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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Note 4 - Revenue The following table presents details deemed relevant to the users of the financial statements about total revenue for the three and nine months ended September 30, 2025 and 2024:
| Three Months Ended | Three Months Ended
| September 30, 2025 | September 30, 2024
| Engineered Bearings | Industrial Motion | Total | Engineered Bearings | Industrial Motion | Total
United States | $ | 323.1 |  | $ | 205.1 |  | $ | 528.2 |  | $ | 310.4 |  | $ | 202.4 |  | $ | 512.8 |
Americas excluding the United States | 91.2 |  | 23.9 |  | 115.1 |  | 95.5 |  | 28.1 |  | 123.6 |
Europe / Middle East / Africa | 150.0 |  | 135.2 |  | 285.2 |  | 139.9 |  | 124.0 |  | 263.9 |
Asia-Pacific | 201.5 |  | 27.1 |  | 228.6 |  | 194.9 |  | 31.6 |  | 226.5 |
Net sales | $ | 765.8 |  | $ | 391.3 |  | $ | 1,157.1 |  | $ | 740.7 |  | $ | 386.1 |  | $ | 1,126.8 |
| Nine Months Ended | Nine Months Ended
| September 30, 2025 | September 30, 2024
| Engineered Bearings | Industrial Motion | Total | Engineered Bearings | Industrial Motion | Total
United States | $ | 954.3 |  | $ | 619.2 |  | $ | 1,573.5 |  | $ | 981.4 |  | $ | 598.6 |  | $ | 1,580.0 |
Americas excluding the United States | 277.7 |  | 67.1 |  | 344.8 |  | 286.5 |  | 79.2 |  | 365.7 |
Europe / Middle East / Africa | 438.2 |  | 401.2 |  | 839.4 |  | 460.4 |  | 401.8 |  | 862.2 |
Asia-Pacific | 633.7 |  | 79.4 |  | 713.1 |  | 598.3 |  | 93.2 |  | 691.5 |
Net sales | $ | 2,303.9 |  | $ | 1,166.9 |  | $ | 3,470.8 |  | $ | 2,326.6 |  | $ | 1,172.8 |  | $ | 3,499.4 |
Note 4 - Revenue (continued) When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the approximate percent of revenue by sales channel for the nine months ended September 30, 2025 and 2024:
| Nine Months Ended | Nine Months Ended
Revenue by sales channel | September 30, 2025 | September 30, 2024
Original equipment manufacturers | 60% | 55%
Distribution/direct to end users | 40% | 45%
In addition to disaggregating revenue by segment, 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 nine months ended September 30, 2025 and September 30, 2024, approximately 9% and 10%, respectively, of total net sales were recognized over-time because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Finally, business with the United States ("U.S.") government or its contractors represented approximately 7% and 6% of total net sales during the nine months ended September 30, 2025 and September 30, 2024, respectively. 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 $233 million at September 30, 2025. Unbilled Receivables: The following table contains a rollforward of unbilled receivables for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024:
| September 30, 2025 | December 31, 2024
Beginning balance, January 1 | $ | 140.8 |  | $ | 144.5 |
Additional unbilled revenue recognized | 274.4 |  | 380.5 |
Less: amounts billed to customers | (254.5) |  | (384.2) |
Ending balance | $ | 160.7 |  | $ | 140.8 |
There were no impairment losses recorded on unbilled receivables for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024. Deferred Revenue: The following table contains a rollforward of deferred revenue for the nine months ended September 30, 2025 and the twelve months ended December 31, 2024:
| September 30, 2025 | December 31, 2024
Beginning balance, January 1 | $ | 41.4 |  | $ | 45.4 |
Acquisitions | — |  | 0.7 |
Revenue received or billed in advance of recognition | 145.5 |  | 153.0 |
Less: revenue recognized | (121.1) |  | (157.7) |
Ending balance | $ | 65.8 |  | $ | 41.4 |

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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 11: 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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