Revenue

3 Months Ended

Mar. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue

REVENUE

The following table presents the Company’s revenues disaggregated by geographical region for the three months ended March 29, 2024 and March 31, 2023 ($ 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 experiencing 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.

	Three Months Ended March 29, 2024
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	171.1	$	147.6	$	318.7
Western Europe	122.3		26.0		148.3
Other developed markets	22.1		8.2		30.3
Emerging markets	93.2		33.1		126.3
Total	$	408.7	$	214.9	$	623.6

	Three Months Ended March 31, 2023
	Specialty Products & Technologies		Equipment & Consumables		Total
Geographical region:
North America	$	185.3	$	139.4	$	324.7
Western Europe	117.0		32.1		149.1
Other developed markets	24.0		8.6		32.6
Emerging markets	83.7		37.1		120.8
Total	$	410.0	$	217.2	$	627.2

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 March 29, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was $87.3 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 Condensed Consolidated Balance Sheets based on the timing of when the Company expects to recognize revenue. As of March 29, 2024 and December 31, 2023, the contract liabilities were $124.0 million and $114.8 million, respectively, and are included within accrued expenses and other liabilities and other long-term liabilities in the accompanying Condensed Consolidated Balance Sheets. Revenue recognized during the three months ended March 29, 2024 and March 31, 2023 that was included in the contract liability balance at December 31, 2023 and December 31, 2022 was $38.7 million and $32.9 million, respectively.

Significant Customers

Sales to the Company’s largest customer were 10% of sales for both the three months ended March 29, 2024 and March 31, 2023.