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REVENUE RECOGNITION
 9 Months Ended
Sep. 30, 2024
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:
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
(In thousands)
Primary geographical markets:
United States$284,033 $350,447 $632,719 $1,240,990 
International96,840 200,635 314,951 747,226 
Total$380,873 $551,082 $947,670 $1,988,216 
Timing of revenue recognition:
Products delivered at a point in time$348,669 $522,419 $854,406 $1,908,193 
Products and services delivered over time32,204 28,663 93,264 80,023 
Total$380,873 $551,082 $947,670 $1,988,216 
Contract Balances
Accounts receivables, and contract assets and contract liabilities from contracts with customers, are as follows:
September 30,
2024		December 31,
2023
(In thousands)
Accounts receivables$232,225 $445,959 
Short-term contract assets (Prepaid expenses and other assets)42,582 40,241 
Long-term contract assets (Other assets)117,457 124,190 
Short-term contract liabilities (Deferred revenues, current)129,556 118,300 
Long-term contract liabilities (Deferred revenues, non-current)354,210 369,172 
The Company receives payments from customers based upon contractual billing schedules. Accounts receivables are recorded in an amount that reflects the consideration that is expected to be received in exchange for those goods or services when the right to consideration becomes unconditional. The Company maintains allowances for doubtful accounts for uncollectible accounts receivable. Management estimates anticipated credit losses from doubtful accounts based on days past due, customer specific experience, collection history, the financial health of customers including from the impacts of the broad-based slowdown in solar industry beginning in the second quarter of 2023 in the United States and in the third quarter of 2023 in Europe, among other factors. Accounts receivables are recorded net of allowance for doubtful accounts totaling $6.2 million and $2.5 million as of September 30, 2024 and December 31, 2023, respectively. The $6.2 million allowance for doubtful accounts as of September 30, 2024 includes $4.8 million which relates to a customer that filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (“Chapter 11 bankruptcy”) during the three months ended September 30, 2024. Management will continue to monitor certain customers experiencing considerable financial difficulties as more information is publicly available to perform collectability assessment and evaluate the impact to the Company's revenue recognition and allowance for doubtful accounts on its financial statements.
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 nine months ended September 30, 2024.
Significant changes in the balances of contract assets (prepaid expenses and other assets) as of September 30, 2024 are as follows (in thousands):
Contract Assets
Contract Assets, beginning of period$164,431 
Amount recognized(32,336)
Increased due to billings27,944 
Contract Assets, end of period$160,039 
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 September 30, 2024 are as follows (in thousands):
Contract Liabilities
Contract Liabilities, beginning of period$487,472 
Revenue recognized(93,265)
Increased due to billings89,559 
Contract Liabilities, end of period$483,766 
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:
September 30,
2024
(In thousands)
Fiscal year:
2024 (remaining three months)$35,112 
2025124,071 
2026106,829 
202787,140 
202865,775 
Thereafter64,839 
Total$483,766