Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

Disaggregation of Revenue

The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:

	Three Months Ended June 30, 2023
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	96.5	$	20.6	$	58.0	$	184.6	$	(10.3)	$	349.4
Over time	56.2		215.4		178.7		114.1		(5.7)		558.7
Total	$	152.7	$	236.0	$	236.7	$	298.7	$	(16.0)	$	908.1
	Three Months Ended June 30, 2022
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	121.9	$	5.3	$	52.7	$	28.1	$	(0.7)	$	207.3
Over time	11.0		97.6		62.6		27.3		(1.0)		197.5
Total	$	132.9	$	102.9	$	115.3	$	55.4	$	(1.7)	$	404.8

	Six Months Ended June 30, 2023
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	186.8	$	32.0	$	61.5	$	256.1	$	(12.7)	$	523.7
Over time	89.4		371.5		301.4		161.1		(7.5)		915.9
Total	$	276.2	$	403.5	$	362.9	$	417.2	$	(20.2)	$	1,439.6
	Six Months Ended June 30, 2022
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	229.3	$	11.2	$	111.7	$	54.0	$	(0.7)	$	405.5
Over time	21.7		171.0		111.1		50.7		(1.1)		353.4
Total	$	251.0	$	182.2	$	222.8	$	104.7	$	(1.8)	$	758.9

Refer to Note 3, “Reportable Segments,” for a table of revenue by reportable segment disaggregated by geography.

Contract Balances

The following table represents changes in our contract assets and contract liabilities balances:

	June 30, 2023	December 31, 2022
Contract assets
Accounts receivable, net of allowances	769.7	$	278.4
Unbilled contract revenue	408.6	133.7
Contract liabilities
Customer advances and billings in excess of contract revenue	469.3	$	170.6
Long-term deferred revenue	0.1	0.3

Contract assets and contract liabilities have increased significantly as a result of the Howden acquisition. See Note 13, “ Business Combinations”, for more information.

Revenue recognized for the three months ended June 30, 2023 and 2022, that was included in the contract liabilities balance at the beginning of each year was $77.4 and $33.2, respectively. Revenue recognized for the six months ended June 30, 2023 and 2022, that was included in the contract liabilities balance at the beginning of each year was $145.4 and $96.9, respectively. The amount of revenue recognized during the three and six months ended June 30, 2023 from performance obligations satisfied or partially satisfied in previous periods as a result of changes in the estimates of variable consideration related to long-term contracts, was not significant.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, and excludes unexercised contract options and potential orders. As of June 30, 2023, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $3,964.8. We expect to recognize revenue on over 65% of the remaining performance obligations over the next 12 months and the remaining over the next few years thereafter.