Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

4. Revenue

The following table presents the Company’s revenues by Segment for the years ended December 31 (in millions):

	2023			2022			2021
Revenue by Segment:
BSI BioSpin	$	798.5		$	696.7		$	691.0
BSI CALID		960.4			822.2			819.6
BSI Nano		941.9			787.0			697.5
BEST		280.7			237.1			223.8
Eliminations (a)		(17.0	)		(12.3	)		(14.0	)
Total revenue	$	2,964.5		$	2,530.7		$	2,417.9

(a) Represents corporate costs and eliminations not allocated to the reportable segments.

Revenue for the Company recognized at a point in time versus over time is as follows for the years ended December 31 (in millions):

	2023		2022		2021
Revenue recognized at a point in time	$	2,575.3	$	2,204.7	$	2,104.7
Revenue recognized over time		389.2		326.0		313.2
Total revenue	$	2,964.5	$	2,530.7	$	2,417.9

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 December 31, 2023, remaining performance obligations were approximately $2,226.7 million.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, notes receivables and unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Company’s 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 classified as either other current assets or other long-term assets in the condensed consolidated balance sheets. The balance of contract assets as of December 31, 2023, and December 31, 2022, was $85.8 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 consolidated balance sheet based on the timing of when revenue recognition is expected. The balance of contract liabilities as of December 31, 2023, and December 31, 2022, was $491.4 million and $471.7 million, respectively. The increase in the contract liability balance during the year ended December 31, 2023, is primarily a result of new performance obligations entered into during the period and delays in certain system installations due to supply chain and logistics challenges. Approximately $342.9 million of the contract liability balance on December 31, 2022, was recognized as revenue during the year ended December 31, 2023.