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Revenue From Contracts With Customers | 9 Months Ended
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Sep. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Sales are derived from products for different applications: fiber lasers, diode lasers, diodes and systems for materials processing, fiber lasers and amplifiers for advanced applications, fiber amplifiers and transceivers for communications applications, and fiber lasers for medical applications. The following tables represent a disaggregation of revenue from contracts with customers:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Sales by Application |  |  |  |  |  |  |
Materials processing | $ | 290,028 |  |  | $ | 306,260 |  |  | $ | 779,810 |  |  | $ | 952,936 |
Other applications | 28,413 |  |  | 22,878 |  |  | 84,284 |  |  | 55,018 |
Total | $ | 318,441 |  |  | $ | 329,138 |  |  | $ | 864,094 |  |  | $ | 1,007,954 |
Sales by Product |  |  |  |  |  |  |
High Power Continuous Wave ("CW") Lasers | $ | 184,387 |  |  | $ | 184,924 |  |  | $ | 461,181 |  |  | $ | 577,354 |
Medium Power CW Lasers | 11,756 |  |  | 11,891 |  |  | 33,701 |  |  | 42,904 |
Pulsed Lasers | 34,975 |  |  | 33,850 |  |  | 109,391 |  |  | 106,100 |
Quasi-Continuous Wave ("QCW") Lasers | 15,079 |  |  | 12,479 |  |  | 38,660 |  |  | 42,612 |
Laser and Non-Laser Systems | 20,841 |  |  | 32,929 |  |  | 64,417 |  |  | 104,943 |
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue | 51,403 |  |  | 53,065 |  |  | 156,744 |  |  | 134,041 |
Total | $ | 318,441 |  |  | $ | 329,138 |  |  | $ | 864,094 |  |  | $ | 1,007,954 |
Sales by Geography |  |  |  |  |  |  |
North America | $ | 52,732 |  |  | $ | 71,000 |  |  | $ | 173,972 |  |  | $ | 199,947 |
Europe: |  |  |  |  |  |  |
Germany | 16,163 |  |  | 17,204 |  |  | 51,208 |  |  | 59,487 |
Other including Eastern Europe/CIS | 54,907 |  |  | 62,196 |  |  | 158,686 |  |  | 192,527 |
Asia and Australia: |  |  |  |  |  |  |
China | 148,049 |  |  | 121,290 |  |  | 361,864 |  |  | 399,246 |
Japan | 12,884 |  |  | 21,859 |  |  | 41,241 |  |  | 54,879 |
Other | 31,227 |  |  | 28,877 |  |  | 70,924 |  |  | 89,544 |
Rest of World | 2,479 |  |  | 6,712 |  |  | 6,199 |  |  | 12,324 |
Total | $ | 318,441 |  |  | $ | 329,138 |  |  | $ | 864,094 |  |  | $ | 1,007,954 |
Timing of Revenue Recognition |  |  |  |  |  |  |
Goods and services transferred at a point in time | $ | 308,474 |  |  | $ | 310,324 |  |  | $ | 824,069 |  |  | $ | 944,454 |
Goods and services transferred over time | 9,967 |  |  | 18,814 |  |  | 40,025 |  |  | 63,500 |
Total | $ | 318,441 |  |  | $ | 329,138 |  |  | $ | 864,094 |  |  | $ | 1,007,954 |
One of the Company's customers accounted for 35% and 24% of the Company's net accounts receivable as of September 30, 2020 and December 31, 2019, respectively. 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 are met. The Company bills customers for extended warranties upon entering into the agreement with the customer, resulting in deferred revenue. The timing of customer payments on contracts for the sale of customized robotic systems generally differs from the timing of revenue recognized, resulting in contract assets and liabilities. Contract assets are included within prepaid expense and other current assets on the condensed consolidated balance sheets. Contract liabilities are included within accrued expenses and other current liabilities on the condensed consolidated balance sheets. The following table reflects the changes in the Company's contract assets and liabilities for the nine months ended September 30, 2020 and 2019:
| September 30, |  | December 31, |  |  |  | September 30, |  | December 31, |  |  |
| 2020 |  | 2019 |  | Change |  | 2019 |  | 2018 |  | Change |
Contract assets |  |  |  |  |  |  |  |  |  |  |  |
Contract assets | $ | 6,771 |  |  | $ | 9,645 |  |  | $ | (2,874) |  |  | $ | 10,606 |  |  | $ | 10,102 |  |  | $ | 504 |  |
Contract liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contract liabilities - current | 57,034 |  |  | 59,531 |  |  | (2,497) |  |  | 49,358 |  |  | 52,606 |  |  | (3,248) |  |
Contract liabilities - long-term | 2,121 |  |  | 1,820 |  |  | 301 |  |  | 1,677 |  |  | 1,413 |  |  | 264 |  |
During the three months ended September 30, 2020 and 2019 the Company recognized revenue of $10,179 and $4,534, respectively, that was included in contract liabilities at the beginning of each period. During the nine months ended September 30, 2020 and 2019, the Company recognized revenue of $41,622 and $40,786, respectively, that was included in contract liabilities at the beginning of each period. The Company has elected the practical expedient in ASC 606-10-50-14, whereby the performance obligations for contracts with an original expected duration of one year or less are not disclosed. The following table represents the Company's remaining performance obligations from contracts that are recognized over time as of September 30, 2020:
|  | Remaining Performance Obligations
|  | 2020 (a) |  | 2021 |  | 2022 |  | 2023 |  | 2024 |  | Thereafter |  | Total
Revenue expected to be recognized for extended warranty agreements |  | $ | 1,439 |  |  | $ | 2,724 |  |  | $ | 874 |  |  | $ | 566 |  |  | $ | 265 |  |  | $ | 56 |  |  | $ | 5,924 |
Revenue to be earned over time from contracts to sell robotic systems |  | 10,934 |  |  | 16,941 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 27,875 |
Total |  | $ | 12,373 |  |  | $ | 19,665 |  |  | $ | 874 |  |  | $ | 566 |  |  | $ | 265 |  |  | $ | 56 |  |  | $ | 33,799 |
(a) For the three-month period beginning October 1, 2020.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045 + Details
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