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SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 12 Months Ended
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Dec. 31, 2022
Significant Customers and Geographic Net Revenues |
SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES | 8. SIGNIFICANT CUSTOMERS AND GEOGRAPHIC NET REVENUES: Customer Concentration The Company’s top ten customers accounted for approximately 76%, 78% and 62% of revenues in 2022, 2021 and 2020, respectively. A significant portion of these revenues are attributable to sales of the Company’s products to distributors of electronic components. These distributors sell the Company’s products to a broad, diverse range of end users, including OEMs and merchant power supply manufacturers. Sales to distributors in 2022, 2021 and 2020 were $457.7 million, $525.7 million and $367.7 million, respectively. Direct sales to OEMs and power-supply manufacturers accounted for the remainder. The following customers represented 10% or more of the Company’s net revenues for the respective years:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
Customer |  | 2022 | ​ | 2021 | ​ | 2020
Avnet | ​ | 31 | % | ​ | 30 | % | ​ | 19 | %
Honestar Technologies Co., Ltd. |  | 11 | % | ​ | 16 | % | ​ | 11 | %
No other customers accounted for 10% or more of the Company’s net revenues in the periods presented. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consisted principally of cash investments and trade receivables. The Company does not have any off-balance-sheet credit exposure related to its customers. As of years ended December 31, 2022 and 2021, 87% and 86% of accounts receivable were concentrated with the Company’s top ten customers, respectively. The following customers represented 10% or more of accounts receivable:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​ | December 31,
Customer |  | 2022 | ​ | 2021
Avnet | ​ | 42 | % | ​ | 45 | %
Salcomp Group |  | 13 | % | ​ | * | ​
Flextronics Group |  | 11 | % | ​ | * | ​
*Total customer accounts receivable was less than 10% of accounts receivable. No other customers accounted for 10% or more of the Company’s accounts receivable in the periods presented. Geographic Net Revenues The Company markets its products globally through its sales personnel and a worldwide network of independent sales representatives and distributors. Geographic net revenues based on “bill to” customer locations were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
(In thousands) |  | 2022 |  | 2021 |  | 2020
United States of America | ​ | $ | 25,500 | ​ | $ | 17,238 | ​ | $ | 11,065
Hong Kong/China | ​ |  | 356,865 | ​ |  | 446,980 | ​ |  | 306,938
India | ​ | ​ | 33,159 | ​ | ​ | 25,961 | ​ | ​ | 19,845
Taiwan | ​ |  | 19,789 | ​ |  | 25,991 | ​ |  | 21,650
Korea | ​ |  | 52,074 | ​ |  | 59,501 | ​ |  | 40,059
Western Europe (excluding Germany) | ​ |  | 32,429 | ​ |  | 35,835 | ​ |  | 33,564
Japan | ​ |  | 34,924 | ​ |  | 25,101 | ​ |  | 17,453
Germany | ​ |  | 52,876 | ​ |  | 32,664 | ​ |  | 23,242
Other | ​ |  | 43,522 | ​ |  | 34,006 | ​ |  | 14,502
Total net revenues | ​ | $ | 651,138 | ​ | $ | 703,277 | ​ | $ | 488,318
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- Definition The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 275 -URI http://asc.fasb.org/topic&trid=2134479 + Details
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