12. SEGMENTS

The Company operates in one industry with three reportable operating segments, which are geographic in nature. The segments consist of North America, Asia and Europe. The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations. The following is a summary of key financial data:

	2016			2015			2014
				(Revised)			(Revised)
Net Sales to External Customers:
North America	$	256,760		$	304,328		$	217,258
Asia		168,458			188,146			201,338
Europe		74,935			74,606			68,480
	$	500,153		$	567,080		$	487,076

Net Sales:
North America	$	268,935		$	329,304		$	248,007
Asia		256,202			295,751			275,765
Europe		86,750			148,735			114,748
Less intercompany
net sales		(111,734	)		(206,710	)		(151,444	)
	$	500,153		$	567,080		$	487,076

(Loss) Income from Operations:
North America	$	(35,722	)	$	11,012		$	(4,531	)
Asia		(24,360	)		8,175			13,090
Europe		(16,430	)		9,413			4,913
	$	(76,512	)	$	28,600		$	13,472

Total Assets:
North America	$	168,061		$	238,930		$	309,516
Asia		166,028			231,063			251,240
Europe		92,651			108,512			69,616
	$	426,740		$	578,505		$	630,372

Capital Expenditures:
North America	$	2,641		$	2,425		$	3,862
Asia		4,329			4,888			4,089
Europe		1,253			2,578			1,091
	$	8,223		$	9,891		$	9,042

Depreciation and Amortization Expense:
North America	$	10,522		$	10,841		$	7,986
Asia		7,976			8,706			8,391
Europe		3,280			3,462			3,990
	$	21,778		$	23,009		$	20,367

Net Sales – Segment net sales are attributed to individual segments based on the geographic source of the billing for such customer sales. Intercompany sales include finished products manufactured in foreign countries which are then transferred to the United States and Europe for sale; finished goods manufactured in the United States which are transferred to Europe and Asia for sale; and semi-finished components manufactured in the United States which are sold to Asia for further processing. Income from operations represents net sales less operating costs and expenses and does not include any amounts related to intercompany transactions.

The following items are included in the segment data presented above:

Acquisitions – Since the 2014 Acquisitions occurred mid-year during 2014, Bel's segment net sales and income from operations presented above for the year ended December 31, 2014 only include contributions from the respective dates of acquisitions. The following table indicates the contributions to net sales and income (loss) from operations from the 2014 Acquisitions:

	Year Ended December 31,
	2015			2014
Net Sales to External Customers:
North America	$	189,118		$	101,772
Asia		5,898			5,870
Europe		35,319			26,694
Net sales from the 2014 Acquisitions	$	230,335		$	134,336

Income (loss) from operations:
North America	$	5,123		$	(3,585	)
Asia		(2,403	)		(3,358	)
Europe		7,530			4,406
Total income (loss) from operations
from the 2014 Acquisitions	$	10,250		$	(2,537	)

Restructuring Charges – The following restructuring charges are included in income (loss) from operations by segment. See Note 3, "Restructuring Activities," for further information on the Company's restructuring efforts.

	2016		2015		2014
North America	$	692	$	1,452	$	1,539
Asia		1,305		352		-
Europe		90		310		293
	$	2,087	$	2,114	$	1,832

Impairment Charges – As discussed in Note 4, Goodwill and Other Intangible Assets, the Company recorded a $106.0 million non-cash impairment charge related to its goodwill and trademarks in 2016. Of this charge, $44.0 million was recorded in the Company's North America segment, $41.7 million was recorded in its Asia segment and $20.3 million was recorded in its Europe segment. These charges impacted the Company's income from operations for 2016 and the reduction in goodwill accounted for the majority of the decline in total assets from December 31, 2015 noted above.

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.

	2016		2015		2014
Net Sales by Geographic Location:

United States	$	256,760	$	304,328	$	217,258
Macao		163,971		182,248		195,469
United Kingdom		21,953		27,552		22,852
Slovakia		17,622		2,807		1,353
Germany		14,104		16,314		18,663
Switzerland		14,048		18,050		15,236
All other foreign countries		11,695		15,781		16,245
Consolidated net sales	$	500,153	$	567,080	$	487,076

Net Sales by Major Product Line:

Power solutions and protection	$	172,176	$	214,766	$	159,867
Connectivity solutions		168,845		181,697		152,954
Magnetic solutions		159,132		170,617		174,255
Consolidated net sales	$	500,153	$	567,080	$	487,076

The following is a summary of long-lived assets by geographic area as of December 31, 2016 and 2015:

	2016		2015
Long-lived Assets by Geographic Location:			(Revised)

United States	$	29,740	$	32,327
People's Republic of China (PRC)		32,666		37,796
Slovakia		6,574		7,758
Switzerland		3,593		4,006
United Kingdom		1,419		2,016
All other foreign countries		1,117		1,232
Consolidated long-lived assets	$	75,109	$	85,135

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 this 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. A significant portion of the Company's manufacturing operations and approximately 40% of its identifiable assets are located in Asia.

Net Sales to Major Customers

The Company had net sales to one customer in excess of ten percent of consolidated net sales in each of 2016, 2015 and 2014. The net sales associated with this customer was $59.8 million in 2016 (12.0% of sales), $74.8 million in 2015 (13.2% of sales) and $76.4 million in 2014 (15.7% of sales). Net sales related to this significant customer were primarily reflected in the Asia operating segment during each of the three years discussed.