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Contracts with Customers
12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Contracts with Customers

Note 8 Contracts with Customers

During 2023 and 2022, substantially all of the beginning balance of deferred revenue was recognized into revenue. Deferred revenue represents contractual amounts received from customers that exceed revenue recognized for automation equipment sales. Our enforceable contractual obligations have durations of less than one year and are included in contract liabilities on the Consolidated Balance Sheets. Changes in deferred revenue were as follows:

 

 

Year Ended December 31,

 

 

2023

 

 

2022

 

Beginning balance

$

0.9

 

 

$

3.1

 

Deferral of revenue

 

21.3

 

 

 

15.8

 

Recognition of revenue

 

(20.2

)

 

 

(18.0

)

Ending balance

$

2.0

 

 

$

0.9

 

 

 

Contract assets arise as revenue is recognized prior to billing the customer in accordance with the terms of the contract. At December 31, 2023, revenue recognized in excess of billings was $1.4 million, and at December 31, 2022, we did not have any material contract assets.

 

In addition to the disaggregation of revenue between paper, machine lease, and other revenue, we also disaggregate our revenue by segment geography, based on the shipping address of the distributor or customer:

 

 

 

Year Ended December 31,

 

 

 

2023

 

 

2022

 

 

2021

 

North America

 

$

113.9

 

 

$

111.0

 

 

$

126.7

 

Europe/Asia

 

 

170.9

 

 

 

165.4

 

 

 

209.5

 

Total paper and other revenue

 

 

284.8

 

 

 

276.4

 

 

 

336.2

 

Machine lease revenue

 

 

51.5

 

 

 

50.1

 

 

 

47.7

 

Net revenue

 

$

336.3

 

 

$

326.5

 

 

$

383.9

 

 

North America consists of the United States, Canada and Mexico, among others; Europe/Asia consists of European, Asian (including China), Pacific Rim, South American and African countries, among others. Our customers are not concentrated in any specific geographic region. During 2023, 2022, and 2021, no customers exceeded 10% of net revenue.