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REVENUE REVENUE | 6 Months Ended
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Jul. 03, 2021
Revenue from Contract with Customer [Abstract] |
Revenue Footnote | REVENUE The following table represents our revenue disaggregated by end market for the three and six months ended July 3, 2021 and June 27, 2020.
For the Three Months Ended July 3, 2021 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total
Auto and rail |  | $ | 334.2 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 334.2 |  |
Chemical and industrial pumps |  | — |  |  |  | 167.7 |  |  |  | — |  |  |  | — |  |  |  | 167.7 |  |
Aerospace and defense |  | 2.6 |  |  |  | — |  |  |  | 63.9 |  |  |  | — |  |  |  | 66.5 |  |
Oil and gas |  | — |  |  |  | 46.2 |  |  |  | 8.9 |  |  |  | — |  |  |  | 55.1 |  |
General industrial |  | 6.8 |  |  |  | — |  |  |  | 61.7 |  |  |  | (0.4) |  |  |  | 68.1 |  |
Total |  | $ | 343.6 |  |  |  | $ | 213.9 |  |  |  | $ | 134.5 |  |  |  | $ | (0.4) |  |  |  | $ | 691.6 |  |
For the Six Months Ended July 3, 2021 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total
Auto and rail |  | $ | 698.2 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 698.2 |  |
Chemical and industrial pumps |  | — |  |  |  | 327.4 |  |  |  | — |  |  |  | — |  |  |  | 327.4 |  |
Aerospace and defense |  | 4.2 |  |  |  | — |  |  |  | 124.1 |  |  |  | — |  |  |  | 128.3 |  |
Oil and gas |  | — |  |  |  | 88.8 |  |  |  | 17.4 |  |  |  | — |  |  |  | 106.2 |  |
General industrial |  | 10.3 |  |  |  | — |  |  |  | 120.3 |  |  |  | (0.7) |  |  |  | 129.9 |  |
Total |  | $ | 712.7 |  |  |  | $ | 416.2 |  |  |  | $ | 261.8 |  |  |  | $ | (0.7) |  |  |  | $ | 1,390.0 |  |
For the Three Months Ended June 27, 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 27, 2020 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total
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 |  |
Contract Assets and Liabilities Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheet. Contract liabilities consist of advance payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheet. The following table represents our net contract assets and liabilities as of July 3, 2021 and December 31, 2020.
| July 3, 2021 | December 31, 2020 |  |  |
Current contract assets, net |  | $ | 14.4 |  |  |  | $ | 19.1 |  |  |  |  |  |  |
Non-current contract assets, net |  | 0.3 |  |  |  | — |  |  |  |  |  |  |
Current contract liabilities |  | (39.5) |  |  |  | (56.2) |  |  |  |  |  |  |
Non-current contract liabilities |  | (4.4) |  |  |  | (0.1) |  |  |  |  |  |  |
Net contract liabilities |  | $ | (29.2) |  |  |  | $ | (37.2) |  |  |  |  |  |  |
During the three and six months ended July 3, 2021, we recognized revenue of $15.8 and $37.7, respectively, related to contract liabilities as of December 31, 2020. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of July 3, 2021 was $832.4. Of this amount, we expect to recognize approximately $560 to $580 of revenue during the remainder of 2021.

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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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045 + Details
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