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REVENUE RECOGNITION
 12 Months Ended
Dec. 31, 2020
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
We recognize revenue when we satisfy a performance obligation by transferring a promised good or service to a customer. Substantially all of our performance obligations are satisfied at a point in time rather than over time. We offer goods and services through our online marketplaces in three primary categories: Local, Goods and Travel. See , Note 21, Segment Information, for revenue summarized by reportable segment and category.
In connection with most of our product and service revenue transactions, we collect cash from credit card payment processors shortly after a sale occurs. For transactions in which we earn commissions when customers make purchases with retailers using digital coupons accessed through our websites and mobile applications, we generally collect payment from affiliate networks on terms ranging from 30 to 150 days.
Contract Balances
A substantial majority of our deferred revenue relates to product sales for which revenue will be recognized as the products are delivered to customers, generally within one week following the balance sheet date. Our deferred revenue was $11.2 million as of December 31, 2020. As of December 31, 2019 and 2018, our deferred revenue was $18.0 million and $25.5 million, all of which was recognized during the years ended December 31, 2020 and 2019, respectively.
Customer Credits
We issue credits to customers that can be applied to future purchases through our online marketplaces. Credits are primarily issued as consideration for refunds. To a lesser extent, credits are issued for customer relationship purposes. The following table summarizes the activity in the liability for customer credits for the years ended December 31, 2020 and 2019 (in thousands):
Customer Credits
Balance as of December 31, 2018$15,118 
Credits issued115,031 
Credits redeemed(102,682)
Breakage revenue recognized(13,699)
Foreign currency translation(4)
Balance as of December 31, 2019$13,764 
Credits issued213,826 
Credits redeemed(147,096)
Breakage revenue recognized(21,364)
Foreign currency translation1,876 
Balance as of December 31, 2020$61,006 
Cost of Obtaining Contracts
Deferred contract acquisition costs are presented within the following line items of the consolidated balance sheets as of December 31, 2020 and 2019 (in thousands):
December 31,
20202019
Prepaid expenses and other current assets$1,009 $2,501 
Other non-current assets5,315 10,133 
For the years ended December 31, 2020, 2019 and 2018, we amortized $15.3 million, $20.4 million and $25.2 million of deferred contract acquisition costs and did not recognize any impairment losses in relation to the deferred costs.