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Revenue
 6 Months Ended
Jun. 30, 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 June 30,For the Six Months Ended June 30,
End Market2024202320242023
Power Systems$73,087 $54,452 $135,049 $99,086 
Industrial31,514 45,590 60,258 88,465 
Transportation5,985 21,823 10,519 50,783 
Total$110,586 $121,865 $205,826 $238,334 
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 Area2024202320242023
United States$98,490 $95,746 $180,762 $188,862 
North America (outside of United States)5,457 7,303 10,303 12,121 
Pacific Rim5,175 12,379 11,820 26,551 
Europe1,431 3,920 2,891 6,965 
Other33 2,517 50 3,835 
Total$110,586 $121,865 $205,826 $238,334 
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 June 30, 2024As of December 31, 2023As of December 31, 2022
Short-term contract assets (included in Prepaid expenses and other current assets)
$26,706 $15,554 $3,620 
Short-term contract liabilities (included in Other accrued liabilities)
(9,542)(2,741)(2,256)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(2,042)(2,401)(3,199)
Net contract assets (liabilities)$15,122 $10,412 $(1,835)
During both the three months ended June 30, 2024 and 2023, the Company recognized $0.3 million, 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. During the six months ended June 30, 2024 and 2023, the Company recognized $0.7 million and $0.9 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 June 30, 2024, primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $0.7 million in the remainder of 2024, $0.9 million in 2025, $0.2 million in 2026, $1.5 million in 2027, and $0.2 million in 2028 and less than $0.1 million in 2029 and beyond.