BELFB Bel Fuse Inc

 

 

  

CAUTIONARY NOTICE REGARDING FORWARD-LOOKING INFORMATION

 

The terms the “Company,” “Bel,” “we,” “us,” and “our” as used in this report refer to Bel Fuse Inc. and its consolidated subsidiaries unless otherwise specified.

 

The Company’s consolidated operating results are affected by a wide variety of factors that could materially and adversely affect revenues and profitability, including the risk factors described in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (our “2023 Annual Report on Form 10-K”), and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file from time to time with the Securities and Exchange Commission ("SEC"). As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, consolidated financial condition, operating results, and common stock prices.  Furthermore, this document and other reports and documents filed by the Company with the SEC contain certain forward-looking statements under the Private Securities Litigation Reform Act of 1995 ("Forward-Looking Statements") with respect to the business of the Company.  Forward-Looking Statements are necessarily subject to risks and uncertainties, many of which are outside our control, that could cause actual results to differ materially from these statements. Forward-Looking Statements can be identified by such words as "anticipates," "believes," "plan," "assumes," "could," "should," "estimates," "forecasts," "projects," "expects," "intends," "potential," "seek," "predict," "may," "will" and similar references to future periods.  All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are Forward-Looking Statements.

 

These Forward-Looking Statements are subject to certain risks and uncertainties, including those detailed in Item 1A of our 2023 Annual Report on Form 10-K, and the risks and other factors described in this and our other Quarterly Reports on Form 10-Q, and in our other reports and documents that we have filed or may file from time to time with the SEC, which could cause actual results to differ materially from these Forward-Looking Statements.  Any Forward-Looking Statements are qualified in the entirety by reference to such risk factors discussed throughout our 2023 Annual Report on Form 10-K, in this and our other Quarterly Reports on Form 10-Q and as described in our other reports and documents filed from time to time with the SEC.  Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections contained in the Forward-Looking Statements include but are not limited to:

 

●

the market concerns facing our customers, and risks for the Company’s business in the event of the loss of certain substantial customers;

 

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the continuing viability of sectors that rely on our products;

 

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the effects of business and economic conditions, and challenges impacting the macroeconomic environment generally and/or our industry in particular;

 

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the effects of rising input costs, and cost changes generally, including the potential impact and effects of inflationary pressures;

 

●

difficulties associated with integrating previously acquired companies, and any difficulties that may be experienced in integrating Enercon Technologies, Ltd. (“Enercon”) following the closing of the proposed Enercon acquisition;

 

●

capacity and supply constraints or difficulties, including supply chain constraints or other challenges;

 

●

the impact of public health crises (such as the governmental, social and economic effects of COVID or other future epidemics or pandemics);

 

●

difficulties associated with the availability of labor, and the risks of any labor unrest or labor shortages;

 

●

risks associated with our international operations, including our substantial manufacturing operations in the People’s Republic of China (the “PRC”), and following the acquisition of Enercon, risks associated with operations in Israel, which may be adversely affected by political or economic instability, major hostilities or acts of terrorism in the region;

 

●

risks associated with restructuring programs or other strategic initiatives, including any difficulties in implementation or realization of the expected benefits or cost savings;

 

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product development, commercialization or technological difficulties;

 

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the regulatory and trade environment, including the potential effects of trade restrictions that may impact Bel, its customers and/or its suppliers;

 

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risks associated with fluctuations in foreign currency exchange rates and interest rates;

 

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uncertainties associated with legal proceedings;

 

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the market's acceptance of the Company's new products and competitive responses to those new products;

 

	●	the impact of changes to U.S. and applicable foreign legal and regulatory requirements, including tax laws, trade and tariff policies;
	●	unanticipated difficulties, delays or expenditures relating to the proposed Enercon acquisition, including, without limitation, difficulties that result in the failure to realize the expected benefits and synergies within the expected time period (if at all); disruptions of Company’s or Enercon’s current plans, operations and relationships with customers, suppliers, distributors, business partners and regulators caused by the announcement and pendency of the proposed Enercon acquisition; potential difficulties in employee retention due to the announcement and pendency of the proposed Enercon acquisition; and the possibility that the proposed Enercon acquisition does not close, including, but not limited to, failure to satisfy the closing conditions; and
	●	market and economic factors impacting Enercon’s business, including trends in demand in Enercon’s aerospace and defense end markets which can be cyclical, as well as the impact of any reductions in defense spending.

 

The foregoing list sets forth some, but not all, of the factors that could affect our ability to achieve results described in any Forward-Looking Statements, which speak only as of the date of this Quarterly Report on Form 10-Q or the date of the document incorporated by reference into this report. Except as required by law, we assume no obligation and expressly disclaim any duty to publicly release the results of any revisions to these Forward-Looking Statements or otherwise update any Forward-Looking Statement to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect the occurrence of unanticipated events. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any Forward-Looking Statements contained in this Quarterly Report on Form 10-Q. Any Forward-Looking Statement made by the Company is based only on information currently available to us and speaks only as of the date on which it is made. All Forward-Looking Statements are expressly qualified in their entirety by the cautionary statements contained in this section.

 

 

PART I.  Financial Information

 

Item 1.  Financial Statements (Unaudited)

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share data)

(unaudited)

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(in thousands)

(unaudited)

  

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(in thousands, except per share data)

 (unaudited)

 

 

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

 

 

See accompanying notes to unaudited condensed consolidated financial statements.

 

 

BEL FUSE INC. AND SUBSIDIARIES

NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

 

1.	BASIS OF PRESENTATION AND ACCOUNTING POLICIES

 

The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three and nine months ended September 30, 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:

 

		Amortized Cost				Gross Unrealized Gain				Fair Value
Held to maturity U.S. Treasury securities		$	29,541			$	705			$	30,246

 

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.

 

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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.

 

2.	INVESTMENT IN INNOLECTRIC

 

On February 1, 2023, the Company closed on a noncontrolling (one-third) investment in Germany-based innolectric AG (“innolectric”) for consideration of €8.0 million (approximately $8.8 million as of the February 2023 closing). Transaction costs associated with the Company's investment in innolectric amounted to $1.3 million and these costs have been recorded as part of the carrying value of the investment. Under the terms of the investment agreement, if innolectric achieves certain EBITDA thresholds within a specified timeframe, the Company would be committed to acquiring the remaining shares of innolectric at that time. The accompanying condensed consolidated balance sheet reflects the fair value as of the February 2023 closing of the initial one-third equity method investment, inclusive of transaction costs, of $11.0 million, and 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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3.	ACQUISITION AND DIVESTITURE

 

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:

 

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

 

4.

REVENUE

 

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

 

		Three Months Ended September 30, 2024																Nine Months Ended September 30, 2024
		Power Solutions and Protection				Connectivity Solutions				Magnetic Solutions				Consolidated				Power Solutions and Protection				Connectivity Solutions				Magnetic Solutions				Consolidated
By Geographic Region:
North America		$	30,806			$	42,414			$	7,335			$	80,555			$	109,552			$	131,678			$	20,808			$	262,038
Europe			13,172				11,422				1,315				25,909				44,115				32,100				3,649				79,864
Asia			4,702				1,879				10,593				17,174				13,811				4,044				25,176				43,031
		$	48,680			$	55,715			$	19,243			$	123,638			$	167,478			$	167,822			$	49,633			$	384,933
By Sales Channel:
Direct to customer		$	32,960			$	34,085			$	13,398			$	80,443			$	109,357			$	104,583			$	34,977			$	248,917
Through distribution			15,720				21,630				5,845				43,195				58,121				63,239				14,656				136,016
		$	48,680			$	55,715			$	19,243			$	123,638			$	167,478			$	167,822			$	49,633			$	384,933

   

		Three Months Ended September 30, 2023																Nine Months Ended September 30, 2023
		Power Solutions and Protection				Connectivity Solutions				Magnetic Solutions				Consolidated				Power Solutions and Protection				Connectivity Solutions				Magnetic Solutions				Consolidated
By Geographic Region:
North America		$	55,262			$	42,841			$	12,980			$	111,083			$	182,183			$	130,086			$	34,680			$	346,949
Europe			13,759				7,500				1,545				22,804				43,266				25,462				6,976				75,704
Asia			5,841				1,430				17,524				24,795				19,685				4,462				53,003				77,150
		$	74,862			$	51,771			$	32,049			$	158,682			$	245,134			$	160,010			$	94,659			$	499,803
By Sales Channel:
Direct to customer		$	52,507			$	31,369			$	25,021			$	108,897			$	174,143			$	101,063			$	70,700			$	345,906
Through distribution			22,355				20,402				7,028				49,785				70,991				58,947				23,959				153,897
		$	74,862			$	51,771			$	32,049			$	158,682			$	245,134			$	160,010			$	94,659			$	499,803

        

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The balances of the Company’s contract assets and contract liabilities at  September 30, 2024 and December 31, 2023 are as follows:

 

		September 30,				December 31,
		2024				2023
Contract assets - current (unbilled receivables)		$	5,312			$	12,793
Contract liabilities - current (deferred revenue)		$	2,579			$	3,046

 

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.

   

5.	EARNINGS PER SHARE

 

The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the three and nine months ended September 30, 2024 and 2023:

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Numerator:
Net earnings		$	8,080			$	19,448			$	42,760			$	61,795
Less dividends declared:
Class A			125				128				381				385
Class B			715				745				2,190				2,235
Undistributed earnings		$	7,240			$	18,575			$	40,189			$	59,175
Undistributed earnings allocation:
Class A undistributed earnings		$	1,172			$	2,989			$	6,491			$	9,522
Class B undistributed earnings			6,068				15,586				33,698				49,653
Total undistributed earnings		$	7,240			$	18,575			$	40,189			$	59,175
Net earnings allocation:
Class A net earnings		$	1,297			$	3,117			$	6,872			$	9,907
Class B net earnings			6,783				16,331				35,888				51,888
Net earnings		$	8,080			$	19,448			$	42,760			$	61,795
Denominator:
Weighted-average shares outstanding:
Class A			2,116				2,142				2,126				2,142
Class B			10,434				10,636				10,512				10,636
Net earnings per share:
Class A		$	0.61			$	1.46			$	3.23			$	4.63
Class B		$	0.65			$	1.54			$	3.41			$	4.88

  

6.	FAIR VALUE MEASUREMENTS

 

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

 

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

 

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

 

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

 

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		September 30, 2024
		Carrying value				Fair value				Cash and cash equivalents				Other Current Assets
Cash		$	74,555			$	74,555			$	74,555			$	-
Level 1:
Money market funds			58,208				58,208				58,208				-
Money market funds (Rabbi Trust)			685				685				-				685
Subtotal			58,893				58,893				58,208				685
Level 2:
Certificates of deposit and time deposits			3,329				3,708				1,503				1,827
Subtotal			3,329				3,708				1,503				1,827
Total		$	136,777			$	137,156			$	134,266			$	2,512

 

		December 31, 2023
		Carrying value				Fair value				Cash and cash equivalents				Other Current Assets
Cash		$	57,544			$	57,544			$	57,544			$	-
Level 1:
Money market funds			31,188				31,188				31,188				-
Money market funds (Rabbi Trust)			303				303				-				303
Subtotal			31,491				31,491				31,188				303
Level 2:
Certificates of deposit and time deposits			3,629				3,926				639				2,990
Subtotal			3,629				3,926				639				2,990
Total		$	92,664			$	92,961			$	89,371			$	3,293

 

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:

   

	Balance Sheet Classification		September 30, 2024				December 31, 2023
Derivative assets:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current assets		$	93			$	-
Non designated as hedging instruments	Other current assets			-				486
Interest rate swap agreements:
Designated as a cash flow hedge	Other assets			2,478				3,960
Total derivative assets			$	2,571			$	4,446
Derivative liabilities:
Foreign currency forward contracts:
Designated as cash flow hedges	Other current liabilities		$	-			$	5
Not designated as hedging instruments	Other current liabilities			728				-
Total derivative liabilities			$	728			$	5

 

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.

