Revenue

3 Months Ended

Mar. 31, 2022

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenues

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

	Three Months Ended
	March 31,
(in millions)	2022		2021
Aerospace & Electronics
Commercial Original Equipment	$	58.7	$	54.7
Military and Other Original Equipment	57.4		62.8
Commercial Aftermarket Products	28.6		19.5
Military Aftermarket Products	12.5		17.1
Total Aerospace & Electronics	$	157.2	$	154.1
Process Flow Technologies
Process Valves and Related Products	$	182.9	$	174.5
Commercial Valves	98.2		89.2
Pumps and Systems	30.2		24.3
Total Process Flow Technologies	$	311.3	$	288.0
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	211.0	$	185.0
Banknotes and Security Products	121.6		152.5
Total Payment & Merchandising Technologies	$	332.6	$	337.5
Net sales	$	801.1	$	779.6

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, 2022, total backlog was $1,309.8 million. We expect to recognize approximately 85% of our remaining performance obligations as revenue in 2022, an additional 13% in 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 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, 2022		December 31, 2021
Contract assets	$	78.0	$	73.0
Contract liabilities	$	96.5	$	101.1

We recognized revenue of $32.3 million during the three-month period ended March 31, 2022 related to contract liabilities as of December 31, 2021.