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Revenue Recognition | 9 Months Ended
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Sep. 30, 2019
Revenue From Contract With Customer [Abstract] |
Revenue Recognition | Note 11 Revenue Recognition Revenue for sales of products and services is derived from contracts with customers. The products and services promised in contracts include the sale of municipal water and flow instrumentation products, such as flow meters and radios, software access and other ancillary services. Contracts generally state the terms of sale, including the description, quantity and price of each product or service. Since the customer typically agrees to a stated rate and price in the contract that does not vary over the life of the contract, the majority of the Company's contracts do not contain variable consideration. The Company establishes a provision for estimated warranty and returns as well as certain after sale costs as discussed in Note 2 "Additional Financial Information Disclosures" in the Unaudited Notes to Consolidated Condensed Financial Statements. In accordance with ASU No. 2016-10 “Revenue from Contracts with Customers” (“Topic 606”), the Company disaggregates revenue from contracts with customers into geographical regions and by the timing of when goods and services are transferred. The Company determined that disaggregating revenue into these categories meets the disclosure objective in Topic 606 which is to depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by regional economic factors. Information regarding revenues disaggregated by geographic area is as follows:
| Three months ended September 30, |  |  | Nine months ended September 30, |
(In thousands) | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 93,395 |  |  | $ | 95,288 |  |  | $ | 275,152 |  |  | $ | 284,351 |
Foreign: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Asia |  | 2,816 |  |  |  | 1,928 |  |  |  | 6,555 |  |  |  | 6,789 |
Canada |  | 3,437 |  |  |  | 2,564 |  |  |  | 10,755 |  |  |  | 9,353 |
Europe |  | 4,327 |  |  |  | 4,457 |  |  |  | 14,128 |  |  |  | 14,605 |
Mexico |  | 1,682 |  |  |  | 1,031 |  |  |  | 3,519 |  |  |  | 2,137 |
Middle East |  | 1,317 |  |  |  | 4,602 |  |  |  | 4,382 |  |  |  | 9,958 |
Other |  | 1,672 |  |  |  | 760 |  |  |  | 2,578 |  |  |  | 2,126 |
Total | $ | 108,646 |  |  | $ | 110,630 |  |  | $ | 317,069 |  |  | $ | 329,319 |
Information regarding revenues disaggregated by the timing of when goods and services are transferred is as follows:
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
(In thousands) |  | 2019 |  |  | 2018 |  |  | 2019 |  |  | 2018 |
Revenue recognized over time |  | $ | 3,857 |  |  | $ | 3,455 |  |  | $ | 11,341 |  |  | $ | 9,203 |
Revenue recognized at a point in time |  |  | 104,789 |  |  |  | 107,175 |  |  |  | 305,728 |  |  |  | 320,116 |
Total |  | $ | 108,646 |  |  | $ | 110,630 |  |  | $ | 317,069 |  |  | $ | 329,319 |
The Company performs its obligations under a contract by shipping products or performing services in exchange for consideration. The Company typically invoices its customers as soon as control of an asset is transferred and a receivable to the Company is established. The Company, however, recognizes a contract liability when a customer prepays for goods or services and the Company has not transferred control of the goods or services. The opening and closing balances of the Company's receivables and contract liabilities are as follows:
|  | September 30, 2019 |  |  | December 31, 2018 |
(In thousands) |  |  |  |  |  |  |  |
Receivables |  | $ | 61,406 |  |  | $ | 66,300 |
Contract liabilities |  |  | 19,042 |  |  |  | 15,793 |
Contract liabilities are included in payables and other long-term liabilities on the Company’s consolidated condensed balance sheet. The balance of contract assets was immaterial as the Company did not have a significant amount of uninvoiced receivables in the three and nine-month periods ended September 30, 2019 and twelve-month period ended December 31, 2018. The difference between the opening and closing balances of the Company's contract liabilities was the result of a timing difference between the Company's performance and the customers' prepayments. As of September 30, 2019, the Company had certain contracts with unsatisfied performance obligations. For contracts recorded as contract liabilities, $19.0 million was the aggregate amount of the transaction price allocated to performance obligations that were unsatisfied or partially unsatisfied as of the end of the reporting period. The Company estimates that revenue recognized from satisfying those performance obligations will be approximately $4.0 million in 2019, $1.9 million in each year from 2020 through 2024 and $5.5 million thereafter. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of measurement in Topic 606. At contract inception, the Company assesses the products and services promised in its contracts with customers. The Company then identifies performance obligations to transfer distinct products or services to the customer. In order to identify performance obligations, the Company considers all of the products or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. The Company's performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a single point in time accounted for 96.4% and 96.9% of net sales for the three-month periods ended September 30, 2019 and 2018, respectively. Revenue from products and services transferred to customers at a single point in time accounted for 96.4% and 97.2% of net sales for the nine-month periods ended September 30, 2019 and 2018, respectively. The majority of the Company's revenue recognized at a point in time is for the sale of municipal and flow instrumentation products. Revenue from these contracts is recognized when the customer is able to direct the use of and obtain substantially all of the benefits from the product which generally coincides with title transfer during the shipping process. Revenue from services transferred to customers over time accounted for 3.6% and 3.1% of net sales for the three-month periods ended September 30, 2019 and 2018, respectively. Revenue from services transferred to customers over time accounted for 3.6% and 2.8% of net sales for the nine-month periods ended September 30, 2019 and 2018, respectively. The majority of the Company's revenue that is recognized over time relates to the BEACON® AMA software as a service, but also includes training, installation and other revenues.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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