nVent Electric (NVT) 10-Q3 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page	3 Months Ended
Cover Page	Mar. 31, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	001-38265
Entity Registrant Name	nVent Electric plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1391970
Entity Address, Address Line One	The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town	London
Entity Address, Postal Zip Code	TW8 9DW
Entity Address, Country	GB
Country Region	44
City Area Code	20
Local Phone Number	3966-0279
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	NVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	166,019,014
Entity Central Index Key	0001720635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated and Comb

Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net sales	$ 874.6	$ 740.6
Cost of goods sold	519.1	437.4
Gross profit	355.5	303.2
Selling, general and administrative	175.5	162.4
Research and development	20.8	16.7
Operating income	159.2	124.1
Net interest expense	22.2	7.8
Other expense	1.2	1.2
Income before income taxes	135.8	115.1
Provision for income taxes	30.7	21.3
Net income	105.1	93.8
Comprehensive income, net of tax
Changes in cumulative translation adjustment	(12)	4.2
Changes in market value of derivative financial instruments, net of tax	3.4	(0.6)
Comprehensive income	$ 96.5	$ 97.4
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.64	$ 0.57
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.62	$ 0.56
Weighted average ordinary shares outstanding
Basic (shares)	165.5	165.3
Diluted (shares)	168.5	168
Cash dividends paid per ordinary share (in usd per share)	$ 0.19	$ 0.175

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 211.4	$ 185.1
Accounts and notes receivable, net of allowances of $15.7 and $15.0, respectively	591.5	589.5
Inventories	441.1	441.3
Other current assets	129.9	120.2
Total current assets	1,373.9	1,336.1
Property, plant and equipment, net	383.5	390
Other assets
Goodwill	2,571.2	2,571.1
Intangibles, net	1,489.6	1,517
Other non-current assets	351.5	347.5
Total other assets	4,412.3	4,435.6
Total assets	6,169.7	6,161.7
Current liabilities
Current maturities of long-term debt and short-term borrowings	33.8	31.9
Accounts payable	263.2	275.7
Employee compensation and benefits	95.3	122.2
Other current liabilities	298	303.8
Total current liabilities	690.3	733.6
Other liabilities
Long-term debt	1,739.8	1,748.8
Pension and other post-retirement compensation and benefits	149.1	153
Deferred tax liabilities	202.3	204.4
Other non-current liabilities	175.9	179.8
Total liabilities	2,957.4	3,019.6
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 166.0 million and 165.1 million issued at March 31, 2024 and December 31, 2023, respectively	1.7	1.7
Additional paid-in capital	2,344.9	2,339.1
Retained earnings	978.3	905.3
Accumulated other comprehensive loss	(112.6)	(104)
Total equity	3,212.3	3,142.1
Total liabilities and equity	$ 6,169.7	$ 6,161.7

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 15.7	$ 15
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares authorized (in shares)	400,000,000	400,000,000
Ordinary shares issued (in shares)	166,000,000	165,100,000

Condensed Consolidated and Co_2

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating activities
Net income	$ 105.1	$ 93.8
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	14.4	11.1
Amortization	25.2	17.6
Deferred income taxes	(0.2)	0.6
Share-based compensation	6.6	5.7
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(6.1)	20.8
Inventories	(7.9)	(17.3)
Other current assets	(12.1)	(13.5)
Accounts payable	(5.4)	(7.6)
Employee compensation and benefits	(26.1)	(30.2)
Other current liabilities	(3.3)	(9.3)
Other non-current assets and liabilities	(0.2)	(2.3)
Net cash provided by (used for) operating activities	90	69.4
Investing activities
Capital expenditures	(16.1)	(17.1)
Proceeds from sale of property and equipment	0.3	0.2
Net cash provided by (used for) investing activities	(15.8)	(16.9)
Financing activities
Repayments of long-term debt	(7.5)	(3.8)
Dividends paid	(31.9)	(29.3)
Shares issued to employees, net of shares withheld	(0.8)	(2.5)
Repurchases of ordinary shares	0	(15.2)
Net cash provided by (used for) financing activities	(40.2)	(50.8)
Effect of exchange rate changes on cash and cash equivalents	(7.7)	3.9
Change in cash and cash equivalents	26.3	5.6
Cash and cash equivalents, beginning of period	185.1	297.5
Cash and cash equivalents, end of period	$ 211.4	$ 303.1

Condensed Consolidated and Co_3

Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2022		165,300
Beginning balance at Dec. 31, 2022	$ 2,731.7	$ 1.7	$ 2,372.3	$ 457.3	$ (99.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	93.8			93.8
Other Comprehensive Income (Loss), Net of Tax	3.6				3.6
Dividends, Common Stock	$ (29.3)			(29.3)
Share repurchases (in shares)	(300)	(300)
Share repurchases	$ (13.2)		(13.2)
Exercise of options, net of shares tendered for payment (in shares)		200
Stock Issued During Period, Value, Stock Options Exercised	5.1		5.1
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0
Issuance of restricted shares, net of cancellations		700
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(7.5)	$ (0.2)	(7.5)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.7		5.7
Ending balance (in shares) at Mar. 31, 2023		165,700
Ending balance at Mar. 31, 2023	2,789.9	$ 1.7	2,362.4	521.8	(96)
Beginning balance (in shares) at Dec. 31, 2023		165,100
Beginning balance at Dec. 31, 2023	3,142.1	$ 1.7	2,339.1	905.3	(104)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	105.1			105.1
Other Comprehensive Income (Loss), Net of Tax	(8.6)				(8.6)
Dividends, Common Stock	(32.1)			(32.1)
Exercise of options, net of shares tendered for payment (in shares)		500
Stock Issued During Period, Value, Stock Options Exercised	10		10
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	0
Issuance of restricted shares, net of cancellations		600
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(10.8)	$ (0.2)	(10.8)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.6		6.6
Ending balance (in shares) at Mar. 31, 2024		166,000
Ending balance at Mar. 31, 2024	$ 3,212.3	$ 1.7	$ 2,344.9	$ 978.3	$ (112.6)