  

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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.  

 

7.	INVENTORIES

 

The components of inventories are as follows:

 

		September 30,				December 31,
		2024				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

  

8.	PROPERTY, PLANT AND EQUIPMENT

 

Property, plant and equipment consist of the following:

 

		September 30,				December 31,
		2024				2023
Land		$	122			$	348
Buildings and improvements			13,656				15,286
Machinery and equipment			100,933				98,527
Construction in progress			3,003				1,567
			117,714				115,728
Accumulated depreciation			(80,979	)			(79,195	)
Property, plant and equipment, net		$	36,735			$	36,533

 

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. 

 

  

9.	ACCRUED EXPENSES

 

Accrued expenses consist of the following:

 

		September 30,				December 31,
		2024				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
		$	42,109			$	54,657

 

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:

 

						Nine Months Ended
						September 30, 2024
		Liability at								Cash Payments				Liability at
		December 31,				New				and Other				September 30,
		2023				Charges				Settlements				2024
Severance costs		$	1,551			$	1,219			$	(2,367	)		$	403
Other restructuring costs			3,947				571				29				4,547
Total		$	5,498			$	1,790			$	(2,338	)		$	4,950

 

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.

10.	DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

 

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

 

Foreign Currency Forward Contracts

 

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

 

We held outstanding foreign currency forward contracts with notional amounts of $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. 

  

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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: 

    

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Net (losses) gains recognized in AOCL:
Foreign currency forward contracts		$	223			$	(385	)		$	35			$	(1,837	)
Interest rate swap agreements			(892	)			698				394				1,641
		$	(669	)		$	313			$	429			$	(196	)
Net gains (losses) reclassified from AOCL to the consolidated statement of operations:
Foreign currency forward contracts		$	(50	)		$	(311	)		$	(401	)		$	(197	)
Interest rate swap agreements			638				602				1,875				1,650
		$	588			$	291			$	1,474			$	1,453

   

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: 

 

			Three Months Ended								Nine Months Ended
			September 30,								September 30,
	Classification in Consolidated Statements of Operations		2024				2023				2024				2023
Foreign currency forward contracts	Other (expense) income, net		$	(13	)		$	54			$	249			$	88
			$	(13	)		$	54			$	249			$	88

   

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11.

DEBT

 

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.

   

12.	INCOME TAXES

 

The Company's estimated taxable income in future periods is not on a legal entity basis and therefore income tax expense for the interim period is not measured using the annual effective tax rate ("AETR") method. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 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.

 

13.	RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS

 

The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended. The expense for the three months ended September 30, 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:

 

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				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

  

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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:

 

		September 30,				December 31,
		2024				2023
Prior service cost		$	153			$	212
Net loss			(1,336	)			(1,336	)
		$	(1,183	)		$	(1,124	)

  

14.	ACCUMULATED OTHER COMPREHENSIVE LOSS

 

The components of accumulated other comprehensive loss at  September 30, 2024 and December 31, 2023 are summarized below:

 

		September 30,				December 31,
		2024				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	)

 

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:

  

		Foreign Currency				Unrealized Gains on				Unrealized Holding
		Translation				Interest Rate Swap				Gains on				Unfunded
		Adjustment				Cash Flow Hedge				Marketable Securities				SERP Liability					Total
Balance at December 31, 2023		$	(16,423	)		$	3,960			$	19			$	407				$	(12,037	)
Other comprehensive (loss) income before reclassifications			916				393				1				92					1,402
Amount reclassified from accumulated other comprehensive loss			401				(1,875	)			-				(46	)	(a)			(1,520	)
Net current period other comprehensive (loss) income			1,317				(1,482	)			1				46					(118	)
Balance at September 30, 2024		$	(15,106	)		$	2,478			$	20			$	453				$	(12,155	)

 

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

 

  

15.	COMMITMENTS AND CONTINGENCIES

 

Legal Proceedings

 

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

 

On June 23, 2021, a patent infringement lawsuit styled Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc., Case Number 6:21cv00655, was filed in the United States District Court for the Western District of Texas (Waco Division) by Bel Power Solutions, Inc. against Monolithic Power Systems, Inc. ("MPS") for infringement of various patents directed towards systems, methods and articles of manufacture that provide a substantial improvement in power control for circuits, including novel and unique point-of-load regulators. On July 27, 2023, the Western District of Texas court filed an Order granting MPS’s motion for summary judgment of non-infringement. The Court’s memorandum and opinion is forthcoming. The Company is evaluating its options for appeal.

 

In connection with the Company's 2014 acquisition of the Power-One Power Solutions business ("Power Solutions") of ABB Ltd., there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or “BPS China”) for the years 2004 to 2006. In September 2012, the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013, the Arezzo Revenue Agency filed an appeal of the Tax Court’s ruling. The hearing of the appeal was held on October 2, 2014.  On October 13, 2014, BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. An appeal was filed on July 18, 2015 before the Regional Tax Commission of Florence and rejected. On December 5, 2016, the Arezzo Revenue Agency filed an appeal with the Supreme Court and BPS China filed a counter-appeal on January 4, 2017. The Supreme Court 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”.

 

 

  

16.

SEGMENTS

 

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:

  

		Three Months Ended September 30, 2024
		Power Solutions				Connectivity				Magnetic
		and Protection				Solutions				Solutions				Corporate				Total
Revenue		$	48,680			$	55,715			$	19,243			$	-			$	123,638
Gross Profit			19,167				20,405				5,245				(140	)			44,677
Gross Profit %			39.4	%			36.6	%			27.3	%			nm				36.1	%

  

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

     

		Nine Months Ended September 30, 2024
		Power Solutions				Connectivity				Magnetic
		and Protection				Solutions				Solutions				Corporate				Total
Revenue			$ 167,478				$ 167,822				$ 49,633				$ -				$ 384,933
Gross Profit			72,419				62,535				11,861				(664)				146,151
Gross Profit %			43.2%				37.3%				23.9%				nm				38.0%

   

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

 

   

18

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Table of Contents

   

Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operation

 

The information in this Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) should be read in conjunction with the Company’s condensed consolidated financial statements and the related notes set forth in Item 1 of Part I of this Quarterly Report on Form 10-Q, our MD&A set forth in Item 7 of Part II of our 2023 Annual Report on Form 10-K and our consolidated financial statements and related notes set forth in Item 8 of Part II of our 2023 Annual Report on Form 10-K. See Part II, Item 1A, “Risk Factors,” below and “Cautionary Notice Regarding Forward-Looking Information,” above, and the information referenced therein, for a description of risks that we face and important factors that we believe could cause actual results to differ materially from those in our Forward-Looking Statements. All amounts and percentages are approximate due to rounding and all dollars in the text are in millions, except per share amounts or where otherwise noted. When we cross-reference to a “Note,” we are referring to our “Notes to Condensed Consolidated Financial Statements” included in Part I, Item 1, of this Quarterly Report on Form 10-Q, unless the context indicates otherwise.  All amounts noted within the tables are in thousands and amounts and percentages are approximate due to rounding.

 

Overview

 

Our Company

 

We design, manufacture and market a broad array of products that power, protect and connect electronic circuits. These products are primarily used in the networking, telecommunications, computing, general industrial, high-speed data transmission, military, commercial aerospace, transportation and eMobility industries. Our portfolio of products also finds application in the automotive, medical and consumer electronics markets.

 

We operate through three product group segments. In the nine months ended September 30, 2024, 43% of our revenues were derived from Power Solutions and Protection, 44% from our Connectivity Solutions and 13% from our Magnetic Solutions operating segment.

 

Our operating expenses are driven principally by the cost of labor where the factories that we use are located, the cost of the materials that we use and our ability to effectively and efficiently manage overhead costs. As labor and material costs vary by product line and region, any significant shift in product mix can have an associated impact on our costs of sales. Costs are recorded as incurred for all products manufactured. Such amounts are determined based upon the estimated stage of production and include materials, labor cost and fringes and related allocations of factory overhead. Our products are manufactured at various facilities in the United States, Mexico, Dominican Republic, United Kingdom, Slovakia, India and the People’s Republic of China (PRC).

 

We have little visibility into the ordering habits of our customers and we can be subjected to large and unpredictable variations in demand for our products. Accordingly, we must continually recruit and train new workers to replace those lost to attrition and be able to address peaks in demand that may occur from time to time. These recruiting and training efforts and related inefficiencies, and overtime required in order to meet any increase in demand, can add volatility to the labor costs incurred by us.

 

Recent Developments – Agreement to Acquire Enercon

 

On September 18, 2024, we 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 our 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, we 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 us to extend our 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 preceding discussion of the proposed Enercon acquisition contains Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."

 

Key Factors Affecting our Business 

 

We believe that in addition to recent global inflationary pressures on the costs of goods and services in general, and ongoing conflicts/political unrest including in or near the countries in which Bel operates, the key factors affecting and/or potentially affecting our results for the nine months ended September 30, 2024 and/or future results include the following:

 

•

Revenues – Our revenues in the first nine months of 2024 were down $114.9 million, or 23.0% as compared to the same period of 2023. The decrease was driven by our Power Solutions and Protection and Magnetics Solutions segments and largely related to lower demand from our networking customers and distribution partners as we believe they continue to work through inventory on hand. These decreases were offset in part by a modest increase in sales at our Connectivity Solutions group, driven by increased sales through our distribution channels and aerospace and defense end markets.

 

•

Backlog – Our backlog of orders amounted to $287.4 million at September 30, 2024, a decrease of $85.7 million, or 23%, from December 31, 2023. From year-end 2023 to September 30, 2024, we saw a 33% decrease in the backlog for our Power Solutions and Protection business, a decline in backlog of 17% in our Magnetic Solutions business and a 5% decrease in backlog level at our Connectivity Solutions business. While order volumes in general have been lower in recent quarters, we saw the highest booking level in the third quarter of 2024 since the third quarter of 2023.

 

•

Product Mix – Material and labor costs vary by product line and any significant shift in product mix between higher- and lower-margin product lines will have a corresponding impact on our gross margin percentage. In general, our Connectivity products have historically had the highest contribution margins of our three product groups given the harsh environment and high-reliability nature of these products and the end markets they serve. Our Power products have a higher-cost bill of materials and are impacted to a greater extent by changes in material costs. As our Magnetic Solutions products are more labor-intensive in nature, margins on these products are impacted to a greater extent by minimum and market-based wage increases in the PRC and fluctuations in foreign exchange rates between the U.S. Dollar and the Chinese Renminbi. Fluctuations in revenue volume among our product groups will have a corresponding impact on our profit margins. See "Results of Operations - Summary by Operating Segment - Revenue and Gross Margin" below for further details.

