XML 59 R34.htm IDEA: XBRL DOCUMENT v3.22.0.1
Revenue Recognition (Tables)
 12 Months Ended
Dec. 31, 2021
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
A summary of revenues based on the country to which the product was delivered and reconciliation of disaggregated revenue by segment follows:
2021
(in millions)CCMCITCFTTotal
United States$3,413.3 $502.8 $123.4 $4,039.5 
International:
Europe243.9 61.8 54.1 359.8 
Asia and Middle East25.5 82.4 90.6 198.5 
North America (excluding U.S.)136.5 20.8 12.7 170.0 
Africa7.1 5.1 0.8 13.0 
Other10.4 14.9 4.2 29.5 
Total international423.4 185.0 162.4 770.8 
Total revenues$3,836.7 $687.8 $285.8 $4,810.3 
2020
(in millions)CCMCITCFTTotal
United States$2,677.5 $540.9 $109.4 $3,327.8 
International:
Europe201.4 65.3 46.3 313.0 
Asia and Middle East26.1 78.5 75.9 180.5 
North America (excluding U.S.)82.0 37.1 9.8 128.9 
Africa3.4 6.4 0.6 10.4 
Other5.2 3.4 0.7 9.3 
Total international318.1 190.7 133.3 642.1 
Total revenues$2,995.6 $731.6 $242.7 $3,969.9 
2019
(in millions)CCMCITCFTTotal
United States$2,895.5 $699.5 $124.1 $3,719.1 
International:
Europe204.2 71.7 54.8 330.7 
Asia and Middle East29.9 116.5 89.1 235.5 
North America (excluding U.S.)92.7 58.5 8.9 160.1 
Africa2.9 14.4 0.7 18.0 
Other8.1 12.3 0.8 21.2 
Total international337.8 273.4 154.3 765.5 
Total revenues$3,233.3 $972.9 $278.4 $4,484.6 
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, 2021 follows:
(in millions)20222023202420252026Thereafter
Extended service warranties$23.8 $22.6 $21.5 $20.6 $19.6 $165.2 
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)202120202019
Balance as of January 1$268.3 $247.4 $227.4 
Revenue recognized(71.9)(68.4)(69.1)
Revenue deferred84.9 89.3 87.6 
Acquired liabilities2.6 — 1.5 
Balance as of December 31$283.9 $268.3 $247.4 
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 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 follows:
(in millions)202120202019
Balance as of January 1$84.5 $100.5 $44.7 
Balance as of December 3172.1 84.5 100.5 
Change in contract assets$(12.4)$(16.0)$55.8 
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:
2021
(in millions)CCMCITCFTTotal
General construction$3,619.8 $— $— $3,619.8 
Aerospace— 302.5 — 302.5 
Medical— 244.5 — 244.5 
Transportation— — 145.8 145.8 
Heavy equipment97.6 — — 97.6 
General industrial and other119.3 140.8 140.0 400.1 
Total revenues$3,836.7 $687.8 $285.8 $4,810.3 
2020
(in millions)CCMCITCFTTotal
General construction$2,839.0 $— $— $2,839.0 
Aerospace— 348.1 — 348.1 
Medical— 222.7 — 222.7 
Transportation— — 132.4 132.4 
Heavy equipment69.8 — — 69.8 
General industrial and other86.8 160.8 110.3 357.9 
Total revenues$2,995.6 $731.6 $242.7 $3,969.9 
2019
(in millions)CCMCITCFTTotal
General construction$3,035.6 $— $— $3,035.6 
Aerospace— 641.4 — 641.4 
Medical— 162.3 — 162.3 
Transportation— — 152.2 152.2 
Heavy equipment100.2 — — 100.2 
General industrial and other97.5 169.2 126.2 392.9 
Total revenues$3,233.3 $972.9 $278.4 $4,484.6 
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:
2021
(in millions)CCMCITCFTTotal
Products transferred at a point in time$3,812.1 $443.7 $281.1 $4,536.9 
Products and services transferred over time
24.6 244.1 4.7 273.4 
Total revenues$3,836.7 $687.8 $285.8 $4,810.3 
2020
(in millions)CCMCITCFTTotal
Products transferred at a point in time$2,972.2 $422.9 $240.4 $3,635.5 
Products and services transferred over time
23.4 308.7 2.3 334.4 
Total revenues$2,995.6 $731.6 $242.7 $3,969.9 
2019
(in millions)CCMCITCFTTotal
Products transferred at a point in time$3,211.1 $531.7 $278.4 $4,021.2 
Products and services transferred over time
22.2 441.2 — 463.4 
Total revenues$3,233.3 $972.9 $278.4 $4,484.6