Revenue

9 Months Ended

Sep. 30, 2019

Revenue

Revenue

2.    Revenue

The following table presents the Company’s revenues by Group and End Customer Geography (dollars in millions):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Revenue by Group:
Bruker BioSpin	$	143.7	$	139.5	$	422.4	$	411.2
Bruker CALID		158.2		134.6		446.9		393.9
Bruker Nano		169.9		143.0		461.7		401.4
BEST		52.5		50.9		152.2		139.2
Eliminations		(3.2)		(1.4)		(10.5)		(3.7)
Total revenue	$	521.1	$	466.6	$	1,472.7	$	1,342.0

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Revenue by End Customer Geography:
United States	$	135.5	$	134.1	$	379.3	$	347.3
Germany		57.7		44.9		150.1		135.3
Rest of Europe		121.0		114.6		350.0		346.4
Asia Pacific		158.5		134.4		464.5		396.8
Other		48.4		38.6		128.8		116.2
Total revenue	$	521.1	$	466.6	$	1,472.7	$	1,342.0

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Revenue recognized at a point in time	$	463.8	$	427.1	$	1,310.2	$	1,227.6
Revenue recognized over time		57.3		39.5		162.5		114.4
Total revenue	$	521.1	$	466.6	$	1,472.7	$	1,342.0

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 September 30, 2019, remaining performance obligations were approximately $1,520.5 million. The Company expects to recognize revenue on approximately 63.6% of the remaining performance obligations over the next twelve months and the remaining performance obligations primarily within one to five years.

Contract Balances

The timing of revenue recognition, billings and cash collections results in billed accounts receivable, 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 September 30, 2019 and December 31, 2018 was $38.1 million and $25.9 million, respectively. The increase in the contract asset balance during the nine month period ended September 30, 2019 is primarily a result of foreign currency translation and contracts that have been recognized as revenue during the nine month period ending September 30, 2019 for which billing cannot contractually occur as of September 30, 2019.

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 sheet based on the timing of when revenue recognition is expected. As of September 30, 2019 and December 31, 2018, the contract liabilities were $295.1 million and $288.5 million, respectively. The increase in the contract liability balance during the nine month period ended September 30, 2019 is primarily a result of new performance obligations entered into during the nine month period. Approximately $165.0 million of the contract liability balance on December 31, 2018 was recognized as revenue during the nine month period ended September 30, 2019.