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REVENUE RECOGNITION
 12 Months Ended
Dec. 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:
Years Ended December 31,
20222021
(In thousands)
Primary geographical markets:
U.S.$1,761,846 $1,108,801 
International569,007 273,248 
Total$2,330,853 $1,382,049 
Timing of revenue recognition:
Products delivered at a point in time$2,253,645 $1,323,960 
Products and services delivered over time77,208 58,089 
Total$2,330,853 $1,382,049 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
December 31,
2022		December 31,
2021
(In thousands)
Receivables$440,896 $333,626 
Short-term contract assets (Prepaid expenses and other assets)32,130 23,508 
Long-term contract assets (Other assets)100,991 69,583 
Short-term contract liabilities (Deferred revenues, current)90,747 62,670 
Long-term contract liabilities (Deferred revenues, non-current)281,613 187,186 
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 year ended December 31, 2022.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of December 31, 2022 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$93,091 
Amount recognized(28,524)
Increase68,554 
Contract Assets, end of period$133,121 
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, 2022 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$249,856 
Revenue recognized(77,208)
Increase due to billings199,712 
Contract Liabilities, end of period$372,360 
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,
2022
(In thousands)
Fiscal year:
2023$90,642 
202482,195 
202575,016 
202659,348 
202739,729 
Thereafter25,430 
Total$372,360