Major Customers

12 Months Ended

Dec. 31, 2022

Major Customers [Abstract]

Major Customers

Note 9—Major Customers

The Company’s customers operate in industries that are, to a varying extent, subject to rapid technological change, vigorous competition and short product life cycles. Developments adverse to the electronics industry, the Company’s customers or their products could impact the Company’s overall credit risk.

The Company extends credit based on evaluation of its customers’ financial condition and generally does not require collateral or other security from its customers and would incur a loss equal to the carrying value of the accounts receivable if its customer failed to perform according to the terms of the credit arrangement.

Sales to the ten largest customers represented 52%, 47% and 41% of total sales for 2022, 2021 and 2020, respectively. Sales to our largest customers were as follows for the indicated periods:

	Year ended  December 31,
(in thousands)	2022		2021		2020
Applied Materials, Inc. and subsidiaries	$	424,436	$	353,673	$	241,522

During 2022 and 2021, net sales attributable to our largest customer were reported in the Americas and Asia reportable segments.