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Revenue | 12 Months Ended
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Dec. 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 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, or Net sales, 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 years ended December 31, 2023, 2022 and 2021 was as follows:
| For the Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Pumps | $ | 402.9 |  |  | $ | 396.5 |  |  | $ | 345.1 |
Water | 345.8 |  |  | 307.8 |  |  | 255.3 |
Energy | 209.3 |  |  | 191.3 |  |  | 169.0 |
Agriculture | 159.6 |  |  | 152.8 |  |  | 107.4 |
Valves | 129.5 |  |  | 118.9 |  |  | 121.9 |
Intersegment elimination | (2.9) |  |  | (1.1) |  |  | (0.7) |
Fluid & Metering Technologies | 1,244.2 |  |  | 1,166.2 |  |  | 998.0 |
Scientific Fluidics & Optics(1) | 681.5 |  |  | 639.0 |  |  | 508.0 |
Performance Pneumatic Technologies | 250.0 |  |  | 257.6 |  |  | 182.2 |
Sealing Solutions | 242.3 |  |  | 266.0 |  |  | 264.2 |
Material Processing Technologies | 120.7 |  |  | 138.1 |  |  | 134.5 |
Micropump(2) | 21.9 |  |  | 38.5 |  |  | 32.9 |
Intersegment elimination | (2.9) |  |  | (2.4) |  |  | (2.8) |
Health & Science Technologies | 1,313.5 |  |  | 1,336.8 |  |  | 1,119.0 |
Fire & Safety | 431.9 |  |  | 400.1 |  |  | 377.5 |
Dispensing | 167.5 |  |  | 167.5 |  |  | 169.6 |
BAND-IT | 119.4 |  |  | 111.6 |  |  | 100.8 |
Intersegment elimination | (2.6) |  |  | (0.3) |  |  | (0.1) |
Fire & Safety/Diversified Products | 716.2 |  |  | 678.9 |  |  | 647.8 |
Total net sales | $ | 3,273.9 |  |  | $ | 3,181.9 |  |  | $ | 2,764.8 |
(1) The year ended December 31, 2022 includes the acceleration of previously deferred revenue of $17.9 million as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application. See Note 14 for further detail. (2) Revenue from Micropump (sold on August 3, 2023) has been included in the Company’s Consolidated Statements of Income through the date of disposition. See Note 2 for further detail. Revenue by geographical region for the years ended December 31, 2023, 2022 and 2021 was as follows:
| For the Year Ended December 31, 2023
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 695.7 |  |  | $ | 575.5 |  |  | $ | 371.9 |  |  | $ | 1,643.1 |
North America, excluding U.S. | 70.3 |  |  | 22.6 |  |  | 33.4 |  |  | 126.3 |
Europe | 213.8 |  |  | 439.9 |  |  | 166.7 |  |  | 820.4 |
Asia | 177.6 |  |  | 249.4 |  |  | 108.5 |  |  | 535.5 |
Other(1) | 89.7 |  |  | 29.0 |  |  | 38.3 |  |  | 157.0 |
Intersegment elimination | (2.9) |  |  | (2.9) |  |  | (2.6) |  |  | (8.4) |
Total net sales | $ | 1,244.2 |  |  | $ | 1,313.5 |  |  | $ | 716.2 |  |  | $ | 3,273.9 |
| For the Year Ended December 31, 2022
| FMT |  | HST |  | FSDP |  | IDEX
U.S.(2) | $ | 660.8 |  |  | $ | 646.9 |  |  | $ | 343.3 |  |  | $ | 1,651.0 |
North America, excluding U.S. | 71.5 |  |  | 25.8 |  |  | 35.3 |  |  | 132.6 |
Europe(2) | 194.6 |  |  | 379.7 |  |  | 160.9 |  |  | 735.2 |
Asia | 157.8 |  |  | 261.3 |  |  | 104.2 |  |  | 523.3 |
Other(1) | 82.6 |  |  | 25.5 |  |  | 35.5 |  |  | 143.6 |
Intersegment elimination | (1.1) |  |  | (2.4) |  |  | (0.3) |  |  | (3.8) |
Total net sales | $ | 1,166.2 |  |  | $ | 1,336.8 |  |  | $ | 678.9 |  |  | $ | 3,181.9 |
| For the Year Ended December 31, 2021
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 532.9 |  |  | $ | 489.7 |  |  | $ | 317.0 |  |  | $ | 1,339.6 |
North America, excluding U.S. | 61.6 |  |  | 23.7 |  |  | 28.5 |  |  | 113.8 |
Europe | 197.2 |  |  | 341.0 |  |  | 161.5 |  |  | 699.7 |
Asia | 143.7 |  |  | 241.8 |  |  | 110.0 |  |  | 495.5 |
Other(1) | 63.3 |  |  | 25.6 |  |  | 30.9 |  |  | 119.8 |
Intersegment elimination | (0.7) |  |  | (2.8) |  |  | (0.1) |  |  | (3.6) |
Total net sales | $ | 998.0 |  |  | $ | 1,119.0 |  |  | $ | 647.8 |  |  | $ | 2,764.8 |
(1) Other includes: South America, Middle East, Australia and Africa. (2) The HST segment includes the acceleration of $17.9 million of previously deferred revenue as a result of a customer’s decision to discontinue further investment in commercializing its COVID-19 testing application, of which $9.5 million was recognized in the U.S. and $8.4 million was recognized in Europe in the year ended December 31, 2022. See Note 14 for further detail. Performance Obligations Revenue from products and services transferred to customers at a point in time was approximately 95% and over time was approximately 5% in each of the years ended December 31, 2023, 2022, and 2021. Contract Balances The composition of customer receivables was as follows:
| December 31, 2023 |  | December 31, 2022
Billed receivables | $ | 408.1 |  |  | $ | 421.3 |
Unbilled receivables | 10.9 |  |  | 10.0 |
Total customer receivables | $ | 419.0 |  |  | $ | 431.3 |
The composition of deferred revenue was as follows:
| December 31, 2023 |  | December 31, 2022
Deferred revenue - current | $ | 55.9 |  |  | $ | 44.7 |
Deferred revenue - noncurrent | 17.3 |  |  | 15.0 |
Total deferred revenue | $ | 73.2 |  |  | $ | 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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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