Consolidated and Combined Statements of Operations and Comprehensive Income - USD ($) shares in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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| Income Statement [Abstract] | |||
| Net sales | $ 1,998,600,000 | $ 2,204,000,000.0 | $ 2,213,600,000 |
| Cost of Goods and Services Sold | 1,249,200,000 | 1,338,200,000 | 1,337,500,000 |
| Gross profit | 749,400,000 | 865,800,000 | 876,100,000 |
| Selling, general and administrative | 447,000,000.0 | 484,500,000 | 519,700,000 |
| Research and development | 43,500,000 | 48,200,000 | 45,600,000 |
| Impairment of goodwill and trade names | 220,500,000 | 0 | 0 |
| Operating income | 38,400,000 | 333,100,000 | 310,800,000 |
| Net interest expense | 36,400,000 | 44,700,000 | 31,200,000 |
| Other expense | 11,500,000 | 31,000,000.0 | 10,900,000 |
| Income (loss) before income taxes | (9,500,000) | 257,400,000 | 268,700,000 |
| Provision for income taxes | 37,700,000 | 34,700,000 | 37,900,000 |
| Net income (loss) | (47,200,000) | 222,700,000 | 230,800,000 |
| Comprehensive income (loss), net of tax | |||
| Net income | (47,200,000) | 222,700,000 | 230,800,000 |
| Changes in cumulative translation adjustment | (3,700,000) | 4,800,000 | (48,200,000) |
| Changes in market value of derivative financial instruments, net of tax | 7,100,000 | 4,400,000 | (2,500,000) |
| Comprehensive income (loss) | $ (43,800,000) | $ 231,900,000 | $ 180,100,000 |
| Earnings (loss) per ordinary share | |||
| Basic (dollars per share) | $ (0.28) | $ 1.30 | $ 1.29 |
| Diluted (dollars per share) | $ (0.28) | $ 1.29 | $ 1.28 |
| Weighted average ordinary shares outstanding | |||
| Basic (shares) | 169.6 | 171.6 | 178.6 |
| Diluted (shares) | 169.6 | 173.0 | 180.8 |
Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Accounts and notes receivable, allowances | $ 6.2 | $ 5.4 |
| Common stock, par value (per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 400,000,000.0 | 400,000,000.0 |
| Common stock, shares issued | 168,200,000 | 169,500,000 |
Basis of Presentation and Summary of Significant Accounting Policies |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies 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. Separation from Pentair On April 30, 2018, Pentair plc ("Pentair" or "former Parent") completed the separation of its Water business and its Electrical business into two independent, publicly-traded companies (the "separation"). To effect the separation, Pentair distributed to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. As a result of the distribution, nVent is now an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018. Except where indicated, references below to transactions completed by nVent prior to April 30, 2018 refer to transactions completed by or on behalf of the Electrical reporting segment of the former Parent that are reflected on the consolidated and combined financial statements of nVent. Basis of presentation The consolidated and combined financial statements have been prepared in U.S. dollars ("USD") and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany accounts and transactions have been eliminated. The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of the former Parent as if nVent were operated on a stand-alone basis. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Cost allocations For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures. The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity. For periods prior to the separation, certain nVent operations were included in the former Parent's U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to former Parent in the Consolidated and Combined Statements of Cash Flows. Fiscal year Our fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis. Use of estimates The preparation of our consolidated and combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated and combined financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, percentage of completion revenue recognition, assets acquired and liabilities assumed in acquisitions, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates. Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Accounting Standards Codification 606 - Revenue from Contracts with Customers. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business. Contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 75%, 73% and 72% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. Revenue from products and services transferred to customers over time accounted for 25%, 27% and 28% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced. We apply a practical expedient to expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be less than one year. Sales returns The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future. Pricing and sales incentives Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. This can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives. We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not). Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and the transaction price is reduced for the probable cost of the discount. Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer. Shipping and handling costs Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Contract assets and liabilities Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue. Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets. Research and development We conduct research and development (“R&D”) activities in our own facilities, which consist primarily of the development of new products, product applications and manufacturing processes. Cash equivalents We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. Trade receivables and concentration of credit risk We record an allowance for doubtful accounts to reduce our receivables balance by the amount that is estimated to be uncollectible from our customers, or the expected loss. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers' financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral. No customer receivable balances exceeded 10% of total net receivable balances as of December 31, 2020 or 2019. Inventories Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out ("FIFO") cost method. Property, plant and equipment, net Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:
Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets. We recorded no material impairment charges in 2020, 2019 or 2018. The following table presents geographic Property, plant and equipment, net by region as of December 31:
Goodwill and identifiable intangible assets Goodwill Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is tested annually for impairment and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing an impairment expense for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date. The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy defined by the accounting guidance. In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods. As a result of this analysis, in the third quarter of 2020 we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment expense recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill. The impairment expense is included in Impairment of goodwill and trade names on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There was no impairment expense recorded in 2019 and 2018 related to goodwill. Identifiable intangible assets Our primary identifiable intangible assets include customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization. Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date. The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a Level 3 measurement under the fair value hierarchy described below. In 2020, we recognized a pre-tax, non-cash impairment expense of $8.2 million related to trade names. The impairment expense was recorded in Impairment of goodwill and trade names in our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There were no impairment expense recorded in 2019 or 2018 related to identifiable intangible assets. Income taxes We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Pension and other post-retirement plans We sponsor defined-benefit pension plans and a post-retirement health plan. The pension and other post-retirement benefit costs for these plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 12. For periods prior to the separation, certain nVent employees participated in defined benefit pension plans and post-retirement health plans sponsored by the former Parent. For purposes of these consolidated and combined financial statements, nVent accounted for these plans as multi-employer benefit plans. Accordingly, nVent did not record an asset or liability to recognize the funded status of these plans. However, nVent did record its share of the allocated expense, including net actuarial gains or losses described below. We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis. Earnings (loss) per ordinary share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding including the dilutive effects of ordinary share equivalents. Derivative financial instruments We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and is effective as a cash-flow hedge, the effective portion of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of equity in the Consolidated Balance Sheets and are recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately. Gains and losses on net investment hedges are included in AOCI as a separate component of equity in the Consolidated Balance Sheets. We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements for the normal purchases and normal sales scope exception. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. Foreign currency translation The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency, except for certain corporate entities outside of the U.S. which are measured using USD. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI as a separate component of equity. Adoption of new accounting standards On January 1, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-02, “Leases” using the alternative transition method and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected to apply the practical expedient to not separate non-lease components from the lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of $44.2 million, as of January 1, 2019. The adoption of the standard did not have a material impact on our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) or our Consolidated and Combined Statements of Cash Flows. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Effective January 1, 2020, we adopted ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350)". The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment expense for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors. This amended rule narrows the circumstances that require separate financial statements or summarized financial disclosures of subsidiary issuers and guarantors and simplifies the summarized disclosures required in lieu of those statements. As a result of this amended rule, we have included narrative disclosures in lieu of separate financial statements and summarized financial disclosures as amounts presented would not be material because the guarantor and subsidiary issuer do not have material independent assets and operations unrelated to investments in consolidated subsidiaries.
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| 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:
Vertical net sales information was as follows:
Contract balances Contract assets and liabilities consisted of the following:
The $21.4 million and the $5.5 million decreases in net contract assets in 2020 and 2019, respectively, were primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2019 and 2018 were recognized in revenue as of December 31, 2020 and December 31, 2019, respectively. There were no material impairment losses recognized on our contract assets for the twelve months ended December 31, 2020 and 2019. Remaining performance obligations We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On December 31, 2020, we had $86.3 million of remaining performance obligations on contracts with original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next to eighteen months.
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Restructuring |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Restructuring and Related Activities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring | RestructuringDuring 2020, 2019 and 2018, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Additionally in 2020, we initiated certain actions in response to the decrease in expected demand attributed to the effects of the COVID-19 pandemic and recent significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry. Restructuring initiatives during the years ended December 31, 2020, 2019 and 2018 included a reduction in hourly and salaried headcount of approximately 500, 400 and 50 employees, respectively. Restructuring related costs included in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows:
Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows:
Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:
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Earnings Per Share |
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| Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share | Earnings (Loss) Per ShareBasic and diluted earnings (loss) per share were calculated as follows:
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Acquisitions (Notes) |
12 Months Ended |
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Dec. 31, 2020 | |
| Business Combinations [Abstract] | |
| Acquisitions | Acquisitions On August 30, 2019, we completed the acquisition of Eldon Holding AB ("Eldon") for $127.8 million, net of cash acquired. Eldon, now part of our Enclosures segment, is an innovative European based manufacturer of enclosures that protect sensitive electrical, electronic and data and telecommunications components. The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $51.2 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $46.7 million of definite-lived customer relationships with an estimated useful life of 17 years. On February 10, 2020, we acquired substantially all of the assets of WBT LLC ("WBT") for $29.9 million in cash. The U.S. based WBT business manufactures high-quality cable tray systems that will be marketed as part of the nVent CADDY product line within our Electrical and Fastening Solutions segment and nVent HOFFMAN product line within our Enclosures segment. The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $13.7 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $11.3 million of definite-lived customer relationships with an estimated useful life of 12 years. The pro forma impact of these acquisitions is not material.
