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Revenue Revenue (Notes) | 12 Months Ended
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Dec. 31, 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 years ended December 31, 2020, 2019, and 2018:
For the Year Ended December 31, 2020 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total
Auto and rail |  | $ | 1,104.6 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.2) |  |  |  | $ | 1,104.4 |  |
Chemical and industrial pumps |  | — |  |  |  | 660.5 |  |  |  | — |  |  |  | — |  |  |  | 660.5 |  |
Aerospace and defense |  | 6.7 |  |  |  | — |  |  |  | 284.7 |  |  |  | — |  |  |  | 291.4 |  |
Oil and gas |  | — |  |  |  | 182.5 |  |  |  | 31.3 |  |  |  | — |  |  |  | 213.8 |  |
General industrial |  | 9.8 |  |  |  | — |  |  |  | 200.5 |  |  |  | (2.6) |  |  |  | 207.7 |  |
Total |  | $ | 1,121.1 |  |  |  | $ | 843.0 |  |  |  | $ | 516.5 |  |  |  | $ | (2.8) |  |  |  | $ | 2,477.8 |  |
For the Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto and rail |  | $ | 1,222.6 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.2) |  |  |  | $ | 1,222.4 |  |
Chemical and industrial pumps |  | — |  |  |  | 701.7 |  |  |  | — |  |  |  | — |  |  |  | 701.7 |  |
Aerospace and defense |  | 9.1 |  |  |  | — |  |  |  | 409.2 |  |  |  | — |  |  |  | 418.3 |  |
Oil and gas |  | — |  |  |  | 242.1 |  |  |  | 39.4 |  |  |  | — |  |  |  | 281.5 |  |
General industrial |  | 10.1 |  |  |  | — |  |  |  | 215.3 |  |  |  | (2.9) |  |  |  | 222.5 |  |
Total |  | $ | 1,241.8 |  |  |  | $ | 943.8 |  |  |  | $ | 663.9 |  |  |  | $ | (3.1) |  |  |  | $ | 2,846.4 |  |
For the Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Auto and rail |  | $ | 1,253.0 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | (0.2) |  |  |  | $ | 1,252.8 |  |
Chemical and industrial pumps |  | — |  |  |  | 598.7 |  |  |  | — |  |  |  | — |  |  |  | 598.7 |  |
Aerospace and defense |  | 8.5 |  |  |  | — |  |  |  | 369.5 |  |  |  | — |  |  |  | 378.0 |  |
Oil and gas |  | — |  |  |  | 228.4 |  |  |  | 39.6 |  |  |  | — |  |  |  | 268.0 |  |
General industrial |  | 12.6 |  |  |  | — |  |  |  | 237.5 |  |  |  | (2.5) |  |  |  | 247.6 |  |
Total |  | $ | 1,274.1 |  |  |  | $ | 827.1 |  |  |  | $ | 646.6 |  |  |  | $ | (2.7) |  |  |  | $ | 2,745.1 |  |
During 2020, 2019, and 2018, a single external customer, Continental, accounted for 9.1%, 9.8%, and 10.7% of consolidated ITT revenue, respectively. A significant portion of the OEM revenue, typically about half, is derived at the automakers' direction to use an ITT brake pad in Continental's braking systems (calipers), generally through supply agreements signed directly with automakers. The remaining Continental revenue is generated from a long-term aftermarket agreement. The revenue from this customer is reported within the Motion Technologies segment. Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and related 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 contract states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-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 4% of consolidated ITT revenue for each of the three years presented, 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 energy absorption components, and sealing technologies primarily for the transportation industry. Our Connect & Control Technologies segment designs and manufactures a range of highly engineered connectors and specialized control components for critical applications supporting various markets including aerospace and defense, industrial, transportation, medical, and oil and gas. In both of these segments, most products have an alternative use. Therefore, revenue for those products 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 December 31, 2020 and 2019.
| 2020 | 2019 |  | Change
Current contract assets |  | $ | 19.1 |  |  |  | $ | 18.0 |  |  |  |  | 6.1 | % |
Current contract liabilities |  | (56.2) |  |  |  | (57.4) |  |  |  |  | (2.1) | % |
Noncurrent contract liabilities |  | (0.1) |  |  |  | — |  |  |  |  | — | % |
Net contract liabilities |  | $ | (37.2) |  |  |  | $ | (39.4) |  |  |  |  | (5.6) | % |
Our net contract liability decreased $2.2, or 5.6%, during 2020. During 2020, we recognized revenue of $51.1, related to contract liabilities at December 31, 2019. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations was $777.2 as of December 31, 2020. Of this amount, we expect to recognize approximately $650 to $670 of revenue during 2021 and the remainder thereafter. As of December 31, 2020 and 2019, deferred contract costs, net were $6.5 and $8.1, respectively, primarily related to pre-contract costs. During 2020 and 2019, we amortized $1.6 and $1.3, respectively.

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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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