Revenue Recognition

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue Recognition

3. Revenue Recognition

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

	Three months ended March 31,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2022		2021		2022		2021		2022		2021		2022		2021
	(In thousands)
Product Revenues	$	36,661	$	37,916	$	11,783	$	6,722	$	7,198	$	10,945	$	55,642	$	55,583
Service Revenues		11,585		10,504		3,262		2,719		2,652		4,444		17,499		17,667
Total	$	48,246	$	48,420	$	15,045	$	9,441	$	9,850	$	15,389	$	73,141	$	73,250

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2021	$	97,716
Additions		37,070
Transfers to Trade Receivables, Net		(30,685	)
Contract Assets at March 31, 2022	$	104,101

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2021	$	9,222
Additions		629
Revenue Recognized		(4,823	)
Contract Liabilities at March 31, 2022	$	5,028

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $64.0 million and $58.7 million at March 31, 2022 and December 31, 2021, 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 March 31, 2022.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $86.5 million as of March 31, 2022. The Company expects to recognize revenue on approximately 93.4% of the remaining performance obligations over the next 12 months and the remaining 6.6% 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.