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Note 2 - Revenue Recognition
 12 Months Ended
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