Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue by Segment

The following tables provide disaggregated revenue by reportable segment for the three month periods ended June 30, 2021 and 2020.

	For the Three Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	391.9	$	103.1	$	495.0
Other Americas	66.6		3.5		70.1
Total Americas	458.5		106.6		565.1
EMEIA	336.3		83.1		419.4
Asia Pacific	252.7		41.9		294.6
Total	$	1,047.5	$	231.6	$	1,279.1
Product Categories
Original equipment	$	623.7	$	198.5	$	822.2
Aftermarket	423.8		33.1		456.9
Total	$	1,047.5	$	231.6	$	1,279.1
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	959.9	$	231.0	$	1,190.9
Revenue recognized over time(2)	87.6		0.6		88.2
Total	$	1,047.5	$	231.6	$	1,279.1

	For the Three Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	289.8	$	83.7	$	373.5
Other Americas	70.5		9.9		80.4
Total Americas	360.3		93.6		453.9
EMEIA	247.1		63.7		310.8
Asia Pacific	222.2		38.5		260.7
Total	$	829.6	$	195.8	$	1,025.4
Product Categories
Original equipment	$	502.0	$	169.1	$	671.1
Aftermarket	327.6		26.7		354.3
Total	$	829.6	$	195.8	$	1,025.4
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	750.1	$	195.8	$	945.9
Revenue recognized over time(2)	79.5		—		79.5
Total	$	829.6	$	195.8	$	1,025.4

(1)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

The following tables provide disaggregated revenue by reportable segment for the six month periods ended June 30, 2021 and 2020.

	For the Six Month Period Ended June 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	745.0	$	201.2	$	946.2
Other Americas	126.8		7.0		133.8
Total Americas	871.8		208.2		1,080.0
EMEIA	655.7		163.2		818.9
Asia Pacific	433.8		75.9		509.7
Total	$	1,961.3	$	447.3	$	2,408.6
Product Categories
Original equipment	$	1,152.4	$	377.2	$	1,529.6
Aftermarket	808.9		70.1		879.0
Total	$	1,961.3	$	447.3	$	2,408.6
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,807.8	$	445.8	$	2,253.6
Revenue recognized over time(2)	153.5		1.5		155.0
Total	$	1,961.3	$	447.3	$	2,408.6

	For the Six Month Period Ended June 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	466.9	$	133.0	$	599.9
Other Americas	115.8		14.8		130.6
Total Americas	582.7		147.8		730.5
EMEIA	447.7		104.6		552.3
Asia Pacific	303.2		56.2		359.4
Total	$	1,333.6	$	308.6	$	1,642.2
Product Categories
Original equipment	$	805.2	$	268.1	$	1,073.3
Aftermarket	528.4		40.5		568.9
Total	$	1,333.6	$	308.6	$	1,642.2
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	1,209.6	$	308.6	$	1,518.2
Revenue recognized over time(2)	124.0		—		124.0
Total	$	1,333.6	$	308.6	$	1,642.2

(1)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.

(2)Revenues primarily from long duration ETO product contracts and certain contracts for delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.

Schedule of Contract Balances

The following table provides the contract balances as of June 30, 2021 and December 31, 2020 presented in the Condensed Consolidated Balance Sheets.

	June 30, 2021		December 31, 2020
Accounts receivable, net	$	935.8	$	861.8
Contract assets	52.3		60.4
Contract liabilities	190.5		166.2

Schedule of Allowance for Credit Losses

The allowance for credit losses for the three and six month periods ended June 30, 2021 consisted of the following.

	For the Three Month Period Ended June 30, 2021		For the Six Month Period Ended June 30, 2021
Balance at beginning of the period	$	49.2	$	50.9
Provision charged to expense	1.3		1.6
Write-offs, net of recoveries	(1.7)		(2.7)
Foreign currency translation and other	0.5		(0.5)
Balance at end of the period	$	49.3	$	49.3