Thermon Group Holdings, Inc. Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Revenue

Revenue

9 Months Ended

Dec. 31, 2020

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.

Disaggregation of revenues from contracts with customers for the three and nine months ended December 31, 2020 and 2019 is as follows:


	Three Months Ended December 31, 2020						Three Months Ended December 31, 2019
	Revenues recognized at point in time		Revenues recognized over time		Total		Revenues recognized at point in time		Revenues recognized over time		Total
United States and Latin America	$	14,743	$	14,971	$	29,714	$	19,007	$	19,830	$	38,837
Canada	18,509		6,483		24,992		28,928		5,600		34,528
Europe, Middle East and Africa	7,932		9,212		17,144		6,756		6,582		13,338
Asia-Pacific	4,933		2,821		7,754		5,432		8,333		13,765
Total revenues	$	46,117	$	33,487	$	79,604	$	60,123	$	40,345	$	100,468


	Nine Months Ended December 31, 2020						Nine Months Ended December 31, 2019
	Revenues recognized at point in time		Revenues recognized over time		Total		Revenues recognized at point in time		Revenues recognized over time		Total
United States and Latin America	$	34,728	$	37,505	$	72,233	$	56,145	$	66,940	$	123,085
Canada	45,932		17,589		63,521		78,209		14,522		92,731
Europe, Middle East and Africa	21,449		17,492		38,941		24,621		17,744		42,365
Asia-Pacific	12,838		15,325		28,163		15,556		21,378		36,934
Total revenues	$	114,947	$	87,911	$	202,858	$	174,531	$	120,584	$	295,115

Performance Obligations

At December 31, 2020, revenues associated with our open performance obligations totaled $110,055, representing our combined backlog and deferred revenue. Within this amount, approximately $14,801 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 December 31, 2020 and March 31, 2020, contract assets were $11,746 and $10,194, respectively. There were no impairment losses recognized on our contract assets for the nine months ended December 31, 2020 and 2019. As of December 31, 2020 and March 31, 2020, contract liabilities were $3,771 and $4,538, respectively. The majority of contract liabilities at March 31, 2020 were recognized as revenue as of December 31, 2020.