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Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue

The Company has a comprehensive offering of products, including technologies, built to customers’ specifications that are sold in niche markets throughout the world. The Company disaggregates its revenue from contracts with customers by reporting unit and geographical region for each segment as the Company believes it best depicts how the amount, nature, timing and uncertainty of its revenue and cash flows are affected by economic factors. Revenue was attributed to geographical region based on the location of the customer. The following tables present revenue disaggregated by reporting unit and geographical region.

Revenue by reporting unit for the three months ended March 31, 2022 and 2021 was as follows:


Three Months Ended March 31,
20222021
Pumps$97.4 $82.3 
Water(1)
64.4 58.7 
Energy48.3 45.3 
Agriculture32.3 26.0 
Valves(1)
29.6 31.0 
Intersegment elimination(0.1)(0.3)
Fluid & Metering Technologies271.9 243.0 
Scientific Fluidics & Optics141.2 114.4 
Sealing Solutions70.2 65.6 
Performance Pneumatic Technologies(2)
62.0 32.9 
Material Processing Technologies33.7 29.9 
Micropump8.1 7.6 
Intersegment elimination(0.6)(0.9)
Health & Science Technologies314.6 249.5 
Fire & Safety95.7 96.8 
Dispensing41.6 36.9 
BAND-IT27.4 25.8 
Intersegment elimination(0.1)— 
Fire & Safety/Diversified Products164.6 159.5 
Total net sales$751.1 $652.0 

(1) During the third quarter of 2021, the Company merged a business in the Water reporting unit with a business in the Valves reporting unit. Revenue for each reporting unit has been restated to reflect this change for the three months ended March 31, 2021.

(2) This reporting unit was previously named Gast and was renamed Performance Pneumatic Technologies upon the acquisition of Airtech on June 14, 2021. Prior to the acquisition date, amounts reflect only the Gast business.
Revenue by geographical region for the three months ended March 31, 2022 and 2021 was as follows:
Three Months Ended March 31, 2022
FMTHSTFSDPIDEX
U.S.$150.0 $152.0 $76.5 $378.5 
North America, excluding U.S.17.3 7.5 10.9 35.7 
Europe 48.7 91.3 45.0 185.0 
Asia36.5 58.8 23.4 118.7 
Other (1)
19.5 5.6 8.9 34.0 
Intersegment elimination(0.1)(0.6)(0.1)(0.8)
Total net sales$271.9 $314.6 $164.6 $751.1 

Three Months Ended March 31, 2021
FMTHSTFSDPIDEX
U.S.$131.0 $93.7 $75.5 $300.2 
North America, excluding U.S.14.8 7.1 7.2 29.1 
Europe 48.6 76.8 42.6 168.0 
Asia33.7 67.7 26.9 128.3 
Other (1)
15.2 5.1 7.3 27.6 
Intersegment elimination(0.3)(0.9)— (1.2)
Total net sales$243.0 $249.5 $159.5 $652.0 

(1) Other includes: South America, Middle East, Australia and Africa.

Performance Obligations

The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three months ended March 31, 2022 and 2021. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three months ended March 31, 2022 and 2021.

Contract Balances

The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on the Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract.

The composition of Customer receivables was as follows:
March 31, 2022December 31, 2021
Billed receivables$397.3 $344.0 
Unbilled receivables10.1 10.9 
Total customer receivables$407.4 $354.9 

Advance payments, deposits and billings in excess of revenue recognized are included in Deferred revenue, which is classified as current or noncurrent based on the timing of when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. The Company generally receives advance payments from customers related to maintenance services which are recognized ratably over the service term. The Company also receives deposits from customers on certain orders which the Company recognizes as revenue at a point in time. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied.

The composition of Deferred revenue was as follows:
March 31, 2022December 31, 2021
Deferred revenue - current$59.8 $49.0 
Deferred revenue - noncurrent30.8 32.2 
Total deferred revenue$90.6 $81.2