v3.20.2

Revenue | 9 Months Ended
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Sep. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The following table summarizes net sales by end market:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
End Market |  | 2020 |  | 2019 |  | 2020 |  | 2019
Energy |  | $ | 33,813 |  |  | $ | 64,331 |  |  | $ | 113,546 |  |  | $ | 162,224 |
Industrial |  | 29,843 |  |  | 37,020 |  |  | 97,437 |  |  | 142,267 |
Transportation |  | 50,794 |  |  | 37,161 |  |  | 101,620 |  |  | 88,492 |
Total |  | $ | 114,450 |  |  | $ | 138,512 |  |  | $ | 312,603 |  |  | $ | 392,983 |
The following table summarizes net sales by geographic area:
(in thousands) |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Geographic Area |  | 2020 |  | 2019 |  | 2020 |  | 2019
North America |  | $ | 104,840 |  |  | $ | 125,971 |  |  | $ | 281,339 |  |  | $ | 343,593 |
Pacific Rim |  | 5,466 |  |  | 6,744 |  |  | 18,215 |  |  | 30,173 |
Europe |  | 2,395 |  |  | 4,329 |  |  | 7,630 |  |  | 12,712 |
Other |  | 1,749 |  |  | 1,468 |  |  | 5,419 |  |  | 6,505 |
Total |  | $ | 114,450 |  |  | $ | 138,512 |  |  | $ | 312,603 |  |  | $ | 392,983 |
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 Sheets. 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 September 30, 2020 |  | As of December 31, 2019
Short-term contract assets (included in Prepaid expenses and other current assets) |  | $ | 8,601 |  |  | $ | 694 |
Short-term contract liabilities (included in Other accrued liabilities) |  | (52,502) |  |  | (26,898) |
Long-term contract liabilities (included in Noncurrent contract liabilities) |  | (10,009) |  |  | (17,998) |
Net contract liabilities |  | $ | (53,910) |  |  | $ | (44,202) |
During the nine months ended September 30, 2020 and 2019, the Company recognized $18.4 million and $4.1 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balance as of December 31, 2019 and 2018, respectively. The increase in the contract asset during the nine months ended September 30, 2020 is related to performance completed and revenue recognized under certain contracts for which the Company’s right to consideration is conditional at the end of the period. The increase in the contract liabilities during the nine months ended September 30, 2020 is primarily related to prepayments for certain engines by a customer under a long-term supply agreement. Remaining Performance Obligations For performance obligations that extend beyond one year, the Company had $62.1 million of remaining performance obligations as of September 30, 2020 which primarily relates to prepayments for certain engines by a customer under a long-term supply agreement. The Company expects to recognize revenue related to these remaining performance obligations of approximately $14.8 million in the remainder of 2020, $44.5 million in 2021, $0.7 million in 2022, $0.9 million in 2023, $0.8 million in 2024 and $0.4 million in 2025 and beyond.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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