 

•

Pricing and Availability of Materials – There has been some stabilization of raw materials pricing since late 2023; however overall our cost of materials remains elevated. Supply constraints have eased related to components that constitute raw materials in our manufacturing processes, particularly with capacitors, resistors and copper. Lead times are still above normal though suppliers are now meeting the agreed delivery deadlines with more regularity. In addition, COVID remains a potential supply continuity risk due to the unknown nature of future outbreaks including potential further variants. Additionally, our access to parts or materials, and our ability to contract with suppliers utilized previously, may be limited or prohibited from time to time by trade restrictions or other legal or regulatory enactments. We anticipate continued downward pressure on our Power sales given trade restrictions on one of our former suppliers previously utilized for this segment, which had historically supported approximately $3 to $4 million per quarter of our sales into the consumer end market. We are currently evaluating alternative manufacturing options for the components previously supplied by this manufacturer. To the extent our suppliers in the PRC are negatively impacted by new or amended regulations, any such negative implications could adversely impact our supply chain, including in the form of increased costs, disruptions, shortages or unavailability of product or component parts, and/or other deleterious consequences, which could materially adversely affect our business and operating results. The preceding discussion of "Pricing and Availability of Materials" contains Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."

 

•

Labor Costs – Labor costs represented 7.8% of revenue during the first nine months of 2024 as compared to 6.5% of revenue during the same period of 2023. The period-over-period increase in labor costs as a percentage of sales for the first nine months of 2024 was largely impacted by the retention of a certain level of direct labor associates within our Magnetic Solutions business to accommodate the anticipated rebound within this segment. In addition, effective January 1, 2024, the statutory minimum wage rate in Mexico was increased by 20%, impacting labor costs at our Reynosa and Cananea, Mexico factories. We estimate the additional cost associated with this increase will be approximately $1.4 million annually. Also effective January 1, 2024, minimum wage increases which went into effect at our factory in Slovakia are expected to result in approximately $0.3 million of higher labor costs at that facility in 2024 as compared to 2023. This and any future increases in minimum wage rates will have an unfavorable impact on Bel's profit margins. The preceding five sentences represent Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."

 

•

Inflationary Pressures - Inflationary pressures could continue to result in higher input costs, including those related to our raw materials, labor, freight, utilities, healthcare and other expenses. Our future operating results will depend, in part, on our continued ability to manage these fluctuations through pricing actions, cost savings initiatives and sourcing decisions. The preceding two sentences contain Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."

 

•

Restructuring – In late 2023, we initiated a restructuring initiative within our Connectivity segment related to the transition of certain manufacturing from our Glen Rock, Pennsylvania facility to other existing Bel sites (the “Glen Rock initiative”). During the third quarter of 2024, we initiated a restructuring initiative within our Power segment related to the transition of our fuse manufacturing to other existing sites (the "Fuse initiative"). In addition to the Fuse initiative and the Glen Rock initiative, the Company also implemented headcount reductions within our Magnetics segment in response to the lower sales volume in recent quarters within that segment. In connection with these initiatives, the Company incurred $1.1 million and $1.8 million during the three and nine months ended September 30, 2024, respectively, which primarily consisted of severance costs. The Glen Rock initiative is expected to be complete by the end of 2024 at a total cost to implement of $0.6 million (almost all of which was incurred during the nine months ended September 30, 2024). Annual cost savings related to the Glen Rock initiative are estimated at $2.5 million (of this initial annualized amount, $1.5 million is expected to be realized throughout 2024, with the incremental $1.0 million to be realized in 2025). The Fuse initiative is expected to be complete by the end of the first quarter of 2025 at a total cost to implement of $4.2 million (of which $0.2 million was incurred in the third quarter of 2024, $2.1 million is expected to be incurred in the fourth quarter of 2024, with the balance to be incurred in early 2025). Annual cost savings related to the Fuse initiative are estimated at $1.5 million and are expected to be realized beginning in the second quarter of 2025. The Company will continue to review its operations to optimize the business, which may result in restructuring costs being recognized in future periods. The preceding statements about restructuring initiatives, including our projections and estimates, represent Forward-Looking Statements. See "Cautionary Notice Regarding Forward-Looking Information."

 

•

Impact of Foreign Currency – As further described below, during the nine months ended September 30, 2024, labor and overhead costs were $0.7 million lower than the corresponding 2023 period primarily due to a favorable foreign exchange environment involving the Chinese Renminbi, as compared to the prior year period. We realized foreign exchange transactional loss of $1.3 million during the nine months ended September 30, 2024, due to the fluctuation of the spot rates of certain currencies in effect when translating our balance sheet accounts at September 30, 2024 versus those in effect at December 31, 2023. Since we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into U.S. dollars. Due to the changes in the value of foreign currencies relative to the U.S. dollar, translating our financial results and the revaluation of certain intercompany as well as third-party transactions to and from foreign currencies to U.S. dollars may result in a favorable or unfavorable impact to our consolidated statements of operations and cash flows. We were favorably impacted by transactional foreign exchange gains in the first nine months of 2024 due to the depreciation of the Chinese Renminbi against the U.S. dollar, as compared to exchange rates in effect during 2023. We have significant manufacturing operations located in in the PRC where labor and overhead costs are paid in local currency. As a result, the U.S. Dollar equivalent costs of these operations were approximately $0.7 million lower in the PRC, in the nine months ended September 30, 2024 as compared to the comparable period in 2023. We monitor changes in foreign currencies and have historically implemented foreign currency forward contracts, and may continue to implement pricing actions to help mitigate the impact that changes in foreign currencies may have on our consolidated operating results. The preceding sentence represents a Forward-Looking Statement. See "Cautionary Notice Regarding Forward-Looking Information."

 

•

Effective Tax Rate – Our effective tax rate will fluctuate based on the geographic regions in which our pretax profits are earned. Of the geographic regions in which we operate, the U.S. and Europe’s tax rates are generally equivalent; and Asia has the lowest tax rates of our three geographical regions. See Note 12, “Income Taxes”.

 

 

Results of Operations - Summary by Operating Segment

 

Revenue and Gross Margin 

 

Our revenue and gross margin by operating segment for the three and nine months ended September 30, 2024 and 2023 were as follows:

 

		Three Months Ended																Nine Months Ended
		September 30,																September 30,
		Revenue								Gross Margin								Revenue								Gross Margin
		2024				2023				2024				2023				2024				2023				2024				2023
Power solutions and protection		$	48,680			$	74,862				39.4	%			41.7	%		$	167,478			$	245,134				43.2	%			37.5	%
Connectivity solutions			55,715				51,771				36.6	%			35.8	%			167,822				160,010				37.3	%			35.8	%
Magnetic solutions			19,243				32,049				27.3	%			22.0	%			49,633				94,659				23.9	%			23.0	%
		$	123,638			$	158,682				36.1	%			35.0	%		$	384,933			$	499,803				38.0	%			32.9	%

 

Power Solutions and Protection: 

 

Sales of our Power Solutions and Protection products were lower by $26.2 million (35.0%) and $77.7 million (31.7%) during the three and nine months ended September 30, 2024, respectively, as compared to the same periods of 2023. The decrease resulted primarily from a decline in sales of our power products into networking applications of $15.9 million (52.0%) during the third quarter of 2024 and $49.1 million (49.1%) during the nine months ended September 30, 2024 as compared to the same periods of 2023. Sales of our CUI products were down by $6.1 million (50.5%) and $17.2 million (41.7%) during the three and nine months ended September 30, 2024, respectively, as compared to the same periods of 2023. Sales of products into the eMobility end market decreased by $3.3 million and $9.0 million, and our circuit protection products declined by $0.2 million and $2.3 million during the third quarter and nine months ended September 30, 2024, respectively, compared to the corresponding periods of 2023. These areas of decline were partially offset by a $2.6 million and $9.1 million increase in sales of our rail products during the third quarter and nine months ended September 30, 2024, respectively, compared to the same periods of 2023.

 

Our gross margin for the Power segment declined in the third quarter of 2024 compared to the same period of 2023 due to lower sales and an unfavorable shift in product mix. This decline was result of lower sales volume, partially offset with the favorable exchange rates with the Chinese Renminbi versus the U.S. dollar. 

 

Connectivity Solutions:

 

Sales of our Connectivity Solutions products increased by $3.9 million (7.6%) and $7.8 million (4.9%) during the three and nine months ended September 30, 2024, respectively, as compared to the same period of 2023. This increase was primarily due to increased volume of Connectivity Solutions products sold through our distribution channels, providing incremental growth of $1.2 million (6.1%) during the third quarter and $4.3 million (7.3%) during the nine-month period ended September 30, 2024, as compared to the same periods of 2023. Sales of Connectivity products into the military end market grew $0.5 million (1.5%) during the nine months ended September 30, 2024, as compared to the same period of 2023. Gross margins for the 2024 periods presented above were favorably impacted by pricing actions on certain contract renewals and operational efficiencies from the facility consolidations completed in 2023, partially offset by higher wage rates in Mexico and an unfavorable fluctuation in exchange rates between the U.S. dollar and Mexican peso in the 2024 periods as compared to the 2023 periods presented.  

 

Magnetic Solutions:

 

Sales of our Magnetic Solutions products declined by $12.8 million (40.0%) and $45.0 million (47.6%) during the three and nine months ended September 30, 2024, respectively, as compared to the same periods of 2023. Reduced demand for our Magnetic Solutions products from our networking customers and through our distribution channels has been the primary driver of the lower demand as we believe by these customers continue to work through inventory on hand. The lower sales volume, partially offset by favorable exchange rates with the Chinese Renminbi versus the U.S. dollar, were the primary drivers of gross margin reduction for this product group during the first nine months of 2024 as compared to the same period of 2023. 

 

Cost of Sales

 

Cost of sales as a percentage of revenue for the three and nine months ended September 30, 2024 and 2023 consisted of the following:

  

		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2024				2023				2024				2023
Material costs			31.7	%			40.5	%			29.2	%			41.8	%
Labor costs			7.8	%			6.2	%			7.8	%			6.5	%
Other expenses			24.4	%			18.3	%			25.0	%			18.8	%
Total cost of sales			63.9	%			65.0	%			62.0	%			67.1	%

  

Material costs as a percentage of sales during the three and nine months ended September 30, 2024 were lower compared to the same periods of 2023, due to a shift in production mix, the stabilization of raw material pricing, shorter lead times, and better procurement efforts. Labor costs in the 2024 periods as a percentage of sales have increased compared to the each of the third quarter and first nine months of 2023 due to lower sales volume, a shift in product mix, an unfavorable fluctuation of the Mexican Peso exchange rate versus the U.S. Dollar in 2024 compared to the previous year, and the increase in statutory minimum wage rate in Mexico. This increase in labor cost was partially offset by lower labor costs in China due to the favorable fluctuation in the Chinese Renminbi exchange rate versus the U.S. Dollar.

 

The other expenses noted in the table above include fixed cost items such as support labor and fringe, depreciation and amortization, and facility costs (rent, utilities, insurance). The percentage of other expenses as a cost of sales has increased during the three and nine months ended September 30, 2024 relative to the corresponding 2023 periods, due to the lower sales volume in the 2024 periods presented as compared to the same periods of 2023.

 

 

Research and Development ("R&D") Expense

 

R&D expense remained relatively steady and amounted to $5.4 million and $5.3 million during the three months ended September 30, 2024 and 2023, respectively and $16.7 million and $16.5 million for the nine-month periods ended September 30, 2024 and 2023, respectively.
 

Selling, General and Administrative Expense (“SG&A”)

 

SG&A expenses were $26.7 million for the third quarter of 2024, an increase from $23.7 million in the third quarter of 2023. This increase in SG&A was largely the result of a $4.3 million increase in professional fees related to the acquisition of Enercon expected to close in the fourth quarter of 2024. Salaries and fringe benefits also increased by $0.7 million and there was an increase of $0.4 million in a variety of other expenses, including amortization, advertising and travel. These increases were largely offset by lower variable organizational compensation by $0.7 million and lower business promotion expenses of $0.3 million in the third quarter of 2024 as compared to the third quarter of 2023 due to the lower sales base in the 2024 period.

