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Revenue
 12 Months Ended
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 BearingsIndustrial MotionTotal
United States$1,281.6 $795.3 $2,076.9 
Americas excluding United States383.1 102.7 485.8 
Europe / Middle East / Africa599.2 520.7 1,119.9 
Asia-Pacific770.4 120.0 890.4 
Net sales$3,034.3 $1,538.7 $4,573.0 
December 31, 2023
Engineered BearingsIndustrial MotionTotal
United States$1,266.1 $789.8 $2,055.9 
Americas excluding United States375.6 106.1 481.7 
Europe / Middle East / Africa678.6 499.7 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 BearingsIndustrial MotionTotal
United States$1,198.1 $793.9 $1,992.0 
Americas excluding United States383.2 93.0 476.2 
Europe / Middle East / Africa588.9 406.8 995.7 
Asia-Pacific922.4 110.4 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 channel202420232022
Original equipment manufacturers55%60%60%
Distribution/end users45%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:
20242023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized380.5 424.1 
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:
20242023
Beginning balance, January 1$45.4 $54.3 
Acquisitions0.7 1.4 
Revenue (cash) received in advance153.0 165.2 
Less: revenue recognized(157.7)(175.5)
Ending balance$41.4 $45.4