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:

	2015			2014			2013
Net Sales to External Customers:
North America	$	304,328		$	217,258		$	116,548
Asia		188,146			201,338			193,647
Europe		74,606			68,480			38,994
	$	567,080		$	487,076		$	349,189

Net Sales:
North America	$	329,304		$	248,007		$	128,472
Asia		295,751			275,765			225,151
Europe		148,735			114,748			40,742
Less intercompany
net sales		(206,710	)		(151,444	)		(45,176	)
	$	567,080		$	487,076		$	349,189

Income (Loss) from Operations:
North America	$	11,012		$	(4,531	)	$	(1,560	)
Asia		8,175			13,090			15,356
Europe		9,413			4,913			1,251
	$	28,600		$	13,472		$	15,047

Total Assets:
North America	$	247,436		$	314,565		$	117,261
Asia		231,063			251,240			148,780
Europe		108,512			69,616			42,100
	$	587,011		$	635,421		$	308,141

Capital Expenditures:
North America	$	2,425		$	3,862		$	2,064
Asia		4,888			4,089			4,551
Europe		2,578			1,091			325
	$	9,891		$	9,042		$	6,940

Depreciation and Amortization Expense:
North America	$	10,841		$	7,986		$	4,282
Asia		8,706			8,391			6,540
Europe		3,462			3,990			1,560
	$	23,009		$	20,367		$	12,382

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:

Recent Acquisitions – At December 31, 2015 and 2014, Power Solutions' total assets of $199.2 million and $203.1 million, respectively, and Connectivity Solutions' total assets of $134.2 million and $133.1 million, respectively, are included in the table above. See Note 2, "Acquisitions and Disposition," for further information on the 2014 Acquisitions.

The acquisitions in 2014 and 2013 contributed to Bel's segment net sales and income from operations as follows:

	Year Ended
	December 31,
	2015			2014			2013
Net Sales to External Customers:
North America:
Power Solutions	$	131,215		$	73,530		$	-
Connectivity Solutions		57,903			28,242			-
Array (a)		4,729			6,842			2,074
		193,847			108,614			2,074
Asia:
Power Solutions		1,026			3,401			-
Connectivity Solutions		4,872			2,469			-
TRP		71,215			66,082			65,141
		77,113			71,952			65,141
Europe:
Power Solutions		28,685			23,882			-
Connectivity Solutions		6,634			2,812			-
TRP		2,700			2,498			1,407
		38,019			29,192			1,407
Net sales from 2013-2014 acquisitions		308,979			209,758			68,622

Income (loss) from operations:
North America:
Power Solutions		2,320			(777	)		-
Connectivity Solutions		2,803			(2,808	)		-
Array (a)		(311	)		(801	)		(936	)
		4,812			(4,386	)		(936	)
Asia:
Power Solutions		(2,074	)		(3,851	)		-
Connectivity Solutions		(329	)		493			-
TRP		9,269			13,152			9,007
		6,866			9,794			9,007
Europe:
Power Solutions		6,799			4,574			-
Connectivity Solutions		731			(168	)		-
TRP		351			366			289
		7,881			4,772			289
Total income (loss) from operations
from 2013-2014 acquisitions	$	19,559		$	10,180		$	8,360

(a)	2015 net sales and loss from operations noted for Array reflect 2015 activity through September 30, 2015. Array was merged into the Company's Cinch Connector business during the fourth quarter of 2015.

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.

	2015		2014		2013
North America	$	1,452	$	1,539	$	963
Asia		352		-		249
Europe		310		293		175
	$	2,114	$	1,832	$	1,387

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.

	2015		2014		2013
Net Sales by Geographic Location:

United States	$	304,328	$	217,258	$	116,548
Macao		182,248		195,469		193,647
United Kingdom		27,552		22,852		16,538
Germany		16,314		18,663		16,585
Switzerland		18,050		15,236		-
All other foreign countries		18,588		17,598		5,871
Consolidated net sales	$	567,080	$	487,076	$	349,189

Net Sales by Major Product Line:

Power solutions and protection	$	214,766	$	159,867	$	67,370
Connectivity solutions		181,697		152,954		111,653
Magnetic solutions		170,617		174,255		170,166
Consolidated net sales	$	567,080	$	487,076	$	349,189

The following is a summary of long-lived assets by geographic area as of December 31, 2015 and 2014:

	2015		2014
Long-lived Assets by Geographic Location:

United States	$	35,967	$	43,760
People's Republic of China (PRC)		37,796		42,323
Slovakia		7,758		8,101
Switzerland		4,006		4,935
United Kingdom		2,016		2,537
All other foreign countries		1,232		1,305
Consolidated long-lived assets	$	88,775	$	102,961

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 38.7% 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 2015 and 2014. The net sales associated with this customer was $74.8 million in 2015 (13.2% of sales) and $76.4 million in 2014 (15.7% of sales). The Company had net sales to two customers in excess of ten percent of consolidated net sales in 2013. The combined net sales from these two customers was $103.3 million (29.6% of total sales) during the year ended December 31, 2013. Net sales related to these significant customers were primarily reflected in the Asia operating segment during each of the three years discussed.