Revenue Recognition

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue Recognition

Revenue Recognition

Performance Obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer in exchange for payment and is the unit of account. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when or as the performance obligation is satisfied. The majority of the Company’s contracts have a single performance obligation to transfer individual goods or services. For contracts with multiple performance obligations, the contract's transaction price is allocated to each performance obligation using the Company’s best estimate of the standalone selling price of each distinct good or service in the contract. The primary method used to estimate standalone selling price is observable prices.

The Company’s performance obligations are satisfied, and control is transferred, either at a point in time or over time as work progresses. For the majority of the Company’s products, control is transferred, and revenue is recognized when the product is shipped from the manufacturing facility or delivered to the customer, depending on shipping terms. Revenue is recognized over time primarily for separately priced extended service warranties in the CCM and CWT segments. Revenues for separately priced extended service warranties are recognized over the life

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

	2023
(in millions)	CCM		CWT		Total
Products transferred at a point in time	$	3,226.9	$	1,333.1	$	4,560.0
Services transferred over time	26.5		0.4		26.9
Total revenues	$	3,253.4	$	1,333.5	$	4,586.9

	2022
(in millions)	CCM		CWT		Total
Products transferred at a point in time	$	3,859.9	$	1,563.9	$	5,423.8
Services transferred over time	25.3		0.3		25.6
Total revenues	$	3,885.2	$	1,564.2	$	5,449.4

	2021
(in millions)	CCM		CWT		Total
Products transferred at a point in time	$	2,821.7	$	990.4	$	3,812.1
Services transferred over time	24.5		0.1		24.6
Total revenues	$	2,846.2	$	990.5	$	3,836.7

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, 2023 follows:

(in millions)	2024		2025		2026		2027		2028		Thereafter
Extended service warranties	$	26.8	$	25.9	$	24.9	$	23.9	$	22.8	$	199.7

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 and CWT segments. 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)	2023		2022		2021
Balance as of January 1	$	294.8	$	273.3	$	258.4
Revenue recognized	(26.9)		(25.6)		(24.6)
Revenue deferred	56.1		47.1		36.9
Acquired liabilities	—		—		2.6
Balance as of December 31	$	324.0	$	294.8	$	273.3

Revenues by End-Market

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

	2023
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	2,986.0	$	543.9	$	3,529.9
Residential	267.4		667.8		935.2
Total construction	3,253.4		1,211.7		4,465.1
Heavy equipment	—		104.3		104.3
General industrial and other	—		17.5		17.5
Total revenues	$	3,253.4	$	1,333.5	$	4,586.9

	2022
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	3,583.8	$	613.7	$	4,197.5
Residential	301.4		762.2		1,063.6
Total construction	3,885.2		1,375.9		5,261.1
Heavy equipment	—		105.9		105.9
General industrial and other	—		82.4		82.4
Total revenues	$	3,885.2	$	1,564.2	$	5,449.4

	2021
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	2,608.6	$	383.0	$	2,991.6
Residential	237.6		425.9		663.5
Total construction	2,846.2		808.9		3,655.1
Heavy equipment	—		100.1		100.1
General industrial and other	—		81.5		81.5
Total revenues	$	2,846.2	$	990.5	$	3,836.7