v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of Revenue
The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:
Three Months Ended March 31, 2026
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingConsolidated
Point in time$56.4 $6.2 $34.8 $103.9 $201.3 
Over time89.2 239.9 179.7 174.7 683.5 
Total$145.6 $246.1 $214.5 $278.6 $884.8 
Three Months Ended March 31, 2025
Cryo Tank SolutionsHeat Transfer SystemsSpecialty ProductsRepair, Service & LeasingConsolidated
Point in time$57.4 $1.4 $42.6 $166.8 $268.2 
Over time95.8 265.9 233.5 138.1 733.3 
Total$153.2 $267.3 $276.1 $304.9 $1,001.5 
Refer to Note 2, “Reportable Segments,” for a table of revenue by reportable segment disaggregated by geography.
Contract Balances
The following table presents our contract assets and contract liabilities balances:
March 31, 2026December 31, 2025
Contract assets
Unbilled contract revenue$1,045.6 $986.4 
Contract liabilities
Customer advances and billings in excess of contract revenue$285.0 $324.4 
Revenue recognized for the three months ended March 31, 2026 and 2025, that was included in the contract liabilities balance at the beginning of the year was $143.3 and $155.1, respectively. The amount of revenue recognized during the three months ended March 31, 2026 from performance obligations satisfied or partially satisfied in previous periods as a result of changes in the estimates of variable consideration related to long-term contracts, was not significant. The increase in contract assets as of March 31, 2026 compared to December 31, 2025 was driven by an increase in revenue recognized on an over time basis.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, and excludes unexercised contract options and potential orders. As of March 31, 2026, the estimated revenue expected to be recognized in the future related to remaining performance obligations was $6,282.9. We expect to recognize revenue on approximately 42% of the remaining performance obligations over the next 12 months and the remainder over the next few years thereafter.