Revenue

12 Months Ended

Dec. 31, 2020

Revenue

Revenue

4.    Revenue

The following table presents the Company’s revenues by Group (in millions):

	2020		2019		2018
Revenue by Group:
Bruker BioSpin	$	600.0	$	621.4	$	591.1
Bruker CALID		653.9		623.5		547.8
BSI NANO		556.1		632.7		568.1
BEST		189.5		209.9		194.8
Eliminations		(12.0)		(14.9)		(6.2)
Total revenue	$	1,987.5	$	2,072.6	$	1,895.6

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

		2020	2019		2018
Revenue recognized at a point in time	$	1,726.7	$	1,847.4	$	1,716.8
Revenue recognized over time		260.8		225.2		178.8
Total revenue	$	1,987.5	$	2,072.6	$	1,895.6

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, 2020, remaining performance obligations were approximately $2,006.7 million. The Company expects to recognize revenue on approximately 67.3% of the remaining performance obligations over the next twelve months and the remaining performance obligations primarily within one to three 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 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 consolidated balance sheets. The balance of contract assets as of December 31, 2020 and December 31, 2019 was $41.8 million and $43.9 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. As of December 31, 2020 and December 31, 2019, the contract liabilities were $399.4 million and $312.5 million, respectively. The increase in the contract liability balance during the year ended December 31, 2020 is primarily a result of a delay in instrument installation due to customer facility closures or reduced operations as a result of COVID-19. Approximately $184.8 million of the contract liability balance on December 31, 2019 was recognized as revenue during the year ended December 31, 2020.