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Revenue
 6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following table summarizes net sales by end market:
(in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
End Market2021202020212020
Energy$24,651 $29,649 $49,810 $79,733 
Industrial36,900 30,463 71,220 67,594 
Transportation49,927 32,944 90,619 50,826 
Total$111,478 $93,056 $211,649 $198,153 
The following table summarizes net sales by geographic area:
(in thousands)For the Three Months Ended June 30,For the Six Months Ended June 30,
Geographic Area2021202020212020
North America$101,869 $81,979 $193,784 $176,499 
Pacific Rim5,420 6,295 10,948 12,749 
Europe1,958 2,578 3,568 5,235 
Other2,231 2,204 3,349 3,670 
Total$111,478 $93,056 $211,649 $198,153 
Contract Balances
Most of the Company’s contracts are for a period of less than one year; however, certain long-term manufacturing and extended warranty contracts extend beyond one year. The timing of revenue recognition may differ from the time of invoicing to customers and these timing differences result in contract assets, or contract liabilities, on the Company’s Consolidated Balance Sheet. Contract assets include amounts related to the contractual right to consideration for completed performance when the right to consideration is conditional. The Company records contract liabilities when cash payments are received or due in advance of performance. Contract assets and contract liabilities are recognized at the contract level.
(in thousands)As of June 30, 2021As of December 31, 2020
Short-term contract assets (included in Prepaid expenses and other current assets)
$2,884 $547 
Short-term contract liabilities (included in Other accrued liabilities)
(34,751)(47,960)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(2,640)(3,181)
Net contract liabilities$(34,507)$(50,594)
During the six months ended June 30, 2021 and 2020, the Company recognized $20.4 million and $4.8 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of December 31, 2020 and 2019, respectively. The increase in the contract asset during the six months ended June 30, 2021 is related to the Company’s right to consideration being conditional at the end of the period. The decrease in the contract liabilities during the six months ended June 30, 2021 was primarily related to revenue recognized upon satisfaction of performance obligations related to 6.0L engines that were previously prepaid by a customer under a long-term supply agreement.
Remaining Performance Obligations
For performance obligations that extend beyond one year, the Company had $33.5 million of remaining performance obligations as of June 30, 2021 primarily related to a long-term manufacturing contract with a customer and extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $30.5 million in the remainder of 2021, $0.8 million in 2022, $0.9 million in 2023, $0.9 million in 2024, $0.4 million in 2025 and less than $0.1 million in 2026 and beyond.