Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Note 3 - Revenue

The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2023, 2022 and 2021:

	December 31, 2023
	Engineered Bearings		Industrial Motion		Total
United States	$	1,266.1	$	789.8	$	2,055.9
Americas excluding United States	375.6		106.1		481.7
Europe / Middle East / Africa	678.6		499.7		1,178.3
China	503.9		81.7		585.6
Asia-Pacific excluding China	433.5		34.0		467.5
Net sales	$	3,257.7	$	1,511.3	$	4,769.0
	December 31, 2022
	Engineered Bearings		Industrial Motion		Total
United States	$	1,198.1	$	793.9	$	1,992.0
Americas excluding United States	383.2		93.0		476.2
Europe / Middle East / Africa	588.9		406.8		995.7
China	529.7		78.8		608.5
Asia-Pacific excluding China	392.7		31.6		424.3
Net sales	$	3,092.6	$	1,404.1	$	4,496.7
	December 31, 2021
	Engineered Bearings		Industrial Motion		Total
United States	$	1,027.5	$	706.1	$	1,733.6
Americas excluding United States	318.3		77.4		395.7
Europe / Middle East / Africa	610.7		417.4		1,028.1
China	523.3		88.6		611.9
Asia-Pacific excluding China	335.3		28.3		363.6
Net sales	$	2,815.1	$	1,317.8	$	4,132.9

When reviewing revenues by sales channel, the Company separates net sales to OEMs from sales to distributors and end users. The following table presents the percent of revenues by sales channel for the years ended December 31, 2023, 2022 and 2021:    

Revenue by sales channel	2023	2022	2021
Original equipment manufacturers	60%	60%	60%
Distribution/end users	40%	40%	40%

In addition to disaggregating revenue by segment and geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services, type of customer and distinguishing service revenue from product sales is also relevant. During the years ended December 31, 2023, 2022 and 2021, approximately 9% of total net sales were recognized on an over-time basis because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Service revenue represented approximately 4% of total net sales in 2023, 2022 and 2021. Finally, business with the U.S. government or its contractors represented approximately 6% of total net sales in 2023 and 7% of total net sales for 2022 and 2021.

Note 3 - Revenue (continued)

Remaining Performance Obligations:

Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $182 million at December 31, 2023.

Unbilled Receivables:

The following table contains a rollforward of unbilled receivables for the years ended December 31, 2023 and 2022:

	2023		2022
Beginning balance, January 1	$	103.9	$	104.5
Additional unbilled revenue recognized	424.1		396.2
Less: amounts billed to customers	(383.5)		(370.5)
Less: unbilled receivables divested	—		(26.3)
Ending balance	$	144.5	$	103.9

There were no impairment losses recorded on unbilled receivables for the years ended December 31, 2023 and 2022.

Deferred Revenue:

The following table contains a rollforward of deferred revenue for the years ended December 31, 2023 and 2022:

	2023		2022
Beginning balance, January 1	$	54.3	$	35.8
Acquisitions	1.4		—
Revenue (cash) received in advance	165.2		54.8
Less: revenue recognized	(175.5)		(36.3)
Ending balance	$	45.4	$	54.3