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Operating Segment Information
 3 Months Ended
Mar. 31, 2022
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, 2022
Net sales - recognized over time$70,486 $3,046 $4,373 $77,905 
Net sales - recognized at a point in time62,667 107,194 500 170,361 
Total net sales$133,153 $110,240 $4,873 $248,266 
Operating income$1,304 $16,997 $1,590 $19,891 
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 
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, 2022
United States$29,207 $45,389 $843 $75,439 
Other Americas973 2,587 168 3,728 
Total Americas30,180 47,976 1,011 79,167 
China36,079 30,987 1,814 68,880 
Other APAC20,097 6,716 508 27,321 
Total APAC56,176 37,703 2,322 96,201 
Germany20,553 8,738 270 29,561 
Other EMEA26,244 15,823 1,270 43,337 
Total EMEA46,797 24,561 1,540 72,898 
Total net sales$133,153 $110,240 $4,873 $248,266 
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 
(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, 2022December 31, 2021
Advanced Electronics Solutions$33,224 $31,398 
Elastomeric Material Solutions2,616 2,082 
Other3,337 3,130 
Total contract assets$39,177 $36,610 
We did not have any contract liabilities as of March 31, 2022 or December 31, 2021. No impairment losses were recognized for the three-month periods ended March 31, 2022 and 2021, respectively, on any receivables or contract assets arising from our contracts with customers.