Revenue

9 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

We disaggregate our revenue from contracts with customers by segment, 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. Refer to Note 14 for revenue disaggregated by segment.

Geographic net sales information, based on geographic destination of the sale, was as follows:

	Three months ended				Nine months ended
In millions	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
U.S.	$	541.2	$	445.0	$	1,487.9	$	1,382.1
Western Europe	92.6		97.8		281.3		309.0
Developing (1)	108.3		119.9		303.2		357.8
Other Developed (2)	56.4		50.9		149.4		153.1
Consolidated net sales	$	798.5	$	713.6	$	2,221.8	$	2,202.0
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed includes Australia, Canada and Japan.

Vertical net sales information was as follows:

	Three months ended				Nine months ended
In millions	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Residential	$	520.3	$	395.5	$	1,375.8	$	1,230.1
Commercial	126.0		154.3		391.8		475.7
Industrial	152.2		163.8		454.2		496.2
Consolidated net sales	$	798.5	$	713.6	$	2,221.8	$	2,202.0

Performance obligations

On September 30, 2020, we had $61.5 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 12 to 18 months.

Contract assets and liabilities

Contract assets and liabilities consisted of the following:

In millions	September 30, 2020		December 31, 2019		$ Change		% Change
Contract assets	$	55.6	$	41.0	$	14.6	35.6	%
Contract liabilities	29.1		32.6		(3.5)		(10.7)	%
Net contract assets	$	26.5	$	8.4	$	18.1	215.5	%

The $18.1 million increase in net contract assets from December 31, 2019 to September 30, 2020 was primarily the result of timing of milestone payments and impact of foreign currency fluctuations. Approximately 80% of our contract liabilities at December 31, 2019 were recognized in revenue in the first nine months of 2020. There were no impairment losses recognized on our contract assets for the three or nine months ended September 30, 2020.