Revenue Recognition

3 Months Ended

Mar. 31, 2021

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 March 31,
	Western Hemisphere				Eastern Hemisphere				Asia- Pacific				Total
	2021		2020		2021		2020		2021		2020		2021		2020
	(In thousands)
Product Revenues	$	37,916	$	41,472	$	6,722	$	18,179	$	10,945	$	7,907	$	55,583	$	67,558
Service Revenues		10,504		10,956		2,719		4,338		4,444		3,520		17,667		18,814
Total	$	48,420	$	52,428	$	9,441	$	22,517	$	15,389	$	11,427	$	73,250	$	86,372

Contract Balances  

Balances related to contracts with customers consisted of the following:

Contract Assets (amounts shown in thousands)

Contract Assets at December 31, 2020	$	135,973
Additions		25,307
Transfers to Trade Receivables, Net		(26,121	)
Contract Assets at March 31, 2021	$	135,159

Contract Liabilities (amounts shown in thousands)

Contract Liabilities at December 31, 2020	$	10,815
Additions		6,546
Revenue Recognized		(3,650	)
Contract Liabilities at March 31, 2021	$	13,711

Contract assets include unbilled accounts receivable associated with contracts accounted for under the over time accounting method which were approximately $92.5 million and $98.2 million at March 31, 2021 and December 31, 2020, respectively. Unbilled contract assets are transferred to 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 March 31, 2021.

Remaining Performance Obligations

The aggregate amount of the transaction price allocated to remaining performance obligations from our over time product lines was $69.4 million as of March 31, 2021. The Company expects to recognize revenue on approximately 49.5% of the remaining performance obligations over the next 12 months and the remaining 50.5% 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.