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Revenue
 3 Months Ended
Jun. 30, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company is a global provider of highly engineered products, differentiated industrial technologies, and innovative solutions, serving a wide range of end markets and customers. Its specialized products and services are used in far-reaching applications in healthcare, automation, packaging, aerospace, mobility, and manufacturing.

Revenue is recognized by the Company when control of the product or solution is transferred to the customer. Control is generally transferred when products are shipped or delivered to customers, title is transferred, the significant risks and rewards of ownership have transferred, and the Company has rights to payment and the rewards of ownership pass to the customer. Customer acceptance may also be a factor in determining whether control of the product has transferred. Although revenue is generally recognized at a point in time, a certain portion of the Company's businesses with customized products or contracts in which the Company performs work on customer-owned assets requires the use of an over-time recognition model as certain contracts meet one or more of the established criteria pursuant to the accounting guidance. Also, service revenue is recognized as control transfers, which is concurrent with the services being performed.
The following table presents the Company's revenue disaggregated by products and services, and geographic regions, by segment:
Three Months Ended
June 30, 2023		Three Months Ended
June 30, 2022
IndustrialAerospaceTotal CompanyIndustrialAerospaceTotal Company
Products and Services
Motion Control Solutions Products (A)
$100,440 $— $100,440 $95,547 $— 95,547 
Molding Solutions Products100,127 — 100,127 101,209 — 101,209 
Automation Products16,402 — 16,402 15,359 — 15,359 
Aerospace Original Equipment Manufacturing Products— 75,362 75,362 — 69,503 69,503 
Aerospace Aftermarket Products and Services— 46,653 46,653 — 39,650 39,650 
$216,969 $122,015 $338,984 $212,115 $109,153 $321,268 
Geographic Regions (B)
Americas$93,254 $87,849 $181,103 $88,970 $80,766 $169,736 
Europe81,021 20,401 101,422 74,770 18,663 93,433 
Asia40,821 11,641 52,462 46,670 8,347 55,017 
Rest of World1,873 2,124 3,997 1,705 1,377 3,082 
$216,969 $122,015 $338,984 $212,115 $109,153 $321,268 

Six Months Ended
June 30, 2023		Six Months Ended
June 30, 2022
IndustrialAerospaceTotal CompanyIndustrialAerospaceTotal Company
Products and Services
Motion Control Solutions Products (A)
$198,914 $— $198,914 $188,594 $— $188,594 
Molding Solutions Products203,654 — 203,654 204,245 — 204,245 
Automation Products32,502 — 32,502 30,948 — 30,948 
Aerospace Original Equipment Manufacturing Products— 148,100 148,100 — 135,132 135,132 
Aerospace Aftermarket Products and Services— 91,171 91,171 — 74,732 74,732 
$435,070 $239,271 $674,341 $423,787 $209,864 $633,651 
Geographic Regions (B)
Americas$189,194 $172,421 $361,615 $174,975 $153,263 $328,238 
Europe160,629 41,068 201,697 157,139 38,484 195,623 
Asia80,932 21,663 102,595 88,489 15,665 104,154 
Rest of World4,315 4,119 8,434 3,184 2,452 5,636 
$435,070 $239,271 $674,341 $423,787 $209,864 $633,651 
(A) Effective January 1, 2023, the Company combined Industrial's Force & Motion Control and Engineered Components businesses to form a single strategic business unit named Motion Control Solutions. As a result of the combination, Motion Control Solutions Products reflects product revenues that were previously disclosed as Force & Motion Control Products and Engineered Components Products. Prior period amounts have been reclassified to conform to the current year presentation.
(B) Sales by geographic region are based on the location to which the product is shipped and services are delivered.

Revenue from products and services transferred to customers at a point in time accounted for approximately 75 percent and 80 percent of total revenue for the three month periods ended June 30, 2023 and June 30, 2022, respectively. Revenue from products and services transferred to customers at a point in time accounted for approximately 80 percent of total revenue for
each of the six month periods ended June 30, 2023 and June 30, 2022. A majority of revenue within the Industrial segment and Aerospace Original Equipment Manufacturing Products business ("OEM"), along with a portion of revenue within the Aerospace Aftermarket Products and Services business ("Aftermarket"), is recognized at a point in time, primarily when the product or solution is shipped to the customer.

