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Revenue | 6 Months Ended
--- | ---
Jun. 30, 2026
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue
The Company recognizes revenue when performance obligations identified under the terms of contracts with its customers are satisfied, which generally occurs, for products, upon the transfer of control in accordance with the contractual terms and conditions of the sale. The majority of the Company’s revenue associated with products is recognized at a point in time when the product is shipped to the customer, with a relatively small amount of transactions, primarily in the Utility Solutions segment, recognized upon delivery of the product at the destination. The Company also has performance obligations, primarily within the Utility Solutions segment, that are recognized over time due to the customized nature of the product and the Company's enforceable right to receive payment for work performed to date in the event of a cancellation. The Company uses an input measure to determine the extent of progress towards completion of the performance obligation, which the Company believes best depicts the transfer of control to the customer. Under this method, revenue recognition is primarily based upon the ratio of costs incurred to date compared with estimated total costs to complete. Revenue from service contracts and post-shipment performance obligations is approximately one percent of total annual consolidated net revenue and those service contracts and post-shipment obligations are primarily within the Utility Solutions segment. Revenue from service contracts and post-shipment performance obligations is recognized when or as those obligations are satisfied. The Company primarily offers assurance-type standard warranties that do not represent separate performance obligations and on occasion will separately offer and price extended warranties that are separate performance obligations for which the associated revenue is recognized over-time based on the extended warranty period. The Company records amounts billed to customers for reimbursement of shipping and handling costs within revenue. Shipping and handling costs associated with outbound freight after control over a product has transferred to a customer are accounted for as fulfillment costs and are included in cost of goods sold. Sales taxes and other usage-based taxes are excluded from revenue. Certain of our businesses require a portion of the transaction price to be paid in advance of transfer of control. Advance payments are not considered a significant financing component as they are received less than one year before the related performance obligations are satisfied. In addition, in the Utility Solutions segment, certain businesses offer annual maintenance service contracts that require payment at the beginning of the contract period. These payments are treated as a contract liability and are classified in Other accrued liabilities in the Condensed Consolidated Balance Sheets. Once control transfers to the customer and the Company meets the revenue recognition criteria, the deferred revenue is recognized in the Condensed Consolidated Statements of Income. The deferred revenue relating to the annual maintenance service contracts is recognized in the Condensed Consolidated Statements of Income on a straight-line basis over the expected term of the contract. The following table presents disaggregated revenue by business group. In September 2025, we internally reorganized certain businesses within our Electrical Solutions segment. The re-organization streamlines the organization and aligns the organization to better serve our customers. This change had no impact to our reportable segments. In conjunction with this change, prior period amounts have been reclassified to conform to the current organizational structure.
| Three Months Ended June 30, | Six Months Ended June 30, |
in millions | 2026 | 2025 | 2026 | 2025 |
Net sales |  |  |  |  |
Grid Infrastructure | $ | 785.5 |  | $ | 698.7 |  | $ | 1,512.6 |  | $ | 1,316.4 |  |
Grid Automation | 240.3 |  | 236.8 |  | 462.1 |  | 476.2 |  |
Total Utility Solutions | $ | 1,025.8 |  | $ | 935.5 |  | $ | 1,974.7 |  | $ | 1,792.6 |  |
Electrical Products | $ | 275.6 |  | $ | 225.4 |  | $ | 507.8 |  | $ | 431.1 |  |
Industrial | 410.4 |  | 323.4 |  | 746.0 |  | 625.8 |  |
Total Electrical Solutions | $ | 686.0 |  | $ | 548.8 |  | $ | 1,253.8 |  | $ | 1,056.9 |  |
TOTAL | $ | 1,711.8 |  | $ | 1,484.3 |  | $ | 3,228.5 |  | $ | 2,849.5 |  |
The following table presents disaggregated third-party Net sales by geographic location (the Company defines “international” as operations based outside of the United States and its possessions):
| Three Months Ended June 30, | Six Months Ended June 30,
in millions | 2026 | 2025 | 2026 | 2025
Net sales |  |  |  |
United States | $ | 989.4 |  | $ | 891.3 |  | $ | 1,900.2 |  | $ | 1,709.4 |
International | 36.4 |  | 44.2 |  | 74.5 |  | 83.2 |
Total Utility Solutions | $ | 1,025.8 |  | $ | 935.5 |  | $ | 1,974.7 |  | $ | 1,792.6 |
United States | $ | 608.4 |  | $ | 478.5 |  | $ | 1,104.2 |  | $ | 921.3 |
International | 77.6 |  | 70.3 |  | 149.6 |  | 135.6 |
Total Electrical Solutions | $ | 686.0 |  | $ | 548.8 |  | $ | 1,253.8 |  | $ | 1,056.9 |
TOTAL | $ | 1,711.8 |  | $ | 1,484.3 |  | $ | 3,228.5 |  | $ | 2,849.5 |
Contract Balances Our contract liabilities consist of advance customer payments for products as well as deferred revenue on service obligations and extended warranties. Deferred revenue is included in Other accrued liabilities in the Condensed Consolidated Balance Sheets. 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.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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