Note 9 - Accrued Expenses

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

9. ACCRUED EXPENSES

Accrued expenses consist of the following:

	September 30,		December 31,
	2024		2023
Salaries, bonuses and related benefits	$	25,238	$	33,566
Deferred revenue		2,579		3,046
Accrued restructuring costs		4,950		5,498
Sales commissions		2,166		2,347
Warranty accrual		1,424		1,542
Other		5,752		8,658
	$	42,109	$	54,657

The change in warranty accrual during the nine months ended September 30, 2024 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, 2024.

Restructuring Activities:

Activity and liability balances related to restructuring costs for the nine months ended September 30, 2024 are as follows:

			Nine Months Ended
			September 30, 2024
	Liability at				Cash Payments			Liability at
	December 31,		New		and Other			September 30,
	2023		Charges		Settlements			2024
Severance costs	$	1,551	$	1,219	$	(2,367	)	$	403
Other restructuring costs		3,947		571		29			4,547
Total	$	5,498	$	1,790	$	(2,338	)	$	4,950

The new charges and ending liability balance noted above for severance costs largely relate to an initiative within our Power segment related to the transition of our fuse operations to other existing sites and also within our Connectivity segment related to the transition of certain manufacturing from our Glen Rock, Pennsylvania facility to other existing Bel sites. The new charges noted above for other restructuring costs relate to housing and social insurance costs associated with our fuse restructuring initiative within our Power segment. The balances in other restructuring costs in the table above as of December 31, 2023 and September 30, 2024 largely related to remaining liabilities associated with the Company's facility consolidation project in the PRC whereby two of our Magnetic Solutions manufacturing sites were consolidated into a single new site.