||||||||||||
Cash dividends declared on common stock | (381) | (2,190) | |||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 1,317 | ||||||||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 1 | ||||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 46 | ||||||||||||||||||||
Net earnings | 6,872 | 35,888 | 42,760 | ||||||||||||||||||
Change in unfunded SERP liability, net of taxes | 46 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 1,317 | ||||||||||||||||||||
Balance at Sep. 30, 2024 | 347,702 | (12,155) | $ 212 | $ 1,046 | (16,507) | 47,064 | 367,362 | ||||||||||||||
Balance (in shares) at Sep. 30, 2024 | 2,115 | 10,432 | |||||||||||||||||||
Balance at Mar. 31, 2024 | 322,508 | (15,457) | $ 213 | $ 1,061 | (6,737) | 45,069 | 346,657 | ||||||||||||||
Balance (in shares) at Mar. 31, 2024 | 2,131 | 10,574 | |||||||||||||||||||
Net earnings | 18,806 | 0 | $ 0 | $ 0 | 0 | 0 | 18,806 | ||||||||||||||
Cash dividends declared on common stock | (127) | 0 | 0 | 0 | 0 | 0 | (127) | (725) | 0 | 0 | 0 | 0 | 0 | (725) | |||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (4) | |||||||||||||||||||
Forfeiture of restricted common stock | 0 | 0 | $ 0 | $ (1) | 0 | (1) | |||||||||||||||
Purchases of common stock | 0 | 0 | $ (1) | $ (12) | (7,892) | (7,893) | |||||||||||||||
Purchases of common stock (in shares) | (10) | (117) | |||||||||||||||||||
Purchases of common stock | 12 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (999) | $ 0 | $ 0 | 0 | 0 | (999) | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 | 0 | (291) | 0 | 0 | 0 | 0 | (291) | ||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 971 | 971 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Net earnings | 18,806 | 0 | 0 | 0 | 0 | 0 | 18,806 | ||||||||||||||
Forfeiture of restricted common stock | (0) | (0) | $ (0) | $ 1 | (0) | 1 | |||||||||||||||
Forfeiture of restricted common stock (in shares) | 0 | (4) | |||||||||||||||||||
Forfeiture of restricted common stock | 2 | ||||||||||||||||||||
Purchases of common stock (in shares) | 10 | 117 | |||||||||||||||||||
Purchases of common stock | 12 | ||||||||||||||||||||
Forfeiture of restricted common stock | (2) | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | 0 | 971 | 971 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 15 | 0 | 0 | 0 | 0 | 15 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | (999) | 0 | 0 | 0 | 0 | (999) | ||||||||||||||
Balance at Jun. 30, 2024 | 340,462 | (16,732) | $ 212 | $ 1,048 | (14,629) | 46,054 | 356,415 | ||||||||||||||
Balance (in shares) at Jun. 30, 2024 | 2,121 | 10,453 | |||||||||||||||||||
Net earnings | 1,297 | 6,783 | 8,080 | 0 | $ 0 | $ 0 | 0 | 0 | 8,080 | ||||||||||||
Cash dividends declared on common stock | $ (125) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (125) | $ (715) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | (715) | |||||||
Purchases of common stock | 0 | 0 | $ 0 | $ (2) | (1,878) | (1,877) | |||||||||||||||
Purchases of common stock (in shares) | 6 | 21 | |||||||||||||||||||
Purchases of common stock | 3 | ||||||||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 6,092 | $ 0 | $ 0 | 0 | 0 | 6,092 | ||||||||||||||
Unrealized gains on interest rate swap cash flow hedge, net of taxes of $0 | 0 | (1,531) | 0 | 0 | 0 | 0 | (1,531) | ||||||||||||||
Unrealized holding gains on marketable securities, net of taxes | 0 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | 0 | 0 | 0 | 1,007 | 1,007 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 16 | 0 | 0 | 0 | 0 | 16 | ||||||||||||||
Net earnings | $ 1,297 | $ 6,783 | 8,080 | 0 | $ 0 | $ 0 | 0 | 0 | 8,080 | ||||||||||||
Purchases of common stock (in shares) | (6) | (21) | |||||||||||||||||||
Purchases of common stock | 3 | ||||||||||||||||||||
Stock-based compensation expense | 0 | 0 | $ 0 | $ 0 | 0 | 1,007 | 1,007 | ||||||||||||||
Change in unfunded SERP liability, net of taxes | 0 | 16 | 0 | 0 | 0 | 0 | 16 | ||||||||||||||
Foreign currency translation adjustment, net of taxes | 0 | 6,092 | 0 | 0 | 0 | 0 | 6,092 | ||||||||||||||
Balance at Sep. 30, 2024 | $ 347,702 | $ (12,155) | $ 212 | $ 1,046 | $ (16,507) | $ 47,064 | $ 367,362 | ||||||||||||||
Balance (in shares) at Sep. 30, 2024 | 2,115 | 10,432 |
X | ||||||||||
- Definition The amount of additional paid in capital for the purchase of treasury stock. No definition available.
