|3 Months Ended|
Jun. 30, 2023
|Revenue from Contract with Customer [Abstract]|
Disaggregation of Revenue
We disaggregate our revenue from contracts with customers by geographic location, as well as 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 transitions 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 goods or services, or a combination of goods and services, to the customer.
Disaggregation of revenues from contracts with customers for the three months ended June 30, 2023 and 2022 is as follows:
At June 30, 2023, revenues to be recorded associated with our open performance obligations totaled $178,059. Within this amount, approximately $15,588 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 June 30, 2023 and March 31, 2023, contract assets were $22,174 and $16,272, respectively. There were no losses recognized on our contract assets for the three months ended June 30, 2023 and 2022, "Restructuring and Other Charges/(Income)." As of June 30, 2023 and March 31, 2023, contract liabilities were $8,505 and $8,483, respectively. The majority of contract liabilities at March 31, 2023 will be recognized as revenue in fiscal 2024. We typically recognize revenue associated with our contract liabilities within 12 months.
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