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Revenue
 9 Months Ended
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 millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
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 millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
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 millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
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 millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
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 millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$224.6 $37.6 $70.1 $332.3 
Commercial & Residential65.0 169.2 45.7 279.9 
Infrastructure116.6 83.0 6.1 205.7 
Energy6.5 12.5 21.9 40.9 
Total$412.7 $302.3 $143.8 $858.8 
Nine months ended September 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$665.8 $87.9 $203.4 $957.1 
Commercial & Residential182.3 408.8 131.1 722.2 
Infrastructure336.4 246.0 18.9 601.3 
Energy19.2 32.0 70.6 121.8 
Total$1,203.7 $774.7 $424.0 $2,402.4 
Three months ended September 30, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$211.3 $20.8 $70.3 $302.4 
Commercial & Residential56.9 104.7 50.6 212.2 
Infrastructure112.6 74.8 6.8 194.2 
Energy6.9 8.9 20.6 36.4 
Total$387.7 $209.2 $148.3 $745.2 

Nine months ended September 30, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$624.5 $59.7 $211.8 $896.0 
Commercial & Residential169.6 303.8 145.8 619.2 
Infrastructure314.2 209.7 17.6 541.5 
Energy19.6 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 millionsSeptember 30, 2023December 31, 2022$ Change% Change
Contract assets$44.2 $45.6 $(1.4)(3.1 %)
Contract liabilities18.7 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 was 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.