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Note 3 - Divestiture of Subsidiary | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] |
3. | DIVESTITURE OF 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 (“PEI”) 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 its 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 |

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