Significant Concentration of Risk

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Significant Concentration Risk

Significant Concentrations of Risk

Economic Dependence

The Company’s largest customer, Boeing, accounted for approximately 64%, 60%, and 56% of the revenues for the twelve months ended December 31, 2023, 2022, and 2021, respectively. Approximately 23% and 28% of the Company's accounts receivable balance at December 31, 2023, and 2022, respectively, was attributable to Boeing.

The Company’s second largest customer, Airbus, accounted for approximately 19%, 22%, and 24% of the revenues for the twelve months ended December 31, 2023, 2022, and 2021, respectively. Approximately 33% and 36% of the Company's accounts receivable balance at December 31, 2023, and 2022, respectively, was attributable to Airbus.

Employees

At December 31, 2023, the Company had approximately 20,655 employees: approximately 14,780 located in its six U.S. facilities, approximately 3,400 located in its Belfast facilities, approximately 1,120 located at its Prestwick facility, approximately 1,000 located in its Malaysia facility, approximately 220 located in its Morocco facility, and approximately 135 located in its France facility. Of the employees located in the Company's six U.S. facilities, approximately 12,590 were located in Wichita, Kansas; approximately 1,110 were located in Tulsa Oklahoma; approximately 590 were located in Kinston, North Carolina; approximately 350 were located in Biddeford, Maine; approximately 100 were located in Dallas, Texas; and approximately 40 were located in Woonsocket, Rhode Island.

Approximately 80% of the Company’s U.S. employees are represented by unions. Approximately 57% of U.S. employees are represented by the International Association of Machinists and Aerospace Workers (IAM) collective bargaining agreement. There are two IAM collective bargaining agreements that will expire in June 2027 and November 2027, respectively. Approximately 16% of the Company's U.S. employees are represented by the Society of Professional Engineering Employees in Aerospace (SPEEA) collective bargaining agreement. There are two SPEEA agreements that will expire in December 2024 and January 2026, respectively. Approximately 6% of the Company's U.S. employees are represented by the International Union, Automobile, Aerospace and Agricultural Implement Workers of America (UAW) collective bargaining agreement that will expire in December 2025. Approximately 1% of the Company's U.S. employees are represented by an International Brotherhood of Electrical Workers (IBEW) collective bargaining agreement that will expire in September 2027.

Approximately 93% of the Company's Prestwick employees are part of the collective bargaining group represented by one union, Unite (Amicus Section). In 2013, the Company negotiated two separate ten-year pay agreements with the Manual Staff bargaining and the Monthly Staff bargaining groups of the Unite union. These agreements cover basic pay and variable at risk pay, while other employee terms and conditions generally remain the same from year to year until both parties agree to change them. In the first quarter of 2021, the Company negotiated and agreed with Unite, a three-year extension to the pay agreements which are effective from January 2023 to December 2025. The elements of the contract extension remain the same as those in the ten-year agreements.

In the U.K. (Belfast), approximately 85% of the employees are part of the collective group represented by the Trade Unions. Unite the Union is the largest representing approximately 94% of unionized employees, with General, Municipal, Boilermakers making up the balance. The current agreement covered the period from January 2020 to December 2023 and negotiations for a new agreement will start in early 2024.

In France, the Company's employees are represented by CFTC (“Confédération Française des Travailleurs Chrétiens" or "French Confederation of Christian Workers”) and FO (“Force Ouvrière" or "Labor Force”). The Company negotiates yearly on compensation and once every four years on issues related to gender equality and work-life balance. The next election to determine union representation will occur in July 2027.

In Morocco, approximately 59% of the Company's employees are represented by Union Marocain du Travail ("UMT"). The Company negotiated a three year agreement with UMT that expires in December 2025.

None of the Company's Malaysia employees are currently represented by a union.