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v3.23.2

Revenue Recognition (Tables) | 6 Months Ended
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Jun. 30, 2023
Revenue from Contract with Customer [Abstract] |
Summary of the Timing of Revenue Recognition | 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 |
Summary of Change in Contract Liabilities | 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 |
Summary of Change in Contract Assets | 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 |  |  |
Summary of Reconciliation of Disaggregated Revenue | 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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