Revenue

12 Months Ended

Dec. 31, 2022

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, 2022 and 2021 ($ in millions). Sales taxes and other usage-based taxes collected from customers are excluded from revenues. The Company has historically defined emerging markets as developing markets of the world, which prior to the COVID-19 pandemic, experienced extended periods of accelerated growth in gross domestic product and infrastructure, including 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.

	Year Ended December 31, 2022
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	711.1	$	655.3	$	1,366.4
Western Europe	388.9		121.1		510.0
Other developed markets	91.0		38.6		129.6
Emerging markets	407.6		155.5		563.1
Total	$	1,598.6	$	970.5	$	2,569.1

	Year Ended December 31, 2021
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	668.9	$	659.3	$	1,328.2
Western Europe	366.6		125.9		492.5
Other developed markets	98.2		41.2		139.4
Emerging markets	374.1		174.7		548.8
Total	$	1,507.8	$	1,001.1	$	2,508.9

Sales by Major Product Group:

	Year Ended December 31,
($ in millions)	2022		2021		2020
Consumables	$	2,147.5	$	2,067.9	$	1,590.7
Equipment	421.6		441.0		338.4
Total	$	2,569.1	$	2,508.9	$	1,929.1

Consumable products include implants, regenerative products, prosthetics, orthodontic brackets, aligners and lab products from our Specialty Products & Technologies business segment and traditional consumables such as bonding agents and cements, impression materials, infection prevention products and restorative products from the Company’s Equipment & Consumables business segment. The Company’s equipment products include digital imaging systems, software and other visualization and magnification systems.

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, 2022, the aggregate amount of the transaction price allocated to remaining performance obligations was $52.7 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, 2022 and 2021, the contract liabilities were $87.5 million and $65.2 million, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Consolidated Balance Sheets. The increase in the contract liability balance during the years ended December 31, 2022 and 2021, is primarily due to cash payments received in advance of satisfying performance obligations, partially offset by revenue recognized during the period that was included in the contract liability balance at December 31, 2021 and 2020, respectively.

Revenue recognized during the years ended December 31, 2022 and 2021 that was included in the contract liability balance at December 31, 2021 and December 31, 2020 was $52.8 million and $38.4 million, respectively.

Significant Customers

Sales to the Company’s largest customer were 11%, 12%, and 11% of sales for the years ended December 31, 2022, 2021 and 2020, respectively.