Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2023

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 by the Company’s reportable segments follows for the years ended December 31:

Twelve months ended December 31, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	1,039,766	$	147,792	$	542,707	$	656,834	$	519,562	$	2,906,661
Service Revenue:
Point in time	279,234		29,917		170,343		45,127		131,214		655,835
Over time	84,919		10,970		79,857		16,857		33,210		225,813
Total	$	1,403,919	$	188,679	$	792,907	$	718,818	$	683,986	$	3,788,309

Twelve months ended December 31, 2022	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	1,113,983	$	139,490	$	581,168	$	777,276	$	506,804	$	3,118,721
Service Revenue:
Point in time	256,837		27,800		134,781		46,931		121,786		588,135
Over time	73,640		8,829		83,982		17,319		29,083		212,853
Total	$	1,444,460	$	176,119	$	799,931	$	841,526	$	657,673	$	3,919,709

Twelve months ended December 31, 2021	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	1,004,891	$	135,987	$	600,527	$	707,355	$	511,855	$	2,960,615
Service Revenue:
Point in time	218,306		26,764		151,656		48,343		120,860		565,929
Over time	64,786		8,882		77,578		15,953		24,187		191,386
Total	$	1,287,983	$	171,633	$	829,761	$	771,651	$	656,902	$	3,717,930

The Company's global revenue mix by product category for the year ended December 31, 2023 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 with the exception of the Company’s Swiss Operations, which is largely comprised of laboratory products, and the Company’s Chinese Operations, which has a slightly higher percentage of industrial products. A breakdown of the Company’s sales by product category for the year ended December 31 follows:

	2023		2022		2021
Laboratory	$	2,068,807	$	2,230,381	$	2,083,025
Industrial	1,490,445		1,510,554		1,446,544
Retail	229,057		178,774		188,361
Total net sales	$	3,788,309	$	3,919,709	$	3,717,930

A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows:

	2023		2022		2021
Americas	$	1,568,210	$	1,582,493	$	1,419,832
Europe	1,015,498		1,014,360		1,062,961
Asia/Rest of World	1,204,601		1,322,856		1,235,137
Total	$	3,788,309	$	3,919,709	$	3,717,930

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 December 31, 2023 and 2022 was $35.7 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 period are as follows:

	2023		2022		2021
Beginning balances as of January 1	$	192,759	$	192,648	$	149,106
Customer prepayments/deferred revenue	670,178		731,482		711,067
Revenue recognized	(663,165)		(720,362)		(667,245)
Foreign currency translation	2,250		(11,009)		(280)
Ending balance as of December 31	$	202,022	$	192,759	$	192,648

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.