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Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers
(3)
Revenue from Contracts with Customers

Contract assets as of September 30, 2025 and December 31, 2024 were $41 and $30, respectively. The Company has elected to use the practical expedient and is not disclosing the remaining performance obligations related to deferred revenue and customer advances because these obligations generally have a duration of less than one year. A roll forward of the Company’s deferred revenue and customer advances was as follows:

 

 

Nine Months Ended

 

 

 

September 30, 2025

 

 

September 30, 2024

 

Beginning of period(1)

 

$

73

 

 

$

79

 

Additions to deferred revenue and customer advances

 

 

162

 

 

 

103

 

Amount of deferred revenue and customer advances recognized in income

 

 

(155

)

 

 

(110

)

End of period(2)

 

$

80

 

 

$

72

 

 

(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 September 30, 2025 included $77 of current deferred revenue and customer advances and $3 of long-term deferred revenue. Ending deferred revenue and customer advances balances as of September 30, 2024 included $70 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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Semiconductor

 

$

415

 

 

$

378

 

 

$

1,261

 

 

$

1,098

 

Electronics and Packaging

 

 

289

 

 

 

231

 

 

 

809

 

 

 

669

 

Specialty Industrial

 

 

284

 

 

 

287

 

 

 

828

 

 

 

885

 

Total net revenues

 

$

988

 

 

$

896

 

 

$

2,898

 

 

$

2,652

 

 

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