REVENUE REVENUE

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue from Contract with Customer [Text Block]

REVENUE

The following table represents our revenue disaggregated by end market for the three and nine months ended September 30, 2020 and 2019.

For the Three Months Ended September 30, 2020	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	268.6		$	—		$	—		$	—		$	268.6
Chemical and industrial pumps		—			154.3			—			—			154.3
Aerospace and defense		1.0			—			67.1			—			68.1
Oil and gas		—			39.8			7.4			—			47.2
General industrial		2.2			—			51.4			(0.6)			53.0
Total		$	271.8		$	194.1		$	125.9		$	(0.6)		$	591.2
For the Nine Months Ended September 30, 2020
Auto and rail		$	756.6		$	—		$	—		$	(0.1)		$	756.5
Chemical and industrial pumps		—			474.4			—			—			474.4
Aerospace and defense		5.5			—			217.8			—			223.3
Oil and gas		—			140.3			22.9			—			163.2
General industrial		6.9			—			146.8			(1.9)			151.8
Total		$	769.0		$	614.7		$	387.5		$	(2.0)		$	1,769.2

For the Three Months Ended September 30, 2019	Motion Technologies			Industrial Process			Connect & Control Technologies			Eliminations			Total
Auto and rail		$	301.1		$	—		$	—		$	—		$	301.1
Chemical and industrial pumps		—			185.7			—			—			185.7
Aerospace and defense		1.1			—			104.0			—			105.1
Oil and gas		—			54.6			11.4			—			66.0
General industrial		2.3			—			52.5			(0.8)			54.0
Total		$	304.5		$	240.3		$	167.9		$	(0.8)		$	711.9
For the Nine Months Ended September 30, 2019
Auto and rail		$	923.2		$	—		$	—		$	(0.1)		$	923.1
Chemical and industrial pumps		—			515.9			—			—			515.9
Aerospace and defense		6.2			—			308.8			—			315.0
Oil and gas		—			172.7			30.0			—			202.7
General industrial		8.0			—			164.3			(1.7)			170.6
Total		$	937.4		$	688.6		$	503.1		$	(1.8)		$	2,127.3

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. 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 September 30, 2020 and December 31, 2019.

	September 30, 2020			December 31, 2019			Change
Current contract assets, net		$	17.4		$	18.0		(3.3)	%
Current contract liabilities		(57.4)			(57.4)			—	%
Net contract liabilities		$	(40.0)		$	(39.4)		1.5	%

During the three and nine months ended September 30, 2020, we recognized revenue of $8.8 and $47.1, respectively, related to contract liabilities as of December 31, 2019. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of September 30, 2020 was $812.3. Of this amount, we expect to recognize approximately $390 to $410 of revenue during 2020 and the remainder in 2021 and 2022.