Note 3 - Revenue Recognition

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

(3) Revenue Recognition

Disaggregated Revenue

The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 19 for further information regarding net sales by market):

	Years Ended December 31,
	2021		2020		2019
Net sales of:
Products	$	201,248	$	172,299	$	193,016
Tooling and Machinery		1,814		2,787		2,730
Engineering services		3,258		4,287		2,635
Total net sales	$	206,320	$	179,373	$	198,381

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue (contract liabilities) included within “deferred revenue” on the condensed consolidated balance sheet.

The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2021 and 2020 (in thousands):

	Contract Liabilities
	Years Ended
	December 31,
	2021			2020
Deferred revenue - beginning of period	$	1,887		$	2,574
Acquired in business combinations		69			-
Increases due to consideration received from customers		4,007			2,673
Revenue recognized		(1,716	)		(3,360	)
Deferred revenue - end of period	$	4,247		$	1,887

Revenue recognized during the years ended December 31, 2021 and 2020 from amounts included in deferred revenue at the beginning of the period were approximately $0.8 million and $1.7 million, respectively.

When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet.

The following table presents opening and closing balances of contract assets for the years ended December 31, 2021 and 2020 (in thousands):

	Contract Assets
	Years Ended
	December 31,
	2021			2020
Unbilled Receivables - beginning of period	$	271		$	72
Increases due to revenue recognized, not invoiced to customers		1,815			3,147
Decreases due to customer invoicing		(2,012	)		(2,948	)
Unbilled Receivables - end of period	$	74		$	271