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Revenue from Contracts with Customers (Notes)
 6 Months Ended
Jun. 30, 2024
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 six months ended June 30, 2024 and 2023 follows:
For the three months ended June 30, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,345 $39,418 $137,113 $148,436 $122,948 $712,260 
Service Revenue:
Point in time73,839 7,615 43,218 11,753 34,614 171,039 
Over time24,031 3,152 21,982 4,195 10,091 63,451 
Total$362,215 $50,185 $202,313 $164,384 $167,653 $946,750 
For the three months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$265,881 $36,662 $130,404 $204,259 $121,765 $758,971 
Service Revenue:
Point in time
72,250 7,246 40,831 13,020 32,142 165,489 
Over time
20,984 2,895 20,840 4,390 8,548 57,657 
Total$359,115 $46,803 $192,075 $221,669 $162,455 $982,117 
For the six months ended June 30, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$515,081 $83,039 $288,648 $277,447 $249,013 $1,413,228 
Service Revenue:
Point in time146,973 15,379 86,039 21,654 65,824 335,869 
Over time46,284 6,017 42,391 8,481 20,429 123,602 
Total$708,338 $104,435 $417,078 $307,582 $335,266 $1,872,699 
For the six months ended June 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$512,410 $73,123 $271,111 $374,689 $243,639 $1,474,972 
Service Revenue:
Point in time
142,875 14,707 81,996 24,368 62,187 326,133 
Over time
41,231 5,342 38,392 8,380 16,405 109,750 
Total$696,516 $93,172 $391,499 $407,437 $322,231 $1,910,855 
A breakdown of net sales to external customers by geographic customer destination for the three and six months ended June 30 follows:
Three Months EndedSix Months Ended
2024202320242023
Americas$404,030 $396,897 $788,373 $768,970 
Europe258,836 246,340 532,697 500,314 
Asia / Rest of World283,884 338,880 551,629 641,571 
Total$946,750 $982,117 $1,872,699 $1,910,855 
The Company's global revenue mix by product category is 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 breakdown of the Company’s sales by product category for the three and six months ended June 30 is as follows:
Three Months EndedSix Months Ended
2024202320242023
Laboratory$523,233 $526,699 $1,048,288 $1,046,730 
Industrial374,257 399,001 726,102 754,181 
Retail49,260 56,417 98,309 109,944 
Total$946,750 $982,117 $1,872,699 $1,910,855 

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, 2024 and December 31, 2023 was $39.4 million and $35.7 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 six month periods ending June 30, 2024 and 2023 are as follows:
20242023
Beginning balances as of January 1$202,022 $192,759 
Customer pre-payments/deferred revenue338,581 343,373 
Revenue recognized(320,727)(332,005)
Foreign currency translation(5,671)422 
Ending balance as of June 30$214,205 $204,549 
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.