Revenue Recognition

12 Months Ended

Dec. 31, 2020

Revenue From Contract With Customer [Abstract]

Revenue Recognition

4. Revenue Recognition

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

	Twelve Months Ended
	December 31, 2020
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	151,351	$	56,038	$	51,445	$	258,834
Service Revenues	$	45,536	$	14,332	$	15,709	$	75,577
Total	$	196,887	$	70,370	$	67,154	$	334,411

	Twelve Months Ended
	December 31, 2019
	Western Hemisphere		Eastern Hemisphere		Asia- Pacific		Total
	(In thousands)
Product Revenues	$	162,067	$	86,057	$	55,155	$	303,279
Service Revenues		42,694		18,509		10,815		72,018
Total	$	204,761	$	104,566	$	65,970	$	375,297

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		111,828
Transfers to Accounts Receivable		(112,187	)
Contract Assets at December 31, 2020	$	135,973

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2019	$	6,901
Additions		16,393
Revenue Recognized		(12,479	)
Contract Liabilities at December 31, 2020	$	10,815

Contract asset receivables were $136.0 million and $136.3 million for the years ended December 31, 2020 and 2019, respectively. Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $96.5 million and $83.2 million at December 31, 2020 and 2019, respectively. Unbilled contract assets are transferred to the trade receivables, net, when the rights become unconditional. The contract liabilities primarily relate to advance payments from customers.

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

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $58.1 million as of December 31, 2020. The Company expects to recognize revenue on approximately 70.4% of the remaining performance obligations over the next 12 months and the remaining 29.6% 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.