NVENT ELECTRIC PLC, 10-Q filed on 4/28/2023
Quarterly Report
v3.23.1
Cover Page
 3 Months Ended
Mar. 31, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2023
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 $0.01 per share
Trading Symbol NVT
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 165,666,982
Entity Central Index Key 0001720635
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q1
Amendment Flag false
v3.23.1
Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Income Statement [Abstract]    
Net sales $ 740.6 $ 694.7
Cost of goods sold 437.4 447.4
Gross profit 303.2 247.3
Selling, general and administrative 162.4 142.0
Research and development 16.7 15.2
Operating income 124.1 90.1
Net interest expense 7.8 7.2
Other expense 1.2 0.6
Income before income taxes 115.1 82.3
Provision for income taxes 21.3 14.5
Net income 93.8 67.8
Comprehensive income, net of tax    
Net income 93.8 67.8
Changes in cumulative translation adjustment 4.2 3.0
Changes in market value of derivative financial instruments, net of tax (0.6) (3.7)
Comprehensive income $ 97.4 $ 67.1
Earnings per ordinary share    
Basic pro forma earnings per ordinary share (in dollars per share) $ 0.57 $ 0.41
Diluted pro forma earnings per ordinary share (in dollars per share) $ 0.56 $ 0.40
Weighted average ordinary shares outstanding    
Basic (shares) 165.3 166.2
Diluted (shares) 168.0 168.2
Cash dividends paid per ordinary share (in usd per share) $ 0.175 $ 0.175
v3.23.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 303.1 $ 297.5
Accounts and notes receivable, net of allowances of $15.8 and $9.9, respectively 455.0 472.5
Inventories 366.5 346.7
Other current assets 127.2 112.5
Total current assets 1,251.8 1,229.2
Property, plant and equipment, net 293.0 289.2
Other assets    
Goodwill 2,180.5 2,178.1
Intangibles, net 1,049.4 1,066.1
Other non-current assets 141.7 139.6
Total other assets 3,371.6 3,383.8
Total assets 4,916.4 4,902.2
Current liabilities    
Current maturities of long-term debt and short-term borrowings 15.0 15.0
Accounts payable 241.1 252.1
Employee compensation and benefits 80.1 109.3
Other current liabilities 265.1 273.1
Total current liabilities 601.3 649.5
Other liabilities    
Long-term debt 1,064.6 1,068.2
Pension and other post-retirement compensation and benefits 131.2 128.5
Deferred tax liabilities 196.7 199.6
Other non-current liabilities 132.7 124.7
Total liabilities 2,126.5 2,170.5
Equity    
Ordinary shares $0.01 par value, 400.0 million authorized, 165.7 million and 165.3 million issued at March 31, 2023 and December 31, 2022, respectively 1.7 1.7
Additional paid-in capital 2,362.4 2,372.3
Retained earnings 521.8 457.3
Accumulated other comprehensive loss (96.0) (99.6)
Total equity 2,789.9 2,731.7
Total liabilities and equity $ 4,916.4 $ 4,902.2
v3.23.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Accounts and notes receivable, allowances $ 15.8 $ 9.9
Ordinary shares, par value (in dollars per share) $ 0.01 $ 0.01
Ordinary shares authorized (in shares) 400,000,000.0 400,000,000.0
Ordinary shares issued (in shares) 165,700,000 165,300,000
v3.23.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 93.8 $ 67.8
Adjustments to reconcile net income to net cash provided by (used for) operating activities    
Depreciation 11.1 10.7
Amortization 17.6 17.8
Deferred income taxes 0.6 (0.1)
Share-based compensation 5.7 6.6
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts and notes receivable 20.8 (5.5)
Inventories (17.3) (29.1)
Other current assets (13.5) (22.7)
Accounts payable (7.6) 6.3
Employee compensation and benefits (30.2) (28.4)
Other current liabilities (9.3) (16.9)
Other non-current assets and liabilities (2.3) 0.0
Net cash provided by (used for) operating activities 69.4 6.5
Investing activities    
Capital expenditures (17.1) (11.1)
Proceeds from sale of property and equipment 0.2 1.9
Net cash provided by (used for) investing activities (16.9) (9.2)
Financing activities    
Net receipts of revolving long-term debt 0.0 47.8
Repayments of long-term debt (3.8) (1.4)
Dividends paid (29.3) (29.0)
Shares issued to employees, net of shares withheld (2.5) (3.0)
Repurchases of ordinary shares (15.2) (8.5)
Net cash provided by (used for) financing activities (50.8) 5.9
Effect of exchange rate changes on cash and cash equivalents 3.9 (1.6)
Change in cash and cash equivalents 5.6 1.6
Cash and cash equivalents, beginning of period 297.5 49.5
Cash and cash equivalents, end of period $ 303.1 $ 51.1
v3.23.1
Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($)
shares in Millions, $ 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, 2021   166.1      
Beginning balance at Dec. 31, 2021 $ 2,496.1 $ 1.7 $ 2,403.1 $ 174.5 $ (83.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 67.8     67.8  
Other Comprehensive Income (Loss), Net of Tax (0.7)       (0.7)
Dividends, Common Stock $ (29.0)     (29.0)  
Share repurchases (in shares) (0.1) (0.1)      
Share repurchases $ (3.9)   (3.9)    
Exercise of options, net of shares tendered for payment (in shares)   0.0      
Stock Issued During Period, Value, Stock Options Exercised $ 1.4   1.4    
Issuance of restricted shares, net of cancellations 0.0 0.4      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation $ (4.4) $ (0.1) (4.4)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 6.6   6.6    
Ending balance (in shares) at Mar. 31, 2022   166.3      
Ending balance at Mar. 31, 2022 2,533.9 $ 1.7 2,402.8 213.3 (83.9)
Beginning balance (in shares) at Dec. 31, 2022   165.3      
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) (0.3) (0.3)      
Share repurchases $ (13.2) $ 0.0 (13.2)    
Exercise of options, net of shares tendered for payment (in shares)   0.2      
Stock Issued During Period, Value, Stock Options Exercised $ 5.1   5.1    
Issuance of restricted shares, net of cancellations 0.0 0.7      
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   165.7      
Ending balance at Mar. 31, 2023 $ 2,789.9 $ 1.7 $ 2,362.4 $ 521.8 $ (96.0)
v3.23.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2023
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
In millionsMarch 31,
2023		December 31,
2022
Inventories
Raw materials and supplies$132.2 $112.9 
Work-in-process41.6 36.2 
Finished goods192.7 197.6 
Total inventories$366.5 $346.7 
Other current assets
Contract assets$46.7 $45.6 
Prepaid expenses55.6 44.9 
Prepaid income taxes10.0 4.1 
Cross currency swap assets11.1 14.5 
Other current assets3.8 3.4 
Total other current assets$127.2 $112.5 
Property, plant and equipment, net
Land and land improvements$39.0 $38.6 
Buildings and leasehold improvements184.8 180.5 
Machinery and equipment513.9 500.4 
Construction in progress32.9 34.7 
Total property, plant and equipment770.6 754.2 
Accumulated depreciation and amortization477.6 465.0 
Total property, plant and equipment, net$293.0 $289.2 
Other non-current assets
Deferred compensation plan assets$16.6 $16.7 
Lease right-of-use assets82.8 76.4 
Deferred tax assets12.8 16.3 
Other non-current assets29.5 30.2 
Total other non-current assets$141.7 $139.6 
Other current liabilities
Dividends payable$29.7 $30.4 
Accrued rebates73.0 98.4 
Contract liabilities26.6 22.7 
Accrued taxes payable41.9 34.5 
Current lease liabilities19.2 17.7 
Accrued interest14.4 6.5 
Other current liabilities60.3 62.9 
Total other current liabilities$265.1 $273.1 
Other non-current liabilities
Income taxes payable$29.9 $29.8 
Deferred compensation plan liabilities16.6 16.7 
Non-current lease liabilities68.7 63.7 
Other non-current liabilities17.5 14.5 
Total other non-current liabilities$132.7 $124.7 
v3.23.1
Basis of Presentation and Responsibility for Interim Financial Statements
 3 Months Ended
Mar. 31, 2023
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 and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022.
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.
v3.23.1
Revenue
 3 Months Ended
Mar. 31, 2023
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, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$267.5 $152.9 $89.3 $509.7 
Developed Europe (1)
83.9 37.0 30.1 151.0 
Developing (2)
35.3 11.1 19.6 66.0 
Other Developed (3)
4.3 4.7 4.9 13.9 
Total$391.0 $205.7 $143.9 $740.6 
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$236.6 $137.9 $87.2 $461.7 
Developed Europe (1)
81.3 34.7 33.0 149.0 
Developing (2)
36.9 10.9 22.4 70.2 
Other Developed (3)
4.6 4.1 5.1 13.8 
Total$359.4 $187.6 $147.7 $694.7 
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
Three months ended March 31, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$218.6 $20.2 $70.8 $309.6 
Commercial & Residential58.6 99.4 41.8 199.8 
Infrastructure106.9 77.7 5.6 190.2 
Energy6.9 8.4 25.7 41.0 
Total$391.0 $205.7 $143.9 $740.6 
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$203.4 $19.2 $72.6 $295.2 
Commercial & Residential54.1 95.8 46.6 196.5 
Infrastructure96.2 65.1 5.0 166.3 
Energy5.7 7.5 23.5 36.7 
Total$359.4 $187.6 $147.7 $694.7 

