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Revenue (Tables) | 6 Months Ended
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Jun. 30, 2021
Revenue from Contract with Customer [Abstract] |
Revenue from External Customers by Products and Services | The following table presents net sales disaggregated by product line for each segment:
|  | Three Months Ended |  | Six Months Ended
|  | June 30, |  | June 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Aerospace & Electronics |  |  |  |  |  |  |  |
Commercial Original Equipment |  | $ | 53.7 |  |  | $ | 51.9 |  |  | $ | 108.3 |  |  | $ | 132.5 |
Military and Other Original Equipment |  | 62.8 |  |  | 65.5 |  |  | 125.6 |  |  | 125.9 |
Commercial Aftermarket Products |  | 25.3 |  |  | 20.3 |  |  | 44.8 |  |  | 54.2 |
Military Aftermarket Products |  | 15.7 |  |  | 19.7 |  |  | 32.8 |  |  | 37.7 |
Total Aerospace & Electronics |  | $ | 157.5 |  |  | $ | 157.4 |  |  | $ | 311.5 |  |  | $ | 350.3 |
Process Flow Technologies |  |  |  |  |  |  |  |
Process Valves and Related Products |  | $ | 184.3 |  |  | $ | 160.8 |  |  | $ | 358.6 |  |  | $ | 317.9 |
Commercial Valves |  | 98.2 |  |  | 58.3 |  |  | 187.7 |  |  | 134.1 |
Pumps and Systems |  | 28.2 |  |  | 20.2 |  |  | 52.5 |  |  | 43.9 |
Total Process Flow Technologies |  | $ | 310.7 |  |  | $ | 239.3 |  |  | $ | 598.8 |  |  | $ | 495.9 |
Payment & Merchandising Technologies |  |  |  |  |  |  |  |
Payment Acceptance and Dispensing Products 1 |  | $ | 197.3 |  |  | $ | 140.9 |  |  | $ | 382.3 |  |  | $ | 344.1 |
Banknotes and Security Products |  | 130.9 |  |  | 106.7 |  |  | 283.3 |  |  | 200.8 |
Total Payment & Merchandising Technologies |  | $ | 328.2 |  |  | $ | 247.6 |  |  | $ | 665.6 |  |  | $ | 544.9 |
Net sales |  | $ | 796.4 |  |  | $ | 644.3 |  |  | $ | 1,575.9 |  |  | $ | 1,391.1 |
1 As a result of the third quarter 2020 internal merger of the Crane Merchandising Systems (“CMS”) business into the vending vertical of the CPI business, Payment Acceptance and Dispensing Products now includes Merchandising Equipment. The prior period has been reclassified to conform to the current period presentation.
Contract with Customer, Asset and Liability | Net contract assets and contract liabilities consisted of the following:
(in millions) | June 30, 2021 |  | December 31, 2020 |  |  |  |
Contract assets | $ | 81.6 |  |  | $ | 66.7 |  |  |  |  |
Contract liabilities | $ | 90.3 |  |  | $ | 103.0 |  |  |  |  |

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- Definition Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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- Definition Tabular disclosure of entity-wide revenues from external customers for each product or service or each group of similar products or services if the information is not provided as part of the reportable operating segment information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599 + Details
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