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Revenue | 12 Months Ended
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Dec. 31, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Note 3 - Revenue The following table presents details deemed most relevant to the users of the financial statements about total revenue for the years ended December 31, 2024, 2023 and 2022:
| December 31, 2024
| Engineered Bearings | Industrial Motion | Total
United States | $ | 1,281.6 |  | $ | 795.3 |  | $ | 2,076.9 |
Americas excluding United States | 383.1 |  | 102.7 |  | 485.8 |
Europe / Middle East / Africa | 599.2 |  | 520.7 |  | 1,119.9 |
Asia-Pacific | 770.4 |  | 120.0 |  | 890.4 |
Net sales | $ | 3,034.3 |  | $ | 1,538.7 |  | $ | 4,573.0 |
| December 31, 2023
| Engineered Bearings | Industrial Motion | Total
United States | $ | 1,266.1 |  | $ | 789.8 |  | $ | 2,055.9 |
Americas excluding United States | 375.6 |  | 106.1 |  | 481.7 |
Europe / Middle East / Africa | 678.6 |  | 499.7 |  | 1,178.3 |
Asia-Pacific | 937.4 |  | 115.7 |  | 1,053.1 |
Net sales | $ | 3,257.7 |  | $ | 1,511.3 |  | $ | 4,769.0 |
| December 31, 2022
| Engineered Bearings | Industrial Motion | Total
United States | $ | 1,198.1 |  | $ | 793.9 |  | $ | 1,992.0 |
Americas excluding United States | 383.2 |  | 93.0 |  | 476.2 |
Europe / Middle East / Africa | 588.9 |  | 406.8 |  | 995.7 |
Asia-Pacific | 922.4 |  | 110.4 |  | 1,032.8 |
Net sales | $ | 3,092.6 |  | $ | 1,404.1 |  | $ | 4,496.7 |
Net sales by geographic area are reported by the destination of net sales. When reviewing revenues by sales channel, the Company separates net sales to OEMs from sales to distributors and end users. The following table presents the percent of revenues by sales channel for the years ended December 31, 2024, 2023 and 2022:
Revenue by sales channel | 2024 | 2023 | 2022
Original equipment manufacturers | 55% | 60% | 60%
Distribution/end users | 45% | 40% | 40%
In addition to disaggregating revenue by segment and geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services and type of customer is also relevant. During the year ended December 31, 2024, approximately 10% of total net sales were recognized on an over-time basis compared to 9% in 2023 and 2022. These sales were recognized over-time due to the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Finally, business with the U.S. government or its contractors represented approximately 7% of total net sales in 2024, 6% of total net sales in 2023, and 7% of total net sales for 2022. Note 3 - Revenue (continued) Remaining Performance Obligations: Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $153 million at December 31, 2024. Unbilled Receivables: The following table contains a rollforward of unbilled receivables for the years ended December 31, 2024 and 2023:
| 2024 | 2023
Beginning balance, January 1 | $ | 144.5 |  | $ | 103.9 |
Additional unbilled revenue recognized | 380.5 |  | 424.1 |
Less: amounts billed to customers | (384.2) |  | (383.5) |
Ending balance | $ | 140.8 |  | $ | 144.5 |
There were no impairment losses recorded on unbilled receivables for the years ended December 31, 2024 and 2023. Deferred Revenue: The following table contains a rollforward of deferred revenue for the years ended December 31, 2024 and 2023:
| 2024 | 2023
Beginning balance, January 1 | $ | 45.4 |  | $ | 54.3 |
Acquisitions | 0.7 |  | 1.4 |
Revenue (cash) received in advance | 153.0 |  | 165.2 |
Less: revenue recognized | (157.7) |  | (175.5) |
Ending balance | $ | 41.4 |  | $ | 45.4 |

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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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