Note 2. Revenues

Revenues for the years ended December 31, 2017 and 2016, were recognized under ASC 605, Revenue Recognition, when (i) persuasive evidence of an arrangement existed, (ii) delivery occurred or services were rendered, (iii) the price was fixed or determinable and (iv) collectability was reasonably assured. Revenues were deferred for fees received before earned or until no further obligations existed. We exercised judgment in determining that collectability was reasonably assured or that services were delivered in accordance with the arrangement. We assessed whether the fee was fixed or determinable based on the payment terms associated with the transaction and whether the sales price was subject to refund or adjustment.

As discussed in Note 1, ASC 606, Revenue from Contracts with Customers, was adopted for the fiscal year beginning on January 1, 2018. Per the new standard, revenue-generating contracts are assessed to identify distinct performance obligations, allocating transaction prices to those performance obligations, and criteria for satisfaction of a performance obligation. The new standard allows for recognition of revenue only when we have satisfied a performance obligation through transferring control of the promised good or service to a customer. The standard indicates that an entity must determine at contract inception whether it will transfer control of a promised good or service over time or satisfy the performance obligation at a point in time through analysis of the following criteria: (i) the entity has a present right to payment, (ii) the customer has legal title, (iii) the customer has physical possession, (iv) the customer has the significant risks and rewards of ownership and (v) the customer has accepted the asset. The new standard has been applied to contracts for which performance had not been completed as of the date of adoption. For those contracts that were modified prior to the date of adoption, we reflected the aggregate effect of those modifications when determining the appropriate accounting under the new standard. We do not believe the effect of applying this practical expedient resulted in material differences. Overall, the adoption of the new standard did not significantly alter our methodology for recognition of revenue.

The following table presents our disaggregated revenue for the periods presented (in thousands):


	For the Years Ended,
	December 31,
	2018		2017		2016
JAKAFI revenues, net	$	1,386,964	$	1,133,392	$	852,816
ICLUSIG revenues, net		79,936		66,920		29,588
Total product revenues, net		1,466,900		1,200,312		882,404
JAKAVI product royalty revenues		194,694		151,684		110,711
OLUMIANT product royalty revenues		40,086		9,107		—
Total product royalty revenues		234,780		160,791		110,711
Milestone and contract revenues		180,000		175,000		112,512
Other revenues		203		113		92
Total revenues	$	1,881,883	$	1,536,216	$	1,105,719

For further information on our revenue-generating contracts, refer to Note 7.