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Revenue | 3 Months Ended
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Mar. 31, 2024
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 three months ended March 31, 2024 and 2023 was as follows:
|  |  | Three Months Ended March 31, |  |
|  |  |  |  | 2024 |  | 2023 |  |  |  |
Pumps |  |  |  |  | $ | 101.9 |  |  | $ | 105.1 |  |  |  |  |
Water |  |  |  |  | 83.0 |  |  | 94.1 |  |  |  |  |
Energy |  |  |  |  | 52.6 |  |  | 50.7 |  |  |  |  |
Agriculture |  |  |  |  | 39.7 |  |  | 38.6 |  |  |  |  |
Valves |  |  |  |  | 36.5 |  |  | 33.3 |  |  |  |  |
Intersegment elimination |  |  |  |  | (0.2) |  |  | (0.7) |  |  |  |  |
Fluid & Metering Technologies |  |  |  |  | 313.5 |  |  | 321.1 |  |  |  |  |
Scientific Fluidics & Optics |  |  |  |  | 162.7 |  |  | 178.6 |  |  |  |  |
Sealing Solutions |  |  |  |  | 60.5 |  |  | 64.7 |  |  |  |  |
Performance Pneumatic Technologies |  |  |  |  | 57.5 |  |  | 69.4 |  |  |  |  |
Material Processing Technologies |  |  |  |  | 29.4 |  |  | 27.7 |  |  |  |  |
Micropump(1) |  |  |  |  | — |  |  | 10.6 |  |  |  |  |
Intersegment elimination |  |  |  |  | (0.7) |  |  | (0.7) |  |  |  |  |
Health & Science Technologies |  |  |  |  | 309.4 |  |  | 350.3 |  |  |  |  |
Fire & Safety |  |  |  |  | 105.1 |  |  | 106.2 |  |  |  |  |
Dispensing |  |  |  |  | 41.5 |  |  | 36.2 |  |  |  |  |
BAND-IT |  |  |  |  | 31.4 |  |  | 32.0 |  |  |  |  |
Intersegment elimination |  |  |  |  | (0.4) |  |  | (0.4) |  |  |  |  |
Fire & Safety/Diversified Products |  |  |  |  | 177.6 |  |  | 174.0 |  |  |  |  |
Net sales |  |  |  |  | $ | 800.5 |  |  | $ | 845.4 |  |  |  |  |
(1) Revenue from Micropump, Inc. (sold on August 3, 2023) has been included in the Condensed Consolidated Statements of Income through the date of disposition. Revenue by geographical region for the three months ended March 31, 2024 and 2023 was as follows:
| Three Months Ended March 31, 2024
| FMT |  | HST |  | FSDP |  | IDEX
U.S. | $ | 172.6 |  |  | $ | 138.9 |  |  | $ | 86.1 |  |  | $ | 397.6 |
North America, excluding U.S. | 16.3 |  |  | 5.6 |  |  | 7.4 |  |  | 29.3 |
Europe | 58.8 |  |  | 104.1 |  |  | 45.0 |  |  | 207.9 |
Asia | 44.7 |  |  | 55.7 |  |  | 30.7 |  |  | 131.1 |
Other(1) | 21.3 |  |  | 5.8 |  |  | 8.8 |  |  | 35.9 |
Intersegment elimination | (0.2) |  |  | (0.7) |  |  | (0.4) |  |  | (1.3) |
Net sales | $ | 313.5 |  |  | $ | 309.4 |  |  | $ | 177.6 |  |  | $ | 800.5 |
| 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 |
(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 comprised approximately 95% of the Company’s revenue and over time comprised approximately 5% of the Company’s revenue for both the three months ended March 31, 2024 and 2023, respectively. Contract Assets and Liabilities The timing of billings and cash collections can result in customer receivables, billings in excess of revenue recognized, advance payments or deposits. Customer receivables include both amounts billed and currently due from customers as well as unbilled amounts (contract assets) and are included in Receivables - net on the Condensed Consolidated Balance Sheets. The composition of customer receivables was as follows:
| March 31, 2024 |  | December 31, 2023
Billed receivables | $ | 419.4 |  |  | $ | 408.1 |
Unbilled receivables | 9.7 |  |  | 10.9 |
Total customer receivables | $ | 429.1 |  |  | $ | 419.0 |
Billings in excess of revenue recognized, advance payments and deposits represent contract liabilities and are included in deferred revenue which is classified as current or noncurrent based on 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. The composition of deferred revenue was as follows:
| March 31, 2024 |  | December 31, 2023
Deferred revenue - current | $ | 62.4 |  |  | $ | 55.9 |
Deferred revenue - noncurrent | 17.9 |  |  | 17.3 |
Total deferred revenue | $ | 80.3 |  |  | $ | 73.2 |

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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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