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Revenue Recognition
 3 Months Ended
Mar. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Recognition

Note 3 – Revenue Recognition

 

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

 

 

Three Months Ended

 

 

March 31,

 

 

2023

 

 

2022

 

Railcar sales

$

76,996

 

 

$

89,308

 

Parts sales

 

3,400

 

 

 

3,111

 

Revenues from contracts with customers

 

80,396

 

 

 

92,419

 

Leasing revenues

 

603

 

 

 

817

 

Total revenues

$

80,999

 

 

$

93,236

 

 

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 had no contract assets as of March 31, 2023 and December 31, 2022. 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 are included in other current liabilities and other long-term liabilities in the Company’s Condensed Consolidated Balance Sheet and were $3,391 and $219 as of March 31, 2023 and December 31, 2022, 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, 2023 with expected duration of greater than one year of $40,635.