REVENUE REVENUE

3 Months Ended

Apr. 01, 2023

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following tables present our revenue disaggregated by end market.

For the Three Months Ended April 1, 2023	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	356.0		$	—		$	—		$	—		$	356.0
Chemical and industrial pumps		—			218.0			—			—			218.0
Aerospace and defense		1.9			—			86.9			—			88.8
General industrial		6.9			—			70.5			(1.0)			76.4
Energy		—			48.5			10.2			—			58.7
Total		$	364.8		$	266.5		$	167.6		$	(1.0)		$	797.9

For the Three Months Ended April 2, 2022
Auto and rail	$	360.4	$	—	$	—	$	—	$	360.4
Chemical and industrial pumps	—		167.2		—		—		167.2
Aerospace and defense	1.5		—		74.9		—		76.4
General industrial	8.2		—		69.7		(0.7)		77.2
Energy	—		35.0		10.0		—		45.0
Total	$	370.1	$	202.2	$	154.6	$	(0.7)	$	726.2

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 Sheets. 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 Sheets.

The following table represents our net contract assets and liabilities.

As of the Period Ended	April 1, 2023			December 31, 2022
Current contract assets, net		$	27.7		$	26.3
Non-current contract assets, net		1.9			1.2
Current contract liabilities		(73.7)			(70.2)
Non-current contract liabilities		(4.4)			(4.4)
Net contract liabilities		$	(48.5)		$	(47.1)

During the three months ended April 1, 2023, we recognized revenue of $20.9, related to contract liabilities as of December 31, 2022. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of April 1, 2023 was $1,140.7. Of this amount, we expect to recognize approximately $810 to $830 of revenue during the remainder of 2023.