Revenue

12 Months Ended

Dec. 31, 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:

	Year Ended December 31, 2023
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	444.7	$	27.4	$	148.4	$	603.3	$	(18.0)	$	1,205.8
Over time	196.1		863.8		671.5		425.9		(10.6)		2,146.7
Total	$	640.8	$	891.2	$	819.9	$	1,029.2	$	(28.6)	$	3,352.5

	Year Ended December 31, 2022
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service and Leasing		Intersegment Eliminations		Consolidated
Point in time	$	443.4	$	27.3	$	214.8	$	104.4	$	(8.8)	$	781.1
Over time	60.9		435.4		233.5		105.2		(3.7)		831.3
Total	$	504.3	$	462.7	$	448.3	$	209.6	$	(12.5)	$	1,612.4

	Year Ended December 31, 2021
	Cryo Tank Solutions		Heat Transfer Systems		Specialty Products		Repair, Service & Leasing		Intersegment Eliminations		Consolidated
Point in time	$	407.6	$	19.2	$	300.5	$	119.1	$	(10.7)	$	835.7
Over time	39.8		243.5		132.4		67.9		(1.6)		482.0
Total	$	447.4	$	262.7	$	432.9	$	187.0	$	(12.3)	$	1,317.7

Refer to Note 4, “Segment and Geographic Information,” 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:

	December 31,
	2023		2022
Contract assets
Accounts receivable, net of allowances	$	758.9	$	278.4
Unbilled contract revenue	481.7		133.7
Contract liabilities
Customer advances and billings in excess of contract revenue	$	376.6	$	170.6

Revenue recognized for the years ended December 31, 2023 and 2022, that was included in the contract liabilities balance at the beginning of each year was $116.0 and $127.8, respectively. The amount of revenue recognized during the year ended December 31, 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. The increases in contract assets and contract liabilities as of December 31, 2023 compared to December 31, 2022 were driven by additional volume resulting from the Howden Acquisition in 2023.

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 December 31, 2023, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $4,278.8, which is equivalent to our backlog. We expect to recognize revenue on approximately 63% of the remaining performance obligations over the next 12 months with the remaining balance recognized over the next few years thereafter.