REVENUE REVENUE

6 Months Ended

Jul. 01, 2023

Revenue from Contract with Customer [Abstract]

Revenue Footnote

REVENUE

The following tables present our revenue disaggregated by end market.

For the Three Months Ended July 1, 2023	Motion Technologies		Industrial Process		Connect & Control Technologies		Eliminations		Total
Auto and rail	$	360.0	$	—	$	—	$	—	$	360.0
Chemical and industrial pumps	—		226.5		—		—		226.5
Aerospace and defense	2.0		—		94.1		—		96.1
General industrial	6.8		—		64.2		(0.7)		70.3
Energy	—		67.1		13.9		—		81.0
Total	$	368.8	$	293.6	$	172.2	$	(0.7)	$	833.9
For the Six Months Ended July 1, 2023
Auto and rail	$	716.0	$	—	$	—	$	—	$	716.0
Chemical and industrial pumps	—		444.5		—		—		444.5
Aerospace and defense	3.9		—		181.0		—		184.9
General industrial	13.7		—		134.7		(1.7)		146.7
Energy	—		115.6		24.1		—		139.7
Total	$	733.6	$	560.1	$	339.8	$	(1.7)	$	1,631.8

For the Three Months Ended July 2, 2022
Auto and rail	$	320.3	$	—	$	—	$	—	$	320.3
Chemical and industrial pumps	—		196.6		—		—		196.6
General industrial	8.5		—		74.5		(0.8)		82.2
Aerospace and defense	2.5		—		78.3		—		80.8
Energy	—		43.0		10.4		—		53.4
Total	$	331.3	$	239.6	$	163.2	$	(0.8)	$	733.3
For the Six Months Ended July 2, 2022
Auto and rail	$	680.7	$	—	$	—	$	—	$	680.7
Chemical and industrial pumps	—		363.8		—		—		363.8
General industrial	16.7		—		144.2		(1.5)		159.4
Aerospace and defense	4.0		—		153.2		—		157.2
Energy	—		78.0		20.4		—		98.4
Total	$	701.4	$	441.8	$	317.8	$	(1.5)	$	1,459.5

Contract Assets and Liabilities

Contract assets consist of unbilled amounts where revenue recognized exceeds customer billings, net of allowances for credit losses. Contract assets are included in other current assets and other non-current assets in our Consolidated Condensed Balance Sheets. Contract liabilities consist of advance customer payments and billings in excess of revenue recognized. Contract liabilities are included in accrued liabilities and other non-current liabilities in our Consolidated Condensed Balance Sheets.

The following table represents our net contract assets and liabilities.

As of the Period Ended	July 1, 2023		December 31, 2022
Current contract assets, net	$	28.1	$	26.3
Non-current contract assets, net	2.3		1.2
Current contract liabilities	(83.2)		(70.2)
Non-current contract liabilities	(4.4)		(4.4)
Net contract liabilities	$	(57.2)	$	(47.1)

During the three and six months ended July 1, 2023, we recognized revenue of $19.2 and $40.1, related to contract liabilities as of December 31, 2022. The aggregate amount of the transaction price allocated to unsatisfied or partially satisfied performance obligations as of July 1, 2023 was $1,215.8. Of this amount, we expect to recognize approximately $750 to $770 of revenue during the remainder of 2023.