Revenue Recognition

9 Months Ended

Sep. 30, 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 September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2022		2021		2022		2021		2022		2021		2022		2021
	(In thousands)
Product Revenues	$	36,242	$	37,612	$	12,150	$	10,217	$	10,116	$	5,793	$	58,508	$	53,622
Service Revenues		14,416		12,872		3,980		2,458		2,047		4,230		20,443		19,560
Total	$	50,658	$	50,484	$	16,130	$	12,675	$	12,163	$	10,023	$	78,951	$	73,182
	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2022		2021		2022		2021		2022		2021		2022		2021
	(In thousands)
Product Revenues	$	116,768	$	112,787	$	36,103	$	25,505	$	23,258	$	26,774	$	176,129	$	165,066
Service Revenues		39,067		33,813		10,507		7,748		7,964		13,202		57,538		54,763
Total	$	155,835	$	146,600	$	46,610	$	33,253	$	31,222	$	39,976	$	233,667	$	219,829

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		108,136
Transfers to Trade Receivables, Net		(71,733	)
Contract Assets at September 30, 2022	$	134,119

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2021	$	9,222
Additions		1,698
Revenue Recognized		(3,411	)
Contract Liabilities at September 30, 2022	$	7,509

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over-time accounting method which were approximately $90.8 million and $58.7 million at September 30, 2022 and December 31, 2021, respectively. Unbilled contract assets are transferred to trade receivables, net, when the rights become unconditional. Contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of September 30, 2022.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over-time product lines was $63.2 million as of September 30, 2022. The Company expects to recognize revenue on approximately 92.7% of the remaining performance obligations over the next 12 months and the remaining 7.3% 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.