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Revenue | 3 Months Ended
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Mar. 31, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue We disaggregate our revenue from contracts with customers by reportable segment, geographic location and vertical market, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Refer to Note 14 for revenue disaggregated by reportable segment. Geographic net sales information, based on geographic destination of the sale, was as follows:
|  |  | Three months ended
In millions |  |  |  | March 31, 2025 | March 31, 2024
U.S. |  |  |  | $ | 724.7 |  | $ | 705.2 |
Western Europe |  |  |  | 122.6 |  | 131.6 |
Developing (1) |  |  |  | 109.2 |  | 122.7 |
Other Developed (2) |  |  |  | 53.9 |  | 57.7 |
Consolidated net sales |  |  |  | $ | 1,010.4 |  | $ | 1,017.2 |
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.
Vertical market net sales information was as follows:
|  |  | Three months ended
In millions |  |  |  | March 31, 2025 | March 31, 2024
Residential |  |  |  | $ | 580.4 |  | $ | 543.2 |
Commercial |  |  |  | 244.2 |  | 273.6 |
Industrial |  |  |  | 185.8 |  | 200.4 |
Consolidated net sales |  |  |  | $ | 1,010.4 |  | $ | 1,017.2 |
Performance obligations As of March 31, 2025, we had $124.5 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months. Contract assets and liabilities Contract assets and liabilities consisted of the following:
In millions | March 31, 2025 | December 31, 2024 |  | $ Change | % Change
Contract assets | $ | 48.1 |  | $ | 46.7 |  |  | $ | 1.4 |  | 3.0 | %
Contract liabilities | 49.2 |  | 38.8 |  |  | 10.4 |  | 26.8 | %
Net contract (liabilities) assets | $ | (1.1) |  | $ | 7.9 |  |  | $ | (9.0) |  | (113.9) | %
The $9.0 million change in net contract liabilities from December 31, 2024 to March 31, 2025 was primarily the result of timing of milestone payments. Approximately 50% of our contract liabilities at December 31, 2024 were recognized in revenue in the first quarter of 2025.

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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 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: 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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