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Revenue
 12 Months Ended
Dec. 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 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 years ended December 31, 2022, 2021 and 2020 was as follows:
For the Year Ended December 31,
202220212020
(In millions)
Pumps$396.5 $345.1 $265.3 
Water307.8 255.3 225.3 
Energy191.3 169.0 200.0 
Agriculture152.8 107.4 87.1 
Valves118.9 121.9 118.6 
Intersegment elimination(1.1)(0.7)(0.9)
Fluid & Metering Technologies1,166.2 998.0 895.4 
Scientific Fluidics & Optics(1)
639.0 508.0 415.8 
Sealing Solutions266.0 264.2 207.6 
Performance Pneumatic Technologies257.6 182.2 122.9 
Material Processing Technologies138.1 134.5 120.0 
Micropump38.5 32.9 29.7 
Intersegment elimination(2.4)(2.8)(2.6)
Health & Science Technologies1,336.8 1,119.0 893.4 
Fire & Safety400.1 377.5 376.3 
Dispensing167.5 169.6 98.5 
BAND-IT111.6 100.8 88.1 
Intersegment elimination(0.3)(0.1)(0.1)
Fire & Safety/Diversified Products678.9 647.8 562.8 
Total net sales$3,181.9 $2,764.8 $2,351.6 

(1) The year ended December 31, 2022 includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 for further detail.
Revenue by geographical region for the years ended December 31, 2022, 2021 and 2020 was as follows:

For the Year Ended December 31, 2022
FMTHSTFSDPIDEX
(In millions)
U.S.(1)
$660.8 $646.9 $343.3 $1,651.0 
North America, excluding U.S.71.5 25.8 35.3 132.6 
Europe(1)
194.6 379.7 160.9 735.2 
Asia157.8 261.3 104.2 523.3 
Other (2)
82.6 25.5 35.5 143.6 
Intersegment elimination(1.1)(2.4)(0.3)(3.8)
Total net sales$1,166.2 $1,336.8 $678.9 $3,181.9 

For the Year Ended December 31, 2021
FMTHSTFSDPIDEX
(In millions)
U.S.$532.9 $489.7 $317.0 $1,339.6 
North America, excluding U.S.61.6 23.7 28.5 113.8 
Europe 197.2 341.0 161.5 699.7 
Asia143.7 241.8 110.0 495.5 
Other (2)
63.3 25.6 30.9 119.8 
Intersegment elimination(0.7)(2.8)(0.1)(3.6)
Total net sales$998.0 $1,119.0 $647.8 $2,764.8 

For the Year Ended December 31, 2020
FMTHSTFSDPIDEX
(In millions)
U.S.$505.8 $387.6 $269.9 $1,163.3 
North America, excluding U.S.52.8 21.3 23.2 97.3 
Europe 174.9 249.8 149.2 573.9 
Asia109.1 221.2 94.2 424.5 
Other (2)
53.7 16.1 26.4 96.2 
Intersegment elimination(0.9)(2.6)(0.1)(3.6)
Total net sales$895.4 $893.4 $562.8 $2,351.6 

(1) HST revenue includes the acceleration of $17.9 million of previously deferred revenue related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in the year ended December 31, 2022. See Note 15 for further detail.

(2) 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 the year ended December 31, 2022 and 95% of total revenues in each of the years ended December 31, 2021 and 2020. Revenue from products and services transferred to customers over time approximated 4% of total revenues in the year ended December 31, 2022 and 5% of total revenues in each of the years ended December 31, 2021 and 2020.
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 - net on the 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:
December 31, 2022December 31, 2021
(In millions)
Billed receivables$421.3 $344.0 
Unbilled receivables10.0 10.9 
Total customer receivables$431.3 $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 Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of us 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:
December 31, 2022December 31, 2021
(In millions)
Deferred revenue - current$44.7 $49.0 
Deferred revenue - noncurrent15.0 32.2 
Total deferred revenue(1)
$59.7 $81.2 
(1) The balance as of December 31, 2022 has been reduced by the acceleration of previously deferred revenue of $17.9 million related to a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 15 for further detail.