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Revenue Recognition
 9 Months Ended
Sep. 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 within the U.S non-crop business. The Company has one reportable segment. Selective enterprise information of sales disaggregated by category and geographic region is as follows:

 

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. crop

 

$

67,749

 

 

$

69,101

 

 

$

185,823

 

 

$

220,303

 

U.S. non-crop

 

 

19,250

 

 

 

18,946

 

 

 

50,041

 

 

 

53,844

 

Total U.S.

 

 

86,999

 

 

 

88,047

 

 

 

235,864

 

 

 

274,147

 

International

 

 

62,517

 

 

 

64,220

 

 

 

171,327

 

 

 

175,916

 

Total net sales:

 

$

149,516

 

 

$

152,267

 

 

$

407,191

 

 

$

450,063

 

The Company recognized revenue for substantially all of its net sales at a point in time.

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 September 30, 2023 and December 31, 2022. The contract assets of $3,100 are included in other receivables on the condensed consolidated balance sheets as of September 30, 2023. The short-term and long-term contract assets of $2,098 and $1,002 are included in other receivables and other assets, respectively, on the condensed consolidated balance sheet as of December 31, 2022.

The Company 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 nine-month periods ended September 30, 2023, that was included in customer prepayments at the beginning of 2023, was $16,374 and $82,099, respectively, and $22,500 was refunded to customers. The Company expects to recognize all its remaining customer prepayments as revenue in fiscal 2023.