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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | 3. Revenue The following table present the Company’s revenues by Segment (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue by Segment: |  |  |  |  |  |  |  |  |  |  |  |
BSI BioSpin |  | $ | 217.5 |  |  | $ | 162.0 |  |  | $ | 400.3 |  |  | $ | 342.3 |
BSI CALID |  |  | 265.6 |  |  |  | 227.2 |  |  |  | 493.5 |  |  |  | 463.9 |
BSI Nano |  |  | 252.5 |  |  |  | 225.1 |  |  |  | 492.9 |  |  |  | 434.7 |
BEST |  |  | 69.1 |  |  |  | 72.7 |  |  |  | 142.2 |  |  |  | 134.9 |
Eliminations (a) |  |  | (4.0 | ) |  |  | (5.1 | ) |  |  | (6.5 | ) |  |  | (8.6 | )
Total revenue |  | $ | 800.7 |  |  | $ | 681.9 |  |  | $ | 1,522.4 |  |  | $ | 1,367.2 |
(a) Represents product and service revenue between reportable segments. Revenue for the Company recognized at a point in time versus over time is as follows (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue recognized at a point in time |  | $ | 686.5 |  |  | $ | 586.7 |  |  | $ | 1,295.0 |  |  | $ | 1,185.4 |
Revenue recognized over time |  |  | 114.2 |  |  |  | 95.2 |  |  |  | 227.4 |  |  |  | 181.8 |
Total revenue |  | $ | 800.7 |  |  | $ | 681.9 |  |  | $ | 1,522.4 |  |  | $ | 1,367.2 |
The following table presents the Company’s revenue by End Customer Geography (in millions):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Revenue by End Customer Geography: |  |  |  |  |  |  |  |  |  |  |  |
United States |  | $ | 243.7 |  |  | $ | 179.3 |  |  | $ | 438.5 |  |  | $ | 354.4 |
Germany |  |  | 83.5 |  |  |  | 61.5 |  |  |  | 150.3 |  |  |  | 124.1 |
Rest of Europe |  |  | 192.3 |  |  |  | 161.2 |  |  |  | 370.4 |  |  |  | 321.0 |
China |  |  | 120.4 |  |  |  | 116.5 |  |  |  | 236.1 |  |  |  | 224.1 |
Rest of Asia Pacific |  |  | 106.2 |  |  |  | 106.8 |  |  |  | 213.2 |  |  |  | 239.4 |
Other |  |  | 54.6 |  |  |  | 56.6 |  |  |  | 113.9 |  |  |  | 104.2 |
Total revenue |  | $ | 800.7 |  |  | $ | 681.9 |  |  | $ | 1,522.4 |  |  | $ | 1,367.2 |
Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price allocated to a promise to transfer a good or service that is fully or partially unsatisfied at the end of the period. As of June 30, 2024, remaining performance obligations were approximately $2,257.7 million. Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, note receivables and unbilled receivables (contract assets) and deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the Company’s unaudited condensed consolidated balance sheets. Contract assets—Most of the Company’s long-term contracts and revenues from certain instrument rental and reagent agreements are billed as work progresses in accordance with the contract terms and conditions, either at periodic intervals or upon achievement of certain milestones. Billing often occurs subsequent to revenue recognition, resulting in contract assets. Contract assets are classified as either other current assets or other long-term assets in the unaudited condensed consolidated balance sheets. The balance of contract assets as of June 30, 2024, and December 31, 2023, was $103.6 million and $85.8 million, respectively. Contract liabilities—The Company often receives cash payments from customers in advance of the Company’s performance, resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the unaudited condensed consolidated balance sheets based on the timing of when revenue recognition is expected. As of June 30, 2024 and December 31, 2023, the contract liabilities were $595.8 million and $491.4 million, respectively. The increase in the contract liability balance during the six months ended June 30, 2024, is primarily the result of new cash payments received, which was offset in part by satisfying performance obligations. Approximately $227.7 million of the contract liability balance on December 31, 2023 was recognized as revenue during the six months ended June 30, 2024.

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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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