In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the quarter ended March 31, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.

Contract balances
Contract assets and liabilities consisted of the following:
In millionsMarch 31, 2023December 31, 2022$ Change% Change
Contract assets$46.7 $45.6 $1.1 2.4 %
Contract liabilities26.6 22.7 3.9 17.2 %
Net contract assets$20.1 $22.9 $(2.8)(12.2)%
The $2.8 million decrease in net contract assets from December 31, 2022 to March 31, 2023 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2022 were recognized in revenue during the three months ended March 31, 2023. There were no material impairment losses recognized on our contract assets for the three months ended March 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 March 31, 2023, we had $23.1 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.
v3.23.1
Restructuring
 3 Months Ended
Mar. 31, 2023
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
During the three months ended March 31, 2023 and the year ended December 31, 2022, 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 millionsMarch 31,
2023		March 31,
2022
Severance and related costs$1.2 $2.0 
Other2.8 — 
Total restructuring costs$4.0 $2.0 
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 millionsMarch 31,
2023		March 31,
2022
Enclosures$0.6 $0.2 
Electrical & Fastening Solutions0.2 — 
Thermal Management2.9 — 
Other0.3 1.8 
Total$4.0 $2.0 
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 millionsMarch 31,
2023		March 31,
2022
Beginning balance$2.4 $2.4 
Costs incurred1.2 2.0 
Cash payments and other(2.0)(2.2)
Ending balance$1.6 $2.2 
v3.23.1
Subsequent Events
 3 Months Ended
Mar. 31, 2023
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On April 1, 2023, we entered into a definitive agreement to acquire ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for a purchase price of $1.1 billion, subject to customary adjustments. We expect to fund the purchase price for the acquisition with borrowings under the 2023 Term Loan Facility (as defined below) and the net proceeds from the issuance of the 2033 Notes (as defined below), together with available cash on hand and/or borrowings under the Revolving Credit Facility (as defined below). We expect to close the ECM Industries acquisition in the second quarter of 2023, subject to customary conditions including regulatory approval.

