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Revenue Recognition (Tables)

12 Months Ended

Dec. 31, 2019

Disaggregation of Revenue [Line Items]

A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:


	2019
(in millions)	CCM		CIT		CFT		CBF		Total
United States	$	2,895.5	$	699.5	$	124.1	$	128.0	$	3,847.1
International:
Europe	204.2		71.7		54.8		97.6		428.3
Asia	19.7		107.9		87.9		72.8		288.3
Canada	89.7		5.5		6.2		3.3		104.7
Mexico	3.0		53.0		2.7		11.3		70.0
Middle East and Africa	13.1		23.0		1.9		1.4		39.4
Other	8.1		12.3		0.8		12.6		33.8
Total international	337.8		273.4		154.3		199.0		964.5
Total revenues	$	3,233.3	$	972.9	$	278.4	$	327.0	$	4,811.6


	2018
(in millions)	CCM		CIT		CFT		CBF		Total
United States	$	2,552.6	$	634.0	$	116.9	$	157.8	$	3,461.3
International:
Europe	186.2		89.7		58.6		109.0		443.5
Asia	16.4		114.0		100.1		76.0		306.5
Canada	97.9		4.8		6.5		2.9		112.1
Mexico	4.1		48.2		5.4		14.3		72.0
Middle East and Africa	15.2		27.7		2.5		1.4		46.8
Other	7.9		15.4		1.6		12.4		37.3
Total international	327.7		299.8		174.7		216.0		1,018.2
Total revenues	$	2,880.3	$	933.8	$	291.6	$	373.8	$	4,479.5


	2017
(in millions)	CCM		CIT		CFT		CBF		Total
United States	$	2,080.5	$	537.8	$	110.1	$	132.0	$	2,860.4
International:
Europe	156.5		96.3		55.5		94.2		402.5
Asia	13.2		98.1		93.0		62.7		267.0
Canada	67.7		5.1		6.9		3.6		83.3
Mexico	2.1		46.6		9.5		12.9		71.1
Middle East and Africa	12.0		24.4		2.0		2.4		40.8
Other	4.2		7.0		4.4		10.1		25.7
Total international	255.7		277.5		171.3		185.9		890.4
Total revenues	$	2,336.2	$	815.3	$	281.4	$	317.9	$	3,750.8

Remaining Performance Obligations

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, 2019 follows:


(in millions)	2020		2021		2022		2023		2024		Thereafter
Extended service warranties	$	21.9	$	20.8	$	19.7	$	18.5	$	17.4	$	143.8

Contract Balances

Contract liabilities relate to payments received in advance of performance under a contract, primarily related to extended service warranties in the CCM segment, systems contracts in the CFT segment 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 follows:


(in millions)	2019		2018
Balance as of January 1	$	227.4	$	215.8
Revenue recognized	(69.1)		(79.5)
Revenue deferred	87.6		90.5
Acquired liabilities	1.5		0.6
Balance as of December 31	$	247.4	$	227.4

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 follows:


(in millions)	2019		2018
Balance as of January 1	$	44.7	$	—




Balance as of December 31	100.5		44.7
Change in contract assets	$	55.8	$	44.7

Revenues by End Market

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:


	2019
(in millions)	CCM		CIT		CFT		CBF		Total
General construction	$	3,035.6	$	—	$	—	$	—	$	3,035.6
Aerospace	—		641.4		—		23.3		664.7
Heavy equipment	100.2		—		—		259.5		359.7
Transportation	—		—		152.2		33.5		185.7
Medical	—		162.3		—		—		162.3
General industrial and other	97.5		169.2		126.2		10.7		403.6
Total revenues	$	3,233.3	$	972.9	$	278.4	$	327.0	$	4,811.6


	2018
(in millions)	CCM		CIT		CFT		CBF		Total
General construction	$	2,661.4	$	—	$	—	$	—	$	2,661.4
Aerospace	—		620.3		—		21.5		641.8
Heavy equipment	112.1		—		—		300.7		412.8
Transportation	—		—		154.9		41.1		196.0
Medical	—		146.4		—		—		146.4
General industrial and other	106.8		167.1		136.7		10.5		421.1
Total revenues	$	2,880.3	$	933.8	$	291.6	$	373.8	$	4,479.5

Products Transferred at a Point in Time or Over Time

Disaggregation of Revenue [Line Items]

Disaggregation of Revenue

A summary of the timing of revenue recognition and reconciliation of disaggregated revenue by reportable segment follows:


	2019
(in millions)	CCM		CIT		CFT		CBF		Total
Products transferred at a point in time	$	3,211.1	$	531.7	$	278.4	$	327.0	$	4,348.2
Products and services transferred over time	22.2		441.2		—		—		463.4
Total revenues	$	3,233.3	$	972.9	$	278.4	$	327.0	$	4,811.6


	2018
(in millions)	CCM		CIT			CFT		CBF		Total
Products transferred at a point in time	$	2,859.0	$	540.7	⁽¹⁾	$	291.6	$	373.8	$	4,065.1
Products and services transferred over time	21.3		393.1		⁽¹⁾	—		—		414.4
Total revenues	$	2,880.3	$	933.8		$	291.6	$	373.8	$	4,479.5

⁽¹⁾As corrected from $900.5 million for products transferred at a point in time and $33.3 million for products and services transferred over time, as previously reported.