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Revenue
 9 Months Ended
Sep. 30, 2020
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)
 
2020
 
2019
 
2020
 
2019
Fluid Handling
 
 
 
 
 
 
 
 
Process Valves and Related Products
 
$
153.9

 
$
163.3

 
$
471.7

 
$
513.7

Commercial Valves
 
76.1

 
88.8

 
210.3

 
253.2

Pumps and Systems
 
22.3

 
24.0

 
66.2

 
73.5

Total Fluid Handling
 
$
252.3

 
$
276.1

 
$
748.2

 
$
840.4

 
 
 
 
 
 
 
 
 
Payment & Merchandising Technologies
 
 
 
 
 
 
 
 
Payment Acceptance and Dispensing Products 1
 
$
161.6

 
$
197.0

 
$
505.7

 
$
604.7

Banknotes and Security Products
 
115.6

 
51.9

 
316.4

 
239.0

Total Payment & Merchandising Technologies
 
$
277.2

 
$
248.9

 
$
822.1

 
$
843.7

 
 
 
 
 
 
 
 
 
Aerospace & Electronics
 
 
 
 
 
 
 
 
Commercial Original Equipment
 
$
47.5

 
$
85.9

 
$
180.0

 
$
267.6

Military and Other Original Equipment
 
70.9

 
55.4

 
196.8

 
162.3

Commercial Aftermarket Products
 
20.2

 
41.8

 
74.4

 
121.4

Military Aftermarket Products
 
18.4

 
14.1

 
56.1

 
45.0

Total Aerospace & Electronics
 
$
157.0

 
$
197.2

 
$
507.3

 
$
596.3

 
 
 
 
 
 
 
 
 
Engineered Materials
 
 
 
 
 
 
 
 
FRP - Recreational Vehicles
 
$
21.9

 
$
19.7

 
$
50.6

 
$
68.4

FRP - Building Products
 
20.2

 
22.8

 
64.4

 
70.5

FRP - Transportation
 
6.2

 
7.6

 
17.9

 
26.3

Total Engineered Materials
 
$
48.3

 
$
50.1

 
$
132.9

 
$
165.2

 
 
 
 
 
 
 
 
 
Total net sales
 
$
734.8

 
$
772.3

 
$
2,210.5

 
$
2,445.6


1 As a result of an internal merger of the CMS business into the vending vertical of the CPI business, Payment Acceptance and Dispensing Products now includes Merchandising Equipment (See Note 3). Prior periods have been reclassified to conform to the current period presentation.
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, 2020, backlog was $1,084.1 million. We expect to recognize approximately 44.3% of our remaining performance obligations as revenue in 2020, an additional 47.7% in 2021 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, 2020
 
December 31, 2019
Contract assets
$
74.5

 
$
55.8

Contract liabilities
$
79.0

 
$
88.4


We recognized revenue of $15.9 million and $72.2 million during the three- and nine-month periods ended September 30, 2020, respectively, related to contract liabilities as of December 31, 2019.