v3.25.2
Sales
 6 Months Ended
Jun. 27, 2025
Revenue from Contract with Customer [Abstract]  
Sales SALES
Contract Assets
In certain circumstances, contract assets are recorded which include unbilled amounts typically resulting from sales under contracts when revenue recognized exceeds the amount billed to the customer, and right to payment is subject to contractual performance obligations rather than subject only to the passage of time. Contract assets were $8.8 million and $8.0 million as of June 27, 2025 and December 31, 2024, respectively, and are included in Prepaid expenses and other current assets in the accompanying Consolidated Condensed Balance Sheets.
Contract Costs
The Company incurs direct incremental costs to obtain and fulfill certain contracts, typically costs associated with assets used by our customers in certain sales arrangements and sales-related commissions. As of June 27, 2025 and December 31, 2024, the Company had $109.4 million and $101.5 million, respectively, in revenue-related capitalized contract costs primarily related to assets used by the Company’s customers in certain software contracts, which are recorded in Prepaid expenses and other current assets, for the current portion, and Other assets, for the noncurrent portion, in the accompanying Consolidated Condensed Balance Sheets.
Contract Liabilities
The Company’s contract liabilities consist of deferred revenue generally related to customer deposits, post contract support (“PCS”) and extended warranty sales. In these arrangements, the Company generally receives up-front payment and recognizes revenue over the support term of the contracts where applicable. Deferred revenue is classified as current or noncurrent based on the timing of when revenue is expected to be recognized and is included in Accrued expenses and other current liabilities and Other long-term liabilities, respectively, in the accompanying Consolidated Condensed Balance Sheets.
The Company’s contract liabilities consisted of the following:
($ in millions)June 27, 2025December 31, 2024
Deferred revenue, current$118.1 $139.2 
Deferred revenue, noncurrent57.3 58.9 
Total contract liabilities$175.4 $198.1 
During the three and six months ended June 27, 2025, the Company recognized $22.7 million and $78.9 million of revenue related to the Company’s contract liabilities at December 31, 2024, respectively. The change in contract liabilities from December 31, 2024 to June 27, 2025 was primarily due to the timing of cash receipts and sales of PCS and extended warranty services.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price allocated to performance obligations which are unsatisfied as of the end of the period. The Company has excluded performance obligations with an original expected duration of one year or less and amounts for variable consideration allocated to wholly-unsatisfied performance obligations. Remaining performance obligations as of June 27, 2025 were $459.3 million, the majority of which are related to software-as-a-service and extended warranty and service contracts. The Company expects approximately 65 percent of the remaining performance obligations will be fulfilled within the next two years, 80 percent within the next three years, and 90 percent within four years.
Disaggregation of Revenue    
Revenue from contracts with customers is disaggregated by sales of products and services and geographic location for each of the Company’s reportable segments, as it best depicts how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors. In the Company’s disaggregation of revenue by geographic location, high growth markets refers to developing markets of the world experiencing extended periods of accelerated growth in gross domestic product and infrastructure, which include Eastern Europe, the Middle East, Africa, Latin America and Asia Pacific (with the exception of Japan and Australia).
Disaggregation of revenue was as follows for the three months ended June 27, 2025:
($ in millions)Mobility TechnologiesRepair SolutionsEnvironmental & Fueling SolutionsEliminationsTotal
Sales:
Sales of products$212.9 $150.3 $322.6 $— $685.8 
Sales of services48.2 0.5 39.0 — 87.7 
Intersegment sales19.1 — — (19.1)— 
Total$280.2 $150.8 $361.6 $(19.1)$773.5 
Geographic:
North America (a)
$159.9 $150.8 $226.4 $— $537.1 
Western Europe25.0 — 39.2 — 64.2 
High growth markets56.5 — 81.2 — 137.7 
Rest of world19.7 — 14.8 — 34.5 
Intersegment sales19.1 — — (19.1)— 
Total$280.2 $150.8 $361.6 $(19.1)$773.5 
(a) Includes total sales in the United States of $520.1 million.
Disaggregation of revenue was as follows for the three months ended June 28, 2024:
($ in millions)Mobility TechnologiesRepair SolutionsEnvironmental & Fueling SolutionsEliminationsTotal
Sales:
Sales of products$196.2 $150.1 $274.1 $— $620.4 
Sales of services38.2 0.7 37.1 — 76.0 
Intersegment sales3.2 — — (3.2)— 
Total$237.6 $150.8 $311.2 $(3.2)$696.4 
Geographic:
North America (a)
$156.0 $150.8 $192.6 $— $499.4 
Western Europe20.4 — 39.5 — 59.9 
High growth markets39.6 — 65.6 — 105.2 
Rest of world18.4 — 13.5 — 31.9 
Intersegment sales3.2 — — (3.2)— 
Total$237.6 $150.8 $311.2 $(3.2)$696.4 
(a) Includes total sales in the United States of $478.0 million.
Disaggregation of revenue was as follows for the six months ended June 27, 2025:
($ in millions)Mobility TechnologiesRepair SolutionsEnvironmental & Fueling SolutionsEliminationsTotal
Sales:
Sales of products$426.1 $302.8 $614.9 $— $1,343.8 
Sales of services93.3 1.0 76.5 — 170.8 
Intersegment sales31.3 — — (31.3)— 
Total$550.7 $303.8 $691.4 $(31.3)$1,514.6 
Geographic:
North America (a)
$315.8 $303.8 $428.1 $— $1,047.7 
Western Europe48.7 — 75.5 — 124.2 
High growth markets116.2 — 160.4 — 276.6 
Rest of world38.7 — 27.4 — 66.1 
Intersegment sales31.3 — — (31.3)— 
Total$550.7 $303.8 $691.4 $(31.3)$1,514.6 
(a) Includes total sales in the United States of $1,015.4 million.
Disaggregation of revenue was as follows for the six months ended June 28, 2024:
($ in millions)Mobility TechnologiesRepair SolutionsEnvironmental & Fueling SolutionsOtherEliminationsTotal
Sales:
Sales of products$402.7 $332.0 $571.4 $0.9 $— $1,307.0 
Sales of services72.8 1.2 70.8 0.4 — 145.2 
Intersegment sales4.8 — — — (4.8)— 
Total$480.3 $333.2 $642.2 $1.3 $(4.8)$1,452.2 
Geographic:
North America (a)
$317.9 $333.2 $402.7 $1.3 $— $1,055.1 
Western Europe41.9 — 77.6 — — 119.5 
High growth markets76.5 — 137.2 — — 213.7 
Rest of world39.2 — 24.7 — — 63.9 
Intersegment sales4.8 — — — (4.8)— 
Total$480.3 $333.2 $642.2 $1.3 $(4.8)$1,452.2 
(a) Includes total sales in the United States of $1,015.4 million.