Sales to Major Customers
|9 Months Ended|
Sep. 26, 2020
|Risks and Uncertainties [Abstract]|
|Sales to Major Customers||Sales to Major Customers
The Company has a significant concentration of business with two major customers, each typically in excess of 10% of consolidated sales. The loss of either of these customers would significantly, negatively impact our sales and earnings.
Sales to these two customers represented 12% and 9% of consolidated sales for the nine months ended and 6% and 10% for the three months ended September 26, 2020. Sales to these customers were primarily in the Aerospace segment. Accounts receivable from these customers at September 26, 2020 was approximately $12.5 million. Sales to these two customers represented 13% and 14% of consolidated sales for the nine months ended and 12% and 14% for the three months ended September 28, 2019.
The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef