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Revenue from Contracts with Customers | 12 Months Ended
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Dec. 31, 2023
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 for the years ended December 31:
Twelve months ended December 31, 2023 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 1,039,766 |  |  | $ | 147,792 |  |  | $ | 542,707 |  |  | $ | 656,834 |  |  | $ | 519,562 |  |  | $ | 2,906,661 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 279,234 |  |  | 29,917 |  |  | 170,343 |  |  | 45,127 |  |  | 131,214 |  |  | 655,835 |
Over time | 84,919 |  |  | 10,970 |  |  | 79,857 |  |  | 16,857 |  |  | 33,210 |  |  | 225,813 |
Total | $ | 1,403,919 |  |  | $ | 188,679 |  |  | $ | 792,907 |  |  | $ | 718,818 |  |  | $ | 683,986 |  |  | $ | 3,788,309 |
Twelve months ended December 31, 2022 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 1,113,983 |  |  | $ | 139,490 |  |  | $ | 581,168 |  |  | $ | 777,276 |  |  | $ | 506,804 |  |  | $ | 3,118,721 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 256,837 |  |  | 27,800 |  |  | 134,781 |  |  | 46,931 |  |  | 121,786 |  |  | 588,135 |
Over time | 73,640 |  |  | 8,829 |  |  | 83,982 |  |  | 17,319 |  |  | 29,083 |  |  | 212,853 |
Total | $ | 1,444,460 |  |  | $ | 176,119 |  |  | $ | 799,931 |  |  | $ | 841,526 |  |  | $ | 657,673 |  |  | $ | 3,919,709 |
Twelve months ended December 31, 2021 | U.S. Operations |  | Swiss Operations |  | Western European Operations |  | Chinese Operations |  | Other Operations |  | Total
Product Revenue | $ | 1,004,891 |  |  | $ | 135,987 |  |  | $ | 600,527 |  |  | $ | 707,355 |  |  | $ | 511,855 |  |  | $ | 2,960,615 |
Service Revenue: |  |  |  |  |  |  |  |  |  |  |
Point in time | 218,306 |  |  | 26,764 |  |  | 151,656 |  |  | 48,343 |  |  | 120,860 |  |  | 565,929 |
Over time | 64,786 |  |  | 8,882 |  |  | 77,578 |  |  | 15,953 |  |  | 24,187 |  |  | 191,386 |
Total | $ | 1,287,983 |  |  | $ | 171,633 |  |  | $ | 829,761 |  |  | $ | 771,651 |  |  | $ | 656,902 |  |  | $ | 3,717,930 |
The Company's global revenue mix by product category for the year ended December 31, 2023 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 with the exception of the Company’s Swiss Operations, which is largely comprised of laboratory products, and the Company’s Chinese Operations, which 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:
| 2023 |  | 2022 |  | 2021
Laboratory | $ | 2,068,807 |  |  | $ | 2,230,381 |  |  | $ | 2,083,025 |
Industrial | 1,490,445 |  |  | 1,510,554 |  |  | 1,446,544 |
Retail | 229,057 |  |  | 178,774 |  |  | 188,361 |
Total net sales | $ | 3,788,309 |  |  | $ | 3,919,709 |  |  | $ | 3,717,930 |
A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows:
| 2023 |  | 2022 |  | 2021
Americas | $ | 1,568,210 |  |  | $ | 1,582,493 |  |  | $ | 1,419,832 |
Europe | 1,015,498 |  |  | 1,014,360 |  |  | 1,062,961 |
Asia/Rest of World | 1,204,601 |  |  | 1,322,856 |  |  | 1,235,137 |
Total | $ | 3,788,309 |  |  | $ | 3,919,709 |  |  | $ | 3,717,930 |
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, 2023 and 2022 was $35.7 million and $29.2 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 period are as follows:
|  | 2023 |  | 2022 |  | 2021
Beginning balances as of January 1 |  | $ | 192,759 |  |  | $ | 192,648 |  |  | $ | 149,106 |
Customer prepayments/deferred revenue |  | 670,178 |  |  | 731,482 |  |  | 711,067 |
Revenue recognized |  | (663,165) |  |  | (720,362) |  |  | (667,245) |
Foreign currency translation |  | 2,250 |  |  | (11,009) |  |  | (280) |
Ending balance as of December 31 |  | $ | 202,022 |  |  | $ | 192,759 |  |  | $ | 192,648 |
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 value of unsatisfied performance obligations other than customer prepayments and deferred revenue associated with contracts greater than one year is 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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