 

SG&A expenses were $75.8 million for the first nine months of 2024, up from $74.1 million in the same period of 2023. This increase in SG&A was largely the result of a $4.3 million increase in professional fees related to the acquisition of Enercon, offset by a $3.7 million decline in legal fees largely due to costs associated with the aforementioned MPS patent infringement lawsuit further described in Note 15, "Commitments and Contingencies", which did not recur in the first nine months of 2024. Salaries and fringe benefits increased by of $2.8 million and there was also an increase of $0.4 million in a variety of other expenses, including amortization, advertising and travel in the first nine months of 2024 as compared to same period of 2023. These increases were offset by a decline of $1.3 million in commissions and a $0.5 million decline in business promotion expenses during the nine months ended September 30 2024, as compared to the same period of 2023 due to the lower sales base in the 2024 period. 

 

Other (Expense) Income, Net

 

Other (expense) income, net was ($1.3) million and ($0.1) million for the three months ended September 30, 2024 and 2023, respectively. The year-over-year change within this line item was largely driven by the market fluctuations in our SERP investments which resulted in a gain of $0.5 million and loss of $0.5 million during the three months ended September 30, 2024 and 2023, respectively. The Company also recorded losses of $0.2 million and $0.3 million associated with its investment in innolectric during the third quarters of 2024 and 2023, respectively. We also realized foreign exchange transactional losses of $1.6 million during the three-month period ended September 30, 2024 versus a gain of $0.2 million for the same period in 2023 due to the fluctuation of the spot rates of certain currencies in effect when translating our balance sheet accounts at September 30, versus those in effect at June 30, of each year. 

 

Other (expense) income, net was less than $0.1 million and ($0.3) million for the nine months ended September 30, 2024 and 2023, respectively. The year-over-year change within this line item was largely driven by the market fluctuations in our SERP investments which resulted in a gain of $1.3 million during the nine months ended September 30, 2024 and a gain of $0.3 million during the same period in 2023. The Company also recorded $0.3 million of loss associated with its investment in innolectric during the nine months ended September 30, 2024. We also realized foreign exchange transactional losses of $1.3 million during the nine months ended September 30, 2024, due to the fluctuation of the spot rates of certain currencies in effect when translating our balance sheet accounts at September 30, 2024 versus those in effect at December 31, 2023. This compares to foreign exchange transactional losses of $0.1 million recorded during the nine months ended September 30, 2023.

 

Provision for Income Taxes

 

The Company’s effective tax rate will fluctuate based on the geographic regions in which the pretax profits are earned. Of the jurisdictions in which the Company operates, the U.S. and Europe’s tax rates are generally equivalent; and Asia has the lowest tax rates of the Company’s three geographic regions. See Note 12, “Income Taxes”.

 

The provision for income taxes for the three months ended September 30, 2024 and 2023 was $3.1 million and $4.3 million, respectively. The Company’s earnings before income taxes for the three months ended September 30, 2024, were $12.6 million lower when compared with the same period in 2023, primarily attributable to a decrease in income from all of the regions. The Company’s effective tax rate was 27.8% and 18.2% for the three months ended September 30, 2024 and 2023, respectively. The change in the effective tax rate during the three months ended September 30, 2024 as compared to the same period in 2023, is primarily attributable to an increase in tax expense relating to prior period accruals, as well as a decrease in the tax benefit relating to the reversal of uncertain tax positions resulting from the expiration of certain statute of limitations. See Note 12, “Income Taxes”.

 

The provision for income taxes for the nine months ended September 30, 2024 and 2023 was $11.7 million and $8.0 million, respectively. The Company’s earnings before income taxes for the nine months ended September 30, 2024, were approximately $15.4 million lower when compared with the same period in 2023, primarily attributable to decrease in income from the North America and Asia regions, partially offset by an increase in the Europe region. The Company’s effective tax rate was 21.4% and 11.5% for the nine months ended September 30, 2024 and 2023, respectively. The change in the effective tax rate during the nine months ended September 30, 2024 as compared to the same period in 2023, is primarily attributable to an increase in tax expense relating to valuation allowances and prior period accruals as well as a decrease in the tax benefit relating to the reversal of uncertain tax positions resulting from the expiration of certain statute of limitations. See Note 12, “Income Taxes”.

 

Liquidity and Capital Resources

 

Our principal sources of liquidity include $134.3 million of cash and cash equivalents at September 30, 2024, $29.5 million of held to maturity investments in U.S. Treasury securities, cash provided by operating activities and borrowings available under our credit facility. We expect to use this liquidity for operating expenses, investments in working capital, capital expenditures, interest, taxes, dividends, purchases of common stock under our Repurchase Program, and debt obligations and other long-term liabilities. Our liquidity may also be utilized to fund potential acquisitions in future periods. We believe that our current liquidity position and future cash flows from operations will enable us to fund our operations, both in the next twelve months and in the longer term.

 

 

Cash Flow Summary

 

During the nine months ended September 30, 2024, our cash and cash equivalents increased by $44.9 million.  This increase was primarily due to the following:

 

	•	net cash provided by operating activities of $65.7 million; and
	•	proceeds from held to maturity securities of $139.3 million; partially offset by:
	•	purchases of held to maturity and marketable securities of $131.3 million;
	•	purchases of common stock under our Repurchase Program of $16.1 million;
	•	purchases of property, plant and equipment of $7.9 million; and
	•	dividend payments of $2.5 million.

 

During the nine months ended September 30, 2024, our accounts receivable decreased by $8.4 million due to lower sales volume in the third quarter. Days sales outstanding (DSO) was 57 days at September 30, 2024 and 55 days at December 31, 2023. Inventory decreased by $12.3 million at September 30, 2024 compared to December 31, 2023, as component availability has started to ease and we have worked to consume our inventory on hand. Inventory turns were 2.6 at September 30, 2024 as compared to 3.1 at December 31, 2023.

 

Cash and cash equivalents, held to maturity U.S. Treasury securities and accounts receivable comprised approximately 41.0% and 36.9% of our total assets at September 30, 2024 and at December 31, 2023, respectively. Our current ratio (i.e., the ratio of current assets to current liabilities) was4.0 to 1 at September 30, 2024 and 3.4 to 1 at December 31, 2023. At September 30, 2024 and December 31, 2023, $50.5 million and $40.9 million, respectively (or 38% and 46%, respectively), of our cash and cash equivalents was held by our foreign subsidiaries. We repatriated $11 million from outside of the U.S. during the nine months ended September 30, 2024. We continue to analyze our global working capital and cash requirements and the potential tax liabilities attributable to further repatriation, and we have yet to make any further determination regarding repatriation of funds from outside the U.S. to fund our U.S. operations in the future. In the event these funds were needed for our U.S. operations, we would be required to accrue and pay U.S. state taxes and any applicable foreign withholding taxes to repatriate these funds.

 

Future Cash Requirements

 

We expect foreseeable liquidity and capital resource requirements in the ordinary course to be met through existing cash and cash equivalents and anticipated cash flows from operations, as well as borrowings available under our revolving credit facility, if needed. Our material cash requirements arising in the normal course of business are outlined in Item 7A, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Other than cash requirements arising from the Enercon acquisition pursuant to the Enercon Purchase Agreement expected to close in the fourth quarter of 2024 as described in the immediately following paragraph, there were no material changes to our future cash requirements during the nine months ended September 30, 2024.

 

In September 2024, the Company entered into the Enercon Purchase Agreement, as further described above in "Recent Developments - Agreement to Acquire Enercon". The transaction is expected to close during 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. Pursuant to the terms and conditions of the Enercon Purchase Agreement, there is $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.

 

Credit Facility

 

In September 2021, we entered into the Existing Credit Agreement, as further described in Note 11, "Debt". During January 2023, we amended the Existing 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. 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 our total funded indebtedness, on a consolidated basis, less the aggregate amount of all unencumbered cash and cash equivalents, to the amount of our consolidated EBITDA (“Leverage Ratio”) and (ii) the ratio of the amount of our consolidated EBITDA to our 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, as further described in Note 11, to increase the Maximum Revolving Amount available under the Existing Credit Agreement’s revolving credit facility by an aggregate of $150 million 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, on September 18, 2024, Bel entered into a Second Amendment which 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. 

 

At September 30, 2024, we were in compliance with our debt covenants, including the most restrictive covenant, the Fixed Charge Coverage Ratio. The unused credit available under the credit facility at September 30, 2024 was $115.0 million, all of which we had the ability to borrow without violating our Leverage Ratio covenant based on our existing consolidated EBITDA.

 

Critical Accounting Policies and Estimates

 

Our condensed consolidated financial statements include certain amounts that are based on management's best estimates and judgments. We base our estimates on historical experience and on various other assumptions, including in some cases future projections, that are believed to be reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Different assumptions and judgments could change the estimates used in the preparation of the condensed consolidated financial statements, which, in turn, could change the results from those reported. Management evaluates its estimates, assumptions and judgments on an ongoing basis.

 

Based on the above, we have determined that our most critical accounting estimates are those related to business combinations, inventory valuation, goodwill and other indefinite-lived intangible assets, and those related to our pension benefit obligations. For a detailed discussion of our critical accounting estimates, refer to “Critical Accounting Estimates” in Item 7 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. There have been no material changes in our critical accounting policies, judgments and estimates, including assumptions or estimation techniques utilized, as compared to those disclosed in our 2023 Annual Report on Form 10-K.

 

 

Recent Accounting Pronouncements

 

The discussion of new financial accounting standards applicable to our Company is incorporated herein by reference to Note 1, “Basis of Presentation and Accounting Policies”.

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

The Company is exposed to market risk primarily from changes in foreign currency exchange rates and changes in interest rates associated with its long-term debt. Under the Company’s risk management strategy, the Company periodically uses foreign currency forward contracts to manage its short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. To partially mitigate risks associated with the variable interest rates on revolver borrowings under the Company's credit agreement (see Note 11, “Debt”, to the condensed consolidated financial statements herein, and Note 11, “Debt”, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023), the Company maintains two pay-fixed, receive-variable interest rate swap agreements with two multinational financial institutions (see Note 10, “Derivative Instruments and Hedging Activities”, to the condensed consolidated financial statements herein, and Note 13, “Derivative Instruments and Hedging Activities”, to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023). The Company’s primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. The Company enters into these contracts in the normal course of business to mitigate risks and not for speculative purposes. There have not been any material changes with regard to market risk during the nine months ended September 30, 2024.  Refer to Item 7A, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 for further discussion of market risks.

 

Item 4.   Controls and Procedures

 

Disclosure controls and procedures:  As of the end of the period covered by this report, the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company’s disclosure controls and procedures pursuant to Securities Exchange Act Rule 13a-15.  Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that the Company’s disclosure controls and procedures were effective as of the end of the period covered by this report.

 

Changes in internal controls over financial reporting:  There has not been any change in the Company’s internal control over financial reporting that occurred during the Company’s last fiscal quarter to which this report relates that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

PART II.     Other Information

 

Item 1.   Legal Proceedings

 

The information called for by this Item is incorporated herein by reference to Note 15, "Commitments and Contingencies" of the Company’s Condensed Consolidated Financial Statements, under “Legal Proceedings”, as set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q. We are also involved in various other legal actions incidental to our business. We believe, after consulting with counsel, that the disposition of these other legal proceedings and matters will not have a material effect on our condensed consolidated financial condition or results of operations.

