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Note 12 - Accrued Expenses | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
12. | ACCRUED EXPENSES
Accrued expenses consist of the following:
|  | December 31, |
|  | 2023 |  |  | 2022 |
Salaries, bonuses and related benefits |  | $ | 33,566 |  |  | $ | 27,422 |
Deferred revenue |  |  | 3,046 |  |  |  | 8,847 |
Accrued restructuring costs |  |  | 5,498 |  |  |  | 6,796 |
Sales commissions |  |  | 2,347 |  |  |  | 2,521 |
Subcontracting labor |  |  | 1,622 |  |  |  | 1,875 |
Warranty accrual |  |  | 1,542 |  |  |  | 1,287 |
Other |  |  | 7,036 |  |  |  | 2,125 |
|  | $ | 54,657 |  |  | $ | 50,873 |
The change in warranty accrual during 2023 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during 2023. Restructuring Activities: Activity and liability balances related to restructuring costs for the year ended December 31, 2023 are as follows:
|  |  |  |  |  | Year Ended |  |  |  |  |
|  |  |  |  |  | December 31, 2023 |  |  |  |  |
|  | Liability at |  |  |  |  |  |  | Cash Payments |  |  | Liability at |
|  | December 31, |  |  | New |  |  | and Other |  |  | December 31, |
|  | 2022 |  |  | Charges |  |  | Settlements |  |  | 2023 |
Severance costs |  | $ | 3,390 |  |  | $ | 7,590 |  |  | $ | (9,429 | ) |  | $ | 1,551 |
Disposal of equipment in connection with restructuring |  |  | - |  |  |  | 1,320 |  |  |  | (1,320 | ) |  |  | - |
Other restructuring costs |  |  | 3,406 |  |  |  | 1,204 |  |  |  | (663 | ) |  |  | 3,947 |
Total |  | $ | 6,796 |  |  | $ | 10,114 |  |  | $ | (11,412 | ) |  | $ | 5,498 |
During the third quarter of 2022, a series of initiatives were launched to streamline our operational footprint. In a project completed during the fourth quarter of 2023, two of our Magnetic Solutions manufacturing facilities in Zhongshan and Pingguo, China, were largely consolidated into a single centralized site in the Binyang county of Southwestern China (the new Bel Guangxi facility). Further, during the first half of 2023, we completed the transition out of our Tempe, Arizona and Sudbury, UK facilities (both within our Connectivity Solutions segment) into other existing Bel sites. As of December 31, 2023, our Connectivity Solutions Melbourne, Florida site was substantially complete in transitioning its manufacturing operations into our existing site in Waseca, Minnesota. The $10.1 million of restructuring charges incurred the year ended December 31, 2023, and the accrued restructuring costs of $5.5 million at December 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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