SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2023

SEGMENT INFORMATION

SEGMENT INFORMATION

14. SEGMENT INFORMATION

The Company operates in one segment for the manufacture and marketing of controlled motion products and solutions for OEM and end user applications. The Company’s chief operating decision maker has been identified as the Chief Executive Officer and President, 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, major customers, and the countries in which the entity holds material assets and reports revenue.

Financial information related to the foreign subsidiaries is summarized below (in thousands):

	For the year ended December 31,
	2023		2022		2021
Revenues derived from foreign subsidiaries	$	179,410	$	165,220	$	163,988

Identifiable foreign fixed assets were $35,751 and $34,879 as of December 31, 2023 and 2022, respectively.

Revenues derived from foreign subsidiaries and identifiable assets outside of the United States are primarily attributable to Europe, China, Mexico and New Zealand.

Sales to customers outside of the United States by all subsidiaries were $239,897, $214,017 and $185,288 during 2023, 2022, and 2021, respectively.

For 2023, 2022, and 2021 one customer (Customer A) accounted for 10%, 11%, and 15% of revenues, respectively, and one customer (Customer B) accounted for 12% in 2023 and less than 10% in 2022 and 2021.

As of December 31, 2023 and 2022 Customer B accounted for 15% and 10% of trade receivables, respectively.