XML 31 R21.htm IDEA: XBRL DOCUMENT
v3.21.2

Operating Segment Information | 6 Months Ended
--- | ---
Jun. 30, 2021
Segment Reporting [Abstract] |
Operating Segment Information | Operating Segment Information Our reporting structure is comprised of the following strategic operating segments: AES and EMS. The remaining operations, which represent our non-core businesses, are reported in the Other operating segment. Our AES operating segment designs, develops, manufactures and sells circuit materials, ceramic substrate materials, busbars and cooling solutions for applications in electric and hybrid electric vehicles (EV/HEV), wireless infrastructure (i.e., power amplifiers, antennas and small cells), automotive (i.e., advanced driver assistance systems (ADAS), telematics and thermal solutions), aerospace and defense (i.e., antenna systems, communication systems and phased array radar systems), mass transit, clean energy (i.e., variable frequency drives, renewable energy), connected devices (i.e., mobile internet devices and thermal solutions) and wired infrastructure (i.e., computing and IP infrastructure) markets. Our EMS operating segment designs, develops, manufactures and sells engineered material solutions for a wide variety of applications and markets. These include polyurethane and silicone materials used in cushioning, gasketing and sealing, and vibration management applications for general industrial, portable electronics, automotive, EV/HEV, mass transit, aerospace and defense, footwear and impact mitigation and printing markets; customized silicones used in flex heater and semiconductor thermal applications for general industrial, portable electronics, automotive, EV/HEV, mass transit, aerospace and defense and medical markets; polytetrafluoroethylene and ultra-high molecular weight polyethylene materials used in wire and cable protection, electrical insulation, conduction and shielding, hose and belt protection, vibration management, cushioning, gasketing and sealing, and venting applications for general industrial, automotive, EV/HEV and aerospace and defense markets. Our Other operating segment consists of elastomer components for applications in general industrial market, as well as elastomer floats for level sensing in fuel tanks, motors, and storage tanks applications in the general industrial and automotive markets. We sell our elastomer components under our ENDUR® trade name and our floats under our NITROPHYL® trade name. 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 Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 57,248 |  |  | $ | 3,758 |  |  | $ | 4,761 |  |  | $ | 65,767 |
Net sales - recognized at a point in time |  | 83,178 |  |  | 85,573 |  |  | 388 |  |  | 169,139 |
Total net sales |  | $ | 140,426 |  |  | $ | 89,331 |  |  | $ | 5,149 |  |  | $ | 234,906 |
Operating income |  | $ | 18,288 |  |  | $ | 15,637 |  |  | $ | 1,820 |  |  | $ | 35,745 |
Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 45,060 |  |  | $ | 2,667 |  |  | $ | 3,077 |  |  | $ | 50,804 |
Net sales - recognized at a point in time |  | 71,100 |  |  | 68,959 |  |  | 294 |  |  | 140,353 |
Total net sales |  | $ | 116,160 |  |  | $ | 71,626 |  |  | $ | 3,371 |  |  | $ | 191,157 |
Operating income |  | $ | 17,070 |  |  | $ | 2,995 |  |  | $ | 1,027 |  |  | $ | 21,092 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 112,062 |  |  | $ | 6,445 |  |  | $ | 9,973 |  |  | $ | 128,480 |
Net sales - recognized at a point in time |  | 160,256 |  |  | 174,735 |  |  | 700 |  |  | 335,691 |
Total net sales |  | $ | 272,318 |  |  | $ | 181,180 |  |  | $ | 10,673 |  |  | $ | 464,171 |
Operating income |  | $ | 33,137 |  |  | $ | 35,714 |  |  | $ | 4,087 |  |  | $ | 72,938 |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 91,461 |  |  | $ | 5,494 |  |  | $ | 6,727 |  |  | $ | 103,682 |
Net sales - recognized at a point in time |  | 135,973 |  |  | 149,658 |  |  | 654 |  |  | 286,285 |
Total net sales |  | $ | 227,434 |  |  | $ | 155,152 |  |  | $ | 7,381 |  |  | $ | 389,967 |
Operating income |  | $ | 21,848 |  |  | $ | 14,512 |  |  | $ | 2,207 |  |  | $ | 38,567 |
Net sales by operating segment and by geographic area were as follows:
