Revenue (Tables)

3 Months Ended

Mar. 31, 2024

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
2024	$	58.6
2025		51.1
2026		37.6
2027		23.1
2028		10.1
2029 and thereafter		13.2
Total	$	193.7

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 March 31, 2024 (unaudited) and December 31, 2023:

(millions)	March 31, 2024			December 31, 2023
Accounts receivable	$	180.7		$	181.9
Contract assets		0.3			1.2
Contract liabilities		(9.4	)		(17.5	)

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 three months ended March 31, 2024 and 2023 (unaudited):

	Three Months Ended
(millions)	March 31, 2024			March 31, 2023
Balance, beginning of year	$	1.2		$	1.8
Additional contract assets		0.3			0.5
Reclassification to accounts receivable		(1.2	)		(1.8	)
Balance, end of period	$	0.3		$	0.5

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 three months ended March 31, 2024 and 2023 (unaudited):

	Three Months Ended
(millions)	March 31, 2024			March 31, 2023
Balance, beginning of year	$	(17.5	)	$	(17.4	)
Additional contract liabilities		(8.5	)		(9.6	)
Recognition of revenue from contract liabilities		16.6			17.1
Balance, end of period	$	(9.4	)	$	(9.9	)

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 months ended March 31, 2024 and 2023 (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
(millions)	March 31, 2024		March 31, 2023
Cost of contracts expense	$	0.2	$	0.2