Revenue

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

3.Revenue

The following tables present the Company’s revenues by Segment and End Customer Geography (in millions):

	Three Months Ended March 31,
	2023			2022
Revenue by Segment:
BSI BioSpin	$	180.3		$	157.8
BSI CALID		236.7			203.2
BSI Nano		209.6			178.5
BEST		62.2			59.7
Eliminations		(3.5	)		(4.2	)
Total revenue	$	685.3		$	595.0
	Three Months Ended March 31,
	2023			2022
Revenue by End Customer Geography:
United States	$	175.1		$	155.0
Germany		62.6			58.5
Rest of Europe		159.8			143.4
China		107.6			86.3
Rest of Asia Pacific		132.6			102.6
Other		47.6			49.2
Total revenue	$	685.3		$	595.0

Revenue for the Company recognized at a point in time versus over time is as follows (in millions):

	Three Months Ended March 31,
	2023		2022
Revenue recognized at a point in time	$	598.7	$	514.0
Revenue recognized over time		86.6		81.0
Total revenue	$	685.3	$	595.0

Remaining Performance Obligations

Remaining performance obligations represent the aggregate transaction price allocated to a promise to transfer a good or service that is fully or partially unsatisfied at the end of the period. As of March 31, 2023, remaining performance obligations were approximately $2,383.1 million.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, note receivables and unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Company’s unaudited condensed consolidated balance sheets.

Contract assets—Most of the Company’s long-term contracts are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Billing often occurs subsequent to revenue recognition, resulting in contract assets. Contract assets are generally classified as other current assets in the unaudited condensed consolidated balance sheets. The balance of contract assets as of March 31, 2023 and December 31, 2022 was $67.1 million and $61.3 million, respectively.

Contract liabilities—The Company often receives cash payments from customers in advance of the Company’s performance, resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the unaudited condensed consolidated balance sheets based on the timing of when revenue recognition is expected. As of March 31, 2023 and December 31, 2022, the contract liabilities were $510.9 million and $471.7 million, respectively. The increase in the contract liability balance during the three months ended March 31, 2023 is primarily the result of new cash payments received, which was offset in part by satisfying performance obligations. Approximately $150.4 million of the contract liability balance on December 31, 2022 was recognized as revenue during the three months ended March 31, 2023.