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Revenue | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
Revenue | Revenue Disaggregation of revenue We disaggregate our revenue from contracts with customers by geographic location and vertical, 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, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 574.2 |  | $ | 290.6 |  |  | $ | 864.8 |
EMEA (1) | 114.3 |  | 37.9 |  |  | 152.2 |
Asia-Pacific | 27.1 |  | 9.9 |  |  | 37.0 |
Total | $ | 715.6 |  | $ | 338.4 |  |  | $ | 1,054.0 |
| Nine months ended September 30, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 1,448.6 |  | $ | 828.0 |  |  | $ | 2,276.6 |
EMEA (1) | 323.9 |  | 113.1 |  |  | 437.0 |
Asia-Pacific | 83.3 |  | 29.5 |  |  | 112.8 |
Total | $ | 1,855.8 |  | $ | 970.6 |  |  | $ | 2,826.4 |
| Three months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 354.3 |  | $ | 258.9 |  |  | $ | 613.2 |
EMEA (1) | 95.3 |  | 35.8 |  |  | 131.1 |
Asia-Pacific | 27.5 |  | 10.2 |  |  | 37.7 |
Total | $ | 477.1 |  | $ | 304.9 |  |  | $ | 782.0 |
| Nine months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 988.8 |  | $ | 756.0 |  |  | $ | 1,744.8 |
EMEA (1) | 292.0 |  | 110.4 |  |  | 402.4 |
Asia-Pacific | 77.0 |  | 29.7 |  |  | 106.7 |
Total | $ | 1,357.8 |  | $ | 896.1 |  |  | $ | 2,253.9 |
(1) EMEA includes Europe, Middle East, India and Africa.
Vertical net sales information was as follows:
| Three months ended September 30, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 373.3 |  | $ | 121.3 |  |  | $ | 494.6 |
Industrial | 265.8 |  | 43.5 |  |  | 309.3 |
Commercial & Residential | 69.0 |  | 163.1 |  |  | 232.1 |
Energy | 7.5 |  | 10.5 |  |  | 18.0 |
Total | $ | 715.6 |  | $ | 338.4 |  |  | $ | 1,054.0 |
| Nine months ended September 30, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 883.7 |  | $ | 325.2 |  |  | $ | 1,208.9 |
Industrial | 744.9 |  | 128.2 |  |  | 873.1 |
Commercial & Residential | 201.4 |  | 481.5 |  |  | 682.9 |
Energy | 25.8 |  | 35.7 |  |  | 61.5 |
Total | $ | 1,855.8 |  | $ | 970.6 |  |  | $ | 2,826.4 |
| Three months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 177.0 |  | $ | 88.6 |  |  | $ | 265.6 |
Industrial | 231.9 |  | 39.6 |  |  | 271.5 |
Commercial & Residential | 60.9 |  | 163.1 |  |  | 224.0 |
Energy | 7.3 |  | 13.6 |  |  | 20.9 |
Total | $ | 477.1 |  | $ | 304.9 |  |  | $ | 782.0 |
| Nine months ended September 30, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 452.0 |  | $ | 258.0 |  |  | $ | 710.0 |
Industrial | 698.8 |  | 114.5 |  |  | 813.3 |
Commercial & Residential | 185.8 |  | 484.5 |  |  | 670.3 |
Energy | 21.2 |  | 39.1 |  |  | 60.3 |
Total | $ | 1,357.8 |  | $ | 896.1 |  |  | $ | 2,253.9 |
Contract balances Contract assets and liabilities consisted of the following:
In millions | September 30, 2025 | December 31, 2024 | $ Change | % Change
Contract assets | $ | 165.5 |  | $ | 54.9 |  | $ | 110.6 |  | 201.5 | %
Contract liabilities | 173.0 |  | 22.5 |  | 150.5 |  | 668.9 | %
Net contract assets | $ | (7.5) |  | $ | 32.4 |  | $ | (39.9) |  | (123.1) | %
The $39.9 million decrease in net contract liabilities from December 31, 2024 to September 30, 2025 was primarily the result of the acquisition of the enclosures, switchgear and bus systems businesses of Avail Infrastructure Solutions (the "Electrical Products Group") and the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2024 were recognized in revenue during the nine months ended September 30, 2025. There were no material imp airment losses recognized on our contract assets for the three and nine months ended September 30, 2025 and 2024. 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, 2025, we had $827.7 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 eighteen 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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