In connection with entering into the definitive agreement to acquire ECM Industries, nVent and nVent Finance S.à r.l ("nVent Finance") entered into a commitment letter, dated April 1, 2023 (the “Commitment Letter”), pursuant to which, among other things, the lenders have committed to provide debt financing for the acquisition of ECM Industries, consisting of a senior unsecured bridge facility of up to $800.0 million (the “Bridge Facility”), on the terms and subject to the conditions set forth in the Commitment Letter. The Bridge Facility will be subject to mandatory reduction and prepayment for 100% of the net cash proceeds from the issuance of any debt and other of our securities, other specified events and the 2023 Term Loan Facility, subject to certain exceptions.

On April 26, 2023, in contemplation of the acquisition of ECM Industries, nVent and nVent Finance entered into a new loan agreement among nVent Finance, as borrower, nVent, as guarantor, and the lenders and agents party thereto, providing for a five-year $300.0 million senior unsecured term loan facility (the “2023 Term Loan Facility”). We intend to borrow the full $300.0 million aggregate principal amount available under the 2023 Term Loan Facility to finance a portion of the purchase price of the ECM Industries acquisition and to pay related fees and expenses.

On April 24, 2023, in contemplation of the acquisition of ECM Industries, nVent, as guarantor, and nVent Finance, as issuer, priced, and entered into an underwriting agreement for, a public offering of $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes"). The offering of the 2033 Notes is expected to close on May 3, 2023, subject to customary closing conditions. We intend to use the net proceeds from the issuance of the 2033 Senior Notes to finance a portion of the purchase price of the ECM Industries acquisition and to pay related fees and expenses.

The aggregate principal amount of the commitments under the 2023 Term Loan Facility have replaced, and the expected net proceeds from the issuance of the 2033 Senior Notes will replace, the commitments in respect of the Bridge Facility in accordance with the terms of the Commitment Letter.
v3.23.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2023
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic and diluted earnings per share were calculated as follows:
Three months ended
In millions, except per-share dataMarch 31,
2023		March 31,
2022
Net income $93.8 $67.8 
Weighted average ordinary shares outstanding
Basic165.3 166.2 
Dilutive impact of stock options, restricted stock units and performance share units2.7 2.0 
Diluted168.0 168.2 
Earnings per ordinary share
Basic earnings per ordinary share$0.57 $0.41 
Diluted earnings per ordinary share$0.56 $0.40 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.1 0.2 
v3.23.1
Goodwill and Other Identifiable Intangible Assets
 3 Months Ended
Mar. 31, 2023
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 millionsDecember 31,
2022		Acquisitions/
divestitures		Foreign currency
translation/other 		March 31,
2023
Enclosures$414.4 $— $2.3 $416.7 
Electrical & Fastening Solutions1,052.0 — — 1,052.0 
Thermal Management711.7 — 0.1 711.8 
Total goodwill$2,178.1 $— $2.4 $2,180.5 

Identifiable intangible assets consisted of the following:
 March 31, 2023December 31, 2022
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,288.6 $(536.0)$752.6 $1,287.6 $(519.1)$768.5 
Proprietary technology and patents39.9 (16.2)23.7 39.7 (15.2)24.5 
Total definite-life intangibles1,328.5 (552.2)776.3 1,327.3 (534.3)793.0 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,601.6 $(552.2)$1,049.4 $1,600.4 $(534.3)$1,066.1 

Identifiable intangible asset amortization expense was $17.6 million and $17.8 million for the three months ended March 31, 2023 and 2022, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:
 Q2-Q4     
In millions202320242025202620272028
Estimated amortization expense$52.7 $69.8 $69.8 $69.8 $69.7 $65.5 
v3.23.1
Derivatives and Financial Instruments
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $155.1 million and $145.7 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, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $352.7 million and $345.1 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, 2023 and December 31, 2022, we had deferred foreign currency gains of $10.0 million and $18.9 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 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,
2023		December 31,
2022
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$285.0 $285.0 $288.8 $288.8 
Fixed rate debt800.0 735.1 800.0 717.7 
Total debt$1,085.0 $1,020.1 $1,088.8 $1,006.5 

Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsMarch 31, 2023
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(7.1)$— $— $(7.1)
Cross currency swap assets— 18.2 — — 18.2 
Foreign currency contract liabilities— (1.0)— — (1.0)
Foreign currency contract assets— 1.2 — — 1.2 
Deferred compensation plan assets11.6 — — 5.0 16.6 
Total recurring fair value measurements$11.6 $11.3 $— $5.0 $27.9 
Recurring fair value measurementsDecember 31, 2022
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(4.8)$— $— $(4.8)
Cross currency swap assets— 22.4 — — 22.4 
Foreign currency contract liabilities— (1.5)— — (1.5)
Foreign currency contract assets— 0.5 — — 0.5 
Deferred compensation plan assets
11.8 — — 4.9 16.7 
Total recurring fair value measurements$11.8 $16.6 $— $4.9 $33.3 
v3.23.1
Debt
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt Debt
Debt and the average interest rates on debt outstanding were as follows:
In millionsAverage interest rate at March 31, 2023Maturity
Year		March 31,
2023		December 31,
2022
Revolving credit facilityN/A2026$— $— 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate4.550%2028500.0 500.0 
2021 term loan facility6.117%2026285.0 288.8 
Unamortized debt issuance costs and discountsN/AN/A(5.4)(5.6)
Total debt1,079.6 1,083.2 
Less: Current maturities and short-term borrowings
(15.0)(15.0)
Long-term debt$1,064.6 $1,068.2 
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" and, collectively with the 2028 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 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 March 2018, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility and a five-year $600.0 million senior unsecured revolving credit facility.
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"), which amended and restated the March 2018 credit agreement. Borrowings under the 2021 Term Loan Facility are 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.
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.
As of March 31, 2023, the borrowing capacity under the Revolving Credit Facility was $600.0 million. Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, 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) 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 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, 2023, 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, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
 Q2-Q4       
In millions202320242025202620272028ThereafterTotal
Contractual debt obligation maturities
$11.3 $16.9 $22.5 $234.3 $— $— $800.0 $1,085.0 
v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe effective income tax rate for the three months ended March 31, 2023 was 18.5%, compared to 17.6% for the three months ended March 31, 2022. The liability for uncertain tax positions was $13.5 million and $13.4 million at March 31, 2023 and December 31, 2022, 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.
v3.23.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2023
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, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. During the three months ended March 31, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. As of March 31, 2023 and December 31, 2022, outstanding share repurchases recorded in Other current liabilities were zero and $2.0 million, respectively.
As of March 31, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization.
Dividends payable
On February 28, 2023, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 12, 2023, to shareholders of record at the close of business on April 28, 2023. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $29.7 million and $30.4 million at March 31, 2023 and December 31, 2022, respectively.
v3.23.1
Segment Information
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Information Segment InformationWe evaluate performance based on net sales and segment income 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 represents operating income exclusive of intangible amortization, acquisition-related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
Financial information by reportable segment is as follows:
Three months ended
In millionsMarch 31,
2023		March 31,
2022
Net sales
Enclosures$391.0 $359.4 
Electrical & Fastening Solutions205.7 187.6 
Thermal Management143.9 147.7 
Total$740.6 $694.7 
Segment income (loss)
Enclosures$82.5 $50.3 
Electrical & Fastening Solutions61.3 47.1 
Thermal Management30.9 32.4 
Other(26.7)(19.6)
Total$148.0 $110.2 

The following table presents a reconciliation of segment income to income before income taxes:
Three months ended
In millionsMarch 31,
2023		March 31,
2022
Segment income$148.0 $110.2 
Intangible amortization(17.6)(17.8)
Restructuring and other(4.0)(2.0)
Acquisition transaction and integration costs(2.3)(0.3)
Net interest expense(7.8)(7.2)
Other expense(1.2)(0.6)
Income before income taxes$115.1 $82.3 
v3.23.1
Share-Based Compensation
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Total share-based compensation expense for the three months ended March 31, 2023 and 2022, was as follows:

Three months ended
In millionsMarch 31,
2023		March 31,
2022
Restricted stock units$2.7 $2.4 
Performance share units2.0 3.2 
Stock options1.0 1.0 
Total$5.7 $6.6 

In the first quarter of 2023, 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 $46.15, $68.72 and $16.56, 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:
2023 Annual Grant
Risk-free interest rate3.77 %
Expected dividend yield1.73 %
Expected share price volatility36.6 %
Expected term (years)6.5

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.
v3.23.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2023
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, 2023 and December 31, 2022 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, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $39.3 million and $38.0 million, respectively.
v3.23.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2023
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, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$267.5 $152.9 $89.3 $509.7 
Developed Europe (1)
83.9 37.0 30.1 151.0 
Developing (2)
35.3 11.1 19.6 66.0 
Other Developed (3)
4.3 4.7 4.9 13.9 
Total$391.0 $205.7 $143.9 $740.6 
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$236.6 $137.9 $87.2 $461.7 
Developed Europe (1)
81.3 34.7 33.0 149.0 
Developing (2)
36.9 10.9 22.4 70.2 
Other Developed (3)
4.6 4.1 5.1 13.8 
Total$359.4 $187.6 $147.7 $694.7 
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
Three months ended March 31, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$218.6 $20.2 $70.8 $309.6 
Commercial & Residential58.6 99.4 41.8 199.8 
Infrastructure106.9 77.7 5.6 190.2 
Energy6.9 8.4 25.7 41.0 
Total$391.0 $205.7 $143.9 $740.6 
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$203.4 $19.2 $72.6 $295.2 
Commercial & Residential54.1 95.8 46.6 196.5 
Infrastructure96.2 65.1 5.0 166.3 
Energy5.7 7.5 23.5 36.7 
Total$359.4 $187.6 $147.7 $694.7 

