Revenue Recognition

3 Months Ended

Mar. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

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

	Three-months Ended
	March 31, 2024		April 2, 2023
Americas	$	83,135	$	80,442
Europe	52,354		59,842
Greater China	30,049		33,172
Other Asia	45,259		27,668
	$	210,797	$	201,124

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

	Three-months Ended
	March 31, 2024		April 2, 2023
Standard products and services	$	187,632	$	190,783
Application-specific customer solutions	23,165		10,341
	$	210,797	$	201,124

Costs to Fulfill a Contract

Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $11,783,000 and $13,265,000 as of March 31, 2024 and December 31, 2023, 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 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 the allowance for credit losses activity for the three-month period ended March 31, 2024 (in thousands):

Balance as of December 31, 2023	$	583
Write-offs, net of recoveries	17
Foreign exchange rate changes	1
Balance as of March 31, 2024	$	601

The following table summarizes the deferred revenue and customer deposits activity for the three-month period ended March 31, 2024 (in thousands):

Balance as of December 31, 2023	$	31,525
Deferral of revenue billed in the current period, net of recognition	24,921
Recognition of revenue deferred in prior period	(16,184)
Foreign exchange rate changes	(279)
Balance as of March 31, 2024	$	39,983

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, are not material.