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Revenue
 9 Months Ended
Sep. 30, 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, presented as Net sales on the Condensed Consolidated Statements of Income, 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 and nine months ended September 30, 2024 and 2023 was as follows:

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Pumps$102.5 $94.7 $305.8 $309.0 
Water87.3 79.8 259.2 261.2 
Energy48.7 53.7 159.0 160.1 
Agriculture33.0 39.2 111.3 117.9 
Valves29.3 33.7 98.6 99.8 
Intersegment elimination(0.2)(0.6)(0.9)(2.3)
Fluid & Metering Technologies300.6 300.5 933.0 945.7 
Scientific Fluidics & Optics167.6 162.1 487.9 509.7 
Sealing Solutions57.0 59.2 177.3 186.3 
Performance Pneumatic Technologies58.7 60.0 175.5 195.4 
Material Processing Technologies27.7 29.7 84.2 90.4 
Micropump(1)
— 2.2 — 21.9 
Intersegment elimination(1.1)(0.5)(2.6)(2.3)
Health & Science Technologies309.9 312.7 922.3 1,001.4 
Fire & Safety123.2 112.0 340.0 328.0 
Dispensing35.4 41.9 122.0 122.8 
BAND-IT29.4 26.7 89.4 89.0 
Intersegment elimination(0.3)(0.4)(0.8)(1.9)
Fire & Safety/Diversified Products187.7 180.2 550.6 537.9 
Net sales$798.2 $793.4 $2,405.9 $2,485.0 

(1) Revenue from Micropump (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 and nine months ended September 30, 2024 and 2023 was as follows:

Three Months Ended September 30, 2024
FMTHSTFSDPIDEX
U.S.$168.5 $139.9 $88.9 $397.3 
North America, excluding U.S.17.2 6.0 10.0 33.2 
Europe45.7 100.4 44.4 190.5 
Asia43.6 59.4 35.1 138.1 
Other(1)
25.8 5.3 9.6 40.7 
Intersegment elimination(0.2)(1.1)(0.3)(1.6)
Net sales$300.6 $309.9 $187.7 $798.2 
Three Months Ended September 30, 2023
FMTHSTFSDPIDEX
U.S.$168.4 $139.2 $94.4 $402.0 
North America, excluding U.S.15.5 3.2 8.8 27.5 
Europe52.3 106.0 39.0 197.3 
Asia43.1 57.8 29.0 129.9 
Other(1)
21.8 7.0 9.4 38.2 
Intersegment elimination(0.6)(0.5)(0.4)(1.5)
Net sales$300.5 $312.7 $180.2 $793.4 

Nine Months Ended September 30, 2024
FMTHSTFSDPIDEX
U.S.$522.3 $420.6 $259.5 $1,202.4 
North America, excluding U.S.50.8 16.3 26.3 93.4 
Europe159.8 303.0 135.7 598.5 
Asia129.8 168.9 102.3 401.0 
Other(1)
71.2 16.1 27.6 114.9 
Intersegment elimination(0.9)(2.6)(0.8)(4.3)
Net sales$933.0 $922.3 $550.6 $2,405.9 

 Nine Months Ended September 30, 2023
FMTHSTFSDPIDEX
U.S.$525.9 $437.3 $280.5 $1,243.7 
North America, excluding U.S.52.8 16.6 25.4 94.8 
Europe163.0 338.1 126.1 627.2 
Asia137.0 189.6 80.4 407.0 
Other(1)
69.3 22.1 27.4 118.8 
Intersegment elimination(2.3)(2.3)(1.9)(6.5)
Net sales$945.7 $1,001.4 $537.9 $2,485.0 

(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 in all periods presented.

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:
September 30, 2024December 31, 2023
Billed receivables$451.4 $408.1 
Unbilled receivables15.9 10.9 
Total customer receivables$467.3 $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:
September 30, 2024December 31, 2023
Deferred revenue – current$65.0 $55.9 
Deferred revenue – noncurrent16.3 17.3 
Total deferred revenue$81.3 $73.2