Revenue Recognition

9 Months Ended

Sep. 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 September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	36,095	$	42,561	$	13,377	$	23,656	$	16,979	$	15,634	$	66,451	$	81,851
Service Revenues		10,974		11,057		3,689		4,654		3,115		2,173		17,778		17,884
Total	$	47,069	$	53,618	$	17,066	$	28,310	$	20,094	$	17,807	$	84,229	$	99,735
	Nine months ended September 30,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2020		2019		2020		2019		2020		2019		2020		2019
	(In thousands)
Product Revenues	$	114,364	$	117,820	$	45,772	$	66,815	$	37,006	$	39,883	$	197,142	$	224,518
Service Revenues		35,094		30,063		11,620		14,528		10,628		8,345		57,342		52,936
Total	$	149,458	$	147,883	$	57,392	$	81,343	$	47,634	$	48,228	$	254,484	$	277,454

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		95,973
Transfers to Trade Receivables, Net		(89,834	)
Contract Assets at September 30, 2020	$	142,471

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		3,596
Revenue Recognized		(3,423	)
Contract Liabilities at September 30, 2020	$	7,074

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $106.3 million and $83.2 million at September 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 September 30, 2020.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $76.5 million as of September 30, 2020. The Company expects to recognize revenue on approximately 81.4% of the remaining performance obligations over the next 12 months and the remaining 18.6% 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.