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Note 2 - Revenue Recognition | 12 Months Ended
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Dec. 31, 2019
Notes to Financial Statements |
Revenue from Contract with Customer [Text Block] |
| ( 2 ) | Revenue Recognition
Disaggregated Revenue The following table presents the Company’s revenue disaggregated by the major types of goods and services sold to our customers (in thousands) (See Note 17 for further information regarding net sales by market):
|  | Years Ended December 31,
|  | 2019 |  | 2018 |  | 2017
Net sales of: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 193,016 |  |  | $ | 183,186 |  |  | $ | 146,275 |
Tooling and Machinery |  |  | 2,730 |  |  |  | 4,302 |  |  |  | 1,181 |
Engineering services |  |  | 2,635 |  |  |  | 2,967 |  |  |  | 387 |
Total net sales |  | $ | 198,381 |  |  | $ | 190,455 |  |  | $ | 147,843 |
Contract balances Timing of revenue recognition may differ from the timing of invoicing to customers. When invoicing occurs prior to revenue recognition, the Company has deferred revenue, or contract liabilities, included within “deferred revenue” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract liabilities for the years ended December 31, 2019 and 2018 (in thousands):
|  | Contract Liabilities
|  | Years Ended
|  | December 31,
|  | 2019 |  | 2018
Deferred revenue - beginning of period |  | $ | 2,507 |  |  | $ | 871 |
Acquired in Dielectrics business combination |  |  | - |  |  |  | 2,175 |
Increases due to consideration received from customers |  |  | 3,216 |  |  |  | 4,188 |
Revenue recognized |  |  | (3,149 | ) |  |  | (4,727 | )
Deferred revenue - end of period |  | $ | 2,574 |  |  | $ | 2,507 |
Revenue recognized during the years ended December 31, 2019 and 2018 from amounts included in deferred revenue at the beginning of the period were approximately $1.7 million and $0.6 million, respectively. When invoicing occurs after revenue recognition, the Company has unbilled receivables (contract assets) included within “receivables” on the condensed consolidated balance sheet. The following table presents opening and closing balances of contract assets for the years ended December 31, 2019 and 2018 (in thousands):
|  | Contract Assets
|  | Years Ended
|  | December 31,
|  | 2019 |  | 2018
Unbilled Receivables - beginning of period |  | $ | 65 |  |  | $ | - |
Increases due to revenue recognized - not invoiced to customers |  |  | 831 |  |  |  | 301 |
Decreases due to customer invoicing |  |  | (824 | ) |  |  | (236 | )
Unbilled Receivables - end of period |  | $ | 72 |  |  | $ | 65 |

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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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