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Revenue Recognition
6 Months Ended
Jun. 30, 2019
Revenue Recognition [Abstract]  
Revenue Recognition

3. REVENUE RECOGNITION:


Our revenue performance obligations are primarily satisfied at a point in time and limited revenue streams are satisfied over time as work progresses.


The following is a summary of our revenue performance obligations in the three and six months ended June 30, 2019 and the three and six months ended June 30, 2018:








Three Months Ended June 30, 2019
Three Months Ended June 30, 2018

(In thousands except percentages)


Revenues
Percent of Revenues

Revenues

Percent of Revenues

Revenue recognized over time


$ 292
2

%

$

1,127

7

%

Revenue recognized at a point in time



14,752
98 %

14,727

93

%


$ 15,044
100 %

$

15,854

100

%








Six Months Ended June 30, 2019
Six Months Ended June 30, 2018

(In thousands except percentages)


Revenues
Percent of Revenues

Revenues

Percent of Revenues

Revenue recognized over time


$ 638
2

%

$

2,021

7

%

Revenue recognized at a point in time



29,382
98 %

27,953

93

%


$ 30,020
100 %

$

29,974

100

%


See Note 10 for additional information regarding disaggregation of revenue. 


Contract Balances


Contract assets consist of unbilled amounts from sales where we recognize the revenue over time and the revenue recognized exceeds the amount billed to the customer at a point in time. Accounts receivable are recorded when the right to payment becomes unconditional. Contract liabilities consist of payments received in advance of performance under the contract. Contract liabilities are recognized as revenue when we perform under the contract.

The following summarizes our contract assets and contract liabilities:    






(In thousands)


June 30,

2019


December 31,

2018

Contract assets, included in other current assets


$

6

 


$

 —

 

Contract liabilities, included in advance customer payments/other liabilities


$

667

 


$

366

 


Changes in contract assets in the six months ended June 30, 2019 and the six months ended June 30, 2018 resulted from unbilled amounts under sensor product arrangements and longer duration 3D scanning service projects in which revenue is recognized over time. Changes in contract liabilities primarily resulted from reclassification of beginning contract liabilities to revenue as performance obligations were satisfied or from cash received in advance and not recognized as revenue. See Note 8 for changes in contractual obligations related to deferred warranty revenue. Unsatisfied performance obligations are generally expected to be recognized as revenue over the next one to three years. There were no impairment losses for contract assets in the six months ended June 30, 2019 or the six months ended June 30, 2018.


The following summarizes the amounts reclassified from beginning contract liabilities to revenue:







Three Months Ended June 30,
Six Months Ended June 30,
(In thousands)
2019
2018

2019



2018

Amounts reclassified from beginning contract liabilities to revenue


$ 443

$ 166

 

$

216

 

 

$

 223

 

Amounts reclassified from deferred warranty revenue

110


91

224


211

Total
$ 553

$ 257

$ 440

$ 434