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Revenue Recognition | 12 Months Ended
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Dec. 31, 2024
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. Revenues for separately priced extended service warranties are recognized over the life of the contract. A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:
|  | 2024
(in millions) |  | CCM |  | CWT |  | Total
Products transferred at a point in time |  | $ | 3,675.9 |  |  | $ | 1,298.9 |  |  | $ | 4,974.8 |
Services transferred over time |  | 28.4 |  |  | 0.4 |  |  | 28.8 |
Total revenues |  | $ | 3,704.3 |  |  | $ | 1,299.3 |  |  | $ | 5,003.6 |
|  | 2023
(in millions) |  | CCM |  | CWT |  | Total
Products transferred at a point in time |  | $ | 3,226.9 |  |  | $ | 1,333.1 |  |  | $ | 4,560.0 |
Services transferred over time |  | 26.5 |  |  | 0.4 |  |  | 26.9 |
Total revenues |  | $ | 3,253.4 |  |  | $ | 1,333.5 |  |  | $ | 4,586.9 |
|  | 2022
(in millions) |  | CCM |  | CWT |  | Total
Products transferred at a point in time |  | $ | 3,859.9 |  |  | $ | 1,563.9 |  |  | $ | 5,423.8 |
Services transferred over time |  | 25.3 |  |  | 0.3 |  |  | 25.6 |
Total revenues |  | $ | 3,885.2 |  |  | $ | 1,564.2 |  |  | $ | 5,449.4 |
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, 2024 follows:
(in millions) |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter
Extended service warranties |  | $ | 28.7 |  |  | $ | 27.7 |  |  | $ | 26.7 |  |  | $ | 25.6 |  |  | $ | 24.6 |  |  | $ | 217.2 |
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. 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) |  | 2024 |  | 2023 |  | 2022
Balance as of January 1 |  | $ | 324.0 |  |  | $ | 294.8 |  |  | $ | 273.3 |
Revenue recognized |  | (28.8) |  |  | (26.9) |  |  | (25.6) |
Revenue deferred |  | 55.3 |  |  | 56.1 |  |  | 47.1 |
Balance as of December 31 |  | $ | 350.5 |  |  | $ | 324.0 |  |  | $ | 294.8 |
Revenues by End-Market A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:
|  | 2024
(in millions) |  | CCM |  | CWT |  | Total
General construction: |  |  |  |  |  |
Non-residential |  | $ | 3,414.9 |  |  | $ | 583.6 |  |  | $ | 3,998.5 |
Residential |  | 289.4 |  |  | 587.7 |  |  | 877.1 |
Total construction |  | 3,704.3 |  |  | 1,171.3 |  |  | 4,875.6 |
Heavy equipment |  | — |  |  | 103.9 |  |  | 103.9 |
General industrial and other |  | — |  |  | 24.1 |  |  | 24.1 |
Total revenues |  | $ | 3,704.3 |  |  | $ | 1,299.3 |  |  | $ | 5,003.6 |
|  | 2023
(in millions) |  | CCM |  | CWT |  | Total
General construction: |  |  |  |  |  |
Non-residential |  | $ | 2,986.0 |  |  | $ | 543.9 |  |  | $ | 3,529.9 |
Residential |  | 267.4 |  |  | 667.8 |  |  | 935.2 |
Total construction |  | 3,253.4 |  |  | 1,211.7 |  |  | 4,465.1 |
Heavy equipment |  | — |  |  | 104.3 |  |  | 104.3 |
General industrial and other |  | — |  |  | 17.5 |  |  | 17.5 |
Total revenues |  | $ | 3,253.4 |  |  | $ | 1,333.5 |  |  | $ | 4,586.9 |
|  | 2022
(in millions) |  | CCM |  | CWT |  | Total
General construction: |  |  |  |  |  |
Non-residential |  | $ | 3,583.8 |  |  | $ | 613.7 |  |  | $ | 4,197.5 |
Residential |  | 301.4 |  |  | 762.2 |  |  | 1,063.6 |
Total construction |  | 3,885.2 |  |  | 1,375.9 |  |  | 5,261.1 |
Heavy equipment |  | — |  |  | 105.9 |  |  | 105.9 |
General industrial and other |  | — |  |  | 82.4 |  |  | 82.4 |
Total revenues |  | $ | 3,885.2 |  |  | $ | 1,564.2 |  |  | $ | 5,449.4 |

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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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