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REVENUE RECOGNITION | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
REVENUE RECOGNITION | 21. REVENUE RECOGNITION: The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer. For both the three months ended June 30, 2023 and 2022, the Company recorded 97% of its revenue from OLED related sales and 3% from the providing of services through Adesis. For the six months ended June 30, 2023 and 2022, the Company recorded 96% and 97%, respectively, of its revenue from OLED related sales and 4% and 3%, respectively, from the providing of services through Adesis. Contract Balances The following table provides information about assets and liabilities associated with our contracts from customers (in thousands):
|  | As of June 30, 2023 |
Accounts receivable |  | $ | 109,390 |
Short-term unbilled receivables |  |  | 13,263 |
Short-term contract assets |  |  | 2,585 |
Long-term unbilled receivables |  |  | 232 |
Long-term contract assets |  |  | 10,729 |
Short-term deferred revenue |  |  | 29,732 |
Long-term deferred revenue |  |  | 18,410 |
Short-term and long-term unbilled receivables and contract assets are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. The deferred revenue balance as of June 30, 2023 will be recognized as materials are shipped to customers over the remaining contract periods. As of June 30, 2023, the Company had $23.9 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days. Significant changes in the assets and liabilities balances associated with the Company's contracts from customers for the six months ended June 30, 2023 and 2022 are as follows (in thousands):
|  | Six Months Ended June 30, 2023 |
|  | Assets |  |  | Liabilities |
Balance at December 31, 2022 |  | $ | 38,457 |  |  | $ | (63,878 | )
Revenue recognized that was previously included in deferred revenue, net |  |  | — |  |  |  | 100,242 |
Increases due to cash received |  |  | — |  |  |  | (91,111 | )
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net |  |  | — |  |  |  | 6,605 |
Unbilled receivables recorded, net |  |  | 9,404 |  |  |  | — |
Contract assets recorded, net |  |  | (1,069 | ) |  |  | — |
Transferred to receivables from unbilled receivables |  |  | (19,983 | ) |  |  | — |
Net change |  |  | (11,648 | ) |  |  | 15,736 |
Balance at June 30, 2023 |  | $ | 26,809 |  |  | $ | (48,142 | )
|  | Six Months Ended June 30, 2022 |
|  | Assets |  |  | Liabilities |
Balance at December 31, 2021 |  | $ | 8,127 |  |  | $ | (157,081 | )
Revenue recognized that was previously included in deferred revenue, net |  |  | — |  |  |  | 110,258 |
Increases due to cash received |  |  | — |  |  |  | (92,976 | )
Cumulative catch-up adjustment arising from changes in estimates of transaction price, net |  |  | — |  |  |  | 10,672 |
Unbilled receivables recorded, net |  |  | 4,266 |  |  |  | — |
Net change |  |  | 4,266 |  |  |  | 27,954 |
Balance at June 30, 2022 |  | $ | 12,393 |  |  | $ | (129,127 | )
The cumulative catch-up adjustment arising from changes in estimates of transaction price, net was $6.6 million for the six months ended June 30, 2023 as compared to $10.7 million for the six months ended June 30, 2022. These adjustments resulted from an increase in the average price per gram that was primarily due to the decrease in anticipated demand by several of the Company's customers over the remaining lives of their contracts, resulting from changes in global macroeconomic factors.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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