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Note 19 - Subsequent Events | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Subsequent Events [Text Block] |
19. | SUBSEQUENT EVENTS
Acquisition of rms Connectors, Inc. On January 8, 2021, the Company acquired rms Connectors, Inc. (“rms Connectors”), from rms Company Inc., a division of Cretex Companies, Inc., for $8.5 million in cash. rms Connectors is a highly-regarded connector manufacturer with over 30 years of experience producing harsh environment circular connectors used in a variety of military and aerospace applications. This acquisition complements Bel's existing military and aerospace product portfolio and we anticipate will allow us to expand key customer relationships within these end markets and leverage the combined manufacturing resources to improve our operational efficiency. The transaction was funded with cash on hand. The initial purchase price allocation related to this acquisition was not yet available at the time of filing this Annual Report on Form 10-K. Sale of Hong Kong Property and Related Bank Consent On January 15, 2021, the Company sold a property in Hong Kong for net cash proceeds of $6.7 million. The net book value for this property is approximately $0.5 million, and a related gain on sale will be recorded in the first quarter of 2021. When this asset sale is combined with the previously-announced dispositions of the Company's Signal manufacturing facility in Inwood, New York and its Power R&D facility in Switzerland, the aggregate amount of proceeds of asset sales during the term of the credit agreement exceeded the disposition basket provided pursuant to the credit agreement. On February 3, 2021, the Company received a retroactive consent from its lenders to exclude the proceeds of the Hong Kong property sale from the calculation of the disposition basket outlined in the Credit Agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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