Revenue

12 Months Ended

Jul. 31, 2020

Revenue from Contract with Customer [Abstract]

Revenue

RevenueThe Company recognizes revenue on a wide range of filtration solutions sold to customers in many industries around the globe. Most of the Company’s performance obligations within customer sales contracts are for manufactured filtration systems and replacement parts. The Company also performs limited services and installation. Customer contracts may include multiple performance obligations and the transaction price is allocated to each distinct performance obligation based on its relative standalone selling price.

Revenue Disaggregation

Net sales disaggregated by geography based on the location where the customer’s order was placed are as follows (in millions):

	Year Ended July 31,
	2020		2019		2018
United States	$	1,059.9	$	1,192.6	$	1,120.8
Europe, Middle East and Africa	760.2		826.8		791.5
Asia Pacific	553.2		597.9		599.2
Latin America	208.5		227.6		222.7
Total net sales	$	2,581.8	$	2,844.9	$	2,734.2

Contract Assets and Liabilities

The satisfaction of performance obligations and the resulting recognition of revenue typically corresponds with billing of the customer. In limited circumstances, the customer may be billed at a time later than when revenue is recognized, resulting in contract assets, which are reported in prepaid expenses and other current assets on the Consolidated Balance Sheets. Contract assets were $11.9 million and $12.4 million as of July 31, 2020 and 2019. In other limited circumstances, the Company will require a down payment from the customer prior to the satisfaction of performance obligations. The circumstances result in contract liabilities, or deferred revenue, which is reported in other current liabilities and other long-term liabilities on the Consolidated Balance Sheets, depending on when revenue is expected to be recognized. Contract liabilities were $10.0 million and $10.4 million as of July 31, 2020 and 2019, respectively.

The Company will recognize revenue in future periods related to remaining performance obligations for certain open contracts. Generally, these contracts have terms of one year or less. The amount of revenue related to unsatisfied performance obligations in which the original duration of the contract is greater than one year is not significant.