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Note 9 - Accrued Expenses

9 Months Ended

Sep. 30, 2023

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

9.	ACCRUED EXPENSES

Accrued expenses consist of the following:

	September 30,		December 31,
	2023		2022
Salaries, bonuses and related benefits	$	30,683	$	27,422
Deferred revenue		2,940		8,847
Accrued restructuring costs		6,655		6,796
Sales commissions		2,388		2,521
Subcontracting labor		1,680		1,875
Warranty accrual		1,440		1,287
Other		9,470		2,125
	$	55,256	$	50,873

The change in warranty accrual during the nine months ended September 30, 2023 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during the nine months ended September 30, 2023.

Restructuring Activities:

Activity and liability balances related to restructuring costs for the nine months ended September 30, 2023 are as follows:

			Nine Months Ended
			September 30, 2023
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2022		Charges		Settlements			2023
Severance costs	$	3,390	$	5,115	$	(5,951	)	$	2,554
Other restructuring costs		3,406		1,191		(496	)		4,101
Total	$	6,796	$	6,306	$	(6,447	)	$	6,655

During the third quarter of 2022, a series of initiatives were launched to streamline our operational footprint. In a project substantially complete with final transitions expected by late 2023, two of our Magnetic Solutions manufacturing facilities in Zhongshan and Pingguo, China, are being largely 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 $6.3 million of restructuring charges incurred during the nine months ended September 30, 2023, and the accrued restructuring costs of $6.7 million at September 30, 2023, are associated with these collective initiatives.