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Revenue
 12 Months Ended
Dec. 31, 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:
(in millions) December 31,202020192018
Fluid Handling
Process Valves and Related Products$631.6 $685.1 $685.4 
Commercial Valves286.3 332.1 325.4 
Pumps and Systems87.9 100.2 91.0 
Total Fluid Handling$1,005.8 $1,117.4 $1,101.8 
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products (a)
$670.8 $805.5 $798.8 
Banknotes and Security Products434.0 352.8 458.2 
Total Payment & Merchandising Technologies$1,104.8 $1,158.3 $1,257.0 
Aerospace & Electronics
Commercial Original Equipment$226.4 $357.2 $343.4 
Military Original Equipment258.7 217.2 195.7 
Commercial Aftermarket Products93.0 161.4 150.5 
Military Aftermarket Products72.6 63.0 53.9 
Total Aerospace & Electronics$650.7 $798.8 $743.5 
Engineered Materials
FRP - Recreational Vehicles$68.9 $84.5 $119.0 
FRP - Building Products83.1 91.9 92.2 
FRP - Transportation23.6 32.2 32.0 
Total Engineered Materials$175.6 $208.6 $243.2 
Total Net Sales$2,936.9 $3,283.1 $3,345.5 
(a)
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 year 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 December 31, 2020, backlog was $1,165.0 million. We expect to recognize approximately 84% of our remaining performance obligations as revenue in 2021, an additional 13% by 2022 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 Consolidated Balance Sheets, and contract liabilities, which are included within “Accrued liabilities” on our 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) December 31,20202019
Contract assets$66.7 $55.8 
Contract liabilities$103.0 $88.4 
During 2020, we recognized revenue of $82.6 million related to contract liabilities as of December 31, 2019