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Revenue
 12 Months Ended
Dec. 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, presented as Net sales on the 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 years ended December 31, 2024, 2023 and 2022 was as follows:
For the Year Ended December 31,
202420232022
Pumps$408.3 $402.9 $396.5 
Water347.8 345.8 307.8 
Energy207.6 209.3 191.3 
Agriculture146.4 159.6 152.8 
Valves123.1 129.5 118.9 
Intersegment elimination(1.4)(2.9)(1.1)
Fluid & Metering Technologies1,231.8 1,244.2 1,166.2 
Scientific Fluidics & Optics(1)
706.1 681.5 639.0 
Performance Pneumatic Technologies237.4 250.0 257.6 
Sealing Solutions232.4 242.3 266.0 
Material Processing Technologies122.2 120.7 138.1 
Micropump(2)
— 21.9 38.5 
Intersegment elimination(4.1)(2.9)(2.4)
Health & Science Technologies1,294.0 1,313.5 1,336.8 
Fire & Safety467.2 431.9 400.1 
Dispensing161.3 167.5 167.5 
BAND-IT115.8 119.4 111.6 
Intersegment elimination(1.3)(2.6)(0.3)
Fire & Safety/Diversified Products743.0 716.2 678.9 
Net sales
$3,268.8 $3,273.9 $3,181.9 

(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, “Restructuring Expenses and Asset Impairments,” 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, “Acquisitions and Divestitures,” for further detail.
Revenue by geographical region for the years ended December 31, 2024, 2023 and 2022 was as follows:

For the Year Ended December 31, 2024
FMTHSTFSDPIDEX
U.S.$693.1 $573.7 $354.9 $1,621.7 
North America, excluding U.S.68.3 29.9 34.2 132.4 
Europe210.1 408.0 178.4 796.5 
Asia169.7 261.4 139.9 571.0 
Other(1)
92.0 25.1 36.9 154.0 
Intersegment elimination(1.4)(4.1)(1.3)(6.8)
Net sales
$1,231.8 $1,294.0 $743.0 $3,268.8 

For the Year Ended December 31, 2023
FMTHSTFSDPIDEX
U.S.$695.7 $575.5 $371.9 $1,643.1 
North America, excluding U.S.70.3 22.6 33.4 126.3 
Europe213.8 439.9 166.7 820.4 
Asia177.6 249.4 108.5 535.5 
Other(1)
89.7 29.0 38.3 157.0 
Intersegment elimination(2.9)(2.9)(2.6)(8.4)
Net sales
$1,244.2 $1,313.5 $716.2 $3,273.9 

For the Year Ended December 31, 2022
FMTHSTFSDPIDEX
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 
Asia157.8 261.3 104.2 523.3 
Other(1)
82.6 25.5 35.5 143.6 
Intersegment elimination(1.1)(2.4)(0.3)(3.8)
Net sales
$1,166.2 $1,336.8 $678.9 $3,181.9 

(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, “Restructuring Expenses and Asset Impairments,” for further detail.

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 years 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 Consolidated Balance Sheets.
The composition of customer receivables was as follows:
December 31, 2024December 31, 2023
Billed receivables$443.2 $408.1 
Unbilled receivables17.8 10.9 
Total customer receivables$461.0 $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 Consolidated Balance Sheets.

The composition of deferred revenue was as follows:

December 31, 2024December 31, 2023
Deferred revenue - current$50.7 $55.9 
Deferred revenue - noncurrent13.2 17.3 
Total deferred revenue$63.9 $73.2