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v3.23.2

Revenue Recognition | 6 Months Ended
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Jun. 30, 2023
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, 2023, follows:
(in millions) |  | Remainder of 2023 |  | 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter
Extended service warranties |  | $ | 13.0 |  |  | $ | 25.3 |  |  | $ | 24.4 |  |  | $ | 23.4 |  |  | $ | 22.3 |  |  | $ | 21.2 |  |  | $ | 177.7 |
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, primarily related to extended service warranties in the CCM and CWT segments, 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 for the six months ended June 30, follows:
(in millions) |  | 2023 |  | 2022
Balance as of January 1 |  | $ | 296.5 |  |  | $ | 274.4 |
Revenue recognized |  | (14.8) |  |  | (14.5) |
Revenue deferred |  | 27.3 |  |  | 20.7 |
Balance as of June 30 |  | $ | 309.0 |  |  | $ | 280.6 |
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 segment. 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 for the six months ended June 30, follows:
(in millions) |  | 2023 |  | 2022 |  |
Balance as of January 1 |  | $ | 89.7 |  |  | $ | 70.9 |  |  |
Balance as of June 30 |  | 80.9 |  |  | 76.9 |  |  |
Change in contract assets |  | $ | (8.8) |  |  | $ | 6.0 |  |  |
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, 2023
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
General construction: |  |  |  |  |  |  |  |  |  |
Non-residential |  | $ | 872.5 |  |  | $ | 147.0 |  |  | $ | — |  |  |  |  | $ | 1,019.5 |
Residential |  | 75.0 |  |  | 165.5 |  |  | — |  |  |  |  | 240.5 |
Total construction |  | 947.5 |  |  | 312.5 |  |  | — |  |  |  |  | 1,260.0 |
Aerospace |  | — |  |  | — |  |  | 113.6 |  |  |  |  | 113.6 |
Medical |  | — |  |  | — |  |  | 64.9 |  |  |  |  | 64.9 |
Heavy equipment |  | — |  |  | 28.5 |  |  | — |  |  |  |  | 28.5 |
General industrial and other |  | — |  |  | 18.5 |  |  | 40.4 |  |  |  |  | 58.9 |
Total revenues |  | $ | 947.5 |  |  | $ | 359.5 |  |  | $ | 218.9 |  |  |  |  | $ | 1,525.9 |
|  | Three Months Ended June 30, 2022
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
General construction: |  |  |  |  |  |  |  |  |  |
Non-residential |  | $ | 1,028.4 |  |  | $ | 150.8 |  |  | $ | — |  |  |  |  | $ | 1,179.2 |
Residential |  | 85.0 |  |  | 218.1 |  |  | — |  |  |  |  | 303.1 |
Total construction |  | 1,113.4 |  |  | 368.9 |  |  | — |  |  |  |  | 1,482.3 |
Aerospace |  | — |  |  | — |  |  | 94.6 |  |  |  |  | 94.6 |
Medical |  | — |  |  | — |  |  | 78.1 |  |  |  |  | 78.1 |
Heavy equipment |  | — |  |  | 27.3 |  |  | — |  |  |  |  | 27.3 |
General industrial and other |  | — |  |  | 52.7 |  |  | 39.9 |  |  |  |  | 92.6 |
Total revenues |  | $ | 1,113.4 |  |  | $ | 448.9 |  |  | $ | 212.6 |  |  |  |  | $ | 1,774.9 |
|  | Six Months Ended June 30, 2023
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
General construction: |  |  |  |  |  |  |  |  |  |
Non-residential |  | $ | 1,395.9 |  |  | $ | 266.9 |  |  | $ | — |  |  |  |  | $ | 1,662.8 |
Residential |  | 127.6 |  |  | 318.0 |  |  | — |  |  |  |  | 445.6 |
Total construction |  | 1,523.5 |  |  | 584.9 |  |  | — |  |  |  |  | 2,108.4 |
Aerospace |  | — |  |  | — |  |  | 224.7 |  |  |  |  | 224.7 |
Medical |  | — |  |  | — |  |  | 130.7 |  |  |  |  | 130.7 |
Heavy equipment |  | — |  |  | 54.6 |  |  | — |  |  |  |  | 54.6 |
General industrial and other |  | — |  |  | 36.6 |  |  | 77.0 |  |  |  |  | 113.6 |
Total revenues |  | $ | 1,523.5 |  |  | $ | 676.1 |  |  | $ | 432.4 |  |  |  |  | $ | 2,632.0 |
|  | Six Months Ended June 30, 2022
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
General construction: |  |  |  |  |  |  |  |  |  |
Non-residential |  | $ | 1,840.8 |  |  | $ | 275.0 |  |  | $ | — |  |  |  |  | $ | 2,115.8 |
