v3.26.1
Revenue Recognition
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition REVENUE RECOGNITION
Transaction price allocated to remaining performance obligations

The Company has estimated that $1.5 billion in revenue is expected to be recognized in future periods related to remaining performance obligations from the Company's contracts with customers outstanding as of June 30, 2026. The Company expects to complete these obligations and recognize revenue in the range of 60% to 70% during 2026, 30% to 40% during 2027, and the remainder after 2027.

Disaggregation of Revenue

In the following table, revenue is disaggregated by type of good or service and primary geographical market. The table also includes a reconciliation of the disaggregated revenue to total revenue.

Three Months Ended
June 30, 2026
Three Months Ended June 30, 2025 (3)
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsProtein SolutionsPrepared Food and Beverage Solutions
Type of Good or Service
Recurring (1)
$239 $258 $228 $257 
Non-recurring (1)
228 256 193 257 
Total467 514 421 514 
Geographical Region (2)
U.S. and Canada146 233 129 253 
Europe, Middle East and Africa239 180 197 165 
Asia Pacific41 40 48 53 
Latin America41 61 47 43 
Total467 514 421 514 
Six Months Ended
June 30, 2026
Six Months Ended June 30, 2025 (3)
(In millions)Protein SolutionsPrepared Food and Beverage SolutionsProtein SolutionsPrepared Food and Beverage Solutions
Type of Good or Service
Recurring (1)
$474 $508 $437 $497 
Non-recurring (1)
453 482 362 493 
Total927 990 799 990 
Geographical Region (2)
U.S. and Canada279 456 258 470 
Europe, Middle East and Africa496 342 370 339 
Asia Pacific70 79 85 93 
Latin America82 113 86 88 
Total927 990 799 990 
(1) Recurring revenue includes revenue from aftermarket parts and services, re-build services on customer owned equipment, operating leases of equipment, and subscription-based software applications. Non-recurring revenue includes new equipment and installation and the sale of software licenses.
(2) Geographical region represents the region in which the end customer resides.
(3) Segment revenues for the three and six months ended June 30, 2025 were recast to reflect the Company’s realignment of its reportable segments, effective in the fourth quarter of 2025.

Contract balances

The timing of revenue recognition, billings and cash collections results in trade receivables, contract assets, and advance and progress payments (contract liabilities). Contract assets exist when revenue recognition occurs prior to billings. Contract assets are transferred to trade receivables when the right to payment becomes unconditional (i.e., when receipt of the amount is dependent only on the passage of time). Conversely, the Company often receives payments from its customers before revenue is recognized, resulting in contract liabilities. These assets and liabilities are reported on the Condensed Consolidated Balance Sheets as Contract assets and within Advance and progress payments, respectively, on a contract-by-contract net basis at the end of each reporting period.

Contract asset and liability balances for the period were as follows:
Balances as of
(In millions)June 30, 2026December 31, 2025
Contract Assets$144 $119 
Contract Liabilities545 499 
June 30, 2025December 31, 2024
Contract Assets129 95 
Contract Liabilities508 178 

The revenue recognized during the six months ended June 30, 2026 and 2025 that was included in contract liabilities at the beginning of the period amounted to $245 million and $145 million, respectively. The Company assumed contract liabilities from acquisitions in the amount of $263 million in 2025. The remainder of the change from December 31, 2025 and December 31, 2024 is driven by the timing of advance and milestone payments received from customers, customer returns and fulfillment of performance obligations. There were no significant changes in the contract balances other than those described above.