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Revenue Revenue (Notes)
 12 Months Ended
Dec. 31, 2018
Revenue from Contract with Customer [Abstract]  
Revenue from Contract with Customer [Text Block] REVENUE
The following table represents our revenue disaggregated by product category for the years ended December 31, 2018, 2017, and 2016:
For the Year Ended December 31, 2018
Motion Technologies
Industrial Process
Connect & Control Technologies
Eliminations
Total
Vehicle components
 
$
1,100.8

 
 
$
—

 
 
$
—

 
 
$
(0.2
)
 
 
$
1,100.6

 
Industrial pumps
 
—

 
 
598.7

 
 
—

 
 
—

 
 
598.7

 
Aerospace & defense components
 
8.5

 
 
—

 
 
369.5

 
 
—

 
 
378.0

 
Oil & gas pumps and components
 
—

 
 
228.4

 
 
39.6

 
 
—

 
 
268.0

 
Industrial components and other
 
12.6

 
 
—

 
 
237.5

 
 
(2.5
)
 
 
247.6

 
Rail components
 
152.2

 
 
—

 
 
—

 
 
—

 
 
152.2

 
Total
 
$
1,274.1

 
 
$
827.1

 
 
$
646.6

 
 
$
(2.7
)
 
 
$
2,745.1

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vehicle components
 
$
1,023.0

 
 
$
—

 
 
$
—

 
 
$
(0.2
)
 
 
$
1,022.8

 
Industrial pumps
 
—

 
 
560.0

 
 
—

 
 
—

 
 
560.0

 
Aerospace & defense components
 
9.6

 
 
—

 
 
348.0

 
 
—

 
 
357.6

 
Oil & gas pumps and components
 
—

 
 
247.2

 
 
34.2

 
 
—

 
 
281.4

 
Industrial components and other
 
7.3

 
 
—

 
 
223.4

 
 
(3.3
)
 
 
227.4

 
Rail components
 
136.1

 
 
—

 
 
—

 
 
—

 
 
136.1

 
Total
 
$
1,176.0

 
 
$
807.2

 
 
$
605.6

 
 
$
(3.5
)
 
 
$
2,585.3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Year Ended December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Vehicle components
 
$
915.4

 
 
$
—

 
 
$
—

 
 
$
(0.4
)
 
 
$
915.0

 
Industrial pumps
 
—

 
 
566.0

 
 
—

 
 
(0.3
)
 
 
565.7

 
Aerospace & defense components
 
7.6

 
 
—

 
 
350.6

 
 
—

 
 
358.2

 
Oil & gas pumps and components
 
—

 
 
264.1

 
 
26.0

 
 
—

 
 
290.1

 
Industrial components and other
 
6.0

 
 
—

 
 
219.7

 
 
(3.7
)
 
 
222.0

 
Rail components
 
54.4

 
 
—

 
 
—

 
 
—

 
 
54.4

 
Total
 
$
983.4

 
 
$
830.1

 
 
$
596.3

 
 
$
(4.4
)
 
 
$
2,405.4

 


During 2018, 2017, and 2016, a single external customer, Continental ATE, accounted for 10.7%, 11.1%, and 10.5% of consolidated ITT revenue, respectively. The revenue from this customer is reported within the Motion Technologies segment.
Revenue recognized related to our Industrial Process segment primarily consists of pumps, valves and plant optimization systems and related services which serve the general industrial, oil and gas, chemical and petrochemical, pharmaceutical, mining, pulp and paper, food and beverage, and power generation markets. Many of Industrial Process’s products are highly engineered and customized to our customer needs and therefore do not have an alternative use. For these longer term design and build projects, if the contract states that we also have an enforceable right to payment, we recognize revenue over time using the cost-to-total-cost method as we satisfy the performance obligations identified in the contract. If no right to payment exists, revenue is recognized at a point in time, generally based on shipping terms. A majority of our design and build project contracts currently do not have a right to payment. For other pumps that do have an alternative use to us, revenue is recognized at a point in time. Revenue on service and repair contracts, representing approximately 3% of consolidated ITT revenue for each of the three years presented, is recognized after services have been agreed to by the customer and rendered or over the service period.
Our Motion Technologies segment manufactures brake pads, shims, shock absorbers, and energy absorption components, and sealing technologies primarily for the transportation industry. Our Connect & Control Technologies segment designs and manufactures a range of highly engineered connectors and specialized control components for critical applications supporting various markets including aerospace and defense, industrial, transportation, medical, and oil and gas. In both of these segments, most products have an alternative use. Therefore, revenue for those products is recognized at a point in time when control passes to the customer. In certain circumstances, we have concluded we do not have an alternative use for the component product. In these cases, due to the short-term nature of the production process we use a units-of-delivery method of revenue recognition which faithfully depicts the transfer of control to the customer.
Contract Assets and Liabilities
Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings. Contract liabilities consist of advance payments and billings in excess of revenue recognized. The following table represents our net contract assets and liabilities as of December 31, 2018.
 
December 31, 2018
January 1,
 2018
Change
Current contract assets
 
$
21.8

 
 
$
43.2

 
 
(49.5
)%
 
Noncurrent contract assets
 
0.7

 
 
—

 
 
100.0
 %
 
Current contract liabilities
 
(61.0
)
 
 
(61.7
)
 
 
(1.1
)%
 
Net contract liabilities
 
$
(38.5
)
 
 
$
(18.5
)
 
 
108.1
 %
 
The increase in our net contract liability of $20.0, or 108.1%, during 2018 was primarily due to higher customer billings. During 2018, we recognized revenue of $52.7, related to contract liabilities at January 1, 2018.
For contracts greater than one year, the aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of December 31, 2018 was $50.6. Of this amount, we expect to recognize nearly all of the revenue during 2019.
As of December 31, 2018, deferred contract costs, net were $6.9, primarily related to pre-contract costs and during 2018, we amortized $0.7.