REVENUE REVENUE

9 Months Ended

Oct. 02, 2021

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following tables represent our revenue disaggregated by end market.

For the Three Months Ended October 2, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	323.7		$	—		$	—		$	(0.1)		$	323.6
Chemical and industrial pumps		—			164.6			—			—			164.6
Aerospace and defense		1.5			—			67.3			—			68.8
Oil and gas		—			46.1			10.0			—			56.1
General industrial		7.1			—			69.8			(0.4)			76.5
Total		$	332.3		$	210.7		$	147.1		$	(0.5)		$	689.6

For the Nine Months Ended October 2, 2021	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	1,021.9		$	—		$	—		$	(0.1)		$	1,021.8
Chemical and industrial pumps		—			492.0			—			—			492.0
Aerospace and defense		5.7			—			191.4			—			197.1
Oil and gas		—			134.9			27.4			—			162.3
General industrial		17.4			—			190.1			(1.1)			206.4
Total		$	1,045.0		$	626.9		$	408.9		$	(1.2)		$	2,079.6

For the Three Months Ended September 26, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	268.6		$	—		$	—		$	—		$	268.6
Chemical and industrial pumps		—			154.3			—			—			154.3
Aerospace and defense		1.0			—			67.1			—			68.1
Oil and gas		—			39.8			7.4			—			47.2
General industrial		2.2			—			51.4			(0.6)			53.0
Total		$	271.8		$	194.1		$	125.9		$	(0.6)		$	591.2

For the Nine Months Ended September 26, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	756.6		$	—		$	—		$	(0.1)		$	756.5
Chemical and industrial pumps		—			474.4			—			—			474.4
Aerospace and defense		5.5			—			217.8			—			223.3
Oil and gas		—			140.3			22.9			—			163.2
General industrial		6.9			—			146.8			(1.9)			151.8
Total		$	769.0		$	614.7		$	387.5		$	(2.0)		$	1,769.2

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheet. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheet.

The following table represents our net contract assets and liabilities.

	October 2, 2021			December 31, 2020
Current contract assets, net		$	17.6		$	19.1
Non-current contract assets, net		0.3			—
Current contract liabilities		(39.9)			(56.2)
Non-current contract liabilities		(4.4)			(0.1)
Net contract liabilities		$	(26.4)		$	(37.2)

During the three and nine months ended October 2, 2021, we recognized revenue of $8.3 and $46.0, respectively, related to contract liabilities as of December 31, 2020. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of October 2, 2021 was $861.6. Of this amount, we expect to recognize approximately $400 to $420 of revenue in the fourth quarter of 2021 and the remainder in 2022 and 2023.