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Revenue Recognition
 9 Months Ended
Sep. 30, 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

 

Nine Months Ended

 

 

 

September 30,

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Railcar sales

 

$

109,010

 

 

$

58,407

 

 

$

405,684

 

 

$

220,752

 

Parts sales

 

 

4,175

 

 

 

3,340

 

 

 

14,393

 

 

 

9,613

 

Revenues from contracts with customers

 

 

113,185

 

 

 

61,747

 

 

 

420,077

 

 

 

230,365

 

Leasing revenues

 

 

70

 

 

 

147

 

 

 

1,652

 

 

 

1,124

 

Total revenues

 

$

113,255

 

 

$

61,894

 

 

$

421,729

 

 

$

231,489

 

 

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 September 30, 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 liabilities in the condensed consolidated balance sheet based on the timing of when the Company expects to recognize the related revenue. Customer deposits and deferred revenue, included in customer deposits and other current liabilities, respectively, in the Company’s condensed consolidated balance sheet, were $8,865 as of September 30, 2024 and $5,686 as of December 31, 2023. The December amounts were recognized as revenue during the first quarter of 2024. The Company has 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 September 30, 2024 with expected duration of greater than one year of $108,914.