v3.26.3
Contract assets and contract liabilities
 9 Months Ended
Sep. 30, 2026
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Abstract]  
Contract assets and contract liabilities 2. Revenue from contracts with customers
Disaggregation of sales. The Company’s sales are disaggregated by geographic market and by type as follows for the three months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026
 (in millions of $)
Equipment
Service
Total
Germany30.1 52.0 82.1 
Total Europe102.0 170.7 272.7 
United States590.1 101.7 691.8 
Total North America595.1 120.4 715.5 
Rest of World80.5 99.2 179.7 
Total777.6 390.3 1,167.9 

Three Months Ended September 30, 2025
 (in millions of $)
Equipment
Service
Total
Germany21.2 48.6 69.8 
Total Europe223.2 161.6 384.8 
United States98.5 58.8 157.3 
Total North America104.4 78.4 182.8 
Rest of World89.8 85.3 175.1 
Total417.4 325.3 742.7 
The Company’s sales are disaggregated by geographic market and by type as follows for the nine months ended September 30, 2026 and 2025:
Nine Months Ended September 30, 2026
 (in millions of $)
Equipment
Service
Total
Germany76.8 159.8 236.6 
Total Europe333.9 517.9 851.8 
United States1,090.9 245.2 1,336.1 
Total North America1,115.7 305.0 1,420.7 
Rest of World219.7 282.0 501.7 
Total1,669.3 1,104.9 2,774.2 
Nine Months Ended September 30, 2025
 (in millions of $)
Equipment
Service
Total
Germany68.5 149.3 217.8 
Total Europe376.0 461.6 837.6 
United States341.8 159.7 501.5 
Total North America356.7 215.1 571.8 
Rest of World249.0 237.8 486.8 
Total981.7 914.5 1,896.2 
Revenues from customers are attributed to geographic areas based on the end customer's location when known at the time of revenue recognition. In case of stock orders by distributors or packagers where the end customer location is not known at the time of the sale, the ship to location is used. Information is aggregated as Europe, North America and Rest of World.
Remaining Performance Obligations
As of September 30, 2026, the Company entered into contracts with customers for which revenue has not been recognized as the performance obligations have not yet been satisfied. The amount of unsatisfied performance obligations is $10.9 billion, with approximately 71% of the amount expected to be recognized in the 24 months following September 30, 2026. The Company expects to recognize this revenue as the remaining performance obligations are satisfied.
18. Contract assets and contract liabilities
Contract balances were as follows:
(in millions of $)September 30, 2026December 31, 2025
Current72.3 58.8 
Non-current— — 
Total Contract assets
72.3 58.8 
Current 1,101.0 546.2 
Non-current497.2 269.9 
Total Contract liabilities1,598.2 816.1 
Contract assets increased $13.5 million during the nine months ended September 30, 2026, primarily due to revenue recognized for satisfied performance obligations in advance of billing milestones.
Contract liabilities increased $782.1 million during the nine months ended September 30, 2026, primarily due to new collections received, offset by revenue recognized as performance obligations were satisfied. Revenue recognized that was included in the contract liability balance at the beginning of the year was $380.0 million and $226.5 million for the nine months ended September 30, 2026 and 2025, respectively. Information about the Company's performance obligations and the timing of their satisfaction is provided in Note 2 – Revenue from contracts with customers.