Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | 5. Revenue Recognition Revenues from contracts with customers consisted of the following:
Contract Balances Balances related to contracts with customers consisted of the following: Contract Assets (amounts shown in thousands)
Contract Liabilities (amounts shown in thousands)
Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $92.2 million and $90.2 million at March 31, 2024 and December 31, 2023, respectively. Unbilled contract assets are transferred to trade receivables, net, when the right to bill becomes unconditional. Contract liabilities primarily relate to advance payments from customers. Obligations for returns and refunds were considered immaterial as of March 31, 2024. Remaining Performance Obligations The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $56.0 million as of March 31, 2024. The Company expects to recognize revenue on approximately 92.2% of the remaining performance obligations over the next 12 months and the remaining 7.8% . The Company applies the practical expedient available under the revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less. |