Enterprise Wide Segment Information and Net Sales

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Enterprise Wide Segment Information and Net Sales

NOTE 7 – Enterprise Wide Segment Information and Net Sales

Segment Reporting. For financial reporting purposes, we operate in a single segment, standard semiconductor products, through our various manufacturing and distribution facilities. We aggregate our products because the products are similar and have similar economic characteristics, use similar production processes and share similar customer type. Our primary operations include operations in Asia, the Americas, and Europe. During the three months ended March 31, 2024, one customer accounted for approximately $42.7 million or 14.2% of our net sales. During the three months ended March 31, 2023, two customers accounted for $51.8 million, or 11.1%, and $51.6 million, or 11.0%, of our net sales. One customer accounted for approximately 17.3% of our outstanding accounts receivable at March 31, 2024. All customers that accounted for 10% or more of our net sales during any period presented in this Quarterly Report on Form 10-Q are broad-based global distributors that sell to thousands of different end users.

Disaggregation of Net Sales. We disaggregate net sales with customers into direct sales to end customers and distribution sales to distributors (“Distributors”) and by geographic area. Direct sales customers consist of those customers using our product in their manufacturing process, and Distributors are those customers who resell our products to third parties. We deliver our products to customers around the world for use in the industrial, automotive, computing, consumer, and communications markets. Further, most of our contracts are fixed-price arrangements, and are short term in nature, ranging from days to several months. The tables below set forth net sales based on the location of the subsidiary producing the net sale:

As of and for the
Three Months Ended March 31, 2024	Asia			Americas			Europe			Consolidated
Total sales	$	329,426			223,773		$	66,387		$	619,586
Intercompany elimination		(148,884	)		(136,430	)		(32,300	)		(317,614	)
Net sales	$	180,542		$	87,343		$	34,087		$	301,972
Property, plant and, equipment, net	$	529,187		$	82,838		$	111,453		$	723,478
Total assets	$	1,617,774		$	502,459		$	235,939		$	2,356,172
As of and for the
Three Months Ended March 31, 2023	Asia			Americas			Europe			Consolidated
Total sales	$	424,162		$	331,407		$	100,045		$	855,614
Intercompany elimination		(181,465	)		(175,151	)		(31,757	)		(388,373	)
Net sales	$	242,697		$	156,256		$	68,288		$	467,241
Property, plant and, equipment, net	$	550,373		$	92,729		$	112,605		$	755,707
Total assets	$	1,590,485		$	442,763		$	252,313		$	2,285,561

The tables below set forth net sales for the Company disaggregated into geographic locations based on shipment destination and by type (direct sales or Distributor):

	For the Three Months Ended March 31,
Net Sales by Region	2024		2023
Asia	$	228,420	$	324,167
Europe		47,450		76,990
Americas		26,102		66,084
Total net sales	$	301,972	$	467,241
Net Sales by Type
Direct sales	$	118,164	$	134,945
Distributor sales		183,808		332,296
Total net sales	$	301,972	$	467,241

Net sales from products shipped to China was $138.5 million and $179.7 million for the three months ended March 31, 2024 and 2023, respectively.