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REVENUE RECOGNITION | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Primary geographical markets: |  |  |  |  |  |  |
U.S. | $ | 422,628 |  |  | $ | 254,576 |  |  | $ | 792,120 |  |  | $ | 502,358 |
International | 107,568 |  |  | 61,481 |  |  | 179,368 |  |  | 115,453 |
Total | $ | 530,196 |  |  | $ | 316,057 |  |  | $ | 971,488 |  |  | $ | 617,811 |
Timing of revenue recognition: |  |  |  |  |  |  |
Products delivered at a point in time | $ | 511,865 |  |  | $ | 302,100 |  |  | $ | 936,014 |  |  | $ | 590,971 |
Products and services delivered over time | 18,331 |  |  | 13,957 |  |  | 35,474 |  |  | 26,840 |
Total | $ | 530,196 |  |  | $ | 316,057 |  |  | $ | 971,488 |  |  | $ | 617,811 |
Contract Balances Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
| June 30, 2022 |  | December 31, 2021
| (In thousands)
Receivables | $ | 312,451 |  |  | $ | 333,626 |
Short-term contract assets (Prepaid expenses and other assets) | 26,537 |  |  | 23,508 |
Long-term contract assets (Other assets) | 78,139 |  |  | 69,583 |
Short-term contract liabilities (Deferred revenues, current) | 74,067 |  |  | 62,670 |
Long-term contract liabilities (Deferred revenues, non-current) | 217,095 |  |  | 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 six months ended June 30, 2022. Significant changes in the balances of contract assets (prepaid expenses and other assets) as of June 30, 2022 are as follows (in thousands):
Contract Assets |
Contract Assets, beginning of period | $ | 93,091 |
Amount recognized | (13,156) |
Increase | 24,741 |
Contract Assets, end of period | $ | 104,676 |
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 June 30, 2022 are as follows (in thousands):
Contract Liabilities |
Contract Liabilities, beginning of period | $ | 249,856 |
Revenue recognized | (35,474) |
Increase due to billings | 76,780 |
Contract Liabilities, end of period | $ | 291,162 |
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:
| June 30, 2022
| (In thousands)
Fiscal year: |
2022 (remaining six months) | $ | 38,983 |
2023 | 68,667 |
2024 | 62,924 |
2025 | 55,770 |
2026 | 40,141 |
Thereafter | 24,677 |
Total | $ | 291,162 |

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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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