REVENUE RECOGNITION |
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| REVENUE RECOGNITION | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE RECOGNITION |
The following tables disaggregate net sales by channel and geography:
(a) Includes all Distribution sales
Revenue by product is not disclosed, as it is impractical to do so. Contract Assets and Liabilities Contract assets represent unbilled amounts resulting from certain long-term contracts that contain performance obligations that are satisfied over time. In these contracts, the revenue recognized exceeds the amount billed to the customer. The Company has determined that it has an unconditional right to consideration for these amounts and therefore includes contract assets in accounts receivable, net in the Company’s consolidated balance sheets and totaled $17,875 and $9,550 as of December 31, 2025 and 2024, respectively. Contract liabilities are recorded when customers are billed or remit cash payments in advance of the Company satisfying performance obligations. Contract liabilities are recognized into revenue when the performance obligation is satisfied. Contract liabilities are included in accrued liabilities in the Company’s consolidated balance sheets as they are expected to be recognized in revenue within one year. Contract liabilities totaled $12,023 and $7,470 as of December 31, 2025 and 2024, respectively, with $6,159 of the 2024 contract liabilities being recognized in revenue during the year ended December 31, 2025. Remaining Performance Obligations As of December 31, 2025, we had $72,900 of remaining unfulfilled 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 Topic 606, Revenue from Contracts with Customers, as of December 31, 2025. We expect to recognize approximately 69% of this balance over the next twelve months and expect the to be recognized in the following two years. |
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