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	3 Months Ended
Supplemental Balance Sheet Information	Mar. 31, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions March 31, December 31, Inventories Raw materials and supplies $ 165.8 $ 165.1 Work-in-process 32.2 34.9 Finished goods 243.1 241.3 Total inventories $ 441.1 $ 441.3 Other current assets Contract assets $ 49.1 $ 44.1 Prepaid expenses 48.4 44.7 Prepaid income taxes 7.0 10.5 Other current assets 25.4 20.9 Total other current assets $ 129.9 $ 120.2 Property, plant and equipment, net Land and land improvements $ 39.2 $ 39.6 Buildings and leasehold improvements 219.1 217.4 Machinery and equipment 602.3 599.6 Construction in progress 31.6 37.2 Total property, plant and equipment 892.2 893.8 Accumulated depreciation and amortization 508.7 503.8 Total property, plant and equipment, net $ 383.5 $ 390.0 Other non-current assets Deferred compensation plan assets $ 20.0 $ 19.4 Lease right-of-use assets 121.6 118.7 Deferred tax assets 178.6 179.2 Other non-current assets 31.3 30.2 Total other non-current assets $ 351.5 $ 347.5 Other current liabilities Dividends payable $ 32.1 $ 32.6 Accrued rebates 76.4 90.7 Contract liabilities 25.4 27.1 Accrued taxes payable 44.8 54.0 Current lease liabilities 26.7 25.6 Accrued interest 26.0 11.2 Other current liabilities 66.6 62.6 Total other current liabilities $ 298.0 $ 303.8 Other non-current liabilities Income taxes payable $ 28.1 $ 28.2 Deferred compensation plan liabilities 20.0 19.4 Non-current lease liabilities 100.5 98.4 Other non-current liabilities 27.3 33.8 Total other non-current liabilities $ 175.9 $ 179.8

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation and Responsibility for Interim Financial Statements	Basis of Presentation and Responsibility for Interim Financial Statements Business nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K. Basis of presentation The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted. We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.

Revenue

Revenue	3 Months Ended
Revenue	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
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: Three months ended March 31, 2024 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total North America (1) $ 312.9 $ 241.0 $ 86.6 $ 640.5 EMEA (2) 103.1 38.8 40.1 182.0 Asia-Pacific 23.1 10.1 15.8 49.0 Rest of World (3) 0.8 2.3 — 3.1 Total $ 439.9 $ 292.2 $ 142.5 $ 874.6 Three months ended March 31, 2023 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total North America (1) $ 275.0 $ 155.6 $ 89.2 $ 519.8 EMEA (2) 91.7 40.1 40.6 172.4 Asia-Pacific 24.0 8.1 13.9 46.0 Rest of World (3) 0.3 1.9 0.2 2.4 Total $ 391.0 $ 205.7 $ 143.9 $ 740.6 (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 three months ended March 31, 2023 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: Three months ended March 31, 2024 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 230.6 $ 37.4 $ 72.0 $ 340.0 Commercial & Residential 61.4 159.9 40.8 262.1 Infrastructure 141.2 82.5 7.4 231.1 Energy 6.7 12.4 22.3 41.4 Total $ 439.9 $ 292.2 $ 142.5 $ 874.6 Three months ended March 31, 2023 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 218.6 $ 20.2 $ 70.8 $ 309.6 Commercial & Residential 58.6 99.4 41.8 199.8 Infrastructure 106.9 77.7 5.6 190.2 Energy 6.9 8.4 25.7 41.0 Total $ 391.0 $ 205.7 $ 143.9 $ 740.6 Contract balances Contract assets and liabilities consisted of the following: In millions March 31, 2024 December 31, 2023 $ Change % Change Contract assets $ 49.1 $ 44.1 $ 5.0 11.3 % Contract liabilities 25.4 27.1 (1.7) (6.3) % Net contract assets $ 23.7 $ 17.0 $ 6.7 39.4 % The $6.7 million increase in net contract assets from December 31, 2023 to March 31, 2024 wa s primarily the result of the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2023 were recognized in revenue during the three months ended March 31, 2024. There were no material impairment losses recognized on our contract assets for the three months ended March 31, 2024 and 2023. 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 March 31, 2024, we had $29.5 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 twelve

Restructuring

Restructuring	3 Months Ended
Restructuring	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the three months ended March 31, 2024 and the year ended December 31, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: Three months ended In millions March 31, March 31, Severance and related costs $ 0.9 $ 1.2 Other 0.4 2.8 Total restructuring costs $ 1.3 $ 4.0 Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows: Three months ended In millions March 31, March 31, Enclosures $ 0.3 $ 0.6 Electrical & Fastening Solutions 0.6 0.2 Thermal Management 0.1 2.9 Other 0.3 0.3 Total $ 1.3 $ 4.0 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows: Three months ended In millions March 31, March 31, Beginning balance $ 2.9 $ 2.4 Costs incurred 0.9 1.2 Cash payments and other (1.5) (2.0) Ending balance $ 2.3 $ 1.6

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended In millions, except per share data March 31, March 31, Net income $ 105.1 $ 93.8 Weighted average ordinary shares outstanding Basic 165.5 165.3 Dilutive impact of stock options, restricted stock units and performance share units 3.0 2.7 Diluted 168.5 168.0 Earnings per ordinary share Basic earnings per ordinary share $ 0.64 $ 0.57 Diluted earnings per ordinary share $ 0.62 $ 0.56 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 0.1

Acquisitions

Acquisitions	3 Months Ended
Acquisitions	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions ECM Industries Acquisition On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 9 below). The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to the impacts associated with income taxes. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation. The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported as of December 31, 2023 and revised as of March 31, 2024: In millions As Previously Reported As Revised Cash $ 45.7 $ 45.7 Accounts receivable 77.0 77.0 Inventories 104.2 99.1 Other current assets 4.9 4.9 Property, plant and equipment 75.3 75.2 Identifiable intangible assets 524.0 524.0 Goodwill 375.7 379.5 Other assets 17.0 17.0 Current liabilities (53.9) (53.8) Other liabilities (35.8) (34.5) Purchase price $ 1,134.1 $ 1,134.1 The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $379.5 million, substantially all of which is expected to be deductible for income tax purposes. Goodwill recognized from the ECM Industries acquisition primarily reflects the future economic benefit resulting from synergies of our combined operations. Identifiable intangible assets acquired included $113.7 million of trade name intangible assets, a majority of which are indefinite-lived, $381.7 million of definite-lived customer relationships with an estimated useful life of 20 years, and $22.0 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy. The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022: Three months ended In millions, except per share date March 31, 2023 Pro forma net sales $ 847.1 Pro forma net income 96.2 Pro forma earnings per ordinary share Basic $ 0.58 Diluted 0.57 The unaudited pro forma net income includes adjustments for the amortization of acquired intangible assets, depreciation for the fair value adjustment to acquisition-date fixed assets and interest expense on debt issued to finance the acquisition, as well as the related income tax impact. The unaudited pro forma net income for the three months ended March 31, 2023 excludes the impact of $2.5 million of transaction-related charges. The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ECM Industries acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ECM Industries acquisition occurred on January 1, 2022. On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023. The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $11.6 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to the impacts associated with income taxes and working capital accounts. The pro forma impact of the TEXA Industries acquisition is not material.

