Revenue Recognition

3 Months Ended

Mar. 31, 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 March 31, 2024, follows:

(in millions)	Remainder of 2024		2025		2026		2027		2028		2029		Thereafter
Extended service warranties	$	20.6	$	26.6	$	25.6	$	24.5	$	23.5	$	22.5	$	186.0

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 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 three months ended March 31, follows:

(in millions)	2024		2023
Balance as of January 1	$	324.0	$	294.8
Revenue recognized	(6.9)		(6.5)
Revenue deferred	12.2		12.3
Balance as of March 31	$	329.3	$	300.6

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 March 31, 2024
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	718.8	$	134.8	$	853.6
Residential	64.8		145.0		209.8
Total construction	783.6		279.8		1,063.4
Heavy equipment	—		28.2		28.2
General industrial and other	—		4.9		4.9
Total revenues	$	783.6	$	312.9	$	1,096.5
	Three Months Ended March 31, 2023
(in millions)	CCM		CWT		Total
General construction:
Non-residential	$	523.4	$	127.1	$	650.5
Residential	52.6		160.5		213.1
Total construction	576.0		287.6		863.6
Heavy equipment	—		26.1		26.1
General industrial and other	—		2.9		2.9
Total revenues	$	576.0	$	316.6	$	892.6

Revenues by Geographic Area

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

	Three Months Ended March 31, 2024
(in millions)	CCM		CWT		Total
United States	$	703.8	$	278.7	$	982.5
International:
Europe	56.0		5.3		61.3
North America (excluding U.S.)	17.9		24.8		42.7
Asia and Middle East	4.0		2.0		6.0
Africa	—		0.6		0.6
Other	1.9		1.5		3.4
Total international	79.8		34.2		114.0
Total revenues	$	783.6	$	312.9	$	1,096.5
	Three Months Ended March 31, 2023
(in millions)	CCM		CWT		Total
United States	$	495.8	$	282.3	$	778.1
International:
Europe	55.2		5.2		60.4
North America (excluding U.S.)	17.9		24.3		42.2
Asia and Middle East	3.8		2.4		6.2
Africa	0.5		0.8		1.3
Other	2.8		1.6		4.4
Total international	80.2		34.3		114.5
Total revenues	$	576.0	$	316.6	$	892.6