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Revenue from Contracts with Customers (Notes)
 9 Months Ended
Sep. 30, 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 of revenue by the Company’s reportable segments for the three and nine months ended September 30, 2021 and 2020 follows:
For the three months ended September 30, 2021U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$263,885 $33,612 $142,318 $193,727 $127,302 $760,844 
Service Revenue:
Point in time56,325 6,092 37,524 12,680 30,120 142,741 
Over time16,498 2,146 18,790 4,053 6,878 48,365 
Total$336,708 $41,850 $198,632 $210,460 $164,300 $951,950 
For the three months ended September 30, 2020U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$212,607 $30,507 $124,073 $150,879 $112,306 $630,372 
Service Revenue:
Point in time
52,000 6,329 34,519 11,414 28,602 132,864 
Over time
14,341 2,012 19,038 2,938 5,792 44,121 
Total$278,948 $38,848 $177,630 $165,231 $146,700 $807,357 
For the nine months ended September 30, 2021U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$721,744 $95,797 $424,904 $525,855 $355,945 $2,124,245 
Service Revenue:
Point in time162,409 19,517 110,243 34,655 87,708 414,532 
Over time47,824 6,653 57,557 11,545 18,335 141,914 
Total$931,977 $121,967 $592,704 $572,055 $461,988 $2,680,691 
For the nine months ended September 30, 2020U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$578,405 $76,796 $334,408 $369,351 $297,859 $1,656,819 
Service Revenue:
Point in time
148,577 16,611 93,855 28,304 77,768 365,115 
Over time
42,714 6,286 51,743 9,083 15,432 125,258 
Total$769,696 $99,693 $480,006 $406,738 $391,059 $2,147,192 
A summary of revenue by major geographic destination for the three and nine months ended September 30 follows:
Three Months EndedNine Months Ended
2021202020212020
Americas$367,278 $304,963 $1,024,033 $840,087 
Europe258,925 232,133 760,491 621,126 
Asia / Rest of World325,747 270,261 896,167 685,979 
Total$951,950 $807,357 $2,680,691 $2,147,192 
The Company's global revenue mix by product category is comprised of laboratory (56% of sales), industrial (39% of sales) and retail (5% 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 nine months ended September 30 is as follows:
Three Months EndedNine Months Ended
2021202020212020
Laboratory$536,489 $430,516 $1,487,222 $1,147,078 
Industrial370,505 322,808 1,049,295 863,987 
Retail44,956 54,033 144,174 136,127 
Total$951,950 $807,357 $2,680,691 $2,147,192 

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 September 30, 2021 and December 31, 2020 was $37.3 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 nine month periods ending September 30, 2021 and 2020 are as follows:
20212020
Beginning balances as of January 1$149,106 $122,489 
Customer pre-payments/deferred revenue496,437 435,952 
Revenue recognized(446,775)(409,391)
Foreign currency translation(3,534)1,426 
Ending balance as of September 30$195,234 $150,476 
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.