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Revenue | 3 Months Ended
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Mar. 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 its 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 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 three months ended March 31, 2023 and 2022 was as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Pumps | $ | 105.1 |  |  | $ | 97.4 |  |  |  |  |
Water | 94.1 |  |  | 64.4 |  |  |  |  |
Energy | 50.7 |  |  | 48.3 |  |  |  |  |
Agriculture | 38.6 |  |  | 32.3 |  |  |  |  |
Valves | 33.3 |  |  | 29.6 |  |  |  |  |
Intersegment elimination | (0.7) |  |  | (0.1) |  |  |  |  |
Fluid & Metering Technologies | 321.1 |  |  | 271.9 |  |  |  |  |
Scientific Fluidics & Optics | 178.6 |  |  | 141.2 |  |  |  |  |
Performance Pneumatic Technologies | 69.4 |  |  | 62.0 |  |  |  |  |
Sealing Solutions | 64.7 |  |  | 70.2 |  |  |  |  |
Material Processing Technologies | 27.7 |  |  | 33.7 |  |  |  |  |
Micropump | 10.6 |  |  | 8.1 |  |  |  |  |
Intersegment elimination | (0.7) |  |  | (0.6) |  |  |  |  |
Health & Science Technologies | 350.3 |  |  | 314.6 |  |  |  |  |
Fire & Safety | 106.2 |  |  | 95.7 |  |  |  |  |
Dispensing | 36.2 |  |  | 41.6 |  |  |  |  |
BAND-IT | 32.0 |  |  | 27.4 |  |  |  |  |
Intersegment elimination | (0.4) |  |  | (0.1) |  |  |  |  |
Fire & Safety/Diversified Products | 174.0 |  |  | 164.6 |  |  |  |  |
Net sales | $ | 845.4 |  |  | $ | 751.1 |  |  |  |  |
Revenue by geographical region for the three months ended March 31, 2023 and 2022 was as follows:
| Three Months Ended March 31, 2023
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 176.8 |  |  | $ | 149.6 |  |  | $ | 89.4 |  |  | $ | 415.8 |
North America, excluding U.S. | 19.4 |  |  | 5.2 |  |  | 8.5 |  |  | 33.1 |
Europe | 59.2 |  |  | 120.9 |  |  | 44.7 |  |  | 224.8 |
Asia | 45.1 |  |  | 66.6 |  |  | 23.4 |  |  | 135.1 |
Other (1) | 21.3 |  |  | 8.7 |  |  | 8.4 |  |  | 38.4 |
Intersegment elimination | (0.7) |  |  | (0.7) |  |  | (0.4) |  |  | (1.8) |
Net sales | $ | 321.1 |  |  | $ | 350.3 |  |  | $ | 174.0 |  |  | $ | 845.4 |
| Three Months Ended March 31, 2022
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 150.0 |  |  | $ | 152.0 |  |  | $ | 76.5 |  |  | $ | 378.5 |
North America, excluding U.S. | 17.3 |  |  | 7.5 |  |  | 10.9 |  |  | 35.7 |
Europe | 48.7 |  |  | 91.3 |  |  | 45.0 |  |  | 185.0 |
Asia | 36.5 |  |  | 58.8 |  |  | 23.4 |  |  | 118.7 |
Other (1) | 19.5 |  |  | 5.6 |  |  | 8.9 |  |  | 34.0 |
Intersegment elimination | (0.1) |  |  | (0.6) |  |  | (0.1) |  |  | (0.8) |
Net sales | $ | 271.9 |  |  | $ | 314.6 |  |  | $ | 164.6 |  |  | $ | 751.1 |
(1) Other includes: South America, Middle East, Australia and Africa. Performance Obligations The Company’s performance obligations are satisfied either at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time approximated 96% of total revenues in both the three months ended March 31, 2023 and 2022. Revenue from products and services transferred to customers over time approximated 4% of total revenues in both the three months ended March 31, 2023 and 2022. Contract Balances The timing of revenue recognition, billings and cash collections can result in customer receivables, advance payments or billings in excess of revenue recognized. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables on the Condensed Consolidated Balance Sheets. Amounts are billed in accordance with contractual terms or as work progresses. Unbilled amounts arise when the timing of billing differs from the timing of revenue recognized, such as when contract provisions require specific milestones to be met before a customer can be billed. Unbilled amounts primarily relate to performance obligations satisfied over time when the cost- to-cost method is utilized and the revenue recognized exceeds the amount billed to the customer as there is not yet a right to invoice in accordance with contractual terms. Unbilled amounts are recorded as a contract asset when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. The composition of customer receivables was as follows:
| March 31, 2023 |  | December 31, 2022
Billed receivables | $ | 428.5 |  |  | $ | 421.3 |
Unbilled receivables | 10.2 |  |  | 10.0 |
Total customer receivables | $ | 438.7 |  |  | $ | 431.3 |
Advance payments, deposits and billings in excess of revenue recognized are included in deferred revenue which is classified as current or noncurrent based on the timing of when the Company expects to recognize the revenue. The current portion is included in Accrued expenses and the noncurrent portion is included in Other noncurrent liabilities on the Condensed Consolidated Balance Sheets. Advance payments and deposits represent contract liabilities and are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations satisfied over time. The Company generally receives advance payments from customers related to maintenance services which are recognized ratably over the service term. The Company also receives deposits from customers on certain orders which the Company recognizes as revenue at a point in time. Billings in excess of revenue recognized represent contract liabilities and primarily relate to performance obligations satisfied over time when the cost-to-cost method is utilized and revenue cannot yet be recognized as the Company has not completed the corresponding performance obligation. Contract liabilities are derecognized when revenue is recognized and the performance obligation is satisfied. The composition of deferred revenue was as follows:
| March 31, 2023 |  | December 31, 2022
Deferred revenue - current | $ | 55.4 |  |  | $ | 44.7 |
Deferred revenue - noncurrent | 14.5 |  |  | 15.0 |
Total deferred revenue | $ | 69.9 |  |  | $ | 59.7 |

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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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