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Revenue Recognition

6 Months Ended

Jun. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. Remaining performance obligations for extended service warranties represent the transaction price for the remaining stand-ready obligation to perform warranty services. A summary of estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied or partially unsatisfied as of June 30, 2019, follows:

(in millions)						Remainder of 2019						2020						2021						2022						2023						2024						Thereafter
Extended service warranties						$	10.7					$	20.6					$	19.6					$	18.4					$	17.2					$	16.1					$	126.7

The Company has applied the practical expedient to not disclose information about remaining performance obligations that have original expected durations of one year or less.

Contract Balances

Contract liabilities relate to payments received in advance of performance under a contract, and primarily include extended service warranties in the CCM segment and systems contracts in the CFT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities for the six months ended June 30, follows:

(in millions)						2019						2018
Balance as of January 1						$	227.4					$	215.8
Revenue recognized						(30.2)						(31.2)
Revenue deferred						35.3						39.6
Acquired liabilities						2.7						0.2
Balance as of June 30						$	235.2					$	224.4

Contract assets relate to the Company's right to payment for performance completed to date under a contract, and primarily include highly customized product contracts within the CIT segment. Accounts receivable are recorded when the right to payment becomes unconditional. A summary of the change in contract assets for the six months ended June 30, follows:

(in millions)						2019						2018
Balance as of January 1						$	44.7					$	—
Adoption of ASC 606						—						22.8
Revenue recognized and unbilled						116.3						69.5
Revenue billed						(102.9)						(49.5)
Balance as of June 30						$	58.1					$	42.8

Revenues by End-Market

A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:

						Three Months Ended June 30, 2019
(in millions)						CCM						CIT						CFT						CBF						Total
General construction						$	860.5					$	—					$	—					$	—					$	860.5
Aerospace						—						164.6						—						5.7						170.3
Heavy equipment						28.2						—						—						69.5						97.7
Transportation						—						—						36.4						8.4						44.8
Medical						—						37.6						—						—						37.6
General industrial and other						26.3						43.2						30.9						3.5						103.9
Total revenues						$	915.0					$	245.4					$	67.3					$	87.1					$	1,314.8
						Three Months Ended June 30, 2018
(in millions)						CCM						CIT						CFT						CBF						Total
General construction						$	768.1					$	—					$	—					$	—					$	768.1
Aerospace						—						150.8						—						3.5						154.3
Heavy equipment						31.6						—						—						79.3						110.9
Transportation						—						—						39.9						11.5						51.4
Medical						—						34.6						—						—						34.6
General industrial and other						28.9						52.3						33.4						2.2						116.8
Total revenues						$	828.6					$	237.7					$	73.3					$	96.5					$	1,236.1

						Six Months Ended June 30, 2019
(in millions)						CCM						CIT						CFT						CBF						Total
General construction						$	1,482.1					$	—					$	—					$	—					$	1,482.1
Aerospace						—						338.4						—						10.3						348.7
Heavy equipment						55.4						—						—						144.7						200.1
Transportation						—						—						68.7						17.6						86.3
Medical						—						68.6						—						—						68.6
General industrial and other						48.6						84.8						61.7						5.8						200.9
Total revenues						$	1,586.1					$	491.8					$	130.4					$	178.4					$	2,386.7
						Six Months Ended June 30, 2018
(in millions)						CCM						CIT						CFT						CBF						Total
General construction						$	1,314.4					$	—					$	—					$	—					$	1,314.4
Aerospace						—						305.6						—						9.8						315.4
Heavy equipment						57.8						—						—						158.5						216.3
Transportation						—						—						73.1						21.3						94.4
Medical						—						69.3						—						—						69.3
General industrial and other						55.0						87.1						63.7						5.2						211.0
Total revenues						$	1,427.2					$	462.0					$	136.8					$	194.8					$	2,220.8

Revenues by Geographic Area

A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:

						Three Months Ended June 30, 2019
(in millions)						CCM						CIT						CFT						CBF						Total
United States						$	824.6					$	171.4					$	31.7					$	34.1					$	1,061.8
International:
Europe						55.2						17.9						12.4						27.0						112.5
Asia						5.6						33.8						21.3						18.3						79.0
Canada						25.0						1.3						1.0						1.3						28.6
Mexico						0.8						13.3						0.2						2.7						17.0
Middle East and Africa						2.0						6.2						0.4						0.2						8.8
Other						1.8						1.5						0.3						3.5						7.1
Total international						90.4						74.0						35.6						53.0						253.0
Total revenues						$	915.0					$	245.4					$	67.3					$	87.1					$	1,314.8
						Three Months Ended June 30, 2018
(in millions)						CCM						CIT						CFT						CBF						Total
United States						$	733.6					$	164.7					$	30.7					$	38.7					$	967.7
International:
Europe						52.4						23.0						15.0						28.9						119.3
Asia						3.6						25.6						24.6						20.6						74.4
Canada						29.5						1.4						1.7						0.7						33.3
Mexico						1.4						12.4						0.5						3.9						18.2
Middle East and Africa						5.8						6.7						0.8						0.3						13.6
Other						2.3						3.9						—						3.4						9.6
Total international						95.0						73.0						42.6						57.8						268.4
Total revenues						$	828.6					$	237.7					$	73.3					$	96.5					$	1,236.1

						Six Months Ended June 30, 2019
(in millions)						CCM						CIT						CFT						CBF						Total
United States						$	1,415.8					$	353.5					$	59.7					$	66.6					$	1,895.6
International:
Europe						107.3						36.3						25.5						57.5						226.6
Asia						9.7						57.6						40.3						38.7						146.3
Canada						42.5						2.4						2.6						1.8						49.3
Mexico						1.2						25.7						0.7						6.0						33.6
Middle East and Africa						5.4						13.5						1.0						0.6						20.5
Other						4.2						2.8						0.6						7.2						14.8
Total international						170.3						138.3						70.7						111.8						491.1
Total revenues						$	1,586.1					$	491.8					$	130.4					$	178.4					$	2,386.7
						Six Months Ended June 30, 2018
(in millions)						CCM						CIT						CFT						CBF						Total
United States						$	1,262.6					$	320.3					$	56.3					$	80.2					$	1,719.4
International:
Europe						91.8						45.3						28.3						59.2						224.6
Asia						8.8						48.5						44.4						39.5						141.2
Canada						47.9						2.5						3.3						1.4						55.1
Mexico						2.3						24.4						2.6						7.5						36.8
Middle East and Africa						8.9						14.3						1.4						0.5						25.1
Other						4.9						6.7						0.5						6.5						18.6
Total international						164.6						141.7						80.5						114.6						501.4
Total revenues						$	1,427.2					$	462.0					$	136.8					$	194.8					$	2,220.8

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- References

No definition available.

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- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

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