In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the quarter ended March 31, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.
Contract assets and liabilities Contract assets and liabilities consisted of the following:
In millionsMarch 31, 2023December 31, 2022$ Change% Change
Contract assets$46.7 $45.6 $1.1 2.4 %
Contract liabilities26.6 22.7 3.9 17.2 %
Net contract assets$20.1 $22.9 $(2.8)(12.2)%
v3.23.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2023
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 millionsMarch 31,
2023		March 31,
2022
Severance and related costs$1.2 $2.0 
Other2.8 — 
Total restructuring costs$4.0 $2.0 
Restructuring Costs By Segment Restructuring costs by reportable segment were as follows:
Three months ended
In millionsMarch 31,
2023		March 31,
2022
Enclosures$0.6 $0.2 
Electrical & Fastening Solutions0.2 — 
Thermal Management2.9 — 
Other0.3 1.8 
Total$4.0 $2.0 
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 millionsMarch 31,
2023		March 31,
2022
Beginning balance$2.4 $2.4 
Costs incurred1.2 2.0 
Cash payments and other(2.0)(2.2)
Ending balance$1.6 $2.2 
v3.23.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2023
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 dataMarch 31,
2023		March 31,
2022
Net income $93.8 $67.8 
Weighted average ordinary shares outstanding
Basic165.3 166.2 
Dilutive impact of stock options, restricted stock units and performance share units2.7 2.0 
Diluted168.0 168.2 
Earnings per ordinary share
Basic earnings per ordinary share$0.57 $0.41 
Diluted earnings per ordinary share$0.56 $0.40 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.1 0.2 
v3.23.1
Goodwill and Other Identifiable Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2023
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 millionsDecember 31,
2022		Acquisitions/
divestitures		Foreign currency
translation/other 		March 31,
2023
Enclosures$414.4 $— $2.3 $416.7 
Electrical & Fastening Solutions1,052.0 — — 1,052.0 
Thermal Management711.7 — 0.1 711.8 
Total goodwill$2,178.1 $— $2.4 $2,180.5 
Schedule of Finite-Lived Intangible Assets Identifiable intangible assets consisted of the following:
 March 31, 2023December 31, 2022
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,288.6 $(536.0)$752.6 $1,287.6 $(519.1)$768.5 
Proprietary technology and patents39.9 (16.2)23.7 39.7 (15.2)24.5 
Total definite-life intangibles1,328.5 (552.2)776.3 1,327.3 (534.3)793.0 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,601.6 $(552.2)$1,049.4 $1,600.4 $(534.3)$1,066.1 
Schedule of Indefinite-Lived Intangible Assets Identifiable intangible assets consisted of the following:
 March 31, 2023December 31, 2022
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,288.6 $(536.0)$752.6 $1,287.6 $(519.1)$768.5 
Proprietary technology and patents39.9 (16.2)23.7 39.7 (15.2)24.5 
Total definite-life intangibles1,328.5 (552.2)776.3 1,327.3 (534.3)793.0 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,601.6 $(552.2)$1,049.4 $1,600.4 $(534.3)$1,066.1 
Estimated Future Amortization Expense for Identifiable Intangible Assets Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:
 Q2-Q4     
In millions202320242025202620272028
Estimated amortization expense$52.7 $69.8 $69.8 $69.8 $69.7 $65.5 
v3.23.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2023
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information
In millionsMarch 31,
2023		December 31,
2022
Inventories
Raw materials and supplies$132.2 $112.9 
Work-in-process41.6 36.2 
Finished goods192.7 197.6 
Total inventories$366.5 $346.7 
Other current assets
Contract assets$46.7 $45.6 
Prepaid expenses55.6 44.9 
Prepaid income taxes10.0 4.1 
Cross currency swap assets11.1 14.5 
Other current assets3.8 3.4 
Total other current assets$127.2 $112.5 
Property, plant and equipment, net
Land and land improvements$39.0 $38.6 
Buildings and leasehold improvements184.8 180.5 
Machinery and equipment513.9 500.4 
Construction in progress32.9 34.7 
Total property, plant and equipment770.6 754.2 
Accumulated depreciation and amortization477.6 465.0 
Total property, plant and equipment, net$293.0 $289.2 
Other non-current assets
Deferred compensation plan assets$16.6 $16.7 
Lease right-of-use assets82.8 76.4 
Deferred tax assets12.8 16.3 
Other non-current assets29.5 30.2 
Total other non-current assets$141.7 $139.6 
Other current liabilities
Dividends payable$29.7 $30.4 
Accrued rebates73.0 98.4 
Contract liabilities26.6 22.7 
Accrued taxes payable41.9 34.5 
Current lease liabilities19.2 17.7 
Accrued interest14.4 6.5 
Other current liabilities60.3 62.9 
Total other current liabilities$265.1 $273.1 
Other non-current liabilities
Income taxes payable$29.9 $29.8 
Deferred compensation plan liabilities16.6 16.7 
Non-current lease liabilities68.7 63.7 
Other non-current liabilities17.5 14.5 
Total other non-current liabilities$132.7 $124.7 
v3.23.1
Derivatives and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2023
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,
2023		December 31,
2022
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$285.0 $285.0 $288.8 $288.8 
Fixed rate debt800.0 735.1 800.0 717.7 
Total debt$1,085.0 $1,020.1 $1,088.8 $1,006.5 
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsMarch 31, 2023
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(7.1)$— $— $(7.1)
Cross currency swap assets— 18.2 — — 18.2 
Foreign currency contract liabilities— (1.0)— — (1.0)
Foreign currency contract assets— 1.2 — — 1.2 
Deferred compensation plan assets11.6 — — 5.0 16.6 
Total recurring fair value measurements$11.6 $11.3 $— $5.0 $27.9 
Recurring fair value measurementsDecember 31, 2022
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(4.8)$— $— $(4.8)
Cross currency swap assets— 22.4 — — 22.4 
Foreign currency contract liabilities— (1.5)— — (1.5)
Foreign currency contract assets— 0.5 — — 0.5 
Deferred compensation plan assets
11.8 — — 4.9 16.7 
Total recurring fair value measurements$11.8 $16.6 $— $4.9 $33.3 
v3.23.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2023
Debt Disclosure [Abstract]  
Debt and Average Interest Rates on Debt Outstanding Debt and the average interest rates on debt outstanding were as follows:
In millionsAverage interest rate at March 31, 2023Maturity
Year		March 31,
2023		December 31,
2022
Revolving credit facilityN/A2026$— $— 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate4.550%2028500.0 500.0 
2021 term loan facility6.117%2026285.0 288.8 
Unamortized debt issuance costs and discountsN/AN/A(5.4)(5.6)
Total debt1,079.6 1,083.2 
Less: Current maturities and short-term borrowings
(15.0)(15.0)
Long-term debt$1,064.6 $1,068.2 
Debt Outstanding Matures on Calendar Year Basis Debt outstanding at March 31, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
 Q2-Q4       
In millions202320242025202620272028ThereafterTotal
Contractual debt obligation maturities
$11.3 $16.9 $22.5 $234.3 $— $— $800.0 $1,085.0 
v3.23.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Financial Information by Reportable Segment Financial information by reportable segment is as follows:
Three months ended
In millionsMarch 31,
2023		March 31,
2022
Net sales
Enclosures$391.0 $359.4 
Electrical & Fastening Solutions205.7 187.6 
Thermal Management143.9 147.7 
Total$740.6 $694.7 
Segment income (loss)
Enclosures$82.5 $50.3 
Electrical & Fastening Solutions61.3 47.1 
Thermal Management30.9 32.4 
Other(26.7)(19.6)
Total$148.0 $110.2 
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 millionsMarch 31,
2023		March 31,
2022
Segment income$148.0 $110.2 
Intangible amortization(17.6)(17.8)
Restructuring and other(4.0)(2.0)
Acquisition transaction and integration costs(2.3)(0.3)
Net interest expense(7.8)(7.2)
Other expense(1.2)(0.6)
Income before income taxes$115.1 $82.3 
v3.23.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Total share-based compensation expense for the three months ended March 31, 2023 and 2022, was as follows:

