Revenue

12 Months Ended

Dec. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue

Note 16 – 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 other inventory.

Revenue is measured based on the 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 generally 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 the 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 records revenue, but does not issue 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
			Year Ended December 31, 2019
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	165,163	$	214,575	$	73,838	$	453,576
	A&D		400,326		—		31,597		431,923
	Medical		263,688		167,296		17,218		448,202
	Semi-Cap		102,908		123,764		51,093		277,765
	Computing		308,077		53,051		85		361,213
	Telecommunications		143,686		149,890		1,840		295,416
	External revenue		1,383,848		708,576		175,671		2,268,095
	Elimination of intersegment sales		44,947		33,054		713		78,714
	Segment revenue	$	1,428,795	$	741,630	$	176,384	$	2,346,809
			Year Ended December 31, 2018
			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	184,500	$	241,765	$	66,798	$	493,063
	A&D		374,852		—		31,550		406,402
	Medical		235,287		144,528		14,152		393,967
	Semi-Cap		155,687		135,299		63,992		354,978
	Computing		504,391		69,657		6,797		580,845
	Telecommunications		162,813		171,520		2,877		337,210
	External revenue		1,617,530		762,769		186,166		2,566,465
	Elimination of intersegment sales		29,872		38,543		351		68,766
	Segment revenue	$	1,647,402	$	801,312	$	186,517	$	2,635,231

			Year Ended December 31, 2017 (as adjusted)
(in thousands)			Americas		Asia		Europe		Total
Market Sector:
	Industrials	$	213,699	$	213,504	$	69,233	$	496,436
	A&D		361,200		2,430		28,060		391,690
	Medical		204,677		149,650		19,458		373,785
	Semi-Cap		158,151		140,967		47,223		346,341
	Computing		444,401		85,988		9,971		540,360
	Telecommunications		172,122		130,954		2,791		305,867
	External revenue		1,554,250		723,493		176,736		2,454,479
	Elimination of intersegment sales		30,479		54,123		218		84,820
	Segment revenue	$	1,584,729	$	777,616	$	176,954	$	2,539,299

During 2019, 2018 and 2017, 91.5%, 93.0% and 93.4%, respectively, of the Company’s revenue was recognized as products and services are transferred over time.