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Revenue From Contracts With Customers
 12 Months Ended
Dec. 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, amplifiers and diodes 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 for the years ended December 31, 2021, 2020 and 2019:
Year Ended December 31,
202120202019
Sales by Application
Materials processing$1,325,404 $1,082,478 $1,229,211 
Other applications135,456 118,246 85,370 
Total$1,460,860 $1,200,724 $1,314,581 
Sales by Product
High Power Continuous Wave ("CW") Lasers$687,406 $646,062 $734,745 
Medium Power CW Lasers80,501 50,796 56,625 
Pulsed Lasers240,978 158,448 137,675 
Quasi-Continuous Wave ("QCW") Lasers60,668 50,333 56,440 
Laser and Non-Laser Systems126,642 93,727 141,647 
Other Revenue including Amplifiers, Service, Parts, Accessories and Change in Deferred Revenue264,665 201,358 187,449 
Total$1,460,860 $1,200,724 $1,314,581 
Sales by Geography
North America$314,984 $246,189 $280,886 
Europe:
Germany101,738 65,646 81,365 
Other including Eastern Europe/CIS289,136 219,540 249,871 
Asia and Australia:
China548,348 502,278 491,890 
Japan54,077 53,180 71,757 
Other139,148 103,785 121,586 
Rest of World13,429 10,106 17,226 
Total$1,460,860 $1,200,724 $1,314,581 
Timing of Revenue Recognition
Goods and services transferred at a point in time$1,402,498 $1,144,237 $1,233,065 
Goods and services transferred over time58,362 56,487 81,516 
Total$1,460,860 $1,200,724 $1,314,581 
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 is 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 consolidated balance sheets. Contract liabilities are included within accrued expenses and other current liabilities on the consolidated balance sheets.
The following table reflects the changes in the Company's contract assets and liabilities for the years ended December 31, 2021 and 2020:
December 31,January 1,December 31,January 1,
20212021Change20202020Change
Contract assets
Contract assets$9,345 $8,999 $346 $8,999 $9,645 $(646)
Contract liabilities
Contract liabilities - current89,659 71,246 18,413 71,246 59,531 11,715 
Contract liabilities - long-term2,691 2,189 502 2,189 1,820 369 
During the year ended December 31, 2021 and 2020, the Company recognized revenue of $64,364 and $48,738, respectively, that was included in the contract liabilities at the beginning of the 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 December 31, 2021:
Remaining Performance Obligations
20222023202420252026ThereafterTotal
Revenue expected to be recognized for extended warranty agreements$3,671 $1,189 $899 $461 $116 $19 $6,355 
Revenue to be earned over time from contracts to sell robotic systems29,116 10,720 — — — — 39,836 
Total$32,787 $11,909 $899 $461 $116 $19 $46,191