Major Customers

12 Months Ended

Dec. 31, 2023

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 Company's ten largest customers represented 52%, 52% and 47% of our consolidated sales for 2023, 2022 and 2021, respectively. The Company had sales to the following customer that exceeded 10% of the Company's consolidated sales:

	Year Ended December 31,
	2023	2022	2021
Applied Materials, Inc. and subsidiaries	12%	15%	16%

Sales attributable to this customer were reported in the Americas and Asia operating segments.

As of December 31, 2023 and 2022, the Company had one customer whose gross accounts receivable exceeded 10% of consolidated gross accounts receivable. This customer represented 16% and 17% of consolidated gross accounts receivable as of December 31, 2023 and 2022, respectively.