Revenue Recognition

3 Months Ended

Mar. 31, 2020

Revenue From Contract With Customer [Abstract]

4. Revenue Recognition

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

	Three months ended
	March 31, 2020
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	41,472	$	18,179	$	7,907	$	67,558
Service Revenues		10,956		4,338		3,520		18,814
Total	$	52,428	$	22,517	$	11,427	$	86,372

	Three months ended
	March 31, 2019
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		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, 2019	$	136,332
Additions		31,460
Transfers to Trade Receivables, Net		(43,727	)
Contract Assets at March 31, 2020	$	124,065

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		2,988
Revenue Recognized		(3,458	)
Contract Liabilities at March 31, 2020	$	6,431

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $87.4 million and $83.2 million at March 31, 2020 and December 31, 2019, respectively. Unbilled contract assets are transferred to the trade receivables, net, when the billing milestones are met. The contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of March 31, 2020.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $116.5 million as of March 31, 2020. The Company expects to recognize revenue on approximately 73.9% of the remaining performance obligations over the next 12 months and the remaining 26.1% 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.