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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 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 September 30, 2024
Product Type | PLP-USA | The Americas | EMEA | Asia-Pacific | Consolidated
Energy | 61% | 79% | 71% | 78% | 70%
Communications | 32% | 18% | 24% | 3% | 23%
Special Industries | 7% | 3% | 5% | 19% | 7%
Total | 100% | 100% | 100% | 100% | 100%
| Three Months Ended September 30, 2023
Product Type | PLP-USA | The Americas | EMEA | Asia-Pacific | Consolidated
Energy | 68% | 80% | 60% | 75% | 69%
Communications | 28% | 18% | 35% | 3% | 23%
Special Industries | 4% | 2% | 5% | 22% | 8%
Total | 100% | 100% | 100% | 100% | 100%
| Nine Months Ended September 30, 2024
Product Type | PLP-USA | The Americas | EMEA | Asia-Pacific | Consolidated
Energy | 64% | 78% | 71% | 77% | 71%
Communications | 30% | 20% | 24% | 3% | 22%
Special Industries | 6% | 2% | 5% | 20% | 7%
Total | 100% | 100% | 100% | 100% | 100%
| Nine Months Ended September 30, 2023
Product Type | PLP-USA | The Americas | EMEA | Asia-Pacific | Consolidated
Energy | 62% | 73% | 44% | 72% | 61%
Communications | 34% | 25% | 52% | 3% | 32%
Special Industries | 4% | 2% | 4% | 25% | 7%
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:
| Nine Months Ended September 30,
| 2024 |  | 2023
Allowance for credit losses, beginning of period | $ | 8,260 |  |  | $ | 5,021 |
(Reductions) additions charged to costs and expenses | (1,165) |  |  | 1,349 |
Write-offs | (209) |  |  | (21) |
Foreign exchange and other | (203) |  |  | (17) |
Allowance for credit losses, end of period | $ | 6,683 |  |  | $ | 6,332 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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