Revenue

Disaggregation of Revenue

The following table summarizes net sales by end market:



(in thousands)	For the Three Months Ended March 31,
End Market	2019		2018
Industrial	$	50,587	$	45,719
Energy	45,648		38,567
Transportation	19,552		10,127
Total	$	115,787	$	94,413

The following table summarizes net sales by geographic area:



(in thousands)	For the Three Months Ended March 31,
Geographic Area	2019		2018
North America	$	97,679	$	79,947
Pacific Rim	12,625		10,339
Europe	3,377		3,315
Other	2,106		812
Total	$	115,787	$	94,413

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
	March 31, 2019			December 31, 2018
Short-term contract assets (included in Prepaid expenses and other current assets)	$	5,709		$	2,926
Short-term contract liabilities (included in Other accrued liabilities)	(7,862		)	(4,897		)
Long-term contract liabilities (included in Noncurrent contract liabilities)	(13,769		)	(14,611		)
Net contract liabilities	$	(15,922	)	$	(16,582	)

During the three months ended March 31, 2019, the Company recognized $0.7 million of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of December 31, 2018.

Remaining Performance Obligations

For performance obligations that extend beyond one year, the Company had $17.1 million of remaining performance obligations as of March 31, 2019. The Company expects to recognize revenue related to these remaining performance obligations of approximately $3.2 million in the remainder of 2019, $11.7 million in 2020, $0.5 million in 2021, $0.6 million in 2022, $0.4 million in 2023 and $0.7 million in 2024 and beyond.