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Operating Segments and Geographic Information | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Operating Segments and Geographic Information | Note 14 – Operating Segment and Geographic Information Our reporting structure is comprised of the following strategic operating segments: ACS, EMS and PES. 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 Connectivity Solutions |  | Elastomeric Material Solutions |  | Power Electronics Solutions |  | Other |  | Total
2019 |  |  |  |  |  |  |  |  |
Net sales - recognized over time | $ | — |  |  | $ | 12,687 |  |  | $ | 197,702 |  |  | $ | 18,112 |  |  | $ | 228,501 |
Net sales - recognized at a point in time | $ | 316,592 |  |  | $ | 348,916 |  |  | $ | 833 |  |  | $ | 3,418 |  |  | $ | 669,759 |
Total net sales | $ | 316,592 |  |  | $ | 361,603 |  |  | $ | 198,535 |  |  | $ | 21,530 |  |  | $ | 898,260 |
Operating income | $ | 48,654 |  |  | $ | 57,080 |  |  | $ | (1,437 | ) |  | $ | 6,184 |  |  | $ | 110,481 |
Total assets | $ | 402,398 |  |  | $ | 569,484 |  |  | $ | 278,763 |  |  | $ | 22,536 |  |  | $ | 1,273,181 |
Capital expenditures | $ | 22,156 |  |  | $ | 8,550 |  |  | $ | 20,191 |  |  | $ | 700 |  |  | $ | 51,597 |
Depreciation & amortization | $ | 18,267 |  |  | $ | 19,887 |  |  | $ | 10,260 |  |  | $ | 748 |  |  | $ | 49,162 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 16,461 |  |  | $ | — |  |  | $ | — |  |  | 16,461 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 5,319 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,319 |
2018 |  |  |  |  |  |  |  |  |
Net sales - recognized over time | $ | — |  |  | $ | 5,788 |  |  | $ | 221,896 |  |  | $ | 16,973 |  |  | $ | 244,657 |
Net sales - recognized at a point in time | $ | 294,154 |  |  | $ | 335,576 |  |  | $ | 1,442 |  |  | $ | 3,262 |  |  | $ | 634,434 |
Total net sales | $ | 294,154 |  |  | $ | 341,364 |  |  | $ | 223,338 |  |  | $ | 20,235 |  |  | $ | 879,091 |
Operating income | $ | 33,827 |  |  | $ | 52,502 |  |  | $ | 19,648 |  |  | $ | 6,734 |  |  | $ | 112,711 |
Total assets | $ | 396,075 |  |  | $ | 588,841 |  |  | $ | 273,212 |  |  | $ | 21,216 |  |  | $ | 1,279,344 |
Capital expenditures | $ | 61,425 |  |  | $ | 10,917 |  |  | $ | 18,051 |  |  | $ | 156 |  |  | $ | 90,549 |
Depreciation & amortization | $ | 20,121 |  |  | $ | 18,501 |  |  | $ | 10,640 |  |  | $ | 811 |  |  | $ | 50,073 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 18,667 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,667 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 5,501 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,501 |
2017 |  |  |  |  |  |  |  |  |
Total net sales | $ | 301,092 |  |  | $ | 312,661 |  |  | $ | 184,954 |  |  | $ | 22,336 |  |  | $ | 821,043 |
Operating income | $ | 55,410 |  |  | $ | 50,908 |  |  | $ | 15,668 |  |  | $ | 7,153 |  |  | $ | 129,139 |
Total assets | $ | 353,786 |  |  | $ | 489,456 |  |  | $ | 261,034 |  |  | $ | 20,858 |  |  | $ | 1,125,134 |
Capital expenditures | $ | 9,900 |  |  | $ | 7,563 |  |  | $ | 9,238 |  |  | $ | 514 |  |  | $ | 27,215 |
Depreciation & amortization | $ | 16,351 |  |  | $ | 16,270 |  |  | $ | 10,572 |  |  | $ | 906 |  |  | $ | 44,099 |
Investment in unconsolidated joint ventures | $ | — |  |  | $ | 18,324 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,324 |
Equity income in unconsolidated joint ventures | $ | — |  |  | $ | 4,898 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,898 |
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/Country |  | Advanced Connectivity Solutions |  | Elastomeric Material Solutions |  | Power Electronics Solutions |  | Other |  | Total
December 31, 2019 |  |  |  |  |  |  |  |  |  |
United States |  | $ | 63,753 |  |  | $ | 160,918 |  |  | $ | 31,874 |  |  | $ | 4,507 |  |  | $ | 261,052 |
Other Americas |  | 3,348 |  |  | 9,208 |  |  | 365 |  |  | 913 |  |  | 13,834 |
Total Americas |  | 67,101 |  |  | 170,126 |  |  | 32,239 |  |  | 5,420 |  |  | 274,886 |
China |  | 153,127 |  |  | 95,653 |  |  | 40,391 |  |  | 6,086 |  |  | 295,257 |
Other APAC |  | 60,457 |  |  | 55,402 |  |  | 23,401 |  |  | 2,920 |  |  | 142,180 |
Total APAC |  | 213,584 |  |  | 151,055 |  |  | 63,792 |  |  | 9,006 |  |  | 437,437 |
Germany |  | 15,912 |  |  | 13,702 |  |  | 57,761 |  |  | 573 |  |  | 87,948 |
Other EMEA |  | 19,995 |  |  | 26,720 |  |  | 44,743 |  |  | 6,531 |  |  | 97,989 |
Total EMEA |  | 35,907 |  |  | 40,422 |  |  | 102,504 |  |  | 7,104 |  |  | 185,937 |
Total net sales |  | $ | 316,592 |  |  | $ | 361,603 |  |  | $ | 198,535 |  |  | $ | 21,530 |  |  | $ | 898,260 |