|
X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) for recognition of cost for restricted stock unit under share-based payment arrangement. No definition available.
|
X | ||||||||||
- Definition Amount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount, after tax, of gain (loss) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount, after tax and reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Number of shares issued which are neither cancelled nor held in the treasury. No definition available.
|
X | ||||||||||
- Definition Number of shares related to Restricted Stock Award forfeited during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Value of stock related to Restricted Stock Awards forfeited during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Aggregate value of stock related to Restricted Stock Awards issued during the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Number of shares that have been repurchased during the period and are being held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
Note 6 - Fair Value Measurements - Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Total derivative assets | $ 2,571 | $ 4,446 |
Total derivative liabilities | 728 | 5 |
Interest Rate Swap [Member] | ||
Total derivative assets | 2,500 | 4,000 |
Other Current Assets [Member] | Foreign Exchange Forward [Member] | ||
Designated as cash flow hedges | 93 | 0 |
Non designated as hedging instruments | 0 | 486 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||
Designated as a cash flow hedge | 2,478 | 3,960 |
Other Current Liabilities [Member] | Foreign Exchange Forward [Member] | ||
Designated as a cash flow hedge | 0 | 5 |
Not designated as hedging instruments | $ 728 | $ 0 |
X | ||||||||||
- Definition Fair value of all asset derivatives designated as cash flow hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Fair value of all liability derivatives designated as cash flow hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial asset or other contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes assets not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
X | ||||||||||
- Definition Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as an asset. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Fair value as of the balance sheet date of derivative instrument not designated as hedging instrument and classified as a liability. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Fair value, after the effects of master netting arrangements, of a financial liability or contract with one or more underlyings, notional amount or payment provision or both, and the contract can be net settled by means outside the contract or delivery of an asset. Includes liabilities not subject to a master netting arrangement and not elected to be offset. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
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, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Derivative instruments gain (loss) | $ (13) | $ 54 | $ 249 | $ 88 |
Foreign Exchange Forward [Member] | Nonoperating Income (Expense) [Member] | ||||
Derivative instruments gain (loss) | $ (13) | $ 54 | $ 249 | $ 88 |
X | ||||||||||
- Definition Amount of realized and unrealized gain (loss) of derivative instruments not designated or qualifying as hedging instruments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Details
|
X | ||||||||||
- Details
|
Note 4 - Revenue - Contract Assets and Contract Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Contract assets - current (unbilled receivables) | $ 5,312 | $ 12,793 |
Contract liabilities - current (deferred revenue) | $ 2,579 | $ 3,046 |
X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
X | ||||||||||
- Definition Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
Note 13 - Retirement, Savings and Deferred Compensation Plans (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Benefit Costs [Table Text Block] |
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Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block] |
|
X | ||||||||||
- Definition Tabular disclosure of the net gain (loss) and net prior service cost or credit recognized in other comprehensive income (loss) for the period for pension plans and/or other employee benefit plans, and reclassification adjustments of other comprehensive income (loss) for the period, as those amounts, including amortization of the net transition asset or obligation, are recognized as components of net periodic benefit cost. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- Definition Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
X | ||||||||||
- References No definition available.
