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Revenue | 3 Months Ended
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Mar. 31, 2021
Revenue. |
Revenue | Note 4. Revenue ​ To reflect the organization of our business operations, we divide revenue into two categories: revenue from sales of new systems and revenue arising from the sale of used systems, parts and labor to customers who own systems, which we refer to as “Aftermarket.” ​ Revenue by categories used by management are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (in thousands)
Systems | ​ | $ | 80,991 | ​ | $ | 82,338
Aftermarket | ​ | ​ | 51,785 | ​ | ​ | 36,653
Total Revenue | ​ | $ | 132,776 | ​ | $ | 118,991
​ We also consider revenue by geography. Revenue is allocated to geographic markets based upon the location to which our products are shipped and in which our services are performed. Revenue in our principal geographic markets is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ | ​ | March 31,
​ | ​ | 2021 | ​ | 2020 | ​
​ | ​ | (in thousands)
North America | ​ | $ | 9,508 | ​ | $ | 10,661 | ​
Asia Pacific | ​ | ​ | 103,391 | ​ | ​ | 96,828 | ​
Europe | ​ | ​ | 19,877 | ​ | ​ | 11,502 | ​
Total Revenue | ​ | $ | 132,776 | ​ | $ | 118,991 | ​
​ Our system sales revenue transactions give rise to contract liabilities (in the case of pre-payments and the fair value of goods and services to be delivered after the system delivery, such as installation and certain warranty obligations). ​ Contract liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (in thousands)
Contract liabilities | ​ | $ | 22,142 | ​ | $ | 23,058
​ | ​ | ​ | ​ | ​ | ​ | ​
​ Contract liabilities are reflected as deferred revenue on the consolidated balance sheet and relate to payments invoiced or received in advance of completion of performance obligations under a contract. Contract liabilities are recognized as revenue upon the fulfillment of performance obligations. ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended
​ |  | March 31,
​ | ​ | 2021 | ​ | 2020
​ | ​ | (in thousands)
Balance, beginning of the period | ​ | $ | 23,058 | ​ | $ | 29,251
Deferral of revenue | ​ | ​ | 11,264 | ​ | ​ | 9,799
Recognition of deferred revenue | ​ | ​ | (12,180) | ​ | ​ | (4,944)
Balance, end of the period | ​ | $ | 22,142 | ​ | $ | 34,106
​ The majority of our system transactions have payment terms of 90% due upon shipment of the tool and 10% due upon acceptance. Aftermarket transaction payment terms usually provide that payment is due either within 30 or 60 days after the service is provided or parts delivered.

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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 + Details
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