Revenue

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenues

The following table presents net sales disaggregated by product line for each segment:


	Three Months Ended
	March 31,
(in millions)		2021		2020
Fluid Handling
Process Valves and Related Products		$	174.5	$	157.2
Commercial Valves		89.2		75.9
Pumps and Systems		24.3		23.6
Total Fluid Handling		$	288.0	$	256.7

Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products 1		$	185.0	$	203.2
Banknotes and Security Products		152.5		94.2

Total Payment & Merchandising Technologies		$	337.5	$	297.4

Aerospace & Electronics
Commercial Original Equipment		$	54.7	$	80.6
Military and Other Original Equipment		62.8		60.4
Commercial Aftermarket Products		19.5		33.9
Military Aftermarket Products		17.1		18.0
Total Aerospace & Electronics		$	154.1	$	192.9

Engineered Materials
FRP - Recreational Vehicles		$	24.3	$	18.8
FRP - Building Products		21.8		24.9
FRP - Transportation		7.8		7.2
Total Engineered Materials		$	53.9	$	50.9
Net sales		$	833.5	$	797.9

1 As a result of the third quarter 2020 internal merger of the CMS business into the vending vertical of the CPI business, Payment Acceptance and Dispensing Products now includes Merchandising Equipment. The prior period has been reclassified to conform to the current period presentation.

Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of March 31, 2021, total backlog was $1,161.0 million. We expect to recognize approximately 87% of our remaining performance obligations as revenue in 2021, an additional 10% in 2022 and the balance thereafter.

Contract Assets and Contract Liabilities

Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:


(in millions)	March 31, 2021		December 31, 2020
Contract assets	$	80.2	$	66.7
Contract liabilities	$	95.5	$	103.0

We recognized revenue of $33.3 million during the three-month period ended March 31, 2021 related to contract liabilities as of December 31, 2020.