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Revenue Recognition
 3 Months Ended
Mar. 31, 2021
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 March 31, 2021, follows:
(in millions)
Remainder of 202120222023202420252026Thereafter
Extended service warranties$17.5 $22.1 $20.9 $19.9 $19.0 $18.0 $143.5 
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 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 for the three months ended March 31, follows:
(in millions)
20212020
Balance as of January 1$268.3 $247.4 
Revenue recognized(15.2)(13.3)
Revenue deferred17.9 20.1 
Balance as of March 31$271.0 $254.2 
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 and CFT segments. 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 for the three months ended March 31, follows:
(in millions)
20212020
Balance as of January 1$84.5 $100.5 
Balance as of March 3177.1 103.6 
Change in contract assets$(7.4)$3.1 
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 March 31, 2021
(in millions)CCMCITCFTCBFTotal
General construction$674.1 $— $— $— $674.1 
Aerospace— 65.9 — 3.9 69.8 
Heavy equipment20.3 — — 71.9 92.2 
Medical— 55.2 — — 55.2 
Transportation— — 33.8 8.9 42.7 
General industrial and other24.9 34.7 32.0 3.4 95.0 
Total revenues$719.3 $155.8 $65.8 $88.1 $1,029.0 
Three Months Ended March 31, 2020
(in millions)CCMCITCFTCBFTotal
General construction
$635.8 $— $— $— $635.8 
Aerospace
— 136.7 — 5.9 142.6 
Heavy equipment
21.5 — — 54.1 75.6 
Medical — 48.2 — — 48.2 
Transportation
— — 35.3 8.2 43.5 
General industrial and other
19.1 39.6 23.0 2.8 84.5 
Total revenues
$676.4 $224.5 $58.3 $71.0 $1,030.2 
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 March 31, 2021
(in millions)CCMCITCFTCBFTotal
United States$626.3 $111.5 $30.6 $27.5 $795.9 
International:
Europe60.6 14.4 12.5 29.6 117.1 
Asia3.9 20.6 19.2 22.6 66.3 
North America (excluding U.S.)23.6 4.5 2.5 4.1 34.7 
Middle East and Africa3.4 2.6 0.4 0.3 6.7 
Other1.5 2.2 0.6 4.0 8.3 
Total international93.0 44.3 35.2 60.6 233.1 
Total revenues$719.3 $155.8 $65.8 $88.1 $1,029.0 
Three Months Ended March 31, 2020
(in millions)CCMCITCFTCBFTotal
United States$596.9 $161.4 $28.3 $30.7 $817.3 
International:
Europe51.1 19.3 10.4 19.4 100.2 
Asia3.3 18.4 16.9 15.1 53.7 
North America (excluding U.S.)19.6 12.4 2.0 2.9 36.9 
Middle East and Africa3.9 4.9 0.5 0.2 9.5 
Other1.6 8.1 0.2 2.7 12.6 
Total international79.5 63.1 30.0 40.3 212.9 
Total revenues$676.4 $224.5 $58.3 $71.0 $1,030.2