Revenue

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Revenue

Revenue

We disaggregate our revenue from contracts with customers by reportable segment, geographic location and vertical market, 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 reportable 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, 2025		September 30, 2024		September 30, 2025		September 30, 2024
U.S.	$	703.9	$	687.6	$	2,236.0	$	2,166.4
Western Europe	126.7		117.0		371.8		375.8
Developing (1)	130.6		129.9		375.8		391.9
Other Developed (2)	60.8		58.9		171.9		175.8
Consolidated net sales	$	1,022.0	$	993.4	$	3,155.5	$	3,109.9
(1) Developing includes China, Eastern Europe, Latin America, the Middle East and Southeast Asia.
(2) Other Developed primarily includes Australia and Canada.

Vertical market net sales information was as follows:

	Three months ended				Nine months ended
In millions	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Residential	$	568.3	$	519.5	$	1,796.0	$	1,644.1
Commercial	257.6		282.7		781.8		864.9
Industrial	196.1		191.2		577.7		600.9
Consolidated net sales	$	1,022.0	$	993.4	$	3,155.5	$	3,109.9

Performance obligations

As of September 30, 2025, we had $102.4 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 millions	September 30, 2025		December 31, 2024		$ Change		% Change
Contract assets	$	61.2	$	46.7	$	14.5	31.0	%
Contract liabilities	44.8		38.8		6.0		15.5	%
Net contract assets	$	16.4	$	7.9	$	8.5	107.6	%

The $8.5 million increase in net contract assets from December 31, 2024 to September 30, 2025 was primarily the result of timing of milestone payments. Approximately 90% of our contract liabilities at December 31, 2024 were recognized in revenue in the first nine months of 2025.