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Revenue Recognition
 6 Months Ended
Jun. 30, 2020
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
The Company receives payment at the inception of the contract for separately priced extended service warranties, and revenue is deferred and recognized on a straight-line basis over the life of the contracts. 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 June 30, 2020, follows:
(in millions)
Remainder of 202020212022202320242025Thereafter
Extended service warranties$11.4  $21.8  $20.6  $19.4  $18.3  $17.4  $140.0  
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 and primarily include extended service warranties in the CCM segment, systems contracts in the CFT segment, and highly customized product contracts within 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 for the six months ended June 30, follows:
(in millions)
20202019
Balance as of January 1
$247.4  $227.4  
Revenue recognized(28.8) (30.2) 
Revenue deferred40.2  35.3  
Acquired liabilities—  2.7  
Balance as of June 30$258.8  $235.2  
Contract assets relate to the Company's right to payment for performance completed to date under a contract and primarily include highly customized product contracts within the CIT segment and systems contracts in the CFT segment. Accounts receivable are recorded when the right to payment becomes unconditional. A summary of the change in contract assets for the six months ended June 30, follows:
(in millions)
20202019
Balance as of January 1$100.5  $44.7  
Balance as of June 30101.9  58.1  
Change in contract assets$1.4  $13.4  
Revenues by End-Market
A summary of revenues disaggregated by major end-market industries and reconciliation of disaggregated revenue by segment follows:

Three Months Ended June 30, 2020
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$699.2  $—  $—  $—  $699.2  
Aerospace—  80.8  —  2.9  83.7  
Heavy equipment
14.0  —  —  48.5  62.5  
Transportation
—  —  23.2  5.2  28.4  
Medical
—  62.8  —  —  62.8  
General industrial and other
21.7  40.4  23.3  2.2  87.6  
Total revenues$734.9  $184.0  $46.5  $58.8  $1,024.2  
Three Months Ended June 30, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$860.5  $—  $—  $—  $860.5  
Aerospace
—  164.6  —  5.7  170.3  
Heavy equipment
28.2  —  —  69.5  97.7  
Transportation
—  —  36.4  8.4  44.8  
Medical
—  37.6  —  —  37.6  
General industrial and other
26.3  43.2  30.9  3.5  103.9  
Total revenues
$915.0  $245.4  $67.3  $87.1  $1,314.8  

Six Months Ended June 30, 2020
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$1,335.0  $—  $—  $—  $1,335.0  
Aerospace—  217.5  —  8.8  226.3  
Heavy equipment
35.5  —  —  102.6  138.1  
Transportation
—  —  58.5  13.4  71.9  
Medical
—  111.0  —  —  111.0  
General industrial and other
40.8  80.0  46.3  5.0  172.1  
Total revenues$1,411.3  $408.5  $104.8  $129.8  $2,054.4  
Six Months Ended June 30, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
General construction
$1,482.1  $—  $—  $—  $1,482.1  
Aerospace
—  338.4  —  10.3  348.7  
Heavy equipment
55.4  —  —  144.7  200.1  
Transportation
—  —  68.7  17.6  86.3  
Medical
—  68.6  —  —  68.6  
General industrial and other
48.6  84.8  61.7  5.8  200.9  
Total revenues
$1,586.1  $491.8  $130.4  $178.4  $2,386.7  
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, 2020
(in millions)
CCM
CIT
CFT
CBF
Total
United States
$657.2  $129.3  $20.7  $22.2  $829.4  
International:
Europe51.3  20.7  6.4  16.9  95.3  
Asia4.8  18.6  17.4  14.6  55.4  
Canada17.4  0.7  0.8  1.1  20.0  
Mexico and Latin America0.8  5.4  0.8  1.5  8.5  
Middle East and Africa2.4  2.4  0.2  0.2  5.2  
Other1.0  6.9  0.2  2.3  10.4  
Total international77.7  54.7  25.8  36.6  194.8  
Total revenues$734.9  $184.0  $46.5  $58.8  $1,024.2  
Three Months Ended June 30, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
United States$824.6  $171.4  $31.7  $34.1  $1,061.8  
International:
Europe55.2  17.9  12.4  27.0  112.5  
Asia5.6  33.8  21.3  18.3  79.0  
Canada25.0  1.3  1.0  1.3  28.6  
Mexico and Latin America0.8  13.3  0.2  2.7  17.0  
Middle East and Africa2.0  6.2  0.4  0.2  8.8  
Other1.8  1.5  0.3  3.5  7.1  
Total international90.4  74.0  35.6  53.0  253.0  
Total revenues$915.0  $245.4  $67.3  $87.1  $1,314.8  
Six Months Ended June 30, 2020
(in millions)
CCM
CIT
CFT
CBF
Total
United States$1,254.1  $290.7  $49.0  $52.9  $1,646.7  
International:
Europe102.4  40.0  16.8  36.3  195.5  
Asia8.1  37.0  34.3  29.7  109.1  
Canada35.8  1.9  2.2  1.7  41.6  
Mexico2.0  16.6  1.4  3.8  23.8  
Middle East and Africa6.3  7.3  0.7  0.4  14.7  
Other2.6  15.0  0.4  5.0  23.0  
Total international157.2  117.8  55.8  76.9  407.7  
Total revenues$1,411.3  $408.5  $104.8  $129.8  $2,054.4  
Six Months Ended June 30, 2019
(in millions)
CCM
CIT
CFT
CBF
Total
United States$1,415.8  $353.5  $59.7  $66.6  $1,895.6  
International:
Europe107.3  36.3  25.5  57.5  226.6  
Asia9.7  57.6  40.3  38.7  146.3  
Canada42.5  2.4  2.6  1.8  49.3  
Mexico1.2  25.7  0.7  6.0  33.6  
Middle East and Africa5.4  13.5  1.0  0.6  20.5  
Other4.2  2.8  0.6  7.2  14.8  
Total international170.3  138.3  70.7  111.8  491.1  
Total revenues$1,586.1  $491.8  $130.4  $178.4  $2,386.7