Company: ROK
Filing Date: 2025-02-10
Form Type: 10-Q
Source: 0001024478-25-000010
Chunk: 59

Company: ROCKWELL AUTOMATION, INC
Filing Date: 2025-02-10
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)(Unaudited)

Unfulfilled Performance ObligationsAs of December 31, 2024, we expect to recognize approximately $1,295 million of revenue in future periods from unfulfilled performance obligations from existing contracts with customers. We expect to recognize revenue of approximately $790 million from our remaining performance obligations over the next 12 months with the remaining balance recognized thereafter.We have applied the practical expedient to exclude the value of remaining performance obligations for (i) contracts with an original term of one year or less and (ii) contracts for which we recognize revenue in proportion to the amount we have the right to invoice for services performed. The amounts above also do not include the impact of contract renewal options that are unexercised as of December 31, 2024.Disaggregation of RevenueThe following table presents our revenue disaggregation by geographic region for our three operating segments (in millions). We attribute sales to the geographic regions based on the country of destination. Three Months Ended December 31, 2024Three Months Ended December 31, 2023Intelligent DevicesSoftware & ControlLifecycle ServicesTotalIntelligent DevicesSoftware & ControlLifecycle ServicesTotalNorth America$519 $365 $266 $1,150 $604 $387 $256 $1,247 Europe, Middle East, and Africa135 73 124 332 166 100 122 388 Asia Pacific86 55 110 251 98 79 99 276 Latin America66 36 46 148 59 38 44 141 Total Company Sales$806 $529 $546 $1,881 $927 $604 $521 $2,052 Contract LiabilitiesContract liabilities primarily relate to consideration received in advance of performance under the contract.Below is a summary of our Contract liabilities balance, the portion not expected to be recognized within twelve months is included within Other liabilities in the Consolidated Balance Sheet (in millions):December 31, 2024December 31, 2023Balance as of beginning of year$653 $654 Balance as of end of period680 674 The most significant changes in our Contract liabilities balance during both the three months ended December 31, 2024 and 2023, were due to amounts billed during the period, partially offset by revenue recognized that was included in the Contract liabilities balance at the beginning