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Revenue
 3 Months Ended
Mar. 31, 2023
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)20232022
Aerospace & Electronics
Commercial Original Equipment$68.4 $58.7 
Military and Other Original Equipment61.9 57.4 
Commercial Aftermarket Products37.9 28.6 
Military Aftermarket Products11.9 12.5 
Total Aerospace & Electronics$180.1 $157.2 
Process Flow Technologies
Process Valves and Related Products$202.9 $182.9 
Commercial Valves30.6 98.2 
Pumps and Systems37.9 30.2 
Total Process Flow Technologies$271.4 $311.3 
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products$223.8 $211.0 
Banknotes and Security Products105.3 121.6 
Total Payment & Merchandising Technologies$329.1 $332.6 
Engineered Materials
FRP - Recreational Vehicles$20.3 $35.7 
FRP - Building Products32.3 27.4 
FRP - Transportation9.7 7.3 
Total Engineered Materials$62.3 $70.4 
Net sales$842.9 $871.5 
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 March 31, 2023, total backlog was $1,580.5 million. We expect to recognize approximately 84% of our remaining performance obligations as revenue in 2023, an additional 14% in 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 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, 2023December 31, 2022
Contract assets$97.0 $88.6 
Contract liabilities$150.4 $142.9 
We recognized revenue of $38.1 million during the three-month period ended March 31, 2023, related to contract liabilities as of December 31, 2022.