Revenue from Contracts with Customers (Notes)

6 Months Ended

Jun. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary of revenue by the Company’s reportable segments for the three and six months ended June 30, 2020 and 2019 follows:

For the three months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	188,363	$	22,012	$	104,458	$	128,151	$	94,129	$	537,113
Service Revenue:
Point in time	46,342		4,726		27,945		9,784		23,490		112,287
Over time	14,635		2,210		16,648		2,972		4,808		41,273
Total	$	249,340	$	28,948	$	149,051	$	140,907	$	122,427	$	690,673

For the three months ended June 30, 2019	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	202,608	$	24,362	$	115,195	$	124,042	$	99,720	$	565,927
Service Revenue:
Point in time	53,054		5,035		32,553		9,548		27,800		127,990
Over time	12,227		1,961		15,933		2,869		4,459		37,449
Total	$	267,889	$	31,358	$	163,681	$	136,459	$	131,979	$	731,366

For the six months ended June 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	365,799	$	46,288	$	210,335	$	218,472	$	185,553	$	1,026,447
Service Revenue:
Point in time	96,577		10,282		59,336		16,890		49,166		232,251
Over time	28,374		4,274		32,705		6,144		9,640		81,137
Total	$	490,750	$	60,844	$	302,376	$	241,506	$	244,359	$	1,339,835

For the six months ended June 30, 2019	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	376,864	$	51,027	$	231,751	$	235,457	$	195,175	$	1,090,274
Service Revenue:
Point in time	102,707		9,985		65,328		17,252		52,660		247,932
Over time	22,969		3,923		32,508		5,472		7,740		72,612
Total	$	502,540	$	64,935	$	329,587	$	258,181	$	255,575	$	1,410,818

A summary of revenue by major geographic destination for the three and six months ended June 30 follows:

	Three Months Ended				Six Months Ended
	2020		2019		2020		2019
Americas	$	270,291	$	292,345	$	535,124	$	550,978
Europe	194,165		207,309		388,992		416,864
Asia / Rest of World	226,217		231,712		415,719		442,976
Total	$	690,673	$	731,366	$	1,339,835	$	1,410,818

The Company's global revenue mix by product category is comprised of laboratory (54% of sales), industrial (40% of sales) and retail (6% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A summary of the Company’s revenue by product category for the three and six months ended June 30 is as follows:

	Three Months Ended				Six Months Ended
	2020		2019		2020		2019
Laboratory	$	359,471	$	379,659	$	716,562	$	739,392
Industrial	288,824		303,059		541,179		574,379
Retail	42,378		48,648		82,094		97,047
Total	$	690,673	$	731,366	$	1,339,835	$	1,410,818

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but not yet billed to the customer. Unbilled revenue as of June 30, 2020 and December 31, 2019 was $24.8 million and $17.4 million respectively, and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.

Changes in the components of deferred revenue and customer prepayments during the six month periods ending June 30, 2020 and 2019:

	2020			2019
Beginning balances as of January 1	$	122,489		$	105,381
Customer pre-payments/deferred revenue	278,015			306,667
Revenue recognized	(251,462		)	(283,508		)
Foreign currency translation	1,700			164
Ending balance as of June 30	$	150,742		$	128,704

The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer prepayments and deferred revenue above as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.