(Dollars in thousands) |  | Net Sales(1)
Region/Country |  | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |
United States |  | $ | 21,824 |  |  | $ | 40,666 |  |  | $ | 1,353 |  |  | $ | 63,843 |
Other Americas |  | 790 |  |  | 2,815 |  |  | 171 |  |  | 3,776 |
Total Americas |  | 22,614 |  |  | 43,481 |  |  | 1,524 |  |  | 67,619 |
China |  | 49,841 |  |  | 27,427 |  |  | 1,026 |  |  | 78,294 |
Other APAC |  | 25,432 |  |  | 5,410 |  |  | 648 |  |  | 31,490 |
Total APAC |  | 75,273 |  |  | 32,837 |  |  | 1,674 |  |  | 109,784 |
Germany |  | 21,651 |  |  | 5,889 |  |  | 217 |  |  | 27,757 |
Other EMEA |  | 20,888 |  |  | 7,124 |  |  | 1,734 |  |  | 29,746 |
Total EMEA |  | 42,539 |  |  | 13,013 |  |  | 1,951 |  |  | 57,503 |
Total net sales |  | $ | 140,426 |  |  | $ | 89,331 |  |  | $ | 5,149 |  |  | $ | 234,906 |
Three Months Ended June 30, 2020 |  |  |  |  |  |  |  |
United States |  | $ | 22,885 |  |  | $ | 30,073 |  |  | $ | 707 |  |  | $ | 53,665 |
Other Americas |  | 758 |  |  | 1,668 |  |  | 48 |  |  | 2,474 |
Total Americas |  | 23,643 |  |  | 31,741 |  |  | 755 |  |  | 56,139 |
China |  | 44,700 |  |  | 20,159 |  |  | 1,024 |  |  | 65,883 |
Other APAC |  | 13,439 |  |  | 9,835 |  |  | 453 |  |  | 23,727 |
Total APAC |  | 58,139 |  |  | 29,994 |  |  | 1,477 |  |  | 89,610 |
Germany |  | 18,407 |  |  | 4,799 |  |  | 44 |  |  | 23,250 |
Other EMEA |  | 15,971 |  |  | 5,092 |  |  | 1,095 |  |  | 22,158 |
Total EMEA |  | 34,378 |  |  | 9,891 |  |  | 1,139 |  |  | 45,408 |
Total net sales |  | $ | 116,160 |  |  | $ | 71,626 |  |  | $ | 3,371 |  |  | $ | 191,157 |
(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.
(Dollars in thousands) |  | Net Sales(1)
Region/Country |  | Advanced Electronics Solutions |  | Elastomeric Material Solutions |  | Other |  | Total
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |
United States |  | $ | 45,621 |  |  | $ | 78,398 |  |  | $ | 2,025 |  |  | $ | 126,044 |
Other Americas |  | 1,384 |  |  | 5,309 |  |  | 387 |  |  | 7,080 |
Total Americas |  | 47,005 |  |  | 83,707 |  |  | 2,412 |  |  | 133,124 |
China |  | 108,264 |  |  | 55,258 |  |  | 2,419 |  |  | 165,941 |
Other APAC |  | 48,804 |  |  | 14,698 |  |  | 1,368 |  |  | 64,870 |
Total APAC |  | 157,068 |  |  | 69,956 |  |  | 3,787 |  |  | 230,811 |
Germany |  | 26,814 |  |  | 16,165 |  |  | 351 |  |  | 43,330 |
Other EMEA |  | 41,431 |  |  | 11,352 |  |  | 4,123 |  |  | 56,906 |
Total EMEA |  | 68,245 |  |  | 27,517 |  |  | 4,474 |  |  | 100,236 |
Total net sales |  | $ | 272,318 |  |  | $ | 181,180 |  |  | $ | 10,673 |  |  | $ | 464,171 |
Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |
United States |  | $ | 45,510 |  |  | $ | 68,640 |  |  | $ | 1,686 |  |  | $ | 115,836 |
Other Americas |  | 1,811 |  |  | 4,117 |  |  | 359 |  |  | 6,287 |
Total Americas |  | 47,321 |  |  | 72,757 |  |  | 2,045 |  |  | 122,123 |
China |  | 77,633 |  |  | 38,534 |  |  | 1,249 |  |  | 117,416 |
Other APAC |  | 33,118 |  |  | 22,788 |  |  | 1,001 |  |  | 56,907 |
Total APAC |  | 110,751 |  |  | 61,322 |  |  | 2,250 |  |  | 174,323 |
Germany |  | 35,136 |  |  | 8,433 |  |  | 193 |  |  | 43,762 |
Other EMEA |  | 34,226 |  |  | 12,640 |  |  | 2,893 |  |  | 49,759 |
Total EMEA |  | 69,362 |  |  | 21,073 |  |  | 3,086 |  |  | 93,521 |
Total net sales |  | $ | 227,434 |  |  | $ | 155,152 |  |  | $ | 7,381 |  |  | $ | 389,967 |
(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 We have 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 contract assets on the condensed consolidated statements of financial position. Contract assets by operating segment were as follows:
(Dollars in thousands) | June 30, 2021 |  | December 31, 2020
Advanced Electronics Solutions | $ | 25,947 |  |  | $ | 24,199 |
Elastomeric Material Solutions | 1,828 |  |  | 887 |
Other | 2,510 |  |  | 1,489 |
Total contract assets | $ | 30,285 |  |  | $ | 26,575 |
We did not have any contract liabilities as of June 30, 2021 or December 31, 2020. No impairment losses were recognized for the three or six-month periods ended June 30, 2021 and 2020, respectively, on any receivables or contract assets arising from our contracts with customers.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration