Revenue Recognition

3 Months Ended

Mar. 31, 2019

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4.Revenue Recognition

Revenues from contracts with customers consisted of the following:

	Three months ended
	March 31, 2019
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Intercompany		Total
	(In thousands)
Product Revenues	$	36,376	$	18,618	$	10,440	$	-	$	65,434
Service Revenues		9,845		5,005		3,626		-		18,476
Total	$	46,221	$	23,623	$	14,066	$	-	$	83,910

Contract Balances

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2018	$	83,188
Additions		39,447
Transfers to Accounts Receivable		(19,090	)
Contract Assets at March 31, 2019	$	103,545

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2018	$	9,648
Additions		59,090
Revenue Recognized		(55,906	)
Contract Liabilities at March 31, 2019	$	12,832

Receivables, which are included in trade receivables, net, were $195.0 million and $120.2 million for the three months ended March 31, 2019 and 2018, respectively. The amount of revenues from performance obligations satisfied (or partially satisfied) in previous periods was $15.4 million. 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 March 31, 2019.

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 $67.7 million as of March 31, 2019. The Company expects to recognize revenue on approximately 51.4% and 100.0% of the remaining performance obligations over the next 12 and 24 months, respectively.

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.