XML 39 R14.htm IDEA: XBRL DOCUMENT v3.24.0.1
Revenue
 12 Months Ended
Dec. 31, 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 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, or Net sales, 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, 2023, 2022 and 2021 was as follows:
For the Year Ended December 31,
202320222021
Pumps$402.9 $396.5 $345.1 
Water345.8 307.8 255.3 
Energy209.3 191.3 169.0 
Agriculture159.6 152.8 107.4 
Valves129.5 118.9 121.9 
Intersegment elimination(2.9)(1.1)(0.7)
Fluid & Metering Technologies1,244.2 1,166.2 998.0 
Scientific Fluidics & Optics(1)
681.5 639.0 508.0 
Performance Pneumatic Technologies250.0 257.6 182.2 
Sealing Solutions242.3 266.0 264.2 
Material Processing Technologies120.7 138.1 134.5 
Micropump(2)
21.9 38.5 32.9 
Intersegment elimination(2.9)(2.4)(2.8)
Health & Science Technologies1,313.5 1,336.8 1,119.0 
Fire & Safety431.9 400.1 377.5 
Dispensing167.5 167.5 169.6 
BAND-IT119.4 111.6 100.8 
Intersegment elimination(2.6)(0.3)(0.1)
Fire & Safety/Diversified Products716.2 678.9 647.8 
Total net sales$3,273.9 $3,181.9 $2,764.8 

(1) The year ended December 31, 2022 includes 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 14 for further detail.
(2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Consolidated Statements of Income through the date of disposition. See Note 2 for further detail.

Revenue by geographical region for the years ended December 31, 2023, 2022 and 2021 was as follows:

For the Year Ended December 31, 2023
FMTHSTFSDPIDEX
U.S.$695.7 $575.5 $371.9 $1,643.1 
North America, excluding U.S.70.3 22.6 33.4 126.3 
Europe213.8 439.9 166.7 820.4 
Asia177.6 249.4 108.5 535.5 
Other(1)
89.7 29.0 38.3 157.0 
Intersegment elimination(2.9)(2.9)(2.6)(8.4)
Total net sales$1,244.2 $1,313.5 $716.2 $3,273.9 

For the Year Ended December 31, 2022
FMTHSTFSDPIDEX
U.S.(2)
$660.8 $646.9 $343.3 $1,651.0 
North America, excluding U.S.71.5 25.8 35.3 132.6 
Europe(2)
194.6 379.7 160.9 735.2 
Asia157.8 261.3 104.2 523.3 
Other(1)
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
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(1)
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 

(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 as a result of 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 14 for further detail.

Performance Obligations

Revenue from products and services transferred to customers at a point in time was approximately 95% and over time was approximately 5% in each of the years ended December 31, 2023, 2022, and 2021.
Contract Balances

The composition of customer receivables was as follows:
December 31, 2023December 31, 2022
Billed receivables$408.1 $421.3 
Unbilled receivables10.9 10.0 
Total customer receivables$419.0 $431.3 

The composition of deferred revenue was as follows:

December 31, 2023December 31, 2022
Deferred revenue - current$55.9 $44.7 
Deferred revenue - noncurrent17.3 15.0 
Total deferred revenue$73.2 $59.7