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v3.22.4

Revenue Recognition (Tables) | 12 Months Ended
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Dec. 31, 2022
Disaggregation of Revenue [Line Items] |
Summary of Disaggregation of Revenue | A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
|  | 2022
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  |  | Total
United States |  | $ | 3,526.2 |  |  | $ | 1,397.8 |  |  | $ | 602.2 |  |  | $ | 137.6 |  |  |  | $ | 5,663.8 |
International: |  |  |  |  |  |  |  |  |  |  |
Europe |  | 233.8 |  |  | 18.8 |  |  | 73.7 |  |  | 48.6 |  |  |  | 374.9 |
Asia and Middle East |  | 15.1 |  |  | 9.0 |  |  | 87.7 |  |  | 90.1 |  |  |  | 201.9 |
North America (excluding U.S.) |  | 98.0 |  |  | 127.8 |  |  | 43.9 |  |  | 14.6 |  |  |  | 284.3 |
Africa |  | 1.6 |  |  | 4.3 |  |  | 12.3 |  |  | 0.8 |  |  |  | 19.0 |
Other |  | 10.5 |  |  | 6.5 |  |  | 25.6 |  |  | 5.4 |  |  |  | 48.0 |
Total international |  | 359.0 |  |  | 166.4 |  |  | 243.2 |  |  | 159.5 |  |  |  | 928.1 |
Total revenues |  | $ | 3,885.2 |  |  | $ | 1,564.2 |  |  | $ | 845.4 |  |  | $ | 297.1 |  |  |  | $ | 6,591.9 |
|  | 2021
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
United States |  | $ | 2,525.2 |  |  | $ | 888.1 |  |  | $ | 502.8 |  |  | $ | 123.4 |  |  | $ | 4,039.5 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 225.5 |  |  | 18.4 |  |  | 61.8 |  |  | 54.1 |  |  | 359.8 |
Asia and Middle East |  | 15.9 |  |  | 9.6 |  |  | 82.4 |  |  | 90.6 |  |  | 198.5 |
North America (excluding U.S.) |  | 72.3 |  |  | 64.2 |  |  | 20.8 |  |  | 12.7 |  |  | 170.0 |
Africa |  | 1.7 |  |  | 5.4 |  |  | 5.1 |  |  | 0.8 |  |  | 13.0 |
Other |  | 5.6 |  |  | 4.8 |  |  | 14.9 |  |  | 4.2 |  |  | 29.5 |
Total international |  | 321.0 |  |  | 102.4 |  |  | 185.0 |  |  | 162.4 |  |  | 770.8 |
Total revenues |  | $ | 2,846.2 |  |  | $ | 990.5 |  |  | $ | 687.8 |  |  | $ | 285.8 |  |  | $ | 4,810.3 |
|  | 2020
(in millions) |  | CCM |  | CWT |  | CIT |  | CFT |  | Total
United States |  | $ | 2,070.8 |  |  | $ | 606.7 |  |  | $ | 540.9 |  |  | $ | 109.4 |  |  | $ | 3,327.8 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 188.9 |  |  | 12.5 |  |  | 65.3 |  |  | 46.3 |  |  | 313.0 |
Asia and Middle East |  | 18.4 |  |  | 7.7 |  |  | 78.5 |  |  | 75.9 |  |  | 180.5 |
North America (excluding U.S.) |  | 54.0 |  |  | 28.0 |  |  | 37.1 |  |  | 9.8 |  |  | 128.9 |
Africa |  | 0.6 |  |  | 2.8 |  |  | 6.4 |  |  | 0.6 |  |  | 10.4 |
Other |  | 2.7 |  |  | 2.5 |  |  | 3.4 |  |  | 0.7 |  |  | 9.3 |
Total international |  | 264.6 |  |  | 53.5 |  |  | 190.7 |  |  | 133.3 |  |  | 642.1 |
Total revenues |  | $ | 2,335.4 |  |  | $ | 660.2 |  |  | $ | 731.6 |  |  | $ | 242.7 |  |  | $ | 3,969.9 |
Summary of Remaining Performance Obligations | 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 |
Summary of 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) |
Revenues by End Market |
Disaggregation of Revenue [Line Items] |
Summary of Disaggregation of Revenue | 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 |
Products Transferred at a Point in Time or Over Time |
Disaggregation of Revenue [Line Items] |
Summary of Disaggregation of Revenue | 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 |

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