Revenue from Contracts with Customers (Notes)

9 Months Ended

Sep. 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 nine months ended September 30, 2020 and 2019 follows:

For the three months ended September 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	212,607	$	30,507	$	124,073	$	150,879	$	112,306	$	630,372
Service Revenue:
Point in time	52,000		6,329		34,519		11,414		28,602		132,864
Over time	14,341		2,012		19,038		2,938		5,792		44,121
Total	$	278,948	$	38,848	$	177,630	$	165,231	$	146,700	$	807,357

For the three months ended September 30, 2019	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	203,291	$	26,114	$	120,510	$	129,163	$	107,678	$	586,756
Service Revenue:
Point in time	53,035		5,191		31,852		10,111		27,665		127,854
Over time	12,712		2,110		16,290		3,018		5,126		39,256
Total	$	269,038	$	33,415	$	168,652	$	142,292	$	140,469	$	753,866

For the nine months ended September 30, 2020	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	578,405	$	76,796	$	334,408	$	369,351	$	297,859	$	1,656,819
Service Revenue:
Point in time	148,577		16,611		93,855		28,304		77,768		365,115
Over time	42,714		6,286		51,743		9,083		15,432		125,258
Total	$	769,696	$	99,693	$	480,006	$	406,738	$	391,059	$	2,147,192

For the nine months ended September 30, 2019	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	580,155	$	77,142	$	352,260	$	364,620	$	302,853	$	1,677,030
Service Revenue:
Point in time	156,221		15,176		97,182		27,363		80,324		376,266
Over time	35,202		6,032		48,798		8,490		12,866		111,388
Total	$	771,578	$	98,350	$	498,240	$	400,473	$	396,043	$	2,164,684

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

	Three Months Ended				Nine Months Ended
	2020		2019		2020		2019
Americas	$	304,963	$	298,304	$	840,087	$	849,282
Europe	232,133		212,736		621,126		629,600
Asia / Rest of World	270,261		242,826		685,979		685,802
Total	$	807,357	$	753,866	$	2,147,192	$	2,164,684

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 nine months ended September 30 is as follows:

	Three Months Ended				Nine Months Ended
	2020		2019		2020		2019
Laboratory	$	430,516	$	388,441	$	1,147,078	$	1,127,833
Industrial	322,808		315,337		863,987		889,716
Retail	54,033		50,088		136,127		147,135
Total	$	807,357	$	753,866	$	2,147,192	$	2,164,684

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 September 30, 2020 and December 31, 2019 was $29.4 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 nine month periods ending September 30, 2020 and 2019:

	2020		2019
Beginning balances as of January 1	$	122,489	$	105,381
Customer pre-payments/deferred revenue	435,952		466,617
Revenue recognized	(409,391)		(442,904)
Foreign currency translation	1,426		(2,169)
Ending balance as of September 30	$	150,476	$	126,925

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.