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	3 Months Ended
Goodwill and Other Identifiable Intangible Assets	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Identifiable Intangible Assets	Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Acquisitions/ Foreign currency March 31, Enclosures $ 430.4 $ 0.3 $ (2.9) $ 427.8 Electrical & Fastening Solutions 1,427.7 3.8 — 1,431.5 Thermal Management 713.0 — (1.1) 711.9 Total goodwill $ 2,571.1 $ 4.1 $ (4.0) $ 2,571.2 Identifiable intangible assets consisted of the following: March 31, 2024 December 31, 2023 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,681.9 $ (620.1) $ 1,061.8 $ 1,684.8 $ (599.3) $ 1,085.5 Proprietary technology and patents 63.5 (22.3) 41.2 63.7 (20.8) 42.9 Other finite-lived intangible assets 18.0 (6.8) 11.2 18.0 (4.8) 13.2 Total definite-life intangibles 1,763.4 (649.2) 1,114.2 1,766.5 (624.9) 1,141.6 Indefinite-life intangibles Trade names 375.4 — 375.4 375.4 — 375.4 Total intangibles $ 2,138.8 $ (649.2) $ 1,489.6 $ 2,141.9 $ (624.9) $ 1,517.0 Identifiable intangible asset amortization expense was $25.2 million and $17.6 million for the three months ended March 31, 2024 and 2023, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows: Q2-Q4 In millions 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 71.5 $ 94.3 $ 94.3 $ 94.2 $ 90.0 $ 77.5

Derivatives and Financial Instr

Derivatives and Financial Instruments	3 Months Ended
Derivatives and Financial Instruments	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Financial Instruments	Derivatives and Financial Instruments Derivative financial instruments We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality. Foreign currency contracts We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. We manage our economic and transaction exposure to certain market-based risks through the use of derivative instruments. These derivative instruments primarily consist of forward foreign currency contracts used to mitigate foreign currency exposure for certain foreign currency assets and liabilities. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year. These foreign currency contracts are not designated as hedging instruments; accordingly, changes in the fair value are recorded in current period earnings. At March 31, 2024 and December 31, 2023, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $132.7 million and $146.8 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented. Cross currency swaps At March 31, 2024 and December 31, 2023, we had outstanding cross currency swap agreements with a combined notional amount of $322.6 million and $330.8 million, respectively. The agreements are accounted for as either cash flow hedges or fair value hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At March 31, 2024 and December 31, 2023, we had deferred foreign currency gain of $0.1 million and loss of $3.5 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instrument: • short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; • long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; • cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: March 31, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 485.0 $ 485.0 $ 492.5 $ 492.5 Fixed rate debt 1,300.0 1,241.9 1,300.0 1,261.6 Total debt $ 1,785.0 $ 1,726.9 $ 1,792.5 $ 1,754.1 Financial assets and liabilities measured at fair value on a recurring basis were as follows: Recurring fair value measurements March 31, 2024 In millions Level 1 Level 2 Level 3 NAV Total Cross currency swap liabilities $ — $ (14.4) $ — $ — $ (14.4) Cross currency swap assets — 5.3 — — 5.3 Foreign currency contract liabilities — (1.0) — — (1.0) Foreign currency contract assets — 0.7 — — 0.7 Deferred compensation plan assets 13.3 — — 6.7 20.0 Total recurring fair value measurements $ 13.3 $ (9.4) $ — $ 6.7 $ 10.6 Recurring fair value measurements December 31, 2023 In millions Level 1 Level 2 Level 3 NAV Total Cross currency swap liabilities $ — $ (21.7) $ — $ — $ (21.7) Cross currency swap assets — 3.9 — — 3.9 Foreign currency contract liabilities — (0.8) — — (0.8) Foreign currency contract assets — 2.1 — — 2.1 Deferred compensation plan assets 13.3 — — 6.1 19.4 Total recurring fair value measurements $ 13.3 $ (16.5) $ — $ 6.1 $ 2.9

Debt

Debt	3 Months Ended
Debt	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate at March 31, 2024 Maturity March 31, December 31, Revolving credit facility N/A 2026 $ — $ — 2021 Term loan facility 6.679% 2026 196.2 200.0 2023 Term loan facility 6.679% 2028 288.8 292.5 Senior notes - fixed rate 4.550% 2028 500.0 500.0 Senior notes - fixed rate 2.750% 2031 300.0 300.0 Senior notes - fixed rate 5.650% 2033 500.0 500.0 Unamortized debt issuance costs and discounts N/A N/A (11.4) (11.8) Total debt 1,773.6 1,780.7 Less: Current maturities and short-term borrowings (33.8) (31.9) Long-term debt $ 1,739.8 $ 1,748.8 Senior notes In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes"). In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes"). In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes"). Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year. The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees. The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions. There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission. Senior credit facilities In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of March 31, 2024, the borrowing capacity under the Revolving Credit Facility was $600.0 million. Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating. In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating. Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2023 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions, which we elected in connection with the acquisition of ECM Industries in May 2023 for each of the next four fiscal quarters beginning in the second quarter of 2023) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2023 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of March 31, 2024, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants. Debt outstanding at March 31, 2024, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows: Q2-Q4 In millions 2024 2025 2026 2027 2028 2029 Thereafter Total Contractual debt obligation maturities $ 24.4 $ 37.5 $ 179.4 $ 22.5 $ 721.2 $ — $ 800.0 $ 1,785.0

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the three months ended March 31, 2024 was 22.6% compared to 18.5% for the three months ended March 31, 2023. The liability for uncertain tax positions was $13.8 million and $13.9 million at March 31, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices. The Organization for Economic Co-operation and Development introduced an international tax framework under Pillar II (the "Pillar II framework") which includes a global minimum tax of 15%. The Pillar II framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, which resulted in an increase to our effective tax rate in the three months ended March 31, 2024 compared to the three months ended March 31, 2023.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share repurchases On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024. During the three months ended March 31, 2024, we did not repurchase ordinary shares under the 2021 Authorization. During the three months ended March 31, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. As of March 31, 2024, we had $81.8 million available for share repurchases under the 2021 Authorization. Dividends payable On February 19, 2024, the Board of Directors declared a quarterly cash dividend of $0.19 per ordinary share payable on May 10, 2024, to shareholders of record at the close of business on April 26, 2024. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $32.1 million and $32.6 million at March 31, 2024 and December 31, 2023, respectively.

