Revenue Recognition

6 Months Ended

Jun. 30, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

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

	Three months ended June 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	36,797	$	38,883	$	14,216	$	24,540	$	12,120	$	13,810	$	63,133	$	77,233
Service Revenues		13,164		9,161		3,593		4,869		3,993		2,545		20,750		16,575
Total	$	49,961	$	48,044	$	17,809	$	29,409	$	16,113	$	16,355	$	83,883	$	93,808
	Six months ended June 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	78,269	$	75,259	$	32,395	$	43,158	$	20,027	$	24,250	$	130,691	$	142,667
Service Revenues		24,120		19,006		7,931		9,873		7,513		6,172		39,564		35,051
Total	$	102,389	$	94,265	$	40,326	$	53,031	$	27,540	$	30,422	$	170,255	$	177,718

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		66,017
Transfers to Trade Receivables, Net		(66,025	)
Contract Assets at June 30, 2020	$	136,324

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		2,517
Revenue Recognized		(1,838	)
Contract Liabilities at June 30, 2020	$	7,580

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $102.1 million and $83.2 million at June 30, 2020 and December 31, 2019, respectively. Unbilled contract assets are transferred to trade receivables, net, when billing milestones are achieved. The contract liabilities primarily relate to advance payments from customers.

Obligations for returns and refunds were considered immaterial as of June 30, 2020.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $92.7 million as of June 30, 2020. The Company expects to recognize revenue on approximately 62.3% of the remaining performance obligations over the next 12 months and the remaining 37.7% 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.