{
  "schema_version": 1,
  "as_of": "2026-10-26",
  "as_of_timezone": "America/Los_Angeles",
  "title": "Customer cash before firm orders",
  "unit": "USD million",
  "scope": "Consolidated company cash flows, not AI-only or gas-turbine-only cash flows",
  "sources": {
    "gev_h1": {"url":"https://www.sec.gov/Archives/edgar/data/1996810/000199681026000148/gev-20260630.htm","document":"GE Vernova Q2 2026 Form 10-Q","locator":"Cash-flow statement; Note 9; liquidity discussion"},
    "vrt_h1": {"url":"https://www.sec.gov/Archives/edgar/data/1674101/000162828026050609/vrt-20260630.htm","document":"Vertiv Q2 2026 Form 10-Q","locator":"Cash-flow statement; Notes 4 and 8"},
    "vrt_q2_release": {"url":"https://investors.vertiv.com/news/news-details/2026/Vertiv-Reports-Strong-Second-Quarter-2026-with-Diluted-EPS-Growth-of-53-Adjusted-Diluted-EPS-Growth-of-60-Raises-Full-Year-2026-Guidance-Across-All-Key-Metrics/default.aspx","document":"Vertiv July 29 2026 earnings release","locator":"Three-month and six-month cash-flow columns"},
    "vrt_policy": {"url":"https://www.sec.gov/Archives/edgar/data/1674101/000167410126000008/vrt-20251231.htm","document":"Vertiv FY2025 Form 10-K","locator":"Revenue recognition policy; restricted cash policy"},
    "gev_refund_statement": {"url":"https://www.gevernova.com/sites/default/files/gev_webcast_transcript_10222025.pdf","document":"GE Vernova October 22 2025 official call transcript","locator":"Page 21, Ken Parks answer on slot reservations and orders"},
    "gev_reservation_status": {"url":"https://www.gevernova.com/sites/default/files/ge-vernova-bofa-global-industrials-conference-2026.pdf","document":"GE Vernova March 18 2026 BofA conference transcript","locator":"Pages 2-3 and 6, Scott Strazik answers"},
    "maxim_february": {"url":"https://maximpowercorp.com/wp-content/uploads/NewsRelease_2026_February9.pdf","document":"Maxim Power February 9 2026 reservation announcement","locator":"Page 1"},
    "maxim_q2": {"url":"https://maximpowercorp.com/wp-content/uploads/Q2_2026_FinancialStatements.pdf%22","document":"Maxim Power Q2 2026 financial statements and MD&A","locator":"MD&A page 4, PDF page 17; publication approved August 6 2026"},
    "gev_calendar": {"url":"https://www.gevernova.com/news/press-releases/ge-vernova-announce-third-quarter-2026-financial-results-october-28","document":"GE Vernova October 13 2026 results-date announcement","locator":"October 28 before market open; webcast 07:30 ET"},
    "vrt_calendar": {"url":"https://investors.vertiv.com/news/news-details/2026/Vertiv-Announces-Date-of-Third-Quarter-2026-Earnings-Release-and-Conference-Call/","document":"Vertiv October 14 2026 results-date announcement","locator":"October 28 before market open; call 11:00 ET"}
  },
  "cash_observations": [
    {"id":"vrt_h1_2026","company":"Vertiv","period_start":"2026-01-01","period_end":"2026-06-30","months":6,"period_type":"year_to_date","unit":"USD million","cash_flow_line":"Deferred revenue","contribution":1822.7,"cfo_line":"Net cash provided by (used for) operating activities","cfo":1866.6,"source":"vrt_h1","scope":"consolidated","gross_customer_receipts":null,"refundable_contribution":null,"nonrefundable_contribution":null},
    {"id":"gev_h1_2026","company":"GE Vernova","period_start":"2026-01-01","period_end":"2026-06-30","months":6,"period_type":"year_to_date","unit":"USD million","cash_flow_line":"Increase (decrease) in contract liabilities and current deferred income","contribution":13695,"cfo_line":"Cash from (used for) operating activities","cfo":10680,"source":"gev_h1","scope":"consolidated","gross_customer_receipts":null,"refundable_contribution":null,"nonrefundable_contribution":null},
    {"id":"vrt_q2_2026","company":"Vertiv","period_start":"2026-04-01","period_end":"2026-06-30","months":3,"period_type":"standalone_quarter","unit":"USD million","cash_flow_line":"Deferred revenue","contribution":1171.5,"cfo_line":"Net cash provided by (used for) operating activities","cfo":1099.8,"source":"vrt_q2_release","scope":"consolidated","gross_customer_receipts":null,"refundable_contribution":null,"nonrefundable_contribution":null}
