Company: BHE
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000950170-25-025644
Chunk: 101

Company: BENCHMARK ELECTRONICS INC
Filing Date: 2025-02-24
Form: 10-K
Item: Item 1B
Chunk 101
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        A&D

        286,230

        43,701

        17,654

        347,585

        AC&C

        428,630

        201,073

        442

        630,145

        External revenue

        1,410,954

        1,194,377

        281,000

        2,886,331

        Elimination of intersegment sales

        64,976

        57,100

        3,100

        125,176

        Segment revenue
         
        $
        1,475,930

        $
        1,251,477

        $
        284,100

        $
        3,011,507

       The timing of revenue recognition, billings and cash collections result in billed accounts receivable, contract assets and advance payments from customers. During 2024, 2023 and 2022, 86.8%, 87.9% and 90.8%, respectively, of the Company’s revenue was recognized as products and services were transferred over time.Contract assets primarily relate to the Company’s right to consideration for work completed but not billed to the customer as of period end. Contract asset balances are transferred to trade accounts receivable when the rights become unconditional.A summary of activity related to the Company's contract assets follows: 

        Year EndedDecember 31,

        (in thousands)
         
        2024

        2023

        Balance as of the beginning of the year
         
        $
        174,979

        $
        183,613

        Revenue recognized

        2,304,221

        2,495,298

        Amounts collected or invoiced

        (2,311,622
        )

        (2,503,932
        )

        Balance as of the end of the period
         
        $
        167,578

        $
        174,979

       As of December 31, 2024 and 2023, the Company had $143.6 million and $204.9 million, respectively, in advance payments from customers. Of those amounts $132.5 million and $191.6 million, respectively, were related to both customer deposits and prepayments of inventory and $11.1 million and $13.3 million, respectively, were related to the contractual timing of payments