 

Item 1A. Risk Factors

 

The risk factors described below, supplement the risk factors previously disclosed in Part I, Item 1A, "Risk Factors," of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The risk factors set forth below, together with the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, should be carefully considered before making an investment decision. These are the risk factors that we consider to be the most significant risk factors, but they are not the only risk factors that should be considered in making an investment decision. There have been no material changes to the risk factors disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, except as supplemented by the risk factors described below. This Quarterly Report on Form 10-Q also contains Forward-Looking Statements that involve risks and uncertainties. See the "Cautionary Notice Regarding Forward-Looking Information," above. Our business, consolidated financial condition and consolidated results of operations could be materially adversely affected by any of the risk factors, assumptions and uncertainties described, under "Cautionary Notice Regarding Forward-Looking Information" or with respect to specific Forward-Looking Statements presented herein. The trading price of our securities could decline due to any of these risks, and investors in our securities may lose all or part of their investment. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also materially adversely affect our business in the future. Except as required by the federal securities law, we undertake no obligation to update or revise any risk factor, whether as a result of new information, future events or otherwise.

 

The Enercon Purchase Agreement includes a number of closing conditions and, if these conditions are not satisfied, the Enercon Purchase Agreement may be terminated in accordance with its terms and the acquisition may not be completed.  We may fail to consummate the proposed Enercon acquisition, may not consummate the proposed acquisition on expected terms, or may not achieve the expected benefits.

 

In September 2024, we entered into the definitive Enercon Purchase Agreement with the Sellers to acquire an 80% stake in Enercon upfront at the closing, with the intent to purchase the remaining 20% interest in Enercon by early 2027 based on a put-call mechanism to be set forth in shareholders’ agreement to be entered into at closing. It is currently anticipated that the acquisition of the 80% interest pursuant to the Enercon Purchase Agreement will be completed in the fourth quarter of 2024. However, completion of the proposed Enercon acquisition is subject to satisfaction of customary closing conditions, including applicable regulatory approvals. Until all such closing conditions are satisfied or waived, the possible timing and likelihood of completion of the proposed Enercon acquisition are uncertain, and, accordingly, there can be no assurance that the Enercon acquisition will be completed on the expected terms, on the anticipated timing or at all. The Enercon Purchase Agreement may also be terminated prior to the consummation of the transaction by the mutual written consent of Bel and the Sellers and in certain other circumstances, including a termination right by either Bel or the Sellers, subject to certain terms and conditions, if the Closing has not occurred on or prior to the date six months following execution of the Enercon Purchase Agreement. We may experience unanticipated difficulties, delays, and expenditures relating to the proposed Enercon acquisition. Any delay in consummation of the Enercon acquisition may result in greater transaction costs and professional fees incurred by us. In addition, even if the proposed acquisition of the majority 80% stake in Enercon is completed pursuant to the Enercon Purchase Agreement, there can be no assurances that we will complete the acquisition of the remaining 20% interest in Enercon by early 2027 as intended.

 

Our efforts to complete the Enercon acquisition could cause substantial disruptions in our business. A substantial amount of our management’s attention is being directed towards the completion of the Enercon acquisition and such distraction could affect our management’s ability to service our existing business, pursue other business opportunities or could otherwise adversely affect our business. The announcement, pendency, and efforts to implement the acquisition may disrupt our and Enercon’s plans, operations and relationships with customers, suppliers, distributors, business partners and regulators, and can cause potential difficulties in employee retention.

 

If consummated, the success of the Enercon acquisition will depend, in significant part, on our ability to successfully integrate the acquired business, establish and maintain good relationships with new and existing customers, suppliers, and other business partners, grow the revenue of the consolidated company and realize the anticipated strategic benefits and synergies. The combination of businesses is a complex, costly and time-consuming process. As a result, we expect to devote significant management attention and resources prior to closing to prepare for integration, and we expect to devote significant management attention and resources post-closing to integrate the business practices and operations. The integration process may disrupt the businesses and, if implemented ineffectively, would impair the realization of the full expected benefits. The anticipated opportunities in terms of potential growth and expansion offered by, and the anticipated benefits of, the Enercon acquisition may not be realized fully or at all, or may take longer to realize than we expect. Actual operating, strategic and revenue opportunities, if achieved at all, may be less significant than we expect or may take longer to achieve than anticipated. If we are not able to achieve these objectives and realize the anticipated benefits and synergies expected from the Enercon acquisition within a reasonable time, our business, financial condition and operating results may be materially adversely affected.

 

We may face risks related to conducting business in Israel following the Enercon acquisition, as conditions in Israel may materially and adversely affect Enercon’s business and as a result the business of consolidated Bel.

 

If we successfully complete the acquisition of a majority stake in Enercon, we may be subject to, and possibly adversely affected by, risks related to conducting business in Israel. Enercon, the target of our proposed Enercon acquisition in which we will acquire an upfront 80% stake at the closing expected to occur in fourth quarter of 2024 and intend to acquire the remaining 20% interest by early 2027, is based in Netanya, Israel with additional facilities in New Hampshire, U.S. and Haryana, India. Enercon has approximately 300 employees located in Israel.

 

Companies based in or operating in, or having a significant number of employees located in Israel, may be more susceptible to political and economic instability. Political, economic and military conditions in Israel may directly affect their business. Since the establishment of the State of Israel in 1948, a number of armed conflicts have occurred between Israel and its neighbors. In October 2023, Hamas conducted several terrorist attacks in Israel resulting in ongoing war across the country, forcing the closure of many businesses in Israel for several days. In addition, there continue to be hostilities between Israel and Hezbollah in Lebanon and Hamas in the Gaza Strip, both of which resulted in rockets being fired into Israel, causing casualties and disruption of economic activities. In early 2023, there were a number of changes proposed to the political system in Israel by the current government which, if implemented as planned, could lead to large-scale protests and additional uncertainty, negatively impacting the operating environment in Israel. Uprisings in various countries in the Middle East over the last few years have also affected the political stability of those countries and have led to a decline in the regional security situation. Such instability may also lead to deterioration in the political and trade relationships that exist between Israel and these countries. Any armed conflicts, terrorist activities or political instability involving Israel or other countries in the region, as well as any interruption or curtailment of trade between Israel and its present trading partners, could adversely affect the business, results of operations, financial condition, cash flows and prospects of Enercon, and of consolidated Bel following the closing of the Enercon acquisition. In addition, any of these events or circumstances involving Israel or the region prior to the closing of the Enercon acquisition may delay or prevent the closing of the proposed Enercon acquisition.

 

A number of countries, principally in the Middle East, still restrict doing business with Israel and Israeli companies, and additional countries may impose restrictions on doing business with Israel and Israeli companies if hostilities in Israel or political instability in the region continue or intensify. In addition, there have been increased efforts by activists to cause companies and consumers to boycott Israeli goods based on policies promulgated by the Israeli Government. Such boycotts, particularly if they become more widespread, may adversely impact Enercon’s business or our business.

 

The operations of the Enercon business could also be disrupted by the absence for significant periods of one or more key employees or a significant number of other employees because of military service. Enercon’s employees in Israel may be obligated to perform military reserve duty, and in certain emergency circumstances, employees may be called to immediate and unlimited active duty in the Israeli armed forces.

 

Demand in Enercon’s end markets can be cyclical, impacting the demand for its products, and Enercon’s business could be materially adversely affected by reductions in defense spending.

 

Enercon, in which we intend to acquire a majority stake pursuant to the Enercon Purchase Agreement, is a leading supplier of highly customized power conversion and networking solutions to aerospace and defense markets globally. For full fiscal year 2024, an estimated 93% and 7% of Enercon’s projected revenue is attributable to the defense and aerospace end markets, respectively. Demand in Enercon’s end-use markets can be sensitive to general economic conditions, competitive influences, and fluctuations in inventory levels throughout the supply chain. Enercon’s sales are sensitive to the market conditions present in the industries in which the ultimate consumers of its products operate, which in some cases have been highly cyclical and subject to substantial downturns.

 

As a result of the high correlation to government spending on defense and budgeting, Enercon has experienced, and in the future, it may experience, significant fluctuations in sales and results of operations with respect to a substantial portion of our total product offering, and such fluctuations could be material and adverse to our overall financial condition, results of operations and liquidity.

 

Because certain of Enercon’s products are used in a variety of land, air and sea defense applications, Enercon derives a substantial portion of its revenue from the defense industry. For full fiscal year 2024, an estimated 93% of Enercon’s projected revenue is derived from customers in the defense industry. Although many of the programs under which Enercon sells products to prime U.S. and Israeli government contractors extend several years, they are subject to annual funding through governmental appropriations. While spending authorizations for defense-related programs by the U.S. and Israeli governments have increased in recent years, these spending levels may not be sustainable and could significantly decline. Future levels of expenditures, authorizations, and appropriations for programs Enercon supports may decrease or shift to programs in areas where Enercon does not currently provide services. Changes in spending authorizations, appropriations, and budgetary priorities could also occur due to a shift in the number, and intensity, of potential and ongoing conflicts, shifts in spending priorities from national defense as a result of competing demands for government funds, or other factors. Enercon’s business prospects, financial condition or operating results could be materially harmed among other causes by the following: 1) budgetary constraints affecting U.S. and/or Israeli government spending generally, or specific departments or agencies in particular, and changes in available funding; 2) changes in government programs or requirements; and 3) a prolonged government shutdown and other potential delays in the appropriations process.

 

 

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

Issuer Purchases of Equity Securities ⁽¹⁾

 

The following table summarizes the activity related to repurchases of our equity securities during the quarter ended September 30, 2024 pursuant to the Repurchase Program (as defined below):

 

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (dollars in thousands)
July 1, 2024 – July 31, 2024		5,726 (Class A) 20,921 (Class B)		$83.41 (Class A) $66.92 (Class B)		5,726 (Class A) 20,921 (Class B)		$2,093 (Class A) $6,854 (Class B)
August 1, 2024 – August 31, 2024		- (Class A) - (Class B)		$- (Class A) $- (Class B)		- (Class A) - (Class B)		$2,093 (Class A) $6,854 (Class B)
September 1, 2024 – September 30, 2024		- (Class A) - (Class B)		$- (Class A) $- (Class B)		- (Class A) - (Class B)		$2,093 (Class A) $6,854 (Class B)
Total		5,726 (Class A) 20,921 (Class B)		$83.41 (Class A) $66.92 (Class B)		5,726 (Class A) 20,921 (Class B)		$2,093 (Class A) $6,854 (Class B)

 

(1) On February 21, 2024, the Company’s Board of Directors authorized and the Company publicly announced a $25.0 million share repurchase program (the “Repurchase Program”). The Repurchase Program authorizes the repurchase of up to $25.0 million of shares of outstanding Class A Common Stock and Class B Common Stock. The aggregate $25.0 million available for repurchases under the Repurchase Program has been suballocated for purchases of Class A shares and Class B shares in portions of $4.0 million and $21.0 million, respectively, prorated to take into account the number of outstanding shares of each respective class. Shares of Common Stock may be repurchased pursuant to the Repurchase Program in open market, privately negotiated or block transactions or otherwise from time to time, depending upon market conditions and other factors, and in accordance with applicable law and regulations. The Repurchase Program has no expiration date. The Repurchase Program does not obligate the Company to repurchase any dollar amount or number of shares, and the Repurchase Program may be suspended or terminated at any time.

 

Item 3.  Defaults Upon Senior Securities

 

Not applicable.

 

Item 4.  Mine Safety Disclosures

 

Not applicable.

Item 5.  Other Information

 

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.

 

 

25

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Table of Contents

 

Item 6.  Exhibits
Exhibits:
2.1	Share Purchase Agreement, dated as of September 19, 2024, by and among Bel Fuse Inc., Enercon Technologies Ltd., and the Shareholders of Enercon Technologies Ltd.† (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 24, 2024).
10.1	Form of Shareholders’ Agreement, by and among Bel Fuse Inc., FF3 Holdings, L.P., and Enercon Technologies Ltd.† (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on September 24, 2024).
10.2	Second Amendment Agreement, dated September 18, 2024, to Amended and Restated Credit and Security Agreement, dated as of September 2, 2021, by and among Bel Fuse Inc., as the borrower, KeyBank National Association, as administrative agent, swing line lender and issuing lender, and the other lenders identified therein, as amended† (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed with the SEC on September 24, 2024).
10.3	Conformed Amended and Restated Credit and Security Agreement, dated as of September 2, 2021 (reflecting changes thereto pursuant to First Amendment Agreement dated as of January 12, 2023 and Second Amendment Agreement dated as of September 18, 2024), by and among Bel Fuse Inc., as the borrower, KeyBank National Association, as administrative agent, swing line lender and issuing lender, and the other lenders identified therein† (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed with the SEC on September 24, 2024).
31.1*	Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**	Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**	Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	Inline XBRL Instance Document (the Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH*	Inline XBRL Taxonomy Extension Schema Document
101.CAL*	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101)

 

*   Filed herewith.

** Submitted herewith.

†   Annexes, schedules and/or exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company hereby agrees to furnish supplementally a copy of any omitted attachment to the SEC on a confidential basis upon request.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

		BEL FUSE INC.
		(Registrant)
Date: October 29, 2024	By:	/s/ Daniel Bernstein
		Daniel Bernstein
		President and Chief Executive Officer (Principal Executive Officer)
Date: October 29, 2024	By:	/s/ Farouq Tuweiq
		Farouq Tuweiq
		Chief Financial Officer (Principal Financial Officer)

 

Exhibit 31.1

 

 

CERTIFICATION

 

I, Daniel Bernstein, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q of Bel Fuse Inc.;

 

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a–15(e) and 15d–15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: October 29, 2024	/s/ Daniel Bernstein
	Daniel Bernstein
	President and Chief Executive Officer (Principal Executive Officer)

 

Exhibit 31.2

 

 

CERTIFICATION

 

I, Farouq Tuweiq, certify that:

 

1.	I have reviewed this quarterly report on Form 10-Q of Bel Fuse Inc.;

 

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a –15(e) and 15d –15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a –15(f) and 15d –15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

 

Date: October 29, 2024	/s/ Farouq Tuweiq
	Farouq Tuweiq
	Chief Financial Officer
	(Principal Financial Officer)

 

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Bel Fuse Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission (the “Report”), I, Daniel Bernstein, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and consolidated results of operations of the Company for the periods presented.

 

 

Date:  October 29, 2024	/s/ Daniel Bernstein
	Daniel Bernstein
	President and Chief Executive Officer (Principal Executive Officer)

 

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Bel Fuse Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2024 filed with the Securities and Exchange Commission (the “Report”), I, Farouq Tuweiq, Chief Financial Officer and Treasurer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

(2) The information contained in the Report fairly presents, in all material respects, the consolidated financial condition of the Company as of the dates presented and consolidated results of operations of the Company for the periods presented.

 

 

 

Date:  October 29, 2024	/s/ Farouq Tuweiq
	Farouq Tuweiq
	Chief Financial Officer
	(Principal Financial Officer)

 

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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

v3.24.3

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
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)

v3.24.3

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

v3.24.3

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)

v3.24.3

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

v3.24.3

Note 1 - Basis of Presentation and Accounting Policies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1. BASIS OF PRESENTATION AND ACCOUNTING POLICIES   The condensed consolidated balance sheets and statements of operations, comprehensive income, stockholders’ equity and cash flows for the periods presented herein have been prepared by the Company and are unaudited. In the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary to present fairly the consolidated financial position, results of operations and cash flows for all periods presented have been made. The results for the three and nine months ended September 30, 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:       Amortized Cost     Gross Unrealized Gain     Fair Value   Held to maturity U.S. Treasury securities   $ 29,541     $ 705     $ 30,246     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.

v3.24.3

Note 2 - Investment in Innolectric	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Investment [Text Block]	2. INVESTMENT IN INNOLECTRIC   On February 1, 2023, the Company closed on a noncontrolling (one-third) investment in Germany-based innolectric AG (“innolectric”) for consideration of €8.0 million (approximately $8.8 million as of the February 2023 closing). Transaction costs associated with the Company's investment in innolectric amounted to $1.3 million and these costs have been recorded as part of the carrying value of the investment. Under the terms of the investment agreement, if innolectric achieves certain EBITDA thresholds within a specified timeframe, the Company would be committed to acquiring the remaining shares of innolectric at that time. The accompanying condensed consolidated balance sheet reflects the fair value as of the February 2023 closing of the initial one-third equity method investment, inclusive of transaction costs, of $11.0 million, and 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.

v3.24.3

Note 3 - Acquisition and Divestiture	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Acquisitions and Divestures [Text Block]	3. ACQUISITION AND DIVESTITURE    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:                 Total   Cash and cash equivalents   $ 2,072   Accounts receivable     1,030   Inventories     1,310   Property, plant and equipment     326   Other assets     48   Accounts payable     (441 ) Accrued expenses     (126 ) Income taxes payable     (100 ) Other current liabilities     (13 ) Other long-term liabilities     (23 ) Total net assets transferred     4,083   Consideration received     5,063   Gain on sale recognized   $ 980

v3.24.3

Note 4 - Revenue	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	4. REVENUE   The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:       Three Months Ended September 30, 2024     Nine Months Ended September 30, 2024       Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated     Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated                                                                     By Geographic Region:                                                                 North America   $ 30,806     $ 42,414     $ 7,335     $ 80,555     $ 109,552     $ 131,678     $ 20,808     $ 262,038   Europe     13,172       11,422       1,315       25,909       44,115       32,100       3,649       79,864   Asia     4,702       1,879       10,593       17,174       13,811       4,044       25,176       43,031       $ 48,680     $ 55,715     $ 19,243     $ 123,638     $ 167,478     $ 167,822     $ 49,633     $ 384,933                                                                     By Sales Channel:                                                                 Direct to customer   $ 32,960     $ 34,085     $ 13,398     $ 80,443     $ 109,357     $ 104,583     $ 34,977     $ 248,917   Through distribution     15,720       21,630       5,845       43,195       58,121       63,239       14,656       136,016       $ 48,680     $ 55,715     $ 19,243     $ 123,638     $ 167,478     $ 167,822     $ 49,633     $ 384,933           Three Months Ended September 30, 2023     Nine Months Ended September 30, 2023       Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated     Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated                                                                     By Geographic Region:                                                                 North America   $ 55,262     $ 42,841     $ 12,980     $ 111,083     $ 182,183     $ 130,086     $ 34,680     $ 346,949   Europe     13,759       7,500       1,545       22,804       43,266       25,462       6,976       75,704   Asia     5,841       1,430       17,524       24,795       19,685       4,462       53,003       77,150       $ 74,862     $ 51,771     $ 32,049     $ 158,682     $ 245,134     $ 160,010     $ 94,659     $ 499,803                                                                     By Sales Channel:                                                                 Direct to customer   $ 52,507     $ 31,369     $ 25,021     $ 108,897     $ 174,143     $ 101,063     $ 70,700     $ 345,906   Through distribution     22,355       20,402       7,028       49,785       70,991       58,947       23,959       153,897       $ 74,862     $ 51,771     $ 32,049     $ 158,682     $ 245,134     $ 160,010     $ 94,659     $ 499,803               The balances of the Company’s contract assets and contract liabilities at  September 30, 2024 and December 31, 2023 are as follows:       September 30,     December 31,       2024     2023                     Contract assets - current (unbilled receivables)   $ 5,312     $ 12,793   Contract liabilities - current (deferred revenue)   $ 2,579     $ 3,046     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.

v3.24.3

Note 5 - Earnings Per Share	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Earnings Per Share [Text Block]	5. EARNINGS PER SHARE   The following table sets forth the calculation of basic and diluted net earnings per common share under the two-class method for the three and nine months ended September 30, 2024 and 2023:       Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     2023                                     Numerator:                                 Net earnings   $ 8,080     $ 19,448     $ 42,760     $ 61,795   Less dividends declared:                                 Class A     125       128       381       385   Class B     715       745       2,190       2,235   Undistributed earnings   $ 7,240     $ 18,575     $ 40,189     $ 59,175                                     Undistributed earnings allocation:                                 Class A undistributed earnings   $ 1,172     $ 2,989     $ 6,491     $ 9,522   Class B undistributed earnings     6,068       15,586       33,698       49,653   Total undistributed earnings   $ 7,240     $ 18,575     $ 40,189     $ 59,175                                     Net earnings allocation:                                 Class A net earnings   $ 1,297     $ 3,117     $ 6,872     $ 9,907   Class B net earnings     6,783       16,331       35,888       51,888   Net earnings   $ 8,080     $ 19,448     $ 42,760     $ 61,795                                     Denominator:                                 Weighted-average shares outstanding:                                 Class A     2,116       2,142       2,126       2,142   Class B     10,434       10,636       10,512       10,636                                     Net earnings per share:                                 Class A   $ 0.61     $ 1.46     $ 3.23     $ 4.63   Class B   $ 0.65     $ 1.54     $ 3.41     $ 4.88

v3.24.3

Note 6 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Fair Value Disclosures [Text Block]	6. FAIR VALUE MEASUREMENTS   Fair value is defined as an exit price, representing the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants based upon the best use of the asset or liability at the measurement date.  Entities are required to use a fair value hierarchy which maximizes the use of observable inputs and minimizes the use of unobservable inputs when measuring fair value.  There are three levels of inputs that may be used to measure fair value:   Level 1 – Observable inputs such as quoted market prices in active markets;   Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable; and   Level 3 – Unobservable inputs about which little or no market data exists, therefore requiring an entity to develop its own assumptions.       September 30, 2024       Carrying value     Fair value     Cash and cash equivalents     Other Current Assets   Cash   $ 74,555     $ 74,555     $ 74,555     $ -   Level 1:                                 Money market funds     58,208       58,208       58,208       -   Money market funds (Rabbi Trust)     685       685       -       685   Subtotal     58,893       58,893       58,208       685   Level 2:                                 Certificates of deposit and time deposits     3,329       3,708       1,503       1,827   Subtotal     3,329       3,708       1,503       1,827   Total   $ 136,777     $ 137,156     $ 134,266     $ 2,512         December 31, 2023       Carrying value     Fair value     Cash and cash equivalents     Other Current Assets   Cash   $ 57,544     $ 57,544     $ 57,544     $ -   Level 1:                                 Money market funds     31,188       31,188       31,188       -   Money market funds (Rabbi Trust)     303       303       -       303   Subtotal     31,491       31,491       31,188       303   Level 2:                                 Certificates of deposit and time deposits     3,629       3,926       639       2,990   Subtotal     3,629       3,926       639       2,990   Total   $ 92,664     $ 92,961     $ 89,371     $ 3,293     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:       Balance Sheet Classification   September 30, 2024     December 31, 2023   Derivative assets:                   Foreign currency forward contracts:                   Designated as cash flow hedges Other current assets   $ 93     $ -   Non designated as hedging instruments Other current assets     -       486   Interest rate swap agreements:                   Designated as a cash flow hedge Other assets     2,478       3,960   Total derivative assets   $ 2,571     $ 4,446                       Derivative liabilities:                   Foreign currency forward contracts:                   Designated as cash flow hedges Other current liabilities   $ -     $ 5   Not designated as hedging instruments Other current liabilities     728       -   Total derivative liabilities   $ 728     $ 5     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.