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Goodwill and Other Identifiable Intangible Assets |
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| 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 2020, we recognized pre-tax, non-cash impairment expense of $212.3 million related to goodwill in the Thermal Management reporting unit. There was no impairment expense recorded in 2019 or 2018 related to goodwill. Identifiable intangible assets consisted of the following at December 31:
Identifiable intangible asset amortization expense in 2020, 2019 and 2018 was $64.2 million, $61.4 million and $60.9 million, respectively. In 2020, we recognized pre-tax, non-cash impairment expense of $8.2 million related to trade names. There was no impairment expense recorded in 2019 or 2018 related to trade names. Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:
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Supplemental Balance Sheet Information |
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| Disclosure Supplemental Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Balance Sheet Information | Supplemental Balance Sheet Information
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Accumulated Other Comprehensive Income (Loss) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Components of AOCI consist of the following at December 31:
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Debt |
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Debt and the average interest rates on debt outstanding were as follows:
Senior notes In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). Interest on the Notes is payable semi-annually in arrears on April 15 and October 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, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have 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. Total availability under the Revolving Credit Facility was $565.4 million as of December 31, 2020. 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 to exceed 3.75 to 1.00 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 December 31, 2020, 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 December 31, 2020, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
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Derivatives and Financial Instruments |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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 in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. 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. At December 31, 2020 and 2019, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $41.8 million and $34.5 million, respectively. The impact of these contracts on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented. Cross currency swaps At December 31, 2020 and 2019, we had outstanding cross currency swap agreements with a combined notional amount of $329.0 million and $303.5 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedge, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At December 30, 2020 and 2019, we had deferred foreign currency gains of $6.9 million and $1.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity. Interest rate swaps We are also exposed to interest rate risk fluctuations in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swaps to fix a portion of the interest cost associated with anticipated future financings. In 2020, we entered into a forward starting interest rate swap to hedge the variability of cash flows attributable to changes in the benchmark swap interest rate (London Inter-Bank Offer Rate) associated with the anticipated refinancing of the 2023 Notes. The interest rate swap contract has a notional amount of $200 million and is expected to mature in 2023. The interest rates swaps are accounted for as cash flow hedges since they hedge the risk of an increase in treasury rates for the forecasted interest payments of an anticipated fixed-rate debt issuance. The impact of this contract on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) was not material for any period presented. 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; •foreign currency contract and interest rate swap 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 the 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, at December 31 were as follows:
Financial assets and liabilities measured at fair value on a recurring basis at December 31 were as follows:
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Income Taxes |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income (loss) before income taxes consisted of the following:
(1)"Federal" reflects U.K. income (loss) before income taxes. (2)"International" reflects non-U.K. income (loss) before income taxes. The provision for income taxes consisted of the following:
(1)"International" represents non-U.K. taxes. (2)"Federal" represents U.K. taxes. Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:
(1)The statutory rate for 2020, 2019 and 2018 reflects the U.K. statutory rate of 19.0%. (2)The tax effect of international operations consists of non-U.K. jurisdictions. (3)The Company's effective tax rate for the period ended December 31, 2020 is negative due to the loss before income taxes, resulting primarily from the impairment of goodwill, compared to the net tax expense recorded for the period. Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
We record gross unrecognized tax benefits in Other current liabilities and Other non-current liabilities in the Consolidated Balance Sheets. Included in the $17.1 million of total gross unrecognized tax benefits as of December 31, 2020 was $15.9 million of tax benefits that, if recognized, would impact the effective tax rate. It is reasonably possible that the gross unrecognized tax benefits as of December 31, 2020 may decrease by a range of zero to $3.6 million during 2021, primarily as a result of the resolution of non-U.K. examinations and the expiration of various statutes of limitations. Based on the outcome of tax examinations, or as a result of the expiration of statute of limitations for specific jurisdictions, it is reasonably possible that certain unrecognized tax benefits for tax positions taken on previously filed tax returns will materially change from those recorded as liabilities in our financial statements. A number of tax periods from 2009 to present are under audit by tax authorities in various jurisdictions, including Canada, France, Germany and Romania. Certain nVent entities are currently subject to IRS audit in the U.S. for 2018 tax periods prior to the separation. We anticipate that several of these audits may be concluded in the foreseeable future. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). As of December 31, 2020 and 2019, we have liabilities of $2.3 million and $1.7 million, respectively, for the possible payment of penalties and $3.5 million and $3.0 million, respectively, for the possible payment of interest expense, which are recorded in Other current liabilities in the Consolidated Balance Sheets. No additional income taxes have been provided for any undistributed foreign earnings or outside basis difference inherent in subsidiaries as these amounts continue to be indefinitely reinvested in foreign operations. Deferred taxes arise because of different treatment between financial statement accounting and tax accounting, known as "temporary differences." We record the tax effect of these temporary differences as "deferred tax assets" (generally items that can be used as a tax deduction or credit in future periods) and "deferred tax liabilities" (generally items for which we received a tax deduction but the tax impact has not yet been recorded in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss)). Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:
The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:
Included in tax loss and credit carryforwards in the table above is a deferred tax asset of $3.1 million as of December 31, 2020 related to foreign tax credit carryover from the tax period ended December 31, 2017 and related to transition taxes. The entire amount is subject to a valuation allowance. The foreign tax credit is eligible for carryforward until the tax period ending December 31, 2027. As of December 31, 2020, tax loss carryforwards of $484.6 million were available to offset future income. A valuation allowance of $122.1 million exists for deferred income tax benefits related to the tax loss carryforwards which may not be realized. We believe sufficient taxable income will be generated in the respective jurisdictions to allow us to fully recover the remainder of the tax losses. The tax losses relate to non-U.S. carryforwards which are subject to varying expiration periods. Non-U.S. carryforwards of $400.0 million are located in jurisdictions with unlimited tax loss carryforward periods, while the remainder will begin to expire in 2021.
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Benefit Plans |
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Plans | Benefit Plans Pension and other post-retirement plans We sponsor U.S. and non-U.S. defined-benefit pension and other post-retirement plans. The defined benefit pension plans cover certain non-U.S. employees and retirees, and the pension benefits are based principally on an employee's years of service and/or compensation levels near retirement. In addition, we provide certain post-retirement health care and life insurance benefits. Generally, the post-retirement health care and life insurance plans require contributions from retirees. Obligations and funded status The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2020 and 2019:
In the fourth quarter of 2019, we transferred all of our remaining benefit obligations and plan assets attributed to a pension plan in the U.K. to a third-party insurance company purchased through an annuity contract. The transfer of benefit obligations and plan assets are reflected in the Plan transfer lines in the table above. In the fourth quarter of 2020, we amended a defined benefit pension plan in Germany to close participation to employees hired after October 1, 2020 and employees more than 10 years from retirement age. These employees are eligible to participate in a defined contribution pension plan starting on October 1, 2020. Benefits to be provided to plan participants remaining in the legacy defined benefit plan are not affected. The amendment of the defined benefit pension plan triggered a curtailment, which required a remeasurement of the benefit obligation. The remeasurement resulted in a curtailment gain (decrease in the benefit obligation) of $4.2 million, which is reflected in Other expense in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:
The accumulated benefit obligation for all defined benefit plans was $234.9 million and $199.5 million at December 31, 2020 and 2019, respectively. Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
Components of net periodic benefit expense for our pension plans were as follow for the years ended December 31:
Components of net periodic benefit expense for our post-retirement plan for the years ended December 31, 2020, 2019 and 2018, were not material. Assumptions Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31 were as follows:
Uncertainty in the securities markets and U.S. economy could result in investment returns less than those assumed. Should the securities markets decline or medical and prescription drug costs increase at a rate greater than assumed, we would expect increasing annual combined net pension and other post-retirement costs for the next several years. Should actual experience differ from actuarial assumptions, the projected pension benefit obligation and net pension cost and accumulated other post-retirement benefit obligation and other post-retirement benefit cost would be affected in future years. Discount rates The discount rate reflects the current rate at which the pension liabilities could be effectively settled at the end of the year based on our December 31 measurement date. The discount rates on our pension plans ranged from 0.00% to 2.75%, 0.25% to 3.25% and 0.50% to 4.25% in 2020, 2019 and 2018, respectively. The discount rates are determined by matching high-quality, fixed-income debt instruments with maturities corresponding to the expected timing of benefit payments as of the annual measurement date for each of the various plans. There are no known or anticipated changes in our discount rate assumptions that will materially impact our pension expense in 2021. Expected rates of return The expected rates of return on our pension plan assets ranged from 1.00% to 5.00%, 1.00% to 5.25% and 1.00% to 5.50% in 2020, 2019 and 2018, respectively. The expected rate of return is designed to be a long-term assumption that may be subject to considerable year-to-year variance from actual returns. In developing the expected long-term rate of return, we considered our historical returns, with consideration given to forecasted economic conditions, our asset allocations, input from external consultants and broader longer-term market indices. Any difference in the expected rate and actual returns will be included with the actuarial gain or loss recorded in the fourth quarter when our plans are remeasured. Pension plans assets Objective The primary objective of our investment strategy is to meet the pension obligation to our employees at a reasonable cost to us. This is primarily accomplished through growth of capital and safety of the funds invested. Asset allocation The majority of our pension plan assets are invested in fixed income and equity securities which is consistent with our investment policy goals. Actual investments for our pension plans as of December 31 were as follows:
Fair value measurement The fair values of our pension plan assets as of December 31 were as follows:
Valuation methodologies used for investments measured at fair value, each of which is classified as Level 2 in the fair value hierarchy, were as follows: •cash equivalents — Cash equivalents consist of investments in commingled funds valued based on observable market data. •fixed income — Investments in corporate bonds, government securities, mortgages and asset backed securities were valued based upon quoted market prices for similar securities and other observable market data. Investments in commingled funds were generally valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service. •other investments — Other investments include investments in commingled funds with diversified investment strategies. Investments in commingled funds were valued at the net asset value of units held at the end of the period based upon the value of the underlying investments as determined by quoted market prices or by a pricing service. Cash flows Contributions Pension and post-retirement plan contributions totaled $6.8 million and $5.8 million in 2020 and 2019, respectively. The 2021 expected contributions will equal or exceed our minimum funding requirements of $7.8 million. Estimated future benefit payments The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:
Savings plan Effective January 1, 2019, nVent established and is the plan sponsor of a 401(k) retirement plan (nVent Management Company Retirement Savings and Incentive Plan or "401(k) plan") and employee share ownership plan (nVent Electric plc Employee Stock Purchase and Bonus Plan). The 401(k) plan covers certain union and all non-union U.S. employees who met certain age requirements. Under the 401(k) plan, eligible U.S. employees could voluntarily contribute a percentage of their eligible compensation and we match contributions made by employees who met certain eligibility and service requirements. The eligibility criteria and benefits provided by the plans sponsored by nVent are consistent with the provisions of the plans sponsored by the former Parent. During 2019 and the first half of 2020, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. In response to the adverse effects of the COVID-19 pandemic, effective July 1, 2020, the employer matching contributions were reduced to 50% of the first 5% of eligible compensation contributed as pre-tax contribution. Expense for the 401(k) plan was $8.8 million and $10.9 million in 2020 and 2019, respectively. During 2018, certain U.S. nVent employees were eligible to participate in a 401(k) plan with an employee share ownership ("ESOP") bonus component, sponsored by the former Parent. During 2018, the matching contribution was 100% of eligible employee contributions for the first 5% of eligible contributions contributed as pre-tax contribution. Expense was $10.5 million in 2018.
