Revenue
Disaggregation of Revenue
The following tables represent a disaggregation of revenue by timing of revenue along with the reportable segment for each category:
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| Year Ended December 31, 2025 |
| Cryo Tank Solutions | | Heat Transfer Systems | | Specialty Products | | Repair, Service & Leasing | | Intersegment Eliminations | | Consolidated |
| Point in time | $ | 242.6 | | | $ | 22.8 | | | $ | 143.8 | | | $ | 579.4 | | | $ | — | | | $ | 988.6 | |
| Over time | 381.6 | | | 1,214.9 | | | 954.6 | | | 724.3 | | | — | | | 3,275.4 | |
| Total | $ | 624.2 | | | $ | 1,237.7 | | | $ | 1,098.4 | | | $ | 1,303.7 | | | $ | — | | | $ | 4,264.0 | |
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| Year Ended December 31, 2024 |
| Cryo Tank Solutions | | Heat Transfer Systems | | Specialty Products | | Repair, Service and Leasing | | Intersegment Eliminations | | Consolidated |
| Point in time | $ | 348.6 | | | $ | 11.3 | | | $ | 166.3 | | | $ | 781.4 | | | $ | — | | | $ | 1,307.6 | |
| Over time | 289.3 | | | 1,024.0 | | | 948.0 | | | 591.3 | | | 0.1 | | | 2,852.7 | |
| Total | $ | 637.9 | | | $ | 1,035.3 | | | $ | 1,114.3 | | | $ | 1,372.7 | | | $ | 0.1 | | | $ | 4,160.3 | |
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| Year Ended December 31, 2023 |
| Cryo Tank Solutions | | Heat Transfer Systems | | Specialty Products | | Repair, Service & Leasing | | Intersegment Eliminations | | Consolidated |
| Point in time | $ | 444.7 | | | $ | 27.4 | | | $ | 148.4 | | | $ | 603.3 | | | $ | (18.0) | | | $ | 1,205.8 | |
| Over time | 196.1 | | | 863.8 | | | 671.5 | | | 425.9 | | | (10.6) | | | 2,146.7 | |
| Total | $ | 640.8 | | | $ | 891.2 | | | $ | 819.9 | | | $ | 1,029.2 | | | $ | (28.6) | | | $ | 3,352.5 | |
Refer to Note 3, “Segment and Geographic Information,” for a table of revenue by reportable segment disaggregated by geography.
Contract Balances
The following table represents changes in our contract assets and contract liabilities balances:
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| December 31, | | | | |
| 2025 | | 2024 | | | | |
| Contract assets | | | | | | | |
| Unbilled contract revenue | $ | 986.4 | | | $ | 735.1 | | | | | |
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| Contract liabilities | | | | | | | |
| Customer advances and billings in excess of contract revenue | $ | 324.4 | | | $ | 362.2 | | | | | |
Revenue recognized for the years ended December 31, 2025 and 2024, that was included in the contract liabilities balance at the beginning of each year was $357.5 and $332.9, respectively. The amount of revenue recognized during the year ended December 31, 2025 from performance obligations satisfied or partially satisfied in previous periods as a result of changes in the estimates of variable consideration related to long-term contracts, was not significant. The increase in contract assets as of December 31, 2025 compared to December 31, 2024 was driven by an increase in revenue recognized on an over time basis.
Remaining Performance Obligations
Remaining performance obligations represent the transaction price of firm signed purchase orders or other written contractual commitments from customers for which work has not been performed, or is partially completed, and excludes unexercised contract options and potential orders. As of December 31, 2025, the estimated revenue expected to be recognized
in the future related to remaining performance obligations was $5,886.2, which is equivalent to our backlog. We expect to recognize revenue on approximately 44% of the remaining performance obligations over the next 12 months with the remaining balance recognized over the next few years thereafter.
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.