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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue
Note 5 - Revenue
The following table presents details deemed most relevant to the users of the financial statements about total revenue for the three and six months ended June 30, 2024 and 2023:
Three Months EndedThree Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$335.9 $203.5 $539.4 $317.6 $218.8 $536.4 
Americas excluding the United States96.3 26.5 122.8 96.0 27.9 123.9 
Europe / Middle East / Africa151.0 135.2 286.2 175.6 136.6 312.2 
China80.9 23.0 103.9 156.5 22.9 179.4 
Asia-Pacific excluding China119.3 10.7 130.0 111.5 8.9 120.4 
Net sales$783.4 $398.9 $1,182.3 $857.2 $415.1 $1,272.3 
Six Months EndedSix Months Ended
June 30, 2024June 30, 2023
Engineered BearingsIndustrial MotionTotalEngineered BearingsIndustrial MotionTotal
United States$671.0 $396.2 $1,067.2 $658.5 $413.1 $1,071.6 
Americas excluding the United States191.0 51.1 242.1 188.2 55.8 244.0 
Europe / Middle East / Africa320.5 277.8 598.3 359.5 250.4 609.9 
China152.6 39.3 191.9 314.9 39.2 354.1 
Asia-Pacific excluding China250.8 22.3 273.1 236.8 18.7 255.5 
Net sales$1,585.9 $786.7 $2,372.6 $1,757.9 $777.2 $2,535.1 

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 six months ended June 30, 2024 and 2023:
Six Months EndedSix Months Ended
Revenue by sales channelJune 30, 2024June 30, 2023
Original equipment manufacturers60%60%
Distribution/end users40%40%
In addition to disaggregating revenue by segment, geography and by sales channel as shown above, the Company believes information about the timing of transfer of goods or services, type of customer and distinguishing service revenue from product sales is also relevant. During the six months ended June 30, 2024 and June 30, 2023, approximately 7% and 8%, respectively, of total net sales were recognized over-time because of the continuous transfer of control to the customer, with the remainder recognized as of a point in time. Approximately 5% and 4% of total net sales represented service revenue during the six months ended June 30, 2024 and June 30, 2023, respectively. Finally, business with the United States ("U.S.") government or its contractors represented approximately 6% of total net sales during the six months ended June 30, 2024 and June 30, 2023.

Remaining Performance Obligations:
Remaining performance obligations represent the transaction price of orders meeting the definition of a contract for which work has not been performed and excludes unexercised contract options. Performance obligations having a duration of more than one year are concentrated in contracts for certain products and services provided to the U.S. government or its contractors. The aggregate amount of the transaction price allocated to remaining performance obligations for such contracts with a duration of more than one year was approximately $129.0 million at June 30, 2024.
Note 5 - Revenue (continued)
Unbilled Receivables:
The following table contains a rollforward of unbilled receivables for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$144.5 $103.9 
Additional unbilled revenue recognized158.6 424.1 
Less: amounts billed to customers(155.0)(383.5)
Ending balance$148.1 $144.5 
There were no impairment losses recorded on unbilled receivables for the six months ended June 30, 2024 and the twelve months ended December 31, 2023.

Deferred Revenue:
The following table contains a rollforward of deferred revenue for the six months ended June 30, 2024 and the twelve months ended December 31, 2023:
June 30,
2024		December 31,
2023
Beginning balance, January 1$45.4 $54.3 
Acquisitions— 1.4 
Revenue (cash) received in advance78.8 165.2 
Less: revenue recognized(72.5)(175.5)
Ending balance$51.7 $45.4