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.