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REVENUE REVENUE | 6 Months Ended
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Jul. 02, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Footnote | REVENUE The following tables present our revenue disaggregated by end market.
For the Three Months Ended July 2, 2022 | Motion Technologies | Industrial Process | Connect & Control Technologies | Eliminations | Total
Auto and rail |  | $ | 320.3 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 320.3 |  |
Chemical and industrial pumps |  | — |  |  |  | 196.6 |  |  |  | — |  |  |  | — |  |  |  | 196.6 |  |
General industrial |  | 8.5 |  |  |  | — |  |  |  | 74.5 |  |  |  | (0.8) |  |  |  | 82.2 |  |
Aerospace and defense |  | 2.5 |  |  |  | — |  |  |  | 78.3 |  |  |  | — |  |  |  | 80.8 |  |
Energy |  | — |  |  |  | 43.0 |  |  |  | 10.4 |  |  |  | — |  |  |  | 53.4 |  |
Total |  | $ | 331.3 |  |  |  | $ | 239.6 |  |  |  | $ | 163.2 |  |  |  | $ | (0.8) |  |  |  | $ | 733.3 |  |
For the Six Months Ended July 2, 2022 |  |  |  |
Auto and rail |  | $ | 680.7 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 680.7 |  |
Chemical and industrial pumps |  | — |  |  |  | 363.8 |  |  |  | — |  |  |  | — |  |  |  | 363.8 |  |
General industrial |  | 16.7 |  |  |  | — |  |  |  | 144.2 |  |  |  | (1.5) |  |  |  | 159.4 |  |
Aerospace and defense |  | 4.0 |  |  |  | — |  |  |  | 153.2 |  |  |  | — |  |  |  | 157.2 |  |
Energy |  | — |  |  |  | 78.0 |  |  |  | 20.4 |  |  |  | — |  |  |  | 98.4 |  |
Total |  | $ | 701.4 |  |  |  | $ | 441.8 |  |  |  | $ | 317.8 |  |  |  | $ | (1.5) |  |  |  | $ | 1,459.5 |  |
For the Three Months Ended July 3, 2021 |  |  |  |  |
Auto and rail |  | $ | 334.2 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 334.2 |  |
Chemical and industrial pumps |  | — |  |  |  | 167.7 |  |  |  | — |  |  |  | — |  |  |  | 167.7 |  |
General industrial |  | 6.8 |  |  |  | — |  |  |  | 61.7 |  |  |  | (0.4) |  |  |  | 68.1 |  |
Aerospace and defense |  | 2.6 |  |  |  | — |  |  |  | 63.9 |  |  |  | — |  |  |  | 66.5 |  |
Energy |  | — |  |  |  | 46.2 |  |  |  | 8.9 |  |  |  | — |  |  |  | 55.1 |  |
Total |  | $ | 343.6 |  |  |  | $ | 213.9 |  |  |  | $ | 134.5 |  |  |  | $ | (0.4) |  |  |  | $ | 691.6 |  |
For the Six Months Ended July 3, 2021 |  |  |  |
Auto and rail |  | $ | 698.2 |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | — |  |  |  | $ | 698.2 |  |
Chemical and industrial pumps |  | — |  |  |  | 327.4 |  |  |  | — |  |  |  | — |  |  |  | 327.4 |  |
General industrial |  | 10.3 |  |  |  | — |  |  |  | 120.3 |  |  |  | (0.7) |  |  |  | 129.9 |  |
Aerospace and defense |  | 4.2 |  |  |  | — |  |  |  | 124.1 |  |  |  | — |  |  |  | 128.3 |  |
Energy |  | — |  |  |  | 88.8 |  |  |  | 17.4 |  |  |  | — |  |  |  | 106.2 |  |
Total |  | $ | 712.7 |  |  |  | $ | 416.2 |  |  |  | $ | 261.8 |  |  |  | $ | (0.7) |  |  |  | $ | 1,390.0 |  |
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 customer 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.
| July 2, 2022 | December 31, 2021 |  |  |
Current contract assets, net |  | $ | 30.1 |  |  |  | $ | 20.6 |  |  |  |  |  |  |
Non-current contract assets, net |  | 0.3 |  |  |  | 0.3 |  |  |  |  |  |  |
Current contract liabilities |  | (64.5) |  |  |  | (46.6) |  |  |  |  |  |  |
Non-current contract liabilities |  | (4.4) |  |  |  | (4.4) |  |  |  |  |  |  |
Net contract liabilities |  | $ | (38.5) |  |  |  | $ | (30.1) |  |  |  |  |  |  |
During the three and six months ended July 2, 2022, we recognized revenue of $7.3 and $20.3, respectively, related to contract liabilities as of December 31, 2021. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of July 2, 2022 was $1,055.5. Of this amount, we expect to recognize approximately $740 to $760 of revenue during the remainder of 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 https://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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&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 https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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