Revenue Recognition

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

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

	Twelve Months Ended
	December 31, 2021
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	146,609	$	34,912	$	32,239	$	213,760
Service Revenues		45,680		10,268		18,195		74,143
Total	$	192,289	$	45,180	$	50,434	$	287,903

	Twelve Months Ended
	December 31, 2020
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	151,351	$	56,038	$	51,445	$	258,834
Service Revenues		45,536		14,332		15,709		75,577
Total	$	196,887	$	70,370	$	67,154	$	334,411

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		97,721
Transfers to Accounts Receivable		(135,978	)
Contract Assets at December 31, 2021	$	97,716

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2020	$	10,815
Additions		5,936
Revenue Recognized		(7,529	)
Contract Liabilities at December 31, 2021	$	9,222

Contract asset receivables were $97.7 million and $136.0 million for the years ended December 31, 2021 and 2020, respectively. Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $58.7 million and $96.5 million at December 31, 2021 and 2020, 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.

Obligations for returns and refunds were considered immaterial as of December 31, 2021.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $65.8 million as of December 31, 2021. The Company expects to recognize revenue on approximately 86.3% of the remaining performance obligations over the next 12 months and the remaining 13.7% thereafter.

The Company applies the practical expedient available under the new revenue standard and does not disclose information about remaining performance obligations that have original expected durations of one year or less.