REVENUE RECOGNITION

6 Months Ended

Jun. 30, 2021

Revenue From Contract With Customer [Abstract]

REVENUE RECOGNITION

18. REVENUE RECOGNITION:

Effective on January 1, 2018, the Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers (Topic 606). The standard establishes the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing, and uncertainty of revenue and cash flows from a contract with a customer.

For the three months ended June 30, 2021 and 2020, the Company recorded 97% and 94% of its revenue from OLED related sales, respectively, and 3% and 6% from the providing of services through Adesis, respectively. For the six months ended June 30, 2021 and 2020, the Company recorded 97% and 96% of its revenue from OLED related sales, respectively, and 3% and 4% from the providing of services through Adesis, respectively.

Contract Balances

The following table provides information about assets and liabilities associated with our contracts from customers (in thousands):

	As of June 30, 2021
Accounts receivable	$	99,629
Short-term unbilled receivables		29,357
Long-term unbilled receivables		100
Short-term deferred revenue		122,978
Long-term deferred revenue		46,174

Short-term and long-term unbilled receivables are classified as other current assets and other assets, respectively, on the Consolidated Balance Sheets. The deferred revenue balance at June 30, 2021 will be recognized as materials are shipped to customers over the remaining contract periods. As of June 30, 2021, the Company had $27.2 million of backlog associated with committed purchase orders from its customers for phosphorescent emitter material. These orders are anticipated to be fulfilled within the next 90 days.

Significant changes in the unbilled receivables and deferred liabilities balances for the six months ended June 30, 2021 and 2020, are as follows (in thousands):

	Six Months Ended June 30, 2021
	Unbilled Receivables			Deferred Revenue
Balance at December 31, 2020	$	10,429		$	(162,301	)
Revenue recognized that was previously included in deferred revenue		—			81,458
Increases due to cash received		—			(92,816	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price		—			4,507
Unbilled receivables recognized		25,028			—
Transferred to receivables from unbilled receivables		(6,000	)		—
Net change		19,028			(6,851	)
Balance at June 30, 2021	$	29,457		$	(169,152	)

	Six Months Ended June 30, 2020
	Unbilled Receivables		Deferred Revenue
Balance at December 31, 2019	$	1,362	$	(144,862	)
Revenue recognized that was previously included in deferred revenue		—		48,249
Increases due to cash received		—		(75,683	)
Cumulative catch-up adjustment arising from changes in estimates of    transaction price		—		829
Unbilled receivables recognized		9,566		—
Net change		9,566		(26,605	)
Balance at June 30, 2020	$	10,928	$	(171,467	)