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Revenue and Accounts Receivable, Net | 9 Months Ended
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Sep. 30, 2024
Receivables [Abstract] |
Revenue and Accounts Receivable, Net | Revenue and Accounts Receivable, Net Revenue Details The pattern of revenue recognition was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
Goods and services transferred at a point in time | $ | 85,186 |  |  | $ | 83,855 |  |  | $ | 235,572 |  |  | $ | 249,908 |
Goods and services transferred over time | 16,887 |  | 23,240 |  | 48,853 |  | 72,955 |
Net sales | $ | 102,073 |  |  | $ | 107,095 |  |  | $ | 284,425 |  |  | $ | 322,863 |
Our net sales to external customers by geographic area were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2024 |  | 2023 |  | 2024 |  | 2023
United States | $ | 25,833 |  |  | $ | 31,737 |  |  | $ | 71,455 |  |  | $ | 97,892 |
Asia (excluding PRC) | 20,785 |  | 20,107 |  |  | 57,893 |  | 66,508 |
Europe | 22,583 |  | 22,529 |  | 60,837 |  | 68,598
PRC | 17,747 |  | 19,049 |  | 49,560 |  | 49,082
Latin America | 9,164 |  | 8,227 |  | 26,888 |  | 24,408
Other | 5,961 |  | 5,446 |  | 17,792 |  | 16,375
Total net sales | $ | 102,073 |  |  | $ | 107,095 |  |  | $ | 284,425 |  |  | $ | 322,863 |
Specific identification of the customer billing location was the basis used for attributing revenues from external customers to geographic areas. Net sales to the following customers totaled more than 10% of our net sales:
| Three Months Ended September 30,
| 2024 |  | 2023
| $ (thousands) |  | % of Net Sales |  | $ (thousands) |  | % of Net Sales |
Daikin Industries Ltd. | $ | 12,620 |  |  | 12.4 | % |  | $ | 15,194 |  |  | 14.2 | % |
Sony Corporation | $ | 10,841 |  |  | 10.6 | % |  | $ | 11,825 |  |  | 11.0 | % |
| Nine Months Ended September 30,
| 2024 |  | 2023
| $ (thousands) |  | % of Net Sales |  | $ (thousands) |  | % of Net Sales |
Daikin Industries Ltd. | $ | 37,658 |  |  | 13.2 | % |  | $ | 48,401 |  |  | 15.0 | % |
Comcast Corporation | (1) |  | (1) |  | $ | 34,436 |  |  | 10.7 | % |
(1) Sales associated with this customer did not total more than 10% of our net sales for the indicated period. Accounts Receivable, Net Accounts receivable, net were as follows:
(In thousands) | September 30, 2024 |  | December 31, 2023
Trade receivables, gross | $ | 102,127 |  |  | $ | 106,182 |
Allowance for credit losses | (841) |  |  | (815) |
Allowance for sales returns | (343) |  |  | (532) |
Trade receivables, net | 100,943 |  |  | 104,835 |
Other (1) | 5,686 |  |  | 7,761 |
Accounts receivable, net | $ | 106,629 |  |  | $ | 112,596 |
(1)Other accounts receivable is primarily comprised of value added tax receivables, interest receivable and supplier rebate receivables. Allowance for Credit Losses Changes in the allowance for credit losses were as follows:
(In thousands) | Nine Months Ended September 30,
2024 |  | 2023
Balance at beginning of period | $ | 815 |  |  | $ | 957 |
Additions (reductions) to costs and expenses | 17 |  |  | 69 |
Write-offs/Foreign exchange effects | 9 |  |  | (207) |
Balance at end of period | $ | 841 |  |  | $ | 819 |
There were no significant customers that totaled more than 10% of our accounts receivable at September 30, 2024 or December 31, 2023. Contract Liabilities We have current and non-current contract liability balances primarily relating to our firmware update provisioning and digital rights management validation services. Contract liabilities are included within other accrued liabilities in our consolidated balance sheets. Changes in the carrying amount of contract liabilities were as follows:
(In thousands) | Three Months Ended September 30, |  | Nine Months Ended September 30,
2024 |  | 2023 |  | 2024 |  | 2023
Balance at beginning of period | $ | 4,717 |  |  | $ | 2,931 |  |  | $ | 3,501 |  |  | $ | 1,931 |
Payments received | 981 |  |  | 862 |  |  | 4,444 |  |  | 4,314 |
Revenue recognized | (1,697) |  |  | (1,001) |  |  | (3,922) |  |  | (3,453) |
Foreign exchange effects | 31 |  |  | — |  |  | 9 |  |  | — |
Balance at end of period | $ | 4,032 |  |  | $ | 2,792 |  |  | $ | 4,032 |  |  | $ | 2,792 |

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- Definition The entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/310-10/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 + Details
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