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Note 14 - Segments | 12 Months Ended
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Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
14. | SEGMENTS
The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups, consisting of Power Solutions and Protection, Connectivity Solutions and Magnetic Solutions: Power Solutions and Protection Segment: This segment includes internal and external AC/DC power supplies, DC/DC converters and DC/AC inverters utilized in defense, commercial aerospace, industrial, networking and consumer applications. Bel circuit protection products include board level fuses (miniature, micro and surface mount), and Polymeric PTC (Positive Temperature Coefficient) devices, designed for the global electronic and telecommunication markets. Connectivity Solutions Segment: This segment includes high speed and harsh environment copper and optical fiber connectors and integrated assemblies, providing connectivity solutions within the commercial aerospace, military communications, defense, network infrastructure, structured building cabling and several industrial applications. Magnetic Solutions Segment: This segment includes the Company’s ICM products, which integrate RJ45 connectors with discrete magnetic components to provide better performance and a more robust device, substantially reducing board space and optimizing performance. This segment also includes Power Transformers for use in a wide array of applications, including industrial instrumentation, alarm and security systems, motion control, elevators, and medical products. There are no intercompany sales between the segments. On a quarterly basis, the Company’s chief operating decision maker (CODM), the Chief Executive Officer, utilizes gross profit (a U.S. GAAP measure) as the profitability measure i n assessing segment performance. The CODM uses segment gross profit to make commercial and operational related decisions across the business and when evaluating capital deployment opportunities. In accordance with ASU 2023-07, the Company has elected to disclose gross profit as its required measure of segment profit and loss since it represents the measure of segment performance that is most consistent with U.S. GAAP measurement principles. The following is a summary of key financial data for each of the three years ended December 31, 2024, 2023 and 2022. In addition to total segment revenues and segment gross profit, the CODM’s quarterly reporting package also includes cost of sales in arriving at the disclosed measure of profitability. The Company has determined that cost of sales is a significant segment expense and is therefore included in the financial data disclosure tables below.
|  | Year Ended December 31, 2024 |
|  | Power Solutions |  |  | Connectivity |  |  | Magnetic |  |  | Corporate/ |  |  |  |  |
|  | and Protection |  |  | Solutions |  |  | Solutions |  |  | Other |  |  | Total |
Net sales |  | $ | 245,551 |  |  | $ | 220,370 |  |  | $ | 68,871 |  |  | $ | - |  |  | $ | 534,792 |
Cost of sales |  |  | 141,425 |  |  |  | 138,606 |  |  |  | 51,418 |  |  |  | 985 |  |  |  | 332,434 |
Gross profit |  |  | 104,126 |  |  |  | 81,764 |  |  |  | 17,453 |  |  |  | (985 | ) |  |  | 202,358 |
Gross profit % |  |  | 42.4 | % |  |  | 37.1 | % |  |  | 25.3 | % |  |  | nm |  |  |  | 37.8 | %
Research and development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 23,586 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 110,616 |
Impairment of CUI tradename |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 400 |
Restructuring charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,459 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,078 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (4,754 | )
Other income/expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,165 |
Earnings before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 61,808 |
Other Segment Disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 654,131 |  |  | $ | 177,443 |  |  | $ | 51,415 |  |  | $ | 66,800 |  |  | $ | 949,789 |
Capital Expenditures |  |  | 5,446 |  |  |  | 7,908 |  |  |  | 281 |  |  |  | 473 |  |  |  | 14,108 |
Depreciation and Amortization Expense |  |  | 8,284 |  |  |  | 6,853 |  |  |  | 819 |  |  |  | 501 |  |  |  | 16,457 |
Interest Expense |  |  | 1,327 |  |  |  | 68 |  |  |  | - |  |  |  | 2,683 |  |  |  | 4,078 |
|  | Year Ended December 31, 2023 |
|  | Power Solutions |  |  | Connectivity |  |  | Magnetic |  |  | Corporate/ |  |  |  |  |
|  | and Protection |  |  | Solutions |  |  | Solutions |  |  | Other |  |  | Total |
Net sales |  | $ | 314,105 |  |  | $ | 210,572 |  |  | $ | 115,136 |  |  | $ | - |  |  | $ | 639,813 |
Cost of sales |  |  | 194,364 |  |  |  | 138,541 |  |  |  | 89,822 |  |  |  | 1,237 |  |  |  | 423,964 |
Gross profit |  |  | 119,741 |  |  |  | 72,031 |  |  |  | 25,314 |  |  |  | (1,237 | ) |  |  | 215,849 |
Gross profit % |  |  | 38.1 | % |  |  | 34.2 | % |  |  | 22.0 | % |  |  | nm |  |  |  | 33.7 | %
Research and development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 22,487 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 99,091 |
Restructuring charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 10,114 |
Gain on sale of properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3,819 | )
Gain on sale of Czech Republic business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (980 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,850 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,697 | )
Other income/expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,503 |
