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Revenue Recognition
 12 Months Ended
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Recognition
3 Revenue Recognition
The Company’s deferred revenue liabilities in the consolidated balance sheets consist of the obligation on instrument service contracts and customer payments received in advance, prior to transfer of control of the instrument. The Company records deferred revenue primarily related to its service contracts, where consideration is billable at the beginning of the service period.
The following is a summary of the activity of the Company’s deferred revenue and customer advances for the twelve months ended December 31, 2024, 2023 and 2022 (in thousands):
 
December 31,
2024
2023
2022
Balance at the beginning of the period
$
323,516
$
285,175
$
273,598
Recognition of revenue included in balance at beginning of the period
(265,167
) 
(240,808
) 
(230,615
) 
Revenue deferred during the period, net of revenue recognized
261,697
279,149
242,192
 
 
 
 
 
 
Balance at the end of the period
$
320,046
$
323,516
$
285,175
 
 
 
 
 
 
The Company classified $69 million and $67 million of deferred revenue and customer advances in other long-term liabilities at December 31, 2024 and 2023, respectively.
 
 
The amount of unfulfilled performance obligations as of December 31, 2024, and the time such amounts are expected to be recognized in the future, is as follows (in thousands):
 
December 31, 2024
Unfulfilled performance obligations expected to be recognized in:
One year or less
    $ 262,752  
13-24
months
      38,008  
25 months and beyond
      31,232  
  
 
 
  
Total
    $ 331,992