Revenue from Contracts with Customers (Notes)

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUEThe 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, 2023 and 2022 follows:

For the three months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	265,881	$	36,662	$	130,404	$	204,259	$	121,765	$	758,971
Service Revenue:
Point in time	72,250		7,246		40,831		13,020		32,142		165,489
Over time	20,984		2,895		20,840		4,390		8,548		57,657
Total	$	359,115	$	46,803	$	192,075	$	221,669	$	162,455	$	982,117

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 six months ended June 30, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	512,410	$	73,123	$	271,111	$	374,689	$	243,639	$	1,474,972
Service Revenue:
Point in time	142,875		14,707		81,996		24,368		62,187		326,133
Over time	41,231		5,342		38,392		8,380		16,405		109,750
Total	$	696,516	$	93,172	$	391,499	$	407,437	$	322,231	$	1,910,855

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

A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:

	Three Months Ended				Six Months Ended
	2023		2022		2023		2022
Americas	$	396,897	$	393,707	$	768,970	$	746,396
Europe	246,340		242,738		500,314		492,522
Asia / Rest of World	338,880		341,942		641,571		637,260
Total	$	982,117	$	978,387	$	1,910,855	$	1,876,178

The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% 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 breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:

	Three Months Ended				Six Months Ended
	2023		2022		2023		2022
Laboratory	$	526,699	$	545,925	$	1,046,730	$	1,059,475
Industrial	399,001		384,173		754,181		727,911
Retail	56,417		48,289		109,944		88,792
Total	$	982,117	$	978,387	$	1,910,855	$	1,876,178

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, 2023 and December 31, 2022 was $40.0 million and $29.2 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, 2023 and 2022 are as follows:

	2023		2022
Beginning balances as of January 1	$	192,759	$	192,648
Customer pre-payments/deferred revenue	343,373		377,052
Revenue recognized	(332,005)		(345,070)
Foreign currency translation	422		(9,497)
Ending balance as of June 30	$	204,549	$	215,133

The Company generally expenses sales commissions when incurred because the contract period is one year or less. These costs are recorded within selling, general, and administrative expenses. The value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is immaterial.