Revenue Recognition (Adoption of ASC 606)

3 Months Ended

Mar. 31, 2018

Revenue from Contract with Customer [Abstract]

Revenue Recognition (Adoption of ASC Topic 606)

Revenue Recognition (Adoption of ASC 606)

Revenues from contracts with customers consisted of the following:

	Three months ended
	March 31, 2018
	Western Hemisphere		Eastern Hemisphere		Asia-Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	42,436	$	19,865	$	8,744	$	—	$	71,045
Service Revenues	9,082		5,973		2,406		—		17,461
Total	$	51,518	$	25,838	$	11,150	$	—	$	88,506

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2017	$	41,825
Additions	48,676
Transfer to Accounts Receivable	(34,169		)
Contract Assets at March 31, 2018	$	56,332

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2017	$	4,767
Additions	4,969
Revenue Recognized	(3,986		)
Contract Liabilities at March 31, 2018	$	5,750

Receivables, which are included in trade receivables, net, were $120.2 million and $133.4 million for the three months ended March 31, 2018 and 2017, respectively. The amount of revenues from performance obligations satisfied (or partially satisfied) in previous periods was $7.1 million. The contract liabilities primarily relate to advance payments from customers and are included within "Customer prepayments" in our accompanying consolidated balance sheets. The contract assets primarily relate to unbilled amounts typically resulting from sales under contracts when the over time method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer and is included in "Prepaids and other current assets" in our accompanying consolidated balance sheets. Contract assets are transferred to the receivables when the rights become unconditional.

Obligations for returns and refunds were considered immaterial as of March 31, 2018.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our reconditioning services and over time product lines was $27.2 million as of March 31, 2018. The Company expects to recognize revenue on approximately 84% and 16% of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized 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.