Revenue Recognition
The following tables disaggregate the Company's revenue by major source for the periods ended December 31, 2025, 2024 and 2023 (excluding intercompany sales):
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| | For the Year Ended December 31, 2025 |
| (in millions) | | Infrastructure Solutions | | Materials Solutions | | Total |
| Net Sales-Domestic: | | | | | | |
| Equipment sales | | $ | 510.7 | | | $ | 209.4 | | | $ | 720.1 | |
| | | | | | |
| Parts and component sales | | 231.0 | | | 112.2 | | | 343.2 | |
| Service and equipment installation revenue | | 28.3 | | | 7.2 | | | 35.5 | |
| Used equipment sales | | 2.3 | | | 0.2 | | | 2.5 | |
| Freight revenue | | 25.7 | | | 7.0 | | | 32.7 | |
| Other | | 2.5 | | | (6.3) | | | (3.8) | |
| Total domestic revenue | | 800.5 | | | 329.7 | | | 1,130.2 | |
| | | | | | |
| Net Sales-International: | | | | | | |
| Equipment sales | | 39.2 | | | 133.4 | | | 172.6 | |
| | | | | | |
| Parts and component sales | | 15.7 | | | 73.8 | | | 89.5 | |
| Service and equipment installation revenue | | 0.8 | | | 12.9 | | | 13.7 | |
| Used equipment sales | | — | | | 0.2 | | | 0.2 | |
| Freight revenue | | 1.1 | | | 2.9 | | | 4.0 | |
| Other | | 0.1 | | | 0.1 | | | 0.2 | |
| Total international revenue | | 56.9 | | | 223.3 | | | 280.2 | |
| Total net sales | | $ | 857.4 | | | $ | 553.0 | | | $ | 1,410.4 | |
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| | For the Year Ended December 31, 2024 |
| (in millions) | | Infrastructure Solutions | | Materials Solutions | | Total |
| Net Sales-Domestic: | | | | | | |
| Equipment sales | | $ | 510.9 | | | $ | 150.3 | | | $ | 661.2 | |
| | | | | | |
| Parts and component sales | | 220.3 | | | 80.8 | | | 301.1 | |
| Service and equipment installation revenue | | 23.5 | | | 0.8 | | | 24.3 | |
| Used equipment sales | | 3.4 | | | — | | | 3.4 | |
| Freight revenue | | 22.7 | | | 6.6 | | | 29.3 | |
| Other | | 2.3 | | | (6.2) | | | (3.9) | |
| Total domestic revenue | | 783.1 | | | 232.3 | | | 1,015.4 | |
| | | | | | |
| Net Sales-International: | | | | | | |
| Equipment sales | | 32.7 | | | 154.2 | | | 186.9 | |
| | | | | | |
| Parts and component sales | | 19.7 | | | 67.4 | | | 87.1 | |
| Service and equipment installation revenue | | 0.9 | | | 11.2 | | | 12.1 | |
| Used equipment sales | | — | | | 0.4 | | | 0.4 | |
| Freight revenue | | 0.9 | | | 2.5 | | | 3.4 | |
| Other | | 0.1 | | | (0.3) | | | (0.2) | |
| Total international revenue | | 54.3 | | | 235.4 | | | 289.7 | |
| Total net sales | | $ | 837.4 | | | $ | 467.7 | | | $ | 1,305.1 | |
| | | | | | | | | | | | | | | | | | | | |
| | For the Year Ended December 31, 2023 |
| (in millions) | | Infrastructure Solutions | | Materials Solutions | | Total |
| Net Sales-Domestic: | | | | | | |
| Equipment sales | | $ | 461.2 | | | $ | 252.5 | | | $ | 713.7 | |
| | | | | | |
| Parts and component sales | | 215.9 | | | 83.7 | | | 299.6 | |
| Service and equipment installation revenue | | 43.5 | | | 0.8 | | | 44.3 | |
| Used equipment sales | | 3.6 | | | — | | | 3.6 | |
| Freight revenue | | 22.6 | | | 8.0 | | | 30.6 | |
| Other | | 1.9 | | | (10.3) | | | (8.4) | |
| Total domestic revenue | | 748.7 | | | 334.7 | | | 1,083.4 | |
| | | | | | |
| Net Sales-International: | | | | | | |
| Equipment sales | | 30.5 | | | 125.7 | | | 156.2 | |
| | | | | | |
| Parts and component sales | | 18.7 | | | 62.4 | | | 81.1 | |
| Service and equipment installation revenue | | 1.3 | | | 11.9 | | | 13.2 | |
| Used equipment sales | | — | | | 0.2 | | | 0.2 | |
| Freight revenue | | 1.0 | | | 2.8 | | | 3.8 | |
| Other | | 0.2 | | | 0.1 | | | 0.3 | |
| Total international revenue | | 51.7 | | | 203.1 | | | 254.8 | |
| Total net sales | | $ | 800.4 | | | $ | 537.8 | | | $ | 1,338.2 | |
As of December 31, 2025, the Company had contract assets of $5.9 million and contract liabilities, excluding customer deposits, of $7.7 million, of which $1.4 million was deferred revenue related to extended warranties. As of December 31, 2024, the Company had contract assets of $6.6 million and contract liabilities, excluding customer deposits, of $5.8 million, of which $1.3 million was deferred revenue related to extended warranties. Total extended warranty sales were $1.0 million, $1.3 million and $1.1 million in 2025, 2024 and 2023, respectively.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.