REVENUE

On January 1, 2018, the Company adopted ASC 606 "Revenue from Contracts with Customers" and all the related amendments using the modified retrospective method, whereby the adoption does not impact any prior periods. The effect of adopting the new standard did not require any cumulative effect adjustment to retained earnings as of January 1, 2018. There was no impact to our consolidated statements of operations, balance sheet, or statement of cash flows as of and for the period ended March 31, 2018.

The Company disaggregates revenue from contracts with customers by product, service, timing of revenue recognition and geography. A summary by the Company’s reportable segments follows for the three months ended March 31, 2018:



	U.S. Operations		Swiss Operations		Western European Operations		Chinese Operations		Other Operations		Total
Product Revenue	$	172,501	$	25,565	$	116,932	$	104,292	$	91,656	$	510,946
Service Revenue:
Point in time	47,619		4,830		34,590		7,127		24,237		118,403
Over time	9,625		2,071		13,850		2,511		3,415		31,472
Total	$	229,745	$	32,466	$	165,372	$	113,930	$	119,308	$	660,821

A summary of revenue by major geographic destination for the three months ended March 31, 2018 follows:



	2018
Americas	$	252,279
Europe	205,840
Asia / Rest of World	202,702
Total	$	660,821

The Company's global revenue mix by product category is laboratory (52% of sales), industrial (40% of sales) and retail (8% of sales). The Company's product revenue by reportable segment is proportionately similar to the Company's global mix except the Company's Swiss Operations is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A summary of the Company’s revenue by product category for the three months ended March 31, 2018 is as follows:



	2018
Laboratory	$	345,159
Industrial	262,656
Retail	53,006
Total	$	660,821

The payment terms in the Company’s contracts with customers do not exceed one year and therefore contracts do not contain a significant financing component. In most cases, after appropriate credit evaluations, payments are due in arrears and are recognized as receivables. Unbilled revenue is recorded when performance obligations have been satisfied, but the Company does not have right to receive payment. Unbilled revenue as of March 31, 2018 was $16.0 million and is included within accounts receivable. Deferred revenue and customer prepayments are recorded when cash payments are received or due in advance of the performance obligation being satisfied. Deferred revenue primarily includes prepaid service contracts, as well as deferred installation.

Changes in the components of deferred revenue and customer prepayments during the period are as follows:



	Customer Pre-payments			Deferred Revenue			Total
Beginning balances as of December 31, 2017	$	56,772		$	50,394		$	107,166
Customer pre-payments/deferred revenue	96,878			54,131			151,009
Revenue recognized	(95,913		)	(33,883		)	(129,796		)
Foreign currency translation	1,161			1,164			2,325
Ending balance as of March 31, 2018	$	58,898		$	71,806		$	130,704

The Company generally expenses sales commissions when incurred because the amortization period is one year or less. These costs are recorded within selling, general, and administrative expenses. The Company has not disclosed the value of unsatisfied performance obligations other than customer pre-payments and deferred revenue above as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.