Revenue Recognition

3 Months Ended

Mar. 31, 2023

Revenue From Contract With Customer [Abstract]

Revenue Recognition

3. Revenue Recognition —The Company recognizes revenue from the sale of its products, which include crop and non-crop products. The Company sells its products to customers, which include distributors, retailers, and growers. In addition, the Company recognizes royalty income from licensing agreements. The Company has one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows:

	Three Months Ended March 31,
	2023		2022
Net sales:
U.S. crop	$	61,876	$	88,193
U.S. non-crop		13,899		13,396
Total U.S.		75,775		101,589
International		49,110		48,004
Total net sales:	$	124,885	$	149,593
Timing of revenue recognition:
Goods and services transferred at a point in time	$	124,842	$	149,487
Goods and services transferred over time		43		106
Total net sales:	$	124,885	$	149,593

Contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property and amounted to $3,100 at March 31, 2023 and December 31, 2022. The short-term and long-term contract assets of $2,295 and $805 are included in other receivables and other assets, respectively, on the condensed consolidated balance sheets as of March 31, 2023. As of December 31, 2022, the short-term and long-term assets amounted to $2,098 and $1,002, respectively.

The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs. These payments are included in customer prepayments on the condensed consolidated balance sheets. Revenue recognized for the three months ended March 31, 2023, that was included in customer prepayments at the beginning of 2023, was $22,759 and $17,500 was reclassified to accrued expenses and other payables. The Company expects to recognize all its remaining customer prepayments as revenue in fiscal 2023.