XML 21 R8.htm IDEA: XBRL DOCUMENT v3.21.1
Revenue
 3 Months Ended
Mar. 31, 2021
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 15 for revenue disaggregated by segment.

Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended
In millionsMarch 31,
2021		March 31,
2020
U.S.$586.6 $464.0 
Western Europe115.3 103.8 
Developing (1)
105.4 94.5 
Other Developed (2)
58.6 47.7 
Consolidated net sales$865.9 $710.0 
(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
In millionsMarch 31,
2021		March 31,
2020
Residential$571.7 $415.8 
Commercial137.6 141.4 
Industrial156.6 152.8 
Consolidated net sales$865.9 $710.0 
Performance obligations
On March 31, 2021, we had $78.4 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 millionsMarch 31,
2021		December 31,
2020		$ Change% Change
Contract assets$53.7 $50.1 $3.6 7.2 %
Contract liabilities29.9 27.5 2.4 8.7 %
Net contract assets$23.8 $22.6 $1.2 5.3 %

The $1.2 million increase in net contract assets from December 31, 2020 to March 31, 2021 was primarily the result of timing of milestone payments and impact of foreign currency fluctuations. Approximately 45% of our contract liabilities at December 31, 2020 were recognized in revenue in the first quarter of 2021. There were no impairment losses recognized on our contract assets for the three months ended March 31, 2021.