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Revenue Recognition
6 Months Ended
Jun. 30, 2019
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

4. Revenue Recognition

Revenues from contracts with customers (excludes leasing) consisted of the following:

 

 

 

Three months ended

 

 

 

June 30, 2019

 

 

 

Western

Hemisphere

 

 

Eastern

Hemisphere

 

 

Asia-

Pacific

 

 

Total

 

 

 

(In thousands)

 

Product Revenues

 

$

38,883

 

 

$

24,540

 

 

$

13,810

 

 

$

77,233

 

Service Revenues

 

 

9,161

 

 

 

4,869

 

 

 

2,545

 

 

 

16,575

 

Total

 

$

48,044

 

 

$

29,409

 

 

$

16,355

 

 

$

93,808

 

 

 

 

 

Six months ended

 

 

 

June 30, 2019

 

 

 

Western

Hemisphere

 

 

Eastern

Hemisphere

 

 

Asia-

Pacific

 

 

Total

 

 

 

(In thousands)

 

Product Revenues

 

$

75,259

 

 

$

43,158

 

 

$

24,250

 

 

$

142,667

 

Service Revenues

 

 

19,006

 

 

 

9,873

 

 

 

6,172

 

 

 

35,051

 

Total

 

$

94,265

 

 

$

53,031

 

 

$

30,422

 

 

$

177,718

 

 

Contract Balances  

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

 

Contract Assets at December 31, 2018

 

$

83,188

 

Additions

 

 

47,729

 

Transfers to Accounts Receivable

 

 

(25,531

)

Contract Assets at June 30, 2019

 

$

105,386

 

 

Contract Liabilities (amounts shown in thousands)

 

Contract Liabilities at December 31, 2018

 

$

9,648

 

Additions

 

 

109,630

 

Revenue Recognized

 

 

(110,746

)

Contract Liabilities at June 30, 2019

 

$

8,532

 

 

Contract assets receivables, which are included in trade receivables, net, were $105.4 million and $83.2 million at June 30, 2019 and December 31, 2018, respectively. Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method, which are included in trade receivables, net, in our accompanying condensed consolidated balance sheets and which were approximately $68.4 million and $57.0 million at June 30, 2019 and December 31, 2018, respectively. Unbilled contract assets are transferred to the trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers and are included in customer prepayments in our accompanying condensed consolidated balance sheets.

Obligations for returns and refunds were considered immaterial as of June 30, 2019.

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 $78.0 million as of June 30, 2019. The Company expects to recognize revenue on approximately 62.8% and 100.0% of the remaining performance obligations over the next 12 and 24 months, respectively.

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.