XML 38 R22.htm IDEA: XBRL DOCUMENT v3.22.0.1
Operating Segments and Geographic Information
 12 Months Ended
Dec. 31, 2021
Segment Reporting [Abstract]  
Operating Segments and Geographic Information Operating Segment and Geographic InformationOur 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. 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 Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2021
Net sales - recognized over time$244,016 $14,909 $18,838 $277,763 
Net sales - recognized at a point in time$290,413 $363,108 $1,602 $655,123 
Total net sales$534,429 $378,017 $20,440 $932,886 
Operating income (loss)$50,198 $60,051 $6,933 $117,182 
Total assets$826,719 $759,576 $12,271 $1,598,566 
Capital expenditures$38,945 $31,777 $403 $71,125 
Depreciation & amortization$22,936 $19,695 $653 $43,284 
Investment in unconsolidated joint ventures$— $16,328 $— $16,328 
Equity income in unconsolidated joint ventures$— $7,032 $— $7,032 
December 31, 2020
Net sales - recognized over time$190,042 $10,614 $14,451 $215,107 
Net sales - recognized at a point in time$268,637 $317,563 $1,276 $587,476 
Total net sales$458,679 $328,177 $15,727 $802,583 
Operating income (loss)$32,023 $30,817 $4,494 $67,334 
Total assets$746,086 $504,199 $13,720 $1,264,005 
Capital expenditures$23,689 $16,214 $482 $40,385 
Depreciation & amortization$23,593 $47,159 $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$197,702 $12,687 $18,112 $228,501 
Net sales - recognized at a point in time$317,425 $348,916 $3,418 $669,759 
Total net sales$515,127 $361,603 $21,530 $898,260 
Operating income$47,217 $57,080 $6,184 $110,481 
Total assets$681,161 $569,484 $22,536 $1,273,181 
Capital expenditures$42,347 $8,550 $700 $51,597 
Depreciation & amortization$28,527 $19,887 $748 $49,162 
Investment in unconsolidated joint ventures$— $16,461 $— $16,461 
Equity income in unconsolidated joint ventures$— $5,319 $— $5,319 
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 Electronics SolutionsElastomeric Material SolutionsOtherTotal
December 31, 2021
United States$93,584 $161,180 $4,508 $259,272 
Other Americas3,107 10,226 755 14,088 
Total Americas96,691 171,406 5,263 273,360 
China193,422 122,000 4,773 320,195 
Other APAC85,100 27,569 2,647 115,316 
Total APAC278,522 149,569 7,420 435,511 
Germany72,531 29,214 827 102,572 
Other EMEA86,685 27,828 6,930 121,443 
Total EMEA159,216 57,042 7,757 224,015 
Total net sales$534,429 $378,017 $20,440 $932,886 
December 31, 2020
United States$90,822 $128,347 $3,679 $222,848 
Other Americas2,943 8,437 682 12,062 
Total Americas93,765 136,784 4,361 234,910 
China153,297 108,161 2,859 264,317 
Other APAC70,830 43,364 2,162 116,356 
Total APAC224,127 151,525 5,021 380,673 
Germany70,881 19,118 410 90,409 
Other EMEA69,906 20,750 5,935 96,591 
Total EMEA140,787 39,868 6,345 187,000 
Total net sales$458,679 $328,177 $15,727 $802,583 
December 31, 2019
United States$95,627 $160,918 $4,507 $261,052 
Other Americas3,713 9,208 913 13,834 
Total Americas99,340 170,126 5,420 274,886 
China193,518 95,653 6,086 295,257 
Other APAC83,858 55,402 2,920 142,180 
Total APAC277,376 151,055 9,006 437,437 
Germany73,673 13,702 573 87,948 
Other EMEA64,738 26,720 6,531 97,989 
Total EMEA138,411 40,422 7,104 185,937 
Total net sales$515,127 $361,603 $21,530 $898,260 
(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 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)20212020
Advanced Electronics Solutions$31,398 $24,199 
Elastomeric Material Solutions2,082 887 
Other3,130 1,489 
Total contract assets$36,610 $26,575 
We did not have any contract liabilities as of December 31, 2021 or 2020. No impairment losses were recognized in 2021, 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)20212020
United States$454,531 $433,870 
England188,859 — 
Germany133,546 133,873 
Other113,734 97,049 
Total long-lived assets$890,670 $664,792 
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets, property, plant and equipment and right-of-use assets. Countries with 10% of more of long-lived assets have been disclosed.