Net Sales

9 Months Ended

Sep. 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 nine months ended September 30, 2025 and 2024.

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Balance at beginning of period	$	23.7		$	17.8		$	18.0		$	19.2
Cash received in advance of satisfying    performance obligations		39.3			21.7			104.7			85.2
Revenue recognized		(45.2	)		(22.4	)		(106.3	)		(86.8	)
Currency translation		-			0.5			1.4			—
Balance at end of period	$	17.8		$	17.6		$	17.8		$	17.6

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 $13.6 million and $8.8 million as of September 30, 2025 and December 31, 2024, respectively.