Company: IR
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001628280-25-021883
Chunk: 55

Company: Ingersoll Rand Inc.
Filing Date: 2025-05-02
Form: 10-Q
Item: Part I, Item 1
Chunk 55
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 sales of components to original equipment manufacturers in the Precision and Science Technologies segment.

(2)Revenues from sales of spare parts, accessories, other components and services in support of maintaining customer owned, installed base of the Company’s original equipment. Service revenue represents less than 10% of consolidated revenue.(3)Revenues from short and long duration product and service contracts recognized at a point in time when control is transferred to the customer generally when product delivery has occurred and services have been rendered.(4)Revenues primarily from long duration ETO product contracts, certain multi-year service contracts, and certain contracts for the delivery of a significant volume of substantially similar products recognized over time as contractual performance obligations are completed.Performance ObligationsAs of March 31, 2025, for contracts with an original duration greater than one year, the Company expects to recognize revenue in the future related to unsatisfied (or partially satisfied) performance obligations of $766.2 million in the next twelve months and $794.9 million in periods thereafter. The performance obligations that are unsatisfied (or partially satisfied) are primarily related to orders for goods or services that were placed prior to the end of the reporting period and have not been delivered to the customer, on-going work on ETO contracts where revenue is recognized over time and service contracts with an original duration greater than one year.

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Contract BalancesThe following table provides the contract balances as of March 31, 2025 and December 31, 2024 presented in the Condensed Consolidated Balance Sheets.March 31, 2025December 31, 2024Accounts receivable, net$1,348.3 $1,335.4 Contract assets116.3 111.2 Contract liabilities - current328.9 318.6 Contract liabilities - noncurrent1.0 0.9 

Note 16. Income Taxes

The following table summarizes the Company’s provision for income taxes and effective income tax provision rate for the three month periods ended March 31, 2025 and 2024.For the Three Month Period Ended March 31,20252024Income before income taxes$253.1 $269.6 Provision for income taxes$58.5 $54.4 Effective income tax provision rate23.1 %20.2 %The increase in the provision for income taxes and increase in the effective income tax provision rate for the three