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Note 8 - Accrued Expenses | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
8. | ACCRUED EXPENSES
Accrued expenses consist of the following:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Salaries, bonuses and related benefits |  | $ | 20,749 |  |  | $ | 27,422 |
Deferred revenue |  |  | 7,145 |  |  |  | 8,847 |
Accrued restructuring costs |  |  | 9,387 |  |  |  | 6,796 |
Sales commissions |  |  | 2,440 |  |  |  | 2,521 |
Subcontracting labor |  |  | 1,864 |  |  |  | 1,875 |
Warranty accrual |  |  | 1,183 |  |  |  | 1,287 |
Other |  |  | 4,850 |  |  |  | 2,125 |
|  | $ | 47,618 |  |  | $ | 50,873 |
The change in warranty accrual during the three months ended March 31, 2023 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during the three months ended March 31, 2023. Restructuring Activities: Activity and liability balances related to restructuring costs for the three months ended March 31, 2023 are as follows:
|  |  |  |  |  | Three Months Ended |  |  |  |  |
|  |  |  |  |  | March 31, 2023 |  |  |  |  |
|  | Liability at |  |  |  |  |  |  | Cash Payments |  |  | Liability at |
|  | December 31, |  |  | New |  |  | and Other |  |  | March 31, |
|  | 2022 |  |  | Charges |  |  | Settlements |  |  | 2023 |
Severance costs |  | $ | 3,390 |  |  | $ | 2,657 |  |  | $ | (917 | ) |  | $ | 5,130 |
Other restructuring costs |  |  | 3,406 |  |  |  | 851 |  |  |  | - |  |  |  | 4,257 |
Total |  | $ | 6,796 |  |  | $ | 3,508 |  |  | $ | (917 | ) |  | $ | 9,387 |
During the third quarter of 2022, a series of initiatives were launched to streamline our operational footprint. In a project expected to be completed by late-2023, two of our Magnetics sites in Zhongshan and Pingguo, China, are being consolidated into a single centralized site in the Binyang county of Southwestern China (the new Bel Guangxi facility). Further, facility consolidation actions within our Connectivity Solutions group have been underway in both the U.S. and Europe. In the U.S., our Tempe, Arizona and Melbourne, Florida sites are transitioning their manufacturing operations into our existing site in Waseca, Minnesota. In Europe, operations at our facility in Sudbury, UK are being consolidated into our existing site in Chelmsford, UK. The Tempe, Arizona move was completed during the first quarter of 2023, the UK transition is on schedule for completion in the second quarter of 2023 and the Melbourne, Florida transition is expected to be completed in the fourth quarter of 2023. The $3.5 million of restructuring charges incurred during the three months ended March 31, 2023, and the accrued restructuring costs of $9.4 million at March 31, 2023, are associated with these collective initiatives.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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