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Revenue Recognition (Notes) | 3 Months Ended
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Mar. 31, 2021
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE 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:
Three months ended March 31, 2021 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 205,191 |  |  | $ | 30,167 |  |  | $ | 136,899 |  |  | $ | 143,325 |  |  | $ | 111,333 |  |  | $ | 626,915 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 51,591 |  |  | 6,891 |  |  | 35,630 |  |  | 9,342 |  |  | 27,877 |  |  | 131,331 |
Over time | 15,177 |  |  | 2,223 |  |  | 19,821 |  |  | 3,407 |  |  | 5,516 |  |  | 46,144 |
Total | $ | 271,959 |  |  | $ | 39,281 |  |  | $ | 192,350 |  |  | $ | 156,074 |  |  | $ | 144,726 |  |  | $ | 804,390 |
Three months ended March 31, 2020 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 177,436 |  |  | $ | 24,276 |  |  | $ | 105,877 |  |  | $ | 90,321 |  |  | $ | 91,424 |  |  | $ | 489,334 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 50,234 |  |  | 5,557 |  |  | 31,391 |  |  | 7,106 |  |  | 25,676 |  |  | 119,964 |
Over time | 13,739 |  |  | 2,064 |  |  | 16,057 |  |  | 3,172 |  |  | 4,832 |  |  | 39,864 |
Total | $ | 241,409 |  |  | $ | 31,897 |  |  | $ | 153,325 |  |  | $ | 100,599 |  |  | $ | 121,932 |  |  | $ | 649,162 |
A breakdown of net sales to external customers by geographic customer destination for the three months ended March 31 follows:
| 2021 |  | 2020
Americas | $ | 303,339 |  |  | $ | 264,824 |
Europe | 241,377 |  |  | 194,828 |
Asia / Rest of World | 259,674 |  |  | 189,510 |
Total | $ | 804,390 |  |  | $ | 649,162 |
The Company's global revenue mix by product category is laboratory (55% of sales), industrial (39% of sales) and retail (6% 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 breakdown of the Company’s sales by product category for the three months ended March 31 follows:
| 2021 |  | 2020
Laboratory | $ | 444,627 |  |  | $ | 357,091 |
Industrial | 310,777 |  |  | 252,355 |
Retail | 48,986 |  |  | 39,716 |
Total | $ | 804,390 |  |  | $ | 649,162 |
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 March 31, 2021 and December 31, 2020 was $30.9 million and $22.6 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 March 31, 2021 and 2020 are as follows:
| 2021 |  | 2020
Beginning balances as of January 1 | $ | 149,106 |  |  | $ | 122,489 |
Customer pre-payments/deferred revenue | 162,765 |  |  | 145,168 |
Revenue recognized | (127,985) |  |  | (120,291) |
Foreign currency translation | (3,556) |  |  | (2,530) |
Ending balance as of March 31 | $ | 180,330 |  |  | $ | 144,836 |
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 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.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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