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Revenue (Tables) | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue by Category | Geographic net sales information, based on geographic destination of the sale, was as follows:
| Three months ended September 30, 2023
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
U.S. and Canada | $ | 284.1 |  | $ | 250.2 |  | $ | 95.5 |  | $ | 629.8 |
Developed Europe (1) | 87.3 |  | 34.1 |  | 28.2 |  | 149.6 |
Developing (2) | 37.6 |  | 13.1 |  | 16.7 |  | 67.4 |
Other Developed (3) | 3.7 |  | 4.9 |  | 3.4 |  | 12.0 |
Total | $ | 412.7 |  | $ | 302.3 |  | $ | 143.8 |  | $ | 858.8 |
| Nine months ended September 30, 2023
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
U.S. and Canada | $ | 830.0 |  | $ | 615.7 |  | $ | 271.6 |  | $ | 1,717.3 |
Developed Europe (1) | 252.6 |  | 108.2 |  | 85.0 |  | 445.8 |
Developing (2) | 108.8 |  | 36.2 |  | 54.9 |  | 199.9 |
Other Developed (3) | 12.3 |  | 14.6 |  | 12.5 |  | 39.4 |
Total | $ | 1,203.7 |  | $ | 774.7 |  | $ | 424.0 |  | $ | 2,402.4 |
| Three months ended September 30, 2022
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
U.S. and Canada | $ | 275.4 |  | $ | 158.5 |  | $ | 93.9 |  | $ | 527.8 |
Developed Europe (1) | 76.3 |  | 33.4 |  | 29.2 |  | 138.9 |
Developing (2) | 31.9 |  | 12.4 |  | 20.9 |  | 65.2 |
Other Developed (3) | 4.1 |  | 4.9 |  | 4.3 |  | 13.3 |
Total | $ | 387.7 |  | $ | 209.2 |  | $ | 148.3 |  | $ | 745.2 |
| Nine months ended September 30, 2022
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
U.S. and Canada | $ | 764.2 |  | $ | 448.4 |  | $ | 268.8 |  | $ | 1,481.4 |
Developed Europe (1) | 238.7 |  | 101.8 |  | 92.9 |  | 433.4 |
Developing (2) | 111.8 |  | 33.2 |  | 66.8 |  | 211.8 |
Other Developed (3) | 13.2 |  | 14.3 |  | 13.3 |  | 40.8 |
Total | $ | 1,127.9 |  | $ | 597.7 |  | $ | 441.8 |  | $ | 2,167.4 |
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
| Three months ended September 30, 2023
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
Industrial | $ | 224.6 |  | $ | 37.6 |  | $ | 70.1 |  | $ | 332.3 |
Commercial & Residential | 65.0 |  | 169.2 |  | 45.7 |  | 279.9 |
Infrastructure | 116.6 |  | 83.0 |  | 6.1 |  | 205.7 |
Energy | 6.5 |  | 12.5 |  | 21.9 |  | 40.9 |
Total | $ | 412.7 |  | $ | 302.3 |  | $ | 143.8 |  | $ | 858.8 |
| Nine months ended September 30, 2023
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
Industrial | $ | 665.8 |  | $ | 87.9 |  | $ | 203.4 |  | $ | 957.1 |
Commercial & Residential | 182.3 |  | 408.8 |  | 131.1 |  | 722.2 |
Infrastructure | 336.4 |  | 246.0 |  | 18.9 |  | 601.3 |
Energy | 19.2 |  | 32.0 |  | 70.6 |  | 121.8 |
Total | $ | 1,203.7 |  | $ | 774.7 |  | $ | 424.0 |  | $ | 2,402.4 |
| Three months ended September 30, 2022
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
Industrial | $ | 211.3 |  | $ | 20.8 |  | $ | 70.3 |  | $ | 302.4 |
Commercial & Residential | 56.9 |  | 104.7 |  | 50.6 |  | 212.2 |
Infrastructure | 112.6 |  | 74.8 |  | 6.8 |  | 194.2 |
Energy | 6.9 |  | 8.9 |  | 20.6 |  | 36.4 |
Total | $ | 387.7 |  | $ | 209.2 |  | $ | 148.3 |  | $ | 745.2 |
| Nine months ended September 30, 2022
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total
Industrial | $ | 624.5 |  | $ | 59.7 |  | $ | 211.8 |  | $ | 896.0 |
Commercial & Residential | 169.6 |  | 303.8 |  | 145.8 |  | 619.2 |
Infrastructure | 314.2 |  | 209.7 |  | 17.6 |  | 541.5 |
Energy | 19.6 |  | 24.5 |  | 66.6 |  | 110.7 |
Total | $ | 1,127.9 |  | $ | 597.7 |  | $ | 441.8 |  | $ | 2,167.4 |
In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.
Contract assets and liabilities | Contract assets and liabilities consisted of the following:
In millions | September 30, 2023 | December 31, 2022 | $ Change | % Change
Contract assets | $ | 44.2 |  | $ | 45.6 |  | $ | (1.4) |  | (3.1 | %)
Contract liabilities | 18.7 |  | 22.7 |  | (4.0) |  | (17.6 | %)
Net contract assets | $ | 25.5 |  | $ | 22.9 |  | $ | 2.6 |  | 11.4 | %

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