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Revenue from Contracts with Customers | 3 Months Ended
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Mar. 31, 2026
Revenue from Contract with Customer [Abstract] |
Revenue from Contracts with Customers | Revenue from Contracts with Customers Overview The Company recognizes revenue when the Company has satisfied its obligation and control is transferred to the customer. The amount of revenue recognized includes adjustments for any variable consideration, such as rebates, sales discounts, liquidated damages, etc., which are included in the transaction price, and allocated to each performance obligation. The variable consideration is estimated throughout the course of the contract using the Company’s best estimates. The majority of the Company’s revenues are derived from short duration contracts and revenue is recognized at a single point in time when control is transferred to the customer, generally at shipment or when delivery has occurred or services have been rendered. The Company has certain long duration engineered to order (“ETO”) contracts that require highly engineered solutions designed to customer specific applications. For contracts where the contractual deliverables have no alternative use and the contract termination clauses provide for the recovery of cost plus a reasonable margin, revenue is recognized over time based on the Company’s progress in satisfying the contractual performance obligations, generally measured as the ratio of actual costs incurred to date to the estimated total costs to complete the contract. For contracts with termination provisions that do not provide for recovery of cost and a reasonable margin, revenue is recognized at a point in time, generally at shipment or delivery to the customer. Identification of performance obligations, determination of alternative use, assessment of contractual language regarding termination provisions, and estimation of total project costs are all significant judgments required in the application of ASC 606. Contractual specifications and requirements may be modified. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. In the event a contract modification is for goods or services that are not distinct in the contract, and therefore, form part of a single performance obligation that is partially satisfied as of the modification date, the effect of the contract modification on the transaction price and the Company’s measure of progress for the performance obligation to which it relates, is recognized on a cumulative catch-up basis. Taxes assessed by a government authority that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer, are excluded from revenue. Sales commissions are generally due at either collection of payment from customers or recognition of revenue. Applying the practical expedient from ASC 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in “Selling and administrative expenses” in the Condensed Consolidated Statements of Operations. Disaggregation of Revenue The following tables provide disaggregated revenue by reportable segment for the three month periods ended March 31, 2026 and 2025.
| Industrial Technologies and Services |  | Precision and Science Technologies |  |  |  |  |  | Total
| Three Month Period Ended March 31,
| 2026 |  | 2025 |  | 2026 |  | 2025 |  |  |  |  |  | 2026 |  | 2025
Primary Geographic Markets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States | $ | 572.0 |  |  | $ | 585.1 |  |  | $ | 181.1 |  |  | $ | 168.9 |  |  |  |  |  |  | $ | 753.1 |  |  | $ | 754.0 |
Other Americas | 113.1 |  |  | 119.1 |  |  | 28.5 |  |  | 22.7 |  |  |  |  |  |  | 141.6 |  |  | 141.8 |
Total Americas | 685.1 |  |  | 704.2 |  |  | 209.6 |  |  | 191.6 |  |  |  |  |  |  | 894.7 |  |  | 895.8 |
EMEIA | 503.2 |  |  | 431.0 |  |  | 155.4 |  |  | 136.4 |  |  |  |  |  |  | 658.6 |  |  | 567.4 |
China | 164.9 |  |  | 139.4 |  |  | 28.2 |  |  | 27.5 |  |  |  |  |  |  | 193.1 |  |  | 166.9 |
Other Asia Pacific | 91.3 |  |  | 77.5 |  |  | 9.5 |  |  | 9.2 |  |  |  |  |  |  | 100.8 |  |  | 86.7 |
Total Asia Pacific | 256.2 |  |  | 216.9 |  |  | 37.7 |  |  | 36.7 |  |  |  |  |  |  | 293.9 |  |  | 253.6 |
Total | $ | 1,444.5 |  |  | $ | 1,352.1 |  |  | $ | 402.7 |  |  | $ | 364.7 |  |  |  |  |  |  | $ | 1,847.2 |  |  | $ | 1,716.8 |
Product Categories |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Original equipment(1) | $ | 842.5 |  |  | $ | 777.1 |  |  | $ | 313.2 |  |  | $ | 286.4 |  |  |  |  |  |  | $ | 1,155.7 |  |  | $ | 1,063.5 |
Aftermarket(2) | 602.0 |  |  | 575.0 |  |  | 89.5 |  |  | 78.3 |  |  |  |  |  |  | 691.5 |  |  | 653.3 |
Total | $ | 1,444.5 |  |  | $ | 1,352.1 |  |  | $ | 402.7 |  |  | $ | 364.7 |  |  |  |  |  |  | $ | 1,847.2 |  |  | $ | 1,716.8 |
Pattern of Revenue Recognition |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenue recognized at point in time(3) | $ | 1,286.9 |  |  | $ | 1,227.9 |  |  | $ | 385.7 |  |  | $ | 345.7 |  |  |  |  |  |  | $ | 1,672.6 |  |  | $ | 1,573.6 |
Revenue recognized over time(4) | 157.6 |  |  | 124.2 |  |  | 17.0 |  |  | 19.0 |  |  |  |  |  |  | 174.6 |  |  | 143.2 |
Total | $ | 1,444.5 |  |  | $ | 1,352.1 |  |  | $ | 402.7 |  |  | $ | 364.7 |  |  |  |  |  |  | $ | 1,847.2 |  |  | $ | 1,716.8 |
Revenues from sales of capital equipment within the Industrial Technologies and Services segment and sales of components to original equipment manufacturers in the Precision and Science Technologies segment. (2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue. (3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered. (4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed. Performance Obligations As of March 31, 2026, for contracts with an original duration greater than one year, the Company expects to recognize revenue in the future related to unsatisfied (or partially satisfied) performance obligations of $832.3 million in the next twelve months and $800.4 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year. Contract Balances The following table provides the contract balances as of March 31, 2026 and December 31, 2025 presented in the Condensed Consolidated Balance Sheets.
| March 31, 2026 |  | December 31, 2025
Accounts receivable, net | $ | 1,455.2 |  |  | $ | 1,518.0 |
Contract assets | 161.2 |  |  | 163.9 |
Contract liabilities - current | 344.7 |  |  | 347.2 |
Contract liabilities - noncurrent | 1.2 |  |  | 1.1 |

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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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