Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2020

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

Transaction price allocated to the remaining performance obligations

The majority of the Company's contracts are completed within twelve months. For performance obligations that extend beyond one year, the Company had $230.8 million of transaction price related to performance obligations as of March 31, 2020. The Company expects to complete these obligations and recognize 59% of remaining transaction price in 2020, and the remainder in 2021. The Company has elected the following optional exemptions from the remaining performance obligation disclosures:


•	Contracts that have an original expected duration of one year or less; and


•	Performance obligations related to revenue recognized over time using the as-invoiced practical expedient.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue with the reportable segments.



	Three Months Ended				Three Months Ended
	March 31, 2020				March 31, 2019
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring ⁽¹⁾	$	153.7	$	45.7	$	133.3	$	50.9
Non-recurring ⁽¹⁾	156.0		102.3		161.3		72.0
Total	309.7		148.0		294.6		122.9

Geographical Region ⁽²⁾
North America	154.1		130.4		156.1		94.9
Europe, Middle East and Africa	99.6		10.6		79.4		23.4
Asia Pacific	35.4		5.7		37.7		4.1
Latin America	20.6		1.3		21.4		0.5
Total	309.7		148.0		294.6		122.9

Timing of Recognition
Point in Time	148.4		77.1		146.0		68.6
Over Time	161.3		70.9		148.6		54.3
Total	309.7		148.0		294.6		122.9

(1) Aftermarket parts and services and revenue from leasing contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as contract assets and within advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

Contract asset and liability balances for the period were as follows:



	Balances as of
(In millions)	March 31, 2020		December 31, 2019
Contract assets	$	80.6	$	74.4
Contract liabilities	90.0		92.5

The revenue recognized during the three months ended March 31, 2020 and 2019 that was included in contract liabilities at the beginning of the period amounted to $50 million and $112.5 million, respectively. The change from December 31, 2019 is driven by the timing of advance and milestone payments received from customers. There were no significant changes in the contract balances other than those described above.