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Revenue Recognition
 6 Months Ended
Jun. 30, 2020
Revenue From Contract With Customer [Abstract]  
Revenue Recognition

3. Revenue Recognition—The Company recognizes revenue from the sale of its products, which include crop and non-crop products. The Company sells its products to customers, which include distributors, retailers, and growers. In addition, the Company recognizes royalty income from licensing agreements. 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

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

US crop

 

$

44,670

 

 

$

47,575

 

 

$

95,032

 

 

$

97,845

 

US non-crop

 

 

13,872

 

 

 

16,955

 

 

 

24,865

 

 

 

28,222

 

Total US

 

 

58,542

 

 

 

64,530

 

 

 

119,897

 

 

 

126,067

 

International

 

 

46,013

 

 

 

48,574

 

 

 

80,620

 

 

 

86,713

 

Total net sales:

 

$

104,555

 

 

$

113,104

 

 

$

200,517

 

 

$

212,780

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods and services transferred at a point

   in time

 

$

103,846

 

 

$

113,104

 

 

$

199,622

 

 

$

212,401

 

Goods and services transferred over time

 

 

709

 

 

 

—

 

 

 

895

 

 

 

379

 

Total net sales:

 

$

104,555

 

 

$

113,104

 

 

$

200,517

 

 

$

212,780

 

 

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.

Contract Balances— The timing of revenue recognition, billings and cash collections may result in deferred revenue. 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 in deferred revenue on the Condensed Consolidated Balance Sheets 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 well as customized products without an alternative use.

 

 

 

June 30,

2020

 

 

December 31,

2019

 

Contract assets

 

 

3,200

 

 

 

6,091

 

Deferred revenue

 

 

4,347

 

 

 

6,826

 

 

Revenue recognized for the three and six months ended June 30, 2020, that was included in deferred revenue at the beginning of 2020 were $101 and $2,479, respectively.