Revenue (Tables)

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Disaggregation of revenues

Net revenues by geography and major type of good or service for the three and nine months ended September 30 were as follows:

	Three months ended				Nine months ended
In millions	2020		2019		2020		2019
Americas
Equipment	$	1,837.0	$	1,810.2	$	4,893.6	$	5,291.3
Services and parts	908.8		897.3		2,406.4		2,394.2
Total Americas	$	2,745.8	$	2,707.5	$	7,300.0	$	7,685.5
EMEA
Equipment	$	295.6	$	302.1	$	792.6	$	873.7
Services and parts	149.6		154.2		390.1		415.7
Total EMEA	$	445.2	$	456.3	$	1,182.7	$	1,289.4
Asia Pacific
Equipment	$	208.6	$	213.7	$	545.5	$	645.2
Services and parts	95.9		93.4		247.4		272.1
Total Asia Pacific	$	304.5	$	307.1	$	792.9	$	917.3
Total Net revenues	$	3,495.5	$	3,470.9	$	9,275.6	$	9,892.2

Schedule of assets and liabilities from contracts with customers

The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended September 30, 2020 and December 31, 2019 were as follows:

In millions	September 30, 2020		December 31, 2019
Contract assets	$	231.5	$	172.6
Contract liabilities	1,027.6		941.9

The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheet. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Contract assets relate to the conditional right to consideration for any completed performance under the contract when costs are incurred in excess of billings under the percentage-of-completion methodology. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract or when the Company has a right to consideration that is unconditional before it transfers a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. During the three and nine months ended September 30, 2020, changes in contract asset and liability balances were not materially impacted by any other factors.

Approximately 9% and 50% of the contract liability balance at December 31, 2019 was recognized as revenue during the three and nine months ended September 30, 2020, respectively. Additionally, approximately 40% of the contract liability balance at September 30, 2020 was classified as noncurrent and not expected to be recognized as revenue in the next 12 months.