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Revenue | 6 Months Ended
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Jun. 30, 2023
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 June 30, |  | For the Six Months Ended June 30,
End Market |  | 2023 |  | 2022 |  | 2023 |  | 2022
Power Systems |  | $ | 54,452 |  |  | $ | 46,981 |  |  | $ | 99,086 |  |  | $ | 85,211 |
Industrial |  | 45,590 |  |  | 58,449 |  |  | 88,465 |  |  | 104,252 |
Transportation |  | 21,823 |  |  | 15,049 |  |  | 50,783 |  |  | 29,963 |
Total |  | $ | 121,865 |  |  | $ | 120,479 |  |  | $ | 238,334 |  |  | $ | 219,426 |
The following table summarizes net sales by geographic area:
(in thousands) |  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
Geographic Area |  | 2023 |  | 2022 |  | 2023 |  | 2022
United States |  | $ | 95,746 |  |  | $ | 85,955 |  |  | $ | 188,862 |  |  | $ | 160,365 |
North America (outside of United States) |  | 7,303 |  |  | 4,309 |  |  | 12,121 |  |  | 7,720 |
Pacific Rim |  | 12,379 |  |  | 22,675 |  |  | 26,551 |  |  | 36,516 |
Europe |  | 3,920 |  |  | 3,637 |  |  | 6,965 |  |  | 6,759 |
Other |  | 2,517 |  |  | 3,903 |  |  | 3,835 |  |  | 8,066 |
Total |  | $ | 121,865 |  |  | $ | 120,479 |  |  | $ | 238,334 |  |  | $ | 219,426 |
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 Sheet. 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 June 30, 2023 |  | As of December 31, 2022
Short-term contract assets (included in Prepaid expenses and other current assets) |  | $ | 11,342 |  |  | $ | 3,620 |
Short-term contract liabilities (included in Other accrued liabilities) |  | (2,399) |  |  | (2,256) |
Long-term contract liabilities (included in Noncurrent contract liabilities) |  | (2,836) |  |  | (3,199) |
Net contract liabilities |  | $ | 6,107 |  |  | $ | (1,835) |
During the six months ended June 30, 2023 and 2022, the Company recognized $0.9 million and $0.4 million, respectively, of revenue upon satisfaction of performance obligations related to amounts that were included in the net contract liabilities balan ce as of December 31, 2022 and 2021, respectively. Remaining Performance Obligations The Company has elected the practical expedient to not disclose remaining performance obligations that have expected original durations of one year or less. For performance obligations that extend beyond one year, the Company had $3.8 million of remaining performance obligations as of June 30, 2023 primarily related to extended warranties. The Company expects to recognize revenue related to these remaining performance obligations of approximately $0.6 million in the remainder of 2023, $1.0 million in 2024, $0.5 million in 2025, $0.8 million in 2026, $0.8 million in 2027 and less than $0.1 million in 2028 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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