v3.25.4

Revenue | 12 Months Ended
--- | ---
Dec. 31, 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:
| Year ended December 31, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 2,052.3 |  | $ | 1,106.0 |  |  | $ | 3,158.3 |
EMEA (1) | 433.8 |  | 153.5 |  |  | 587.3 |
Asia-Pacific | 106.8 |  | 40.7 |  |  | 147.5 |
Total | $ | 2,592.9 |  | $ | 1,300.2 |  |  | $ | 3,893.1 |
| Year ended December 31, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 1,327.9 |  | $ | 997.6 |  |  | $ | 2,325.5 |
EMEA (1) | 387.2 |  | 146.7 |  |  | 533.9 |
Asia-Pacific | 108.2 |  | 38.5 |  |  | 146.7 |
Total | $ | 1,823.3 |  | $ | 1,182.8 |  |  | $ | 3,006.1 |
| Year ended December 31, 2023
In millions | Systems Protection | Electrical Connections |  | Total
Americas | $ | 1,137.9 |  | $ | 877.0 |  |  | $ | 2,014.9 |
EMEA (1) | 369.7 |  | 151.6 |  |  | 521.3 |
Asia-Pacific | 98.3 |  | 34.4 |  |  | 132.7 |
Total | $ | 1,605.9 |  | $ | 1,063.0 |  |  | $ | 2,668.9 |
(1) EMEA includes Europe, Middle East, India and Africa.
Vertical net sales information was as follows:
| Year ended December 31, 2025
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 1,298.9 |  | $ | 447.2 |  |  | $ | 1,746.1 |
Industrial | 998.9 |  | 170.9 |  |  | 1,169.8 |
Commercial & Residential | 260.8 |  | 636.0 |  |  | 896.8 |
Energy | 34.3 |  | 46.1 |  |  | 80.4 |
Total | $ | 2,592.9 |  | $ | 1,300.2 |  |  | $ | 3,893.1 |
| Year ended December 31, 2024
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 640.0 |  | $ | 340.9 |  |  | $ | 980.9 |
Industrial | 911.3 |  | 153.3 |  |  | 1,064.6 |
Commercial & Residential | 242.7 |  | 636.2 |  |  | 878.9 |
Energy | 29.3 |  | 52.4 |  |  | 81.7 |
Total | $ | 1,823.3 |  | $ | 1,182.8 |  |  | $ | 3,006.1 |
| Year ended December 31, 2023
In millions | Systems Protection | Electrical Connections |  | Total
Infrastructure | $ | 468.9 |  | $ | 327.9 |  |  | $ | 796.8 |
Industrial | 868.9 |  | 123.4 |  |  | 992.3 |
Commercial & Residential | 242.4 |  | 567.6 |  |  | 810.0 |
Energy | 25.7 |  | 44.1 |  |  | 69.8 |
Total | $ | 1,605.9 |  | $ | 1,063.0 |  |  | $ | 2,668.9 |
Contract balances Contract assets and liabilities consisted of the following:
In millions | December 31, 2025 | December 31, 2024 | $ Change | % Change
Contract assets | $ | 160.8 |  | $ | 54.9 |  | $ | 105.9 |  | 192.9 | %
Contract liabilities | 176.8 |  | 22.5 |  | 154.3 |  | 685.8 | %
Net contract assets (liabilities) | $ | (16.0) |  | $ | 32.4 |  | $ | (48.4) |  | (149.4) | %
In millions | December 31, 2024 | December 31, 2023 | $ Change | % Change
Contract assets | $ | 54.9 |  | $ | 13.6 |  | $ | 41.3 |  | 303.7 | %
Contract liabilities | 22.5 |  | 8.0 |  | 14.5 |  | 181.3 | %
Net contract assets (liabilities) | $ | 32.4 |  | $ | 5.6 |  | $ | 26.8 |  | 478.6 | %
The $48.4 million decrease in net contract assets in 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 $26.8 million increase in net contract liabilities in 2024 was primarily the result of the acquisition of Trachte, LLC ("Trachte") and the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2024 and 2023 were recognized in revenue as of December 31, 2025 and 2024, respectively. There were no material impairment losses recognized on our contract assets for the twelve months ended December 31, 2025 and 2024. Remaining performance obligations Beginning December 31, 2025, we discontinued the use of the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more and will disclose the remaining performance obligations for the Company regardless of duration, which we believe is preferable as it provides a more comprehensive view of our backlog. On December 31, 2025, we had $2,349.9 million of remaining performance obligations. We expect to recognize the majority of our remaining performance obligations on these contracts within the next twelve 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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