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Revenue | 9 Months Ended
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Sep. 30, 2023
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of revenue We disaggregate our revenue by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. 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 balances 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 | %
The $2.6 million increase in net contract assets from December 31, 2022 to September 30, 2023 wa s primarily the result of the timing of milestone payments. The majority of our contract liabilities at December 31, 2022 were recognized in revenue during the nine months ended September 30, 2023. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2023 and 2022. Remaining performance obligations We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On September 30, 2023, we had $18.0 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.

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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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