December 31, 2018 |  |  |  |  |  |  |  |  |  |
United States |  | $ | 52,661 |  |  | $ | 152,284 |  |  | $ | 37,325 |  |  | $ | 4,527 |  |  | $ | 246,797 |
Other Americas |  | 3,104 |  |  | 14,453 |  |  | 931 |  |  | 773 |  |  | 19,261 |
Total Americas |  | 55,765 |  |  | 166,737 |  |  | 38,256 |  |  | 5,300 |  |  | 266,058 |
China |  | 136,315 |  |  | 101,036 |  |  | 39,781 |  |  | 4,959 |  |  | 282,091 |
Other APAC |  | 63,318 |  |  | 40,788 |  |  | 28,414 |  |  | 2,892 |  |  | 135,412 |
Total APAC |  | 199,633 |  |  | 141,824 |  |  | 68,195 |  |  | 7,851 |  |  | 417,503 |
Germany |  | 18,165 |  |  | 9,907 |  |  | 62,359 |  |  | 584 |  |  | 91,015 |
Other EMEA |  | 20,591 |  |  | 22,896 |  |  | 54,528 |  |  | 6,500 |  |  | 104,515 |
Total EMEA |  | 38,756 |  |  | 32,803 |  |  | 116,887 |  |  | 7,084 |  |  | 195,530 |
Total net sales |  | $ | 294,154 |  |  | $ | 341,364 |  |  | $ | 223,338 |  |  | $ | 20,235 |  |  | $ | 879,091 |
December 31, 2017 |  |  |  |  |  |  |  |  |  |
United States |  | $ | 48,277 |  |  | $ | 141,508 |  |  | $ | 30,403 |  |  | $ | 5,210 |  |  | $ | 225,398 |
Other Americas |  | 2,946 |  |  | 9,709 |  |  | 1,153 |  |  | 699 |  |  | 14,507 |
Total Americas |  | 51,223 |  |  | 151,217 |  |  | 31,556 |  |  | 5,909 |  |  | 239,905 |
China |  | 143,065 |  |  | 93,039 |  |  | 32,164 |  |  | 5,123 |  |  | 273,391 |
Other APAC |  | 64,077 |  |  | 36,233 |  |  | 21,845 |  |  | 3,421 |  |  | 125,576 |
Total APAC |  | 207,142 |  |  | 129,272 |  |  | 54,009 |  |  | 8,544 |  |  | 398,967 |
Germany |  | 23,925 |  |  | 9,211 |  |  | 54,813 |  |  | 657 |  |  | 88,606 |
Other EMEA |  | 18,802 |  |  | 22,961 |  |  | 44,576 |  |  | 7,226 |  |  | 93,565 |
Total EMEA |  | 42,727 |  |  | 32,172 |  |  | 99,389 |  |  | 7,883 |  |  | 182,171 |
Total net sales |  | $ | 301,092 |  |  | $ | 312,661 |  |  | $ | 184,954 |  |  | $ | 22,336 |  |  | $ | 821,043 |
(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. Revenue from Contracts with Customers In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, to achieve a consistent application of revenue recognition, resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the providing entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. On January 1, 2018, we adopted ASU 2014-09 retrospectively with the cumulative effect of applying the standard recognized at the date of implementation and without restatement of comparative periods. This application of the new standard resulted in an increase to the January 1, 2018 balance of retained earnings of approximately $4.2 million, net of tax. The Company manufactures some products to customer specifications which are customized to such a degree that it is unlikely that another entity would purchase these products or that we could modify these products for another customer. These products are deemed to have no alternative use to the Company whereby we have an enforceable right to payment evidenced by contractual termination clauses. In accordance with ASC 606, for those circumstances we recognize revenue on an over-time basis. Revenue recognition does not occur until the product meets the definition of “no alternative use” and therefore, items that have not yet reached that point in the production process are not included in the population of items with over-time revenue recognition. As appropriate, we record estimated reductions to revenue for customer returns, allowances, and warranty claims. Provisions for such reductions are made at the time of sale and are typically derived from historical trends and other relevant information. 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) | 2019 |  | 2018
Advanced Connectivity Solutions | $ | — |  |  | $ | — |
Elastomeric Material Solutions | 1,077 |  |  | 943 |
Power Electronics Solutions | 19,471 |  |  | 19,738 |
Other | 1,907 |  |  | 2,047 |
Total contract assets | $ | 22,455 |  |  | $ | 22,728 |
We did not have any contract liabilities as of December 31, 2019 or 2018. No impairment losses were recognized for the years ended December 31, 2019 and 2018 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) | 2019 |  | 2018
United States | $ | 469,234 |  |  | $ | 476,560 |
China | 55,078 |  |  | 58,205 |
Germany | 120,869 |  |  | 113,412 |
Other | 36,942 |  |  | 36,475 |
Total long-lived assets | $ | 682,123 |  |  | $ | 684,652 |
(1) Long-lived assets are based on the location of the asset and are comprised of goodwill, other intangible assets and property, plant and equipment. Countries with 10% of more of long-lived assets have been disclosed.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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