Revenue

6 Months Ended

Jun. 30, 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				Six months ended
In millions	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
U.S.	$	639.1	$	482.7	$	1,225.7	$	946.7
Western Europe	120.7		84.9		236.0		188.7
Developing (1)	120.5		100.4		225.9		194.9
Other Developed (2)	60.8		45.3		119.4		93.0
Consolidated net sales	$	941.1	$	713.3	$	1,807.0	$	1,423.3
(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				Six months ended
In millions	June 30, 2021		June 30, 2020		June 30, 2021		June 30, 2020
Residential	$	599.5	$	439.7	$	1,171.2	$	855.5
Commercial	173.2		124.4		310.8		265.8
Industrial	168.4		149.2		325.0		302.0
Consolidated net sales	$	941.1	$	713.3	$	1,807.0	$	1,423.3

Performance obligations

On June 30, 2021, we had $83.3 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	June 30, 2021		December 31, 2020		$ Change		% Change
Contract assets	$	52.3	$	50.1	$	2.2	4.4	%
Contract liabilities	35.7		27.5		8.2		29.8	%
Net contract assets	$	16.6	$	22.6	$	(6.0)	(26.5)	%

The $6.0 million decrease in net contract assets from December 31, 2020 to June 30, 2021 was primarily the result of timing of milestone payments and impact of foreign currency fluctuations. Approximately 65% of our contract liabilities at December 31, 2020 were recognized in revenue in the first half of 2021. There were no impairment losses recognized on our contract assets for the three months ended June 30, 2021.