The following table present the Company’s revenues by Segment (in millions):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Revenue by Segment:
BSI BioSpin	$	233.0		$	198.3		$	633.3		$	540.6
BSI CALID		279.4			239.3			772.9			703.2
BSI NANO		287.1			238.7			780.0			673.4
BEST		68.7			70.6			210.9			205.5
Eliminations (a)		(3.8	)		(4.1	)		(10.3	)		(12.7	)
Total revenue	$	864.4		$	742.8		$	2,386.8		$	2,110.0

(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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue recognized at a point in time	$	741.5	$	643.1	$	2,036.5	$	1,828.5
Revenue recognized over time		122.9		99.7		350.3		281.5
Total revenue	$	864.4	$	742.8	$	2,386.8	$	2,110.0

The following table presents the Company’s revenue by End Customer Geography (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue by End Customer Geography:
United States	$	239.0	$	211.1	$	677.5	$	565.5
Germany		74.3		78.0		224.6		202.1
Rest of Europe		215.6		174.0		586.0		495.0
China		121.3		136.7		357.4		360.8
Rest of Asia Pacific		141.1		92.6		354.3		332.0
Other		73.1		50.4		187.0		154.6
Total revenue	$	864.4	$	742.8	$	2,386.8	$	2,110.0

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 September 30, 2024, remaining performance obligations were approximately $2,207.2 million.

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 September 30, 2024, and December 31, 2023, was $118.0 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 September 30, 2024 and December 31, 2023, the contract liabilities were $560.9 million and $491.4 million, respectively of which $466.7 million and $400.0 million respectively, consist of the current portion of these contract liabilities. The increase in the contract liability balance during the nine months ended September 30, 2024, is primarily the result of new cash payments received, which was offset in part by satisfying performance obligations. Approximately $294.2 million of the contract liability balance on December 31, 2023 was recognized as revenue during the nine months ended September 30, 2024.