v3.24.3

Note 7 - Inventories	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	7. INVENTORIES   The components of inventories are as follows:       September 30,     December 31,       2024     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

v3.24.3

Note 8 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	8.  PROPERTY, PLANT AND EQUIPMENT   Property, plant and equipment consist of the following:       September 30,     December 31,       2024     2023   Land   $ 122     $ 348   Buildings and improvements     13,656       15,286   Machinery and equipment     100,933       98,527   Construction in progress     3,003       1,567         117,714       115,728   Accumulated depreciation     (80,979 )     (79,195 ) Property, plant and equipment, net   $ 36,735     $ 36,533     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.

v3.24.3

Note 9 - Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	9. ACCRUED EXPENSES   Accrued expenses consist of the following:       September 30,     December 31,       2024     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       $ 42,109     $ 54,657     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:               Nine Months Ended                       September 30, 2024               Liability at             Cash Payments     Liability at       December 31,     New     and Other     September 30,       2023     Charges     Settlements     2024   Severance costs   $ 1,551     $ 1,219     $ (2,367 )   $ 403   Other restructuring costs     3,947       571       29       4,547   Total   $ 5,498     $ 1,790     $ (2,338 )   $ 4,950     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.

v3.24.3

Note 10 - Derivative Instruments and Hedging Activities	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Derivative Instruments and Hedging Activities Disclosure [Text Block]	10.     DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES   Our primary objective for holding derivative financial instruments is to manage foreign currency exchange rate risk and interest rate risk, when deemed appropriate. We enter into these contracts in the normal course of business to mitigate risks and not for speculative purposes.   Foreign Currency Forward Contracts   Under our risk management strategy, we periodically use foreign currency forward contracts to manage our short-term exposures to fluctuations in operational cash flows resulting from changes in foreign currency exchange rates. These cash flow exposures result from portions of our forecasted operating expenses, primarily compensation and related expenses, which are transacted in currencies other than the U.S. dollar, most notably the Chinese renminbi and the Mexican peso. These foreign currency forward contracts generally have maturities of no longer than twelve months, although occasionally we will execute a contract that extends beyond twelve months, depending upon the nature of the underlying risk.    We held outstanding foreign currency forward contracts with notional amounts of $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:           Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     2023   Net (losses) gains recognized in AOCL:                                 Foreign currency forward contracts   $ 223     $ (385 )   $ 35     $ (1,837 ) Interest rate swap agreements     (892 )     698       394       1,641       $ (669 )   $ 313     $ 429     $ (196 )                                   Net gains (losses) reclassified from AOCL to the consolidated statement of operations:                                 Foreign currency forward contracts   $ (50 )   $ (311 )   $ (401 )   $ (197 ) Interest rate swap agreements     638       602       1,875       1,650       $ 588     $ 291     $ 1,474     $ 1,453       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:          Three Months Ended     Nine Months Ended         September 30,     September 30,     Classification in Consolidated Statements of Operations   2024     2023     2024     2023   Foreign currency forward contracts Other (expense) income, net   $ (13 )   $ 54     $ 249     $ 88         $ (13 )   $ 54     $ 249     $ 88

v3.24.3

Note 11 - Debt	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Debt Disclosure [Text Block]	11.  DEBT   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.

v3.24.3

Note 12 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. INCOME TAXES   The Company's estimated taxable income in future periods is not on a legal entity basis and therefore income tax expense for the interim period is not measured using the annual effective tax rate ("AETR") method. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is no longer subject to U.S. federal examinations by tax authorities for years before 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.

v3.24.3

Note 13 - Retirement, Savings and Deferred Compensation Plans	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Retirement Benefits [Text Block]	13. RETIREMENT, SAVINGS AND DEFERRED COMPENSATION PLANS   The Company maintains the Bel Fuse Inc. Employees’ Savings Plan, a defined contribution plan that is intended to meet the applicable requirements for tax-qualification under sections 401(a) and (k) of the Internal Revenue Code of 1986, as amended. The expense for the three months ended September 30, 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:       Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     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      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:       September 30,     December 31,       2024     2023   Prior service cost   $ 153     $ 212   Net loss     (1,336 )     (1,336 )     $ (1,183 )   $ (1,124 )

v3.24.3

Note 14 - Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Comprehensive Income (Loss) Note [Text Block]	14. ACCUMULATED OTHER COMPREHENSIVE LOSS   The components of accumulated other comprehensive loss at  September 30, 2024 and December 31, 2023 are summarized below:       September 30,     December 31,       2024     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 )   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:                                                    Foreign Currency     Unrealized Gains on     Unrealized Holding                         Translation     Interest Rate Swap     Gains on     Unfunded                 Adjustment     Cash Flow Hedge     Marketable Securities     SERP Liability       Total                                               Balance at December 31, 2023   $ (16,423 )   $ 3,960     $ 19     $ 407       $ (12,037 ) Other comprehensive (loss) income before reclassifications     916       393       1       92         1,402   Amount reclassified from accumulated other comprehensive loss     401       (1,875 )     -       (46 ) (a)     (1,520 ) Net current period other comprehensive (loss) income     1,317       (1,482 )     1       46         (118 )                                             Balance at September 30, 2024   $ (15,106 )   $ 2,478     $ 20     $ 453       $ (12,155 )   (a) This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. This expense is reflected in other (expense) income, net on the accompanying condensed consolidated statements of operations.

v3.24.3

Note 15 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	15. COMMITMENTS AND CONTINGENCIES   Legal Proceedings   The Company is party to a number of legal actions and claims, none of which individually or in the aggregate, in the opinion of management, are expected to have a material adverse effect on the Company's consolidated results of operations or consolidated financial position.   On June 23, 2021, a patent infringement lawsuit styled Bel Power Solutions, Inc. v. Monolithic Power Systems, Inc., Case Number 6:21cv00655, was filed in the United States District Court for the Western District of Texas (Waco Division) by Bel Power Solutions, Inc. against Monolithic Power Systems, Inc. ("MPS") for infringement of various patents directed towards systems, methods and articles of manufacture that provide a substantial improvement in power control for circuits, including novel and unique point-of-load regulators. On July 27, 2023, the Western District of Texas court filed an Order granting MPS’s motion for summary judgment of non-infringement. The Court’s memorandum and opinion is forthcoming. The Company is evaluating its options for appeal.   In connection with the Company's 2014 acquisition of the Power-One Power Solutions business ("Power Solutions") of ABB Ltd., there is an ongoing claim by the Arezzo Revenue Agency in Italy concerning certain tax matters related to what was then Power-One Asia Pacific Electronics Shenzhen Co. Ltd. (now Bel Power Solutions Asia Pacific Electronics Shenzhen Co. Ltd, or “BPS China”) for the years 2004 to 2006. In September 2012, the Tax Court of Arezzo ruled in favor of BPS China and cancelled the claim. In February 2013, the Arezzo Revenue Agency filed an appeal of the Tax Court’s ruling. The hearing of the appeal was held on October 2, 2014.  On October 13, 2014, BPS China was informed of the Regional Tax Commission of Florence ruling which was in favor of the Arezzo Revenue Agency and against BPS China. An appeal was filed on July 18, 2015 before the Regional Tax Commission of Florence and rejected. On December 5, 2016, the Arezzo Revenue Agency filed an appeal with the Supreme Court and BPS China filed a counter-appeal on January 4, 2017. The Supreme Court 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”.

v3.24.3

Note 16 - Segments	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	16. SEGMENTS   The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups, 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:        Three Months Ended September 30, 2024       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 48,680     $ 55,715     $ 19,243     $ -     $ 123,638   Gross Profit     19,167       20,405       5,245       (140 )     44,677   Gross Profit %     39.4 %     36.6 %     27.3 %     nm       36.1 %        Three Months Ended September 30, 2023       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 74,862     $ 51,771     $ 32,049     $ -     $ 158,682   Gross Profit     31,206       18,510       7,051       (1,302 )     55,465   Gross Profit %     41.7 %     35.8 %     22.0 %     nm       35.0 %           Nine Months Ended September 30, 2024       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue     $ 167,478       $ 167,822       $ 49,633       $ -       $ 384,933   Gross Profit     72,419       62,535       11,861       (664)       146,151   Gross Profit %     43.2%       37.3%       23.9%       nm       38.0%           Nine Months Ended September 30, 2023       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 245,134     $ 160,010     $ 94,659     $ -     $ 499,803   Gross Profit     92,010       57,218       21,814       (6,376 )     164,666   Gross Profit %     37.5 %     35.8 %     23.0 %     nm       32.9 %

v3.24.3

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]		Item 5.  Other Information   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.
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

v3.24.3

Note 1 - Basis of Presentation and Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Debt Securities, Held-to-Maturity [Table Text Block]	Amortized Cost     Gross Unrealized Gain     Fair Value   Held to maturity U.S. Treasury securities   $ 29,541     $ 705     $ 30,246

v3.24.3

Note 3 - Acquisition and Divestiture (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Total   Cash and cash equivalents   $ 2,072   Accounts receivable     1,030   Inventories     1,310   Property, plant and equipment     326   Other assets     48   Accounts payable     (441 ) Accrued expenses     (126 ) Income taxes payable     (100 ) Other current liabilities     (13 ) Other long-term liabilities     (23 ) Total net assets transferred     4,083   Consideration received     5,063   Gain on sale recognized   $ 980

v3.24.3

Note 4 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2024     Nine Months Ended September 30, 2024       Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated     Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated                                                                     By Geographic Region:                                                                 North America   $ 30,806     $ 42,414     $ 7,335     $ 80,555     $ 109,552     $ 131,678     $ 20,808     $ 262,038   Europe     13,172       11,422       1,315       25,909       44,115       32,100       3,649       79,864   Asia     4,702       1,879       10,593       17,174       13,811       4,044       25,176       43,031       $ 48,680     $ 55,715     $ 19,243     $ 123,638     $ 167,478     $ 167,822     $ 49,633     $ 384,933                                                                     By Sales Channel:                                                                 Direct to customer   $ 32,960     $ 34,085     $ 13,398     $ 80,443     $ 109,357     $ 104,583     $ 34,977     $ 248,917   Through distribution     15,720       21,630       5,845       43,195       58,121       63,239       14,656       136,016       $ 48,680     $ 55,715     $ 19,243     $ 123,638     $ 167,478     $ 167,822     $ 49,633     $ 384,933       Three Months Ended September 30, 2023     Nine Months Ended September 30, 2023       Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated     Power Solutions and Protection     Connectivity Solutions     Magnetic Solutions     Consolidated                                                                     By Geographic Region:                                                                 North America   $ 55,262     $ 42,841     $ 12,980     $ 111,083     $ 182,183     $ 130,086     $ 34,680     $ 346,949   Europe     13,759       7,500       1,545       22,804       43,266       25,462       6,976       75,704   Asia     5,841       1,430       17,524       24,795       19,685       4,462       53,003       77,150       $ 74,862     $ 51,771     $ 32,049     $ 158,682     $ 245,134     $ 160,010     $ 94,659     $ 499,803                                                                     By Sales Channel:                                                                 Direct to customer   $ 52,507     $ 31,369     $ 25,021     $ 108,897     $ 174,143     $ 101,063     $ 70,700     $ 345,906   Through distribution     22,355       20,402       7,028       49,785       70,991       58,947       23,959       153,897       $ 74,862     $ 51,771     $ 32,049     $ 158,682     $ 245,134     $ 160,010     $ 94,659     $ 499,803
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	September 30,     December 31,       2024     2023                     Contract assets - current (unbilled receivables)   $ 5,312     $ 12,793   Contract liabilities - current (deferred revenue)   $ 2,579     $ 3,046

