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Revenue Recognition
 3 Months Ended
Mar. 31, 2022
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

March 31,

 

 

 

2022

 

 

2021

 

Net sales:

 

 

 

 

 

 

 

 

U.S. crop

 

$

88,193

 

 

$

54,755

 

U.S. non-crop

 

 

13,396

 

 

 

17,453

 

Total U.S.

 

 

101,589

 

 

 

72,208

 

International

 

 

47,846

 

 

 

43,947

 

Total net sales:

 

$

149,435

 

 

$

116,155

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

Goods and services transferred at a point in time

 

$

149,329

 

 

$

115,971

 

Goods and services transferred over time

 

 

106

 

 

 

184

 

Total net sales:

 

$

149,435

 

 

$

116,155

 

 

Contract assets amounted to $3,450 and $3,900 at March 31, 2022 and December 31, 2021, respectively, and 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 Company sometimes receives payments from its customers in advance of goods and services being provided in return for early cash incentive programs. These payments are included in customer prepayments on the condensed consolidated balance sheets. Revenue recognized for the three months ended March 31, 2022, that was included in customer prepayments at the beginning of 2022, was $44,528. The Company expects to recognize all its remaining customer prepayments as revenue in fiscal 2022.