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v3.23.1

Revenue | 3 Months Ended
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Mar. 31, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of Revenue The following table illustrates the sources of revenue:
| Three Months Ended |  |
| March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Revenue from contracts with customers | $ | 1,383 |  |  | $ | 1,222 |  |  |  |  |
Lease Revenue | 65 |  |  | 50 |  |  |  |  |
Total | $ | 1,448 |  |  | $ | 1,272 |  |  |  |  |
The following table reflects revenue from contracts with customers by application.
| Three Months Ended |  |
| March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Water Infrastructure |  |  |  |  |  |  |
Transport | $ | 436 |  |  | $ | 393 |  |  |  |  |
Treatment | 88 |  |  | 90 |  |  |  |  |
Applied Water |  |  |  |  |  |  |
Commercial Building Services | 183 |  |  | 161 |  |  |  |  |
Residential Building Services | 70 |  |  | 73 |  |  |  |  |
Industrial Water | 200 |  |  | 191 |  |  |  |  |
Measurement & Control Solutions |  |  |  |  |  |  |
Water | 334 |  |  | 265 |  |  |  |  |
Energy | 72 |  |  | 49 |  |  |  |  |
Total | $ | 1,383 |  |  | $ | 1,222 |  |  |  |  |
The following table reflects revenue from contracts with customers by geographical region.
| Three Months Ended |  |
| March 31, |  |
(in millions) | 2023 |  | 2022 |  |  |  |
Water Infrastructure |  |  |  |  |  |  |
United States | $ | 176 |  |  | $ | 147 |  |  |  |  |
Western Europe | 190 |  |  | 186 |  |  |  |  |
Emerging Markets (a) | 105 |  |  | 101 |  |  |  |  |
Other | 53 |  |  | 49 |  |  |  |  |
Applied Water |  |  |  |  |  |  |
United States | 244 |  |  | 221 |  |  |  |  |
Western Europe | 104 |  |  | 94 |  |  |  |  |
Emerging Markets (a) | 73 |  |  | 80 |  |  |  |  |
Other | 32 |  |  | 30 |  |  |  |  |
Measurement & Control Solutions |  |  |  |  |  |  |
United States | 257 |  |  | 181 |  |  |  |  |
Western Europe | 77 |  |  | 69 |  |  |  |  |
Emerging Markets (a) | 48 |  |  | 44 |  |  |  |  |
Other | 24 |  |  | 20 |  |  |  |  |
Total | $ | 1,383 |  |  | $ | 1,222 |  |  |  |  |
(a)Emerging Markets includes results from the following regions: Eastern Europe, the Middle East and Africa, Latin America and Asia Pacific (excluding Japan, Australia and New Zealand, which are presented in "Other") Contract Balances We receive payments from customers based on a billing schedule as established in our contracts. Contract assets relate to costs incurred to perform in advance of scheduled billings. Contract liabilities relate to payments received in advance of performance under the contracts. Changes in contract assets and liabilities are due to our performance under the contract. The table below provides contract assets, contract liabilities, and significant changes in contract assets and liabilities:
(in millions) | Contract Assets (a) | Contract Liabilities |  |  |  |
Balance at January 1, 2023 | $ | 151 |  | $ | 183 |  |  |  |  |
Additions, net | 48 |  | 58 |  |  |  |  |
Revenue recognized from opening balance | — |  | (50) |  |  |  |  |
Billings transferred to accounts receivable | (48) |  | — |  |  |  |  |
Foreign currency and other | — |  | — |  |  |  |  |
Balance at March 31, 2023 | $ | 151 |  | $ | 191 |  |  |  |  |
Balance at January 1, 2022 | $ | 125 |  | $ | 164 |  |  |  |  |
Additions, net | 34 |  | 62 |  |  |  |  |
Revenue recognized from opening balance | — |  | (50) |  |  |  |  |
Billings transferred to accounts receivable | (39) |  | — |  |  |  |  |
Foreign currency and other | (2) |  | (1) |  |  |  |  |
Balance at March 31, 2022 | $ | 118 |  | $ | 175 |  |  |  |  |
(a)Excludes receivable balances, which are disclosed on the Condensed Consolidated Balance Sheets Performance obligations Delivery schedules vary from customer to customer based upon their requirements. Typically, large projects require longer lead production cycles and delays can occur from time to time. As of March 31, 2023, the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied for contracts with performance obligations, amount to $447 million. We expect to recognize the majority of revenue upon the completion of satisfying these performance obligations in the following 60 months. The Company elects to apply the practical expedient to exclude from this disclosure revenue related to performance obligations that are part of a contract whose original expected duration is less than one year.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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