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REVENUE RECOGNITION
 12 Months Ended
Dec. 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 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,
202320222021
(In thousands)
Primary geographical markets:
U.S.$1,469,108 $1,761,846 $1,108,801 
International821,678 569,007 273,248 
Total$2,290,786 $2,330,853 $1,382,049 
Timing of revenue recognition:
Products delivered at a point in time$2,181,099 $2,253,645 $1,323,960 
Products and services delivered over time109,687 77,208 58,089 
Total$2,290,786 $2,330,853 $1,382,049 
Contract Balances
Receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
December 31,
2023		December 31,
2022
(In thousands)
Receivables$445,959 $440,896 
Short-term contract assets (Prepaid expenses and other assets)40,241 32,130 
Long-term contract assets (Other assets)124,190 100,991 
Short-term contract liabilities (Deferred revenues, current)118,300 90,747 
Long-term contract liabilities (Deferred revenues, non-current)369,172 281,613 
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 year ended December 31, 2023.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of December 31, 2023 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$133,121 
Amount recognized(38,011)
Increased due to shipments69,321 
Contract Assets, end of period$164,431 
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, 2023 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$372,360 
Revenue recognized(109,687)
Increased due to billings224,799 
Contract Liabilities, end of period$487,472 
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,
2023
(In thousands)
Fiscal year:
2024$118,300 
2025109,877 
202693,948 
202774,273 
202852,939 
Thereafter38,135 
Total$487,472