| 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, 2023 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | North America (1) | $ | 1,135.1 | | $ | 868.6 | | $ | 379.6 | | $ | 2,383.3 | | EMEA (2) | 369.7 | | 151.6 | | 156.5 | | 677.8 | | | Asia-Pacific | 98.3 | | 34.4 | | 58.2 | | 190.9 | | Rest of World (3) | 2.8 | | 8.4 | | 0.4 | | 11.6 | | | Total | $ | 1,605.9 | | $ | 1,063.0 | | $ | 594.7 | | $ | 3,263.6 | |
| | | | | | | | | | | | | | | | Year ended December 31, 2022 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | North America (1) | $ | 1,057.6 | | $ | 605.0 | | $ | 379.7 | | $ | 2,042.3 | | EMEA (2) | 341.7 | | 144.1 | | 174.8 | | 660.6 | | | Asia-Pacific | 101.2 | | 33.9 | | 58.4 | | 193.5 | | Rest of World (3) | 3.2 | | 8.4 | | 1.0 | | 12.6 | | | Total | $ | 1,503.7 | | $ | 791.4 | | $ | 613.9 | | $ | 2,909.0 | |
| | | | | | | | | | | | | | | | Year ended December 31, 2021 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | North America (1) | $ | 813.4 | | $ | 471.3 | | $ | 305.7 | | $ | 1,590.4 | | EMEA (2) | 333.9 | | 146.2 | | 190.6 | | 670.7 | | | Asia-Pacific | 95.1 | | 33.0 | | 62.4 | | 190.5 | | Rest of World (3) | 2.4 | | 7.0 | | 1.0 | | 10.4 | | | Total | $ | 1,244.8 | | $ | 657.5 | | $ | 559.7 | | $ | 2,462.0 | | (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 years ended December 31, 2022 and 2021 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: | | | | | | | | | | | | | | | | Year ended December 31, 2023 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | | Industrial | $ | 868.9 | | $ | 123.4 | | $ | 290.5 | | $ | 1,282.8 | | | Commercial & Residential | 242.4 | | 567.6 | | 185.0 | | 995.0 | | | Infrastructure | 468.9 | | 327.9 | | 27.8 | | 824.6 | | | Energy | 25.7 | | 44.1 | | 91.4 | | 161.2 | | | Total | $ | 1,605.9 | | $ | 1,063.0 | | $ | 594.7 | | $ | 3,263.6 | |
| | | | | | | | | | | | | | | | Year ended December 31, 2022 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | | Industrial | $ | 832.0 | | $ | 79.0 | | $ | 301.3 | | $ | 1,212.3 | | | Commercial & Residential | 223.3 | | 398.9 | | 201.7 | | 823.9 | | | Infrastructure | 420.6 | | 280.8 | | 24.6 | | 726.0 | | | Energy | 27.8 | | 32.7 | | 86.3 | | 146.8 | | | Total | $ | 1,503.7 | | $ | 791.4 | | $ | 613.9 | | $ | 2,909.0 | |
| | | | | | | | | | | | | | | | Year ended December 31, 2021 | | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | | Industrial | $ | 728.5 | | $ | 67.8 | | $ | 255.4 | | $ | 1,051.7 | | | Commercial & Residential | 194.5 | | 339.2 | | 194.6 | | 728.3 | | | Infrastructure | 307.5 | | 223.4 | | 23.4 | | 554.3 | | | Energy | 14.3 | | 27.1 | | 86.3 | | 127.7 | | | Total | $ | 1,244.8 | | $ | 657.5 | | $ | 559.7 | | $ | 2,462.0 | |
Contract balances Contract assets and liabilities consisted of the following: | | | | | | | | | | | | | | | | In millions | December 31, 2023 | December 31, 2022 | $ Change | % Change | | Contract assets | $ | 44.1 | | $ | 45.6 | | $ | (1.5) | | (3.3) | % | | Contract liabilities | 27.1 | | 22.7 | | 4.4 | | 19.4 | % | | | | | | | Net contract assets | $ | 17.0 | | $ | 22.9 | | $ | (5.9) | | (25.8) | % |
| | | | | | | | | | | | | | | | In millions | December 31, 2022 | December 31, 2021 | $ Change | % Change | | Contract assets | $ | 45.6 | | $ | 48.9 | | $ | (3.3) | | (6.7) | % | | Contract liabilities | 22.7 | | 17.8 | | 4.9 | | 27.5 | % | | | | | | | Net contract assets | $ | 22.9 | | $ | 31.1 | | $ | (8.2) | | (26.4) | % |
The $5.9 million and the $8.2 million decreases in net contract assets in 2023 and 2022, respectively, were primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2022 and 2021 were recognized in revenue as of December 31, 2023 and 2022, respectively. There were no material impairment losses recognized on our contract assets for the twelve months ended December 31, 2023 and 2022. 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 December 31, 2023, we had $17.2 million of remaining performance obligations on contracts with 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.
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