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Revenue | 9 Months Ended
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Sep. 30, 2024
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregated Revenue Net revenues by geography and major type of good or service for the three and nine months ended September 30 were as follows:
| Three months ended |  | Nine months ended
In millions | 2024 |  | 2023 |  | 2024 |  | 2023
Americas |  |  |  |  |  |  |
Equipment | $ | 2,963.2 |  |  | $ | 2,578.7 |  |  | $ | 8,112.7 |  |  | $ | 7,006.1 |
Services | 1,511.7 |  |  | 1,309.3 |  |  | 3,988.0 |  |  | 3,435.4 |
Total Americas | $ | 4,474.9 |  |  | $ | 3,888.0 |  |  | $ | 12,100.7 |  |  | $ | 10,441.5 |
EMEA |  |  |  |  |  |  |
Equipment | $ | 446.2 |  |  | $ | 416.8 |  |  | $ | 1,288.5 |  |  | $ | 1,232.6 |
Services | 221.6 |  |  | 201.8 |  |  | 578.0 |  |  | 514.2 |
Total EMEA | $ | 667.8 |  |  | $ | 618.6 |  |  | $ | 1,866.5 |  |  | $ | 1,746.8 |
Asia Pacific |  |  |  |  |  |  |
Equipment | $ | 192.3 |  |  | $ | 264.8 |  |  | $ | 670.0 |  |  | $ | 750.9 |
Services | 106.2 |  |  | 111.5 |  |  | 327.0 |  |  | 314.3 |
Total Asia Pacific | $ | 298.5 |  |  | $ | 376.3 |  |  | $ | 997.0 |  |  | $ | 1,065.2 |
Total Net revenues | $ | 5,441.2 |  |  | $ | 4,882.9 |  |  | $ | 14,964.2 |  |  | $ | 13,253.5 |
Revenue from goods and services transferred to customers at a point in time accounted for approximately 81% and 82% of the Company’s revenue for the nine months ended September 30, 2024 and 2023. Contract Balances The opening and closing balances of contract assets and contract liabilities arising from contracts with customers for the period ended September 30, 2024 and December 31, 2023 were as follows:
In millions | Location on Condensed Consolidated Balance Sheets | September 30, 2024 |  | December 31, 2023
Contract assets - current | Other current assets | $ | 462.8 |  |  | $ | 458.4 |
Contract liabilities - current | Accrued expenses and other current liabilities | 1,370.1 |  |  | 1,301.2 |
Contract liabilities - noncurrent | Other noncurrent liabilities | 285.6 |  |  | 247.2 |
The timing of revenue recognition, billings and cash collections results in accounts receivable, contract assets, and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. In general, the Company receives payments from customers based on a billing schedule established in its contracts. Contract assets relate to the conditional right to consideration for any completed performance under the contract when costs are incurred in excess of billings under the percentage of completion methodology. Accounts receivable are recorded when the right to consideration becomes unconditional. Contract liabilities relate to payments received in advance of performance under the contract or when the Company has a right to consideration that is unconditional before it transfers a good or service to the customer. Contract liabilities are recognized as revenue as (or when) the Company performs under the contract. During the three and nine months ended September 30, 2024, changes in contract asset and liability balances were not materially impacted by any other factors. Approximately 13% and 62% of the contract liability balance at December 31, 2023 was recognized as revenue during the three and nine months ended September 30, 2024, respectively. Additionally, approximately 17% of the contract liability balance at September 30, 2024 was classified as noncurrent and not expected to be recognized as revenue in the next 12 months.

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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