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Revenue
 9 Months Ended
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 millionsSystems ProtectionElectrical ConnectionsTotal
Americas$574.2 $290.6 $864.8 
EMEA (1)
114.3 37.9 152.2 
Asia-Pacific27.1 9.9 37.0 
Total$715.6 $338.4 $1,054.0 
Nine months ended September 30, 2025
In millionsSystems ProtectionElectrical ConnectionsTotal
Americas$1,448.6 $828.0 $2,276.6 
EMEA (1)
323.9 113.1 437.0 
Asia-Pacific83.3 29.5 112.8 
Total$1,855.8 $970.6 $2,826.4 
Three months ended September 30, 2024
In millionsSystems ProtectionElectrical ConnectionsTotal
Americas$354.3 $258.9 $613.2 
EMEA (1)
95.3 35.8 131.1 
Asia-Pacific27.5 10.2 37.7 
Total$477.1 $304.9 $782.0 
Nine months ended September 30, 2024
In millionsSystems ProtectionElectrical ConnectionsTotal
Americas$988.8 $756.0 $1,744.8 
EMEA (1)
292.0 110.4 402.4 
Asia-Pacific77.0 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 millionsSystems ProtectionElectrical ConnectionsTotal
Infrastructure$373.3 $121.3 $494.6 
Industrial265.8 43.5 309.3 
Commercial & Residential69.0 163.1 232.1 
Energy7.5 10.5 18.0 
Total$715.6 $338.4 $1,054.0 
Nine months ended September 30, 2025
In millionsSystems ProtectionElectrical ConnectionsTotal
Infrastructure$883.7 $325.2 $1,208.9 
Industrial744.9 128.2 873.1 
Commercial & Residential201.4 481.5 682.9 
Energy25.8 35.7 61.5 
Total$1,855.8 $970.6 $2,826.4 
Three months ended September 30, 2024
In millionsSystems ProtectionElectrical ConnectionsTotal
Infrastructure$177.0 $88.6 $265.6 
Industrial231.9 39.6 271.5 
Commercial & Residential60.9 163.1 224.0 
Energy7.3 13.6 20.9 
Total$477.1 $304.9 $782.0 
Nine months ended September 30, 2024
In millionsSystems ProtectionElectrical ConnectionsTotal
Infrastructure$452.0 $258.0 $710.0 
Industrial698.8 114.5 813.3 
Commercial & Residential185.8 484.5 670.3 
Energy21.2 39.1 60.3 
Total$1,357.8 $896.1 $2,253.9 
Contract balances
Contract assets and liabilities consisted of the following:
In millionsSeptember 30, 2025December 31, 2024$ Change% Change
Contract assets$165.5 $54.9 $110.6 201.5 %
Contract liabilities173.0 22.5 150.5 668.9 %
Net contract assets$(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 impairment 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.