  ],
  "balance_observations": [
    {"company":"Vertiv","date":"2026-06-30","current_deferred_revenue":3633.7,"noncurrent_deferred_revenue":122.6,"source":"vrt_h1"},
    {"company":"Vertiv","date":"2025-12-31","current_deferred_revenue":1814.7,"noncurrent_deferred_revenue":107.6,"source":"vrt_h1"},
    {"company":"GE Vernova","date":"2026-06-30","current_contract_liabilities_and_deferred_income":39944,"noncurrent_deferred_income":93,"note_total":40037,"source":"gev_h1"},
    {"company":"GE Vernova","date":"2025-12-31","current_contract_liabilities_and_deferred_income":25774,"noncurrent_deferred_income":175,"note_total":25950,"source":"gev_h1"}
  ],
  "balance_interpretation": "GE Vernova Note 9 describes a 14,088 million increase including collections, revenue recognition and the Prolec GE acquisition. Its rounded endpoint totals differ by 14,087 million. Neither amount is the 13,695 million cash-flow contribution, nor a gross collection total. Do not attribute the entire difference to the acquisition.",
  "contract_evidence": [
    {"id":"gev_management_refunds","source":"gev_refund_statement","source_date":"2025-10-22","status":"dated_management_statement","finding":"Management described upfront payments for both slot reservations and orders as non-refundable.","boundaries":"Not a quantified 2026 balance split; not a full contract or a determination of remedies for supplier breach."},
    {"id":"gev_management_sequence","source":"gev_reservation_status","source_date":"2026-03-18","status":"dated_management_statement","finding":"Customers often put down 20-25 percent before EPC or fuel arrangements were ready. Some data-center customers had not chosen a site; equipment was not yet recorded in backlog.","boundaries":"The range is an often-observed management description, not a universal advance rate. No current aggregate deposit amount is inferred."},
    {"id":"maxim_reservation","sources":["maxim_february","maxim_q2"],"source_dates":["2026-02-09","2026-08-06"],"status":"customer_disclosed_reservation_terms","supplier":"GE Vernova","customer":"Maxim Power","project":"Prairie Lights","equipment":"7HA.02 gas turbine and generator package","target_delivery_year":2030,"deposit_required":true,"deposit_description":"non-refundable; payable in 2026; credited to final price","deposit_amount":null,"deposit_paid_date":null,"deposit_paid_amount":null,"definitive_price_at_disclosure":null,"finding":"The parties were to negotiate the definitive sales agreement and price. Q2 MD&A retained that description.","boundaries":"A Canadian power-project example, not an identified AI customer. CAD19.3 million project spending is not a disclosed deposit amount. No payment is inferred from the requirement or total project spending."},
    {"id":"vrt_refund_policy","source":"vrt_policy","status":"general_accounting_policy","finding":"The revenue policy generally describes short-term contracts and cancellation, termination or refund provisions applying on contract breach; historically not invoked.","boundaries":"Not a dollar allocation of the June deferred-revenue balance, and not evidence that every backlog order or future contract is noncancellable."}
  ],
  "restriction_observation": {"company":"Vertiv","date":"2026-06-30","restricted_cash":65,"unit":"USD million","source":"vrt_h1","policy_source":"vrt_policy","purpose_description":"Cash collateral for bank guarantees and acquisition-related escrow under the annual policy","customer_advance_allocation":null,"instruction":"Do not subtract this aggregate cash balance from deferred revenue or call it a customer refund reserve."},
  "latest_quarter_verified":"2026-Q2",
  "next_results_date":"2026-10-28",
  "next_results_status":"scheduled_not_reported_at_cutoff",
  "economic_inference":"A non-refundable advance can support the supplier before the customer's project is fully specified. Cash-retention terms, firm order status and delivery readiness are separate dimensions. It is not necessarily unrestricted cash or earned profit."
}