v3.24.3

Note 5 - Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     2023                                     Numerator:                                 Net earnings   $ 8,080     $ 19,448     $ 42,760     $ 61,795   Less dividends declared:                                 Class A     125       128       381       385   Class B     715       745       2,190       2,235   Undistributed earnings   $ 7,240     $ 18,575     $ 40,189     $ 59,175                                     Undistributed earnings allocation:                                 Class A undistributed earnings   $ 1,172     $ 2,989     $ 6,491     $ 9,522   Class B undistributed earnings     6,068       15,586       33,698       49,653   Total undistributed earnings   $ 7,240     $ 18,575     $ 40,189     $ 59,175                                     Net earnings allocation:                                 Class A net earnings   $ 1,297     $ 3,117     $ 6,872     $ 9,907   Class B net earnings     6,783       16,331       35,888       51,888   Net earnings   $ 8,080     $ 19,448     $ 42,760     $ 61,795                                     Denominator:                                 Weighted-average shares outstanding:                                 Class A     2,116       2,142       2,126       2,142   Class B     10,434       10,636       10,512       10,636                                     Net earnings per share:                                 Class A   $ 0.61     $ 1.46     $ 3.23     $ 4.63   Class B   $ 0.65     $ 1.54     $ 3.41     $ 4.88

v3.24.3

Note 6 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Fair Value, Assets Measured on Recurring and Nonrecurring Basis [Table Text Block]	September 30, 2024       Carrying value     Fair value     Cash and cash equivalents     Other Current Assets   Cash   $ 74,555     $ 74,555     $ 74,555     $ -   Level 1:                                 Money market funds     58,208       58,208       58,208       -   Money market funds (Rabbi Trust)     685       685       -       685   Subtotal     58,893       58,893       58,208       685   Level 2:                                 Certificates of deposit and time deposits     3,329       3,708       1,503       1,827   Subtotal     3,329       3,708       1,503       1,827   Total   $ 136,777     $ 137,156     $ 134,266     $ 2,512       December 31, 2023       Carrying value     Fair value     Cash and cash equivalents     Other Current Assets   Cash   $ 57,544     $ 57,544     $ 57,544     $ -   Level 1:                                 Money market funds     31,188       31,188       31,188       -   Money market funds (Rabbi Trust)     303       303       -       303   Subtotal     31,491       31,491       31,188       303   Level 2:                                 Certificates of deposit and time deposits     3,629       3,926       639       2,990   Subtotal     3,629       3,926       639       2,990   Total   $ 92,664     $ 92,961     $ 89,371     $ 3,293
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block]	Balance Sheet Classification   September 30, 2024     December 31, 2023   Derivative assets:                   Foreign currency forward contracts:                   Designated as cash flow hedges Other current assets   $ 93     $ -   Non designated as hedging instruments Other current assets     -       486   Interest rate swap agreements:                   Designated as a cash flow hedge Other assets     2,478       3,960   Total derivative assets   $ 2,571     $ 4,446                       Derivative liabilities:                   Foreign currency forward contracts:                   Designated as cash flow hedges Other current liabilities   $ -     $ 5   Not designated as hedging instruments Other current liabilities     728       -   Total derivative liabilities   $ 728     $ 5

v3.24.3

Note 7 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30,     December 31,       2024     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

v3.24.3

Note 8 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30,     December 31,       2024     2023   Land   $ 122     $ 348   Buildings and improvements     13,656       15,286   Machinery and equipment     100,933       98,527   Construction in progress     3,003       1,567         117,714       115,728   Accumulated depreciation     (80,979 )     (79,195 ) Property, plant and equipment, net   $ 36,735     $ 36,533

v3.24.3

Note 9 - Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30,     December 31,       2024     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       $ 42,109     $ 54,657
Restructuring and Related Costs [Table Text Block]	Nine Months Ended                       September 30, 2024               Liability at             Cash Payments     Liability at       December 31,     New     and Other     September 30,       2023     Charges     Settlements     2024   Severance costs   $ 1,551     $ 1,219     $ (2,367 )   $ 403   Other restructuring costs     3,947       571       29       4,547   Total   $ 5,498     $ 1,790     $ (2,338 )   $ 4,950

v3.24.3

Note 10 - Derivative Instruments and Hedging Activities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Derivative Instruments, Gain (Loss) [Table Text Block]	Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     2023   Net (losses) gains recognized in AOCL:                                 Foreign currency forward contracts   $ 223     $ (385 )   $ 35     $ (1,837 ) Interest rate swap agreements     (892 )     698       394       1,641       $ (669 )   $ 313     $ 429     $ (196 )                                   Net gains (losses) reclassified from AOCL to the consolidated statement of operations:                                 Foreign currency forward contracts   $ (50 )   $ (311 )   $ (401 )   $ (197 ) Interest rate swap agreements     638       602       1,875       1,650       $ 588     $ 291     $ 1,474     $ 1,453
Derivatives Not Designated as Hedging Instruments [Table Text Block]	Three Months Ended     Nine Months Ended         September 30,     September 30,     Classification in Consolidated Statements of Operations   2024     2023     2024     2023   Foreign currency forward contracts Other (expense) income, net   $ (13 )   $ 54     $ 249     $ 88         $ (13 )   $ 54     $ 249     $ 88

v3.24.3

Note 13 - Retirement, Savings and Deferred Compensation Plans (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Net Benefit Costs [Table Text Block]	Three Months Ended     Nine Months Ended       September 30,     September 30,       2024     2023     2024     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
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]	September 30,     December 31,       2024     2023   Prior service cost   $ 153     $ 212   Net loss     (1,336 )     (1,336 )     $ (1,183 )   $ (1,124 )

v3.24.3

Note 14 - Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]	September 30,     December 31,       2024     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 )
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component [Table Text Block]	Foreign Currency     Unrealized Gains on     Unrealized Holding                         Translation     Interest Rate Swap     Gains on     Unfunded                 Adjustment     Cash Flow Hedge     Marketable Securities     SERP Liability       Total                                               Balance at December 31, 2023   $ (16,423 )   $ 3,960     $ 19     $ 407       $ (12,037 ) Other comprehensive (loss) income before reclassifications     916       393       1       92         1,402   Amount reclassified from accumulated other comprehensive loss     401       (1,875 )     -       (46 ) (a)     (1,520 ) Net current period other comprehensive (loss) income     1,317       (1,482 )     1       46         (118 )                                             Balance at September 30, 2024   $ (15,106 )   $ 2,478     $ 20     $ 453       $ (12,155 )

v3.24.3

Note 16 - Segments (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, 2024       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 48,680     $ 55,715     $ 19,243     $ -     $ 123,638   Gross Profit     19,167       20,405       5,245       (140 )     44,677   Gross Profit %     39.4 %     36.6 %     27.3 %     nm       36.1 %     Three Months Ended September 30, 2023       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 74,862     $ 51,771     $ 32,049     $ -     $ 158,682   Gross Profit     31,206       18,510       7,051       (1,302 )     55,465   Gross Profit %     41.7 %     35.8 %     22.0 %     nm       35.0 %     Nine Months Ended September 30, 2024       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue     $ 167,478       $ 167,822       $ 49,633       $ -       $ 384,933   Gross Profit     72,419       62,535       11,861       (664)       146,151   Gross Profit %     43.2%       37.3%       23.9%       nm       38.0%       Nine Months Ended September 30, 2023       Power Solutions     Connectivity     Magnetic                     and Protection     Solutions     Solutions     Corporate     Total   Revenue   $ 245,134     $ 160,010     $ 94,659     $ -     $ 499,803   Gross Profit     92,010       57,218       21,814       (6,376 )     164,666   Gross Profit %     37.5 %     35.8 %     23.0 %     nm       32.9 %

v3.24.3

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

v3.24.3

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

v3.24.3

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%

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

Note 9 - Accrued Expenses - Activity and Liability Balances Related to Restructuring Costs (Details) $ in Thousands	9 Months Ended
	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

v3.24.3

Note 10 - Derivative Instruments and Hedging Activities (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023	Jan. 31, 2023
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%

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

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

v3.24.3

Note 13 - Retirement, Savings and Deferred Compensation Plans (Details Textual) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Supplemental Employee Retirement Plan [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 0.1	$ 0.3	$ 0.2	$ 1.2
Bel Fuse Inc. Employees' Savings Plan [Member]
Defined Contribution Plan, Cost	$ 0.3	0.3	$ 1.2	1.2
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class A [Member]
Shares Held in Plan (in shares) | shares	263,234		263,234
Bel Fuse Inc. Employees' Savings Plan [Member] | Common Class B [Member]
Shares Held in Plan (in shares) | shares	54,592		54,592
Nonqualified Deferred Compensation Plan [Member]
Deferred Compensation Arrangement, Vesting Age	65		65
Deferred Compensation Plan Assets	$ 1.3		$ 1.3		$ 1.0
Nonqualified Deferred Compensation Plan [Member] | Maximum [Member]
Deferred Compensation Arrangement with Individual, Compensation Expense	$ 0.1	$ 0.1	$ 0.1	$ 0.1

v3.24.3

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

v3.24.3

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)

v3.24.3

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)

v3.24.3

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

v3.24.3

Note 14 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance		$ 356,415	$ 304,490	$ 340,558	$ 262,346
Net current period other comprehensive (loss) income		4,577	(2,514)	(118)	(2,824)
Balance		367,362	321,411	367,362	321,411
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance				(16,423)
Other comprehensive (loss) income before reclassifications				916
Amount reclassified from accumulated other comprehensive loss	[1]			401
Net current period other comprehensive (loss) income				1,317
Balance		(15,106)		(15,106)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Balance				3,960
Other comprehensive (loss) income before reclassifications				393
Amount reclassified from accumulated other comprehensive loss	[1]			(1,875)
Net current period other comprehensive (loss) income				(1,482)
Balance		2,478		2,478
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Balance				19
Other comprehensive (loss) income before reclassifications				1
Amount reclassified from accumulated other comprehensive loss	[1]			0
Net current period other comprehensive (loss) income				1
Balance		20		20
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member]
Balance				407
Other comprehensive (loss) income before reclassifications				92
Amount reclassified from accumulated other comprehensive loss	[1]			(46)
Net current period other comprehensive (loss) income				46
Balance		453		453
AOCI Attributable to Parent [Member]
Balance		(16,732)	(16,856)	(12,037)	(16,546)
Other comprehensive (loss) income before reclassifications				1,402
Amount reclassified from accumulated other comprehensive loss	[1]			(1,520)
Net current period other comprehensive (loss) income				(118)
Balance		$ (12,155)	$ (19,370)	$ (12,155)	$ (19,370)
[1] This reclassification relates to the amortization of prior service costs and gains/losses associated with the Company's SERP Plan. This expense is reflected in other income/expense, net on the accompanying condensed consolidated statements of operations.

v3.24.3

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

v3.24.3

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

v3.24.3

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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