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REVENUE REVENUE | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE The following table represents our revenue disaggregated by product category for the three and six months ended June 30, 2018.
For the Three Months Ended June 30, 2018 | Industrial Process | Motion Technologies | Connect & Control Technologies | Eliminations | Total
Industrial pumps |  | $ | 153.2 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 153.2 |  |
Oil & gas pumps and components |  | 50.0 |  |  |  | — |  |  |  | 10.1 |  |  |  | — |  |  |  | 60.1 |  |
Vehicle components |  | — |  |  |  | 284.4 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 284.3 |  |
Aerospace & defense components |  | — |  |  |  | 2.7 |  |  |  | 96.1 |  |  |  | — |  |  |  | 98.8 |  |
Rail components |  | — |  |  |  | 38.1 |  |  |  | — |  |  |  | — |  |  |  | 38.1 |  |
Industrial components and other |  | — |  |  |  | 5.1 |  |  |  | 57.9 |  |  |  | (0.7 | ) |  |  | 62.3 |  |
Total |  | $ | 203.2 |  |  |  | $ | 330.3 |  |  |  | $ | 164.1 |  |  |  | $ | (0.8 | ) |  |  | $ | 696.8 |  |
For the Six Months Ended June 30, 2018 | Industrial Process | Motion Technologies | Connect & Control Technologies | Eliminations | Total
Industrial pumps |  | $ | 294.7 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 294.7 |  |
Oil & gas pumps and components |  | 98.3 |  |  |  | — |  |  |  | 19.1 |  |  |  | — |  |  |  | 117.4 |  |
Vehicle components |  | — |  |  |  | 584.0 |  |  |  | — |  |  |  | (0.1 | ) |  |  | 583.9 |  |
Aerospace & defense components |  | — |  |  |  | 4.5 |  |  |  | 183.7 |  |  |  | — |  |  |  | 188.2 |  |
Rail components |  | — |  |  |  | 77.1 |  |  |  | — |  |  |  | — |  |  |  | 77.1 |  |
Industrial components and other |  | — |  |  |  | 6.9 |  |  |  | 119.2 |  |  |  | (1.3 | ) |  |  | 124.8 |  |
Total |  | $ | 393.0 |  |  |  | $ | 672.5 |  |  |  | $ | 322.0 |  |  |  | $ | (1.4 | ) |  |  | $ | 1,386.1 |  |
Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and services which serve the general industrial, oil and gas, chemical and petrochemical, pharmaceutical, mining, pulp and paper, food and beverage, and power generation markets. Many of Industrial Process’s products are highly engineered and customized to our customer needs and therefore do not have an alternative use. For these longer term design and build projects, if the contracts states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-total-cost method as we satisfy the performance obligations identified in the contract. If no right to payment exists, revenue is recognized at a point in time, generally based on shipping terms. A majority of our design and build project contracts currently do not have a right to payment. For other pumps that do have an alternative use to us, revenue is recognized at a point in time. Revenue on service and repair contracts, representing approximately 3% of consolidated ITT revenue, is recognized after services have been agreed to by the customer and rendered or over the service period. Our Motion Technologies segment manufactures brake pads, shims, shock absorbers, and damping and sealing technologies primarily for the transportation industry. Our Connect & Control Technologies segment manufactures a range of highly engineered connectors and specialized control components for critical applications. In both of these segments, most products have an alternative use. Therefore, revenue is recognized at a point in time when control passes to the customer. In certain circumstances, we have concluded we do not have an alternative use for the component product. In these cases, due to the short-term nature of the production process we use a units-of-delivery method of revenue recognition which faithfully depicts the transfer of control to the customer. Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities as of June 30, 2018.
| June 30, 2018 | January 1, 2018 | Change
Current contract assets |  | $ | 24.8 |  |  |  | $ | 43.2 |  |  |  | (42.6 | )% |
Noncurrent contract assets |  | 0.7 |  |  |  | — |  |  |  | 100.0 | % |
Current contract liabilities |  | (60.6 | ) |  |  | (61.7 | ) |  |  | (1.8 | )% |
Net contract liabilities |  | $ | (35.1 | ) |  |  | $ | (18.5 | ) |  |  | 89.7 | % |
During the six months ended June 30, 2018, the increase in our net contract liability of $16.6, or 89.7%, was primarily due to higher customer billings. During the three and six months ended June 30, 2018, we recognized revenue of $15.2 and $46.1, respectively, related to contract liabilities at January 1, 2018. For contracts greater than one year, the aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of June 30, 2018 was $44.4. Of this amount, we expect to recognize approximately $15 to $20 of revenue during 2018, and the remainder in 2019. As of June 30, 2018, deferred contract costs were $7.1, primarily related to pre-contract costs. During the three and six months ended June 30, 2018, we amortized $0.2 and $0.4, respectively, of deferred contract costs.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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