Earnings before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 83,300 |
Other Segment Disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total assets |  | $ | 222,068 |  |  | $ | 197,045 |  |  | $ | 47,900 |  |  | $ | 104,618 |  |  | $ | 571,631 |
Capital expenditures |  |  | 4,563 |  |  |  | 7,384 |  |  |  | 160 |  |  |  | 19 |  |  |  | 12,126 |
Depreciation and amortization expense |  |  | 5,280 |  |  |  | 6,152 |  |  |  | 1,094 |  |  |  | 786 |  |  |  | 13,312 |
Interest expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 2,850 |  |  |  | 2,850 |
|  | Year Ended December 31, 2022 |
|  | Power Solutions |  |  | Connectivity |  |  | Magnetic |  |  | Corporate/ |  |  |  |  |
|  | and Protection |  |  | Solutions |  |  | Solutions |  |  | Other |  |  | Total |
Net sales |  | $288,366 |  |  | $187,085 |  |  | $178,782 |  |  | $- |  |  | $654,233 |
Cost of sales |  |  | 200,526 |  |  |  | 138,597 |  |  |  | 129,492 |  |  |  | 2,165 |  |  |  | 470,780 |
Gross profit |  |  | 87,840 |  |  |  | 48,488 |  |  |  | 49,290 |  |  |  | (2,165 | ) |  |  | 183,453 |
Gross profit % |  |  | 30.5 | % |  |  | 25.9 | % |  |  | 27.6 | % |  |  | nm |  |  |  | 28.0 | %
Research and development costs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 20,238 |
Selling, general and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 92,342 |
Restructuring charges |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 7,322 |
Gain on sale of properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,596 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,379 |
Interest income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (177 | )
Other income/expense, net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,886 |
Earnings before provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 59,059 |
Other Segment Disclosures: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Total Assets |  | $ | 234,095 |  |  | $ | 170,895 |  |  | $ | 107,891 |  |  | $ | 47,585 |  |  | $ | 560,466 |
Capital Expenditures |  |  | 3,916 |  |  |  | 4,566 |  |  |  | 350 |  |  |  | - |  |  |  | 8,832 |
Depreciation and Amortization Expense |  |  | 6,470 |  |  |  | 6,145 |  |  |  | 2,133 |  |  |  | 115 |  |  |  | 14,863 |
Interest Expense |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 3,379 |  |  |  | 3,379 |
Entity-Wide Information The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line. Such information attributes net sales based on markets where revenues are reported.
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net Sales by Geographic Location: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 362,118 |  |  | $ | 447,793 |  |  | $ | 409,199 |
People's Republic of China |  |  | 23,394 |  |  |  | 43,109 |  |  |  | 77,061 |
Macao |  |  | 25,130 |  |  |  | 35,026 |  |  |  | 61,744 |
United Kingdom |  |  | 35,915 |  |  |  | 25,648 |  |  |  | 21,903 |
Slovakia |  |  | 33,228 |  |  |  | 35,555 |  |  |  | 22,120 |
Germany |  |  | 15,268 |  |  |  | 17,327 |  |  |  | 24,112 |
India |  |  | 10,635 |  |  |  | 15,365 |  |  |  | 17,608 |
Switzerland |  |  | 15,594 |  |  |  | 11,237 |  |  |  | 9,893 |
Israel |  |  | 8,227 |  |  |  | - |  |  |  | - |
All other foreign countries |  |  | 5,283 |  |  |  | 8,753 |  |  |  | 10,593 |
Consolidated net sales |  |  | 534,792 |  |  |  | 639,813 |  |  |  | 654,233 |
Net Sales by Major Product Line: |  |  |  |  |  |  |  |  |  |  |  |
Power solutions and protection |  | $ | 245,551 |  |  | $ | 314,105 |  |  | $ | 288,366 |
Connectivity solutions |  |  | 220,370 |  |  |  | 210,572 |  |  |  | 187,085 |
Magnetic solutions |  |  | 68,871 |  |  |  | 115,136 |  |  |  | 178,782 |
Consolidated net sales |  | $ | 534,792 |  |  | $ | 639,813 |  |  | $ | 654,233 |
The following is a summary of long-lived assets by geographic area as of December 31, 2024 and 2023:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Long-lived Assets by Geographic Location: |  |  |  |  |  |  |  |
United States |  | $ | 40,840 |  |  | $ | 34,990 |
People's Republic of China (PRC) |  |  | 23,942 |  |  |  | 23,621 |
Slovakia |  |  | 6,553 |  |  |  | 7,468 |
Israel |  |  | 4,125 |  |  |  | - |
United Kingdom |  |  | 3,001 |  |  |  | 3,024 |
All other foreign countries |  |  | 4,057 |  |  |  | 549 |
Consolidated long-lived assets |  | $ | 82,518 |  |  | $ | 69,652 |
Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area. The territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC in the middle of 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact the current status of these territories, along with evolving political landscape in the region, will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC (including risks arising out of any changes in governmental and economic policy, such as increased or new tariffs, and current or additional trade restrictions, and the potential for adverse developments arising out of any political or economic instability related to Hong Kong or Taiwan). A significant portion of the Company's manufacturing operations and approximately 30.8% of its identifiable assets are located in Asia. Net Sales to Major Customers The Company had no direct customers whose net sales represented in excess of ten percent of the Company's consolidated net sales in 2024 or 2023. In 2022, the Company had one direct customer with net sales of $83.9 million (12.8% of sales). Net sales related to this significant customer were primarily reflected in the Magnetic Solutions operating segment.

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- Definition The entire disclosure for reporting segments including data and tables. 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