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Revenue Recognition | 3 Months Ended
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Mar. 31, 2019
Revenue From Contract With Customer [Abstract] |
Revenue Recognition | 3. Revenue Recognition—The Company recognizes revenue from the sale of its products, which include insecticides, herbicides, soil fumigants, and fungicides. The Company sells its products to customers, which include distributors and retailers. In addition, the Company recognizes royalty income from the sale of intellectual property. Based on similar economic and operational characteristics, the Company’s business is aggregated into one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows:
|  | Three Months Ended March 31, 2019 |
|  | As reported |  |  | Without adoption of ASC 606 |
Net sales: |  |  |  |  |  |  |  |
Crop: |  |  |  |  |  |  |  |
Insecticides |  | $ | 40,183 |  |  | $ | 40,231 |
Herbicides/soil fumigants/fungicides |  |  | 31,535 |  |  |  | 31,535 |
Other, including plant growth regulators and distribution |  |  | 15,670 |  |  |  | 15,670 |
|  |  | 87,388 |  |  |  | 87,436 |
Non-crop, including distribution |  |  | 12,288 |  |  |  | 12,288 |
Total net sales: |  | $ | 99,676 |  |  | $ | 99,724 |
Net sales: |  |  |  |  |  |  |  |
US |  | $ | 61,537 |  |  | $ | 61,585 |
International |  |  | 38,139 |  |  |  | 38,139 |
Total net sales: |  | $ | 99,676 |  |  | $ | 99,724 |
Timing of revenue recognition: |  |  |  |  |  |  |  |
Goods transferred at a point in time |  | $ | 99,297 |  |  | $ | 99,724 |
Goods and services transferred over time |  |  | 379 |  |  |  | — |
Total net sales: |  | $ | 99,676 |  |  | $ | 99,724 |
Performance Obligations—A performance obligation is a promise in a contract or sales order to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. Certain of the Company’s sales orders have multiple performance obligations, as the promise to transfer individual goods or services is separately identifiable from other promises in the sales orders. For sales orders with multiple performance obligations, the Company allocates the sales order’s transaction price to each performance obligation based on its relative stand-alone selling price. The stand-alone selling prices are determined based on the prices at which the Company separately sells these products. The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. At March 31, 2019, the Company had $8,908 of remaining performance obligations, which are comprised of deferred revenue and services not yet delivered. The Company expects to recognize approximately all of its remaining performance obligations as revenue in fiscal 2019. Contract Balances—The timing of revenue recognition, billings and cash collections may result in deferred revenue in the consolidated balance sheets. The Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs, resulting in deferred revenues. These liabilities are reported on the consolidated balance sheet at the end of each reporting period. The contract assets in the table below are related to royalties earned on certain licenses granted for the use of the Company’s intellectual property, which are recognized at a point in time and remain outstanding as of March 31, 2019.
|  | March 31, 2019 |  |  | December 31, 2018 |
Total receivables, net |  | $ | 131,646 |  |  | $ | 134,029 |
Contract assets |  |  | 3,200 |  |  |  | 3,000 |
Deferred revenue |  |  | 4,159 |  |  |  | 20,043 |
Revenue recognized for the three months ended March 31, 2019, that was included in the deferred revenue balance at the beginning of 2019 was $15,941.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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