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Revenue | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue | Note 14 – Revenue The Company’s revenues are generated primarily from its manufacturing services, which entails the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of other inventory. Revenue is measured based on the consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are generally short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of the product to the customer, which is generally when goods are shipped. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant. If the Company records revenue, but does not issue an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional. Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales. Disaggregation of revenue In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments.
|  | Year Ended December 31, 2022 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market Sector: |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  | $ | 89,949 |  |  | $ | 363,398 |  |  | $ | 140,258 |  |  | $ | 593,605 |
A&D |  |  | 286,230 |  |  |  | 43,701 |  |  |  | 17,654 |  |  |  | 347,585 |
Medical |  |  | 319,823 |  |  |  | 228,571 |  |  |  | 44,500 |  |  |  | 592,894 |
Semi-Cap |  |  | 286,322 |  |  |  | 357,634 |  |  |  | 78,146 |  |  |  | 722,102 |
Advanced Computing |  |  | 258,206 |  |  |  | 52,301 |  |  |  | 2 |  |  |  | 310,509 |
Next Generation Communications |  |  | 170,424 |  |  |  | 148,772 |  |  |  | 440 |  |  |  | 319,636 |
External revenue |  |  | 1,410,954 |  |  |  | 1,194,377 |  |  |  | 281,000 |  |  |  | 2,886,331 |
Elimination of intersegment sales |  |  | 64,976 |  |  |  | 57,100 |  |  |  | 3,100 |  |  |  | 125,175 |
Segment revenue |  | $ | 1,475,930 |  |  | $ | 1,251,477 |  |  | $ | 284,100 |  |  | $ | 3,011,506 |
|  | Year Ended December 31, 2021 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market Sector: |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  | $ | 79,726 |  |  | $ | 262,546 |  |  | $ | 86,174 |  |  | $ | 428,446 |
A&D |  |  | 360,030 |  |  |  | 1,692 |  |  |  | 20,009 |  |  |  | 381,731 |
Medical |  |  | 220,635 |  |  |  | 189,614 |  |  |  | 51,585 |  |  |  | 461,834 |
Semi-Cap |  |  | 215,596 |  |  |  | 266,065 |  |  |  | 67,640 |  |  |  | 549,301 |
Advanced Computing |  |  | 163,423 |  |  |  | 35,842 |  |  |  | 140 |  |  |  | 199,405 |
Next Generation Communications |  |  | 120,739 |  |  |  | 112,684 |  |  |  | 1,179 |  |  |  | 234,602 |
External revenue |  |  | 1,160,149 |  |  |  | 868,443 |  |  |  | 226,727 |  |  |  | 2,255,319 |
Elimination of intersegment sales |  |  | 43,395 |  |  |  | 44,117 |  |  |  | 2,107 |  |  |  | 89,619 |
Segment revenue |  | $ | 1,203,544 |  |  | $ | 912,560 |  |  | $ | 228,834 |  |  | $ | 2,344,938 |
|  | Year Ended December 31, 2020 |
(in thousands) |  | Americas |  |  | Asia |  |  | Europe |  |  | Total |
Market Sector: |  |  |  |  |  |  |  |  |  |  |  |
Industrials |  | $ | 110,063 |  |  | $ | 196,209 |  |  | $ | 66,789 |  |  | $ | 373,061 |
A&D |  |  | 401,599 |  |  |  | — |  |  |  | 21,972 |  |  |  | 423,571 |
Medical |  |  | 255,246 |  |  |  | 211,567 |  |  |  | 31,657 |  |  |  | 498,470 |
Semi-Cap |  |  | 158,380 |  |  |  | 159,016 |  |  |  | 51,578 |  |  |  | 368,974 |
Advanced Computing |  |  | 140,109 |  |  |  | 31,228 |  |  |  | — |  |  |  | 171,337 |
Next Generation Communications |  |  | 96,937 |  |  |  | 119,987 |  |  |  | 794 |  |  |  | 217,718 |
External revenue |  |  | 1,162,334 |  |  |  | 718,007 |  |  |  | 172,790 |  |  |  | 2,053,131 |
Elimination of intersegment sales |  |  | 46,698 |  |  |  | 28,654 |  |  |  | 1,757 |  |  |  | 77,109 |
Segment revenue |  | $ | 1,209,032 |  |  | $ | 746,661 |  |  | $ | 174,547 |  |  | $ | 2,130,240 |
During 2022, 2021 and 2020, 90.8%, 90.3% and 90.2%, respectively, of the Company’s revenue was recognized as products and services were transferred over time. The timing of revenue recognition, billings and cash collections result in billed accounts receivable, contract assets and advance payments from customers. As of December 31, 2022 and 2021, the Company had $183.6 million and $155.2 million, respectively, in contract assets from contracts with customers. The contract assets primarily relate to the Company’s right to consideration for work completed but not billed at the reporting date. The contract assets are transferred to accounts receivable when the rights become unconditional.
|  | Year Ended December 31, |
(in thousands) |  | 2022 |  |  | 2021 |
Beginning balance as of December 31 |  | $ | 155,243 |  |  | $ | 142,779 |
Revenue recognized |  |  | 2,623,585 |  |  |  | 2,037,206 |
Amounts collected or invoiced |  |  | (2,595,215 | ) |  |  | (2,024,742 | )
Ending balance as of December 31 |  | $ | 183,613 |  |  | $ | 155,243 |
As of December 31, 2022 and 2021, the Company had $197.9 million and $118.1 million, respectively, in advance payments from customers. Of those amounts $178.9 million and $79.9 million, respectively, were related to both customer deposits and prepayments of inventory and $18.9 million and $38.2 million, respectively, were related to the contractual timing of payments. The advance payments are not considered a significant financing component because they are used to meet working capital demands of a contract, offset inventory risks and protect the company from the failure of other parties to fulfill obligations under a contract.

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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