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Revenue
 6 Months Ended
Jun. 30, 2019
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
3. Revenue

Effective January 1, 2018, the Company adopted Accounting Standard Codification ("ASC") Topic 606, Revenue from Contracts with Customers ("Topic 606” or “ASC 606”), using the modified retrospective method applied to those contracts which were not completed as of January 1, 2018.
Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and where payment terms are identified and collectability is probable. Once the Company has entered a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as discounts and volume rebates.
Over 95% of the Company’s performance obligations are recognized at a point in time that relate to the manufacture and sale of a broad range of products and components. Revenue is recognized when control transfers to the customer upon shipment or completion of installation, testing, certification, or other substantive acceptance provisions required under the contract. Less than 5% of the Company’s revenue is recognized over time and generally relates to the sale of services or engineered to order equipment that have no alternative use and in which the contract specifies the Company has a right to payment for its costs, plus a reasonable margin.

Revenue from contracts with customers is disaggregated by end markets, segments and geographic location, as it best depicts the nature and amount of the Company’s revenue.
The following table presents revenue disaggregated by end market and segment:
Three Months Ended June 30,  Six Months Ended June 30, 
 2019201820192018
Printing & Identification $278,813 $299,834 $560,899 $582,356 
Industrials417,688 403,155 822,793 792,259 
Total Engineered Systems segment696,501 702,989 1,383,692 1,374,615 
Fueling & Transport390,586 363,355 763,636 682,659 
Pumps (1)
176,613 173,306 354,052 335,615 
Process Solutions162,234 157,005 314,969 303,490 
Total Fluids segment729,433 693,666 1,432,657 1,321,764 
Refrigeration313,578 330,232 591,176 608,887 
Food Equipment71,896 71,534 128,941 131,114 
Total Refrigeration & Food Equipment segment385,474 401,766 720,117 740,001 
Intra-segment eliminations(702)(327)(1,003)(615)
Total Consolidated Revenue$1,810,706 $1,798,094 $3,535,463 $3,435,765 
(1) Finder Pompe S.r.l was sold on April 2, 2019.

The following table presents revenue disaggregated by geography based on the location of the Company's customer:
Three Months Ended June 30,  Six Months Ended June 30, 
 2019201820192018
United States$960,906 $932,207 $1,880,798 $1,785,209 
Europe405,274 402,234 807,919 789,412 
Asia198,278 219,032 394,628 413,635 
Other Americas178,216 168,197 316,334 301,341 
Other68,032 76,424 135,784 146,168 
Total$1,810,706 $1,798,094 $3,535,463 $3,435,765 

At June 30, 2019, we estimated that $79.1 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. We expect to recognize approximately 64% of our unsatisfied (or partially unsatisfied) performance obligations as revenue through 2020, with the remaining balance to be recognized in 2021 and thereafter.

The following table provides information about contract assets and contract liabilities from contracts with customers:
 June 30, 2019December 31, 2018At Adoption
Contract assets$14,464 $9,330 $11,932 
Contract liabilities - current37,572 36,461 48,268 
Contract liabilities - non-current9,044 9,382 9,916 
The revenue recognized during the six months ended June 30, 2019 and 2018 that was included in the contract liabilities at the beginning of the period amounted to $27,701 and $32,553, respectively.