Segment Information

Segment Information	3 Months Ended
Segment Information	Mar. 31, 2024
Segment Reporting [Abstract]
Segment Information	Segment Information We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents operating income exclusive of intangible amortization, acquisition related costs, costs of restructuring activities, impairments and other unusual non-operating items. Financial information by reportable segment is as follows: Three months ended In millions March 31, March 31, Net sales Enclosures $ 439.9 $ 391.0 Electrical & Fastening Solutions 292.2 205.7 Thermal Management 142.5 143.9 Total $ 874.6 $ 740.6 Segment income (loss) Enclosures $ 94.8 $ 82.5 Electrical & Fastening Solutions 85.2 61.3 Thermal Management 31.8 30.9 Other (19.5) (26.7) Total $ 192.3 $ 148.0 The following table presents a reconciliation of segment income to income before income taxes: Three months ended In millions March 31, March 31, Segment income $ 192.3 $ 148.0 Restructuring and other (1.3) (4.0) Intangible amortization (25.2) (17.6) Acquisition transaction and integration costs (6.6) (2.3) Net interest expense (22.2) (7.8) Other expense (1.2) (1.2) Income before income taxes $ 135.8 $ 115.1

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties and guarantees In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of March 31, 2024 and December 31, 2023 was not material. Stand-by letters of credit, bank guarantees and bonds In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of March 31, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $42.7 million and $45.5 million, respectively.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
Share-Based Compensation	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	Share-Based Compensation Total share-based compensation expense for the three months ended March 31, 2024 and 2023, was as follows: Three months ended In millions March 31, March 31, Restricted stock units $ 3.3 $ 2.7 Performance share units 2.0 2.0 Stock options 1.3 1.0 Total $ 6.6 $ 5.7 In the first quarter of 2024, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $68.74, $103.93 and $27.16, respectively. We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions: 2024 Annual Grant Risk-free interest rate 4.06 % Expected dividend yield 1.27 % Expected share price volatility 37.1 % Expected term (years) 6.8 These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected. We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income	$ 105.1	$ 93.8

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

Revenue (Tables)	3 Months Ended
Revenue (Tables)	Mar. 31, 2024
Revenue from Contract with Customer [Abstract]
Revenue by Category	Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended March 31, 2024 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total North America (1) $ 312.9 $ 241.0 $ 86.6 $ 640.5 EMEA (2) 103.1 38.8 40.1 182.0 Asia-Pacific 23.1 10.1 15.8 49.0 Rest of World (3) 0.8 2.3 — 3.1 Total $ 439.9 $ 292.2 $ 142.5 $ 874.6 Three months ended March 31, 2023 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total North America (1) $ 275.0 $ 155.6 $ 89.2 $ 519.8 EMEA (2) 91.7 40.1 40.6 172.4 Asia-Pacific 24.0 8.1 13.9 46.0 Rest of World (3) 0.3 1.9 0.2 2.4 Total $ 391.0 $ 205.7 $ 143.9 $ 740.6 (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 three months ended March 31, 2023 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: Three months ended March 31, 2024 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 230.6 $ 37.4 $ 72.0 $ 340.0 Commercial & Residential 61.4 159.9 40.8 262.1 Infrastructure 141.2 82.5 7.4 231.1 Energy 6.7 12.4 22.3 41.4 Total $ 439.9 $ 292.2 $ 142.5 $ 874.6 Three months ended March 31, 2023 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 218.6 $ 20.2 $ 70.8 $ 309.6 Commercial & Residential 58.6 99.4 41.8 199.8 Infrastructure 106.9 77.7 5.6 190.2 Energy 6.9 8.4 25.7 41.0 Total $ 391.0 $ 205.7 $ 143.9 $ 740.6
Contract assets and liabilities	Contract assets and liabilities consisted of the following: In millions March 31, 2024 December 31, 2023 $ Change % Change Contract assets $ 49.1 $ 44.1 $ 5.0 11.3 % Contract liabilities 25.4 27.1 (1.7) (6.3) % Net contract assets $ 23.7 $ 17.0 $ 6.7 39.4 %

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
Restructuring (Tables)	Mar. 31, 2024
Restructuring and Related Activities [Abstract]
Restructuring Related Costs	Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: Three months ended In millions March 31, March 31, Severance and related costs $ 0.9 $ 1.2 Other 0.4 2.8 Total restructuring costs $ 1.3 $ 4.0
Restructuring Costs By Segment	Restructuring costs by reportable segment were as follows: Three months ended In millions March 31, March 31, Enclosures $ 0.3 $ 0.6 Electrical & Fastening Solutions 0.6 0.2 Thermal Management 0.1 2.9 Other 0.3 0.3 Total $ 1.3 $ 4.0
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets	Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows: Three months ended In millions March 31, March 31, Beginning balance $ 2.9 $ 2.4 Costs incurred 0.9 1.2 Cash payments and other (1.5) (2.0) Ending balance $ 2.3 $ 1.6

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2024
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended In millions, except per share data March 31, March 31, Net income $ 105.1 $ 93.8 Weighted average ordinary shares outstanding Basic 165.5 165.3 Dilutive impact of stock options, restricted stock units and performance share units 3.0 2.7 Diluted 168.5 168.0 Earnings per ordinary share Basic earnings per ordinary share $ 0.64 $ 0.57 Diluted earnings per ordinary share $ 0.62 $ 0.56 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 0.1

