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Revenue
 9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenues
The following table presents net sales disaggregated by product line for each segment:
Three Months EndedNine Months Ended
September 30,September 30,
(in millions)2023202220232022
Aerospace & Electronics
Commercial Original Equipment$75.8 $63.7 $214.1 $182.9 
Military and Other Original Equipment64.4 57.1 189.1 171.5 
Commercial Aftermarket Products48.5 34.8 127.2 92.5 
Military Aftermarket Products18.5 11.6 46.1 38.9 
Total Aerospace & Electronics$207.2 $167.2 $576.5 $485.8 
Process Flow Technologies
Process Valves and Related Products$197.3 $186.2 $597.6 $555.8 
Commercial Valves31.2 30.4 90.5 205.8 
Pumps and Systems38.2 33.4 113.2 95.8 
Total Process Flow Technologies$266.7 $250.0 $801.3 $857.4 
Engineered Materials
FRP - Recreational Vehicles$19.6 $24.9 $57.1 $92.8 
FRP - Building Products27.5 29.0 91.1 88.2 
FRP - Transportation9.1 8.9 27.5 24.9 
Total Engineered Materials$56.2 $62.8 $175.7 $205.9 
Net sales$530.1 $480.0 $1,553.5 $1,549.1 
Remaining Performance Obligations
The transaction price allocated to remaining performance obligations represents the transaction price of firm orders which have not yet been fulfilled, which we also refer to as total backlog. As of September 30, 2023, total backlog was $1,045.4 million. We expect to recognize approximately 39% of our remaining performance obligations as revenue in 2023, an additional 52% in 2024 and the balance thereafter.
Contract Assets and Contract Liabilities
Contract assets represent unbilled amounts that typically arise from contracts for customized products or contracts for products sold directly to the U.S. government or indirectly to the U.S. government through subcontracts, where revenue recognized using the cost-to-cost method exceeds the amount billed to the customer. Contract assets are assessed for impairment and recorded at their net realizable value. Contract liabilities represent advance payments from customers. Revenue related to contract liabilities is recognized when control is transferred to the customer. We report contract assets, which are included within “Other current assets” in our Condensed Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our Condensed Consolidated Balance Sheets, on a contract-by-contract net basis at the end of each reporting period. Net contract assets and contract liabilities consisted of the following:
(in millions)September 30, 2023December 31, 2022
Contract assets$73.6 $56.8 
Contract liabilities$51.8 $49.4 
We recognized revenue of $7.6 million and $26.6 million during the three and nine-months ended September 30, 2023, respectively, related to contract liabilities as of December 31, 2022.