|
Note 8 - Property, Plant and Equipment (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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X | ||||||||||
- Definition Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Current Assets: | ||
Cash and cash equivalents | $ 134,266 | $ 89,371 |
Held to maturity U.S. Treasury securities | 29,541 | 37,548 |
Accounts receivable, net of credit losses of $1,164 and $1,388, respectively | 75,998 | 84,129 |
Inventories | 124,885 | 136,540 |
Unbilled receivables | 5,312 | 12,793 |
Assets held for sale | 2,061 | 0 |
Other current assets | 15,586 | 21,097 |
Total current assets | 387,649 | 381,478 |
Property, plant and equipment, net | 36,735 | 36,533 |
Right-of-use assets | 22,901 | 20,481 |
Equity method investment | 10,014 | 10,282 |
Intangible assets, net | 45,850 | 49,391 |
Goodwill, net | 26,922 | 26,642 |
Deferred income taxes | 16,612 | 11,553 |
Other assets | 34,664 | 33,119 |
Total assets | 584,417 | 571,631 |
Current Liabilities: | ||
Accounts payable | 37,139 | 40,441 |
Accrued expenses | 42,109 | 54,657 |
Operating lease liabilities, current | 6,451 | 6,350 |
Other current liabilities | 11,188 | 9,161 |
Total current liabilities | 96,887 | 110,609 |
Long-term Liabilities: | ||
Long-term debt | 60,000 | 60,000 |
Operating lease liabilities, long-term | 16,808 | 14,212 |
Liability for uncertain tax positions | 18,225 | 19,823 |
Minimum pension obligation and unfunded pension liability | 20,268 | 19,876 |
Deferred income taxes | 1,320 | 1,456 |
Other long-term liabilities | 3,547 | 5,097 |
Total liabilities | 217,055 | 231,073 |
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 29,649 Class A shares and 253,163 Class B shares) | (16,507) | (454) |
Additional paid-in capital | 47,064 | 44,260 |
Retained earnings | 347,702 | 307,510 |
Accumulated other comprehensive loss | (12,155) | (12,037) |
Total stockholders' equity | 367,362 | 340,558 |
Total liabilities and stockholders' equity | 584,417 | 571,631 |
Common Class A [Member] | ||
Stockholders' Equity: | ||
Common stock | 212 | 214 |
Common Class B [Member] | ||
Stockholders' Equity: | ||
Common stock | 1,046 | 1,065 |
Related Party [Member] | ||
Current Assets: | ||
Related party note receivable | $ 3,070 | $ 2,152 |
X | ||||||||||
- Definition Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of excess of issue price over par or stated value of stock and from other transaction involving stock or stockholder. Includes, but is not limited to, additional paid-in capital (APIC) for common and preferred stock. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of asset recognized for present right to economic benefit. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of asset recognized for present right to economic benefit, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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X | ||||||||||
- Definition Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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X | ||||||||||
- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount excluding accrued interest, before allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity), classified as current. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences with jurisdictional netting. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Sum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Amount of liability recognized for present obligation requiring transfer or otherwise providing economic benefit to others. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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- References No definition available.
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- Definition Amount recognized for uncertainty in income taxes classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after allowance for credit loss, of financing receivable, classified as noncurrent. No definition available.
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Present value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of lessee's right to use underlying asset under operating lease. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of current assets classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Amount of noncurrent assets classified as other. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount of liabilities classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liabilities classified as other, due after one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of liability, recognized in statement of financial position, for defined benefit pension and other postretirement plans, classified as noncurrent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of accumulated undistributed earnings (deficit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- References No definition available.
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- Definition Amount allocated to previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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- Details
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Note 4 - Revenue (Details Textual) $ in Millions |
Sep. 30, 2024
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 16.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 3.8 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 8.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 2 years |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 0.7 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 3 years |
X | ||||||||||
- Definition Amount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Period in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 16 - Segments (Tables) |
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Sep. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] |
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Note 16 - Segments (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2024 | |
Number of Industry in which Entity Operates | 1 |
Number of Operating Segments | 3 |
Number of Reportable Segments | 3 |
X | ||||||||||
- Definition Number of industry in which entity operates with its reportable operating segments. No definition available.
