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Net Sales
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Net Sales

4. Net Sales

The Company defers revenue when cash payments are received in advance of satisfying the performance obligation. These amounts are recorded as customer advances in the Condensed Consolidated Balance Sheets. The table below shows the change in the customer advances balance for the three and six months ended June 30, 2025 and 2024.

 

 

 

Three Months Ended
June 30,

 

 

Six Months Ended
June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance at beginning of period

 

$

24.9

 

 

$

20.3

 

 

$

18.0

 

 

$

19.2

 

Cash received in advance of satisfying
   performance obligations

 

 

35.1

 

 

 

24.4

 

 

 

65.4

 

 

 

63.5

 

Revenue recognized

 

 

(37.2

)

 

 

(26.7

)

 

 

(61.1

)

 

 

(64.4

)

Currency translation

 

 

0.9

 

 

 

(0.2

)

 

 

1.4

 

 

 

(0.5

)

Balance at end of period

 

$

23.7

 

 

$

17.8

 

 

$

23.7

 

 

$

17.8

 

 

The long-term portion of customer advances is recorded in other non-current liabilities in the Condensed Consolidated Balance Sheets.

 

The Company recognizes a contract asset for certain remanufacturing, repair, and field service work when service is completed but unbilled as of the end of the period. Contract assets are recorded in other current assets in the Condensed Consolidated Balance Sheets. Contract assets were $11.1 million and $8.8 million as of June 30, 2025 and December 31, 2024, respectively.