SEGMENT INFORMATION

12 Months Ended

Dec. 31, 2024

SEGMENT INFORMATION

SEGMENT INFORMATION

14. SEGMENT INFORMATION

The Company operates in one segment for the manufacture and marketing of specialty-controlled motion products and solutions for end user and OEM applications. The Company’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer and President, who reviews operating results to make decisions about allocating resources, monitoring budgets, and assessing performance for the entire Company. The measure of segment profit or loss utilized is consolidated net income. The CODM uses this measures to compare results to prior periods and during our budgeting and forecasting process to assess profitability and enable decision making. The reports reviewed by the CODM do not provide for any significant expense categories beyond those as reported on the consolidated statement of income and comprehensive income. The accounting policies of the Company are described in Note 1 Significant Accounting Policies.

The CODM utilizes consolidated net income, which is available in our consolidated statements of income and comprehensive income, as the measurement for assessing financial performance.

Financial information related to the foreign subsidiaries is summarized below (in thousands):

	For the year ended December 31,
	2024		2023		2022
Revenues derived from foreign subsidiaries	$	170,901	$	179,410	$	165,220

Identifiable foreign fixed assets were $31,820 and $35,751 as of December 31, 2024 and 2023, respectively.

Revenues derived from foreign subsidiaries and identifiable assets outside of the United States are primarily attributable to Europe, China, Mexico and New Zealand.

Sales to customers outside of the United States by all subsidiaries were $240,045, $239,897 and $214,017 during 2024, 2023, and 2022, respectively.

For 2023, and 2022 one customer (Customer A) accounted 10% and 11% of revenues, respectively, and one customer (Customer B) accounted for 12% of revenues in 2023.

As of December 31, 2023 Customer B accounted for 15% of trade receivables.