Major Customers and Concentrations of Credit Risk

12 Months Ended

Dec. 31, 2022

Major Customers and Concentrations of Credit Risk

We provide proprietary products and services to the Department of Defense and various United States Government agencies, and most of the aerospace and aircraft manufacturers who receive contracts directly from the U.S. Government as an original equipment manufacturer (“Primes”). In addition, we also service technology-driven markets in the industrial, medical and other end-use markets. As a result, we have significant net revenues from certain customers. Accounts receivable were diversified over a number of different commercial, military and space programs and were made by both operating segments. Net revenues from our top ten customers, including The Boeing Company (“Boeing”), General Dynamics Corporation (“GD”), Lockheed Martin Corporation (“Lockheed Martin”), Northrop Grumman Corporation (“Northrop”), Raytheon Technologies Corporation (“Raytheon”), Spirit AeroSystems Holdings, Inc. (“Spirit”), and Viasat, Inc. (“Viasat”), represented the following percentages of total net revenues:


	Years Ended December 31,
	2022		2021		2020
Boeing	6.7	%	7.8	%	10.5	%
GD	5.7	%	3.0	%	2.5	%
Lockheed Martin	3.5	%	4.4	%	5.0	%
Northrop	5.7	%	7.1	%	9.1	%
Raytheon	21.6	%	24.4	%	20.9	%
Spirit	5.7	%	3.8	%	3.3	%
Viasat	5.4	%	2.6	%	1.7	%
Top ten customers (1)	61.4	%	61.1	%	61.1	%

(1) Includes Boeing, GD, Lockheed Martin, Northrop, Raytheon, and Spirit for 2022, 2021, and 2020, and Viasat for 2022 and 2021.

Boeing, GD, Lockheed Martin, Northrop, Raytheon, Spirit, and Viasat represented the following percentages of total accounts receivable:


	December 31,
	2022		2021
Boeing	3.8	%	3.5	%
GD	3.4	%	4.0	%
Lockheed Martin	1.0	%	0.4	%
Northrop	13.0	%	10.9	%
Raytheon	16.2	%	17.8	%
Spirit	1.0	%	0.7	%
Viasat	10.3	%	4.3	%

In 2022, 2021 and 2020, net revenues from foreign customers based on the location of the customer were $60.7 million, $43.6 million and $58.5 million, respectively. No net revenues from a foreign country were greater than 3.0% of total net revenues in 2022, 2021, and 2020. We have manufacturing facilities in Thailand and Mexico. Our net revenues, profitability and identifiable long-lived assets attributable to foreign revenues activity were not material compared to our net revenues,

profitability and identifiable long-lived assets attributable to our domestic operations during 2022, 2021, and 2020. We are not subject to any significant foreign currency risks as all our sales are made in United States dollars.