Three months ended
In millionsMarch 31,
2023		March 31,
2022
Restricted stock units$2.7 $2.4 
Performance share units2.0 3.2 
Stock options1.0 1.0 
Total$5.7 $6.6 
Schedule of Valuation Assumptions We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
2023 Annual Grant
Risk-free interest rate3.77 %
Expected dividend yield1.73 %
Expected share price volatility36.6 %
Expected term (years)6.5
v3.23.1
Basis of Presentation and Responsibility for Interim Financial Statements - Separation from Pentair (Details)
 3 Months Ended
Mar. 31, 2023
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.23.1
Revenue - Geographic Net Sales Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Net sales $ 740.6 $ 694.7
U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 509.7 461.7
Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 151.0 149.0
Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 66.0 70.2
Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 13.9 13.8
Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 391.0 359.4
Enclosures | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 267.5 236.6
Enclosures | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 83.9 81.3
Enclosures | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 35.3 36.9
Enclosures | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 4.3 4.6
Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 205.7 187.6
Electrical & Fastening Solutions | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 152.9 137.9
Electrical & Fastening Solutions | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 37.0 34.7
Electrical & Fastening Solutions | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 11.1 10.9
Electrical & Fastening Solutions | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 4.7 4.1
Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 143.9 147.7
Thermal Management | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 89.3 87.2
Thermal Management | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 30.1 33.0
Thermal Management | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 19.6 22.4
Thermal Management | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales $ 4.9 $ 5.1
v3.23.1
Revenue - Vertical Sales by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Disaggregation of Revenue [Line Items]    
Net sales $ 740.6 $ 694.7
Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 391.0 359.4
Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 205.7 187.6
Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 143.9 147.7
Industrial    
Disaggregation of Revenue [Line Items]    
Net sales 309.6 295.2
Industrial | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 218.6 203.4
Industrial | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 20.2 19.2
Industrial | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 70.8 72.6
Commercial & Residential    
Disaggregation of Revenue [Line Items]    
Net sales 199.8 196.5
Commercial & Residential | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 58.6 54.1
Commercial & Residential | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 99.4 95.8
Commercial & Residential | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 41.8 46.6
Infrastructure    
Disaggregation of Revenue [Line Items]    
Net sales 190.2 166.3
Infrastructure | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 106.9 96.2
Infrastructure | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 77.7 65.1
Infrastructure | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 5.6 5.0
Energy    
Disaggregation of Revenue [Line Items]    
Net sales 41.0 36.7
Energy | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 6.9 5.7
Energy | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 8.4 7.5
Energy | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales $ 25.7 $ 23.5
v3.23.1
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Dec. 31, 2022
Revenue from Contract with Customer [Abstract]    
Contract assets $ 46.7 $ 45.6
Contract liabilities 26.6 22.7
Net contract assets 20.1 $ 22.9
$ Change    
Contract assets 1.1  
Contract liabilities 3.9  
Net contract assets $ (2.8)  
% Change    
Contract assets 2.40%  
Contract liabilities 17.20%  
Net contract assets (12.20%)  
v3.23.1
Revenue - Additional Information (Details)
 3 Months Ended
Mar. 31, 2023
USD ($)
Revenue from Contract with Customer [Abstract]  
Net contract assets (liabilities) $ (2,800,000)
Impairment losses on contract assets $ 0
v3.23.1
Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
$ in Millions
Mar. 31, 2023
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 23.1
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
v3.23.1
Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 4.0 $ 2.0
Severance and related costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 1.2 2.0
Other    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 2.8 $ 0.0
v3.23.1
Restructuring - Costs by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs $ 4.0 $ 2.0
Enclosures    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 0.6 0.2
Thermal Management    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 2.9 0.0
Electrical & Fastening Solutions    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 0.2 0.0
Other    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs $ 0.3 $ 1.8
v3.23.1
Restructuring - Accrual Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Restructuring Reserve [Roll Forward]    
Beginning balance $ 2.4 $ 2.4
Costs incurred 1.2 2.0
Cash payments and other (2.0) (2.2)
Ending balance $ 1.6 $ 2.2
v3.23.1
Subsequent Events (Details) - USD ($)
 1 Months Ended
Apr. 01, 2023
Sep. 30, 2021
Mar. 31, 2018
Apr. 24, 2023
Mar. 31, 2023
Senior Notes [Member] | Term Loan Facility          
Business Acquisition [Line Items]          
Debt term   5 years 5 years    
Maximum borrowing capacity   $ 300,000,000 $ 200,000,000   $ 200,000,000
ECM Investors, LLC | Subsequent Event          
Business Acquisition [Line Items]          
Payments to acquire businesses, gross $ 1,100,000,000        