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X | ||||||||||
- Definition Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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- Definition Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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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, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
|
Net earnings | $ 8,080 | $ 18,806 | $ 15,874 | $ 19,448 | $ 27,775 | $ 14,572 | $ 42,760 | $ 61,795 |
Undistributed earnings | 7,240 | 18,575 | 40,189 | 59,175 | ||||
Common Class A [Member] | ||||||||
Net earnings | 1,297 | 3,117 | 6,872 | 9,907 | ||||
Less dividends declared | 125 | 127 | 129 | 128 | 128 | 128 | 381 | 385 |
Undistributed earnings | $ 1,172 | $ 2,989 | $ 6,491 | $ 9,522 | ||||
Class A - basic and diluted (in shares) | 2,116 | 2,142 | 2,126 | 2,142 | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 0.61 | $ 1.46 | $ 3.23 | $ 4.63 | ||||
Common Class B [Member] | ||||||||
Net earnings | $ 6,783 | $ 16,331 | $ 35,888 | $ 51,888 | ||||
Less dividends declared | 715 | $ 725 | $ 747 | 745 | $ 742 | $ 747 | 2,190 | 2,235 |
Undistributed earnings | $ 6,068 | $ 15,586 | $ 33,698 | $ 49,653 | ||||
Class A - basic and diluted (in shares) | 10,434 | 10,636 | 10,512 | 10,636 | ||||
Net earnings per common share - basic and diluted (in dollars per share) | $ 0.65 | $ 1.54 | $ 3.41 | $ 4.88 |
X | ||||||||||
- Definition Amount of paid and unpaid common stock dividends declared with the form of settlement in cash. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition 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
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The earnings that is allocated to common stock and participating securities to the extent that each security may share in earnings as if all of the earnings for the period had been distributed. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Details
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Note 4 - Revenue |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Text Block] |
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:
The change in balance of our unbilled receivables from December 31, 2023 to September 30, 2024 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 balances at December 31, 2023 and September 30, 2024 primarily relates to customer prepayments on invoices, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer.
Transaction Price Allocated to Future Obligations
The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of September 30, 2024 related to contracts that exceed one year in duration amounted to $16.6 million, with expected contract expiration dates that range largely from 2025 – 2027. It is expected that $3.8 million of this aggregate amount will be recognized in 2025, $8.1 million will be recognized in 2026, $0.7 million will be recognized in 2027 and the remainder will be recognized in years beyond 2027. The majority of the Company's orders received (but not yet shipped) at September 30, 2024 is related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers. |
X | ||||||||||
- References No definition available.
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X | ||||||||||
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 8 - Property, Plant and Equipment - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Property, plant and equipment, gross | $ 117,714 | $ 115,728 |
Accumulated depreciation | (80,979) | (79,195) |
Property, plant and equipment, net | 36,735 | 36,533 |
Land [Member] | ||
Property, plant and equipment, gross | 122 | 348 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 13,656 | 15,286 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 100,933 | 98,527 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 3,003 | $ 1,567 |
X | ||||||||||
- Definition Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 11 - Debt (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 18, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 17, 2024 |
Dec. 31, 2023 |
|
Revolving Credit Facility [Member] | |||||||
Long-Term Line of Credit | $ 60,000 | $ 60,000 | $ 60,000 | ||||
Credit and Security Agreement with KeyBank [Member] | |||||||
Interest Expense, Debt | $ 400 | $ 500 | $ 1,300 | $ 2,400 | |||
Debt, Weighted Average Interest Rate | 2.47% | 2.47% | 2.47% | ||||
Long-Term Debt, Percentage Bearing Variable Interest, Amount | $ 0 | $ 0 | $ 0 | ||||
Credit and Security Agreement with KeyBank [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 325,000 | $ 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 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 115,000 | $ 115,000 | $ 115,000 | ||||
Line of Credit Facility, Maximum Borrowing Capacity, Increase | 150,000 | ||||||
Debt Instrument, Additional Borrowing Capacity, Increase | 50,000 | ||||||
Debt Instrument, Additional Borrowing Capacity | $ 150,000 |
X | ||||||||||
- Definition Amount of additional borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). No definition available.
|
X | ||||||||||
- Definition Increase in the amount of additional borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). No definition available.
