Revenue

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents the Company’s revenues disaggregated by geographical region for the years ended December 31, 2020 and 2019 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenues. The Company defines emerging markets as developing markets of the world experiencing extended periods of accelerated growth in gross domestic product and infrastructure which includes Eastern Europe, the Middle East, Africa, Latin America and Asia (with the exception of Japan and Australia). The Company defines developed markets as all markets of the world that are not emerging markets.

	Specialty Products & Technologies		Equipment & Consumables		Total
Year ended December 31, 2020
Geographical region:
North America	$	503.3	$	594.3	$	1,097.6
Western Europe	259.2		253.1		512.3
Other developed markets	85.4		74.2		159.6
Emerging markets	269.4		243.1		512.5
Total	$	1,117.3	$	1,164.7	$	2,282.0
Year ended December 31, 2019
Geographical region:
North America	$	602.7	$	714.9	$	1,317.6
Western Europe	315.6		288.1		603.7
Other developed markets	92.8		81.5		174.3
Emerging markets	331.6		324.4		656.0
Total	$	1,342.7	$	1,408.9	$	2,751.6

Sales by Major Product Group:

	Year Ended December 31,
($ in millions)	2020		2019		2018
Consumables	$	1,594.1	$	1,869.9	$	1,914.8
Equipment	687.9		881.7		929.7
Total	$	2,282.0	$	2,751.6	$	2,844.5

Remaining Performance Obligations

ASC 606 requires disclosure of remaining performance obligations that represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one year which are fully or partially unsatisfied at the end of the period. Remaining performance obligations include noncancelable purchase orders, extended warranty and service agreements and do not include revenue from contracts with customers with an original term of one year or less.

As of December 31, 2020, the aggregate amount of the transaction price allocated to remaining performance obligations was $22.4 million and the Company expects to recognize revenue on the majority of this amount over the next 12 months.

Contract Liabilities

The Company often receives cash payments from customers in advance of the Company’s performance resulting in contract liabilities. These contract liabilities are classified as either current or long-term in the Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue. As of December 31, 2020 and 2019, the contract liabilities were $53.4 million and $57.0 million, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Balance Sheets. The decrease in the contract liability balance during the year ended December 31, 2020 is primarily as a result of revenue recognized during the period that was included in the contract liability balance at December 31, 2019, partially offset by cash payments received in advance of satisfying performance obligations. The decrease in the contract liability balance during the year ended December 31, 2019 is primarily as a result of revenue recognized during the period that was included in the contract liability balance at the date of adoption, partially offset by cash payments received in advance of satisfying performance obligations. Revenue recognized during the year ended December 31, 2020 that was included in the contract liability balance at December 31, 2019 was $48.1 million. Revenue recognized during the year ended December 31, 2019 that was included in the contract liability balance at December 31, 2018 was $52.5 million. Revenue recognized during the year ended December 31, 2018 that was included in the contract liability balance at the date of adoption was $60.3 million.

Significant Customers

Sales to the Company’s largest customer were 11%, 12% and 14% of sales in the years ended December 31, 2020, 2019 and 2018, respectively. No other individual customer accounted for more than 10% of sales in 2020, 2019 or 2018.