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Revenue Recognition | 12 Months Ended
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Dec. 31, 2022
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | Revenue Recognition Performance Obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer in exchange for payment and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The majority of the Company’s contracts have a single performance obligation to transfer individual goods or services. For contracts with multiple performance obligations, the contract's transaction price is allocated to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is observable prices. The Company’s performance obligations are satisfied, and control is transferred, either at a point in time or over time as work progresses. For the majority of the Company’s products, control is transferred, and revenue is recognized when the product is shipped from the manufacturing facility or delivered to the customer, depending on shipping terms. Revenue is recognized over time primarily for separately priced extended service warranties in the CCM and CWT segments and certain highly customized product contracts in the CIT and CFT segments. Revenues for separately priced extended service warranties are recognized over the life of the contract. Revenues for highly customized product contracts are recognized based on the proportion of costs incurred to date, relative to total estimated costs to complete the contract and are generally incurred over twelve months or less. Highly customized product contract costs generally include labor, material and overhead. A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
|  | 2022
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
Products transferred at a point in time |  | $ | 3,859.9 |  |  | $ | 1,563.9 |  |  | $ | 506.3 |  |  | $ | 293.7 |  |  | $ | 6,223.8 |
Products and services transferred over time |  | 25.3 |  |  | 0.3 |  |  | 339.1 |  |  | 3.4 |  |  | 368.1 |
Total revenues |  | $ | 3,885.2 |  |  | $ | 1,564.2 |  |  | $ | 845.4 |  |  | $ | 297.1 |  |  | $ | 6,591.9 |
|  | 2021
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
Products transferred at a point in time |  | $ | 2,821.7 |  |  | $ | 990.4 |  |  | $ | 443.7 |  |  | $ | 281.1 |  |  | $ | 4,536.9 |
Products and services transferred over time |  | 24.5 |  |  | 0.1 |  |  | 244.1 |  |  | 4.7 |  |  | 273.4 |
Total revenues |  | $ | 2,846.2 |  |  | $ | 990.5 |  |  | $ | 687.8 |  |  | $ | 285.8 |  |  | $ | 4,810.3 |
|  | 2020
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
Products transferred at a point in time |  | $ | 2,312.1 |  |  | $ | 660.1 |  |  | $ | 422.9 |  |  | $ | 240.4 |  |  | $ | 3,635.5 |
Products and services transferred over time |  | 23.3 |  |  | 0.1 |  |  | 308.7 |  |  | 2.3 |  |  | 334.4 |
Total revenues |  | $ | 2,335.4 |  |  | $ | 660.2 |  |  | $ | 731.6 |  |  | $ | 242.7 |  |  | $ | 3,969.9 |
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 December 31, 2022 follows:
(in millions) |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | Thereafter
Extended service warranties |  | $ | 25.0 |  |  | $ | 23.9 |  |  | $ | 23.0 |  |  | $ | 22.0 |  |  | $ | 21.0 |  |  | $ | 179.9 |
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, primarily related to extended service warranties in the CCM and CWT segments, systems contracts in the CFT segment and highly customized product contracts in the CIT segment. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. A summary of the change in contract liabilities follows:
(in millions) |  | 2022 |  | 2021 |  | 2020
Balance as of January 1 |  | $ | 283.9 |  |  | $ | 268.3 |  |  | $ | 247.4 |
Revenue recognized |  | (76.5) |  |  | (71.9) |  |  | (68.4) |
Revenue deferred |  | 103.3 |  |  | 84.9 |  |  | 89.3 |
Acquired liabilities |  | — |  |  | 2.6 |  |  | — |
Balance as of December 31 |  | $ | 310.7 |  |  | $ | 283.9 |  |  | $ | 268.3 |
