Revenue

6 Months Ended

Jul. 02, 2021

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents the Company’s revenues disaggregated by geographical region for the three and six months ended July 2, 2021 and July 3, 2020 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenues. The Company has historically defined emerging markets as developing markets of the world, which prior to the COVID-19 pandemic, have experienced extended periods of accelerated growth in gross domestic product and infrastructure, which includes Eastern Europe, the Middle East, Africa, Latin America and Asia (with the exception of Japan and Australia). The Company defines developed markets as all markets of the world that are not emerging markets.

	Three Months Ended July 2, 2021						Three Months Ended July 3, 2020
	Specialty Products & Technologies		Equipment & Consumables		Total		Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	173.3	$	186.2	$	359.5	$	77.9	$	84.2	$	162.1
Western Europe	96.7		77.5		174.2		41.0		32.8		73.8
Other developed markets	25.2		22.9		48.1		15.8		12.2		28.0
Emerging markets	91.0		67.3		158.3		49.9		48.2		98.1
Total	$	386.2	$	353.9	$	740.1	$	184.6	$	177.4	$	362.0

	Six Months Ended July 2, 2021						Six Months Ended July 3, 2020
	Specialty Products & Technologies		Equipment & Consumables		Total		Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	336.7	$	364.8	$	701.5	$	206.2	$	225.6	$	431.8
Western Europe	191.5		156.7		348.2		103.7		90.7		194.4
Other developed markets	50.8		45.1		95.9		37.0		28.7		65.7
Emerging markets	173.7		130.0		303.7		110.3		107.0		217.3
Total	$	752.7	$	696.6	$	1,449.3	$	457.2	$	452.0	$	909.2

Sales by Major Product Group:

	Three Months Ended				Six Months Ended
($ in millions)	July 2, 2021		July 3, 2020		July 2, 2021		July 3, 2020
Consumables	$	534.5	$	255.3	$	1,049.4	$	633.2
Equipment	205.6		106.7		399.9		276.0
Total	$	740.1	$	362.0	$	1,449.3	$	909.2

Remaining Performance Obligations

Remaining performance obligations include noncancelable purchase orders, extended warranty and service agreements and do not include revenue from contracts with customers with an original term of one year or less.

As of July 2, 2021, the aggregate amount of the transaction price allocated to remaining performance obligations was $27.9 million and the Company expects to recognize revenue on the majority of this amount over the next 12 months.

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 Condensed Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue. As of July 2, 2021 and December 31, 2020, the contract liabilities were $61.8 million and $53.4 million, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. Revenue recognized during the six months ended July 2, 2021 and July 3, 2020 that was included in the contract liability balance at December 31, 2020 and December 31, 2019 was $30.7 million and $32.0 million, respectively.

Significant Customers

Sales to the Company’s largest customer were 13% of sales for both the three and six months ended July 2, 2021. No individual customer accounted for more than 10% of sales in the three and six months ended July 3, 2020.

Seasonality

Based on historical experience, the Company generally has more sales in the second half of the calendar year than in the first half of the calendar year, with the first quarter typically having the lowest sales of the year. Based on historical customer buying patterns, the Company generally has more sales in the fourth quarter than in any other quarter of the year, driven in particular by capital spending in the Equipment & Consumables segment. As a result of this seasonality in sales, profitability in the Equipment & Consumables segment also tends to be higher in the second half of the year. There are no assurances that these historical trends will continue in the future and the ongoing COVID-19 pandemic may impact these trends.