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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2022
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:
Three Months Ended
March 31,
20222021
(In thousands)
Primary geographical markets:
U.S.$369,492 $247,782 
International71,800 53,972 
Total$441,292 $301,754 
Timing of revenue recognition:
Products delivered at a point in time$424,149 $288,871 
Products and services delivered over time17,143 12,883 
Total$441,292 $301,754 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
March 31,
2022		December 31,
2021
(In thousands)
Receivables$358,310 $333,626 
Short-term contract assets (Prepaid expenses and other assets)24,869 23,508 
Long-term contract assets (Other assets)73,138 69,583 
Short-term contract liabilities (Deferred revenues, current)68,693 62,670 
Long-term contract liabilities (Deferred revenues, non-current)202,711 187,186 
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 three months ended March 31, 2022.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of March 31, 2022 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$93,091 
Amount recognized(6,419)
Increase11,335 
Contract Assets, end of period$98,007 
Contract liabilities are recorded as deferred revenue on the accompanying condensed 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 March 31, 2022 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$249,856 
Revenue recognized(17,143)
Increase due to billings38,691 
Contract Liabilities, end of period$271,404 
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:
March 31,
2022
(In thousands)
Fiscal year:
2022 (remaining nine months)$52,571 
202362,373 
202456,709 
202549,491 
202633,772 
Thereafter16,488 
Total$271,404