|9 Months Ended|
Oct. 01, 2022
|Revenue from Contract with Customer [Abstract]|
On October 1, 2022, we had $547.1 million of remaining performance obligations, which we refer to as total backlog. We expect to recognize approximately $426.5 million of our remaining performance obligations as revenue over the next twelve months and the balance thereafter.
We recognized $7.3 million and $6.5 million during the three months ended and $13.3 million and $15.1 million during the nine months ended October 1, 2022 and October 2, 2021, respectively, in revenues that were included in the contract liability balance at the beginning of the period.
The Company's contract assets and contract liabilities consist primarily of costs and profits in excess of billings and billings in excess of cost and profits, respectively. The following table presents the beginning and ending balances of contract assets and contract liabilities during the nine months ended October 1, 2022:
The Company recognizes an asset for certain, material costs to fulfill a contract if it is determined that the costs relate directly to a contract or an anticipated contract that can be specifically identified, generate or enhance resources that will be used in satisfying performance obligations in the future, and are expected to be recovered. Such costs are amortized on a systematic basis that is consistent with the transfer to the customer of the goods to which the asset relates. Start-up costs are expensed as incurred. Capitalized fulfillment costs are included in Inventories in the accompanying Consolidated Balance Sheets. Should future orders not materialize or it is determined the costs are no longer probable of recovery, the capitalized costs are written off. As of October 1, 2022, the Company has capitalized $1.6 million of costs. As of December 31, 2021, the Company did not have material capitalized fulfillment costs.
The following table presents our revenue disaggregated by Market Segments as follows:
The following table presents our revenue disaggregated by Product Lines as follows:
No definition available.
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