Revenue Recognition (Tables)

3 Months Ended

Mar. 29, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

		Three Months Ended
		March 29, 2020		March 31, 2019
Aerospace & Defense Segment
	Commercial Aerospace & Other	$	26,320	$	28,706
	Defense	39,173		32,534
	Total	65,493		61,240
Industrial Segment
	Valves	54,190		92,303
	Pumps	72,530		85,312
	Total	126,720		177,615
Net Revenue		$	192,213	$	238,855

		Three Months Ended
		March 29, 2020		March 31, 2019
Aerospace & Defense Segment
	EMEA	$	14,806	$	17,732
	North America	45,988		37,393
	Other	4,699		6,115
	Total	65,493		61,240
Industrial Segment
	EMEA	57,006		75,743
	North America	43,922		73,847
	Other	25,792		28,025
	Total	126,720		177,615
Net Revenue		$	192,213	$	238,855

Contract Balances. The following table presents contract assets and contract liabilities balances as of March 29, 2020 and December 31, 2019 as follows (in thousands):

	March 29, 2020		December 31, 2019		Increase/(Decrease)
Trade accounts receivables, net	$	116,514	$	125,422	$	(8,908	)
Contract assets (1)	63,826		52,781		11,045
Contract liabilities (2)	39,850		35,007		4,843
(1) Recorded within prepaid expenses and other current assets.
(2) Recorded within accrued expenses and other current liabilities.

Trade accounts receivable, net decreased by $8.9 million as of March 29, 2020, primarily due to the timing of cash collections during the three months ended March 29, 2020.

Contract assets increased by $11.0 million, or 20.9%, to $63.8 million primarily driven by unbilled revenue recognized during the three months ended March 29, 2020 within our Defense business (+11%) and Refinery Valves business (+7%).

Contract liabilities increased by $4.8 million, or 13.8%, to $39.8 million as of March 29, 2020, primarily driven by timing of revenue recognized over time during the three months ended March 29, 2020. The increase was driven by our Defense business (+11%) and our EMEA Pumps business (+3%).