Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Remaining Performance Obligations

The Company expects to recognize the remaining performance obligations as revenue in future periods as follows:

(millions) (unaudited)	Remaining Performance Obligations
2023	$	21.1
2024		64.2
2025		40.8
2026		31.6
2027		19.6
2028 and thereafter		21.0
Total	$	198.3

Schedule of Contract with Customer, Asset and Liabilities

The following table provides information about accounts receivable, contract assets and contract liabilities with customers and clients as of September 30, 2023 (unaudited) and December 31, 2022:

(millions)	September 30, 2023			December 31, 2022
Accounts receivable	$	189.0		$	169.9
Contract asset		—			1.8
Contract liabilities		(15.3	)		(17.4	)

Changes in contract assets, which include the recognition of additional consideration due from the client, are offset by reclassifications of contract asset balances to accounts receivable when the Company obtains an unconditional right to consideration, thereby establishing an accounts receivable. The following table provides information about changes to contract assets during the nine months ended September 30, 2023 and 2022 (unaudited):

	Nine Months Ended
(millions)	September 30, 2023			September 30, 2022
Balance, beginning of period	$	1.8		$	2.3
Additional contract assets		—			0.2
Reclassification to accounts receivable		(1.8	)		(2.3	)
Balance, end of period	$	—		$	0.2

Changes in contract liabilities primarily include additional contract liabilities and reductions of contract liabilities when revenue is recognized. The following table provides information about changes to contract liabilities during the nine months ended September 30, 2023 and 2022 (unaudited):

	Nine Months Ended
(millions)	September 30, 2023			September 30, 2022
Balance, beginning of period	$	(17.4	)	$	(15.7	)
Additional contract liabilities		(15.3	)		(13.2	)
Recognition of revenue from contract liabilities		17.4			15.7
Balance, end of period	$	(15.3	)	$	(13.2	)

Schedule of Cost of Contracts Expense

Cost of contracts expense related to service concession arrangements and certain management type contracts are recorded as a reduction of revenue. Cost of contracts expense during the three and nine months ended September 30, 2023 and 2022 (unaudited), which was included as a reduction to Services revenue – management type contracts within the Condensed Consolidated Statements of Income, was as follows:

	Three Months Ended				Nine Months Ended
(millions)	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Cost of contracts expense	$	0.2	$	0.3	$	0.7	$	0.8