Net Sales

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Net Sales

4. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the related performance obligation. These amounts are recorded as customer advances in the Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the year ended December 31, 2023 and 2022.

	2023			2022
Balance at beginning of period	$	21.9		$	28.7
Cash received in advance of satisfying    performance obligations		147.7			130.6
Revenue recognized		(150.8	)		(139.2	)
Currency translation		0.4			1.8
Balance at end of period	$	19.2		$	21.9

The Company recognizes a contract asset for certain remanufacturing, repair and field service work when the service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Consolidated Balance Sheets. Contract assets are immaterial as of December 31, 2023 and 2022.