REVENUE FROM CONTRACTS WITH CUSTOMERS
Disaggregation of Revenue
Revenue by Geographic Area
The table below presents our consolidated sales by geographic area. Net sales attributed to geographic areas were based on the location of the customer.
| | | | | | | | | | | | | | | | | | | | |
| | Years ended December 31, |
| In millions | | 2025 | | 2024 | | 2023 |
| United States | | $ | 892.3 | | | $ | 782.3 | | | $ | 746.5 | |
| Other international | | 872.0 | | | 887.3 | | | 881.6 | |
| Total net sales | | $ | 1,764.3 | | | $ | 1,669.6 | | | $ | 1,628.1 | |
Revenue by Product Category
The table below presents our consolidated sales by product category.
| | | | | | | | | | | | | | | | | | | | |
| | Years ended December 31, |
| In millions | | 2025 | | 2024 | | 2023 |
| Fuel | | $ | 797.6 | | | $ | 720.2 | | | $ | 705.2 | |
| Lube | | 348.8 | | | 326.8 | | | 305.4 | |
| Air | | 301.5 | | | 288.6 | | | 282.4 | |
| Other | | 316.4 | | | 334.0 | | | 335.1 | |
| Total net sales | | $ | 1,764.3 | | | $ | 1,669.6 | | | $ | 1,628.1 | |
Revenue by Major Customer
For the years ended December 31, 2025, 2024 and 2023, three external customers, Cummins, PACCAR and the Traton Group, each represented greater than 10% of our annual net sales. These customers represented 18.8% ,16.3% and 11.5% of net sales in 2025, 17.6%, 16.5% and 12.2% of net sales in 2024 and 17.4%, 15.6% and 11.8% of net sales in 2023. No other customers exceeded 10% of net sales in the three years presented.
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.