SEGMENT INFORMATION

9 Months Ended

Sep. 30, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

18.    SEGMENT INFORMATION

The Company operates in one segment for the manufacture and marketing of specialty-controlled motion products and solutions for end user and OEM applications. The Company’s chief operating decision maker is the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services in which the entity holds material assets and reports revenue.

Revenue for the three months ended September 30, 2023 and 2022 was comprised of 61% and 59%, respectively, shipped to U.S. customers. For each of the nine months ended September 30, 2023 and 2022, revenues was comprised of 58% shipped to U.S. customers. The remainder of revenues for all periods were shipped to foreign customers, primarily in Europe, Canada, and Asia-Pacific.

Identifiable foreign fixed assets were $35,708 and $34,879 as of September 30, 2023 and December 31, 2022, respectively. Identifiable assets outside of the U.S. are attributable to Europe, China, Mexico, and Asia-Pacific.

For the three months ended September 30, 2023, one customer (Customer A) accounted for 14% of revenues and one customer (Customer B) accounted for 10% of revenues. Customer A and Customer B accounted for 11% and 10% of revenues, respectively, for the nine months ended September 30, 2023. For the three and nine months ended September 30, 2022, Customer B accounted for 11% and 12% of revenues, respectively. As of September 30, 2023, Customer A represented 18% of trade receivables.