Revenue Recognition (Notes)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Revenue Recognition

REVENUE RECOGNITION

Transaction price allocated to the remaining performance obligations

The majority of the Company's contracts are completed within twelve months. For performance obligations that extend beyond one year, the Company estimated that $238.1 million in revenue is expected to be recognized in the future periods related to remaining performance obligations as of March 31, 2021. The Company expects to complete these obligations and recognize 49% of the remaining transaction price in 2021, 34% of the remaining transaction price in 2022 and the remainder in 2023. The Company has elected the following optional exemptions from the remaining performance obligation disclosures:

•Contracts that have an original expected duration of one year or less; and

•Performance obligations related to revenue recognized over time using the as-invoiced practical expedient.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of good or service, primary geographical market, and timing of recognition for each reportable segment. The table also includes a reconciliation of the disaggregated revenue to total revenue of each reportable segment.

	Three Months Ended				Three Months Ended
	March 31, 2021				March 31, 2020
(In millions)	JBT FoodTech		JBT AeroTech		JBT FoodTech		JBT AeroTech
Type of Good or Service
Recurring (1)	$	150.4	$	41.5	$	153.7	$	45.7
Non-recurring (1)	161.4		64.5		156.0		102.3
Total	311.8		106.0		309.7		148.0
Geographical Region (2)
North America	169.1		90.0		154.1		130.4
Europe, Middle East and Africa	83.9		11.5		99.6		10.6
Asia Pacific	41.3		3.3		35.4		5.7
Latin America	17.5		1.2		20.6		1.3
Total	311.8		106.0		309.7		148.0
Timing of Recognition
Point in Time	147.1		43.5		148.4		77.1
Over Time	164.7		62.5		161.3		70.9
Total	311.8		106.0		309.7		148.0

(1) Aftermarket parts and services and revenue from lease and long-term service contracts are considered recurring revenue. Non-recurring revenue includes new equipment and installation.

(2) Geographical region represents the region in which the end customer resides.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Balance Sheet as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

Contract asset and liability balances for the period were as follows:

	Balances as of
(In millions)	March 31, 2021		December 31, 2020
Contract assets	$	76.9	$	68.3
Contract liabilities	132.9		123.8
	Balances as of
	March 31, 2020		December 31, 2019
Contract assets	80.6		74.4
Contract liabilities	90.0		92.5

The revenue recognized during the three months ended March 31, 2021 and 2020 that was included in contract liabilities at the beginning of the period amounted to $59.0 million and $50.0 million, respectively. The remainder of the change from December 31, 2020 and December 31, 2019 is driven by the timing of advance and milestone payments received from customers and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.