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X | ||||||||||
- Definition Increase in the Maximum borrowing capacity under the credit facility. No definition available.
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X | ||||||||||
- Definition Maximum letters of credit capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. No definition available.
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X | ||||||||||
- Definition Maximum swing line loan capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. No definition available.
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X | ||||||||||
- Definition Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. No definition available.
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X | ||||||||||
- Definition Weighted average interest rate of debt outstanding. No definition available.
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X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of borrowing capacity currently available under the credit facility (current borrowing capacity less the amount of borrowings outstanding). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The portion of the carrying amount of long-term borrowings outstanding as of the balance sheet date, including current maturities, which accrues interest at a rate subject to change from time to time. No definition available.
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Insider Trading Arrangements |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2024 |
Sep. 30, 2024 |
|
Insider Trading Arr Line Items | ||
Material Terms of Trading Arrangement [Text Block] |
Rule 10b5-1 Trading Arrangements and Non-Rule 10b5-1 Trading Arrangements
During the fiscal quarter ended September 30, 2024, none of our officers or directors, as those terms are defined in Rule 16a-1(f), adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408 of Regulation S-K.
Other Information
The discussion captioned “Overview – Key Factors Affecting our Business – Restructuring,” as set forth in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” above, is hereby incorporated by reference into this Part II, Item 5, of this Quarterly Report on Form 10-Q.
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Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false | |
Rule 10b5-1 Arrangement Terminated [Flag] | false | |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Note 1 - Basis of Presentation and Accounting Policies - Held to Maturity Securities (Details) - US Treasury Securities [Member] $ in Thousands |
Sep. 30, 2024
USD ($)
|
---|---|
Held to maturity U.S. Treasury securities, amortized cost | $ 29,541 |
Held to maturity U.S. Treasury securities, gross unrealized gains | 705 |
Held to maturity U.S. Treasury securities, fair value | $ 30,246 |
X | ||||||||||
- Definition Amount, before allowance for credit loss, of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
|
X | ||||||||||
- Definition Amount of accumulated unrecognized gain on investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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X | ||||||||||
- Definition Fair value of investment in debt security measured at amortized cost (held-to-maturity). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Details
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Note 2 - Investment in Innolectric (Details Textual) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Feb. 01, 2023
USD ($)
|
Feb. 01, 2023
EUR (€)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
EUR (€)
|
Sep. 30, 2024
USD ($)
|
Sep. 30, 2024
EUR (€)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2023
EUR (€)
|
|
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 10,014 | $ 10,014 | $ 10,282 | |||||
Innolectric AG [Member] | ||||||||
Loans and Leases Receivable, Related Parties, Additions | € 0.2 | 900 | ||||||
Loans and Leases Receivable, Related Parties | $ 3,000 | $ 3,000 | € 2.8 | $ 2,100 | € 2.0 | |||
Loans and Leases Receivable, Interest Rate | 5.00% | 5.00% | 5.00% | |||||
Innolectric AG [Member] | Power Solutions and Protection Segment [Member] | ||||||||
Net Income (Loss) Attributable to Noncontrolling Interest | $ (200) | $ (300) | ||||||
Innolectric AG [Member] | ||||||||
Subsidiary, Ownership Percentage, Noncontrolling Owner | 33.33% | |||||||
Payments to Acquire Interest in Subsidiaries and Affiliates | $ 8,800 | € 8.0 | ||||||
Business Acquisition, Transaction Costs | 1,300 | |||||||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 11,000 | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 1,000 |
X | ||||||||||
- Definition The interest rate for loans and leases receivable. No definition available.
