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Revenue from Contracts with Customers (Tables)
 6 Months Ended
Jun. 30, 2024
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 and six month periods ended June 30, 2024 and 2023.
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Three Month Period Ended June 30,
202420232024202320242023
Primary Geographic Markets
United States$626.2 $556.8 $158.3 $140.8 $784.5 $697.6 
Other Americas109.6 88.0 17.8 7.1 127.4 95.1 
Total Americas735.8 644.8 176.1 147.9 911.9 792.7 
EMEIA461.2 428.5 119.9 113.9 581.1 542.4 
Asia Pacific269.5 305.1 42.8 46.3 312.3 351.4 
Total$1,466.5 $1,378.4 $338.8 $308.1 $1,805.3 $1,686.5 
Product Categories
Original equipment(1)
$897.6 $843.2 $265.2 $244.5 $1,162.8 $1,087.7 
Aftermarket(2)
568.9 535.2 73.6 63.6 642.5 598.8 
Total$1,466.5 $1,378.4 $338.8 $308.1 $1,805.3 $1,686.5 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$1,334.2 $1,266.2 $337.0 $306.1 $1,671.2 $1,572.3 
Revenue recognized over time(4)
132.3 112.2 1.8 2.0 134.1 114.2 
Total$1,466.5 $1,378.4 $338.8 $308.1 $1,805.3 $1,686.5 
Industrial Technologies and ServicesPrecision and Science TechnologiesTotal
Six Month Period Ended June 30,
202420232024202320242023
Primary Geographic Markets
United States$1,223.3 $1,108.0 $295.4 $285.0 $1,518.7 $1,393.0 
Other Americas222.3 178.9 25.9 14.4 248.2 193.3 
Total Americas1,445.6 1,286.9 321.3 299.4 1,766.9 1,586.3 
EMEIA906.6 854.5 233.6 227.3 1,140.2 1,081.8 
Asia Pacific487.7 554.2 80.6 93.5 568.3 647.7 
Total$2,839.9 $2,695.6 $635.5 $620.2 $3,475.4 $3,315.8 
Product Categories
Original equipment(1)
$1,724.7 $1,633.3 $490.2 $489.8 $2,214.9 $2,123.1 
Aftermarket(2)
1,115.2 1,062.3 145.3 130.4 1,260.5 1,192.7 
Total$2,839.9 $2,695.6 $635.5 $620.2 $3,475.4 $3,315.8 
Pattern of Revenue Recognition
Revenue recognized at point in time(3)
$2,578.6 $2,486.7 $632.5 $617.3 $3,211.1 $3,104.0 
Revenue recognized over time(4)
261.3 208.9 3.0 2.9 264.3 211.8 
Total$2,839.9 $2,695.6 $635.5 $620.2 $3,475.4 $3,315.8 
Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment.
(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.
(3)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.
(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the 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, 2024 and December 31, 2023 presented in the Condensed Consolidated Balance Sheets.
June 30, 2024December 31, 2023
Accounts receivable, net$1,301.4 $1,234.2 
Contract assets124.1 85.6 
Contract liabilities - current324.0 331.2 
Contract liabilities - noncurrent0.9 1.0