Revenue Recognition (Adoption of ASC 606)

Revenues from contracts with customers consisted of the following:



	Three months ended
	September 30, 2018
	Western Hemisphere		Eastern Hemisphere		Asia-Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	43,825	$	17,834	$	1,587	$	—	$	63,246
Service Revenues	10,169		4,364		3,008		—		17,541
Total	$	53,994	$	22,198	$	4,595	$	—	$	80,787



	Nine months ended
	September 30, 2018
	Western Hemisphere		Eastern Hemisphere		Asia-Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	130,259	$	52,238	$	16,513	$	—	$	199,010
Service Revenues	29,173		15,485		8,345		—		53,003
Total	$	159,432	$	67,723	$	24,858	$	—	$	252,013

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	44,110
Transfers to Accounts Receivable	10,180
Contract Assets at September 30, 2018	$	75,755

Contract Liabilities (amounts shown in thousands)



Contract Liabilities at December 31, 2017	$	4,767
Additions	25,039
Revenue Recognized	23,018
Contract Liabilities at September 30, 2018	$	6,788

Receivables, which are included in trade receivables, net, were $98.3 million and $136.5 million for the nine months ended September 30, 2018 and December 31, 2017, respectively. The amount of revenues from performance obligations satisfied (or partially satisfied) in previous periods was $3.9 million and $15.7 million for the three and nine months ended September 30, 2018, respectively. The contract liabilities primarily relate to advance payments from customers and are included in "Customer prepayments" in our accompanying condensed 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 "Trade receivables, net" in our accompanying condensed 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 September 30, 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 $33.8 million as of September 30, 2018. The Company expects to recognize revenue on approximately 85% and 15% 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.