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 Market	2019		2018		2019		2018
Industrial	54,660		48,051		105,247		93,770
Energy	52,245		52,014		97,893		90,581
Transportation	31,779		27,008		51,331		37,135
Total	$	138,684	$	127,073	$	254,471	$	221,486

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 Area	2019		2018		2019		2018
North America	$	119,943	$	111,444	$	217,622	$	191,391
Pacific Rim	10,804		11,516		23,429		21,855
Europe	5,006		3,621		8,383		6,936
Other	2,931		492		5,037		1,304
Total	$	138,684	$	127,073	$	254,471	$	221,486

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
	June 30, 2019			December 31, 2018
Short-term contract assets (included in Prepaid expenses and other current assets)	$	2,558		$	2,926
Short-term contract liabilities (included in Other accrued liabilities)	(4,689		)	(4,897		)
Long-term contract liabilities (included in Noncurrent contract liabilities)	(13,950		)	(14,611		)
Net contract liabilities	$	(16,081	)	$	(16,582	)

During the six months ended June 30, 2019, the Company recognized $3.7 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 $17.2 million of remaining performance obligations as of June 30, 2019. The Company expects to recognize revenue related to these remaining performance obligations of approximately $2.9 million in the remainder of 2019, $11.9 million in 2020, $0.6 million in 2021, $0.6 million in 2022, $0.5 million in 2023 and $0.7 million in 2024 and beyond.