Revenue Recognition (Adoption of ASC 606)

Revenues from contracts with customers consisted of the following:



	Three months ended
	June 30, 2018
	Western Hemisphere		Eastern Hemisphere		Asia-Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	43,999	$	14,539	$	6,181	$	—	$	64,719
Service Revenues	9,917		5,148		2,931		—		17,996
Total	$	53,916	$	19,687	$	9,112	$	—	$	82,715



	Six months ended
	June 30, 2018
	Western Hemisphere		Eastern Hemisphere		Asia-Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	86,434	$	34,404	$	14,926	$	—	$	135,764
Service Revenues	19,000		11,122		5,336		—		35,458
Total	$	105,434	$	45,526	$	20,262	$	—	$	171,222

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)



Contract Assets at December 31, 2017	$	41,825
Additions	94,912
Transfers to Accounts Receivable	65,713
Contract Assets at June 30, 2018	$	71,024

Contract Liabilities (amounts shown in thousands)



Contract Liabilities at December 31, 2017	$	4,767
Additions	20,457
Revenue Recognized	20,502
Contract Liabilities at June 30, 2018	$	4,722

Receivables, which are included in trade receivables, net, were $95.0 million and $136.5 million for the six months ended June 30, 2018 and December 31, 2017, respectively. The amount of revenues from performance obligations satisfied (or partially satisfied) in previous periods was $4.7 million and $11.8 million for the three and six months ended June 30, 2018, respectively . The contract liabilities primarily relate to advance payments from customers and are included within "Customer prepayments" in our accompanying consolidated balance sheets. The contract assets primarily relate to unbilled amounts typically resulting from sales under contracts when the over time method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer and is included in "Trade receivables, net" in our accompanying consolidated balance sheets. Contract assets are transferred to the receivables when the rights become unconditional.

Obligations for returns and refunds were considered immaterial as of June 30, 2018.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our reconditioning services and over time product lines was $25.4 million as of June 30, 2018. The Company expects to recognize revenue on approximately 87% and 13% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

The Company applies the practical expedient available under the new revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.