|6 Months Ended|
Jun. 30, 2022
3. REVENUE RECOGNITION
The following tables disaggregate net sales by channel and geography:
(a) Includes all Distribution sales
Contract liabilities are recorded as a component of other liabilities when customers remit cash payments in advance of the Company satisfying performance obligations which are satisfied at a future point of time. Contract liabilities are reduced when the performance obligation is satisfied. Contract liabilities are included in accrued liabilities in the Company’s consolidated balance sheets and totaled $6,272 and $10,949 as of June 30, 2022 and December 31, 2021, respectively. Revenue recognized during the three and six months ended June 30, 2022 from amounts included in contract liabilities as of December 31, 2021 was $2,225 and $7,216, respectively.
Remaining Performance Obligations
As of June 30, 2022, we had $18,395 of remaining performance obligations, which included amounts that will be invoiced and recognized in future periods. The remaining performance obligations are limited only to arrangements that meet the definition of a contract under ASC Topic 606, Revenue from Contracts with Customers, as of June 30, 2022. We expect to recognize approximately 63% of this balance over the next twelve months and expect the remainder to be recognized in the following two years.
No definition available.
The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef