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CONTRACT ASSETS AND CONTRACT LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2020

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

The following table reconciles the changes in the Company’s contract assets and liabilities as follows:

						Contract Assets
In millions						2020						2019
Balance at beginning of year						$	623.4					$	345.6
Acquisitions						4.1						237.5
Recognized in current year						849.7						619.3
Reclassified to accounts receivable						(950.4)						(578.6)
Foreign currency impact						17.4						(0.4)
Balance at end of year						$	544.2					$	623.4
						Contract Liabilities
In millions						2020						2019
Balance at beginning of year						$	799.7					$	444.8
Acquisitions						6.9						333.9
Recognized in current year						871.9						917.5
Amounts in beginning balance reclassified to revenue						(532.4)						(410.6)
Current year amounts reclassified to revenue						(325.7)						(483.5)
Foreign currency impact						10.8						(2.4)
Balance at end of year						$	831.2					$	799.7

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- Definition

Tabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

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- References

No definition available.

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