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Shareholders' Equity |
12 Months Ended |
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Dec. 31, 2020 | |
| Stockholders' Equity Note [Abstract] | |
| Shareholders' Equity | Shareholders' Equity Authorized shares Our authorized share capital consists of 400.0 million ordinary shares with a par value of $0.01 per share. Share repurchases On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021. During the year ended December 31, 2020, we repurchased 2.3 million of our ordinary shares for $43.2 million under the 2018 Authorization. During the year ended December 31, 2019, we repurchased 9.0 million of our ordinary shares for $232.7 million under the 2018 Authorization. As of December 31, 2020, we had $545.1 million available for repurchases under the 2018 and 2019 Authorizations, which totaled $880.0 million. Dividends Dividends paid per ordinary share were $0.70 for both the years ended December 31, 2020 and 2019. On December 14, 2020, the Board of Directors declared a quarterly cash dividend of $0.175 that was paid on February 5, 2021 to shareholders of record at the close of business on January 22, 2021. The balance of dividends payable included in Other current liabilities on our Consolidated Balance Sheets was $29.4 million and $29.7 million at December 31, 2020 and 2019, respectively. On February 22, 2021, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 7, 2021 to shareholders of record at the close of business on April 23, 2021.
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| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Information | Segment Information We classify our operations into the following business segments based primarily on types of products offered and markets served: •Enclosures - The Enclosures segment provides innovative solutions to connect and protect critical control systems, electronics, data and electrical equipment. From metallic and non-metallic enclosures to cabinets, subracks and backplanes, it offers the physical infrastructure to host, connect and protect server and network equipment, as well as indoor and outdoor protection for test and measurement, aerospace and defense applications in industrial, infrastructure, energy and commercial verticals. •Electrical & Fastening Solutions - The Electrical & Fastening Solutions segment provides solutions that connect and protect electrical and mechanical systems and civil structures. Its engineered electrical and fastening products are innovative cost efficient and time saving connections that are used across a wide range of verticals, including commercial, industrial, infrastructure and energy. •Thermal Management - The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its thermal management systems include heat tracing, floor heating, fire-rated and specialty wiring, sensing and snow melting and de-icing solutions for use in industrial, commercial & residential, energy and infrastructure verticals. It's highly reliable and easy to install solutions lower total cost of ownership to building owners, facility managers, operators and end users. •Other — Other is primarily composed of unallocated corporate expenses, our captive insurance subsidiary and intermediate finance companies. The accounting policies of our reporting segments are the same as those described in the summary of significant accounting policies. We evaluate performance based on the 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, separation costs, costs of restructuring activities, "mark-to-market" gain/loss for pension and other post-retirement plans, impairments and other unusual non-operating items. Financial information by reportable segment is included in the following summary:
No customer accounted for more than 10% of net sales in 2020, 2019 or 2018. The following table presents a reconciliation of consolidated and combined segment income to consolidated and combined income (loss) before income taxes for the years ended December 31:
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties. During the years ended December 31, 2020, 2019 and 2018, rent expense was $20.3 million, $19.8 million and $15.8 million, respectively, primarily related to operating lease costs. Costs associated with short-term leases, variable rent and subleases were immaterial. Our leases have remaining lease terms of one to ten years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted average remaining lease term and weighted average discount rate were as follows:
Future lease payments under non-cancelable operating leases as of December 31, 2020 were as follows:
As of December 31, 2020, we have approximately $23 million in future undiscounted cash flows related to a lease of a manufacturing facility and warehouse that has not yet commenced for which we are involved in the design and construction of the assets. The lease has a term of 10 years and is expected to commence in the first half of 2021. Future lease payments under non-cancelable operating leases as of December 31, 2019 were as follows:
Supplemental cash flow information related to operating leases was as follows:
Supplemental balance sheet information related to operating leases as of December 31 was as follows:
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Commitments and Contingencies |
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Dec. 31, 2020 | |
| 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 December 31, 2020 and 2019 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 December 31, 2020 and 2019, the outstanding value of bonds, letters of credit and bank guarantees totaled $43.8 million and $70.0 million, respectively. Other matters We are subject to disputes, administrative proceedings and other claims arising out of the normal conduct of our business. These matters generally relate to disputes arising out of the use or installation of our products, product liability litigation, personal injury claims, commercial and contract disputes and employment related matters. On the basis of information currently available, management does not believe that existing proceedings and claims will have a material impact on our consolidated and combined financial statements. However, litigation is unpredictable, and we could incur judgments or enter into settlements for current or future claims that could adversely affect our financial statements.
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Selected Quarterly Data (Unaudited) |
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| Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Data (Unaudited) | Selected Quarterly Data (Unaudited) The following tables present 2020 and 2019 quarterly financial information:
Third quarter 2020 includes a $220.5 million decrease in net income related to impairment of goodwill and trade names. 2020 results were impacted by the COVID-19 pandemic.
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Basis of Presentation and Summary of Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of presentation The consolidated and combined financial statements have been prepared in U.S. dollars ("USD") and in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Intercompany accounts and transactions have been eliminated. The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of the former Parent as if nVent were operated on a stand-alone basis. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Cost allocations For periods prior to the separation, the consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) within Selling, general and administrative and Other expense. The amount allocated was $42.5 million for the year ended December 31, 2018, of which $10.3 million was historically recorded to the Electrical segment in the former Parent’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures. The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Consolidated and Combined Statements of Cash Flows as a financing activity. For periods prior to the separation, certain nVent operations were included in the former Parent's U.S. federal and state income tax returns and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Current income tax liabilities were assumed to be immediately settled with the former Parent and relieved through the Net Parent investment account and the Net transfers to former Parent in the Consolidated and Combined Statements of Cash Flows.
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| Fiscal Year | Fiscal yearOur fiscal year ends on December 31. We report our interim quarterly periods on a calendar quarter basis. | |||||||||||||||||||||||||||||||
| Use of Estimates | Use of estimates The preparation of our consolidated and combined financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in these consolidated and combined financial statements and accompanying notes, disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. These estimates include our accounting for valuation of goodwill and indefinite lived intangible assets, estimated losses on accounts receivable, estimated realizable value on excess and obsolete inventory, percentage of completion revenue recognition, assets acquired and liabilities assumed in acquisitions, contingent liabilities, income taxes and pension and other post-retirement benefits. Actual results could differ from our estimates.
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| Revenue Recognition | Revenue recognition Revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in Accounting Standards Codification 606 - Revenue from Contracts with Customers. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business. Contract transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 75%, 73% and 72% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. Revenue from products and services transferred to customers over time accounted for 25%, 27% and 28% of our revenue for the years ended December 31, 2020, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced. We apply a practical expedient to expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be less than one year. Sales returns The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future. Pricing and sales incentives Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. This can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives. We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not). Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and the transaction price is reduced for the probable cost of the discount. Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer. Shipping and handling costs Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). Contract assets and liabilities Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue. Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Consolidated Balance Sheets.