Maximum borrowing capacity $ 800,000,000        
ECM Investors, LLC | Subsequent Event | Senior Notes [Member] | Senior Notes Six Point Six Eight Zero Percent Due Twenty Twenty Eight          
Business Acquisition [Line Items]          
Debt face amount       $ 500,000,000  
Average interest rate at March 31, 2023       5.65%  
ECM Investors, LLC | Subsequent Event | Senior Notes [Member] | Term Loan Facility          
Business Acquisition [Line Items]          
Debt term 5 years        
Maximum borrowing capacity $ 300,000,000        
v3.23.1
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Earnings Per Share [Abstract]    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 93.8 $ 67.8
Weighted average common shares outstanding    
Basic (shares) 165.3 166.2
Dilutive impact of stock options, restricted stock units and performance share units 2.7 2.0
Diluted (shares) 168.0 168.2
Earnings per ordinary share    
Basic pro forma earnings per ordinary share (in dollars per share) $ 0.57 $ 0.41
Diluted pro forma earnings per ordinary share (in dollars per share) $ 0.56 $ 0.40
Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.1 0.2
v3.23.1
Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization $ 17.6 $ 17.8
v3.23.1
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2023
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 2,178.1
Acquisitions/divestitures 0.0
Foreign currency translation/other 2.4
Ending Balance 2,180.5
Enclosures  
Goodwill [Roll Forward]  
Beginning Balance 414.4
Acquisitions/divestitures 0.0
Foreign currency translation/other 2.3
Ending Balance 416.7
Electrical & Fastening Solutions  
Goodwill [Roll Forward]  
Beginning Balance 1,052.0
Acquisitions/divestitures 0.0
Foreign currency translation/other 0.0
Ending Balance 1,052.0
Thermal Management  
Goodwill [Roll Forward]  
Beginning Balance 711.7
Acquisitions/divestitures 0.0
Foreign currency translation/other 0.1
Ending Balance $ 711.8
v3.23.1
Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 1,328.5 $ 1,327.3
Accumulated amortization (552.2) (534.3)
Net 776.3 793.0
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 1,288.6 1,287.6
Accumulated amortization (536.0) (519.1)
Net 752.6 768.5
Proprietary technology and patents    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 39.9 39.7
Accumulated amortization (16.2) (15.2)
Net $ 23.7 $ 24.5
v3.23.1
Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]      
Amortization $ 17.6 $ 17.8  
Cost 1,601.6   $ 1,600.4
Accumulated amortization (552.2)   (534.3)
Net 1,049.4   1,066.1
Trade names      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-life intangibles $ 273.1   $ 273.1
v3.23.1
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Q2-Q4 2022 $ 52.7
2024 69.8
2025 69.8
2026 69.8
2027 69.7
2028 $ 65.5
v3.23.1
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Inventories    
Raw materials and supplies $ 132.2 $ 112.9
Work-in-process 41.6 36.2
Finished goods 192.7 197.6
Total inventories 366.5 346.7
Other current assets    
Contract assets 46.7 45.6
Prepaid expenses 55.6 44.9
Prepaid income taxes 10.0 4.1
Cross currency swap assets 11.1 14.5
Other current assets 3.8 3.4
Total other current assets 127.2 112.5
Property, plant and equipment, net    
Land and land improvements 39.0 38.6
Buildings and leasehold improvements 184.8 180.5
Machinery and equipment 513.9 500.4
Construction in progress 32.9 34.7
Total property, plant and equipment 770.6 754.2
Accumulated depreciation and amortization 477.6 465.0
Total property, plant and equipment, net 293.0 289.2
Other non-current assets    
Deferred compensation plan assets 16.6 16.7
Lease right-of-use assets 82.8 76.4
Deferred tax assets 12.8 16.3
Other non-current assets 29.5 30.2
Total other non-current assets 141.7 139.6
Other current liabilities    
Dividends payable 29.7 30.4
Accrued rebates 73.0 98.4
Contract liabilities 26.6 22.7
Accrued taxes payable 41.9 34.5
Current lease liabilities 19.2 17.7
Accrued interest 14.4 6.5
Other current liabilities 60.3 62.9
Total other current liabilities 265.1 273.1
Other non-current liabilities    
Income taxes payable 29.9 29.8
Deferred compensation plan liabilities 16.6 16.7
Non-current lease liabilities 68.7 63.7
Other non-current liabilities 17.5 14.5
Total other non-current liabilities $ 132.7 $ 124.7
v3.23.1
Derivatives and Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Foreign currency gains $ 10.0 $ 18.9
Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 155.1 145.7
Currency Swap    
Derivative [Line Items]    
Derivative, notional amount $ 352.7 $ 345.1
v3.23.1
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Derivative [Line Items]    
Total $ 1,085.0  
Recorded Amount    
Derivative [Line Items]    
Variable rate debt 285.0 $ 288.8
Fixed rate debt 800.0 800.0
Total 1,085.0 1,088.8
Fair Value    
Derivative [Line Items]    
Variable rate debt 285.0 288.8
Fixed rate debt 735.1 717.7
Total $ 1,020.1 $ 1,006.5
v3.23.1
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets $ 16.6 $ 16.7
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 16.6 16.7
Total recurring fair value measurements 27.9 33.3
Recurring | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (7.1) (4.8)
Foreign currency contract assets 18.2 22.4
Recurring | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (1.0) (1.5)
Foreign currency contract assets 1.2 0.5
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 11.6 11.8
Total recurring fair value measurements 11.6 11.8
Recurring | Level 1 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 1 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements 11.3 16.6
Recurring | Level 2 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (7.1) (4.8)
Foreign currency contract assets 18.2 22.4
Recurring | Level 2 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (1.0) (1.5)
Foreign currency contract assets 1.2 0.5
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements 0.0 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 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 3 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 5.0 4.9
