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Revenue
 9 Months Ended
Sep. 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 September 30,   Nine Months Ended September 30,  
 2019201820192018
Printing & Identification $287,157  $283,232  $848,056  $865,588  
Industrials414,634  388,302  1,237,427  1,180,561  
Total Engineered Systems segment701,791  671,534  2,085,483  2,046,149  
Fueling & Transport411,769  367,617  1,175,405  1,050,276  
Pumps (1)
169,678  167,542  523,730  503,157  
Process Solutions171,599  154,906  486,568  458,396  
Total Fluids segment753,046  690,065  2,185,703  2,011,829  
Refrigeration313,908  328,281  905,084  937,168  
Food Equipment56,427  57,933  185,368  189,047  
Total Refrigeration & Food Equipment segment370,335  386,214  1,090,452  1,126,215  
Intra-segment eliminations173  (410) (830) (1,025) 
Total Consolidated Revenue$1,825,345  $1,747,403  $5,360,808  $5,183,168  
(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 September 30,   Nine Months Ended September 30,  
 2019201820192018
United States$1,002,349  $922,261  $2,883,147  $2,707,470  
Europe376,601  369,479  1,184,520  1,158,891  
Asia229,210  219,645  623,838  633,280  
Other Americas150,257  166,182  466,591  467,523  
Other66,928  69,836  202,712  216,004  
Total$1,825,345  $1,747,403  $5,360,808  $5,183,168  

At September 30, 2019, we estimated that $81.6 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 58% 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:
 September 30, 2019December 31, 2018At Adoption
Contract assets$13,924  $9,330  $11,932  
Contract liabilities - current39,656  36,461  48,268  
Contract liabilities - non-current9,121  9,382  9,916  
The revenue recognized during the nine months ended September 30, 2019 and 2018 that was included in contract liabilities at the beginning of the period amounted to $25,977 and $37,579, respectively.