Revenue

9 Months Ended

Sep. 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 September 30, 2023
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	108.3	$	16.5	$	62.1	$	152.6	$	(2.5)	$	337.0
Over time	50.7		216.0		177.9		118.7		(2.4)		560.9
Total	$	159.0	$	232.5	$	240.0	$	271.3	$	(4.9)	$	897.9
	Three Months Ended September 30, 2022
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	109.1	$	7.7	$	53.3	$	23.6	$	(3.4)	$	190.3
Over time	17.8		124.4		54.8		26.1		(1.3)		221.8
Total	$	126.9	$	132.1	$	108.1	$	49.7	$	(4.7)	$	412.1

	Nine Months Ended September 30, 2023
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	295.1	$	48.5	$	123.6	$	408.7	$	(15.2)	$	860.7
Over time	140.1		587.5		479.3		279.8		(9.9)		1,476.8
Total	$	435.2	$	636.0	$	602.9	$	688.5	$	(25.1)	$	2,337.5
	Nine Months Ended September 30, 2022
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	338.4	$	18.9	$	165.0	$	77.6	$	(4.1)	$	595.8
Over time	39.5		295.4		165.9		76.8		(2.4)		575.2
Total	$	377.9	$	314.3	$	330.9	$	154.4	$	(6.5)	$	1,171.0

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:

	September 30, 2023		December 31, 2022
Contract assets
Accounts receivable, net of allowances	$	743.7	$	278.4
Unbilled contract revenue	439.1		133.7
Contract liabilities
Customer advances and billings in excess of contract revenue	$	452.1	$	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 September 30, 2023 and 2022, that was included in the contract liabilities balance at the beginning of each year was $17.3 and $17.7, respectively. Revenue recognized for the nine months ended September 30, 2023 and 2022, that was included in the contract liabilities balance at the beginning of each year was $162.7 and $114.6, respectively. The amount of revenue recognized during the three and nine months ended September 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 September 30, 2023, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $4,140.7. We expect to recognize revenue on over 55% of the remaining performance obligations over the next 12 months and the remaining over the next few years thereafter.