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Revenue
 9 Months Ended
Sep. 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 September 30,For the Nine Months Ended September 30,
End Market2024202320242023
Power Systems$84,111 $60,405 $219,160 $159,491 
Industrial32,774 40,354 93,031 128,819 
Transportation8,957 15,125 19,477 65,908 
Total$125,842 $115,884 $331,668 $354,218 
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 Area2024202320242023
United States$113,533 $96,899 $294,295 $285,761 
North America (outside of United States)5,824 4,484 16,127 16,605 
Pacific Rim5,595 9,485 17,416 36,036 
Europe890 4,273 3,781 11,238 
Other— 743 49 4,578 
Total$125,842 $115,884 $331,668 $354,218 
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. The fair value of noncash consideration of parts provided by customers is recorded in contract liabilities. Contract assets and contract liabilities are recognized at the contract level.
(in thousands)As of September 30, 2024As of December 31, 2023As of December 31, 2022
Short-term contract assets (included in Prepaid expenses and other current assets)
$20,006 $15,554 $3,620 
Short-term contract liabilities (included in Other accrued liabilities)
(11,588)(2,741)(2,256)
Long-term contract liabilities (included in Noncurrent contract liabilities)
(1,949)(2,401)(3,199)
Net contract assets (liabilities)$6,469 $10,412 $(1,835)
During the nine months ended September 30, 2024 and 2023, the Company recognized $1.4 million and $1.2 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. During the three months ended September 30, 2024 and 2023, the Company recognized $0.7 million and $0.3 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of June 30, 2024 and 2023, 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 September 30, 2024, primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $0.8 million in the remainder of 2024, $0.8 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.