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Major Customers
12 Months Ended
Dec. 31, 2023
Segment Reporting [Abstract]  
Major Customers

(7) Major Customers

In 2023, there were three customers that accounted for 15%, 14% and 8%, respectively, of the Company’s consolidated sales. In 2022, there were three customers that accounted for 18%, 13%, and 8% of the Company’s consolidated sales. In 2021, there were three customers that accounted for 17%, 14% and 8% of the Company’s consolidated sales.

The Company primarily sells its products to distributors, buying cooperatives, other co-operative groups and, in certain territories, end users, and extends credit based on an evaluation of the customer’s financial condition. The Company had three significant customers who each accounted for approximately 6%, 5% and 3% of the Company’s receivables as of December 31, 2023. The Company had three significant customers who each accounted for approximately 15%, 3% and 3% of the Company’s receivables as of December 31, 2022. The Company has long-standing relationships with its customers and considers its credit risk associated with its domestic business for accounts receivable to be insignificant.

The Company’s receivables, excluding allowances for expected credit losses, by geography as of December 31, 2023 and 2022 are summarized as follows:

 

 

 

2023

 

 

2022

 

Domestic receivables

 

$

89,315

 

 

$

65,825

 

International receivables

 

 

108,761

 

 

 

105,619

 

Total receivables

 

$

198,076

 

 

$

171,444

 

International sales by territory based on customer location for 2023, 2022 and 2021 were as follows:

 

 

 

2023

 

 

2022

 

 

2021

 

South and Central America

 

$

117,727

 

 

$

124,525

 

 

$

108,975

 

Mexico

 

 

49,800

 

 

 

45,995

 

 

 

40,724

 

Asia

 

 

28,071

 

 

 

26,588

 

 

 

26,234

 

Australia

 

 

19,712

 

 

 

19,674

 

 

 

21,061

 

Canada

 

 

12,268

 

 

 

14,860

 

 

 

10,377

 

Africa

 

 

3,715

 

 

 

8,840

 

 

 

3,468

 

Middle East

 

 

1,354

 

 

 

1,836

 

 

 

2,357

 

Europe

 

 

2,208

 

 

 

1,964

 

 

 

2,243

 

Total international net sales

 

$

234,855

 

 

$

244,282

 

 

$

215,439