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| Research and Development | Research and developmentWe conduct research and development (“R&D”) activities in our own facilities, which consist primarily of the development of new products, product applications and manufacturing processes. | |||||||||||||||||||||||||||||||
| Cash Equivalents | Cash equivalents We consider highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents.
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| Trade Receivables and Concentration of Credit Risk | Trade receivables and concentration of credit riskWe record an allowance for doubtful accounts to reduce our receivables balance by the amount that is estimated to be uncollectible from our customers, or the expected loss. Estimates used in determining the allowance for doubtful accounts are based on historical collection experience, including write-offs and recoveries, periodic credit evaluations of our customers' financial situation, and current circumstances as well as reasonable and supportable forecasts of future economic conditions. We generally do not require collateral. | |||||||||||||||||||||||||||||||
| Inventories | 2019. Inventories Inventories are stated at the lower of cost or net realizable value with substantially all inventories recorded using the first-in, first-out ("FIFO") cost method.
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| Property, Plant and Equipment, Net | . Property, plant and equipment, net Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:
Significant improvements that add to productive capacity or extend the lives of properties are capitalized. Costs for repairs and maintenance are charged to expense as incurred. When property is retired or otherwise disposed of, the recorded cost of the assets and their related accumulated depreciation are removed from the Consolidated Balance Sheets and any related gains or losses are included in income. We review the recoverability of long-lived assets to be held and used, such as property, plant and equipment, when events or changes in circumstances occur that indicate the carrying value of the asset or asset group may not be recoverable. The assessment of possible impairment is based on our ability to recover the carrying value of the asset or asset group from the expected future pre-tax cash flows (undiscounted and without interest charges) of the related operations. If these cash flows are less than the carrying value of such asset or asset group, an impairment loss is recognized for the difference between estimated fair value and carrying value. Impairment losses on long-lived assets held for sale are determined in a similar manner, except that fair values are reduced for the cost to dispose of the assets. The measurement of impairment requires us to estimate future cash flows and the fair value of long-lived assets.
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| Goodwill and identifiable intangible assets | Goodwill and identifiable intangible assets Goodwill Goodwill represents the excess of the cost of acquired businesses over the net of the fair value of identifiable tangible net assets and identifiable intangible assets purchased and liabilities assumed. Goodwill is tested annually for impairment and is tested for impairment more frequently if events or changes in circumstances indicate that the asset might be impaired. The impairment test is performed by comparing the fair value of each reporting unit with its carrying amount, and recognizing an impairment expense for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. As a result of the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry, we concluded a triggering event occurred during the third quarter of 2020 for our Thermal Management reporting unit requiring an impairment test as of September 30, 2020. In order to perform the goodwill impairment test for the Thermal Management reporting unit, including consideration of market-based inputs such as a market capitalization reconciliation, we determined it was appropriate to measure the fair value of all of our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date. The fair value of each reporting unit is determined using a discounted cash flow analysis and market approach. Determining the fair value of the reporting units required the use of significant judgment, including assumptions about future revenues and expenses, capital expenditures and changes in working capital and discount rates, which are based on our annual operating plan and long-term business plan. These plans take into consideration numerous factors including historical experience, anticipated future economic conditions, including the impacts from the COVID-19 pandemic and growth expectations for the industries and end markets in which the reporting unit participates. The level of judgment and estimation is inherently higher in the current environment considering the uncertainty created by the COVID-19 pandemic. We have evaluated numerous factors and made significant assumptions, which include the severity and duration of the business disruption, the potential impact on customer demand, the timing and degree of economic recovery and ultimately, the combined effect of these assumptions on our future operating results and cash flows. Inputs used to estimate these fair values included significant unobservable inputs that reflect the Company’s assumptions about the inputs that market participants would use and, therefore, the fair value assessments are classified within Level 3 of the fair value hierarchy defined by the accounting guidance. In estimating fair value using the market approach, we identify a group of comparable publicly-traded companies for each reporting unit that are similar in terms of size and product offering. These groups of comparable companies are used to develop multiples based on total market-based invested capital as a multiple of earnings before interest, taxes, depreciation and amortization (“EBITDA”). We determine our estimated values by applying these comparable EBITDA multiples to the operating results of our reporting units. The ultimate fair value of each reporting unit is determined considering the results of both valuation methods. As a result of this analysis, in the third quarter of 2020 we recognized a pre-tax, non-cash goodwill impairment expense of $212.3 million related to the Thermal Management reporting unit. Subsequent to the impairment expense recorded in the quarter, the remaining goodwill for the Thermal Management reporting unit was $712.5 million. The impairment resulted in a $21.6 million income tax benefit associated with the proportionate share of tax deductible goodwill. The impairment expense is included in Impairment of goodwill and trade names on the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss). There was no impairment expense recorded in 2019 and 2018 related to goodwill. Identifiable intangible assets Our primary identifiable intangible assets include customer relationships, trade names, proprietary technologies and patents. Identifiable intangibles with definite lives are amortized and those identifiable intangibles with indefinite lives are not amortized. Identifiable intangible assets that are subject to amortization are evaluated for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Identifiable intangible assets not subject to amortization are tested for impairment annually or more frequently if events warrant. We complete our annual impairment test during the fourth quarter each year for those identifiable assets not subject to amortization. Due to the adverse market and economic conditions attributed to the COVID-19 pandemic, combined with significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry discussed above, we determined it was appropriate to measure the fair value of all of our identifiable intangible assets along with our reporting units as of September 30, 2020. There were no significant changes in facts or circumstances that resulted in a change in assumptions between our September 30, 2020 interim impairment assessment date and our October 1, 2020 annual impairment assessment date. The impairment test for trade names consists of a comparison of the fair value of the trade name with its carrying value. Fair value is measured using the relief-from-royalty method. This method assumes the trade name has value to the extent that the owner is relieved of the obligation to pay royalties for the benefits received from them. This method requires us to estimate the future revenue for the related brands, the appropriate royalty rate and the weighted average cost of capital. The non-recurring fair value measurement is a Level 3 measurement under the fair value hierarc
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| Income Taxes | Income taxes We use the asset and liability approach to account for income taxes. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period when the change is enacted. We maintain valuation allowances unless it is more likely than not that all or a portion of the deferred tax assets will be realized. Changes in valuation allowances from period to period are included in our tax provision in the period of change. We recognize the effect of income tax positions only if those positions are more likely than not to be sustained. Recognized income tax positions are measured at the largest amount that is more likely than not to be realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
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| Pension and other post-retirement plans | Pension and other post-retirement plans We sponsor defined-benefit pension plans and a post-retirement health plan. The pension and other post-retirement benefit costs for these plans are determined from actuarial assumptions and methodologies, including discount rates and expected returns on plan assets. These assumptions are updated annually and are disclosed in Note 12. For periods prior to the separation, certain nVent employees participated in defined benefit pension plans and post-retirement health plans sponsored by the former Parent. For purposes of these consolidated and combined financial statements, nVent accounted for these plans as multi-employer benefit plans. Accordingly, nVent did not record an asset or liability to recognize the funded status of these plans. However, nVent did record its share of the allocated expense, including net actuarial gains or losses described below. We recognize changes in the fair value of plan assets and net actuarial gains or losses for pension and other post-retirement benefits annually in the fourth quarter each year (“mark-to-market adjustment”) and, if applicable, in any quarter in which an interim remeasurement is triggered. Net actuarial gains and losses occur when the actual experience differs from any of the various assumptions used to value our pension and other post-retirement plans or when assumptions change, as they may each year. The remaining components of pension expense, including service and interest costs and estimated return on plan assets, are recorded on a quarterly basis.
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| Earnings (Loss) Per Common Share | Earnings (loss) per ordinary share Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding. Diluted earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of ordinary shares outstanding including the dilutive effects of ordinary share equivalents.
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| Derivative Financial Instruments | Derivative financial instruments We recognize all derivatives, including those embedded in other contracts, as either assets or liabilities at fair value in our Consolidated Balance Sheets. If the derivative is designated and is effective as a cash-flow hedge, the effective portion of changes in the fair value of the derivative are recorded in Accumulated other comprehensive income (loss) ("AOCI") as a separate component of equity in the Consolidated Balance Sheets and are recognized in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) when the hedged item affects earnings. For a derivative that is not designated as or does not qualify as a hedge, changes in fair value are reported in earnings immediately. Gains and losses on net investment hedges are included in AOCI as a separate component of equity in the Consolidated Balance Sheets. We use derivative instruments for the purpose of hedging interest rate and currency exposures, which exist as part of ongoing business operations. We do not hold or issue derivative financial instruments for trading or speculative purposes. All other contracts that contain provisions meeting the definition of a derivative also meet the requirements for the normal purchases and normal sales scope exception. Our policy is not to enter into contracts with terms that cannot be designated as normal purchases or sales. From time to time, we may enter into short duration foreign currency contracts to hedge foreign currency risks.
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| Fair Value Measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities measured at fair value are classified using the following hierarchy, which is based upon the transparency of inputs to the valuation as of the measurement date: Level 1: Valuation is based on observable inputs such as quoted market prices (unadjusted) for identical assets or liabilities in active markets. Level 2: Valuation is based on inputs such as quoted market prices for similar assets or liabilities in active markets or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3: Valuation is based upon other unobservable inputs that are significant to the fair value measurement. In making fair value measurements, observable market data must be used when available. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement.
