XML 20 R10.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2021
Revenue Recognition [Abstract]  
Revenue Recognition Note 3 – Revenue Recognition

The following table disaggregates the Company’s revenues by major source:

Three months ended

March 31,

2021

2020

Railcar sales

$

28,929

$

1,526

Parts sales

2,328

2,213

Other sales

38

-

Revenues from contracts with customers

31,295

3,739

Leasing revenues

1,075

1,458

Total revenues

$

32,370

$

5,197

Contract Balances and Accounts Receivable

Accounts receivable payments for railcar sales are typically due within 5 to 10 business days of invoicing, while payments from parts sales are typically due within 30 to 45 business days of invoicing. The Company has not experienced significant historical credit losses.

Contract assets represent the Company’s rights to consideration for performance obligations that have been satisfied but for which the terms of the contract do not permit billing at the reporting date. The Company has no contract assets as of March 31, 2021. The Company had contract assets of $445 as of December 31, 2020 which were fully recognized as revenue during the three months ended March 31, 2021. The Company may receive cash payments from customers in advance of the Company satisfying performance obligations under its sales contracts resulting in deferred revenue or customer deposits, which are considered contract liabilities. Deferred revenue and customer deposits are classified as either current or long-term in the Consolidated Balance Sheet based on the timing of when the Company expects to recognize the related revenue. Deferred revenue and customer deposits included in customer deposits, other current liabilities and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheet were $0 and $6,930 as of March 31, 2021 and December 31, 2020, respectively.

Performance Obligations

The Company is electing not to disclose the value of the remaining unsatisfied performance obligation with a duration of one year or less as permitted by ASU 2014-09, Revenue from Contracts with Customers. The Company had remaining unsatisfied performance obligations as of March 31, 2021 with expected duration of greater than one year of $14,850.