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Revenue Recognition | 6 Months Ended
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Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue Recognition | REVENUE RECOGNITION Transaction price allocated to remaining performance obligations The Company has estimated that $1.5 billion in revenue is expected to be recognized in future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of June 30, 2026. The Company expects to complete these obligations and recognize revenue in the range of 60% to 70% during 2026, 30% to 40% during 2027, and the remainder after 2027. Disaggregation of Revenue In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue to total revenue.
| Three Months Ended June 30, 2026 |  | Three Months Ended June 30, 2025 (3)
(In millions) | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Protein Solutions |  | Prepared Food and Beverage Solutions
Type of Good or Service |  |  |  |  |  |  |
Recurring (1) | $ | 239 |  |  | $ | 258 |  |  | $ | 228 |  |  | $ | 257 |
Non-recurring (1) | 228 |  |  | 256 |  |  | 193 |  |  | 257 |
Total | 467 |  |  | 514 |  |  | 421 |  |  | 514 |
Geographical Region (2) |  |  |  |  |  |  |
U.S. and Canada | 146 |  |  | 233 |  |  | 129 |  |  | 253 |
Europe, Middle East and Africa | 239 |  |  | 180 |  |  | 197 |  |  | 165 |
Asia Pacific | 41 |  |  | 40 |  |  | 48 |  |  | 53 |
Latin America | 41 |  |  | 61 |  |  | 47 |  |  | 43 |
Total | 467 |  |  | 514 |  |  | 421 |  |  | 514 |
| Six Months Ended June 30, 2026 |  | Six Months Ended June 30, 2025 (3)
(In millions) | Protein Solutions |  | Prepared Food and Beverage Solutions |  | Protein Solutions |  | Prepared Food and Beverage Solutions
Type of Good or Service |  |  |  |  |  |  |
Recurring (1) | $ | 474 |  |  | $ | 508 |  |  | $ | 437 |  |  | $ | 497 |
Non-recurring (1) | 453 |  |  | 482 |  |  | 362 |  |  | 493 |
Total | 927 |  |  | 990 |  |  | 799 |  |  | 990 |
Geographical Region (2) |  |  |  |  |  |  |
U.S. and Canada | 279 |  |  | 456 |  |  | 258 |  |  | 470 |
Europe, Middle East and Africa | 496 |  |  | 342 |  |  | 370 |  |  | 339 |
Asia Pacific | 70 |  |  | 79 |  |  | 85 |  |  | 93 |
Latin America | 82 |  |  | 113 |  |  | 86 |  |  | 88 |
Total | 927 |  |  | 990 |  |  | 799 |  |  | 990 |
(1) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses. (2) Geographical region represents the region in which the end customer resides. (3) Segment revenues for the three and six months ended June 30, 2025 were recast to reflect the Company’s realignment of its reportable segments, effective in the fourth quarter of 2025. Contract balances The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period. Contract asset and liability balances for the period were as follows:
| Balances as of
(In millions) | June 30, 2026 |  | December 31, 2025
Contract Assets | $ | 144 |  |  | $ | 119 |
Contract Liabilities | 545 |  |  | 499 |
| June 30, 2025 |  | December 31, 2024
Contract Assets | 129 |  |  | 95 |
Contract Liabilities | 508 |  |  | 178 |
The revenue recognized during the six months ended June 30, 2026 and 2025 that was included in contract liabilities at the beginning of the period amounted to $245 million and $145 million, respectively. The Company assumed contract liabilities from acquisitions in the amount of $263 million in 2025. The remainder of the change from December 31, 2025 and December 31, 2024 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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