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Revenue Recognition
 6 Months Ended
Jun. 30, 2021
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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

62,575

 

 

$

44,670

 

 

$

117,330

 

 

$

95,032

 

U.S. non-crop

 

 

21,488

 

 

 

13,872

 

 

 

38,941

 

 

 

24,865

 

Total U.S.

 

 

84,063

 

 

 

58,542

 

 

 

156,271

 

 

 

119,897

 

International

 

 

50,547

 

 

 

46,013

 

 

 

94,494

 

 

 

80,620

 

Total net sales:

 

$

134,610

 

 

$

104,555

 

 

$

250,765

 

 

$

200,517

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goods and services transferred at a point

   in time

 

$

134,493

 

 

$

103,846

 

 

$

250,464

 

 

$

199,622

 

Goods and services transferred over time

 

 

117

 

 

 

709

 

 

 

301

 

 

 

895

 

Total net sales:

 

$

134,610

 

 

$

104,555

 

 

$

250,765

 

 

$

200,517

 

 

 

Performance Obligations — A performance obligation is a promise in a contract or sales order to transfer a distinct good or service to the customer. 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 Assets and Deferred Revenue —The contract assets are included in other receivables on the Condensed Consolidated Balance Sheets and relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property. 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.  

 

 

 

June 30,

2021

 

 

December 31,

2020

 

Contract assets

 

 

4,600

 

 

 

3,200

 

Deferred revenue

 

 

13,205

 

 

 

43,611

 

 

Revenue recognized for the three- and six-months ended June 30, 2021, that was included in deferred revenue at the beginning of 2021 were $19,111 and $30,406, respectively.