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REVENUE REVENUE | 6 Months Ended
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Jun. 29, 2024
Revenue from Contract with Customer [Abstract] |
Revenue Footnote | REVENUE The following tables present our revenue disaggregated by end market.
For the Three Months Ended June 29, 2024 | Motion Technologies |  | Industrial Process |  | Connect & Control Technologies |  | Eliminations |  | Total
Auto and rail | $ | 375.9 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 375.9 |
Chemical and industrial pumps | — |  |  | 230.4 |  |  | — |  |  | — |  |  | 230.4 |
Energy | — |  |  | 100.3 |  |  | 13.1 |  |  | — |  |  | 113.4 |
Aerospace and defense | 2.0 |  |  | — |  |  | 114.7 |  |  | — |  |  | 116.7 |
General industrial | 6.6 |  |  | — |  |  | 64.0 |  |  | (1.1) |  |  | 69.5 |
Total | $ | 384.5 |  |  | $ | 330.7 |  |  | $ | 191.8 |  |  | $ | (1.1) |  |  | $ | 905.9 |
For the Six Months Ended June 29, 2024 |  |  |  |  |  |  |  |  |
Auto and rail | $ | 759.8 |  |  | $ | — |  |  | $ | — |  |  | $ | (0.1) |  |  | $ | 759.7 |
Chemical and industrial pumps | — |  |  | 449.3 |  |  | — |  |  | — |  |  | 449.3 |
Energy | — |  |  | 215.3 |  |  | 26.5 |  |  | — |  |  | 241.8 |
Aerospace and defense | 3.7 |  |  | — |  |  | 218.8 |  |  | — |  |  | 222.5 |
General industrial | 13.4 |  |  | — |  |  | 131.6 |  |  | (1.8) |  |  | 143.2 |
Total | $ | 776.9 |  |  | $ | 664.6 |  |  | $ | 376.9 |  |  | $ | (1.9) |  |  | $ | 1,816.5 |
For the Three Months Ended July 1, 2023 |  |  |  |  |  |  |  |  |
Auto and rail | $ | 360.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 360.0 |
Chemical and industrial pumps | — |  |  | 226.5 |  |  | — |  |  | — |  |  | 226.5 |
Energy | — |  |  | 67.1 |  |  | 13.9 |  |  | — |  |  | 81.0 |
Aerospace and defense | 2.0 |  |  | — |  |  | 94.1 |  |  | — |  |  | 96.1 |
General industrial | 6.8 |  |  | — |  |  | 64.2 |  |  | (0.7) |  |  | 70.3 |
Total | $ | 368.8 |  |  | $ | 293.6 |  |  | $ | 172.2 |  |  | $ | (0.7) |  |  | $ | 833.9 |
For the Six Months Ended July 1, 2023 |  |  |  |  |  |  |  |  |
Auto and rail | $ | 716.0 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 716.0 |
Chemical and industrial pumps | — |  |  | 444.5 |  |  | — |  |  | — |  |  | 444.5 |
Energy | — |  |  | 115.6 |  |  | 24.1 |  |  | — |  |  | 139.7 |
Aerospace and defense | 3.9 |  |  | — |  |  | 181.0 |  |  | — |  |  | 184.9 |
General industrial | 13.7 |  |  | — |  |  | 134.7 |  |  | (1.7) |  |  | 146.7 |
Total | $ | 733.6 |  |  | $ | 560.1 |  |  | $ | 339.8 |  |  | $ | (1.7) |  |  | $ | 1,631.8 |
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 Sheets. 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 Sheets. The following table represents our net contract assets and liabilities.
As of the Period Ended | June 29, 2024 |  | December 31, 2023 |  |  |
Current contract assets | $ | 47.5 |  |  | $ | 25.8 |  |  |  |  |  |
Non-current contract assets | 1.5 |  |  | 1.6 |  |  |  |  |  |
Current contract liabilities(a) | (137.1) |  |  | (95.9) |  |  |  |  |  |
Non-current contract liabilities | (4.5) |  |  | (4.5) |  |  |  |  |  |
Net contract liabilities | $ | (92.6) |  |  | $ | (73.0) |  |  |  |  |  |
(a)The increase in current contract liabilities from December 31, 2023 to June 29, 2024 was primarily driven by the acquisition of Svanehøj. Refer to Note 18, Acquisitions and Divestitures, for further information. During the three and six months ended June 29, 2024, we recognized revenue of $36.0 and $84.0 related to contract liabilities as of December 31, 2023, respectively. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of June 29, 2024 was $1,423.1. Of this amount, we expect to recognize approximately $840 to $860 of revenue during the remainder of 2024.

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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