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REVENUE REVENUE | 6 Months Ended
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Jun. 30, 2020
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customer [Text Block] | REVENUE The following table represents our revenue disaggregated by end market for the three and six months ended June 30, 2020 and 2019.
For the Three Months Ended June 30, 2020 | Motion Technologies |  |  | Industrial Process |  |  | Connect & Control Technologies |  |  | Eliminations |  |  | Total |  |
Auto and rail |  | $ | 195.6 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 195.6 |  |
Chemical and industrial pumps |  | — |  |  |  | 158.6 |  |  |  | — |  |  |  | — |  |  |  | 158.6 |  |
Aerospace and defense |  | 1.6 |  |  |  | — |  |  |  | 64.6 |  |  |  | — |  |  |  | 66.2 |  |
Oil and gas |  | — |  |  |  | 34.7 |  |  |  | 7.7 |  |  |  | — |  |  |  | 42.4 |  |
General industrial |  | 2.1 |  |  |  | — |  |  |  | 50.6 |  |  |  | (0.8) |  |  |  | 51.9 |  |
Total |  | $ | 199.3 |  |  |  | $ | 193.3 |  |  |  | $ | 122.9 |  |  |  | $ | (0.8) |  |  |  | $ | 514.7 |  |
For the Six Months Ended June 30, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto and rail |  | $ | 488.0 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.1) |  |  |  | $ | 487.9 |  |
Chemical and industrial pumps |  | — |  |  |  | 320.1 |  |  |  | — |  |  |  | — |  |  |  | 320.1 |  |
Aerospace and defense |  | 4.5 |  |  |  | — |  |  |  | 150.7 |  |  |  | — |  |  |  | 155.2 |  |
Oil and gas |  | — |  |  |  | 100.5 |  |  |  | 15.5 |  |  |  | — |  |  |  | 116.0 |  |
General industrial |  | 4.7 |  |  |  | — |  |  |  | 95.4 |  |  |  | (1.3) |  |  |  | 98.8 |  |
Total |  | $ | 497.2 |  |  |  | $ | 420.6 |  |  |  | $ | 261.6 |  |  |  | $ | (1.4) |  |  |  | $ | 1,178.0 |  |
For the Three Months Ended June 30, 2019 | Motion Technologies |  |  | Industrial Process |  |  | Connect & Control Technologies |  |  | Eliminations |  |  | Total |  |
Auto and rail |  | $ | 312.1 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.1) |  |  |  | $ | 312.0 |  |
Chemical and industrial pumps |  | — |  |  |  | 168.7 |  |  |  | — |  |  |  | — |  |  |  | 168.7 |  |
Aerospace and defense |  | 2.8 |  |  |  | — |  |  |  | 105.3 |  |  |  | — |  |  |  | 108.1 |  |
Oil and gas |  | — |  |  |  | 63.9 |  |  |  | 10.1 |  |  |  | — |  |  |  | 74.0 |  |
General industrial |  | 2.8 |  |  |  | — |  |  |  | 54.8 |  |  |  | (0.5) |  |  |  | 57.1 |  |
Total |  | $ | 317.7 |  |  |  | $ | 232.6 |  |  |  | $ | 170.2 |  |  |  | $ | (0.6) |  |  |  | $ | 719.9 |  |
For the Six Months Ended June 30, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto and rail |  | $ | 622.1 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.1) |  |  |  | $ | 622.0 |  |
Chemical and industrial pumps |  | — |  |  |  | 330.2 |  |  |  | — |  |  |  | — |  |  |  | 330.2 |  |
Aerospace and defense |  | 5.1 |  |  |  | — |  |  |  | 204.8 |  |  |  | — |  |  |  | 209.9 |  |
Oil and gas |  | — |  |  |  | 118.1 |  |  |  | 18.6 |  |  |  | — |  |  |  | 136.7 |  |
General industrial |  | 5.7 |  |  |  | — |  |  |  | 111.8 |  |  |  | (0.9) |  |  |  | 116.6 |  |
Total |  | $ | 632.9 |  |  |  | $ | 448.3 |  |  |  | $ | 335.2 |  |  |  | $ | (1.0) |  |  |  | $ | 1,415.4 |  |
Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. 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, 2020 and December 31, 2019.
| June 30, 2020 |  |  | December 31, 2019 |  |  |  |  | Change |  |
Current contract assets, net |  | $ | 18.9 |  |  |  | $ | 18.0 |  |  |  |  |  | 5.0 | % |
Current contract liabilities |  | (56.3) |  |  |  | (57.4) |  |  |  |  |  | (1.9) | % |
Net contract liabilities |  | $ | (37.4) |  |  |  | $ | (39.4) |  |  |  |  |  | (5.1) | % |
During the three and six months ended June 30, 2020, we recognized revenue of $5.5 and $38.3, respectively, related to contract liabilities as of December 31, 2019. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of June 30, 2020 was $814.2. Of this amount, we expect to recognize approximately $540 to $560 of revenue during 2020 and the remainder in 2021 and 2022.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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