XML 30 R21.htm IDEA: XBRL DOCUMENT v3.22.2.2
Operating Segment Information
9 Months Ended
Sep. 30, 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 the general industrial market, as well as elastomer floats for level sensing in fuel tank, motor, and storage tank 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 September 30, 2022
Net sales - recognized over time$72,969 $3,346 $4,110 $80,425 
Net sales - recognized at a point in time57,639 107,637 1,530 166,806 
Total net sales$130,608 $110,983 $5,640 $247,231 
Operating income$2,263 $14,322 $1,891 $18,476 
Three Months Ended September 30, 2021
Net sales - recognized over time$64,277 $4,612 $4,829 $73,718 
Net sales - recognized at a point in time70,714 93,339 492 164,545 
Total net sales$134,991 $97,951 $5,321 $238,263 
Operating income$13,945 $18,104 $1,750 $33,799 
Nine Months Ended September 30, 2022
Net sales - recognized over time$214,091 $9,090 $12,763 $235,944 
Net sales - recognized at a point in time190,835 317,223 3,465 511,523 
Total net sales$404,926 $326,313 $16,228 $747,467 
Operating income$12,342 $43,920 $5,501 $61,763 
Nine Months Ended September 30, 2021
Net sales - recognized over time$176,339 $11,057 $14,802 $202,198 
Net sales - recognized at a point in time230,970 268,074 1,192 500,236 
Total net sales$407,309 $279,131 $15,994 $702,434 
Operating income$47,082 $53,818 $5,837 $106,737 
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 September 30, 2022
United States$33,969 $46,772 $1,087 $81,828 
Other Americas843 2,534 247 3,624 
Total Americas34,812 49,306 1,334 85,452 
China36,126 37,349 2,290 75,765 
Other APAC16,544 5,173 508 22,225 
Total APAC52,670 42,522 2,798 97,990 
Germany19,727 7,310 393 27,430 
Other EMEA23,399 11,845 1,115 36,359 
Total EMEA43,126 19,155 1,508 63,789 
Total net sales$130,608 $110,983 $5,640 $247,231 
Three Months Ended September 30, 2021
United States$22,119 $42,338 $1,510 $65,967 
Other Americas950 2,415 195 3,560 
Total Americas23,069 44,753 1,705 69,527 
China47,153 34,789 1,059 83,001 
Other APAC17,608 6,177 645 24,430 
Total APAC64,761 40,966 1,704 107,431 
Germany24,620 5,892 175 30,687 
Other EMEA22,541 6,340 1,737 30,618 
Total EMEA47,161 12,232 1,912 61,305 
Total net sales$134,991 $97,951 $5,321 $238,263 
(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.
(Dollars in thousands)
Net Sales(1)
Region/CountryAdvanced Electronics SolutionsElastomeric Material SolutionsOtherTotal
Nine Months Ended September 30, 2022
United States$94,907 $136,340 $3,075 $234,322 
Other Americas2,814 7,550 614 10,978 
Total Americas97,721 143,890 3,689 245,300 
China113,448 99,734 6,048 219,230 
Other APAC60,023 18,418 1,778 80,219 
Total APAC173,471 118,152 7,826 299,449 
Germany57,653 23,784 874 82,311 
Other EMEA76,081 40,487 3,839 120,407 
Total EMEA133,734 64,271 4,713 202,718 
Total net sales$404,926 $326,313 $16,228 $747,467 
Nine Months Ended September 30, 2021
United States$67,740 $120,736 $3,535 $192,011 
Other Americas2,334 7,724 582 10,640 
Total Americas70,074 128,460 4,117 202,651 
China155,417 90,047 3,478 248,942 
Other APAC66,412 20,875 2,013 89,300 
Total APAC221,829 110,922 5,491 338,242 
Germany51,434 22,057 526 74,017 
Other EMEA63,972 17,692 5,860 87,524 
Total EMEA115,406 39,749 6,386 161,541 
Total net sales$407,309 $279,131 $15,994 $702,434 
(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)September 30, 2022December 31, 2021
Advanced Electronics Solutions$36,015 $31,398 
Elastomeric Material Solutions2,467 2,082 
Other3,327 3,130 
Total contract assets$41,809 $36,610 
We did not have any contract liabilities as of September 30, 2022 or December 31, 2021. No impairment losses were recognized for the three or nine-month periods ended September 30, 2022 and 2021, respectively, on any receivables or contract assets arising from our contracts with customers.