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Revenue from Contracts with Customers (Notes) | 12 Months Ended
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Dec. 31, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] |
3. | 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 did 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 December 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 twelve months ended December 31, 2018:
Twelve months ended December 31, 2018 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 769,971 |  |  | $ | 106,400 |  |  | $ | 517,855 |  |  | $ | 475,025 |  |  | $ | 430,824 |  |  | $ | 2,300,075 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 196,314 |  |  | 19,430 |  |  | 134,052 |  |  | 38,528 |  |  | 100,638 |  |  | 488,962 |
Over time | 41,512 |  |  | 8,234 |  |  | 66,881 |  |  | 11,556 |  |  | 18,366 |  |  | 146,549 |
Total | $ | 1,007,797 |  |  | $ | 134,064 |  |  | $ | 718,788 |  |  | $ | 525,109 |  |  | $ | 549,828 |  |  | $ | 2,935,586 |
The Company's global revenue mix by product category is laboratory (51% of sales), industrial (41% 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, which is largely comprised of laboratory products while the Company's Chinese Operations has a slightly higher percentage of industrial products. A breakdown of the Company's sales by product category for the year ended December 31 follows:
| 2018
Laboratory | $ | 1,504,600 |
Industrial | 1,211,362 |
Retail | 219,624 |
Total net sales | $ | 2,935,586 |
In certain circumstances, our reporting units sell directly into other geographies. A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows:
| 2018
Total Americas | $ | 1,105,956 |
Total Europe | 908,773 |
Total Asia/Rest of World | 920,857 |
Total | $ | 2,935,586 |
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 not yet billed to the customer. Unbilled revenue as of December 31, 2018 was $12.4 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:
|  | Deferred Revenue and Customer Pre-payments
Beginning balances as of December 31, 2017 |  | $ | 107,166 |
Customer pre-payments/deferred revenue |  | 619,257 |
Revenue recognized |  | (618,002 | )
Foreign currency translation |  | (3,040 | )
Ending balance as of December 31, 2018 |  | $ | 105,381 |
The Company generally expenses sales commissions when incurred because the contract 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 prepayments and deferred revenue as most contracts have an expected length of one year or less and amounts greater than one year are immaterial.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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