Revenue from Contracts with Customers (Notes)

9 Months Ended

Sep. 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 nine months ended September 30, 2022 and 2021 follows:

For the three months ended September 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	287,948	$	32,366	$	129,089	$	212,163	$	122,421	$	783,987
Service Revenue:
Point in time	65,596		6,401		29,071		13,543		30,248		144,859
Over time	20,220		2,205		22,799		4,016		7,760		57,000
Total	$	373,764	$	40,972	$	180,959	$	229,722	$	160,429	$	985,846

For the three months ended September 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	263,885	$	33,612	$	142,318	$	193,727	$	127,302	$	760,844
Service Revenue:
Point in time	56,325		6,092		37,524		12,680		30,120		142,741
Over time	16,498		2,146		18,790		4,053		6,878		48,365
Total	$	336,708	$	41,850	$	198,632	$	210,460	$	164,300	$	951,950

For the nine months ended September 30, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	816,193	$	99,567	$	404,060	$	593,283	$	357,742	$	2,270,845
Service Revenue:
Point in time	190,340		20,072		97,250		34,578		89,390		431,630
Over time	54,197		6,665		62,798		14,376		21,513		159,549
Total	$	1,060,730	$	126,304	$	564,108	$	642,237	$	468,645	$	2,862,024

For the nine months ended September 30, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	721,744	$	95,797	$	424,904	$	525,855	$	355,945	$	2,124,245
Service Revenue:
Point in time	162,409		19,517		110,243		34,655		87,708		414,532
Over time	47,824		6,653		57,557		11,545		18,335		141,914
Total	$	931,977	$	121,967	$	592,704	$	572,055	$	461,988	$	2,680,691

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

	Three Months Ended				Nine Months Ended
	2022		2021		2022		2021
Americas	$	408,207	$	367,278	$	1,154,602	$	1,024,033
Europe	228,145		258,925		720,667		760,491
Asia / Rest of World	349,494		325,747		986,755		896,167
Total	$	985,846	$	951,950	$	2,862,024	$	2,680,691

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 nine months ended September 30 is as follows:

	Three Months Ended				Nine Months Ended
	2022		2021		2022		2021
Laboratory	$	555,112	$	536,489	$	1,614,586	$	1,487,222
Industrial	386,543		370,505		1,114,454		1,049,295
Retail	44,191		44,956		132,984		144,174
Total	$	985,846	$	951,950	$	2,862,024	$	2,680,691

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, 2022 and December 31, 2021 was $34.7 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 nine month periods ending September 30, 2022 and 2021 are as follows:

	2022		2021
Beginning balances as of January 1	$	192,648	$	149,106
Customer pre-payments/deferred revenue	545,997		496,437
Revenue recognized	(523,022)		(446,775)
Foreign currency translation	(17,444)		(3,534)
Ending balance as of September 30	$	198,179	$	195,234

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.