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Revenue Recognition
 3 Months Ended
Mar. 31, 2024
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,

 

 

 

2024

 

 

2023

 

Railcar sales

 

$

155,597

 

 

$

76,996

 

Parts sales

 

 

5,330

 

 

 

3,400

 

Revenues from contracts with customers

 

 

160,927

 

 

 

80,396

 

Leasing revenues

 

 

131

 

 

 

603

 

Total revenues

 

$

161,058

 

 

$

80,999

 

 

Contract Balances and Accounts Receivable

 

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, 2024 and December 31, 2023. 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 condensed consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. There was no deferred revenue or customer deposits as of March 31, 2024. Deferred revenue and customer deposits included in other current liabilities in the Company’s condensed consolidated balance sheet was $5,686 as of December 31, 2023 and was recognized as revenue during the three months ended March 31, 2024. The Company has also not experienced significant historical credit losses.

 

Performance Obligations

 

The Company is electing not to disclose the value of the remaining unsatisfied performance obligations 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, 2024 with expected duration of greater than one year of $14,850.