v3.25.2
Revenue
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables illustrate the disaggregation of revenue by geographic area, groups of similar products and services and sales channels:
Net sales by geographic area
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Americas$213.5 $227.8 $410.8 $443.4 
Europe, Middle East and Africa84.7 81.5 160.7 158.3 
Asia Pacific20.4 21.7 37.1 40.3 
Total$318.6 $331.0 $608.6 $642.0 
Net sales are attributed to each geographic area based on the end-user country and are net of intercompany sales.
Net sales by groups of similar products and services
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Equipment$197.0 $210.7 $369.8 $400.5 
Parts and consumables69.5 68.9 136.8 139.5 
Service and other52.1 51.4 102.0 102.0 
Total$318.6 $331.0 $608.6 $642.0 
Net sales by sales channel
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Sales direct to consumer$216.5 $229.7 $421.6 $451.1 
Sales to distributors102.1 101.3 187.0 190.9 
Total$318.6 $331.0 $608.6 $642.0 
Contract Liabilities
Sales Returns
The right of return may exist explicitly or implicitly with our customers. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns using the expected value method by assessing historical sales levels and the timing and magnitude of historical sales return levels as a percent of sales and projecting this experience into the future.
Sales Incentives
Our sales contracts may contain various customer incentives, such as volume-based rebates or other promotions. We reduce the transaction price for certain customer programs and incentive offerings that represent variable consideration. Sales incentives given to our customers are recorded using the most likely amount approach for estimating the amount of consideration to which the Company will be entitled. We forecast the most likely amount of the incentive to be paid at the time of sale, update this forecast quarterly, and adjust the transaction price accordingly to reflect the new amount of incentives expected to be earned by the customer. A majority of our customer incentives are settled within one year. We record our accruals for volume-based rebates and other promotions in other current liabilities on our consolidated balance sheets.
The change in our sales incentive accrual balance was as follows:
Six Months Ended
June 30,
20252024
Beginning balance$15.6 $21.2 
Additions to sales incentive accrual12.5 12.6 
Contract payments(12.1)(16.9)
Foreign currency fluctuations0.8 (0.5)
Ending balance$16.8 $16.4 
Deferred Revenue
We sell separately priced prepaid contracts to our customers where we receive payment at the inception of the contract and defer recognition of the consideration received because we have to satisfy future performance obligations. Our deferred revenue balance includes autonomous subscription sales and prepaid maintenance contracts on our machines ranging from 12 months to 60 months. In circumstances where prepaid contracts are bundled with machines, we use an observable price to determine stand-alone selling price for separate performance obligations.
The change in the deferred revenue balance was as follows:
Six Months Ended
June 30,
20252024
Beginning balance$20.6 $10.3 
Increase in deferred revenue representing our obligation to satisfy future performance obligations13.5 12.1 
Decrease in deferred revenue for amounts recognized in net sales for satisfied performance obligations(9.3)(9.7)
Foreign currency fluctuations0.6 (0.2)
Ending balance$25.4 $12.5 
As of June 30, 2025, $12.0 million and $13.4 million of deferred revenue was reported in other current liabilities and other liabilities, respectively, on our consolidated balance sheets. Of these amounts, we expect to recognize the following approximate amounts in net sales in the following periods:
Remaining 2025
$8.0 
20266.8 
20275.2 
20283.1 
20292.0 
Thereafter0.3 
Total$25.4 
As of December 31, 2024, $9.8 million and $10.8 million of deferred revenue was reported in other current liabilities and other liabilities, respectively, on our consolidated balance sheets.