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Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue

Note 2 – Revenue

Revenue Recognition

Sales are recognized when obligations under the terms of the contract are satisfied and control of promised goods or services have 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 March 31, 2024

 

Product Type

 

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

 

67

%

 

74

%

 

70

%

 

76

%

 

70

%

Communications

 

 

28

%

 

25

%

 

24

%

 

3

%

 

23

%

Special Industries

 

 

5

%

 

1

%

 

6

%

 

21

%

 

7

%

Total

 

 

100

%

 

100

%

 

100

%

 

100

%

 

100

%

 

 

 

Three Months Ended March 31, 2023

 

Product Type

 

PLP-USA

 

The Americas

 

EMEA

 

Asia-Pacific

 

Consolidated

 

Energy

 

 

59

%

 

63

%

 

36

%

 

74

%

 

56

%

Communications

 

 

37

%

 

35

%

 

61

%

 

2

%

 

38

%

Special Industries

 

 

4

%

 

2

%

 

3

%

 

24

%

 

6

%

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:

 

 

 

Three Months Ended March 31,

 

 

 

2024

 

 

2023

 

Allowance for credit losses, beginning of period

 

$

8,260

 

 

$

5,021

 

Additions charged to costs and expenses

 

 

66

 

 

 

752

 

Write-offs

 

 

(6

)

 

 

(3

)

Foreign exchange and other

 

 

(131

)

 

 

37

 

Allowance for credit losses, end of period

 

$

8,189

 

 

$

5,807