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Note 9 - Accrued Expenses | 6 Months Ended
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Jun. 30, 2023
Notes to Financial Statements |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
9. | ACCRUED EXPENSES
Accrued expenses consist of the following:
|  | June 30, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Salaries, bonuses and related benefits |  | $ | 27,086 |  |  | $ | 27,422 |
Deferred revenue |  |  | 3,542 |  |  |  | 8,847 |
Accrued restructuring costs |  |  | 9,132 |  |  |  | 6,796 |
Sales commissions |  |  | 2,159 |  |  |  | 2,521 |
Subcontracting labor |  |  | 1,735 |  |  |  | 1,875 |
Warranty accrual |  |  | 1,330 |  |  |  | 1,287 |
Other |  |  | 10,871 |  |  |  | 2,125 |
|  | $ | 55,855 |  |  | $ | 50,873 |
The change in warranty accrual during the six months ended June 30, 2023 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during the six months ended June 30, 2023. Restructuring Activities: Activity and liability balances related to restructuring costs for the six months ended June 30, 2023 are as follows:
|  |  |  |  |  | Six Months Ended |  |  |  |  |
|  |  |  |  |  | June 30, 2023 |  |  |  |  |
|  | Liability at |  |  |  |  |  |  | Cash Payments |  |  | Liability at |
|  | December 31, |  |  | New |  |  | and Other |  |  | June 30, |
|  | 2022 |  |  | Charges |  |  | Settlements |  |  | 2023 |
Severance costs |  | $ | 3,390 |  |  | $ | 3,394 |  |  | $ | (1,879 | ) |  | $ | 4,905 |
Other restructuring costs |  |  | 3,406 |  |  |  | 821 |  |  |  | - |  |  |  | 4,227 |
Total |  | $ | 6,796 |  |  | $ | 4,215 |  |  | $ | (1,879 | ) |  | $ | 9,132 |
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. During the first half of 2023, we completed the transition out of our Tempe, Arizona and Sudbury, UK facilities into other existing Bel sites. Our Melbourne, Florida site is in the process of transitioning its manufacturing operations into our existing site in Waseca, Minnesota, scheduled for completion by the end of 2023. The $4.2 million of restructuring charges incurred during the six months ended June 30, 2023, and the accrued restructuring costs of $9.1 million at June 30, 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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