XML 33 R12.htm IDEA: XBRL DOCUMENT v3.25.0.1
Revenue from Contracts with Customers
 12 Months Ended
Dec. 31, 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 by the Company’s reportable segments follows for the years ended December 31:
Twelve months ended December 31, 2024U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
Product Revenue$1,042,479 $174,484 $593,502 $565,118 $554,645 $2,930,228 
Service Revenue:
Point in time
290,266 31,746 176,459 45,587 140,162 684,220 
Over time
96,757 12,350 88,041 17,742 43,023 257,913 
Total$1,429,502 $218,580 $858,002 $628,447 $737,830 $3,872,361 
Twelve months ended December 31, 2023U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
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, 2022U.S. OperationsSwiss OperationsWestern European OperationsChinese OperationsOther OperationsTotal
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 
The Company's global revenue mix by product category for the year ended December 31, 2024 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 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:
202420232022
Laboratory$2,185,979 $2,068,807 $2,230,381 
Industrial1,490,026 1,490,445 1,510,554 
Retail196,356 229,057 178,774 
Total net sales$3,872,361 $3,788,309 $3,919,709 
A breakdown of net sales to external customers by geographic customer destination, net for the year ended December 31 follows:
 202420232022
Americas$1,606,292 $1,568,210 $1,582,493 
Europe1,100,399 1,015,498 1,014,360 
Asia/Rest of World1,165,670 1,204,601 1,322,856 
Total$3,872,361 $3,788,309 $3,919,709 
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, 2024 and 2023 was $32.6 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 period are as follows:
202420232022
Beginning balances as of January 1$202,022 $192,759 $192,648 
Customer prepayments/deferred revenue656,890 670,178 731,482 
Revenue recognized(643,067)(663,165)(720,362)
Foreign currency translation(11,679)2,250 (11,009)
Ending balance as of December 31$204,166 $202,022 $192,759 
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.