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X | ||||||||||
- Definition Amount of direct costs of the business combination including legal, accounting, and other costs incurred to consummate the business acquisition. No definition available.
|
X | ||||||||||
- Definition Amount of liabilities incurred by the acquirer as part of consideration transferred in a business combination. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of investment in equity method investee and investment in and advance to affiliate. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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X | ||||||||||
- Definition For an unclassified balance sheet, reflects the carrying amount of unpaid loan amounts due from related parties at the balance sheet date. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Reflects the amount of new advances made to related parties in the form of loan and lease receivables. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition The equity interest of noncontrolling shareholders, partners or other equity holders in consolidated entity. No definition available.
|
X | ||||||||||
- Definition Amount of Net Income (Loss) attributable to noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition The cash outflow associated with the acquisition of or advances to an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, and joint venture or equity method investment) or the acquisition of an additional interest in a subsidiary (controlled entity). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Details
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X | ||||||||||
- Details
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- Details
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X | ||||||||||
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Sep. 30, 2024 |
Jun. 30, 2024 |
Mar. 31, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
|
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 | $ 3 | $ 0 | $ 26 | $ (13) | $ (105) | $ 9 |
Unrealized losses on interest rate swap cash flow hedge, tax | 0 | 0 | 0 | 0 | ||
Unrealized holding losses on marketable securities arising during the period, tax | 0 | 0 | 0 | 0 | ||
Change in unfunded SERP liability, tax | $ (4) | $ (4) | $ (4) | $ (4) | $ (4) | $ (4) |
X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount of tax expense (benefit) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, after reclassification, of tax expense (benefit) for gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness, attributable to parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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X | ||||||||||
- Definition Amount of tax expense (benefit), after reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, before adjustment, of tax expense (benefit) for unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Details
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X | ||||||||||
- Details
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Note 13 - Retirement, Savings and Deferred Compensation Plans - Amounts Recognized in Accumulated Other Comprehensive Loss (Details) - Supplemental Employee Retirement Plan [Member] - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Prior service cost | $ 153 | $ 212 |
Net loss | (1,336) | (1,336) |
Defined Benefit Plan, Accumulated Other Comprehensive (Income) Loss, before Tax | $ (1,183) | $ (1,124) |
X | ||||||||||
- Definition Amount, before tax, of accumulated other comprehensive (income) loss for defined benefit plan, that has not been recognized in net periodic benefit cost (credit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, before tax, of accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
- Definition Amount, before tax, of accumulated other comprehensive (income) loss for cost (credit) of benefit change attributable to participants' prior service from plan amendment or plan initiation of defined benefit plan, that has not been recognized in net periodic benefit cost (credit). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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X | ||||||||||
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Note 16 - Segments |
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] |
The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups, consisting of Power Solutions and Protection, Connectivity Solutions and Magnetic Solutions. 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:
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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Note 10 - Derivative Instruments and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Text Block] |
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 $14.9 million and $25.8 million as of September 30, 2024 and December 31, 2023, 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
See Note 6, "Fair Value Measurements" for the gross fair values of the Company's derivative assets and liabilities as of September 30, 2024 and December 31, 2023.
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, 2024 and 2023 were as follows:
The gains and 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, 2024 and 2023.
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, 2024 and 2023 were as follows:
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- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- References No definition available.
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Note 4 - Revenue (Tables) |
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Disaggregation of Revenue [Table Text Block] |
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Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] |
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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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- Definition Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands |
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Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
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Net earnings available to common stockholders | $ 8,080 | $ 19,448 | $ 42,760 | $ 61,795 |
Other comprehensive income (loss): | ||||
Currency translation adjustment, net of taxes of $3, ($13), $29, and ($109), respectively | 6,092 | (2,624) | 1,317 | (2,857) |
Unrealized (losses) gains on interest rate swap cash flow hedge, net of taxes of $0 in all periods presented | (1,531) | 96 | (1,482) | (9) |
Unrealized holding (losses) gains on marketable securities, net of taxes of $0 in all periods presented | 0 | 0 | 1 | 1 |
Change in unfunded SERP liability, net of taxes of ($4), ($4), ($13), ($12), respectively | 16 | 14 | 46 | 41 |
Other comprehensive income (loss) | 4,577 | (2,514) | (118) | (2,824) |
Comprehensive income | $ 12,657 | $ 16,934 | $ 42,642 | $ 58,971 |
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- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount, after tax, of gain (loss) for (increase) decrease in value of benefit obligation for change in actuarial assumptions and increase (decrease) in value of plan assets from experience different from that assumed of defined benefit plan, that has not been recognized in net periodic benefit (cost) credit. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax and reclassification, of gain (loss) from derivative instrument designated and qualifying as cash flow hedge included in assessment of hedge effectiveness, attributable to parent. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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- Definition Amount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount after tax of other comprehensive income (loss) attributable to parent entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- Definition Amount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 1 - Basis of Presentation and Accounting Policies |
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Basis of Presentation and Significant Accounting Policies [Text Block] |
The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Bel Fuse Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Certain information and footnote disclosures required under accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from these condensed consolidated financial statements pursuant to the rules and regulations, including the interim reporting requirements, of the U.S. Securities and Exchange Commission (“SEC”). The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts and the disclosure of contingent amounts in our condensed consolidated financial statements and accompanying notes. Actual results could differ from these estimates.
