Revenue

12 Months Ended

Dec. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenues

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

(in millions) December 31,	2021		2020		2019
Aerospace & Electronics
Commercial Original Equipment	$	229.4	$	226.4	$	357.2
Military Original Equipment	239.7		258.7		217.2
Commercial Aftermarket Products	104.5		93.0		161.4
Military Aftermarket Products	64.7		72.6		63.0
Total Aerospace & Electronics	$	638.3	$	650.7	$	798.8
Process Flow Technologies
Process Valves and Related Products	$	717.1	$	631.6	$	685.1
Commercial Valves	374.2		286.3		332.1
Pumps and Systems	105.3		87.9		100.2
Total Process Flow Technologies	$	1,196.6	$	1,005.8	$	1,117.4
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	805.7	$	670.8	$	805.5
Banknotes and Security Products	539.4		434.0		352.8
Total Payment & Merchandising Technologies	$	1,345.1	$	1,104.8	$	1,158.3
Total Net Sales	$	3,180.0	$	2,761.3	$	3,074.5

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 December 31, 2021, backlog was $1,255.7 million. We expect to recognize approximately 94% of our remaining performance obligations as revenue in 2022, an additional 5% by 2023 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 Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our 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) December 31,	2021		2020
Contract assets	$	73.0	$	66.7
Contract liabilities	$	101.1	$	103.0

During 2021 we recognized revenue of $92.8 million related to contract liabilities as of December 31, 2020.