Deferred Revenue, Income and Remaining Performance Obligations

12 Months Ended

Dec. 31, 2019

Deferred Revenue Disclosure [Abstract]

Deferred Revenue, Income and Remaining Performance Obligations

NOTE 10. DEFERRED REVENUE, INCOME AND REMAINING PERFORMANCE OBLIGATIONS

Deferred revenue consists of amounts received for products or services not yet delivered or earned. Deferred income consists of amounts received for commitments not yet fulfilled. If we anticipate that the revenue or income will not be earned within the following twelve months, the amount is reported as long-term deferred income. A summary of the balances as of December 31 follows (in thousands):

	2019		2018
Products and services not yet delivered	$	271	$	217
Deferred revenue	$	271	$	217

We recognized $200,000 and $26,000 of revenues during the years ended December 31, 2019 and December 31, 2018, respectively, that were included in the contract liabilities balances at the beginning of the period. No material amount of revenue recognized during the current period was from performance obligations satisfied in prior periods.

Transaction Price Allocated to Remaining Performance Obligations

As of December 31, 2019, $3.2 million of revenue is expected to be recognized from remaining performance obligations. This balance primarily relates to executed service contracts that begin as warranty periods expire. These service contracts typically provide for four-year terms and revenue is recognized on a straight-line basis. The balance also includes product shipments for reagent rental, sales-type lease agreements. These agreements have between two and four year terms and revenue is recognized as product is shipped, typically in a straight-line pattern.

ASC 606, Revenue from Contracts with Customers, allows Companies to elect practical expedients. The Company elects not to disclose the value of unsatisfied performance obligations for (i) contracts with an expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.