|6 Months Ended|
Sep. 30, 2021
|Revenue from Contract with Customer [Abstract]|
Disaggregation of Revenue
We disaggregate our revenue from contracts with customers by geographic location, revenues recognized at point in time and revenues recognized over time, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Revenue recognized at a point-in-time based on when control goes over to the customer is generally related to our product sales. Point-in-time revenue does not typically require engineering or installation services. Revenue recognized over time occurs on our projects where engineering or installation services, or a combination of the two, are required. We recognize revenue related to such projects in a systematic way that reflects the transfer of service to the customer.
Disaggregation of revenues from contracts with customers for the three and six months ended September 30, 2021 and 2020 is as follows:
At September 30, 2021, revenues associated with our open performance obligations totaled $155,481, representing our backlog. Within this amount, approximately $40,191 will be earned as revenue in excess of one year. We expect to recognize the remaining revenues associated with unsatisfied or partially satisfied performance obligations within 12 months.
Contract Assets and Liabilities
As of September 30, 2021 and March 31, 2021, contract assets were $13,216 and $11,379, respectively. There were no losses recognized on our contract assets for the six months ended September 30, 2021 and 2020. As of September 30, 2021 andMarch 31, 2021, contract liabilities were $3,955 and $2,959, respectively. The majority of contract liabilities at March 31, 2021 were recognized as revenue as of September 30, 2021.
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