Revenue

6 Months Ended

Jun. 30, 2018

Revenue From Contract With Customer [Abstract]

Note 3 – Revenue

The Company’s revenues are generated primarily from the sale of manufactured products built to customer specifications. The Company also generates revenue from design, development and engineering services, in addition to the sale of excess inventory.

Revenue is measured based on a consideration specified in a contract with a customer. The Company recognizes revenue when it satisfies a performance obligation by transferring control over a manufactured product to a customer. The Company’s contracts with customers are short-term in nature. Customers are generally billed when the product is shipped or as services are performed. Under the majority of the Company’s manufacturing contracts with customers, the customer controls all of the work-in-progress as products are being built. Revenues under these contracts are recognized progressively based on the cost-to-cost method. For other manufacturing contracts, the customer does not take control of the product until it is completed. Under these contracts, the Company recognizes revenue upon transfer of control of product to the customer. Revenue from design, development and engineering services is recognized over time as the services are performed. The Company assumes no significant obligations after shipment as it typically warrants workmanship only. Therefore, the warranty provisions are generally not significant.

If the Company had recorded revenue, but not issued an invoice, a contract asset is recognized. The contract asset is transferred to accounts receivable when the entitlement to payment becomes unconditional.

Taxes assessed by governmental authorities that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue.

Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of sales.

Disaggregation of revenue

In the following tables, revenue is disaggregated by market sector. The tables also include a reconciliation of the disaggregated revenue with the reportable operating segments.


			Reportable Operating Segments
			Three Months Ended June 30, 2018
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	45,138	$	55,919	$	16,711	$	117,768
	A&D		94,066		1,518		6,924		102,508
	Medical		59,383		34,101		3,564		97,048
	Test and instrumentation		47,333		41,552		17,185		106,070
	Computing		141,417		17,528		1,692		160,637
	Telecommunication		39,461		36,907		192		76,560
	External revenue		426,798		187,525		46,268		660,591
	Elimination of intersegment sales		7,480		10,103		87		17,670
	Segment revenue	$	434,278	$	197,628	$	46,355	$	678,261

			Six Months Ended June 30, 2018
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	97,867	$	109,576	$	34,885	$	242,328
	A&D		182,480		2,648		15,247		200,375
	Medical		114,375		72,364		7,596		194,335
	Test and instrumentation		93,202		80,785		34,297		208,284
	Computing		227,638		32,428		4,109		264,175
	Telecommunication		83,355		74,992		883		159,230
	External revenue		798,917		372,793		97,017		1,268,727
	Elimination of intersegment sales		14,146		19,957		134		34,237
	Segment revenue	$	813,063	$	392,750	$	97,151	$	1,302,964


			Reportable Operating Segments
			Three Months Ended June 30, 2017 (as adjusted)
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	56,053	$	52,094	$	16,607	$	124,754
	A&D		93,047		917		6,116		100,080
	Medical		48,139		33,822		4,874		86,835
	Test and instrumentation		37,766		38,655		12,395		88,816
	Computing		116,547		23,166		2,518		142,231
	Telecommunication		45,239		31,222		434		76,895
	External revenue		396,791		179,876		42,944		619,611
	Elimination of intersegment sales		8,643		14,604		66		23,313
	Segment revenue	$	405,434	$	194,480	$	43,010	$	642,924

			Six Months Ended June 30, 2017 (as adjusted)
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	110,150	$	97,885	$	33,905	$	241,940
	A&D		186,456		1,049		12,475		199,980
	Medical		95,740		66,299		9,721		171,760
	Test and instrumentation		70,420		73,349		20,797		164,566
	Computing		194,360		42,732		5,398		242,490
	Telecommunication		93,153		62,386		1,239		156,778
	External revenue		750,279		343,700		83,535		1,177,514
	Elimination of intersegment sales		16,475		30,084		119		46,678
	Segment revenue	$	766,754	$	373,784	$	83,654	$	1,224,192

For the six months ended June 30, 2018 and 2017, 95.3% and 95.6%, respectively, of the Company’s revenue was recognized as products and services are transferred over time.