Revenue Recognition

9 Months Ended

Sep. 30, 2024

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 September 30, 2024, follows:

(in millions)	Remainder of 2024		2025		2026		2027		2028		2029		Thereafter
Extended service warranties	$	7.1	$	28.0	$	27.0	$	25.9	$	24.9	$	23.9	$	206.4

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 reportable segments. 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 nine months ended September 30, follows:

(in millions)	2024		2023
Balance as of January 1	$	324.0	$	294.8
Revenue recognized	(21.5)		(20.1)
Revenue deferred	40.7		40.1
Balance as of September 30	$	343.2	$	314.8

Revenues by End-Market

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

	Three Months Ended September 30, 2024
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	922.2	$	161.6	$	1,083.8
Residential	76.0		141.5		217.5
Total construction	998.2		303.1		1,301.3
Heavy equipment	—		26.1		26.1
General industrial and other	—		6.2		6.2
Total revenues	$	998.2	$	335.4	$	1,333.6
	Three Months Ended September 30, 2023
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	839.8	$	141.8	$	981.6
Residential	74.2		173.4		247.6
Total construction	914.0		315.2		1,229.2
Heavy equipment	—		26.3		26.3
General industrial and other	—		4.3		4.3
Total revenues	$	914.0	$	345.8	$	1,259.8

	Nine Months Ended September 30, 2024
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	2,647.8	$	459.4	$	3,107.2
Residential	222.9		451.0		673.9
Total construction	2,870.7		910.4		3,781.1
Heavy equipment	—		81.9		81.9
General industrial and other	—		17.7		17.7
Total revenues	$	2,870.7	$	1,010.0	$	3,880.7
	Nine Months Ended September 30, 2023
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	2,235.7	$	418.9	$	2,654.6
Residential	201.8		510.9		712.7
Total construction	2,437.5		929.8		3,367.3
Heavy equipment	—		80.8		80.8
General industrial and other	—		11.3		11.3
Total revenues	$	2,437.5	$	1,021.9	$	3,459.4

Revenues by Geographic Area

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

	Three Months Ended September 30, 2024
(in millions)	CCM		CWT		Total
United States	$	902.4	$	297.1	$	1,199.5
International:
Europe	62.2		4.9		67.1
North America (excluding U.S.)	26.0		28.8		54.8
Asia and Middle East	5.7		2.0		7.7
Africa	—		1.1		1.1
Other	1.9		1.5		3.4
Total international	95.8		38.3		134.1
Total revenues	$	998.2	$	335.4	$	1,333.6
	Three Months Ended September 30, 2023
(in millions)	CCM		CWT		Total
United States	$	830.0	$	305.4	$	1,135.4
International:
Europe	52.1		4.3		56.4
North America (excluding U.S.)	24.1		29.9		54.0
Asia and Middle East	6.0		2.5		8.5
Africa	0.3		2.0		2.3
Other	1.5		1.7		3.2
Total international	84.0		40.4		124.4
Total revenues	$	914.0	$	345.8	$	1,259.8

	Nine Months Ended September 30, 2024
(in millions)	CCM		CWT		Total
United States	$	2,608.5	$	895.5	$	3,504.0
International:
Europe	176.1		15.7		191.8
North America (excluding U.S.)	66.1		85.7		151.8
Asia and Middle East	13.5		5.5		19.0
Africa	0.3		2.7		3.0
Other	6.2		4.9		11.1
Total international	262.2		114.5		376.7
Total revenues	$	2,870.7	$	1,010.0	$	3,880.7
	Nine Months Ended September 30, 2023
(in millions)	CCM		CWT		Total
United States	$	2,194.4	$	903.5	$	3,097.9
International:
Europe	156.9		14.3		171.2
North America (excluding U.S.)	67.3		87.3		154.6
Asia and Middle East	13.1		7.1		20.2
Africa	0.9		4.5		5.4
Other	4.9		5.2		10.1
Total international	243.1		118.4		361.5
Total revenues	$	2,437.5	$	1,021.9	$	3,459.4