Total recurring fair value measurements 5.0 4.9
Recurring | NAV | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets $ 0.0 $ 0.0
v3.23.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,085.0  
Unamortized debt issuance costs and discounts (5.4) $ (5.6)
Total debt 1,079.6 1,083.2
Less: Current maturities and short-term borrowings (15.0) (15.0)
Long-term debt 1,064.6 1,068.2
Senior Notes [Member] | Term Loan Facility    
Debt Instrument [Line Items]    
Long-term debt, gross 0.0 0.0
Senior Notes [Member] | Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 300.0 $ 300.0
Senior Notes [Member] | Senior Notes Two Point Seven Five Percent Due Twenty Thirty One    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2023 2.75% 2.75%
Long-term debt, gross   $ 300.0
Senior Notes [Member] | Senior Notes, Due 2028    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2023 4.55%  
Long-term debt, gross $ 500.0 500.0
Senior Notes [Member] | Senior Notes Six Point One One Seven Percent Due Twenty Twenty Six    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2023 6.117%  
Long-term debt, gross $ 285.0 $ 288.8
v3.23.1
Debt - Senior Notes (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,085,000,000  
Senior Notes [Member] | Senior Notes, Due 2028    
Debt Instrument [Line Items]    
Debt face amount $ 500,000,000  
Average interest rate 4.55%  
Long-term debt, gross $ 500,000,000.0 $ 500,000,000.0
v3.23.1
Debt - Senior Credit Facilities (Details) - Senior Notes [Member]
 1 Months Ended 3 Months Ended
Sep. 30, 2021
USD ($)
Mar. 31, 2018
USD ($)
Mar. 31, 2023
USD ($)
Senior Credit Facilities      
Debt Instrument [Line Items]      
Leverage ratio covenant     3.75
EBITDA ratio covenant     3.00
Leverage ratio covenant period     12 months
Senior Credit Facilities | Minimum      
Debt Instrument [Line Items]      
Debt covenant, consolidated unrestricted cash     $ 5,000,000
Senior Credit Facilities | Maximum      
Debt Instrument [Line Items]      
Debt covenant, consolidated unrestricted cash     250,000,000
Term Loan Facility      
Debt Instrument [Line Items]      
Debt term 5 years 5 years  
Maximum borrowing capacity $ 300,000,000 $ 200,000,000 200,000,000
Revolving Credit Facility [Member]      
Debt Instrument [Line Items]      
Debt term 5 years 5 years  
Maximum borrowing capacity $ 600,000,000 $ 600,000,000 $ 600,000,000
Line of credit increase limit $ 300,000,000    
v3.23.1
Debt - Schedule of Contractual Debt Maturities (Details)
$ in Millions
Mar. 31, 2023
USD ($)
Debt Disclosure [Abstract]  
Q2-Q4 2023 $ 11.3
2024 16.9
2025 22.5
2026 234.3
2027 0.0
2028 0.0
Thereafter 800.0
Total $ 1,085.0
v3.23.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Effective income tax rate 18.50% 17.60%  
Total gross liability for uncertain tax positions $ 13.5   $ 13.4
v3.23.1
Shareholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Feb. 28, 2023
Dec. 31, 2022
May 14, 2021
Equity [Abstract]          
Repurchase of shares of our common stock up to a maximum aggregate value         $ 300.0
Stock Repurchased During Period, Shares 0.3 0.1      
Stock Repurchased During Period, Value $ (13.2) $ (3.9)      
Shares repurchased but not yet paid 0.0     $ 2.0  
Stock Repurchase Program, Remaining Authorized Repurchase Amount 127.3        
Dividends payable (in dollars per share)     $ 0.175    
Dividends payable $ 29.7     $ 30.4  
v3.23.1
Segment Information - Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]    
Net sales $ 740.6 $ 694.7
Segment income 124.1 90.1
Enclosures    
Segment Reporting Information [Line Items]    
Net sales 391.0 359.4
Segment income 82.5 50.3
Electrical & Fastening Solutions    
Segment Reporting Information [Line Items]    
Net sales 205.7 187.6
Segment income 61.3 47.1
Thermal Management    
Segment Reporting Information [Line Items]    
Net sales 143.9 147.7
Segment income 30.9 32.4
Other    
Segment Reporting Information [Line Items]    
Segment income (26.7) (19.6)
Operating Segments    
Segment Reporting Information [Line Items]    
Segment income $ 148.0 $ 110.2
v3.23.1
Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Segment income $ 124.1 $ 90.1
Intangible amortization (17.6) (17.8)
Restructuring and other (4.0) (2.0)
Net interest expense (7.8) (7.2)
Other expense (1.2) (0.6)
Income before income taxes 115.1 82.3
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Segment income 148.0 110.2
Segment Reconciling Items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Intangible amortization (17.6) (17.8)
Restructuring and other (4.0) (2.0)
Acquisition transaction and integration costs (2.3) (0.3)
Net interest expense (7.8) (7.2)
Other expense $ (1.2) $ (0.6)
v3.23.1
Share-Based Compensation - Total Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense $ 5.7 $ 6.6
Restricted stock units    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense 2.7 2.4
Performance share units    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense 2.0 3.2
Stock options    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
Share-based compensation expense $ 1.0 $ 1.0
v3.23.1
Share-Based Compensation - Stock Option Assumptions (Details) - Stock options
 3 Months Ended
Mar. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Risk-free interest rate 3.77%
Expected dividend yield 1.73%
Expected share price volatility 36.60%
Expected term (years) 6 years 6 months
v3.23.1
Share-Based Compensation - Narrative (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2023
$ / 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 $ 46.15
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 $ 68.72
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 $ 16.56
RSUs, PSUs, and Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Awards issued in period 0.6
v3.23.1
Commitments and Contingencies (Details) - USD ($)
Mar. 31, 2023
Dec. 31, 2022
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 $ 39,300,000 $ 38,000,000