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| Foreign Currency Translation | Foreign currency translation The financial statements of subsidiaries located outside of the U.S. are generally measured using the local currency as the functional currency, except for certain corporate entities outside of the U.S. which are measured using USD. Assets and liabilities of these subsidiaries are translated at the rates of exchange at the balance sheet date. Income and expense items are translated at average monthly rates of exchange. The resultant translation adjustments are included in AOCI as a separate component of equity.
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| New accounting standards | Adoption of new accounting standards On January 1, 2019, we adopted Accounting Standards Update ("ASU") No. 2016-02, “Leases” using the alternative transition method and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected to apply the practical expedient to not separate non-lease components from the lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. Adoption of the new standard resulted in the recording of additional right-of-use assets and lease liabilities of $44.2 million, as of January 1, 2019. The adoption of the standard did not have a material impact on our Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) or our Consolidated and Combined Statements of Cash Flows. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Effective January 1, 2020, we adopted ASU 2017-04, "Intangibles-Goodwill and Other (Topic 350)". The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment expense for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit. In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors. This amended rule narrows the circumstances that require separate financial statements or summarized financial disclosures of subsidiary issuers and guarantors and simplifies the summarized disclosures required in lieu of those statements. As a result of this amended rule, we have included narrative disclosures in lieu of separate financial statements and summarized financial disclosures as amounts presented would not be material because the guarantor and subsidiary issuer do not have material independent assets and operations unrelated to investments in consolidated subsidiaries.
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Basis of Presentation and Summary of Significant Accounting Policies (Tables) |
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | Property, plant and equipment is stated at historical cost. We compute depreciation by the straight-line method based on the following estimated useful lives:
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| Long-lived Assets by Geographic Areas | The following table presents geographic Property, plant and equipment, net by region as of December 31:
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Revenue (Tables) |
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disaggregation of Revenue | Geographic net sales information, based on geographic destination of the sale, was as follows:
Vertical net sales information was as follows:
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| Contract with Customer, Asset and Liability | Contract assets and liabilities consisted of the following:
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Restructuring (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Restructuring Related Costs | Restructuring related costs included in Selling, general and administrative in the Consolidated and Combined Statements of Operations and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows:
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| Restructuring Costs By Segment [Table Text Block] | Restructuring costs by reportable segment were as follows:
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| Restructuring Accrual Activity Recorded on Consolidated Balance Sheets | Activity related to accrued severance and related costs recorded in Other current liabilities in the Consolidated Balance Sheets is summarized as follows:
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Earnings Per Share (Tables) |
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basic and Diluted Earnings (Loss) Per Share | Basic and diluted earnings (loss) per share were calculated as follows:
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Goodwill and Other Identifiable Intangible Assets (Tables) |
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Changes in Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by reportable segment were as follows:
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| Identifiable Intangible Assets | Identifiable intangible assets consisted of the following at December 31:
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| Estimated Future Amortization Expense for Identifiable Intangible Assets | Estimated future amortization expense for identifiable intangible assets during the next five years is as follows:
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Supplemental Balance Sheet Information (Tables) |
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| Disclosure Supplemental Balance Sheet Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Supplemental Balance Sheet Information |
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Accumulated Other Comprehensive Income (Loss) (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Components of Accumulated Other Comprehensive Income (Loss) | Components of AOCI consist of the following at December 31:
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt and Average Interest Rates on Debt Outstanding | Debt and the average interest rates on debt outstanding were as follows:
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| Debt Outstanding Matures on Calendar Year Basis | Debt outstanding at December 31, 2020, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
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Derivatives and Financial Instruments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [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, at December 31 were as follows:
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| Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis at December 31 were as follows:
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Income Taxes (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income (loss) before income taxes and noncontrolling interest | Income (loss) before income taxes consisted of the following:
(1)"Federal" reflects U.K. income (loss) before income taxes. (2)"International" reflects non-U.K. income (loss) before income taxes.
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| Provision for Income Taxes | The provision for income taxes consisted of the following:
(1)"International" represents non-U.K. taxes. (2)"Federal" represents U.K. taxes.
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| Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate | Reconciliations of the federal statutory income tax rate to our effective tax rate were as follows:
(1)The statutory rate for 2020, 2019 and 2018 reflects the U.K. statutory rate of 19.0%. (2)The tax effect of international operations consists of non-U.K. jurisdictions. (3)The Company's effective tax rate for the period ended December 31, 2020 is negative due to the loss before income taxes, resulting primarily from the impairment of goodwill, compared to the net tax expense recorded for the period.
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| Reconciliations of Gross Unrecognized Tax Benefits | Reconciliations of the beginning and ending gross unrecognized tax benefits were as follows:
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| Schedule of Deferred Tax Assets and Liabilities | Deferred taxes were recorded in the Consolidated Balance Sheets at December 31 as follows:
The tax effects of the major items recorded as deferred tax assets and liabilities at December 31 were as follows:
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Benefit Plans (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliations of Benefit Obligations, Plan Assets of Pension Plans and Funded Status of Plans | The following tables present reconciliations of plan benefit obligations, fair value of plan assets and the funded status of pension plans and other post-retirement plans as of and for the years ended December 31, 2020 and 2019:
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| Amounts Recognized in Consolidated Balance Sheets | Amounts recorded in the Consolidated Balance Sheets at December 31 were as follows:
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| Pension Plans with an Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets | Information for pension plans with an accumulated benefit obligation or projected benefit obligation in excess of plan assets as of December 31 was as follows:
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| Components of Net Periodic Benefit Cost | Components of net periodic benefit expense for our pension plans were as follow for the years ended December 31:
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| Weighted-Average Assumptions used to Determine Domestic Benefit Obligations and Domestic Net Periodic Benefit Cost | Weighted-average assumptions used to determine benefit obligations as of December 31 were as follows:
Weighted-average assumptions used to determine net periodic benefit expense for years ended December 31 were as follows:
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| Actual Overall Asset Allocation for U.S. And Non-U.S. Plans as Compared to Investment Policy Goals | fixed income and equity securities which is consistent with our investment policy goals. Actual investments for our pension plans as of December 31 were as follows:
