Revenue

6 Months Ended

Jun. 30, 2021

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				Six Months Ended
	June 30,				June 30,
(in millions)	2021		2020		2021		2020
Aerospace & Electronics
Commercial Original Equipment	$	53.7	$	51.9	$	108.3	$	132.5
Military and Other Original Equipment	62.8		65.5		125.6		125.9
Commercial Aftermarket Products	25.3		20.3		44.8		54.2
Military Aftermarket Products	15.7		19.7		32.8		37.7
Total Aerospace & Electronics	$	157.5	$	157.4	$	311.5	$	350.3
Process Flow Technologies
Process Valves and Related Products	$	184.3	$	160.8	$	358.6	$	317.9
Commercial Valves	98.2		58.3		187.7		134.1
Pumps and Systems	28.2		20.2		52.5		43.9
Total Process Flow Technologies	$	310.7	$	239.3	$	598.8	$	495.9
Payment & Merchandising Technologies
Payment Acceptance and Dispensing Products 1	$	197.3	$	140.9	$	382.3	$	344.1
Banknotes and Security Products	130.9		106.7		283.3		200.8
Total Payment & Merchandising Technologies	$	328.2	$	247.6	$	665.6	$	544.9
Net sales	$	796.4	$	644.3	$	1,575.9	$	1,391.1

1 As a result of the third quarter 2020 internal merger of the Crane Merchandising Systems (“CMS”) business into the vending vertical of the CPI business, Payment Acceptance and Dispensing Products now includes Merchandising Equipment. The prior period has 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 June 30, 2021, total backlog was $1,191.7 million. We expect to recognize approximately 77% of our remaining performance obligations as revenue in 2021, an additional 21% in 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 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)	June 30, 2021		December 31, 2020
Contract assets	$	81.6	$	66.7
Contract liabilities	$	90.3	$	103.0

We recognized revenue of $13.5 million and $46.9 million during the three- and six-month periods ended June 30, 2021 related to contract liabilities as of December 31, 2020.