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REVENUE AND LONG-LIVED ASSETS | 12 Months Ended
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Dec. 31, 2019
REVENUE AND LONG-LIVED ASSETS |
REVENUE AND LONG-LIVED ASSETS | 9.REVENUE AND LONG-LIVED ASSETS Substantially all of our revenue is generated from sales of towing equipment. As such, disaggregation of revenue by product line would not provide useful information because all product lines have substantially similar characteristics. However, revenue streams are tracked by the geographic location of customers. Net sales and long-lived assets (property, plant and equipment, operating lease right-of-use assets, and goodwill) by region were as follows. Net sales are attributed to regions based on the locations of customers:
|  | 2019 |  | 2018 |  | 2017
|  |  |  |  | Long- |  |  |  |  | Long- |  |  |  |  | Long-
|  |  |  |  | Lived |  |  |  |  | Lived |  |  |  |  | Lived
|  | Net Sales |  | Assets |  | Net Sales |  |  | Assets |  | Net Sales |  |  | Assets
North America |  | $ | 697,002 |  | $ | 97,650 |  | $ | 574,806 |  | $ | 90,036 |  | $ | 527,134 |  | $ | 85,707
Foreign |  |  | 121,164 |  |  | 6,344 |  |  | 136,900 |  |  | 4,433 |  |  | 87,967 |  |  | 3,540
|  | $ | 818,166 |  | $ | 103,994 |  | $ | 711,706 |  | $ | 94,469 |  | $ | 615,101 |  | $ | 89,247
Contract assets primarily relate to the Company’s rights to consideration for work completed but not billed at the reporting date. The contract assets are transferred to receivables when the rights become unconditional. Contract liabilities primarily relate to performance obligations to be satisfied in the future. As of December 31, 2019 and December 31, 2018, contract liability balances were $324 and $331, respectively, and are included in accrued liabilities on the accompanying consolidated balance sheets. During the years ended December 31, 2019 and 2018, the Company increased contract liabilities by $310 and $1,391, respectively. However, during the third quarter of 2019 and fourth quarter of 2018, respectively, the Company settled $361 and $1,214 of this liability with a contract credit in lieu of satisfaction of these obligations. The Company did not have any contract assets at December 31, 2019 or December 31, 2018. Terms on account receivables vary and are based on specific terms agreed upon with each customer. Write-offs of accounts receivable were not material during the years ended December 31, 2019 or 2018.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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