Revenue from Contracts with Customers |
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| Revenue from Contracts with Customers | 13. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company has accounts receivable financing programs under which the Company has the ability to sell eligible receivables for select customers to select banking institutions. For the three months ended March 31, 2026 and 2025, the Company’s cash proceeds from the sale of receivables were $15,618,000 and $34,469,000, respectively. Financing charges incurred from the sale of accounts receivable qualifying as sales for the three months ended March 31, 2026 and 2025 were immaterial. As of March 31, 2026 and December 31, 2025, the Company had $307,000 and $218,000 of contract liabilities and no contract assets, respectively. A contract liability would typically arise when an advance or deposit is received from a customer before the Company recognizes revenue. In practice, this is rare as it would require a customer to make a payment prior to a performance obligation being satisfied. When such situations do arise, the Company maintains a deferred revenue liability until the time a performance obligation has been satisfied. The Company recognized $218,000 of revenue in the first three months of 2026 from pre-existing contract liabilities at December 31, 2025. In addition, during 2020, the Company recorded $10,709,000 of long-term deferred revenue associated with a payment received to defray the cost of capital expenditures necessary to service a customer’s future product needs. At March 31, 2026, $1,662,000 was classified as long-term and $2,216,000 was classified as short-term. This deferred revenue is being recognized over the period of the contract and $6,831,000 of revenue has been recognized from the beginning of the contract term through March 31, 2026. The tables below provide a geographic disaggregation of net sales for the three months ended March 31, 2026 and 2025. The Company’s business segmentation by geographic region most effectively captures the nature and economic characteristics of the Company’s revenue streams impacted by economic factors.
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