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Operating Segments and Geographic Information
 12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]  
Operating Segments and Geographic Information Operating Segment and Geographic Information
Our reporting structure is comprised of the following strategic operating segments: ACS, EMS and PES. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment. We believe this structure aligns our external reporting presentation with how we currently manage and view our business internally.
Operating Segment Information
The following table presents a disaggregation of revenue from contracts with customers and other pertinent financial information, for the periods indicated; inter-segment sales have been eliminated from the net sales data:
(Dollars in thousands)Advanced Connectivity SolutionsElastomeric Material SolutionsPower Electronics SolutionsOtherTotal
December 31, 2020
Net sales - recognized over time$902 $10,614 $189,140 $14,451 $215,107 
Net sales - recognized at a point in time$267,797 $317,563 $840 $1,276 $587,476 
Total net sales$268,699 $328,177 $189,980 $15,727 $802,583 
Operating income (loss)$38,202 $30,817 $(6,179)$4,494 $67,334 
Total assets$407,667 $504,199 $338,419 $13,720 $1,264,005 
Capital expenditures$11,849 $16,214 $11,840 $482 $40,385 
Depreciation & amortization$13,762 $47,159 $9,831 $673 $71,425 
Investment in unconsolidated joint ventures$— $15,248 $— $— 15,248 
Equity income in unconsolidated joint ventures$— $4,877 $— $— $4,877 
December 31, 2019
Net sales - recognized over time$— $12,687 $197,702 $18,112 $228,501 
Net sales - recognized at a point in time$316,592 $348,916 $833 $3,418 $669,759 
Total net sales$316,592 $361,603 $198,535 $21,530 $898,260 
Operating income (loss)$48,654 $57,080 $(1,437)$6,184 $110,481 
Total assets$402,398 $569,484 $278,763 $22,536 $1,273,181 
Capital expenditures$22,156 $8,550 $20,191 $700 $51,597 
Depreciation & amortization$18,267 $19,887 $10,260 $748 $49,162 
Investment in unconsolidated joint ventures$— $16,461 $— $— $16,461 
Equity income in unconsolidated joint ventures$— $5,319 $— $— $5,319 
December 31, 2018
Net sales - recognized over time$— $5,788 $221,896 $16,973 $244,657 
Net sales - recognized at a point in time$294,154 $335,576 $1,442 $3,262 $634,434 
Total net sales$294,154 $341,364 $223,338 $20,235 $879,091 
Operating income$33,827 $52,502 $19,648 $6,734 $112,711 
Total assets$396,075 $588,841 $273,212 $21,216 $1,279,344 
Capital expenditures$61,425 $10,917 $18,051 $156 $90,549 
Depreciation & amortization$20,121 $18,501 $10,640 $811 $50,073 
Investment in unconsolidated joint ventures$— $18,667 $— $— $18,667 
Equity income in unconsolidated joint ventures$— $5,501 $— $— $5,501 
Operating Segment Net Sales by Geographic Area
The following table presents net sales by our operating segment operations by geographic area for the years indicated:
(Dollars in thousands)
Net Sales(1)
Region/CountryAdvanced Connectivity SolutionsElastomeric Material SolutionsPower Electronics SolutionsOtherTotal
December 31, 2020
United States$66,411 $128,347 $24,411 $3,679 $222,848 
Other Americas2,639 8,437 304 682 12,062 
Total Americas69,050 136,784 24,715 4,361 234,910 
China115,454 108,161 37,843 2,859 264,317 
Other APAC51,742 43,364 19,088 2,162 116,356 
Total APAC167,196 151,525 56,931 5,021 380,673 
Germany11,452 19,118 59,429 410 90,409 
Other EMEA21,001 20,750 48,905 5,935 96,591 
Total EMEA32,453 39,868 108,334 6,345 187,000 
Total net sales$268,699 $328,177 $189,980 $15,727 $802,583 
December 31, 2019
United States$63,753 $160,918 $31,874 $4,507 $261,052 
Other Americas3,348 9,208 365 913 13,834 
Total Americas67,101 170,126 32,239 5,420 274,886 
China153,127 95,653 40,391 6,086 295,257 
Other APAC60,457 55,402 23,401 2,920 142,180 
Total APAC213,584 151,055 63,792 9,006 437,437 
Germany15,912 13,702 57,761 573 87,948 
Other EMEA19,995 26,720 44,743 6,531 97,989 
Total EMEA35,907 40,422 102,504 7,104 185,937 
Total net sales$316,592 $361,603 $198,535 $21,530 $898,260 
December 31, 2018
United States$52,661 $152,284 $37,325 $4,527 $246,797 
Other Americas3,104 14,453 931 773 19,261 
Total Americas55,765 166,737 38,256 5,300 266,058 
China136,315 101,036 39,781 4,959 282,091 
Other APAC63,318 40,788 28,414 2,892 135,412 
Total APAC199,633 141,824 68,195 7,851 417,503 
Germany18,165 9,907 62,359 584 91,015 
Other EMEA20,591 22,896 54,528 6,500 104,515 
Total EMEA38,756 32,803 116,887 7,084 195,530 
Total net sales$294,154 $341,364 $223,338 $20,235 $879,091 
(1) Net sales are allocated to countries based on the location of the customer. The table above lists individual countries with 10% or more of net sales for the periods indicated.
Revenue from Contracts with Customers
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to achieve a consistent application of revenue recognition, resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the providing entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On January 1, 2018, we adopted ASU 2014-09 retrospectively with the cumulative effect of applying the standard recognized at the date of implementation and without restatement of comparative periods. This application of the new standard resulted in an increase to the January 1, 2018 balance of retained earnings of approximately $4.2 million, net of tax.
We manufacture some products to customer specifications which are customized to such a degree that it is unlikely that another entity would purchase these products or that we could modify these products for another customer. These products are deemed to have no alternative use to us whereby we have an enforceable right to payment evidenced by contractual termination clauses. In accordance with ASC 606, for those circumstances we recognize revenue on an over-time basis. Revenue recognition does not occur until the product meets the definition of “no alternative use” and therefore, items that have not yet reached that point in the production process are not included in the population of items with over-time revenue recognition.
As appropriate, we record estimated reductions to revenue for customer returns, allowances, and warranty claims. Provisions for such reductions are made at the time of sale and are typically derived from historical trends and other relevant information.
We had contract assets primarily related to unbilled revenue for revenue recognized related to products that are deemed to have no alternative use whereby we have the right to payment. Revenue is recognized in advance of billing to the customer in these circumstances as billing is typically performed at the time of shipment to the customer. The unbilled revenue is included in the contract assets on the consolidated statements of financial position.
Our contract assets by operating segment were as follows:
As of December 31,
(Dollars in thousands)20202019
Advanced Connectivity Solutions$750 $— 
Elastomeric Material Solutions887 1,077 
Power Electronics Solutions23,449 19,471 
Other1,489 1,907 
Total contract assets$26,575 $22,455 
We did not have any contract liabilities as of December 31, 2020 or 2019. No impairment losses were recognized for the years ended December 31, 2020 or 2019 on any receivables or contract assets arising from our contracts with customers.
Long-Lived Assets by Geographic Area
Our long-lived assets(1) by geographic area were as follows:
As of December 31,
(Dollars in thousands)20202019
United States$432,497 $469,234 
China48,850 55,078 
Germany133,168 120,869 
Other46,061 36,942 
Total long-lived assets$660,576 $682,123 
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed.