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Revenue
 9 Months Ended
Sep. 30, 2023
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 and nine months ended September 30, 2023 and 2022 was as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Pumps$94.7 $102.6 $309.0 $304.5 
Water79.8 82.1 261.2 228.1 
Energy53.7 51.3 160.1 144.3 
Agriculture39.2 42.1 117.9 112.5 
Valves33.7 29.5 99.8 90.1 
Intersegment elimination(0.6)(0.2)(2.3)(0.7)
Fluid & Metering Technologies300.5 307.4 945.7 878.8 
Scientific Fluidics & Optics(1)
162.1 172.4 509.7 462.8 
Performance Pneumatic Technologies60.0 64.1 195.4 191.2 
Sealing Solutions59.2 64.9 186.3 203.1 
Material Processing Technologies29.7 34.6 90.4 103.1 
Micropump(2)
2.2 9.0 21.9 26.0 
Intersegment elimination(0.5)(0.7)(2.3)(1.9)
Health & Science Technologies312.7 344.3 1,001.4 984.3 
Fire & Safety112.0 100.6 328.0 296.1 
Dispensing41.9 42.8 122.8 128.2 
BAND-IT26.7 29.0 89.0 84.0 
Intersegment elimination(0.4)(0.1)(1.9)(0.2)
Fire & Safety/Diversified Products180.2 172.3 537.9 508.1 
Net sales$793.4 $824.0 $2,485.0 $2,371.2 
(1) The three and nine months ended September 30, 2022 include the acceleration of previously deferred revenue of $17.9 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 12 for further detail.

(2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Condensed Consolidated Statements of Income through the date of disposition. See Note 2 for further detail.

Revenue by geographical region for the three and nine months ended September 30, 2023 and 2022 was as follows:

Three Months Ended September 30, 2023
FMTHSTFSDPIDEX
U.S.$168.4 $139.2 $94.4 $402.0 
North America, excluding U.S.15.5 3.2 8.8 27.5 
Europe52.3 106.0 39.0 197.3 
Asia43.1 57.8 29.0 129.9 
Other(1)
21.8 7.0 9.4 38.2 
Intersegment elimination(0.6)(0.5)(0.4)(1.5)
Net sales$300.5 $312.7 $180.2 $793.4 
Three Months Ended September 30, 2022
FMTHSTFSDPIDEX
U.S.(2)
$178.4 $175.0 $93.5 $446.9 
North America, excluding U.S.20.4 3.3 8.4 32.1 
Europe(2)
47.2 93.0 36.8 177.0 
Asia39.1 67.4 25.4 131.9 
Other(1)
22.5 6.3 8.3 37.1 
Intersegment elimination(0.2)(0.7)(0.1)(1.0)
Net sales$307.4 $344.3 $172.3 $824.0 
Nine Months Ended September 30, 2023
FMTHSTFSDPIDEX
U.S.$525.9 $437.3 $280.5 $1,243.7 
North America, excluding U.S.52.8 16.6 25.4 94.8 
Europe163.0 338.1 126.1 627.2 
Asia137.0 189.6 80.4 407.0 
Other(1)
69.3 22.1 27.4 118.8 
Intersegment elimination(2.3)(2.3)(1.9)(6.5)
Net sales$945.7 $1,001.4 $537.9 $2,485.0 
Nine Months Ended September 30, 2022
FMTHSTFSDPIDEX
U.S.(2)
$498.9 $484.7 $255.0 $1,238.6 
North America, excluding U.S.54.3 20.3 27.8 102.4 
Europe(2)
147.7 276.8 123.8 548.3 
Asia116.8 187.0 75.4 379.2 
Other(1)
61.8 17.4 26.3 105.5 
Intersegment elimination(0.7)(1.9)(0.2)(2.8)
Net sales$878.8 $984.3 $508.1 $2,371.2 

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

(2) The HST segment 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 both the three and nine months ended September 30, 2022. See Note 12 for further detail.

Performance Obligations

A majority of the Company's contracts have a single performance obligation which represents, in most cases, the product being sold to the customer. Some contracts include multiple performance obligations such as a product and the related installation, extended warranty, software and/or maintenance services. For contracts with multiple performance obligations, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation.

The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. For performance obligations satisfied at a point in time, revenue is recognized when control transfers to the customer, typically upon shipment. For performance obligations in which the Company transfers control of a product or service over time, revenue is recognized over time as work is performed. Typically, this results when the Company performs services over time or the Company creates a product with no alternative use and has an enforceable right to payment for its performance to date. Revenue from products and services transferred to customers at a point in time and over time was as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue from products transferred at a point in time95 %96 %95 %96 %
Revenue from products and services transferred over time5 %4 %5 %4 %

Contract Balances

The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. 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.

The composition of customer receivables was as follows:
September 30, 2023December 31, 2022
Billed receivables$413.4 $421.3 
Unbilled receivables9.4 10.0 
Total customer receivables$422.8 $431.3 
Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on 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.

The composition of deferred revenue was as follows:
September 30, 2023December 31, 2022
Deferred revenue - current$48.9 $44.7 
Deferred revenue - noncurrent15.8 15.0 
Total deferred revenue$64.7 $59.7