12.

SEGMENTS

The Company operates in

one

industry with

three

reportable operating segments, which represent the Company's

three

product groups and a corporate segment. The segments consist of Cinch Connectivity Solutions, Power Solutions and Protection, Magnetic Solutions and a Corporate segment. The primary criteria by which financial performance is evaluated and resources are allocated are net sales and income from operations. The following is a summary of key financial data:

	Year Ended December 31, 2019
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	172,348		$	163,528		$	156,536		$	-		$	492,412
Gross Profit		44,417			32,846			34,350			(916	)		110,697
Gross Profit %		25.8	%		20.1	%		21.9	%		nm			22.5	%
Total Assets		145,344			168,422			89,463			65,688			468,917
Capital Expenditures		2,934			4,570			2,387			-			9,891
Depreciation and Amortization Expense		6,021			7,858			2,592			-			16,471

	Year Ended December 31, 2018
	Connectivity			Power Solutions			Magnetic			Corporate
	Solutions			and Protection			Solutions			Segment			Total
Net sales	$	186,724		$	176,053		$	185,407		$	-		$	548,184
Gross Profit		55,092			39,976			46,467			(2,278	)		139,257
Gross Profit %		29.5	%		22.7	%		25.1	%		nm			25.4	%
Total Assets		140,240			171,165			119,573			12,546			443,524
Capital Expenditures		5,004			3,661			2,929			-			11,594
Depreciation and Amortization Expense		6,269			9,225			2,713			-			18,207

Entity-Wide Information

The following is a summary of entity-wide information related to the Company's net sales to external customers by geographic area and by major product line.

	Year Ended December 31,
	2019		2018
Net Sales by Geographic Location:

United States	$	256,044	$	271,691
Macao		154,745		187,204
United Kingdom		24,877		26,340
Slovakia		22,705		24,123
Germany		14,855		15,298
Switzerland		10,654		13,279
All other foreign countries		8,532		10,249
Consolidated net sales	$	492,412	$	548,184

Net Sales by Major Product Line:

Connectivity solutions	$	172,348	$	186,724
Magnetic solutions		156,536		185,407
Power solutions and protection		163,528		176,053
Consolidated net sales	$	492,412	$	548,184

The following is a summary of long-lived assets by geographic area as of

December 31, 2019

and

2018

	December 31,
	2019		2018
Long-lived Assets by Geographic Location:

United States	$	27,377	$	27,505
People's Republic of China (PRC)		30,245		29,563
Slovakia		5,726		6,475
Switzerland		2,339		3,023
United Kingdom		2,053		2,330
All other foreign countries		1,123		1,117
Consolidated long-lived assets	$	68,863	$	70,013

Long-lived assets consist of property, plant and equipment, net and other assets of the Company that are identified with the operations of each geographic area.

The territory of Hong Kong became a Special Administrative Region ("SAR") of the PRC in the middle of

1997.

The territory of Macao became a SAR of the PRC at the end of

1999.

Management cannot presently predict what future impact this will have on the Company, if any, or how the political climate in the PRC will affect the Company's contractual arrangements in the PRC. A significant portion of the Company's manufacturing operations and approximately

30.5%

of its identifiable assets are located in Asia.

Net Sales to Major Customers

The Company had net sales to

one

customer in excess of

ten

percent of consolidated net sales in each of

2019

and

2018

. The net sales associated with this customer was

$50.2

million in

2019

(

10.2%

of sales) and

$67.7

million in

2018

(

12.3%

of sales). Net sales related to this significant customer were primarily reflected in the Magnetic Solutions operating segment during each of the

two

years discussed.