Revenue Recognition

12 Months Ended

Dec. 31, 2020

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,
	2020		2019		2018
Americas	$	310,027	$	277,155	265,175
Europe	208,787		227,738		311,914
Greater China	168,287		115,061		123,708
Other Asia	123,919		105,671		105,541
	$	811,020	$	725,625	$	806,338

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

	Year Ended December 31,
	2020		2019		2018
Standard products and services	$	674,830	$	629,220	$	654,509
Application-specific customer solutions	136,190		96,405		151,829
	$	811,020	$	725,625	$	806,338

Costs to fulfill a contract are included in "Prepaid expenses and other current assets" on the Consolidated Balance Sheet and amounted to $6,846,000 and $3,963,000 as of December 31, 2020 and 2019, respectively.

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.

On January 1, 2020, the Company adopted Accounting Standards Update (ASU) 2016-13, “Measurement of Credit Losses on Financial Instruments,” using the modified-retrospective approach, which requires the Company to apply the standard on a prospective basis with a cumulative-effect adjustment to retained earnings as of the beginning of the period in which the guidance is effective. The Company did not record an adjustment to retained earnings as this ASU did not have a material impact on the Company's consolidated allowance for credit losses.

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

	Amount
Balance as of December 31, 2018	$	596
Increases to the allowance for credit losses	215
Write-offs	(286)
Foreign exchange rate changes	5
Balance as of December 31, 2019	530
Increases to the allowance for credit losses	600
Write-offs	(300)
Foreign exchange rate changes	1
Balance as of December 31, 2020	$	831

The Company's estimate of expected credit losses in 2020 took into account the global economic conditions resulting from the COVID-19 pandemic.

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

	Amount
Balance as of December 31, 2018	$	9,845
Increases to deferred revenue and customer deposits	53,422
Recognition of revenue	(48,730)
Foreign exchange rate changes	(105)
Balance as of December 31, 2019	14,432
Increases to deferred revenue and customer deposits	120,008
Recognition of revenue	(114,014)
Foreign exchange rate changes	848
Balance as of December 31, 2020	$	21,274

As a practical expedient, the Company has elected not to disclose the aggregate amount of the transaction price allocated to unsatisfied performance obligations, as our contracts have an original expected duration of less than one year.