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Contract Assets and Contract Liabilities
 9 Months Ended
Sep. 30, 2019
Revenue from Contract with Customer [Abstract]  
Contract Assets and Contract Liabilities CONTRACT ASSETS AND CONTRACT LIABILITIES
Contract assets include unbilled amounts resulting from sales under long-term contracts where revenue is recognized over time and revenue exceeds the amount that can be billed to the customer based on the terms of the contract. Contract liabilities include customer deposits that are made prior to the incurrence of costs related to a newly agreed upon contract, advanced customer payments that are in excess of revenue recognized, and provisions for estimated losses from uncompleted contracts.
The change in the carrying amount of contract assets and contract liabilities for the nine months ended September 30, 2019 is as follows:
In millions
 
Contract Assets
Balance at beginning of year
 
$
345.6

Acquisitions
 
217.4

Recognized in current year
 
445.1

Reclassified to accounts receivable
 
(415.7
)
Foreign currency impact
 
(12.7
)
Balance at September 30, 2019
 
$
579.7

 
 
 
In millions
 
Contract Liabilities
Balance at beginning of year
 
$
444.8

Acquisitions
 
314.7

Recognized in current year
 
781.3

Amounts in beginning balance reclassified to revenue
 
(412.9
)
Current year amounts reclassified to revenue
 
(270.3
)
Foreign currency impact
 
(12.3
)
Balance at September 30, 2019
 
$
845.3