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Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
(3)
Revenue from Contracts with Customers

Contract assets as of March 31, 2025 and December 31, 2024 were $28 and $30, respectively. A roll forward of the Company’s deferred revenue and customer advances was as follows:

 

 

Three Months Ended

 

 

 

March 31, 2025

 

 

March 31, 2024

 

Beginning balance, January 1(1)

 

$

73

 

 

$

79

 

Additions to deferred revenue and customer advances

 

 

44

 

 

 

30

 

Amount of deferred revenue and customer advances recognized in income

 

 

(43

)

 

 

(39

)

Ending balance, March 31(2)

 

$

74

 

 

$

70

 

 

(1)
Beginning deferred revenue and customer advances balances as of January 1, 2025 included $71 of current deferred revenue and customer advances, and $2 of long-term deferred revenue. Beginning deferred revenue and customer advances balances as of January 1, 2024 included $77 of current deferred revenue and customer advances and $2 of long-term deferred revenue.
(2)
Ending deferred revenue and customer advances balances as of March 31, 2025 included $70 of current deferred revenue and customer advances and $4 of long-term deferred revenue. Ending deferred revenue and customer advances balances as of March 31, 2024 included $68 of current deferred revenue and customer advances and $2 of long-term deferred revenue.

Revenue from certain custom products, including MSD plating equipment, and revenue from certain service contracts are recorded over time. Remaining product and services revenues are recorded at a point in time.

Disaggregation of Revenue

The following table summarizes revenue from contracts with customers in the Company’s three end markets: Semiconductor, Electronics and Packaging, and Specialty Industrial.

 

 

Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Semiconductor

 

$

413

 

 

$

351

 

Electronics and Packaging

 

 

253

 

 

 

208

 

Specialty Industrial

 

 

270

 

 

 

309

 

Total net revenues

 

$

936

 

 

$

868

 

 

Refer to Note 15 for revenue by reportable segment, geography and groupings of similar products.