Revenue Recognition

9 Months Ended

Sep. 30, 2021

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 September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2021		2020		2021		2020		2021		2020		2021		2020
	(In thousands)
Product Revenues	$	37,612	$	36,095	$	10,217	$	13,377	$	5,793	$	16,979	$	53,622	$	66,451
Service Revenues		12,872		10,974		2,458		3,689		4,230		3,115		19,560		17,778
Total	$	50,484	$	47,069	$	12,675	$	17,066	$	10,023	$	20,094	$	73,182	$	84,229
	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2021		2020		2021		2020		2021		2020		2021		2020
	(In thousands)
Product Revenues	$	112,787	$	114,364	$	25,505	$	45,772	$	26,774	$	37,006	$	165,066	$	197,142
Service Revenues		33,813		35,094		7,748		11,620		13,202		10,628		54,763		57,342
Total	$	146,600	$	149,458	$	33,253	$	57,392	$	39,976	$	47,634	$	219,829	$	254,484

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2020	$	135,973
Additions		72,185
Transfers to Trade Receivables, Net		(97,722	)
Contract Assets at September 30, 2021	$	110,436

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2020	$	10,815
Additions		21,160
Revenue Recognized		(26,627	)
Contract Liabilities at September 30, 2021	$	5,348

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $65.0 million and $98.2 million at September 30, 2021 and December 31, 2020, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of September 30, 2021.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $39.5 million as of September 30, 2021. The Company expects to recognize revenue on approximately 89.9% of the remaining performance obligations over the next 12 months and the remaining 10.1% thereafter.

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.