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Note 4 - Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
4. | REVENUE
The following table provides information about disaggregated revenue by geographic region and sales channel, and includes a reconciliation of the disaggregated revenue to our reportable segments:
|  | Three Months Ended June 30, 2024 |  |  | Six Months Ended June 30, 2024 |
|  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |  |  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |
By Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 39,197 |  |  | $ | 45,380 |  |  | $ | 7,350 |  |  | $ | 91,927 |  |  | $ | 78,746 |  |  | $ | 89,264 |  |  | $ | 13,473 |  |  | $ | 181,483 |
Europe |  |  | 14,610 |  |  |  | 11,242 |  |  |  | 1,118 |  |  |  | 26,970 |  |  |  | 30,943 |  |  |  | 20,678 |  |  |  | 2,334 |  |  |  | 53,955 |
Asia |  |  | 4,744 |  |  |  | 1,200 |  |  |  | 8,364 |  |  |  | 14,308 |  |  |  | 9,109 |  |  |  | 2,165 |  |  |  | 14,583 |  |  |  | 25,857 |
|  | $ | 58,551 |  |  | $ | 57,822 |  |  | $ | 16,832 |  |  | $ | 133,205 |  |  | $ | 118,798 |  |  | $ | 112,107 |  |  | $ | 30,390 |  |  | $ | 261,295 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 37,572 |  |  | $ | 36,428 |  |  | $ | 11,793 |  |  | $ | 85,793 |  |  | $ | 76,397 |  |  | $ | 70,498 |  |  | $ | 21,579 |  |  | $ | 168,474 |
Through distribution |  |  | 20,979 |  |  |  | 21,394 |  |  |  | 5,039 |  |  |  | 47,412 |  |  |  | 42,401 |  |  |  | 41,609 |  |  |  | 8,811 |  |  |  | 92,821 |
|  | $ | 58,551 |  |  | $ | 57,822 |  |  | $ | 16,832 |  |  | $ | 133,205 |  |  | $ | 118,798 |  |  | $ | 112,107 |  |  | $ | 30,390 |  |  | $ | 261,295 |
|  | Three Months Ended June 30, 2023 |  |  | Six Months Ended June 30, 2023 |
|  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |  |  | Power Solutions and Protection |  |  | Connectivity Solutions |  |  | Magnetic Solutions |  |  | Consolidated |
By Geographic Region: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
North America |  | $ | 64,121 |  |  | $ | 44,233 |  |  | $ | 11,345 |  |  | $ | 119,699 |  |  | $ | 126,921 |  |  | $ | 87,245 |  |  | $ | 21,700 |  |  | $ | 235,866 |
Europe |  |  | 15,907 |  |  |  | 9,561 |  |  |  | 2,666 |  |  |  | 28,134 |  |  |  | 29,507 |  |  |  | 17,962 |  |  |  | 5,431 |  |  |  | 52,900 |
Asia |  |  | 7,063 |  |  |  | 1,049 |  |  |  | 12,832 |  |  |  | 20,944 |  |  |  | 13,844 |  |  |  | 3,032 |  |  |  | 35,479 |  |  |  | 52,355 |
|  | $ | 87,091 |  |  | $ | 54,843 |  |  | $ | 26,843 |  |  | $ | 168,777 |  |  | $ | 170,272 |  |  | $ | 108,239 |  |  | $ | 62,610 |  |  | $ | 341,121 |
By Sales Channel: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct to customer |  | $ | 62,022 |  |  | $ | 35,970 |  |  | $ | 18,268 |  |  | $ | 116,260 |  |  | $ | 121,636 |  |  | $ | 69,694 |  |  | $ | 45,679 |  |  | $ | 237,009 |
Through distribution |  |  | 25,069 |  |  |  | 18,873 |  |  |  | 8,575 |  |  |  | 52,517 |  |  |  | 48,636 |  |  |  | 38,545 |  |  |  | 16,931 |  |  |  | 104,112 |
|  | $ | 87,091 |  |  | $ | 54,843 |  |  | $ | 26,843 |  |  | $ | 168,777 |  |  | $ | 170,272 |  |  | $ | 108,239 |  |  | $ | 62,610 |  |  | $ | 341,121 |
The balances of the Company’s contract assets and contract liabilities at June 30, 2024 and December 31, 2023 are as follows:
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Contract assets - current (unbilled receivables) |  | $ | 5,906 |  |  | $ | 12,793 |
Contract liabilities - current (deferred revenue) |  | $ | 2,320 |  |  | $ | 3,046 |
The change in balance of our unbilled receivables from December 31, 2023 to June 30, 2024 primarily relates to a timing difference between the Company’s performance (i.e. when our product is shipped to a customer-controlled hub) and the point at which the Company can invoice the customer per the terms of the customer contract (i.e. when the customer pulls our product from the customer-controlled hub). Our deferred revenue balance at December 31, 2023 and June 30, 2024 primarily relates to customer prepayments on invoices, which will be recorded as revenue in the period in which the related finished goods are shipped to the customer. Transaction Price Allocated to Future Obligations The aggregate amount of transaction price allocated to remaining performance obligations that have not been fully satisfied as of June 30, 2024 related to contracts that exceed one year in duration amounted to $18.4 million, with expected contract expiration dates that range largely from 2025 – 2026. It is expected that $10.1 million of this aggregate amount will be recognized in 2025, $3.8 million will be recognized in 2026 and the remainder will be recognized in years beyond 2026. The majority of the Company's orders received (but not yet shipped) at June 30, 2024 is related to contracts that have an original expected duration of one year or less, for which the Company is electing to utilize the practical expedient available within the guidance, and are excluded from the transaction price related to these future obligations. The Company will generally satisfy the remaining performance obligations as we transfer control of the products ordered to our customers.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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