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Revenue
 12 Months Ended
Dec. 31, 2023
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 aerospace, healthcare, automation, packaging, mobility, and manufacturing.
The following tables present the Company's revenue disaggregated by products and services, geographic regions and end markets, by segment:
2023
Aerospace (A)
IndustrialTotal Company
Product and Services
Aerospace OEM$382,126 $— $382,126 
Aerospace Aftermarket 225,924 — 225,924 
Molding Solutions Products— 408,691 408,691 
Motion Control Solutions Products (B)
— 372,877 372,877 
Automation Products— 61,253 61,253 
$608,050 $842,821 $1,450,871 
Geographic Regions (C)
Americas$430,527 $364,215 794,742 
Europe115,973 312,402 428,375 
Asia58,419 157,949 216,368 
Rest of World3,131 8,255 11,386 
$608,050 $842,821 $1,450,871 
End Markets
Aerospace OEM$382,126 $14,862 $396,988 
Aerospace Aftermarket225,924 — 225,924 
Medical, Personal Care & Packaging— 201,969 201,969 
Tool and Die— 72,914 72,914 
General Industrial— 265,313 265,313 
Automotive Molding Solutions— 116,692 116,692 
Automotive Production— 109,818 109,818 
Automation— 61,253 61,253 
$608,050 $842,821 $1,450,871 
(A) The results of MB Aerospace, from the acquisition completed on August 31, 2023, have been included within the Company's revenue disaggregated by products and services, geographic regions and end markets within the Aerospace Segment for the year ended December 31, 2023.

(B) 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.

(C) Sales by geographic region are based on the location to which the product is shipped and services are delivered.
2022
AerospaceIndustrialTotal Company
Product and Services
Aerospace OEM Products$265,179 $— $265,179 
Aerospace Aftermarket163,974 — 163,974 
Molding Solutions Products— 402,598 402,598 
Motion Control Solutions Products(A)
— 370,655 370,655 
Automation Products— 59,462 59,462 
$429,153 $832,715 $1,261,868 
Geographic Regions (B)
Americas$307,712 $357,032 $664,744 
Europe79,283 296,856 376,139 
Asia37,348 172,922 210,270 
Rest of World4,810 5,905 10,715 
$429,153 $832,715 $1,261,868 
End Markets
Aerospace OEM$265,179 $12,541 $277,720 
Aerospace Aftermarket163,974 — 163,974 
Medical, Personal Care & Packaging— 186,729 186,729 
Tool and Die— 85,947 85,947 
General Industrial— 254,681 254,681 
Automotive Molding Solutions— 138,978 138,978 
Automotive Production— 94,377 94,377 
Automation— 59,462 59,462 
$429,153 $832,715 $1,261,868 
(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.
2021
AerospaceIndustrialTotal Company
Product and Services
Aerospace OEM Products$246,850 $— $246,850 
Aerospace Aftermarket115,513 — 115,513 
Molding Solutions Products— 458,681 458,681 
Motion Control Solutions Products (A)
— 369,838 369,838 
Automation Products— 67,964 67,964 
$362,363 $896,483 $1,258,846 
Geographic Regions (B)
Americas$271,241 $356,518 $627,759 
Europe58,237 335,679 393,916 
Asia29,701 199,578 229,279 
Rest of World3,184 4,708 7,892 
$362,363 $896,483 $1,258,846 
End Markets
Aerospace OEM$246,850 $9,278 $256,128 
Aerospace Aftermarket115,513 — 115,513 
Medical, Personal Care & Packaging— 219,672 219,672 
Tool and Die— 95,466 95,466 
General Industrial— 255,942 255,942 
Automotive Molding Solutions— 150,125 150,125 
Automotive Production— 98,036 98,036 
Automation— 67,964 67,964 
$362,363 $896,483 $1,258,846 
(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 80 percent of revenue for the years ended December 31, 2023, 2022 and 2021. A majority of revenue within the Industrial segment and Aerospace OEM business, along with a portion of revenue within the Aerospace Products and Services business ("Aftermarket") business, 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 20 percent of revenue for the years ended December 31, 2023, 2022 and 2021. 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.
Performance Obligations. A performance obligation represents a promise within a contract to provide a distinct good or service to the customer. The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Transaction price reflects the amount of consideration to which the Company expects to be entitled in exchange for transferred goods or services. A contract’s transaction price is allocated to each distinct performance obligation and revenue is recognized as the performance obligation is satisfied.

The majority of our revenues is from contracts that are 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 and other aircraft and defense-related parts and service providers.

