Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table presents details deemed most relevant to the users of the financial statements about total revenue for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended						Three Months Ended
	September 30, 2023						September 30, 2022
	Engineered Bearings		Industrial Motion		Total		Engineered Bearings		Industrial Motion		Total
United States	$	307.4	$	190.6	$	498.0	$	310.4	$	205.3	$	515.7
Americas excluding the United States	96.1		26.5		122.6		98.4		25.3		123.7
Europe / Middle East / Africa	158.6		125.9		284.5		129.1		100.9		230.0
China	110.7		18.3		129.0		143.0		16.8		159.8
Asia-Pacific excluding China	102.8		5.8		108.6		98.8		8.4		107.2
Net sales	$	775.6	$	367.1	$	1,142.7	$	779.7	$	356.7	$	1,136.4
	Nine Months Ended						Nine Months Ended
	September 30, 2023						September 30, 2022
	Engineered Bearings		Industrial Motion		Total		Engineered Bearings		Industrial Motion		Total
United States	$	965.9	$	603.7	$	1,569.6	$	902.2	$	601.8	$	1,504.0
Americas excluding the United States	284.3		82.3		366.6		295.4		70.4		365.8
Europe / Middle East / Africa	518.1		376.3		894.4		447.4		307.4		754.8
China	425.6		57.5		483.1		405.6		60.6		466.2
Asia-Pacific excluding China	339.6		24.5		364.1		299.8		24.1		323.9
Net sales	$	2,533.5	$	1,144.3	$	3,677.8	$	2,350.4	$	1,064.3	$	3,414.7

When reviewing revenue by sales channel, the Company separates net sales to original equipment manufacturers ("OEMs") from sales to distributors and end users. The following table presents the approximate percent of revenue by sales channel for the nine months ended September 30, 2023 and 2022:

	Nine Months Ended	Nine Months Ended
Revenue by sales channel	September 30, 2023	September 30, 2022
Original equipment manufacturers	60%	60%
Distribution/end users	40%	40%

Schedule of Unbilled Receivables and Deferred Revenue

The following table contains a rollforward of unbilled receivables for the nine months ended September 30, 2023 and the twelve months ended December 31, 2022:

	September 30, 2023		December 31, 2022
Beginning balance, January 1	$	103.9	$	104.5
Additional unbilled revenue recognized	314.3		396.2
Less: amounts billed to customers	(282.1)		(370.5)
Less: unbilled receivables reclassified to assets held for sale	—		(26.3)
Ending balance	$	136.1	$	103.9

The following table contains a rollforward of deferred revenue for the nine months ended September 30, 2023 and the twelve months ended December 31, 2022:

	September 30, 2023		December 31, 2022
Beginning balance, January 1	$	54.3	$	35.8
Revenue (cash) received in advance	147.9		54.8
Less: revenue recognized	(146.8)		(36.3)
Ending balance	$	55.4	$	54.3