Contract assets relate to the Company's right to payment for performance completed to date under a contract, primarily related to highly customized product contracts within the CIT and CFT segments. Accounts receivable are recorded when the right to payment becomes unconditional, which generally occurs over twelve months or less. A summary of the change in contract assets follows:
(in millions) |  | 2022 |  | 2021 |  | 2020
Balance as of January 1 |  | $ | 72.1 |  |  | $ | 84.5 |  |  | $ | 100.5 |
Balance as of December 31 |  | 90.7 |  |  | 72.1 |  |  | 84.5 |
Change in contract assets |  | $ | 18.6 |  |  | $ | (12.4) |  |  | $ | (16.0) |
The change in contract assets for the year ended December 31, 2022, primarily reflects recognition of revenue exceeding billings of $18.9 million, partially offset by currency translation and other of $0.3 million. The change in contract assets for the year ended December 31, 2021, primarily reflects billings exceeding the recognition of revenue of $13.1 million, partially offset by currency translation and other of $0.7 million. The change in contract assets for the year ended December 31, 2020, primarily reflects billings exceeding the recognition of revenue of $13.3 million and measurement period adjustments, net of acquired contracts assets, of $3.3 million, partially offset by currency translation and other adjustments of $0.6 million. Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
|  | 2022
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
General construction |  | $ | 3,885.2 |  |  | $ | 1,323.8 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,209.0 |
Aerospace |  | — |  |  | — |  |  | 388.6 |  |  | — |  |  | 388.6 |
Medical |  | — |  |  | — |  |  | 301.1 |  |  | — |  |  | 301.1 |
Transportation |  | — |  |  | — |  |  | — |  |  | 163.3 |  |  | 163.3 |
Heavy equipment |  | — |  |  | 108.3 |  |  | — |  |  | — |  |  | 108.3 |
General industrial and other |  | — |  |  | 132.1 |  |  | 155.7 |  |  | 133.8 |  |  | 421.6 |
Total revenues |  | $ | 3,885.2 |  |  | 1,564.2 |  |  | $ | 845.4 |  |  | $ | 297.1 |  |  | $ | 6,591.9 |
|  | 2021
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
General construction |  | $ | 2,846.2 |  |  | $ | 773.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,619.8 |
Aerospace |  | — |  |  | — |  |  | 302.5 |  |  | — |  |  | 302.5 |
Medical |  | — |  |  | — |  |  | 244.5 |  |  | — |  |  | 244.5 |
Transportation |  | — |  |  | — |  |  | — |  |  | 145.8 |  |  | 145.8 |
Heavy equipment |  | — |  |  | 97.6 |  |  | — |  |  | — |  |  | 97.6 |
General industrial and other |  | — |  |  | 119.3 |  |  | 140.8 |  |  | 140.0 |  |  | 400.1 |
Total revenues |  | $ | 2,846.2 |  |  | $ | 990.5 |  |  | $ | 687.8 |  |  | $ | 285.8 |  |  | $ | 4,810.3 |
|  | 2020
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
General construction |  | $ | 2,335.4 |  |  | $ | 503.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,839.0 |
Aerospace |  | — |  |  | — |  |  | 348.1 |  |  | — |  |  | 348.1 |
Medical |  | — |  |  | — |  |  | 222.7 |  |  | — |  |  | 222.7 |
Transportation |  | — |  |  | — |  |  | — |  |  | 132.4 |  |  | 132.4 |
Heavy equipment |  | — |  |  | 69.8 |  |  | — |  |  | — |  |  | 69.8 |
General industrial and other |  | — |  |  | 86.8 |  |  | 160.8 |  |  | 110.3 |  |  | 357.9 |
Total revenues |  | $ | 2,335.4 |  |  | $ | 660.2 |  |  | $ | 731.6 |  |  | $ | 242.7 |  |  | $ | 3,969.9 |

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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 https://asc.fasb.org/topic&trid=49130388 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 10 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 13 -Subparagraph (b)(2) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -SubTopic 10 -Section 50 -Paragraph 12 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045 + Details
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