Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 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 September 30, 2021 and 2020.

	For the Three Month Period Ended September 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	395.0	$	109.0	$	504.0
Other Americas	69.1		6.5		75.6
Total Americas	464.1		115.5		579.6
EMEIA	337.2		93.5		430.7
Asia Pacific	269.4		45.3		314.7
Total	$	1,070.7	$	254.3	$	1,325.0
Product Categories
Original equipment	$	638.4	$	210.2	$	848.6
Aftermarket	432.3		44.1		476.4
Total	$	1,070.7	$	254.3	$	1,325.0
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	980.4	$	252.9	$	1,233.3
Revenue recognized over time(2)	90.3		1.4		91.7
Total	$	1,070.7	$	254.3	$	1,325.0

	For the Three Month Period Ended September 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	323.0	$	82.2	$	405.2
Other Americas	80.1		12.5		92.6
Total Americas	403.1		94.7		497.8
EMEIA	277.7		76.7		354.4
Asia Pacific	221.8		38.5		260.3
Total	$	902.6	$	209.9	$	1,112.5
Product Categories
Original equipment	$	528.3	$	179.4	$	707.7
Aftermarket	374.3		30.5		404.8
Total	$	902.6	$	209.9	$	1,112.5
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	816.7	$	209.9	$	1,026.6
Revenue recognized over time(2)	85.9		—		85.9
Total	$	902.6	$	209.9	$	1,112.5

(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 nine month periods ended September 30, 2021 and 2020.

	For the Nine Month Period Ended September 30, 2021
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	1,140.0	$	310.2	$	1,450.2
Other Americas	195.9		13.5		209.4
Total Americas	1,335.9		323.7		1,659.6
EMEIA	992.9		256.7		1,249.6
Asia Pacific	703.2		121.2		824.4
Total	$	3,032.0	$	701.6	$	3,733.6
Product Categories
Original equipment	$	1,790.8	$	587.4	$	2,378.2
Aftermarket	1,241.2		114.2		1,355.4
Total	$	3,032.0	$	701.6	$	3,733.6
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	2,788.2	$	698.7	$	3,486.9
Revenue recognized over time(2)	243.8		2.9		246.7
Total	$	3,032.0	$	701.6	$	3,733.6

	For the Nine Month Period Ended September 30, 2020
	Industrial Technologies and Services		Precision and Science Technologies		Total
Primary Geographic Markets
United States	$	789.9	$	215.2	$	1,005.1
Other Americas	195.9		27.3		223.2
Total Americas	985.8		242.5		1,228.3
EMEIA	725.4		181.3		906.7
Asia Pacific	525.0		94.7		619.7
Total	$	2,236.2	$	518.5	$	2,754.7
Product Categories
Original equipment	$	1,333.5	$	447.5	$	1,781.0
Aftermarket	902.7		71.0		973.7
Total	$	2,236.2	$	518.5	$	2,754.7
Pattern of Revenue Recognition
Revenue recognized at point in time(1)	$	2,026.3	$	518.5	$	2,544.8
Revenue recognized over time(2)	209.9		—		209.9
Total	$	2,236.2	$	518.5	$	2,754.7

(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 September 30, 2021 and December 31, 2020 presented in the Condensed Consolidated Balance Sheets.

	September 30, 2021		December 31, 2020
Accounts receivable, net	$	927.0	$	861.8
Contract assets	59.1		60.4
Contract liabilities	217.5		166.2

Schedule of Allowance for Credit Losses

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

	For the Three Month Period Ended September 30, 2021		For the Nine Month Period Ended September 30, 2021
Balance at beginning of the period	$	49.3	$	50.9
Provision charged to expense	0.6		2.2
Write-offs, net of recoveries	(0.3)		(3.0)
Foreign currency translation and other	0.3		(0.2)
Balance at end of the period	$	49.9	$	49.9