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| Plan Assets Using Fair Value Hierarchy | The fair values of our pension plan assets as of December 31 were as follows:
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| Expected Future Service to Be Paid by Plans | The following benefit payments, which reflect expected future service or payout from termination, as appropriate, are expected to be paid by the plans for the years ended December 31 as follows:
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Information by Reportable Business Segment | Financial information by reportable segment is included in the following summary:
No customer accounted for more than 10% of net sales in 2020, 2019 or 2018.
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| Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents a reconciliation of consolidated and combined segment income to consolidated and combined income (loss) before income taxes for the years ended December 31:
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Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost | The weighted average remaining lease term and weighted average discount rate were as follows:
Supplemental cash flow information related to operating leases was as follows:
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| Future Lease Payments | Future lease payments under non-cancelable operating leases as of December 31, 2020 were as follows:
Future lease payments under non-cancelable operating leases as of December 31, 2019 were as follows:
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| Operating Leases, Assets and Liabilities | Supplemental balance sheet information related to operating leases as of December 31 was as follows:
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Selected Quarterly Data (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarterly Financial Information | The following tables present 2020 and 2019 quarterly financial information:
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Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Detail) |
12 Months Ended |
|---|---|
Dec. 31, 2020 | |
| Land Improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 5 years |
| Land Improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 20 years |
| Buildings and Leasehold Improvements | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 5 years |
| Buildings and Leasehold Improvements | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 50 years |
| Machinery and Equipment | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 3 years |
| Machinery and Equipment | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Estimated Useful lives | 15 years |
Basis of Presentation and Summary of Significant Accounting Policies - Property, Plant and Equipment by Region (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, net | $ 289.4 | $ 284.5 |
| U.S. and Canada | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, net | 159.0 | 160.7 |
| MEXICO | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, net | 39.6 | 42.1 |
| EMEA [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, net | 78.8 | 75.0 |
| Developing | ||
| Property, Plant and Equipment [Line Items] | ||
| Property, plant and equipment, net | $ 12.0 | $ 6.7 |
Revenue - Narrative (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Revenue from Contract with Customer [Abstract] | ||
| Net contract assets (liabilities) | $ (21,400,000) | $ (5,500,000) |
| Contract with Customer, Asset, Credit Loss Expense | $ 0 | $ 0 |
Revenue - Additional Information (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Disaggregation of Revenue [Line Items] | |
| Amount of remaining performance obligation | $ 86.3 |
| Minimum | |
| Disaggregation of Revenue [Line Items] | |
| Performance obligation expected timing of satisfaction | 12 months |
| Maximum | |
| Disaggregation of Revenue [Line Items] | |
| Performance obligation expected timing of satisfaction | 18 months |
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Revenue from Contract with Customer [Abstract] | |||
| Contract assets | $ 45.6 | $ 69.4 | $ 74.4 |
| Contract liabilities | 11.3 | 13.7 | 13.2 |
| Net contract assets (liabilities) | 34.3 | 55.7 | $ 61.2 |
| $ Change | |||
| Contract assets | (23.8) | (5.0) | |
| Contract liabilities | (2.4) | 0.5 | |
| Net contract assets (liabilities) | $ 21.4 | $ 5.5 | |
| % Change | |||
| Contract assets | (34.30%) | (6.70%) | |
| Contract liabilities | (17.50%) | 3.80% | |
| Net contract assets (liabilities) | (38.40%) | (9.00%) | |
Restructuring - Additional Information (Details) - Person |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Restructuring and Related Activities [Abstract] | |||
| Number of employees | 500 | 400 | 50 |
Restructuring - Costs Included in Selling, General & Administrative expenses on Consolidated Statements of Income (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | $ 17.7 | $ 21.9 | $ 7.7 |
| Severance and related costs | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | 15.0 | 19.6 | 7.3 |
| Other | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | $ 2.7 | $ 2.3 | $ 0.4 |
Restructuring - Restructuring Costs by Segment (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | $ 17.7 | $ 21.9 | $ 7.7 |
| Enclosures | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | 8.5 | 5.3 | 1.3 |
| Thermal Management | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | 6.2 | 6.6 | 2.8 |
| Electrical & Fastening Solutions | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | 1.0 | 2.2 | 1.9 |
| Other | |||
| Restructuring Cost and Reserve [Line Items] | |||
| Restructuring costs | $ 2.0 | $ 7.8 | $ 1.7 |
Restructuring - Accrual Activity recorded on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Restructuring and Related Activities [Abstract] | ||
| Beginning balance | $ 9.5 | $ 3.8 |
| Costs incurred | 15.0 | 19.6 |
| Cash payments and other | (17.9) | (13.9) |
| Ending balance | $ 6.6 | $ 9.5 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Earnings Per Share, Basic and Diluted [Abstract] | |||||||||||
| Net income (loss) | $ 47.1 | $ (138.7) | $ 25.8 | $ 18.6 | $ 45.5 | $ 59.9 | $ 60.9 | $ 56.4 | $ (47.2) | $ 222.7 | $ 230.8 |
| Weighted average common shares outstanding | |||||||||||
| Basic (shares) | 169.6 | 171.6 | 178.6 | ||||||||
| Dilutive impact of stock options and restricted stock awards (shares) | 0.7 | 1.4 | 2.2 | ||||||||
| Diluted (shares) | 169.6 | 173.0 | 180.8 | ||||||||
| Earnings (loss) per ordinary share | |||||||||||
| Basic (dollars per share) | $ 0.28 | $ (0.82) | $ 0.15 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0.36 | $ 0.32 | $ (0.28) | $ 1.30 | $ 1.29 |
| Diluted (dollars per share) | $ 0.28 | $ (0.82) | $ 0.15 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0.35 | $ 0.32 | $ (0.28) | $ 1.29 | $ 1.28 |
| Anti-dilutive stock options excluded from the calculation of diluted earnings per share (in shares) | 4.2 | 2.1 | 1.0 | ||||||||
Acquisitions (Details) - USD ($) $ in Millions |
12 Months Ended | ||||
|---|---|---|---|---|---|
Feb. 10, 2020 |
Aug. 30, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Business Acquisition [Line Items] | |||||
| Payments to acquire business | $ 27.0 | $ 127.8 | $ 2.0 | ||
| Eldon Holding AB | |||||
| Business Acquisition [Line Items] | |||||
| Payments to acquire business | $ 127.8 | ||||
| Goodwill acquired | $ 51.2 | ||||
| WBT LLC | |||||
| Business Acquisition [Line Items] | |||||
| Goodwill acquired | $ 13.7 | ||||
| Payments to acquire assets | $ 29.9 | ||||
| Customer relationships | Eldon Holding AB | |||||
| Business Acquisition [Line Items] | |||||
| Intangible assets acquired | $ 46.7 | ||||
| Average useful life | 12 years | 17 years | |||
| Customer relationships | WBT LLC | |||||
| Business Acquisition [Line Items] | |||||
| Intangible assets acquired | $ 11.3 | ||||
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Goodwill [Roll Forward] | ||||
| Beginning Balance | $ 2,279,100,000 | $ 2,234,300,000 | ||
| Acquisitions/ divestitures | 20,100,000 | 45,100,000 | ||
| Foreign currency translation/other | 11,300,000 | (300,000) | ||
| Ending Balance | 2,098,200,000 | 2,279,100,000 | $ 2,234,300,000 | |
| Goodwill, Impairment Loss | (212,300,000) | 0 | 0 | |
| Impairment of intangible assets | 8,200,000 | |||
| Enclosures | ||||
| Goodwill [Roll Forward] | ||||
| Beginning Balance | 315,400,000 | 272,000,000.0 | ||
| Acquisitions/ divestitures | 6,400,000 | 45,100,000 | ||
| Foreign currency translation/other | 10,300,000 | (1,700,000) | ||
| Ending Balance | 332,100,000 | 315,400,000 | 272,000,000.0 | |
| Goodwill, Impairment Loss | 0 | 0 | ||
| Thermal Management | ||||
| Goodwill [Roll Forward] | ||||
| Beginning Balance | 925,500,000 | 924,100,000 | ||
| Acquisitions/ divestitures | 0 | 0 | ||
| Foreign currency translation/other | 1,000,000.0 | 1,400,000 | ||
| Ending Balance | $ 712,500,000 | 714,200,000 | 925,500,000 | 924,100,000 |
| Goodwill, Impairment Loss | $ (212,300,000) | (212,300,000) | 0 | |
| Electrical & Fastening Solutions | ||||
| Goodwill [Roll Forward] | ||||
| Beginning Balance | 1,038,200,000 | 1,038,200,000 | ||
| Acquisitions/ divestitures | 13,700,000 | 0 | ||
| Foreign currency translation/other | 0 | 0 | ||
| Ending Balance | 1,051,900,000 | 1,038,200,000 | $ 1,038,200,000 | |
| Goodwill, Impairment Loss | $ 0 | $ 0 | ||
Goodwill and Other Identifiable Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Acquired Intangible Assets by Major Class [Line Items] | ||
| Finite-life intangibles, cost | $ 1,230.8 | $ 1,212.7 |
| Accumulated amortization | (398.4) | (333.5) |
