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REVENUE RECOGNITION
 6 Months Ended
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,
2022202120222021
(In thousands)
Primary geographical markets:
U.S.$422,628 $254,576 $792,120 $502,358 
International107,568 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 time18,331 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)
Increase24,741 
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 billings76,780 
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 
202368,667 
202462,924 
202555,770 
202640,141 
Thereafter24,677 
Total$291,162