Revenue

3 Months Ended

Mar. 31, 2024

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 March 31, 2024
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
North America (1)	$	312.9	$	241.0	$	86.6	$	640.5
EMEA (2)	103.1		38.8		40.1		182.0
Asia-Pacific	23.1		10.1		15.8		49.0
Rest of World (3)	0.8		2.3		—		3.1
Total	$	439.9	$	292.2	$	142.5	$	874.6

	Three months ended March 31, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
North America (1)	$	275.0	$	155.6	$	89.2	$	519.8
EMEA (2)	91.7		40.1		40.6		172.4
Asia-Pacific	24.0		8.1		13.9		46.0
Rest of World (3)	0.3		1.9		0.2		2.4
Total	$	391.0	$	205.7	$	143.9	$	740.6
(1) North America includes U.S., Canada and Mexico.
(2) EMEA includes Europe, Middle East, India and Africa.
(3) Rest of World includes Latin America and South America.

In the fourth quarter of 2023, based on benchmarking of industry peers and for purposes of how we assess performance, we updated the disaggregation categories on which we report revenue by geography. For comparability, we have recategorized revenue for the three months ended March 31, 2023 to conform to the new presentation. This recategorization of revenue by geography had no impact on our consolidated financial results.

Vertical net sales information was as follows:

	Three months ended March 31, 2024
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	230.6	$	37.4	$	72.0	$	340.0
Commercial & Residential	61.4		159.9		40.8		262.1
Infrastructure	141.2		82.5		7.4		231.1
Energy	6.7		12.4		22.3		41.4
Total	$	439.9	$	292.2	$	142.5	$	874.6

	Three months ended March 31, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	218.6	$	20.2	$	70.8	$	309.6
Commercial & Residential	58.6		99.4		41.8		199.8
Infrastructure	106.9		77.7		5.6		190.2
Energy	6.9		8.4		25.7		41.0
Total	$	391.0	$	205.7	$	143.9	$	740.6

Contract balances

Contract assets and liabilities consisted of the following:

In millions	March 31, 2024		December 31, 2023		$ Change		% Change
Contract assets	$	49.1	$	44.1	$	5.0	11.3	%
Contract liabilities	25.4		27.1		(1.7)		(6.3)	%
Net contract assets	$	23.7	$	17.0	$	6.7	39.4	%

The $6.7 million increase in net contract assets from December 31, 2023 to March 31, 2024 was primarily the result of the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2023 were recognized in revenue during the three months ended March 31, 2024. There were no material impairment losses recognized on our contract assets for the three months ended March 31, 2024 and 2023.

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 March 31, 2024, we had $29.5 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 twelve to eighteen months.