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Operating Segment Information
 3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]  
Operating Segment Information Operating Segment Information
Our reporting structure is comprised of the following strategic operating segments: AES and EMS. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment.
Our AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in electric and hybrid electric vehicles (EV/HEV), wireless infrastructure (i.e., power amplifiers, antennas and small cells), automotive (i.e., advanced driver assistance systems (ADAS), telematics and thermal solutions), aerospace and defense (i.e., antenna systems, communication systems and phased array radar systems), mass transit, clean energy (i.e., variable frequency drives, renewable energy), connected devices (i.e., mobile internet devices and thermal solutions) and wired infrastructure (i.e., computing and IP infrastructure) markets.
Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for general industrial, portable electronics, automotive, EV/HEV, mass transit, aerospace and defense, footwear and impact mitigation and printing markets; customized silicones used in flex heater and semiconductor thermal applications for general industrial, portable electronics, automotive, EV/HEV, mass transit, aerospace and defense and medical markets; polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for general industrial, automotive, EV/HEV and aerospace and defense markets.
Our Other operating segment consists of elastomer components for applications in general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. We sell our elastomer components under our ENDUR® trade name and our floats under our NITROPHYL® trade name.
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 Electronics SolutionsElastomeric Material SolutionsOtherTotal
Three Months Ended March 31, 2021
Net sales - recognized over time$54,814 $2,687 $5,212 $62,713 
Net sales - recognized at a point in time77,078 89,162 312 166,552 
Total net sales$131,892 $91,849 $5,524 $229,265 
Operating income$14,849 $20,077 $2,267 $37,193 
Three Months Ended March 31, 2020
Net sales - recognized over time$46,401 $2,827 $3,650 $52,878 
Net sales - recognized at a point in time64,873 80,699 360 145,932 
Total net sales$111,274 $83,526 $4,010 $198,810 
Operating income$4,778 $11,517 $1,180 $17,475 
Net sales by operating segment and by geographic area were as follows:
(Dollars in thousands)
Net Sales(1)
Region/CountryAdvanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
Three Months Ended March 31, 2021
United States$23,797 $37,732 $672 $62,201 
Other Americas594 2,494 216 3,304 
Total Americas24,391 40,226 888 65,505 
China58,423 27,831 1,393 87,647 
Other APAC23,372 9,288 720 33,380 
Total APAC81,795 37,119 2,113 121,027 
Germany5,163 10,276 134 15,573 
Other EMEA20,543 4,228 2,389 27,160 
Total EMEA25,706 14,504 2,523 42,733 
Total net sales$131,892 $91,849 $5,524 $229,265 
Three Months Ended March 31, 2020
United States$22,625 $38,567 $979 $62,171 
Other Americas1,053 2,449 311 3,813 
Total Americas23,678 41,016 1,290 65,984 
China32,933 18,375 225 51,533 
Other APAC19,679 12,953 548 33,180 
Total APAC52,612 31,328 773 84,713 
Germany16,729 3,634 149 20,512 
Other EMEA18,255 7,548 1,798 27,601 
Total EMEA34,984 11,182 1,947 48,113 
Total net sales$111,274 $83,526 $4,010 $198,810 
(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
We have 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 contract assets on the condensed consolidated statements of financial position.
Contract assets by operating segment were as follows:
(Dollars in thousands)March 31, 2021December 31, 2020
Advanced Electronics Solutions$27,486 $24,199 
Elastomeric Material Solutions1,102 887 
Other2,348 1,489 
Total contract assets$30,936 $26,575 
We did not have any contract liabilities as of March 31, 2021 or December 31, 2020. No impairment losses were recognized for the three-month periods ended March 31, 2021 and 2020, respectively, on any receivables or contract assets arising from our contracts with customers.