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Revenue
 6 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue

NOTE B – REVENUE

Revenue recognition

Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services has transferred to our customers. Control is transferred when the customer has the ability to direct the use of and obtain benefits from the goods or services and is primarily based on shipping terms. Sales are measured as the amount of consideration the Company expects to receive in exchange for transferring products.

 

 

 

Disaggregated revenue

The Company’s revenues by segment and product type are as follows:

 

 

Three Months Ended June 30, 2022

 

Product Type

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

58

%

 

69

%

 

51

%

 

73

%

 

60

%

Communications

 

38

 

 

29

 

 

43

 

 

3

 

 

32

 

Special Industries

 

4

 

 

2

 

 

6

 

 

24

 

 

8

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

Product Type

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

61

%

 

65

%

 

51

%

 

65

%

 

60

%

Communications

 

35

 

 

31

 

 

44

 

 

3

 

 

30

 

Special Industries

 

4

 

 

4

 

 

5

 

 

32

 

 

10

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

Six Months Ended June 30, 2022

 

Product Type

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

57

%

 

71

%

 

53

%

 

70

%

 

60

%

Communications

 

39

 

 

27

 

 

40

 

 

2

 

 

32

 

Special Industries

 

4

 

 

2

 

 

7

 

 

28

 

 

8

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

Product Type

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

59

%

 

70

%

 

55

%

 

67

%

 

61

%

Communications

 

36

 

 

26

 

 

39

 

 

5

 

 

30

 

Special Industries

 

5

 

 

4

 

 

6

 

 

28

 

 

9

 

Total

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

Credit losses for receivables

The Company maintains an allowance for credit losses for estimated losses resulting from the inability of its customers to make required payments. The Company uses a current expected credit loss model in order to immediately recognize an estimate of credit losses that are expected to occur over the life of the financial instruments, mainly trade receivables. Additionally, the allowance is based upon identified delinquent accounts, customer payment patterns and other analyses of historical data trends. Receivable balances are written off against an allowance for credit losses after a final determination has been made. The change in the allowance for credit losses includes expense and net write-offs, which are identified in the following table:

 

 

 

Six Months Ended June 30

 

 

 

2022

 

 

2021

 

Allowance for credit losses, beginning of period

 

$

3,091

 

 

$

2,848

 

Additions charged to costs and expenses

 

 

1,341

 

 

 

312

 

Write-offs

 

 

(237

)

 

 

(189

)

Foreign exchange and other

 

 

(24

)

 

 

13

 

Allowance for credit losses, end of period

 

$

4,171

 

 

$

2,984