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
Acquisitions (Tables)	Mar. 31, 2024
Business Combination and Asset Acquisition [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported as of December 31, 2023 and revised as of March 31, 2024: In millions As Previously Reported As Revised Cash $ 45.7 $ 45.7 Accounts receivable 77.0 77.0 Inventories 104.2 99.1 Other current assets 4.9 4.9 Property, plant and equipment 75.3 75.2 Identifiable intangible assets 524.0 524.0 Goodwill 375.7 379.5 Other assets 17.0 17.0 Current liabilities (53.9) (53.8) Other liabilities (35.8) (34.5) Purchase price $ 1,134.1 $ 1,134.1
Business Acquisition, Pro Forma Information	The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022: Three months ended In millions, except per share date March 31, 2023 Pro forma net sales $ 847.1 Pro forma net income 96.2 Pro forma earnings per ordinary share Basic $ 0.58 Diluted 0.57

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	3 Months Ended
Goodwill and Other Identifiable Intangible Assets (Tables)	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Carrying Amount of Goodwill by Segment	The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Acquisitions/ Foreign currency March 31, Enclosures $ 430.4 $ 0.3 $ (2.9) $ 427.8 Electrical & Fastening Solutions 1,427.7 3.8 — 1,431.5 Thermal Management 713.0 — (1.1) 711.9 Total goodwill $ 2,571.1 $ 4.1 $ (4.0) $ 2,571.2
Schedule of Finite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: March 31, 2024 December 31, 2023 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,681.9 $ (620.1) $ 1,061.8 $ 1,684.8 $ (599.3) $ 1,085.5 Proprietary technology and patents 63.5 (22.3) 41.2 63.7 (20.8) 42.9 Other finite-lived intangible assets 18.0 (6.8) 11.2 18.0 (4.8) 13.2 Total definite-life intangibles 1,763.4 (649.2) 1,114.2 1,766.5 (624.9) 1,141.6 Indefinite-life intangibles Trade names 375.4 — 375.4 375.4 — 375.4 Total intangibles $ 2,138.8 $ (649.2) $ 1,489.6 $ 2,141.9 $ (624.9) $ 1,517.0
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: March 31, 2024 December 31, 2023 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships $ 1,681.9 $ (620.1) $ 1,061.8 $ 1,684.8 $ (599.3) $ 1,085.5 Proprietary technology and patents 63.5 (22.3) 41.2 63.7 (20.8) 42.9 Other finite-lived intangible assets 18.0 (6.8) 11.2 18.0 (4.8) 13.2 Total definite-life intangibles 1,763.4 (649.2) 1,114.2 1,766.5 (624.9) 1,141.6 Indefinite-life intangibles Trade names 375.4 — 375.4 375.4 — 375.4 Total intangibles $ 2,138.8 $ (649.2) $ 1,489.6 $ 2,141.9 $ (624.9) $ 1,517.0
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows: Q2-Q4 In millions 2024 2025 2026 2027 2028 2029 Estimated amortization expense $ 71.5 $ 94.3 $ 94.3 $ 94.2 $ 90.0 $ 77.5

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	3 Months Ended
Supplemental Balance Sheet Information (Tables)	Mar. 31, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions March 31, December 31, Inventories Raw materials and supplies $ 165.8 $ 165.1 Work-in-process 32.2 34.9 Finished goods 243.1 241.3 Total inventories $ 441.1 $ 441.3 Other current assets Contract assets $ 49.1 $ 44.1 Prepaid expenses 48.4 44.7 Prepaid income taxes 7.0 10.5 Other current assets 25.4 20.9 Total other current assets $ 129.9 $ 120.2 Property, plant and equipment, net Land and land improvements $ 39.2 $ 39.6 Buildings and leasehold improvements 219.1 217.4 Machinery and equipment 602.3 599.6 Construction in progress 31.6 37.2 Total property, plant and equipment 892.2 893.8 Accumulated depreciation and amortization 508.7 503.8 Total property, plant and equipment, net $ 383.5 $ 390.0 Other non-current assets Deferred compensation plan assets $ 20.0 $ 19.4 Lease right-of-use assets 121.6 118.7 Deferred tax assets 178.6 179.2 Other non-current assets 31.3 30.2 Total other non-current assets $ 351.5 $ 347.5 Other current liabilities Dividends payable $ 32.1 $ 32.6 Accrued rebates 76.4 90.7 Contract liabilities 25.4 27.1 Accrued taxes payable 44.8 54.0 Current lease liabilities 26.7 25.6 Accrued interest 26.0 11.2 Other current liabilities 66.6 62.6 Total other current liabilities $ 298.0 $ 303.8 Other non-current liabilities Income taxes payable $ 28.1 $ 28.2 Deferred compensation plan liabilities 20.0 19.4 Non-current lease liabilities 100.5 98.4 Other non-current liabilities 27.3 33.8 Total other non-current liabilities $ 175.9 $ 179.8

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	3 Months Ended
Derivatives and Financial Instruments (Tables)	Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments	The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: March 31, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 485.0 $ 485.0 $ 492.5 $ 492.5 Fixed rate debt 1,300.0 1,241.9 1,300.0 1,261.6 Total debt $ 1,785.0 $ 1,726.9 $ 1,792.5 $ 1,754.1
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis were as follows: Recurring fair value measurements March 31, 2024 In millions Level 1 Level 2 Level 3 NAV Total Cross currency swap liabilities $ — $ (14.4) $ — $ — $ (14.4) Cross currency swap assets — 5.3 — — 5.3 Foreign currency contract liabilities — (1.0) — — (1.0) Foreign currency contract assets — 0.7 — — 0.7 Deferred compensation plan assets 13.3 — — 6.7 20.0 Total recurring fair value measurements $ 13.3 $ (9.4) $ — $ 6.7 $ 10.6 Recurring fair value measurements December 31, 2023 In millions Level 1 Level 2 Level 3 NAV Total Cross currency swap liabilities $ — $ (21.7) $ — $ — $ (21.7) Cross currency swap assets — 3.9 — — 3.9 Foreign currency contract liabilities — (0.8) — — (0.8) Foreign currency contract assets — 2.1 — — 2.1 Deferred compensation plan assets 13.3 — — 6.1 19.4 Total recurring fair value measurements $ 13.3 $ (16.5) $ — $ 6.1 $ 2.9

Debt (Tables)

