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Revenue | 9 Months Ended
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Sep. 30, 2021
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 Ended |  | Nine Months Ended
|  | September 30, |  | September 30,
(in millions) |  | 2021 |  | 2020 |  | 2021 |  | 2020
Aerospace & Electronics |  |  |  |  |  |  |  |
Commercial Original Equipment |  | $ | 62.2 |  |  | $ | 47.5 |  |  | $ | 170.5 |  |  | $ | 180.0 |
Military and Other Original Equipment |  | 58.4 |  |  | 70.9 |  |  | 184.0 |  |  | 196.8 |
Commercial Aftermarket Products |  | 30.2 |  |  | 20.2 |  |  | 75.1 |  |  | 74.4 |
Military Aftermarket Products |  | 17.8 |  |  | 18.4 |  |  | 50.6 |  |  | 56.1 |
Total Aerospace & Electronics |  | $ | 168.6 |  |  | $ | 157.0 |  |  | $ | 480.2 |  |  | $ | 507.3 |
Process Flow Technologies |  |  |  |  |  |  |  |
Process Valves and Related Products |  | $ | 176.6 |  |  | $ | 153.9 |  |  | $ | 535.4 |  |  | $ | 471.7 |
Commercial Valves |  | 95.8 |  |  | 76.1 |  |  | 283.3 |  |  | 210.3 |
Pumps and Systems |  | 26.7 |  |  | 22.3 |  |  | 79.2 |  |  | 66.2 |
Total Process Flow Technologies |  | $ | 299.1 |  |  | $ | 252.3 |  |  | $ | 897.9 |  |  | $ | 748.2 |
Payment & Merchandising Technologies |  |  |  |  |  |  |  |
Payment Acceptance and Dispensing Products |  | $ | 206.0 |  |  | $ | 161.6 |  |  | $ | 588.3 |  |  | $ | 505.7 |
Banknotes and Security Products |  | 159.8 |  |  | 115.6 |  |  | 443.1 |  |  | 316.4 |
Total Payment & Merchandising Technologies |  | $ | 365.8 |  |  | $ | 277.2 |  |  | $ | 1,031.4 |  |  | $ | 822.1 |
Net sales |  | $ | 833.5 |  |  | $ | 686.5 |  |  | $ | 2,409.5 |  |  | $ | 2,077.6 |
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, 2021, total backlog was $1,217.8 million. We expect to recognize approximately 52% of our remaining performance obligations as revenue in 2021, an additional 44% in 2022 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, 2021 |  | December 31, 2020 |  |  |  |
Contract assets | $ | 74.6 |  |  | $ | 66.7 |  |  |  |  |
Contract liabilities | $ | 87.5 |  |  | $ | 103.0 |  |  |  |  |
We recognized revenue of $8.9 million and $55.8 million during the three- and nine-month periods ended September 30, 2021 related to contract liabilities as of December 31, 2020.

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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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