XML 42 R22.htm IDEA: XBRL DOCUMENT v3.22.4
Note 13 - Segments
 12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]
13. SEGMENTS 

 

The Company operates in one industry with three reportable operating segments, which represent the Company's three product groups and a corporate segment.  The segments consist of Connectivity Solutions, Power Solutions and Protection, Magnetic Solutions and a Corporate segment.  The primary criteria by which financial performance is evaluated and resources are allocated are net sales and gross profit.  The following is a summary of key financial data:

 

  

Year Ended December 31, 2022

 
  

Connectivity

  

Power Solutions

  

Magnetic

  

Corporate

     
  

Solutions

  

and Protection

  

Solutions

  

Segment

  

Total

 

Net sales

 $187,085  $288,366  $178,782  $-  $654,233 

Gross Profit

  48,488   87,840   49,290   (2,165)  183,453 

Gross Profit %

  25.9%  30.5%  27.6%  nm   28.0%

Total Assets

  170,895   234,095   107,891   47,585   560,466 

Capital Expenditures

  4,566   3,916   350   -   8,832 

Depreciation and Amortization Expense

  6,145   6,470   2,133   115   14,863 

 

  

Year Ended December 31, 2021

 
  

Connectivity

  

Power Solutions

  

Magnetic

  

Corporate

     
  

Solutions

  

and Protection

  

Solutions

  

Segment

  

Total

 

Net sales

 $165,027  $218,035  $160,432  $-  $543,494 

Gross Profit

  43,501   58,823   34,106   (2,047)  134,383 

Gross Profit %

  26.4%  27.0%  21.3%  nm   24.7%

Total Assets

  147,813   206,719   104,845   52,469   511,846 

Capital Expenditures

  1,768   4,718   2,911   -   9,397 

Depreciation and Amortization Expense

  6,683   8,022   2,126   30   16,861 

 

Entity-Wide Information

 

The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line.

 

  

Year Ended December 31,

 
  

2022

  

2021

 

Net Sales by Geographic Location:

        
         

United States

 $409,199  $317,436 

People's Republic of China

  77,061   83,263 

Macao

  61,744   53,802 

United Kingdom

  21,903   20,000 

Slovakia

  22,120   19,407 

Germany

  24,112   17,856 

India

  17,608   12,430 

Switzerland

  9,893   8,315 

All other foreign countries

  10,593   10,985 

Consolidated net sales

 $654,233  $543,494 
         

Net Sales by Major Product Line:

        
         

Connectivity solutions

 $187,085  $165,027 

Magnetic solutions

  178,782   160,432 

Power solutions and protection

  288,366   218,035 

Consolidated net sales

 $654,233  $543,494 

 

The following is a summary of long-lived assets by geographic area as of December 31, 2022 and 2021:

 

  

December 31,

 
  

2022

  

2021

 

Long-lived Assets by Geographic Location:

        
         

United States

 $33,875  $30,438 

People's Republic of China (PRC)

  28,222   29,904 

Slovakia

  6,738   6,675 

United Kingdom

  1,109   1,264 

All other foreign countries

  1,072   1,190 

Consolidated long-lived assets

 $71,016  $69,471 

 

Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area.

 

The territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC in the middle of 1997. The territory of Macao became a SAR of the PRC at the end of 1999. Management cannot presently predict what future impact this will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC.  A significant portion of the Company's manufacturing operations and approximately 35.2% of its identifiable assets are located in Asia.

 

Net Sales to Major Customers

 

The Company had net sales to one customer in excess of ten percent of consolidated net sales in 2022 and 2021.  The net sales associated with this customer were $83.9 million (12.8% of sales) in 2022 and $57.8 million (10.6% of sales) in 2021. Net sales related to this significant customer were primarily reflected in the Magnetic Solutions operating segment.