The Company’s significant accounting policies are summarized in Note 1 to the consolidated financial statements of the Company included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There were no significant changes to these accounting policies during the nine months ended September 30, 2024, except as discussed in “Recently Adopted Accounting Standards” below and as follows:
Cash, Cash Equivalents and Investments
Cash equivalents include short-term investments in money market funds and certificates of deposit with an original maturity of three months or less when purchased. Accounts at each U.S. institution are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. Substantially all of our U.S. cash and cash equivalents balances are in excess of the FDIC insured limit. The Company periodically invests its excess cash in money market funds and U.S. Treasury Bills. The Company's cash and cash equivalents are placed with high credit quality financial institutions.
The Company has held to maturity securities comprised of U.S. Treasury Bills. These investments are classified as held to maturity as the Company has the intent and ability to hold these investments until they mature. The held to maturity securities mature within the next 12 months. The table below shows the amortized costs, associated gross unrealized gains and associated fair value of the held to maturity securities at September 30, 2024:
In determining the fair value of the Company's held to maturity U.S. Treasury securities, the Company utilized Level 1 inputs of the market price for comparable securities as of September 30, 2024.
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.
Recently Adopted Accounting Standards
In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("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.
Accounting Standards Issued But Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires a public entity to disclose the title and position of the Chief Operating Decision Maker (CODM). The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows and financial condition.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on the rate reconciliation and income taxes paid. ASU 2023-09 requires a public business entity (PBE) to disclose, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. For PBEs, the new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. An entity may apply the amendments in this ASU prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or may apply the amendments retrospectively by providing the revised disclosures for all periods presented. We expect this ASU to only impact our disclosures with no impacts to our results of operations, cash flows, and financial condition.
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- Definition The entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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- References No definition available.
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Note 8 - Property, Plant and Equipment |
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Property, Plant and Equipment Disclosure [Text Block] |
Property, plant and equipment consist of the following:
Depreciation expense was $2.5 million and $2.2 million, respectively, for the three months ended September 30, 2024 and 2023 and $7.1 million and $6.5 million, respectively, for the nine months ended September 30, 2024 and 2023. 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 September 30, 2024, a total of $2.1 million of property was classified as assets held for sale within other current assets on the accompanying condensed consolidated balance sheets related to property in Glen Rock, Pennsylvania and several buildings in Zhongshan, PRC. At December 31, 2023, a total of $1.3 million of property was classified as assets held for sale within other current assets on the accompanying condensed consolidated balance sheets related solely to the buildings in Zhongshan, PRC. |
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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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Note 2 - Investment in Innolectric |
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Investment [Text Block] |
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 a separate 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 Solutions and Protection segment and amounted to losses of $0.2 million and $0.3 million during the three and nine months ended September 30, 2024, 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 three and nine months ended September 30, 2024, the Company provided incremental loans to innolectric in the amount of €0.2 million and €0.9 million, respectively. As of September 30, 2024 and December 31, 2023, the Company had loans outstanding to innolectric in the aggregate amount of €2.8 million (approximately $3.0 million at the September 30, 2024 exchange rate) and €2.0 million (approximately $2.1 million at the December 31, 2023 exchange rate), respectively. 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, 2024 and December 31, 2023.
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- References No definition available.
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- Definition The entire disclosure for investment. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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