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Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Policies [Abstract] |
Contract with Customer, Asset and Liability | Contract assets and liabilities consisted of the following:
| December 31 |  |  |
In millions | 2024 | 2023 |  | $ Change | % Change
Contract assets | $ | 46.7 |  | $ | 70.8 |  |  | $ | (24.1) |  | (34.0) | %
Contract liabilities | 38.8 |  | 53.7 |  |  | (14.9) |  | (27.7) | %
Net contract assets | $ | 7.9 |  | $ | 17.1 |  |  | $ | (9.2) |  | (53.8) | %
Disaggregation of Revenue | Geographic net sales information, based on geographic destination of the sale, was as follows:
| Years ended December 31
In millions | 2024 | 2023 | 2022
U.S. | $ | 2,833.6 |  | $ | 2,835.9 |  | $ | 2,913.2 |
Western Europe | 493.3 |  | 471.9 |  | 439.2 |
Developing (1) | 527.2 |  | 558.0 |  | 515.5 |
Other Developed (2) | 228.7 |  | 238.7 |  | 253.9 |
Consolidated net sales (3) | $ | 4,082.8 |  | $ | 4,104.5 |  | $ | 4,121.8 |
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Net sales in Ireland, for each of the years presented, were not material.
Vertical market net sales information was as follows:
| Years ended December 31
In millions | 2024 | 2023 | 2022
Residential | $ | 2,191.5 |  | $ | 2,134.0 |  | $ | 2,613.6 |
Commercial | 1,117.2 |  | 1,177.2 |  | 809.1 |
Industrial | 774.1 |  | 793.3 |  | 699.1 |
Consolidated net sales | $ | 4,082.8 |  | $ | 4,104.5 |  | $ | 4,121.8 |
Allowance for Doubtful Accounts Activity | The following table summarizes the activity in the allowance for credit losses:
| Years ended December 31
In millions | 2024 | 2023 | 2022
Beginning balance | $ | 11.2 |  | $ | 10.8 |  | $ | 9.1 |
Bad debt (benefit) expense | (0.2) |  | 0.7 |  | 3.6 |
Acquisitions | — |  | — |  | 0.3 |
Write-offs, net of recoveries | (1.4) |  | (0.7) |  | (1.4) |
Other (1) | (0.5) |  | 0.4 |  | (0.8) |
Ending balance | $ | 9.1 |  | $ | 11.2 |  | $ | 10.8 |
(1) Other amounts are primarily the effects of changes in currency translations and the impact of allowance for credits.
Property, Plant and Equipment | Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:
| Years
Land improvements | 5 to 20
Buildings and leasehold improvements | 5 to 50
Machinery and equipment | 3 to 15
Capitalized software | 3 to 10
Long-lived Assets by Geographic Areas | The following table presents geographic Property, plant and equipment, net by region as of December 31:
In millions | 2024 | 2023 |
U.S. | $ | 225.0 |  | $ | 223.9 |  |
Western Europe | 76.0 |  | 77.4 |  |
Developing (1) | 48.2 |  | 50.5 |  |
Other Developed (2) | 9.6 |  | 10.2 |  |
Consolidated (3) | $ | 358.8 |  | $ | 362.0 |  |
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
(3) Property, plant and equipment, net in Ireland, for each of the years presented, were not material.

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