Note 12 - Accrued Expenses

12 Months Ended

Dec. 31, 2024

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

12. ACCRUED EXPENSES

Accrued expenses consist of the following:

	December 31,
	2024		2023
Salaries, bonuses and related benefits	$	32,478	$	33,566
Accrued restructuring costs		5,823		5,498
Sales commissions		2,616		2,347
Warranty accrual		1,554		1,542
Other		10,560		11,704
	$	53,031	$	54,657

The change in warranty accrual during 2024 primarily related to repair costs incurred and adjustments to pre-existing warranties. There were no new material warranty charges incurred during 2024.

Restructuring Activities:

Activity and liability balances related to restructuring costs for the years ended December 31, 2023 and 2024 are as follows:

			2023							2024
	Liability at				Cash Payments			Liability at				Cash Payments			Liability at
	December 31,		New		and Other			December 31,		New		and Other			December 31,
	2022		Charges		Settlements			2023		Charges		Settlements			2024
Severance costs	$	3,390	$	7,590	$	(9,429	)	$	1,551	$	2,888	$	(3,163	)	$	1,276
Disposal of equipment in connection with restructuring		-		1,320		(1,320	)		-		-		-			-
Other restructuring costs		3,406		1,204		(663	)		3,947		571		29			4,547
Total	$	6,796	$	10,114	$	(11,412	)	$	5,498	$	3,459	$	(3,134	)	$	5,823

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 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. Our Connectivity Solutions Melbourne, Florida site also transitioned its manufacturing operations into our existing site in Waseca, Minnesota during 2023. 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.

The 2024 charges and ending liability balance at December 31, 2024 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 December 31, 2024 largely related to remaining liabilities associated with the Company's aforementioned facility consolidation project in the PRC.