XML 20 R11.htm IDEA: XBRL DOCUMENT v3.23.2
Revenue Recognition
 6 Months Ended
Jun. 30, 2023
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. The Company has 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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

56,212

 

 

$

63,513

 

 

$

118,105

 

 

$

151,349

 

U.S. non-crop

 

 

16,878

 

 

 

20,996

 

 

 

30,759

 

 

 

34,753

 

Total U.S.

 

 

73,090

 

 

 

84,509

 

 

 

148,864

 

 

 

186,102

 

International

 

 

59,700

 

 

 

63,694

 

 

 

108,810

 

 

 

111,695

 

Total net sales:

 

$

132,790

 

 

$

148,203

 

 

$

257,674

 

 

$

297,797

 

Timing of revenue recognition:

 

 

 

 

 

 

 

 

 

 

 

 

Goods and services transferred at a point
   in time

 

$

132,790

 

 

$

148,166

 

 

$

257,631

 

 

$

297,654

 

Goods and services transferred over time

 

 

—

 

 

 

37

 

 

 

43

 

 

 

143

 

Total net sales:

 

$

132,790

 

 

$

148,203

 

 

$

257,674

 

 

$

297,797

 

 

Contract assets relate to royalties earned on certain functional licenses granted for the use of the Company’s intellectual property and amounted to $3,100 at June 30, 2023 and December 31, 2022. The short-term and long-term contract assets of $2,493 and $607 are included in other receivables and other assets, respectively, on the condensed consolidated balance sheets as of June 30, 2023. As of December 31, 2022, the short-term and long-term assets amounted to $2,098 and $1,002, respectively.

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 and six months ended June 30, 2023, that was included in customer prepayments at the beginning of 2023, was $42,966 and $65,725, respectively, and $17,500 was refunded to a customer. The Company expects to recognize all its remaining customer prepayments as revenue in fiscal 2023.