Revenue (Tables)

12 Months Ended

Dec. 31, 2019

Disaggregation of Revenue [Abstract]

Contract with Customer, Asset and Liability [Table Text Block]

The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended December 31, 2019 and December 31, 2018 were as follows:

In millions	2019		2018
Contract assets	$	190.2	$	210.9
Contract liabilities	1,042.9		846.2

The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on the Consolidated Balance Sheet. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Contract assets relate to the conditional right to consideration for any completed performance under the contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract or when the Company has a right to consideration that is unconditional before it transfers a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. During the years ended December 31, 2019 and 2018, changes in contract asset and liability balances were not materially impacted by any other factors.

Approximately 58% of the contract liability balance at December 31, 2018 was recognized as revenue during the year ended December 31, 2019. Additionally, approximately 32% of the contract liability balance at December 31, 2019 was classified as noncurrent and not expected to be recognized as revenue in the next 12 months.

Disaggregation of Revenue [Table Text Block]

A summary of Net revenues by destination for the year ended at December 31 is as follows:

In millions	2019		2018
Climate
United States	$	9,143.5	$	8,285.4
Non-U.S.	3,932.4		4,058.4
Total Climate	$	13,075.9	$	12,343.8
Industrial
United States	$	1,811.4	$	1,763.6
Non-U.S.	1,711.6		1,560.8
Total Industrial	$	3,523.0	$	3,324.4

A summary of Net revenues by major type of good or service for the year ended at December 31 is as follows:

In millions	2019		2018
Climate
Equipment	$	8,968.1	$	8,425.6
Services and parts	4,107.8		3,918.2
Total Climate	$	13,075.9	$	12,343.8
Industrial
Equipment	$	2,171.4	$	2,023.3
Services and parts	1,351.6		1,301.1
Total Industrial	$	3,523.0	$	3,324.4