Revenue

3 Months Ended

Mar. 31, 2019

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

3. Revenue 

Effective January 1, 2018, the Company adopted Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606” or “ASC 606”), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018.

Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and where payment terms are identified and collectability is probable. Once the Company has entered a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as discounts and volume rebates.

Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and relates to the sale of engineered to order equipment or services that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin. 

Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it best depicts the nature and amount of the Company’s revenue.

The following table presents revenue disaggregated by end market and segment:

	Three Months Ended March 31,
	2019		2018
Printing & Identification	$	282,086	$	282,522
Industrials	405,105		389,104
Total Engineered Systems segment	687,191		671,626
Fueling & Transport	373,050		319,304
Pumps	177,439		162,309
Process Solutions	152,735		146,485
Total Fluids segment	703,224		628,098
Refrigeration	277,598		278,655
Food Equipment	57,045		59,580
Total Refrigeration & Food Equipment segment	334,643		338,235
Intra-segment eliminations	(301)		(288)
Total Consolidated Revenue	$	1,724,757	$	1,637,671

The following table presents revenue disaggregated by geography based on the location of the Company's customer:

	Three Months Ended March 31,
	2019		2018
United States	$	919,892	$	853,002
Europe	402,645		387,178
Asia	196,350		194,603
Other Americas	138,118		133,144
Other	67,752		69,744
Total	$	1,724,757	$	1,637,671

At March 31, 2019, we estimated that $83.0 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 65% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2020, with the remaining balance to be recognized in 2021 and thereafter.

The following table provides information about contract assets and contract liabilities from contracts with customers:

	March 31, 2019		December 31, 2018		At Adoption
Contract assets	$	11,443	$	9,330	$	11,932
Contract liabilities - current	39,733		36,461		48,268
Contract liabilities - non-current	9,731		9,382		9,916

The revenue recognized during the three months ended March 31, 2019 and 2018 that was included in the contract liabilities at the beginning of the period amounted to $15,414 and $13,781, respectively.