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REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Disaggregated Revenue
The Company has one major business activity, which is the design, manufacture and sale of solutions for the solar photovoltaic (“PV”) industry. Disaggregated revenue by primary geographical market and timing of revenue recognition for the Company’s single product line are as follows:
Years Ended December 31,
20212020
(In thousands)
Primary geographical markets:
U.S.$1,108,801 $637,879 
International273,248 136,546 
Total$1,382,049 $774,425 
Timing of revenue recognition:
Products delivered at a point in time$1,323,960 $728,254 
Products and services delivered over time58,089 46,171 
Total$1,382,049 $774,425 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers are as follows:
December 31,
2021		December 31,
2020
(In thousands)
Receivables$333,626 $182,165 
Short-term contract assets (Prepaid expenses and other assets)23,508 17,879 
Long-term contract assets (Other assets)69,583 51,986 
Short-term contract liabilities (Deferred revenues, current)62,670 47,665 
Long-term contract liabilities (Deferred revenues, non-current)187,186 125,473 
The Company receives payments from customers based upon contractual billing schedules. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract assets include deferred product costs and commissions associated with the deferred revenue and will be amortized along with the associated revenue. The Company had no asset impairment charges related to contract assets in the year ended December 31, 2021.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of December 31, 2021 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$69,865 
Amount recognized(21,894)
Increase45,120 
Contract Assets, end of period$93,091 
Contract liabilities are recorded as deferred revenue on the accompanying consolidated balance sheets and include payments received in advance of performance obligations under the contract and are realized when the associated revenue is recognized under the contract.
Significant changes in the balances of contract liabilities (deferred revenues) as of December 31, 2021 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$173,138 
Revenue recognized(64,793)
Increase due to billings141,511 
Contract Liabilities, end of period$249,856 
Remaining Performance Obligations
Estimated revenue expected to be recognized in future periods related to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period are as follows:
December 31,
2021
(In thousands)
Fiscal year:
2022$62,671 
202355,497 
202450,300 
202543,362 
202627,607 
Thereafter10,419 
Total$249,856