Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Total net sales based on the timing of transfer of goods or services to customers and geographic region are as follows:


			Three Months Ended March 31,
			(Unaudited)
	2023						2022
(In thousands)
Net sales:	Point-in-Time(1)		Over Time		Total		Point-in-Time(1)		Over Time		Total
Americas	$	152,342	$	25,644	$	177,986	$	132,988	$	26,222	$	159,210
EMEA	94,696		17,484		112,180		79,241		21,129		100,370
APAC	135,649		11,010		146,659		114,995		10,681		125,676
Total net sales(1)	$	382,687	$	54,138	$	436,825	$	327,224	$	58,032	$	385,256
(1): Net sales contains hedging gains and losses, which do not represent revenues recognized from customers. See Note 5 - Derivative instruments and hedging activities of Notes to Consolidated Financial Statements for more information on the impact of our hedging activities on our results of operations

The industry grouping used to disaggregate net sales is determined at the customer account level. Accounts assigned to one of our three industry-specific groupings are either designated as Semiconductor and Electronics, Transportation, or Aerospace, Defense, and Government. We are able to leverage the investments in these areas to also serve a broad base of diverse customers in the other industries we serve, which are included in our Portfolio grouping. Our recent acquisitions described in Note 17 - Acquisition of Notes to Consolidated Financial Statements are presented within the "Transportation" industry grouping below. We periodically review and update the groupings of customers assigned to a particular industry grouping to ensure that our revenue disaggregation aligns with the way we currently manage our business. As part of this process, we reclassified certain customer accounts between industry groups during the first quarter of 2023. The prior period presented below has been recast to conform to the current period presentation.


	Three Months Ended March 31,
(In thousands)	(Unaudited)
Industry Grouping	2023		2022
Portfolio	$	135,910	$	124,703
Semiconductor & Electronics	113,757		104,026
Aerospace, Defense & Government	113,114		94,503
Transportation	74,044		62,024
Total net sales	$	436,825	$	385,256

Schedule of Changes in Unearned Revenue

Changes in deferred revenue, current and non-current, during the three months ended March 31, 2023 were as follows:


	Amount
	(In thousands)
Deferred Revenue at December 31, 2022	$	200,274
Deferral of revenue billed in current period, net of recognition	56,935
Recognition of revenue deferred in prior periods	(45,765)

Foreign currency translation impact	1,593
Balance as of March 31, 2023 (unaudited)	$	213,037