Residential |  | 153.7 |  |  | 392.2 |  |  | — |  |  |  |  | 545.9 |
Total construction |  | 1,994.5 |  |  | 667.2 |  |  | — |  |  |  |  | 2,661.7 |
Aerospace |  | — |  |  | — |  |  | 177.9 |  |  |  |  | 177.9 |
Medical |  | — |  |  | — |  |  | 142.7 |  |  |  |  | 142.7 |
Heavy equipment |  | — |  |  | 58.1 |  |  | — |  |  |  |  | 58.1 |
General industrial and other |  | — |  |  | 82.7 |  |  | 77.0 |  |  |  |  | 159.7 |
Total revenues |  | $ | 1,994.5 |  |  | $ | 808.0 |  |  | $ | 397.6 |  |  |  |  | $ | 3,200.1 |
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, 2023
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
United States |  | $ | 868.6 |  |  | $ | 315.8 |  |  | $ | 164.9 |  |  |  |  | $ | 1,349.3 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 49.6 |  |  | 4.8 |  |  | 19.7 |  |  |  |  | 74.1 |
North America (excluding U.S.) |  | 25.3 |  |  | 33.1 |  |  | 12.2 |  |  |  |  | 70.6 |
Asia and Middle East |  | 3.3 |  |  | 2.2 |  |  | 17.3 |  |  |  |  | 22.8 |
Africa |  | 0.1 |  |  | 1.7 |  |  | 2.8 |  |  |  |  | 4.6 |
Other |  | 0.6 |  |  | 1.9 |  |  | 2.0 |  |  |  |  | 4.5 |
Total international |  | 78.9 |  |  | 43.7 |  |  | 54.0 |  |  |  |  | 176.6 |
Total revenues |  | $ | 947.5 |  |  | $ | 359.5 |  |  | $ | 218.9 |  |  |  |  | $ | 1,525.9 |
|  | Three Months Ended June 30, 2022
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
United States |  | $ | 1,009.4 |  |  | $ | 403.8 |  |  | $ | 150.2 |  |  |  |  | $ | 1,563.4 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 62.8 |  |  | 5.1 |  |  | 17.5 |  |  |  |  | 85.4 |
North America (excluding U.S.) |  | 32.6 |  |  | 35.9 |  |  | 8.8 |  |  |  |  | 77.3 |
Asia and Middle East |  | 5.0 |  |  | 1.9 |  |  | 27.2 |  |  |  |  | 34.1 |
Africa |  | 0.5 |  |  | 0.5 |  |  | 3.2 |  |  |  |  | 4.2 |
Other |  | 3.1 |  |  | 1.7 |  |  | 5.7 |  |  |  |  | 10.5 |
Total international |  | 104.0 |  |  | 45.1 |  |  | 62.4 |  |  |  |  | 211.5 |
Total revenues |  | $ | 1,113.4 |  |  | $ | 448.9 |  |  | $ | 212.6 |  |  |  |  | $ | 1,774.9 |
|  | Six Months Ended June 30, 2023
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
United States |  | $ | 1,364.4 |  |  | $ | 598.1 |  |  | $ | 322.6 |  |  |  |  | $ | 2,285.1 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 104.8 |  |  | 10.0 |  |  | 39.9 |  |  |  |  | 154.7 |
North America (excluding U.S.) |  | 43.2 |  |  | 57.4 |  |  | 24.3 |  |  |  |  | 124.9 |
Asia and Middle East |  | 7.1 |  |  | 4.6 |  |  | 34.9 |  |  |  |  | 46.6 |
Africa |  | 0.6 |  |  | 2.5 |  |  | 6.2 |  |  |  |  | 9.3 |
Other |  | 3.4 |  |  | 3.5 |  |  | 4.5 |  |  |  |  | 11.4 |
Total international |  | 159.1 |  |  | 78.0 |  |  | 109.8 |  |  |  |  | 346.9 |
Total revenues |  | $ | 1,523.5 |  |  | $ | 676.1 |  |  | $ | 432.4 |  |  |  |  | $ | 2,632.0 |
|  | Six Months Ended June 30, 2022
(in millions) |  | CCM |  | CWT |  | CIT |  |  |  | Total
United States |  | $ | 1,796.9 |  |  | $ | 722.3 |  |  | $ | 280.1 |  |  |  |  | $ | 2,799.3 |
International: |  |  |  |  |  |  |  |  |  |
Europe |  | 122.7 |  |  | 10.5 |  |  | 35.7 |  |  |  |  | 168.9 |
North America (excluding U.S.) |  | 60.2 |  |  | 64.1 |  |  | 19.6 |  |  |  |  | 143.9 |
Asia and Middle East |  | 7.7 |  |  | 4.8 |  |  | 46.5 |  |  |  |  | 59.0 |
Africa |  | 1.2 |  |  | 2.7 |  |  | 5.9 |  |  |  |  | 9.8 |
Other |  | 5.8 |  |  | 3.6 |  |  | 9.8 |  |  |  |  | 19.2 |
Total international |  | 197.6 |  |  | 85.7 |  |  | 117.5 |  |  |  |  | 400.8 |
Total revenues |  | $ | 1,994.5 |  |  | $ | 808.0 |  |  | $ | 397.6 |  |  |  |  | $ | 3,200.1 |

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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 -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent + Details
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