Revenue from Contracts with Customers (Notes)

6 Months Ended

Jun. 30, 2022

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, 2022 and 2021 follows:

For the three months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	279,438	$	33,291	$	136,962	$	213,131	$	117,422	$	780,244
Service Revenue:
Point in time	64,589		6,504		31,957		10,708		30,541		144,299
Over time	17,118		2,267		21,345		5,970		7,144		53,844
Total	$	361,145	$	42,062	$	190,264	$	229,809	$	155,107	$	978,387

For the three months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	252,668	$	32,018	$	145,687	$	188,803	$	117,310	$	736,486
Service Revenue:
Point in time	54,493		6,534		37,089		12,633		29,711		140,460
Over time	16,149		2,284		18,946		4,085		5,941		47,405
Total	$	323,310	$	40,836	$	201,722	$	205,521	$	152,962	$	924,351

For the six months ended June 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	528,245	$	67,201	$	274,971	$	381,120	$	235,322	$	1,486,859
Service Revenue:
Point in time	124,743		13,671		68,179		21,035		59,143		286,771
Over time	33,978		4,459		39,999		10,360		13,752		102,548
Total	$	686,966	$	85,331	$	383,149	$	412,515	$	308,217	$	1,876,178

For the six months ended June 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	457,859	$	62,185	$	282,586	$	332,128	$	228,643	$	1,363,401
Service Revenue:
Point in time	106,084		13,425		72,719		21,975		57,588		271,791
Over time	31,326		4,507		38,767		7,492		11,457		93,549
Total	$	595,269	$	80,117	$	394,072	$	361,595	$	297,688	$	1,728,741

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

	Three Months Ended				Six Months Ended
	2022		2021		2022		2021
Americas	$	393,707	$	353,415	$	746,396	$	656,754
Europe	242,738		260,190		492,522		501,566
Asia / Rest of World	341,942		310,746		637,260		570,421
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

The Company's global revenue mix by product category is comprised of laboratory (56% of sales), industrial (39% of sales) and retail (5% 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
	2022		2021		2022		2021
Laboratory	$	545,925	$	506,106	$	1,059,475	$	950,732
Industrial	384,173		368,013		727,911		678,791
Retail	48,289		50,232		88,792		99,218
Total	$	978,387	$	924,351	$	1,876,178	$	1,728,741

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, 2022 and December 31, 2021 was $35.3 million and $32.1 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, 2022 and 2021 are as follows:

	2022		2021
Beginning balances as of January 1	$	192,648	$	149,106
Customer pre-payments/deferred revenue	377,052		323,654
Revenue recognized	(345,070)		(278,817)
Foreign currency translation	(9,497)		(1,744)
Ending balance as of June 30	$	215,133	$	192,199

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.