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Revenue from Contracts with Customers (Notes) | 6 Months Ended
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Jun. 30, 2019
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | 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 and comprehensive income, balance sheets, or statements of cash flows as of and for the period ended June 30, 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 and six months ended June 30, 2019 and 2018 follows:
For the three months ended June 30, 2019 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 202,608 |  |  | $ | 24,362 |  |  | $ | 115,195 |  |  | $ | 124,042 |  |  | $ | 99,720 |  |  | $ | 565,927 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 53,054 |  |  | 5,035 |  |  | 32,553 |  |  | 9,548 |  |  | 27,800 |  |  | 127,990 |
Over time | 12,227 |  |  | 1,961 |  |  | 15,933 |  |  | 2,869 |  |  | 4,459 |  |  | 37,449 |
Total | $ | 267,889 |  |  | $ | 31,358 |  |  | $ | 163,681 |  |  | $ | 136,459 |  |  | $ | 131,979 |  |  | $ | 731,366 |
For the three months ended June 30, 2018 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 191,511 |  |  | $ | 25,163 |  |  | $ | 124,336 |  |  | $ | 119,709 |  |  | $ | 101,757 |  |  | $ | 562,476 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 49,985 |  |  | 4,919 |  |  | 33,081 |  |  | 10,885 |  |  | 24,969 |  |  | 123,839 |
Over time | 9,978 |  |  | 2,072 |  |  | 16,355 |  |  | 2,678 |  |  | 4,598 |  |  | 35,681 |
Total | $ | 251,474 |  |  | $ | 32,154 |  |  | $ | 173,772 |  |  | $ | 133,272 |  |  | $ | 131,324 |  |  | $ | 721,996 |
For the six months ended June 30, 2019 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 376,864 |  |  | $ | 51,027 |  |  | $ | 231,751 |  |  | $ | 235,457 |  |  | $ | 195,175 |  |  | $ | 1,090,274 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 102,707 |  |  | 9,985 |  |  | 65,328 |  |  | 17,252 |  |  | 52,660 |  |  | 247,932 |
Over time | 22,969 |  |  | 3,923 |  |  | 32,508 |  |  | 5,472 |  |  | 7,740 |  |  | 72,612 |
Total | $ | 502,540 |  |  | $ | 64,935 |  |  | $ | 329,587 |  |  | $ | 258,181 |  |  | $ | 255,575 |  |  | $ | 1,410,818 |
For the six months ended June 30, 2018 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 364,012 |  |  | $ | 50,728 |  |  | $ | 241,268 |  |  | $ | 224,002 |  |  | $ | 193,412 |  |  | $ | 1,073,422 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 97,605 |  |  | 9,748 |  |  | 62,966 |  |  | 18,012 |  |  | 49,208 |  |  | 237,539 |
Over time | 19,602 |  |  | 4,143 |  |  | 34,910 |  |  | 5,188 |  |  | 8,013 |  |  | 71,856 |
Total | $ | 481,219 |  |  | $ | 64,619 |  |  | $ | 339,144 |  |  | $ | 247,202 |  |  | $ | 250,633 |  |  | $ | 1,382,817 |
A summary of revenue by major geographic destination for the three and six months ended June 30 follows:
| Three Months Ended |  | Six Months Ended
| 2019 |  | 2018 |  | 2019 |  | 2018
Americas | $ | 292,345 |  |  | $ | 274,328 |  |  | $ | 550,978 |  |  | $ | 526,607 |
Europe | 207,309 |  |  | 220,718 |  |  | 416,864 |  |  | 426,558 |
Asia / Rest of World | 231,712 |  |  | 226,950 |  |  | 442,976 |  |  | 429,652 |
Total | $ | 731,366 |  |  | $ | 721,996 |  |  | $ | 1,410,818 |  |  | $ | 1,382,817 |
The Company's global revenue mix by product category is comprised of laboratory (52% of sales), industrial (41% of sales) and retail (7% 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 and six months ended June 30 is as follows:
| Three Months Ended |  | Six Months Ended
| 2019 |  | 2018 |  | 2019 |  | 2018
Laboratory | $ | 379,659 |  |  | $ | 361,726 |  |  | $ | 739,392 |  |  | $ | 706,885 |
Industrial | 303,059 |  |  | 305,277 |  |  | 574,379 |  |  | 567,933 |
Retail | 48,648 |  |  | 54,993 |  |  | 97,047 |  |  | 107,999 |
Total | $ | 731,366 |  |  | $ | 721,996 |  |  | $ | 1,410,818 |  |  | $ | 1,382,817 |
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 June 30, 2019 and December 31, 2018 was $22.1 million and $12.4 million respectively, 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 periods ended June 30, 2019 and 2018:
|  | 2019 |  | 2018
Beginning balances as of December 31 |  | $ | 105,381 |  |  | $ | 107,166 |
Customer pre-payments/deferred revenue |  | 306,667 |  |  | 282,446 |
Revenue recognized |  | (283,508 | ) |  | (260,280 | )
Foreign currency translation |  | 164 |  |  | (2,497 | )
Ending balance as of June 30 |  | $ | 128,704 |  |  | $ | 126,835 |
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 prepayments and deferred revenue above 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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