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Revenue
 9 Months Ended
Sep. 30, 2023
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 September 30,For the Nine Months Ended September 30,
End Market2023202220232022
Power Systems$60,405 $42,693 $159,491 $127,904 
Industrial40,354 59,419 128,819 163,671 
Transportation15,125 22,788 65,908 52,751 
Total$115,884 $124,900 $354,218 $344,326 
The following table summarizes net sales by geographic area:
(in thousands)For the Three Months Ended September 30,For the Nine Months Ended September 30,
Geographic Area2023202220232022
United States$96,899 $89,661 $285,761 $250,026 
North America (outside of United States)4,484 2,903 16,605 10,623 
Pacific Rim9,485 20,083 36,036 56,599 
Europe4,273 7,028 11,238 13,787 
Other743 5,225 4,578 13,291 
Total$115,884 $124,900 $354,218 $344,326 
Contract Balances
Most of the Company’s contracts are for a period of less than one year; however, 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 September 30, 2023As of December 31, 2022As of December 31, 2021
Short-term contract assets (included in Prepaid expenses and other current assets)
$15,668 $3,620 $2,707 
Short-term contract liabilities (included in Other accrued liabilities)
(2,522)(2,256)(1,819)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(2,605)(3,199)(3,330)
Net contract assets (liabilities)$10,541 $(1,835)$(2,442)
During the nine months ended September 30, 2023 and 2022, the Company recognized $1.2 million and $0.5 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, 2022 and 2021, respectively. During the three months ended September 30, 2023 and 2022, the Company recognized $0.3 million and less than $0.1 million, respectively upon the satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of June 30, 2023 and 2022.
Remaining Performance Obligations
The Company has elected the practical expedient to not disclose remaining performance obligations that have expected original durations of one year or less. For performance obligations that extend beyond one year, the Company had $4.0 million of remaining performance obligations as of September 30, 2023, primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $0.6 million in the remainder of 2023, $1.1 million in 2024, $0.5 million in 2025, $0.8 million in 2026, $0.9 million in 2027 and less than $0.1 million in 2028 and beyond.