To determine the proper revenue recognition method for contracts, the Company uses judgment to evaluate whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. Contracts within the Aerospace OEM and Industrial Engineered Components businesses typically have contracts that are combined as the customer may issue multiple purchase orders at or near the same point in time under the terms of a long term agreement.

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.

Contract Estimates. Due to the nature of the work performed in completing certain performance obligations, the estimation of both total revenue and cost at completion includes a number of variables and requires significant judgment, as described further below.

Estimating total contract revenue requires judgment as certain contracts contain pricing discount structures, rebates, early payment discounts, or other provisions that can impact transaction price. The Company generally estimates variable consideration utilizing the expected value methodology as multiple inputs are considered and weighed, such as customer history, customer forecast communications, economic outlooks, and industry data. In certain circumstances where a particular outcome is probable, we utilize the most likely amount to which we expect to be entitled. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved.

Estimating the total expected costs related to contracts also requires significant judgment. A portion of our Aerospace OEM business as well as a portion of our Molding Solutions Products business has an Estimate at Completion process in which management reviews the progress and execution of our performance obligations for significant contracts with revenue recognized under an over-time model. As part of this process, management reviews information including, but not limited to, performance under the contract, progress towards completion, identified risks and opportunities, sourcing determinations and related changes in estimates of costs to be incurred. These considerations include management's judgment about the ability and cost to achieve technical requirements and other contract requirements. Management makes assumptions and estimates regarding labor efficiency, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors and overhead cost rates, among other variables.

The Company generally utilizes the portfolio approach to estimate the amount of revenue to recognize for certain other contracts which require over-time revenue recognition. Such contracts are grouped together either by revenue stream, customer or product. Each portfolio of contracts is grouped together based on having similar characteristics. The portfolio approach is utilized only when the result of the accounting is not expected to be materially different than if applied to individual 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 2023, 2022 or 2021.
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 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 Consolidated Balance Sheets as of December 31, 2023 and 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 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 Consolidated Balance Sheets on an individual contract basis at the end of each reporting period.

Net contract assets (liabilities) consisted of the following:
December 31, 2023December 31, 2022$ Change% Change
Unbilled receivables (contract assets)$59,652 $42,423 $17,229 41 %
Contract liabilities(42,428)(27,857)(14,571)52 %
Net contract assets$17,224 $14,566 $2,658 18 %


Contract liabilities balances at December 31, 2023 and December 31, 2022 include $10,032 and $9,593, respectively, of customer advances for which the Company has not yet collected payment, but an unconditional right to collect payment. Accounts receivable, as presented on the Consolidated Balance Sheet, includes corresponding balances at December 31, 2023 and December 31, 2022, respectively.

Changes in the net contract assets balance during the year ended December 31, 2023 included a $17,229 increase in contract assets, driven primarily by contract progress (i.e. unbilled receivable), partially offset by earlier contract progress being invoiced to the customer. Of this contract asset increase, $14,446 was attributable to MB Aerospace at December 31, 2023. Partially offsetting this increase in net contract assets was a $14,571 increase in contract liabilities, driven primarily by new customer advances and deposits, partially offset by revenue recognized in the current period.

The Company recognized approximately 90% of the revenue related to the contract liability balance as of December 31, 2022 during the year ended December 31, 2023 and approximately 90% of the revenue related to the contract liability balance as of December 31, 2021 during the year ended December 31, 2022, primarily representing revenue from the sale of molds and hot runner systems within the Molding Solutions business.

Contract Costs. The Company may incur costs to fulfill a contract. Costs are incurred to develop, design and manufacture tooling to produce a customer’s customized product in conjunction with certain of its contracts, primarily in the Aerospace OEM business. For certain contracts, control related to this tooling remains with the Company. The tooling may be deemed recoverable over the life of the related customer contract (oftentimes a long-term agreement). The Company therefore capitalizes these tooling costs and amortizes them over the shorter of the tooling life or the duration of the long-term agreement. The Company may also incur costs related to the development of product designs (molds or hot runner systems) within its Molding Solutions business. Control of the design may be retained by the Company and deemed recoverable over the contract to build the systems or mold, therefore this design work cost is capitalized and amortized to cost of sales when the related revenue is recognized. Amortization related to these capitalized costs to fulfill a contract were $9,976, $12,518, and $13,446 in the years ended December 31, 2023, 2022 and 2021, respectively.
Capitalized costs, net of amortization, to fulfill a contract balances were as follows:
December 31, 2023December 31, 2022
Tooling$4,271 $2,728 
Design costs2,525 2,887 
$6,796 $5,615 
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 the accounting guidance. As of December 31, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $526,113. The Company expects to recognize revenue on approximately 75% of the remaining performance obligations over the next 12 months, with the remainder being recognized within 24 months.