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Operating Segment Information | 9 Months Ended
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Sep. 30, 2023
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), automotive (i.e., advanced driver assistance systems (ADAS)), aerospace and defense (i.e., antenna systems, communication systems and phased array radar systems), renewable energy (i.e., wind and solar), wireless infrastructure (i.e., power amplifiers, antennas and small cells), mass transit, industrial (variable frequency drives), connected devices (i.e., mobile internet devices and thermal solutions) and wired infrastructure (i.e., computing and internet protocol (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 EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and footwear and impact mitigation markets; customized silicones used in flex heater and semiconductor thermal applications for EV/HEV, general industrial, portable electronics, automotive, mass transit, aerospace and defense and medical markets; and 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 EV/HEV, general industrial, automotive and aerospace and defense markets. Our Other operating segment consists of elastomer components for applications in the 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. 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 September 30, 2023 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 60,788 |  |  | $ | 1,331 |  |  | $ | 4,093 |  |  | $ | 66,212 |
Net sales - recognized at a point in time |  | 65,612 |  |  | 96,655 |  |  | 669 |  |  | 162,936 |
Total net sales |  | $ | 126,400 |  |  | $ | 97,986 |  |  | $ | 4,762 |  |  | $ | 229,148 |
Operating income |  | $ | 5,674 |  |  | $ | 19,851 |  |  | $ | 1,597 |  |  | $ | 27,122 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 72,969 |  |  | $ | 3,346 |  |  | $ | 4,110 |  |  | $ | 80,425 |
Net sales - recognized at a point in time |  | 57,639 |  |  | 107,637 |  |  | 1,530 |  |  | 166,806 |
Total net sales |  | $ | 130,608 |  |  | $ | 110,983 |  |  | $ | 5,640 |  |  | $ | 247,231 |
Operating income |  | $ | 2,263 |  |  | $ | 14,322 |  |  | $ | 1,891 |  |  | $ | 18,476 |
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 180,338 |  |  | $ | 17,423 |  |  | $ | 12,011 |  |  | $ | 209,772 |
Net sales - recognized at a point in time |  | 212,102 |  |  | 278,153 |  |  | 3,789 |  |  | 494,044 |
Total net sales |  | $ | 392,440 |  |  | $ | 295,576 |  |  | $ | 15,800 |  |  | $ | 703,816 |
Operating income |  | $ | 6,001 |  |  | $ | 43,293 |  |  | $ | 5,470 |  |  | $ | 54,764 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
Net sales - recognized over time |  | $ | 214,091 |  |  | $ | 9,090 |  |  | $ | 12,763 |  |  | $ | 235,944 |
Net sales - recognized at a point in time |  | 190,835 |  |  | 317,223 |  |  | 3,465 |  |  | 511,523 |
Total net sales |  | $ | 404,926 |  |  | $ | 326,313 |  |  | $ | 16,228 |  |  | $ | 747,467 |
Operating income |  | $ | 12,342 |  |  | $ | 43,920 |  |  | $ | 5,501 |  |  | $ | 61,763 |
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 September 30, 2023 |  |  |  |  |  |  |  |
United States |  | $ | 20,403 |  |  | $ | 37,269 |  |  | $ | 1,060 |  |  | $ | 58,732 |
Other Americas |  | 273 |  |  | 2,453 |  |  | (34) |  |  | 2,692 |
Total Americas |  | 20,676 |  |  | 39,722 |  |  | 1,026 |  |  | 61,424 |
China |  | 33,719 |  |  | 28,341 |  |  | 1,762 |  |  | 63,822 |
Other APAC |  | 20,766 |  |  | 8,793 |  |  | 555 |  |  | 30,114 |
Total APAC |  | 54,485 |  |  | 37,134 |  |  | 2,317 |  |  | 93,936 |
Germany |  | 24,830 |  |  | 6,295 |  |  | 95 |  |  | 31,220 |
Other EMEA |  | 26,409 |  |  | 14,835 |  |  | 1,324 |  |  | 42,568 |
Total EMEA |  | 51,239 |  |  | 21,130 |  |  | 1,419 |  |  | 73,788 |
Total net sales |  | $ | 126,400 |  |  | $ | 97,986 |  |  | $ | 4,762 |  |  | $ | 229,148 |
Three Months Ended September 30, 2022 |  |  |  |  |  |  |  |
United States |  | $ | 33,969 |  |  | $ | 46,772 |  |  | $ | 1,087 |  |  | $ | 81,828 |
Other Americas |  | 843 |  |  | 2,534 |  |  | 247 |  |  | 3,624 |
Total Americas |  | 34,812 |  |  | 49,306 |  |  | 1,334 |  |  | 85,452 |
China |  | 36,126 |  |  | 37,349 |  |  | 2,290 |  |  | 75,765 |
Other APAC |  | 16,544 |  |  | 5,173 |  |  | 508 |  |  | 22,225 |
Total APAC |  | 52,670 |  |  | 42,522 |  |  | 2,798 |  |  | 97,990 |
Germany |  | 19,727 |  |  | 7,310 |  |  | 393 |  |  | 27,430 |
Other EMEA |  | 23,399 |  |  | 11,845 |  |  | 1,115 |  |  | 36,359 |
Total EMEA |  | 43,126 |  |  | 19,155 |  |  | 1,508 |  |  | 63,789 |
Total net sales |  | $ | 130,608 |  |  | $ | 110,983 |  |  | $ | 5,640 |  |  | $ | 247,231 |
(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
Nine Months Ended September 30, 2023 |  |  |  |  |  |  |  |
United States |  | $ | 63,263 |  |  | $ | 123,109 |  |  | $ | 3,127 |  |  | $ | 189,499 |
Other Americas |  | 3,232 |  |  | 11,961 |  |  | 282 |  |  | 15,475 |
Total Americas |  | 66,495 |  |  | 135,070 |  |  | 3,409 |  |  | 204,974 |
China |  | 110,237 |  |  | 69,227 |  |  | 6,187 |  |  | 185,651 |
Other APAC |  | 67,817 |  |  | 23,760 |  |  | 1,934 |  |  | 93,511 |
Total APAC |  | 178,054 |  |  | 92,987 |  |  | 8,121 |  |  | 279,162 |
Germany |  | 74,002 |  |  | 22,449 |  |  | 334 |  |  | 96,785 |
Other EMEA |  | 73,889 |  |  | 45,070 |  |  | 3,936 |  |  | 122,895 |
Total EMEA |  | 147,891 |  |  | 67,519 |  |  | 4,270 |  |  | 219,680 |
Total net sales |  | $ | 392,440 |  |  | $ | 295,576 |  |  | $ | 15,800 |  |  | $ | 703,816 |
Nine Months Ended September 30, 2022 |  |  |  |  |  |  |  |
United States |  | $ | 94,907 |  |  | $ | 136,340 |  |  | $ | 3,075 |  |  | $ | 234,322 |
Other Americas |  | 2,814 |  |  | 7,550 |  |  | 614 |  |  | 10,978 |
Total Americas |  | 97,721 |  |  | 143,890 |  |  | 3,689 |  |  | 245,300 |
China |  | 113,448 |  |  | 99,734 |  |  | 6,048 |  |  | 219,230 |
Other APAC |  | 60,023 |  |  | 18,418 |  |  | 1,778 |  |  | 80,219 |
Total APAC |  | 173,471 |  |  | 118,152 |  |  | 7,826 |  |  | 299,449 |
Germany |  | 57,653 |  |  | 23,784 |  |  | 874 |  |  | 82,311 |
Other EMEA |  | 76,081 |  |  | 40,487 |  |  | 3,839 |  |  | 120,407 |
Total EMEA |  | 133,734 |  |  | 64,271 |  |  | 4,713 |  |  | 202,718 |
Total net sales |  | $ | 404,926 |  |  | $ | 326,313 |  |  | $ | 16,228 |  |  | $ | 747,467 |
(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) | September 30, 2023 |  | December 31, 2022
Advanced Electronics Solutions | $ | 41,264 |  |  | $ | 33,736 |
Elastomeric Material Solutions | 1,503 |  |  | 1,584 |
Other | 3,709 |  |  | 3,533 |
Total contract assets | $ | 46,476 |  |  | $ | 38,853 |
We did not have any contract liabilities as of September 30, 2023 or December 31, 2022. No impairment losses were recognized for the three- and nine- month periods ended September 30, 2023 and 2022, respectively, on any receivables or contract assets arising from our contracts with customers.

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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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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