Debt (Tables)	3 Months Ended
Debt (Tables)	Mar. 31, 2024
Debt Disclosure [Abstract]
Debt and Average Interest Rates on Debt Outstanding	Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate at March 31, 2024 Maturity March 31, December 31, Revolving credit facility N/A 2026 $ — $ — 2021 Term loan facility 6.679% 2026 196.2 200.0 2023 Term loan facility 6.679% 2028 288.8 292.5 Senior notes - fixed rate 4.550% 2028 500.0 500.0 Senior notes - fixed rate 2.750% 2031 300.0 300.0 Senior notes - fixed rate 5.650% 2033 500.0 500.0 Unamortized debt issuance costs and discounts N/A N/A (11.4) (11.8) Total debt 1,773.6 1,780.7 Less: Current maturities and short-term borrowings (33.8) (31.9) Long-term debt $ 1,739.8 $ 1,748.8
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding at March 31, 2024, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows: Q2-Q4 In millions 2024 2025 2026 2027 2028 2029 Thereafter Total Contractual debt obligation maturities $ 24.4 $ 37.5 $ 179.4 $ 22.5 $ 721.2 $ — $ 800.0 $ 1,785.0

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
Segment Information (Tables)	Mar. 31, 2024
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended In millions March 31, March 31, Net sales Enclosures $ 439.9 $ 391.0 Electrical & Fastening Solutions 292.2 205.7 Thermal Management 142.5 143.9 Total $ 874.6 $ 740.6 Segment income (loss) Enclosures $ 94.8 $ 82.5 Electrical & Fastening Solutions 85.2 61.3 Thermal Management 31.8 30.9 Other (19.5) (26.7) Total $ 192.3 $ 148.0
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table presents a reconciliation of segment income to income before income taxes: Three months ended In millions March 31, March 31, Segment income $ 192.3 $ 148.0 Restructuring and other (1.3) (4.0) Intangible amortization (25.2) (17.6) Acquisition transaction and integration costs (6.6) (2.3) Net interest expense (22.2) (7.8) Other expense (1.2) (1.2) Income before income taxes $ 135.8 $ 115.1

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
Share-Based Compensation (Tables)	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Total share-based compensation expense for the three months ended March 31, 2024 and 2023, was as follows: Three months ended In millions March 31, March 31, Restricted stock units $ 3.3 $ 2.7 Performance share units 2.0 2.0 Stock options 1.3 1.0 Total $ 6.6 $ 5.7
Schedule of Valuation Assumptions	We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions: 2024 Annual Grant Risk-free interest rate 4.06 % Expected dividend yield 1.27 % Expected share price volatility 37.1 % Expected term (years) 6.8

Basis of Presentation and Res_2

Basis of Presentation and Responsibility for Interim Financial Statements (Details)	3 Months Ended
	Mar. 31, 2024 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 874.6	$ 740.6
North America
Disaggregation of Revenue [Line Items]
Net sales	640.5	519.8
EMEA
Disaggregation of Revenue [Line Items]
Net sales	182	172.4
Asia-Pacific
Disaggregation of Revenue [Line Items]
Net sales	49	46
Rest of World
Disaggregation of Revenue [Line Items]
Net sales	3.1	2.4
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	439.9	391
Enclosures \| North America
Disaggregation of Revenue [Line Items]
Net sales	312.9	275
Enclosures \| EMEA
Disaggregation of Revenue [Line Items]
Net sales	103.1	91.7
Enclosures \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Net sales	23.1	24
Enclosures \| Rest of World
Disaggregation of Revenue [Line Items]
Net sales	0.8	0.3
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	292.2	205.7
Electrical & Fastening Solutions \| North America
Disaggregation of Revenue [Line Items]
Net sales	241	155.6
Electrical & Fastening Solutions \| EMEA
Disaggregation of Revenue [Line Items]
Net sales	38.8	40.1
Electrical & Fastening Solutions \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Net sales	10.1	8.1
Electrical & Fastening Solutions \| Rest of World
Disaggregation of Revenue [Line Items]
Net sales	2.3	1.9
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	142.5	143.9
Thermal Management \| North America
Disaggregation of Revenue [Line Items]
Net sales	86.6	89.2
Thermal Management \| EMEA
Disaggregation of Revenue [Line Items]
Net sales	40.1	40.6
Thermal Management \| Asia-Pacific
Disaggregation of Revenue [Line Items]
Net sales	15.8	13.9
Thermal Management \| Rest of World
Disaggregation of Revenue [Line Items]
Net sales	$ 0	$ 0.2

Revenue - Vertical Sales by Seg

Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 874.6	$ 740.6
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	439.9	391
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	292.2	205.7
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	142.5	143.9
Industrial
Disaggregation of Revenue [Line Items]
Net sales	340	309.6
Industrial \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	230.6	218.6
Industrial \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	37.4	20.2
Industrial \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	72	70.8
Commercial & Residential
Disaggregation of Revenue [Line Items]
Net sales	262.1	199.8
Commercial & Residential \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	61.4	58.6
Commercial & Residential \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	159.9	99.4
Commercial & Residential \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	40.8	41.8
Energy
Disaggregation of Revenue [Line Items]
Net sales	41.4	41
Energy \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	6.7	6.9
Energy \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	12.4	8.4
Energy \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	22.3	25.7
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	231.1	190.2
Infrastructure \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	141.2	106.9
Infrastructure \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	82.5	77.7
Infrastructure \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	$ 7.4	$ 5.6

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 49.1	$ 44.1
Contract liabilities	25.4	27.1
Net contract assets	23.7	$ 17
$ Change
Contract assets	5
Contract liabilities	(1.7)
Net contract assets	$ (6.7)
% Change
Contract assets	11.30%
Contract liabilities	(6.30%)
Net contract assets	39.40%

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Net contract assets (liabilities)	$ 6.7
Material impairment losses	$ 0	$ 0

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 $ in Millions	Mar. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 29.5
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	18 months

Restructuring - Costs Included

Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.3	$ 4
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	0.9	1.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.4	$ 2.8

Restructuring - Costs by Report

Restructuring - Costs by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 1.3	$ 4
Enclosures
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.3	0.6
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.6	0.2
Thermal Management
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	2.9
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.3	$ 0.3

Restructuring - Accrual Activit

Restructuring - Accrual Activity (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2.9	$ 2.4
Costs incurred	0.9	1.2
Cash payments and other	(1.5)	(2)
Ending balance	$ 2.3	$ 1.6

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net income	$ 105.1	$ 93.8
Weighted average common shares outstanding
Basic (shares)	165.5	165.3
Dilutive impact of stock options, restricted stock units and performance share units (in shares)	3	2.7
Diluted (shares)	168.5	168
Earnings per ordinary share
Basic earnings per ordinary share (in dollars per share)	$ 0.64	$ 0.57
Diluted earnings per ordinary share (in dollars per share)	$ 0.62	$ 0.56
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.2	0.1

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Jul. 10, 2023	May 18, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Business Acquisition [Line Items]
Goodwill			$ 2,571.2		$ 2,571.1
Amortization			25.2	$ 17.6
ECM Investors, LLC
Business Acquisition [Line Items]
Payments to acquire businesses, gross		$ 1,100
Goodwill		375.7	379.5
Identifiable intangible assets		524	$ 524
Acquisition costs				$ 2.5
ECM Investors, LLC \| Trade names
Business Acquisition [Line Items]
Identifiable intangible assets		113.7
ECM Investors, LLC \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets		$ 381.7
Useful life		20 years
ECM Investors, LLC \| Proprietary Technology
Business Acquisition [Line Items]
Identifiable intangible assets		$ 22
Useful life		7 years
TEXA Industries
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 34.8
Goodwill	11.6
Debt acquired	5.2
TEXA Industries \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 12.4
Useful life	13 years

Acquisitions - Schedule of Asse

Acquisitions - Schedule of Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	May 18, 2023
Business Acquisition [Line Items]
Goodwill	$ 2,571.2	$ 2,571.1
ECM Investors, LLC
Business Acquisition [Line Items]
Cash	45.7		$ 45.7
Accounts receivable	77		77
Inventories	99.1		104.2
Other current assets	4.9		4.9
Property, plant and equipment	75.2		75.3
Identifiable intangible assets	524		524
Goodwill	379.5		375.7
Other assets	17		17
Current liabilities	(53.8)		(53.9)
Other liabilities	(34.5)		(35.8)
Purchase price	$ 1,134.1		1,134.1
ECM Investors, LLC \| Trade names
Business Acquisition [Line Items]
Identifiable intangible assets			$ 113.7

Acquisitions - Pro Forma Inform

Acquisitions - Pro Forma Information (Details) - ECM Investors, LLC $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Business Acquisition [Line Items]
Pro forma net sales \| $	$ 847.1
Pro forma net income \| $	$ 96.2
Pro forma earnings per ordinary share
Basic (in USD per share) \| $ / shares	$ 0.58
Diluted (in USD per share) \| $ / shares	$ 0.57

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 25.2	$ 17.6

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,571.1
Acquisitions/divestitures	4.1
Foreign currency translation/other	(4)
Ending Balance	2,571.2
Enclosures
Goodwill [Roll Forward]
Beginning Balance	430.4
Acquisitions/divestitures	0.3
Foreign currency translation/other	(2.9)
Ending Balance	427.8
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance	1,427.7
Acquisitions/divestitures	3.8
Foreign currency translation/other	0
Ending Balance	1,431.5
Thermal Management
Goodwill [Roll Forward]
Beginning Balance	713
Acquisitions/divestitures	0
Foreign currency translation/other	(1.1)
Ending Balance	$ 711.9

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 1,763.4	$ 1,766.5
Accumulated amortization	(649.2)	(624.9)
Net	1,114.2	1,141.6
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	1,681.9	1,684.8
Accumulated amortization	(620.1)	(599.3)
Net	1,061.8	1,085.5
Proprietary technology and patents
Finite-Lived Intangible Assets, Net [Abstract]
Cost	63.5	63.7
Accumulated amortization	(22.3)	(20.8)
Net	41.2	42.9
Other finite-lived intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Cost	18	18
Accumulated amortization	(6.8)	(4.8)
Net	$ 11.2	$ 13.2

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]
Amortization	$ 25.2	$ 17.6
Cost	2,138.8		$ 2,141.9
Accumulated amortization	(649.2)		(624.9)
Net	1,489.6		1,517
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-life intangibles	$ 375.4		$ 375.4

Goodwill and Other Identifiab_7

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions	Mar. 31, 2024 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q2-Q4 2024	$ 71.5
2025	94.3
2026	94.3
2027	94.2
2028	90
2029	$ 77.5

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Inventories
Raw materials and supplies	$ 165.8	$ 165.1
Work-in-process	32.2	34.9
Finished goods	243.1	241.3
Total inventories	441.1	441.3
Other current assets
Contract assets	49.1	44.1
Prepaid expenses	48.4	44.7
Prepaid income taxes	7	10.5
Other current assets	25.4	20.9
Total other current assets	129.9	120.2
Property, plant and equipment, net
Land and land improvements	39.2	39.6
Buildings and leasehold improvements	219.1	217.4
Machinery and equipment	602.3	599.6
Construction in progress	31.6	37.2
Total property, plant and equipment	892.2	893.8
Accumulated depreciation and amortization	508.7	503.8
Total property, plant and equipment, net	383.5	390
Other non-current assets
Deferred compensation plan assets	20	19.4
Lease right-of-use assets	121.6	118.7
Deferred tax assets	178.6	179.2
Other non-current assets	31.3	30.2
Total other non-current assets	351.5	347.5
Other current liabilities
Dividends payable	32.1	32.6
Accrued rebates	76.4	90.7
Contract liabilities	25.4	27.1
Accrued taxes payable	44.8	54
Accrued interest	26	11.2
Current lease liabilities	26.7	25.6
Other current liabilities	66.6	62.6
Total other current liabilities	298	303.8
Other non-current liabilities
Income taxes payable	28.1	28.2
Deferred compensation plan liabilities	20	19.4
Non-current lease liabilities	100.5	98.4
Other non-current liabilities	27.3	33.8
Total other non-current liabilities	$ 175.9	$ 179.8

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative instruments in hedges, net	$ 0.1	$ (3.5)
Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	132.7	146.8
Currency Swap
Derivative [Line Items]
Derivative, notional amount	$ 322.6	$ 330.8

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Total	$ 1,785
Recorded Amount
Derivative [Line Items]
Variable rate debt	485	$ 492.5
Fixed rate debt	1,300	1,300
Total	1,785	1,792.5
Fair Value
Derivative [Line Items]
Variable rate debt	485	492.5
Fixed rate debt	1,241.9	1,261.6
Total	$ 1,726.9	$ 1,754.1

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 20	$ 19.4
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	20	19.4
Total recurring fair value measurements	10.6	2.9
Recurring \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(14.4)	(21.7)
Foreign currency contract assets	5.3	3.9
Recurring \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(1)	(0.8)
Foreign currency contract assets	0.7	2.1
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	13.3	13.3
Total recurring fair value measurements	13.3	13.3
Recurring \| Level 1 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	0	0
Recurring \| Level 1 \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	0	0
Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Total recurring fair value measurements	(9.4)	(16.5)
Recurring \| Level 2 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(14.4)	(21.7)
Foreign currency contract assets	5.3	3.9
Recurring \| Level 2 \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(1)	(0.8)
Foreign currency contract assets	0.7	2.1
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0	0
Total recurring fair value measurements	0	0
Recurring \| Level 3 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	0	0
Recurring \| Level 3 \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	0	0
Recurring \| NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	6.7	6.1
Total recurring fair value measurements	6.7	6.1
Recurring \| NAV \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	0	0
Recurring \| NAV \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0	0
Foreign currency contract assets	$ 0	$ 0

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	May 31, 2023	Apr. 30, 2023	Nov. 30, 2021	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,785
Unamortized debt issuance costs and discounts	(11.4)	$ (11.8)
Total debt	1,773.6	1,780.7
Less: Current maturities and short-term borrowings	(33.8)	(31.9)
Long-term debt	$ 1,739.8	1,748.8
Senior Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Average interest rate at March 31, 2024	6.679%
Long-term debt, gross	$ 196.2	200
Senior Notes \| 2021 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	0
Senior Notes \| 2023 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Average interest rate at March 31, 2024			5.65%
Long-term debt, gross	500	500		$ 300
Senior Notes \| Senior Notes, Due 2028
Debt Instrument [Line Items]
Average interest rate at March 31, 2024						4.55%
Long-term debt, gross	$ 500	500
Senior Notes \| Senior Notes, Due 2031
Debt Instrument [Line Items]
Average interest rate at March 31, 2024	6.679%
Long-term debt, gross	$ 288.8	292.5			$ 300
Senior Notes \| Senior Notes Due 2033
Debt Instrument [Line Items]
Average interest rate at March 31, 2024					2.75%
Long-term debt, gross	$ 300	$ 300	$ 500

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023	May 31, 2023	Nov. 30, 2021	Mar. 31, 2018
Debt Instrument [Line Items]
Long-term debt	$ 1,785
Senior Notes \| Senior Notes, Due 2028
Debt Instrument [Line Items]
Debt face amount					$ 500
Average interest rate					4.55%
Long-term debt	$ 500	$ 500
Senior Notes \| Senior Notes, Due 2031
Debt Instrument [Line Items]
Average interest rate	6.679%
Long-term debt	$ 288.8	292.5		$ 300
Senior Notes \| Senior Notes Due 2033
Debt Instrument [Line Items]
Average interest rate				2.75%
Long-term debt	$ 300	$ 300	$ 500

Debt - Senior Credit Facilities

Debt - Senior Credit Facilities (Details)	1 Months Ended
Debt - Senior Credit Facilities (Details)	Apr. 30, 2023 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Long-term debt			$ 1,785,000,000
Senior Notes \| Senior Credit Facilities
Debt Instrument [Line Items]
EBITDA ratio covenant			3
Senior Notes \| Senior Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash			$ 5,000,000
Leverage ratio covenant			3.75
Senior Notes \| Senior Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash			$ 250,000,000
Leverage ratio covenant			4.25
Senior Notes \| Term Loan Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 300,000,000			$ 200,000,000
Senior Notes \| Term Loan Facility \| 2023 Term Loan Facility
Debt Instrument [Line Items]
Debt term	5 years
Long-term debt	$ 300,000,000		$ 500,000,000	$ 500,000,000
Senior Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 600,000,000
Line of credit increase limit		$ 300,000,000
Line of credit facility, remaining borrowing capacity			600,000,000
Long-term debt			$ 196,200,000	$ 200,000,000

Debt - Schedule of Contracutal

Debt - Schedule of Contracutal Debt Maturities (Details) $ in Millions	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
Q2-Q4 2024	$ 24.4
2025	37.5
2026	179.4
2027	22.5
2028	721.2
2029	0
Thereafter	800
Total	$ 1,785

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22.60%	18.50%
Total gross liability for unrecognized tax benefits	$ 13.8		$ 13.9

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended
	Feb. 19, 2024	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	May 14, 2021
Equity [Abstract]
Repurchase of shares of our common stock up to a maximum aggregate value					$ 300
Shares repurchased (in shares)		0.3
Shares repurchased		$ 13.2
Remaining authorized repurchase amount			$ 81.8
Dividends payable			$ 32.1	$ 32.6
Dividends declared (in dollars per share)	$ 0.19

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Net sales	$ 874.6	$ 740.6
Segment income	159.2	124.1
Enclosures
Segment Reporting Information [Line Items]
Net sales	439.9	391
Segment income	94.8	82.5
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales	292.2	205.7
Segment income	85.2	61.3
Thermal Management
Segment Reporting Information [Line Items]
Net sales	142.5	143.9
Segment income	31.8	30.9
Other
Segment Reporting Information [Line Items]
Segment income	(19.5)	(26.7)
Operating Segments
Segment Reporting Information [Line Items]
Segment income	$ 192.3	$ 148

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 159.2	$ 124.1
Intangible amortization	(25.2)	(17.6)
Restructuring and other	(1.3)	(4)
Net interest expense	(22.2)	(7.8)
Other expense	(1.2)	(1.2)
Income before income taxes	135.8	115.1
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	192.3	148
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intangible amortization	(25.2)	(17.6)
Restructuring and other	(1.3)	(4)
Acquisition transaction and integration costs	(6.6)	(2.3)
Net interest expense	(22.2)	(7.8)
Other expense	$ (1.2)	$ (1.2)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Liability for services and product warranties	$ 0	$ 0
Stand-by Letters of Credit, Bank Guarantees and Bonds
Guarantor Obligations [Line Items]
Obligations outstanding	$ 42,700,000	$ 45,500,000

Share-Based Compensation - Tota

Share-Based Compensation - Total Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 6.6	$ 5.7
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	3.3	2.7
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	2	2
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 1.3	$ 1

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Assumptions (Details) - Stock options	3 Months Ended
	Mar. 31, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	4.06%
Expected dividend yield	1.27%
Expected share price volatility	37.10%
Expected term (years)	6 years 9 months 18 days

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.2
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 68.74
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.1
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 103.93
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.3
Weighted-average grant date fair value for options granted during the year (in USD per share) \| $ / shares	$ 27.16
RSUs, PSUs, and Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards issued in period	0.6