Hubbell HUBB Revenue recognized that was included in deferred income at the beginning of the period

Contract liabilities were $158.7 million as of June 30, 2026 compared to $174.6 million as of December 31, 2025. The $15.9 million decrease in our contract liabilities balance was primarily due to the recognition of $75.1 million in revenue related to amounts that were recorded in contract liabilities at January 1, 2026 partially offset by a $59.2 million net increase in current year deferrals primarily due to timing of advance payments on certain orders. The ending balance of contract assets as of June 30, 2026 and December 31, 2025, was $66.4 million and $48.2 million, respectively, with the increase being driven by revenue recognized in excess of billings. Credit losses recognized on our receivables and contract assets were immaterial for the three and six months ended June 30, 2026.