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Revenue from Contracts with Customers (Notes)
 9 Months Ended
Sep. 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 nine months ended September 30, 2024 and 2023 follows:
For the three months ended September 30, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$253,663 $42,311 $135,271 $147,851 $136,497 $715,593 
Service Revenue:
Point in time72,240 7,969 43,250 11,852 36,370 171,681 
Over time25,139 3,155 23,316 4,697 10,954 67,261 
Total$351,042 $53,435 $201,837 $164,400 $183,821 $954,535 
For the three months ended September 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$264,095 $40,270 $135,608 $147,312 $135,326 $722,611 
Service Revenue:
Point in time
68,082 7,049 42,663 10,570 34,420 162,784 
Over time
21,581 2,914 20,249 4,130 8,193 57,067 
Total$353,758 $50,233 $198,520 $162,012 $177,939 $942,462 
For the nine months ended September 30, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$768,744 $125,350 $423,919 $425,298 $385,510 $2,128,821 
Service Revenue:
Point in time219,213 23,348 129,289 33,506 102,194 507,550 
Over time71,423 9,172 65,707 13,178 31,383 190,863 
Total$1,059,380 $157,870 $618,915 $471,982 $519,087 $2,827,234 
For the nine months ended September 30, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$776,505 $113,393 $406,719 $522,001 $378,965 $2,197,583 
Service Revenue:
Point in time
210,957 21,756 124,659 34,938 96,607 488,917 
Over time
62,812 8,256 58,641 12,510 24,598 166,817 
Total$1,050,274 $143,405 $590,019 $569,449 $500,170 $2,853,317 
A breakdown of net sales to external customers by geographic customer destination for the three and nine months ended September 30 follows:
Three Months EndedNine Months Ended
2024202320242023
Americas$393,620 $397,721 $1,181,992 $1,166,691 
Europe259,993 255,157 792,690 755,470 
Asia / Rest of World300,922 289,584 852,552 931,156 
Total$954,535 $942,462 $2,827,234 $2,853,317 
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 nine months ended September 30 is as follows:
Three Months EndedNine Months Ended
2024202320242023
Laboratory$534,835 $508,817 $1,583,123 $1,555,547 
Industrial365,514 365,909 1,091,616 1,120,090 
Retail54,186 67,736 152,495 177,680 
Total$954,535 $942,462 $2,827,234 $2,853,317 

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, 2024 and December 31, 2023 was $40.6 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 nine month periods ending September 30, 2024 and 2023 are as follows:
20242023
Beginning balances as of January 1$202,022 $192,759 
Customer pre-payments/deferred revenue483,079 485,721 
Revenue recognized(474,832)(484,858)
Foreign currency translation381 (2,838)
Ending balance as of September 30$210,650 $190,784 
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.