v3.26.1
REVENUE RECOGNITION
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE RECOGNITION REVENUE RECOGNITION
Generally, the Company recognizes revenue on a point-in-time basis when the Company transfers control of the goods to the customer. For customized goods where the Company has a legally enforceable right to payment for the goods, the Company recognizes revenue over time which, generally, is as the goods are produced.

Disaggregated Revenue

Three Months Ended June 30, 2026
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,517 $— $30 $3,547 
EMEA— 2,287 (1)2,286 
Pacific Rim and Asia2 — — 2 
Americas, other than U.S.169 — — 169 
Total$3,688 $2,287 $29 $6,004 
(a) Net sales are attributed to countries based on the location of the seller.

Three Months Ended June 30, 2025
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$3,664 $— $(9)$3,655 
EMEA— 2,291 — 2,291 
Pacific Rim and Asia9 — — 9 
Americas, other than U.S.187 — — 187 
Total$3,860 $2,291 $(9)$6,142 
(a) Net sales are attributed to countries based on the location of the seller.
Six Months Ended June 30, 2026
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$6,942 $— $52 $6,994 
EMEA— 4,610 (1)4,609 
Pacific Rim and Asia7 — — 7 
Americas, other than U.S.365 — — 365 
Total$7,314 $4,610 $51 $11,975 
(a) Net sales are attributed to countries based on the location of the seller.

Six Months Ended June 30, 2025
In millionsPS NAPS EMEACorporate & IntersegmentTotal
Primary Geographical Markets (a)
United States$7,162 $— $3 $7,165 
EMEA— 3,841 — 3,841 
Pacific Rim and Asia20 — — 20 
Americas, other than U.S.380 — — 380 
Total$7,562 $3,841 $3 $11,406 
(a) Net sales are attributed to countries based on the location of the seller.

Revenue Contract Balances

A contract asset is created when the Company recognizes revenue on its customized products prior to having an unconditional right to payment from the customer, which generally does not occur until title and risk of loss passes to the customer.

A contract liability is created when customers prepay for goods prior to the Company transferring those goods to the customer. The contract liability is reduced once control of the goods is transferred to the customer. The majority of our customer prepayments relate to goods that will be transferred to customers within the following twelve months. Contract liabilities of $20 million and $18 million are included in Other current liabilities in the accompanying condensed consolidated balance sheet as of June 30, 2026 and December 31, 2025, respectively.

The difference between the opening and closing balances of the Company's contract assets and contract liabilities primarily results from the difference between the price and quantity at comparable points in time for goods for which we have an unconditional right to payment or receive prepayment from the customer, respectively.