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Revenue Recognition (Notes) | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | Revenue Recognition The core principle of Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The guidance provides a five-step process to achieve that core principle:
• | Identify the contract(s) with a customer
• | Identify the performance obligations
• | Determine the transaction price
• | Allocate the transaction price
• | Recognize revenue when the performance obligations are met
We recognize revenue when the performance obligations specified in our contracts have been satisfied, after considering the impact of variable consideration and other factors that may affect the transaction price. Our contracts normally contain a single performance obligation that is fulfilled on the date of delivery based on shipping terms stipulated in the contract. We usually expect payment within 30 to 90 days from the shipping date, depending on our terms with the customer. None of our contracts as of June 30, 2018, contained a significant financing component. Differences between the amount of revenue recognized and the amount invoiced, collected from, or paid to our customers are recognized as contract assets or liabilities. Contract assets will be reviewed for impairment when events or circumstances indicate that they may not be recoverable. To the extent the transaction price includes variable consideration, we estimate the amount of variable consideration that should be included in the transaction price utilizing the most likely amount method based on an analysis of historical experience and current facts and circumstances, which requires significant judgment. Variable consideration is included in the transaction price if, in our judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Contract Assets and Liabilities Contract assets and liabilities included in our Condensed Consolidated Balance Sheets are as follows:
| As of
| June 30, |  | December 31,
| 2018 |  | 2017
Contract Assets |  |  |
Prepaid rebates included in Other current assets | $ | 64 |  |  | $ | 52 |
Prepaid rebates included in Other assets | 482 |  |  | 465 |
Total Contract Assets | $ | 546 |  |  | $ | 517 |
Contract Liabilities |  |  |
Customer discounts and price concessions included in Accrued liabilities | $ | (2,323 | ) |  | $ | (1,133 | )
Customer rights of return included in Accrued liabilities | (341 | ) |  | (462 | )
Total Contract Liabilities | $ | (2,664 | ) |  | $ | (1,595 | )
During the three and six months ended June 30, 2018, we recognized a decrease of revenues of $46 and an increase in revenues of $86, respectively, that were included in contract liabilities at the beginning of the period. The increase in contract liabilities as of June 30, 2018 is primarily due to net increases in estimated future discounts and price concessions, offset by net settlements of products sold with rights of return. Disaggregated Revenue The following table presents revenues disaggregated by the major markets we serve:
| Three Months Ended |  | Six Months Ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
Aero & Defense | $ | 6,024 |  |  | $ | 4,675 |  |  | $ | 11,127 |  |  | $ | 9,332 |
Industrial | 22,773 |  |  | 19,214 |  |  | 43,129 |  |  | 36,326 |
Medical | 9,793 |  |  | 7,474 |  |  | 19,034 |  |  | 14,288 |
Telecom & IT | 5,525 |  |  | 5,602 |  |  | 10,050 |  |  | 10,780 |
Transportation | 73,906 |  |  | 68,721 |  |  | 148,211 |  |  | 135,114 |
Total | $ | 118,021 |  |  | $ | 105,686 |  |  | $ | 231,551 |  |  | $ | 205,840 |

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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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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