Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2024

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:

Three months ended March 31, 2024	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	250,737	$	43,621	$	151,535	$	129,011	$	126,064	$	700,968
Service Revenue:
Point in time	73,133		7,765		42,821		9,901		31,210		164,830
Over time	22,253		2,865		20,409		4,286		10,338		60,151
Total	$	346,123	$	54,251	$	214,765	$	143,198	$	167,612	$	925,949

Three months ended March 31, 2023	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	246,529	$	36,461	$	140,707	$	170,430	$	121,874	$	716,001
Service Revenue:
Point in time	70,626		7,461		41,165		11,347		30,045		160,644
Over time	20,247		2,447		17,552		3,990		7,857		52,093
Total	$	337,402	$	46,369	$	199,424	$	185,767	$	159,776	$	928,738

    A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows:

	2024		2023
Americas	$	384,342	$	372,073
Europe	273,861		253,974
Asia / Rest of World	267,746		302,691
Total	$	925,949	$	928,738

The Company's global revenue mix by product category is laboratory (57% of sales), industrial (38% of sales) and retail (5% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global revenue 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 months ended March 31 follows:

	2024		2023
Laboratory	$	525,056	$	520,031
Industrial	351,845		355,181
Retail	49,048		53,526
Total	$	925,949	$	928,738

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 March 31, 2024 and December 31, 2023 was $40.1 million and $35.7 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 periods ended March 31, 2024 and 2023 are as follows:

	2024		2023
Beginning balances as of January 1	$	202,022	$	192,759
Customer pre-payments/deferred revenue	188,295		190,262
Revenue recognized	(169,663)		(172,890)
Foreign currency translation	(3,995)		1,171
Ending balance as of March 31	$	216,659	$	211,302

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.