Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The following table summarizes disaggregated revenue information by geographic area based on the customer's country of domicile (in thousands):

	Year Ended December 31,
	2023		2022		2021
Americas	$	330,415	$	390,573	$	435,220
Europe	220,665		234,643		247,744
Greater China	164,115		227,447		200,135
Other Asia	122,352		153,427		153,999
	$	837,547	$	1,006,090	$	1,037,098

The following table summarizes disaggregated revenue information by revenue type (in thousands):

	Year Ended December 31,
	2023		2022		2021
Standard products and services	$	734,140	$	848,153	$	889,253
Application-specific customer solutions	103,407		157,937		147,845
	$	837,547	$	1,006,090	$	1,037,098

Costs to Fulfill a Contract

Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheets and amounted to $13,265,000 and $14,578,000 as of December 31, 2023 and 2022, respectively.

Accounts Receivable, Contract Assets, and Contract Liabilities

Accounts receivable represent amounts billed and currently due from customers which are reported at their net estimated realizable value. The Company maintains an allowance against its accounts receivable for credit losses. Contract assets consist of unbilled revenue which arises when revenue is recognized in advance of billing primarily for certain application-specific customer solutions contracts. Contract liabilities consist of deferred revenue and customer deposits which arise when amounts are billed to or collected from customers in advance of revenue recognition.

The following table summarizes changes in the allowance for credit losses (in thousands):

	Amount
Balance as of December 31, 2021	$	776
Increases to the allowance for credit losses	191
Write-offs, net of recoveries	(237)
Foreign exchange rate changes	—
Balance as of December 31, 2022	730
Increases to the allowance for credit losses	500
Write-offs, net of recoveries	(645)
Foreign exchange rate changes	(2)
Balance as of December 31, 2023	$	583

The following table summarizes the deferred revenue and customer deposits activity (in thousands):

	Amount
Balance as of December 31, 2021	$	35,743
Deferral of revenue billed in the current period, net of recognition	39,076
Recognition of revenue deferred in prior period	(31,520)
Foreign exchange rate changes	(2,512)
Balance as of December 31, 2022	40,787
Deferral of revenue billed in the current period, net of recognition	21,538
Recognition of revenue deferred in prior period	(20,987)
Returned customer deposit	(9,205)
Foreign exchange rate changes	(608)
Balance as of December 31, 2023	$	31,525

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations for our contracts that have an original expected duration of less than one year. The remaining unsatisfied performance obligations for our contracts that have an original expected duration of more than one year, primarily related to extended warranties, is not material.