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Revenue From Contracts With Customers | 9 Months Ended
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Sep. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS The following tables represent a disaggregation of revenue from contracts with customers for the three and nine months ended September 30, 2018:
| Three Months Ended September 30, 2018 |  |  | Nine Months Ended September 30, 2018 |  |  |  |  |  |
Sales by Application |  |  |  |  |  |  |  |  |  |
Materials processing | $ | 334,498 |  |  | $ | 1,065,712 |  |  |  |  |  |
Other applications | 21,848 |  |  | 64,111 |  |  |  |  |  |
Total | $ | 356,346 |  |  | $ | 1,129,823 |  |  |  |  |  |
| Three Months Ended September 30, 2018 |  |  | Nine Months Ended September 30, 2018 |  |  |  |  |
Sales by Product |  |  |  |  |  |  |  |  |
High Power Continuous Wave ("CW") Lasers | $ | 227,462 |  |  | $ | 724,111 |  |  |  |  |
Medium Power CW Lasers | 15,825 |  |  | 65,092 |  |  |  |  |
Low Power CW Lasers | 3,276 |  |  | 10,380 |  |  |  |  |
Pulsed Lasers | 35,408 |  |  | 115,243 |  |  |  |  |
Quasi-Continuous Wave ("QCW") Lasers | 18,276 |  |  | 54,568 |  |  |  |  |
Other Revenue including Amplifiers, Laser Systems, Service, Parts, Accessories and Change in Deferred Revenue | 56,099 |  |  | 160,429 |  |  |  |  |
Total | $ | 356,346 |  |  | $ | 1,129,823 |  |  |  |  |
Sales by Geography |  |  |  |  |  |  |  |  |
United States and other North America | $ | 53,762 |  |  | $ | 140,704 |  |  |  |  |
Europe: |  |  |  |  |  |  |  |  |
Germany | 21,714 |  |  | 86,939 |  |  |  |  |
Other including Eastern Europe/CIS | 66,392 |  |  | 225,717 |  |  |  |  |
Asia and Australia: |  |  |  |  |  |  |  |  |
China | 158,853 |  |  | 511,852 |  |  |  |  |
Japan | 21,871 |  |  | 60,927 |  |  |  |  |
Other | 31,953 |  |  | 99,476 |  |  |  |  |
Rest of World | 1,801 |  |  | 4,208 |  |  |  |  |
Total | $ | 356,346 |  |  | $ | 1,129,823 |  |  |  |  |
Timing of Revenue Recognition |  |  |  |  |  |  |  |  |
Goods and services transferred at a point in time | $ | 355,191 |  |  | $ | 1,126,285 |  |  |  |  |
Services transferred over time | 1,155 |  |  | 3,538 |  |  |  |  |
Total | $ | 356,346 |  |  | $ | 1,129,823 |  |  |  |  |
The Company enters into contracts to sell lasers and spare parts, for which revenue is generally recognized upon shipment or delivery, depending on the terms of the contract. The Company also provides installation services and extended warranties. The Company frequently receives consideration from a customer prior to transferring goods to the customer under the terms of a sales contract. The Company records customer deposits related to these prepayments, which represent a contract liability. The Company also records deferred revenue related to installation services when consideration is received before the services have been performed. The Company recognizes customer deposits and deferred revenue as net sales after control of the goods or services has been transferred to the customer and all revenue recognition criteria is met. The Company bills customers for extended warranties upon entering into the agreement with the customer, resulting in deferred revenue. Revenue is recognized ratably over the term of the extended warranty agreement as the customer receives and consumes the benefits of such services. Before the transition date (under ASC 605, Revenue Recognition), the Company deferred revenue for installation services in an amount equal to the greater of the cash received or the fair value for installation. Under the new revenue standard, the standalone selling price for installation services is deferred until control has transferred. The standalone selling price for installation services is determined based on the estimated number of days of service technician time required for installation at standard service rates. The impact of applying ASC 606 was a decrease in revenue recognized during the three months ended September 30, 2018 of $37 and a decrease for the nine months ended September 30, 2018 of $84 as compared to revenue accounted for under ASC 605. The following table reflects the changes in the Company's contract liabilities for the nine months ended September 30, 2018:
| September 30, |  | January 1, |  |  |  |
| 2018 |  | 2018 |  | Change |  |
Contract liabilities |  |  |  |  |  |  |
Customer deposits | $ | 36,967 |  | $ | 36,937 |  | $ | 30 |  | 0.1 | %
Deferred revenue - current | 11,307 |  | 9,571 |  | 1,736 |  | 18.1 | %
Deferred revenue - long-term | 1,374 |  | 182 |  | 1,192 |  | 654.9 | %
During the three and nine months ended September 30, 2018, the Company recognized revenue of $3,355 and $38,885, respectively, that was included in the customer deposits and deferred revenue balances at the beginning of the period. The following table represents the Company's remaining performance obligations for sales of installation services and extended warranties and contracts with customer acceptance provisions included in deferred revenue as of September 30, 2018:
|  | Remaining Performance Obligations |  |  |  |  |  |  |  |  |  |  |  |
|  | 2018 |  | 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Total
Revenue expected to be recognized upon customer acceptance |  | $ | 7,443 |  | $ | 24 |  | $ | 3 |  | $ | — |  | $ | — |  | $ | — |  | $ | 7,470
Revenue expected to be recognized on contracts for installation services |  | 246 |  | 236 |  | — |  | — |  | — |  | — |  | 482
Revenue expected to be recognized for extended warranty agreements |  | 1,165 |  | 1,910 |  | 576 |  | 349 |  | 178 |  | 60 |  | 4,238
Revenue deferred based on volume discount incentives |  | — |  | 491 |  | — |  | — |  | — |  | — |  | 491
Total |  | $ | 8,854 |  | $ | 2,661 |  | $ | 579 |  | $ | 349 |  | $ | 178 |  | $ | 60 |  | $ | 12,681

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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