Revenue from products and services transferred to customers over-time accounted for approximately 25 percent of total revenue and 20 percent of total revenue for the three month periods ended June 30, 2023 and June 30, 2022, respectively. Revenue from products and services transferred to customers over-time accounted for approximately 20 percent of total revenue for each of the six month periods ended June 30, 2023 and June 30, 2022. The Company recognizes revenue over-time in instances where a contract supports a continual transfer of control to the customer. Substantially all of our revenue in the Aerospace Aftermarket maintenance repair and overhaul business (within Aftermarket Products and Services) and a portion of the revenue for Motion Control Solutions products, Molding Solutions products and Aerospace OEM products is recognized over-time. Within the Molding Solutions and Aerospace Aftermarket businesses, this continual transfer of control to the customer partially results from repair and refurbishment work performed on customer-controlled assets. With other contracts, this continual transfer of control to the customer is supported by clauses in the contract, or governing commercial law of the relevant jurisdiction, where we deliver products that do not have an alternative use and require an enforceable right to payment of costs incurred (plus a reasonable profit) or the Company has a contractual right to complete any work in process and receive full contract price.

The majority of our revenue is from contracts that are for less than one year, however certain Aerospace OEM and Molding Solutions business contracts extend beyond one year. In the Industrial segment, customers are typically OEMs or suppliers to OEMs and, in some businesses, distributors. In the Aerospace segment, customers include commercial airlines, OEMs, defense-related manufacturers, and industry parts and service providers.

A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. Revenue is recognized in an over-time model based on the extent of progress towards completion of the performance obligation. The selection of the method to measure progress towards completion requires judgment and is based on the nature of the products or services to be provided. The Company utilizes the cost-to-cost measure of progress for over-time contracts as we believe this measure best depicts the transfer of control to the customer, which occurs as we incur costs on contracts.

Adjustments to net sales, cost of sales and the related impact to operating income are recognized as necessary in the period they become known. Revenue recognized from performance obligations satisfied in previous periods was not material in both the three and six month periods ended June 30, 2023 and 2022.

Contract Balances. The timing of revenue recognition, invoicing and cash collections affects accounts receivable, unbilled receivables (contract assets) and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets.

Unbilled Receivables (Contract Assets) - Pursuant to the over-time revenue recognition model, revenue may be recognized prior to the customer being invoiced. An unbilled receivable is recorded to reflect revenue that is recognized when 1) the cost-to-cost method is applied and 2) such revenue exceeds the amount invoiced to the customer. Unbilled receivables are included within Prepaid Expenses and Other Current Assets on the Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022.

Customer Advances and Deposits (Contract Liabilities) - The Company may receive a customer advance or deposit, or have an unconditional right to receive a customer advance, prior to revenue being recognized. Certain contracts within the Molding Solutions business, for example, may require such advances. Since the performance obligations related to such advances have not been satisfied, a contract liability is established. An offsetting asset of equal amount is recorded as an account receivable until the advance is collected. Advances and deposits are included within Accrued Liabilities on the Condensed Consolidated Balance Sheets until the respective revenue is recognized. Advance payments are not considered a significant financing component as they are generally received less than one year before the customer solution is completed. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets on an individual contract basis at the end of each reporting period.
Net contract assets (liabilities) consisted of the following:
June 30, 2023December 31, 2022$ Change% Change
Unbilled receivables (contract assets)$49,992 $42,423 $7,569 18 %
Contract liabilities(41,640)(27,857)(13,783)49 %
Net contract assets$8,352 $14,566 $(6,214)(43)%

Contract liabilities balances at June 30, 2023 and December 31, 2022 include $18,686 and $9,593, respectively, of customer advances for which the Company has an unconditional right to collect payment. Accounts receivable, as presented on the Condensed Consolidated Balance Sheet, includes corresponding balances at June 30, 2023 and December 31, 2022, respectively.

Changes in the net contract assets during the six month period ended June 30, 2023 included a $13,783 increase in contract liabilities, driven primarily by new customer advances and deposits, partially offset by revenue recognized in the current period. Offsetting this net contract assets decrease was a $7,569 increase in contract assets, driven primarily by contract progress (i.e., unbilled receivable), partially offset by earlier contract progress being invoiced to the customer.

The Company recognized approximately 30% and 70% of the revenue related to the contract liabilities balance as of December 31, 2022 during the three and six month periods ended June 30, 2023, respectively, and approximately 40% and over 90% of the revenue related to the contract liabilities balance as of December 31, 2021 during the three and six month periods ended June 30, 2022, respectively, primarily representing revenue from the sale of molds and hot runners within the Molding Solutions business.

Remaining Performance Obligations. The Company has elected to disclose remaining performance obligations only for contracts with an original duration of greater than one year. Such remaining performance obligations represent the transaction price of firm orders for which work has not yet been performed and, for Aerospace, excludes projections of components and assemblies that Aerospace OEM customers anticipate purchasing in the future under existing programs, which represent orders that are beyond lead time and do not represent performance obligations pursuant to accounting guidance. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $292,489. The Company expects to recognize revenue on approximately 75% of the remaining performance obligations over the next 12 months, with the remainder to be recognized within 24 months.