| Finite-life intangibles, net | 832.4 | 879.2 |
| Indefinite-life intangibles | 273.1 | 281.3 |
| Total intangibles, cost | 1,503.9 | 1,494.0 |
| Total intangibles, net | 1,105.5 | 1,160.5 |
| Customer relationships | ||
| Acquired Intangible Assets by Major Class [Line Items] | ||
| Finite-life intangibles, cost | 1,214.5 | 1,197.9 |
| Accumulated amortization | (389.6) | (326.1) |
| Finite-life intangibles, net | 824.9 | 871.8 |
| Proprietary technologies and patents | ||
| Acquired Intangible Assets by Major Class [Line Items] | ||
| Finite-life intangibles, cost | 16.3 | 14.8 |
| Accumulated amortization | (8.8) | (7.4) |
| Finite-life intangibles, net | $ 7.5 | $ 7.4 |
Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Goodwill, impairment loss | $ 212,300,000 | $ 0 | $ 0 |
| Amortization | 64,200,000 | 61,400,000 | 60,900,000 |
| Impairment charges, related to trade names | $ 0 | $ 0 | |
| Impairment of intangible assets | $ 8,200,000 | ||
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Estimated amortization expense | |
| 2020 | $ 63.4 |
| 2021 | 63.3 |
| 2022 | 63.1 |
| 2023 | 62.5 |
| 2024 | $ 62.5 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
| Cumulative translation adjustments | $ (104.2) | $ (100.5) |
| Market value of derivative financial instruments, net of tax | 9.0 | 1.9 |
| Accumulated other comprehensive income (loss) | $ (95.2) | $ (98.6) |
Debt - Debt Outstanding and Average Interest Rates (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Debt Disclosure [Line Items] | |||
| Long-term debt, gross | $ 952.1 | ||
| Unamortized issuance costs and discounts | (4.1) | $ (5.0) | |
| Total debt | 948.0 | 1,064.6 | |
| Less: Current maturities and short-term borrowings | (20.0) | (17.5) | |
| Long-term debt | $ 928.0 | 1,047.1 | |
| Revolving Credit Facility | |||
| Debt Disclosure [Line Items] | |||
| Average interest rate | 1.52% | ||
| Long-term debt, gross | $ 34.6 | 134.6 | |
| Senior Notes | Term loan facility | |||
| Debt Disclosure [Line Items] | |||
| Average interest rate | 1.52% | ||
| Long-term debt, gross | $ 117.5 | 135.0 | |
| Senior Notes | Senior Notes 3.950% Due 2023 | |||
| Debt Disclosure [Line Items] | |||
| Average interest rate | 3.95% | ||
| Long-term debt, gross | 300.0 | 300.0 | |
| Senior Notes | Senior Notes 4.550% Due 2028 | |||
| Debt Disclosure [Line Items] | |||
| Average interest rate | 4.55% | ||
| Long-term debt, gross | $ 500.0 | $ 500.0 |
Debt - Debt Outstanding Amounts Maturing (Detail) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Contractual debt obligation maturities | |
| 2019 | $ 20.0 |
| 2020 | 20.0 |
| 2021 | 412.1 |
| 2022 | 0.0 |
| 2023 | 0.0 |
| Thereafter | 500.0 |
| Total | $ 952.1 |
Derivatives and Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
| Derivative, Notional Amount | $ 200.0 | |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 6.9 | |
| AOCI, Derivative Qualifying as Hedge, Excluded Component, after Tax | $ 1.9 | |
| Cross Currency Interest Rate Contract | ||
| Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
| Derivative liability, notional amount | 41.8 | 34.5 |
| Currency Swap | ||
| Derivative Instruments and Hedging Activities Disclosure [Line Items] | ||
| Derivative, notional amount | $ 329.0 | $ 303.5 |
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Derivative [Line Items] | ||
| Total debt | $ 948.0 | $ 1,064.6 |
| Recorded Amount | ||
| Derivative [Line Items] | ||
| Variable rate debt | 152.1 | 269.6 |
| Fixed rate debt | 800.0 | 800.0 |
| Total debt | 952.1 | 1,069.6 |
| Fair Value | ||
| Derivative [Line Items] | ||
| Variable rate debt | 152.1 | 269.6 |
| Fixed rate debt | 915.2 | 863.5 |
| Total debt | $ 1,067.3 | $ 1,133.1 |
Income Taxes - Income (Loss) Before Income Taxes and Noncontrolling Interest (Detail) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal | $ (1,700,000) | $ (21,100,000) | $ (20,400,000) |
| International | (7,800,000) | 278,500,000 | 289,100,000 |
| Income (loss) before income taxes | $ (9,500,000) | $ 257,400,000 | $ 268,700,000 |
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Currently payable | |||
| International | $ 51.8 | $ 55.6 | $ 47.0 |
| Total current taxes | 51.8 | 55.6 | 47.0 |
| Deferred | |||
| Federal | 0.2 | 0.0 | 0.0 |
| International | (14.3) | (20.9) | (9.1) |
| Total deferred taxes | (14.1) | (20.9) | (9.1) |
| Total provision (benefit) for income taxes | $ 37.7 | $ 34.7 | $ 37.9 |
Income Taxes - Reconciliation of Federal Statutory Income Tax Rate to Effective Tax Rate (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Income Tax Disclosure [Abstract] | |||
| Federal statutory income tax rate | 19.00% | 19.00% | 19.00% |
| Tax effect of international operations | 153.10% | (2.20%) | (6.10%) |
| Change in valuation allowances | (308.00%) | (3.60%) | 0.90% |
| Withholding taxes | (14.30%) | 0.40% | 0.30% |
| Excess tax benefits on stock-based compensation | 1.20% | (0.10%) | 0.00% |
| Tax effect of goodwill impairment | (247.80%) | 0.00% | 0.00% |
| Effective tax rate (3) | (396.80%) | 13.50% | 14.10% |
Income Taxes - Reconciliations of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
| Beginning balance | $ 17.0 | $ 16.8 | $ 24.6 |
| Gross increases for tax positions in prior periods | 0.3 | 0.3 | 2.3 |
| Gross decreases for tax positions in prior periods | (1.4) | (1.3) | (1.6) |
| Gross increases based on tax positions related to the current year | 1.1 | 1.8 | 1.2 |
| Gross decreases related to settlements with taxing authorities | (2.5) | (0.2) | (8.0) |
| Reductions due to statute expiration | (0.5) | (0.1) | (1.9) |
| Gross increases (decreases) due to currency fluctuations | (0.3) | ||
| Gross increases (decreases) due to currency fluctuations | 0.3 | 0.2 | |
| Unrecognized Tax Benefits, Increase Resulting from Acquisition | 2.8 | 0.0 | 0.0 |
| Ending balance | $ 17.1 | $ 17.0 | $ 16.8 |
Income Taxes - Deferred Taxes (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Other non-current assets | $ 29.8 | $ 40.9 |
| Deferred tax liabilities | 230.1 | 237.8 |
| Net deferred tax liabilities | $ 200.3 | $ 196.9 |
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Deferred tax assets | ||
| Accrued liabilities and reserves | $ 8.5 | $ 10.4 |
| Pension and other post-retirement compensation and benefits | 41.4 | 36.9 |
| Employee compensation and benefits | 16.1 | 11.8 |
| Tax loss and credit carryforwards | 137.8 | 138.1 |
| Interest limitation | 15.8 | 20.0 |
| Other assets | 10.1 | 9.0 |
| Total deferred tax assets | 229.7 | 226.2 |
| Valuation allowance | 154.5 | 125.3 |
| Deferred tax assets, net of valuation allowance | 75.2 | 100.9 |
| Deferred tax liabilities | ||
| Property, plant and equipment | 17.1 | 17.6 |
| Goodwill and other intangibles | 240.2 | 262.2 |
| Other liabilities | 18.2 | 18.0 |
| Total deferred tax liabilities | 275.5 | 297.8 |
| Net deferred tax liabilities | $ 200.3 | $ 196.9 |
Benefit Plans - Amounts Recorded in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | ||
| Non-current liabilities | $ (237.9) | $ (207.2) |
| Defined accumulated benefit obligation plans | 234.9 | 199.5 |
| Pension plans | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Other non-current assets | 2.1 | 1.7 |
| Current liabilities | (4.3) | (3.7) |
| Non-current liabilities | (208.0) | (180.1) |
| Benefit obligations in excess of the fair value of plan assets | (210.2) | (182.1) |
| Post-retirement | ||
| Defined Benefit Plan Disclosure [Line Items] | ||
| Other non-current assets | 0.0 | 0.0 |
| Current liabilities | (1.2) | (1.2) |
| Non-current liabilities | (17.3) | (16.1) |
| Benefit obligations in excess of the fair value of plan assets | $ (18.5) | $ (17.3) |
Benefit Plans - Pension Plans with Accumulated Benefit Obligation or Projected Benefit Obligation in Excess of Plan Assets (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Defined Benefit Plan, Pension Plan with Project Benefit Obligation in Excess of Plan Assets [Abstract] | ||
| Projected benefit obligation | $ 227.7 | $ 198.3 |
| Fair value of plan assets | 15.3 | 14.6 |
| Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Abstract] | ||
| Projected benefit obligation | 227.7 | 198.3 |
| Fair value of plan assets | 15.3 | 14.6 |
| Accumulated benefit obligation | $ 221.2 | $ 187.1 |
Benefit Plans - Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Plan curtailment gain | $ 4.2 | ||
| Pension plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Service cost | 6.7 | $ 5.9 | $ 5.8 |
| Interest cost | 3.5 | 4.0 | 4.2 |
| Expected return on plan assets | (1.3) | (1.1) | (1.4) |
| Net actuarial loss | 10.3 | 25.4 | 7.5 |
| Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Curtailment | (4.2) | 0.0 | 0.0 |
| Plan curtailment gain | (4.2) | 0.0 | |
| Net periodic benefit expense | $ 15.0 | $ 34.2 | $ 16.1 |
Benefit Plans - Assumptions Used to Determine Benefit Obligations (Detail) |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Pension plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 1.26% | 1.54% | 2.25% |
| Rate of compensation increase | 2.96% | 2.97% | 2.97% |
| Post-retirement | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 2.17% | 3.08% | 4.10% |
| Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Benefit Plans - Assumptions Used to Determine Net Periodic Benefit Expense (Detail) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Pension plans | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 1.54% | 2.25% | 2.25% |
| Expected long-term return on plan assets | 3.91% | 4.15% | 3.45% |
| Rate of compensation increase | 2.97% | 2.97% | 2.98% |
| Post-retirement | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 3.08% | 4.10% | 3.40% |
| Expected long-term return on plan assets | 0.00% | 0.00% | 0.00% |
| Rate of compensation increase | 0.00% | 0.00% | 0.00% |
