Revenue

12 Months Ended

Dec. 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:

(in millions) December 31,	2022		2021		2020
Aerospace & Electronics
Commercial Original Equipment	$	250.5	$	229.4	$	226.4
Military Original Equipment	231.2		239.7		258.7
Commercial Aftermarket Products	129.3		104.5		93.0
Military Aftermarket Products	56.3		64.7		72.6
Total Aerospace & Electronics	$	667.3	$	638.3	$	650.7
Process Flow Technologies
Process Valves and Related Products	$	749.8	$	717.1	$	631.6
Commercial Valves	232.2		374.2		286.3
Pumps and Systems	127.4		105.3		87.9
Total Process Flow Technologies	$	1,109.4	$	1,196.6	$	1,005.8
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products	$	874.3	$	805.7	$	670.8
Banknotes and Security Products	465.6		539.4		434.0
Total Payment & Merchandising Technologies	$	1,339.9	$	1,345.1	$	1,104.8
Engineered Materials
FRP- Recreational Vehicles	$	111.9	$	102.5	$	68.9
FRP- Building Products	112.5		94.9		83.1
FRP- Transportation	33.9		30.6		23.6
Total Engineered Materials	$	258.3	$	228.0	$	175.6
Total Net Sales	$	3,374.9	$	3,408.0	$	2,936.9

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, 2022, backlog was $1,563.7 million. We expect to recognize approximately 90% of our remaining performance obligations as revenue in 2023, an additional 7% by 2024 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,	2022		2021
Contract assets	$	88.6	$	73.0
Contract liabilities	$	142.9	$	101.1

During 2022 we recognized revenue of $87.1 million related to contract liabilities as of December 31, 2021.