XML 34 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Operating Segments and Geographic Information
 12 Months Ended
Dec. 31, 2022
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, 2022
Net sales - recognized over time$227,031 $15,887 $16,361 $259,279 
Net sales - recognized at a point in time$303,184 $404,119 $4,589 $711,892 
Total net sales$530,215 $420,006 $20,950 $971,171 
Operating income (loss)$77,163 $60,351 $6,918 $144,432 
Total assets$854,194 $778,655 $13,365 $1,646,214 
Capital expenditures$58,858 $57,617 $313 $116,788 
Depreciation & amortization$21,721 $23,480 $678 $45,879 
Investment in unconsolidated joint ventures$— $14,082 $— $14,082 
Equity income in unconsolidated joint ventures$— $4,437 $— $4,437 
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$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 
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, 2022
United States$122,707 $169,490 $4,439 $296,636 
Other Americas6,628 15,389 287 22,304 
Total Americas129,335 184,879 4,726 318,940 
China154,435 121,666 7,397 283,498 
Other APAC75,205 31,393 2,692 109,290 
Total APAC229,640 153,059 10,089 392,788 
Germany78,666 30,390 1,092 110,148 
Other EMEA92,574 51,678 5,043 149,295 
Total EMEA171,240 82,068 6,135 259,443 
Total net sales$530,215 $420,006 $20,950 $971,171 
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 
(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.
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)20222021
Advanced Electronics Solutions$33,736 $31,398 
Elastomeric Material Solutions1,584 2,082 
Other3,533 3,130 
Total contract assets$38,853 $36,610 
We did not have any contract liabilities as of December 31, 2022 or 2021. No impairment losses were recognized in 2022, 2021 or 2020 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)20222021
United States$401,237 $454,531 
England161,916 188,859 
Germany139,671 133,546 
Other154,693 113,734 
Total long-lived assets$857,517 $890,670 
(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.