Benefit Plans - Assumptions, Discount Rates (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Minimum | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 0.00% | 0.25% | 0.50% |
| Expected rate of return on plan assets | 1.00% | 1.00% | |
| Maximum | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Discount rate | 2.75% | 3.25% | 4.25% |
| Expected rate of return on plan assets | 5.00% | 5.25% | 5.50% |
Benefit Plans - Asset Allocation (Detail) - Pension plans |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Equity securities | ||
| Plan Assets | ||
| Asset allocation | 43.00% | 43.00% |
| Fixed income | ||
| Plan Assets | ||
| Asset allocation | 41.00% | 42.00% |
| Other securities | ||
| Plan Assets | ||
| Asset allocation | 12.00% | 11.00% |
| Cash | ||
| Plan Assets | ||
| Asset allocation | 4.00% | 4.00% |
Benefit Plans - Fair Value Measurement (Detail) - Pension plans - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|---|---|---|---|
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | $ 31.2 | $ 28.7 | $ 41.8 |
| Level 2 | Cash and Cash Equivalents | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | 1.3 | 1.2 | |
| Level 2 | Fixed income | Foreign Government | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | 12.7 | 11.9 | |
| Level 2 | Other Investments | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | 3.8 | 3.1 | |
| Fair Value, Inputs, Level 1, 2 and 3 | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | 17.8 | 16.2 | |
| NAV | |||
| Defined Benefit Plan Disclosure [Line Items] | |||
| Fair value of plan assets | $ 13.4 | $ 12.5 |
Benefit Plans - Cash Flows (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2020
USD ($)
| |
| Defined Benefit Plan Disclosure [Line Items] | |
| Company contributions | $ 5,700,000 |
| Minimum | |
| Defined Benefit Plan Disclosure [Line Items] | |
| Expected contribution | $ 7,800,000 |
Benefit Plans - Estimated Future Benefit Payments (Detail) $ in Millions |
Dec. 31, 2020
USD ($)
|
|---|---|
| Pension plans | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2019 | $ 5.5 |
| 2020 | 6.0 |
| 2021 | 5.7 |
| 2022 | 7.7 |
| 2023 | 6.5 |
| Thereafter | 42.9 |
| Post-retirement health plan | |
| Defined Benefit Plan Disclosure [Line Items] | |
| 2019 | 1.2 |
| 2020 | 1.2 |
| 2021 | 1.2 |
| 2022 | 1.2 |
| 2023 | 1.1 |
| Thereafter | $ 5.1 |
Benefit Plans - Savings Plan (Details) - USD ($) |
6 Months Ended | 12 Months Ended | 18 Months Ended | ||
|---|---|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Jun. 30, 2020 |
|
| Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
| Percentage of match of compensation | 5.00% | ||||
| Flow 401(K) Plan | |||||
| Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
| Employee benefits and share-based compensation expense | $ 8,800,000 | $ 10,900,000 | $ 10,500,000 | ||
| First 1% | |||||
| Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
| Employer matching contribution, percent of employee gross pay | 50.00% | 100.00% | 100.00% | ||
| Next 5% | |||||
| Deferred Compensation Arrangement with Individual, Postretirement Benefits [Line Items] | |||||
| Employer matching contribution, percent of employee gross pay | 5.00% | 5.00% | |||
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Feb. 22, 2021 |
Dec. 14, 2020 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
Feb. 19, 2019 |
Jul. 23, 2018 |
|
| Stockholders Equity Note Disclosure [Line Items] | |||||||
| Common stock, shares authorized (in shares) | 400,000,000.0 | 400,000,000.0 | |||||
| Common stock, par value (per share) | $ 0.01 | $ 0.01 | |||||
| Authorized amount to repurchase shares of common stock | $ 380.0 | $ 500.0 | |||||
| Shares repurchased | 9,000,000.0 | ||||||
| Common stock shares repurchased (in shares) | 2,300,000 | ||||||
| Share repurchases | $ 43.2 | $ 232.7 | $ 59.0 | ||||
| Remaining authorized repurchase amount | $ 545.1 | ||||||
| Number of shares authorized to repurchase | 880,000,000.0 | ||||||
| Dividend declared (in dollars per share) | $ 0.175 | ||||||
| Dividends payable | $ 29.4 | $ 29.7 | |||||
| Dividends paid (in dollars per share) | $ 0.70 | ||||||
| Subsequent Event | |||||||
| Stockholders Equity Note Disclosure [Line Items] | |||||||
| Dividend declared (in dollars per share) | $ 0.175 | ||||||
Segment Information - Financial Information by Reportable Segment (Detail) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | $ 521,200,000 | $ 509,300,000 | $ 447,200,000 | $ 520,900,000 | $ 566,700,000 | $ 559,800,000 | $ 539,500,000 | $ 538,000,000.0 | $ 1,998,600,000 | $ 2,204,000,000.0 | $ 2,213,600,000 |
| Operating Income (Loss) | 74,400,000 | $ (141,600,000) | $ 45,300,000 | $ 60,300,000 | 82,500,000 | $ 86,100,000 | $ 87,000,000.0 | $ 77,500,000 | 38,400,000 | 333,100,000 | 310,800,000 |
| Identifiable assets | 4,366,100,000 | 4,640,300,000 | 4,366,100,000 | 4,640,300,000 | 4,552,700,000 | ||||||
| Depreciation | 38,400,000 | 35,400,000 | 36,200,000 | ||||||||
| Capital expenditures | 40,000,000.0 | 38,800,000 | 39,500,000 | ||||||||
| Enclosures | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 952,900,000 | 1,033,800,000 | 1,019,700,000 | ||||||||
| Operating Income (Loss) | 148,500,000 | 181,300,000 | 174,800,000 | ||||||||
| Identifiable assets | 785,900,000 | 787,000,000.0 | 785,900,000 | 787,000,000.0 | 665,900,000 | ||||||
| Depreciation | 18,400,000 | 16,100,000 | 15,900,000 | ||||||||
| Capital expenditures | 17,700,000 | 15,300,000 | 13,300,000 | ||||||||
| Thermal Management | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 476,600,000 | 590,600,000 | 623,200,000 | ||||||||
| Operating Income (Loss) | 93,900,000 | 145,300,000 | 154,200,000 | ||||||||
| Identifiable assets | 1,271,300,000 | 1,543,700,000 | 1,271,300,000 | 1,543,700,000 | 1,557,100,000 | ||||||
| Depreciation | 7,000,000.0 | 7,900,000 | 8,600,000 | ||||||||
| Capital expenditures | 6,200,000 | 6,800,000 | 5,100,000 | ||||||||
| Electrical & Fastening Solutions | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 569,100,000 | 579,600,000 | 570,700,000 | ||||||||
| Operating Income (Loss) | 150,200,000 | 149,700,000 | 144,500,000 | ||||||||
| Identifiable assets | 2,111,800,000 | 2,129,300,000 | 2,111,800,000 | 2,129,300,000 | 2,157,700,000 | ||||||
| Depreciation | 10,200,000 | 9,100,000 | 10,100,000 | ||||||||
| Capital expenditures | 10,700,000 | 13,300,000 | 7,900,000 | ||||||||
| Other | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Net sales | 0 | 0 | 0 | ||||||||
| Operating Income (Loss) | (45,000,000.0) | (52,000,000.0) | (49,100,000) | ||||||||
| Identifiable assets | $ 197,100,000 | $ 180,300,000 | 197,100,000 | 180,300,000 | 172,000,000.0 | ||||||
| Depreciation | 2,800,000 | 2,300,000 | 1,600,000 | ||||||||
| Capital expenditures | 5,400,000 | 3,400,000 | 13,200,000 | ||||||||
| Operating Segments | |||||||||||
| Segment Reporting Information [Line Items] | |||||||||||
| Operating Income (Loss) | $ 347,600,000 | $ 424,300,000 | $ 424,400,000 | ||||||||
Leases - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Leases [Abstract] | |||
| Term of contract | 12 months | ||
| Lease rent expense | $ 20.3 | $ 19.8 | $ 15.8 |
| Additional operating leases | $23 million | ||
Leases - Weighted Average Term and Discount Rate (Details) |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Leases [Abstract] | ||
| Weighted average remaining lease term | 5 years | 5 years |
| Weighted average discount rate | 3.50% | 4.00% |
Leases - Future Lease Payments, Topic 842 (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Leases [Abstract] | ||
| 2020 | $ 16.9 | $ 16.7 |
| 2021 | 12.0 | 11.4 |
| 2022 | 7.9 | 7.5 |
| 2023 | 5.9 | 4.4 |
| 2024 | 4.6 | 3.5 |
| Thereafter | 10.0 | 10.9 |
| Total lease payments | 57.3 | 54.4 |
| Less imputed interest | (7.4) | (6.0) |
| Total lease liabilities | $ 49.9 | $ 48.4 |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Leases [Abstract] | ||
| Cash paid for amounts included in the measurement of lease liabilities | $ 17.4 | $ 18.0 |
| Lease right-of-use assets obtained in exchange for new lease liabilities | $ 16.2 | $ 15.5 |
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Leases [Abstract] | ||
| Lease right-of-use assets | $ 45.6 | $ 44.2 |
| Current lease liabilities | 14.2 | 14.7 |
| Non-current lease liabilities | 35.7 | 33.7 |
| Total lease liabilities | $ 49.9 | $ 48.4 |
| Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssetsNoncurrent | us-gaap:OtherAssetsNoncurrent |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesCurrent | us-gaap:OtherLiabilitiesCurrent |
| Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilitiesNoncurrent | us-gaap:OtherLiabilitiesNoncurrent |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Outstanding value of letters of credit | $ 43.8 | $ 70.0 |
Selected Quarterly Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Millions |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
| Selected Quarterly Financial Information [Abstract] | |||||||||||
| Net sales | $ 521.2 | $ 509.3 | $ 447.2 | $ 520.9 | $ 566.7 | $ 559.8 | $ 539.5 | $ 538.0 | $ 1,998.6 | $ 2,204.0 | $ 2,213.6 |
| Gross Profit | 197.0 | 196.8 | 160.3 | 195.3 | 219.6 | 224.1 | 212.2 | 209.9 | 749.4 | 865.8 | 876.1 |
| Operating Income (Loss) | 74.4 | (141.6) | 45.3 | 60.3 | 82.5 | 86.1 | 87.0 | 77.5 | 38.4 | 333.1 | 310.8 |
| Net income (loss) | $ 47.1 | $ (138.7) | $ 25.8 | $ 18.6 | $ 45.5 | $ 59.9 | $ 60.9 | $ 56.4 | $ (47.2) | $ 222.7 | $ 230.8 |
| Earnings (loss) per ordinary share | |||||||||||
| Basic (dollars per share) | $ 0.28 | $ (0.82) | $ 0.15 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0.36 | $ 0.32 | $ (0.28) | $ 1.30 | $ 1.29 |
| Diluted (dollars per share) | $ 0.28 | $ (0.82) | $ 0.15 | $ 0.11 | $ 0.27 | $ 0.35 | $ 0.35 | $ 0.32 | $ (0.28) | $ 1.29 | $ 1.28 |