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Revenue From Contracts With Customers
 3 Months Ended
Mar. 31, 2021
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, systems and accessories for materials processing; fiber lasers, diodes and amplifiers for advanced applications; fiber amplifiers and transceivers for communications applications; and fiber lasers, systems and fibers for medical applications.
The following tables represent a disaggregation of revenue from contracts with customers:
Three Months Ended March 31,
20212020
Sales by Application
Materials processing$317,241 $218,074 
Other applications28,344 31,168 
Total$345,585 $249,242 

Sales by Product
 High Power Continuous Wave ("CW") Lasers $170,482 $119,316 
 Medium Power CW Lasers 15,882 11,253 
 Pulsed Lasers 55,395 31,839 
 Quasi-Continuous Wave ("QCW") Lasers 13,666 9,873 
 Laser and Non-Laser Systems 27,116 18,634 
 Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue 63,044 58,327 
Total$345,585 $249,242 
Three Months Ended March 31,
20212020
Sales by Geography
North America$73,384 $67,339 
Europe:
Germany26,260 17,411 
Other including Eastern Europe/CIS58,593 57,232 
Asia and Australia:
China139,833 68,599 
Japan10,877 13,685 
Other33,110 22,823 
Rest of World3,528 2,153 
Total$345,585 $249,242 

Timing of Revenue Recognition
Goods and services transferred at a point in time$332,532 $233,436 
Goods and services transferred over time13,053 15,806 
Total$345,585 $249,242 
One of the Company's customers accounted for 22% and 21% of the Company's net accounts receivable as of March 31, 2021 and December 31, 2020, 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 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 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 Company recognizes revenue over time on contracts for the sale of robotics systems. The timing of customer payments on these contracts generally differs from the timing of revenue recognized. If revenue recognized exceeds customer payments, a contract asset is recorded and if customer payments exceed revenue recognized, a contract liability is recorded. 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. Certain deferred revenues related to extended warranties in excess one year from the balance sheet date are included within deferred income taxes and other long-term liabilities on the condensed consolidated balance sheets.
The following table reflects the changes in the Company's contract assets and liabilities for the three months ended March 31, 2021 and 2020:
March 31,December 31, March 31,December 31,
20212020Change20202019Change
Contract assets
Contract assets$7,670 $8,999 $(1,329)$8,646 $9,645 $(999)
Contract liabilities
Contract liabilities - current69,526 71,246 (1,720)62,499 59,531 2,968 
Contract liabilities - long-term2,549 2,189 360 2,377 1,820 557 
During the three months ended March 31, 2021 and 2020 the Company recognized revenue of $30,378 and $14,995, 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 March 31, 2021:
Remaining Performance Obligations
2021 (a)
2022202320242025ThereafterTotal
Revenue expected to be recognized for extended warranty agreements$3,385 $1,493 $842 $589 $263 $27 $6,599 
Revenue to be earned over time from contracts to sell robotic systems15,350 1,405 — — — — 16,755 
Total$18,735 $2,898 $842 $589 $263 $27 $23,354 
(a) For the nine-month period beginning April 1, 2021.