Note 14 - Segments

12 Months Ended

Dec. 31, 2025

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 CODM, the Chief Executive Officer, utilizes gross profit (a U.S. GAAP measure) as the profitability measure in 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, 2025, 2024 and 2023. 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, 2025
	Power Solutions			Connectivity			Magnetic			Corporate/
	and Protection			Solutions			Solutions			Other			Total
Net sales	$	356,805		$	232,286		$	86,364		$	-		$	675,455
Cost of sales		204,414			142,422			62,561			1,640			411,037
Gross profit		152,391			89,864			23,803			(1,640	)		264,418
Gross profit %		42.7	%		38.7	%		27.6	%		nm			39.1	%

Other Segment Disclosures:
Total Assets	$	633,801		$	183,249		$	54,144		$	64,006		$	935,200
Capital Expenditures		5,109			6,442			326			125			12,002
Depreciation and Amortization Expense		18,012			7,034			970			576			26,592
Interest Expense		263			3			-			14,485			14,751

	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	%

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	%

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

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,
	2025		2024		2023
*Net Sales by Geographic Location:*
United States	$	447,367	$	362,118	$	447,793
People's Republic of China (PRC)		52,323		23,394		43,109
Macao		-		25,130		35,026
United Kingdom		37,071		35,915		25,648
Slovakia		32,172		33,228		35,555
Germany		14,717		15,268		17,327
India		8,846		10,635		15,365
Switzerland		15,747		15,594		11,237
Israel		62,348		8,227		-
All other foreign countries		4,864		5,283		8,753
Consolidated net sales		675,455		534,792		639,813

*Net Sales by Major Product Line:*
Power solutions and protection	$	356,805	$	245,551	$	314,105
Connectivity solutions		232,286		220,370		210,572
Magnetic solutions		86,364		68,871		115,136
Consolidated net sales	$	675,455	$	534,792	$	639,813

The following is a summary of long-lived assets by geographic area as of December 31, 2025 and 2024:

	December 31,
	2025		2024
*Long-lived Assets by Geographic Location:*
United States	$	50,836	$	40,840
People's Republic of China (PRC)		13,701		23,942
Slovakia		6,666		6,553
Israel		3,687		4,125
United Kingdom		3,314		3,001
All other foreign countries		3,737		4,057
Consolidated long-lived assets	$	81,941	$	82,518

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 32.0% 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 2025, 2024 or 2023.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

BEL FUSE INC /NJ 10-K