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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contract Liabilities We retain the obligation for various contracts sold to our customers and assumed in acquisitions. These amounts are recorded as a contract liability. At the time of sale, we defer the full sale price and recognize the revenue based on the rate at which we expect to incur further costs. The amount of revenue recognized related to aftersales contract liabilities is calculated, net of cancellations, using an input method, which most closely depicts performance of the contracts. Our contract liability balances associated with aftersales were $532.7 million and $501.5 million as of June 30, 2026, and December 31, 2025, respectively; we recognized $33.5 million and $68.3 million of revenue in the three and six months ended June 30, 2026, related to our opening contract liability balances associated with aftersales. The amount of revenue recognized related to operating lease vehicle contract liabilities is recognized evenly over the life of the related lease contracts. Our contract liability balances associated with operating lease vehicles were $144.7 million and $136.4 million as of June 30, 2026, and December 31, 2025, respectively; we recognized $14.5 million and $32.2 million of revenue in the three and six months ended June 30, 2026, related to our opening contract liability balances associated with operating lease vehicles. Our contract liability balances are included in Accrued liabilities and Deferred revenue. Litigation We are party to numerous legal proceedings arising in the normal course of our business. Although we do not anticipate that the resolution of legal proceedings arising in the normal course of business will have a material adverse effect on our business, results of operations, financial condition, or cash flows, we cannot predict this with certainty.

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