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REVENUE RECOGNITION
 3 Months Ended
Mar. 31, 2023
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,
20232022
(In thousands)
Primary geographical markets:
U.S.$472,961 $369,492 
International253,055 71,800 
Total$726,016 $441,292 
Timing of revenue recognition:
Products delivered at a point in time$701,652 $424,149 
Products and services delivered over time24,364 17,143 
Total$726,016 $441,292 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
March 31,
2023		December 31,
2022
(In thousands)
Receivables$516,106 $440,896 
Short-term contract assets (Prepaid expenses and other assets)34,127 32,120 
Long-term contract assets (Other assets)114,104 100,991 
Short-term contract liabilities (Deferred revenues, current)99,819 90,747 
Long-term contract liabilities (Deferred revenues, non-current)322,487 281,613 
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 for the three months ended March 31, 2023.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of March 31, 2023 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$133,121 
Amount recognized(8,808)
Increased due to shipments23,918 
Contract Assets, end of period$148,231 
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, 2023 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$372,360 
Revenue recognized(24,364)
Increased due to billings74,310 
Contract Liabilities, end of period$422,306 
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,
2023
(In thousands)
Fiscal year:
2023 (remaining nine months)$75,245 
202494,602 
202587,103 
202671,195 
202751,548 
Thereafter42,613 
Total$422,306