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Revenue (Notes)
 12 Months Ended
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block]
REVENUE
The following table represents our revenue disaggregated by end market.
For the Year Ended December 31, 2023Motion TechnologiesIndustrial ProcessConnect & Control TechnologiesEliminationsTotal
Auto and rail$1,423.7 $— $— $(0.1)$1,423.6 
Chemical and industrial pumps— 893.0 — (0.1)892.9 
Aerospace and defense8.4 — 377.3 — 385.7 
General industrial25.7 — 270.7 (3.6)292.8 
Energy— 236.6 51.4 — 288.0 
Total$1,457.8 $1,129.6 $699.4 $(3.8)$3,283.0 
For the Year Ended December 31, 2022
Auto and rail$1,336.1 $— $— $(0.1)$1,336.0 
Chemical and industrial pumps— 780.9 — (0.1)780.8 
Aerospace and defense7.8 — 316.9 — 324.7 
General industrial30.1 — 285.1 (2.7)312.5 
Energy— 190.1 43.6 — 233.7 
Total$1,374.0 $971.0 $645.6 $(2.9)$2,987.7 
For the Year Ended December 31, 2021
Auto and rail$1,335.1 $— $— $— $1,335.1 
Chemical and industrial pumps— 659.0 — — 659.0 
Aerospace and defense8.3 — 261.4 — 269.7 
General industrial25.2 — 255.2 (1.5)278.9 
Energy— 184.2 38.1 — 222.3 
Total$1,368.6 $843.2 $554.7 $(1.5)$2,765.0 

During 2023, 2022, and 2021, a single external customer, Continental AG, accounted for 7.3%, 8.4%, and 9.8% of consolidated ITT revenue, respectively. Revenue from this customer is reported within our Motion Technologies segment.
Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and related services which serve the general industrial, energy, chemical and petrochemical, pharmaceutical, mining, pulp and paper, food and beverage, and power generation markets. Many of Industrial Process’s products are highly engineered and customized to our customer needs and therefore do not have an alternative use. For these longer term design and build projects, if the contract states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-cost method as we satisfy the performance obligations identified in the contract. If no right to payment exists, revenue is recognized at a point in time, generally based on shipping terms. A majority of our design and build project contracts currently do not have a right to payment. For pumps that do have an alternative use to us, revenue is recognized at a point in time. Revenue on service and repair contracts, representing 4%, 4%, and 3% of consolidated ITT revenue in 2023, 2022, and 2021, respectively, is recognized after the services have been rendered or over the service contract period.
Our Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components, and sealing technologies primarily for the transportation industry. Our Connect & Control Technologies segment designs and manufactures a range of highly engineered connectors and specialized control components for critical applications supporting various markets including aerospace and defense, industrial, transportation, medical, and energy. In both of these segments, most products have an alternative use. Therefore, revenue for those products is recognized at a point in time when control passes to the customer. In certain circumstances, we have concluded we do not have an alternative use for the component product. In these cases, due to the short-term nature of the production process we use a units-of-delivery method of revenue recognition.
Contract Assets and Liabilities
Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities.
As of December 3120232022
Current contract assets$25.8 $26.3 
Noncurrent contract assets1.6 1.2 
Current contract liabilities(95.9)(70.2)
Noncurrent contract liabilities(4.5)(4.4)
Net contract liabilities$(73.0)$(47.1)
Our net contract liability increased $25.9 during 2023, primarily due to timing of cash receipts relative to project performance within our IP segment. During 2023, we recognized revenue of $49.2 related to contract liabilities at December 31, 2022.
The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations was $1,246.5 as of December 31, 2023. Of this amount, we expect to recognize approximately $1,030 to $1,050 of revenue during 2024 and the remainder thereafter.
As of December 31, 2023 and 2022, deferred contract costs, net were $3.8 and $4.5, respectively, primarily related to pre-contract costs. During 2023 and 2022, we amortized $0.7 and $1.0, respectively.