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Revenue Recognition
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Disaggregation of Revenue
The following table provides information about disaggregated revenue from contracts with customers into the nature of the products and services, and geographic regions, and includes a reconciliation of the disaggregated revenue with reportable segments. The geographic regions that are tracked are the Americas (United States, Canada, and Latin America), EMEA (Europe, Middle East, and Africa), and APAC (Australia, New Zealand, Southeast Asia, and China).
Segment information for fiscal year 2020 is as follows (in thousands):
Year Ended December 31, 2020
Performance EnzymesNovel BiotherapeuticsTotal
Major products and service:
Product Revenue$30,220 $— $30,220 
Research and development revenue17,886 20,950 38,836 
Total revenues$48,106 $20,950 $69,056 
Primary geographical markets:
Americas
$11,111 $13,241 $24,352 
EMEA
11,548 7,709 19,257 
APAC
25,447 — 25,447 
Total revenues$48,106 $20,950 $69,056 
Segment information for fiscal year 2019 is as follows (in thousands):
Year Ended December 31, 2019
Performance EnzymesNovel BiotherapeuticsTotal
Major products and service:
Product Revenue$29,465 $— $29,465 
Research and development revenue28,691 10,302 38,993 
Total revenues$58,156 $10,302 $68,458 
Primary geographical markets:
Americas
$13,039 $— $13,039 
EMEA
26,831 10,302 37,133 
APAC
18,286 — 18,286 
Total revenues$58,156 $10,302 $68,458 
Segment information for fiscal year 2018 is as follows (in thousands):
Year Ended December 31, 2018
Performance EnzymesNovel BiotherapeuticsTotal
Major products and service:
Product Revenue$25,590 $— $25,590 
Research and development revenue21,483 13,521 35,004 
Total revenues$47,073 $13,521 $60,594 
Primary geographical markets:
Americas
$15,332 $38 $15,370 
EMEA
8,878 13,483 22,361 
APAC
22,863 — 22,863 
Total revenues$47,073 $13,521 $60,594 

Contract Balances
The following table presents balances of contract assets, unbilled receivables, contract costs, and contract liabilities (in thousands):
December 31, 2020December 31, 2019
Contract assets$4,526 $1,027 
Unbilled receivables$10,942 $10,099 
Contract costs$90 $— 
Contract liabilities: deferred revenue$4,791 $2,044 

We recognize accounts receivable when we have an unconditional right to recognize revenue and have issued an invoice to the customer. Our payment terms are generally between 30 and 90 days. We recognize unbilled receivables when we have an unconditional right to recognize revenue and have not issued an invoice to our customer. Unbilled receivables, current are transferred to accounts receivable on issuance of an invoice. Unbilled receivables, non-current are transferred to accounts receivable on issuance of an invoice; payment is expected from the customer thereon. Unbilled receivables are classified separately on the consolidated balance sheets as assets. We maintain a valuation allowance on accounts receivables and unbilled receivables.
Contract assets represent our right to recognize revenue for custom products with no alternate use and under binding non-cancellable purchase orders and are largely related to our procurement of product. We recognize contract assets when we have a conditional right to recognize revenue. The delivery pattern of certain of products occurs in advance of the invoicing process, which generates contract assets. In addition, we recognize a contract asset related to milestones not eligible for royalty accounting when we assess it is probable of being achieved and there will be no significant reversal of cumulative revenues. Contract assets are classified separately on the consolidated balance sheets as an asset and transferred to accounts receivable when our rights to payment become unconditional. We maintain a valuation allowance on contract assets.
Contract liabilities, or deferred revenue, represent our obligation to transfer a product or service to the customer, and for which we have received consideration from the customer. We recognize a contract liability when we receive advance customer payments under development agreements for research and development services, upfront license payments, and from upfront customer payments received under product supply agreements. Contract liabilities are classified as a liability on the consolidated balance sheet.
Contract costs relate to incremental costs of obtaining a contract with a customer. Contract costs are amortized along with the associated revenue over the term of the contract.
During the years ended December 31, 2020 and 2019, we had no asset impairment charges related to contract assets.
We recognized the following revenues (in thousands):
Year Ended December 31,
Revenue recognized in the period for:20202019
Amounts included in contract liabilities at the beginning of the period:
     Performance obligations satisfied$57 $4,567 
Changes in the period:
Changes in the estimated transaction price allocated to performance obligations satisfied in prior periods774 1,442 
Performance obligations satisfied from new activities in the period - contract revenue68,225 62,449 
Total revenues$69,056 $68,458 
Performance Obligations
The following table includes estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting periods. The estimated revenue does not include contracts with original durations of one year or less, amounts of variable consideration attributable to royalties, or contract renewals that are unexercised as of December 31, 2020.
The balances in the table below are partially based on judgments involved in estimating future orders from customers subject to the exercise of material rights pursuant to respective contracts (in thousands):
2021202220232024 and ThereafterTotal
Product Revenue$67 $67 $431 $1,923 $2,488 
Research and development revenue1,757 — 546 — 2,303 
Total revenues$1,824 $67 $977 $1,923 $4,791