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Revenue
 3 Months Ended
Mar. 31, 2024
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 March 31,
End Market20242023
Power Systems$61,962 $44,634 
Industrial28,744 42,875 
Transportation4,534 28,960 
Total$95,240 $116,469 
The following table summarizes net sales by geographic area:
(in thousands)For the Three Months Ended March 31,
Geographic Area20242023
United States$82,272 $93,116 
North America (outside of United States)4,846 4,818 
Pacific Rim6,645 14,172 
Europe1,460 3,045 
Other17 1,318 
Total$95,240 $116,469 
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 March 31, 2024As of December 31, 2023As of December 31, 2022
Short-term contract assets (included in Prepaid expenses and other current assets)
$21,528 $15,554 $3,620 
Short-term contract liabilities (included in Other accrued liabilities)
(2,766)(2,741)(2,256)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(2,185)(2,401)(3,199)
Net contract assets (liabilities)$16,577 $10,412 $(1,835)
During the three months ended March 31, 2024 and 2023, the Company recognized $0.4 million and $0.7 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, 2023 and 2022, respectively.
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 $3.5 million of remaining performance obligations as of March 31, 2024, primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $1.1 million in 2024, $0.5 million in 2025, $0.2 million in 2026, $1.5 million in 2027, $0.2 million in 2028 and less than $0.1 million in 2029 and beyond.