NVENT ELECTRIC PLC, 10-Q filed on 8/6/2024
Quarterly Report
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Cover Page
 6 Months Ended
Jun. 30, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2024
Document Transition Report false
Entity File Number 001-38265
Entity Registrant Name nVent Electric plc
Entity Incorporation, State or Country Code L2
Entity Tax Identification Number 98-1391970
Entity Address, Address Line One The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town London
Entity Address, Postal Zip Code TW8 9DW
Entity Address, Country GB
Country Region 44
City Area Code 20
Local Phone Number 3966-0279
Title of 12(b) Security Ordinary Shares, nominal value $0.01 per share
Trading Symbol NVT
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 166,215,120
Entity Central Index Key 0001720635
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Amendment Flag false
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Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Net sales $ 880.3 $ 803.0 $ 1,754.9 $ 1,543.6
Cost of goods sold 512.0 471.1 1,031.1 908.5
Gross profit 368.3 331.9 723.8 635.1
Selling, general and administrative 179.6 167.7 355.1 330.1
Research and development 20.9 17.5 41.7 34.2
Operating income 167.8 146.7 327.0 270.8
Net interest expense 24.0 21.7 46.2 29.5
Other expense 0.9 1.1 2.1 2.3
Income before income taxes 142.9 134.1 278.7 249.2
Provision for income taxes 31.9 21.2 62.6 42.5
Net income 111.0 112.9 216.1 206.7
Comprehensive income, net of tax        
Changes in cumulative translation adjustment (11.4) (0.4) (23.4) 3.8
Changes in market value of derivative financial instruments, net of tax 1.9 (4.3) 5.3 (4.9)
Comprehensive income $ 101.5 $ 108.2 $ 198.0 $ 205.6
Earnings per ordinary share        
Basic earnings per ordinary share (in dollars per share) $ 0.67 $ 0.68 $ 1.30 $ 1.25
Diluted earnings per ordinary share (in dollars per share) $ 0.66 $ 0.67 $ 1.28 $ 1.23
Weighted average ordinary shares outstanding        
Basic (shares) 166.1 165.7 165.8 165.5
Diluted (shares) 168.9 168.0 168.7 167.9
Cash dividends paid per ordinary share (in usd per share) $ 0.19 $ 0.175 $ 0.38 $ 0.35
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Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 274.0 $ 185.1
Accounts and notes receivable, net of allowances of $17.1 and $15.0, respectively 570.7 589.5
Inventories 445.8 441.3
Other current assets 132.2 120.2
Total current assets 1,422.7 1,336.1
Property, plant and equipment, net 384.9 390.0
Other assets    
Goodwill 2,568.8 2,571.1
Intangibles, net 1,464.5 1,517.0
Other non-current assets 347.2 347.5
Total other assets 4,380.5 4,435.6
Total assets 6,188.1 6,161.7
Current liabilities    
Current maturities of long-term debt and short-term borrowings 35.6 31.9
Accounts payable 266.1 275.7
Employee compensation and benefits 93.6 122.2
Other current liabilities 258.8 303.8
Total current liabilities 654.1 733.6
Other liabilities    
Long-term debt 1,730.6 1,748.8
Pension and other post-retirement compensation and benefits 146.2 153.0
Deferred tax liabilities 202.1 204.4
Other non-current liabilities 167.3 179.8
Total liabilities 2,900.3 3,019.6
Equity    
Ordinary shares $0.01 par value, 400.0 million authorized, 166.2 million and 165.1 million issued at June 30, 2024 and December 31, 2023, respectively 1.7 1.7
Additional paid-in capital 2,350.7 2,339.1
Retained earnings 1,057.5 905.3
Accumulated other comprehensive loss (122.1) (104.0)
Total equity 3,287.8 3,142.1
Total liabilities and equity $ 6,188.1 $ 6,161.7
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Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Accounts and notes receivable, allowances $ 17.1 $ 15.0
Ordinary shares, par value (in dollars per share) $ 0.01 $ 0.01
Ordinary shares authorized (in shares) 400,000,000.0 400,000,000.0
Ordinary shares issued (in shares) 166,200,000 165,100,000
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Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities    
Net income $ 216.1 $ 206.7
Adjustments to reconcile net income to net cash provided by (used for) operating activities    
Depreciation 28.5 23.0
Amortization 49.6 38.9
Deferred income taxes 0.0 (3.8)
Share-based compensation 13.5 11.4
Gain on sale of investment 0.0 (10.2)
Amortization of bridge financing debt issuance costs 2.2 3.6
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts and notes receivable 12.2 7.7
Inventories (13.8) (18.5)
Other current assets (16.7) (16.6)
Accounts payable (2.8) (25.1)
Employee compensation and benefits (26.2) (19.5)
Other current liabilities (40.0) (45.2)
Other non-current assets and liabilities (1.8) (5.8)
Net cash provided by (used for) operating activities 220.8 146.6
Investing activities    
Capital expenditures (34.6) (32.3)
Proceeds from sale of property and equipment 0.3 0.2
Settlement of net investment hedge 0.0 3.1
Acquisitions, net of cash acquired 0.0 (1,091.8)
Net cash provided by (used for) investing activities (34.3) (1,120.8)
Financing activities    
Net receipts of revolving credit facility 0.0 100.0
Proceeds from long-term debt 0.0 800.0
Repayments of long-term debt (15.0) (7.5)
Settlement of cash flow hedge 0.0 4.5
Debt issuance costs (2.7) (10.8)
Dividends paid (63.6) (58.5)
Shares issued to employees, net of shares withheld (1.9) (1.3)
Repurchases of ordinary shares 0.0 (15.2)
Net cash provided by (used for) financing activities (83.2) 811.2
Effect of exchange rate changes on cash and cash equivalents (14.4) 4.0
Change in cash and cash equivalents 88.9 (159.0)
Cash and cash equivalents, beginning of period 185.1 297.5
Cash and cash equivalents, end of period $ 274.0 $ 138.5
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Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2022   165,300      
Beginning balance at Dec. 31, 2022 $ 2,731.7 $ 1.7 $ 2,372.3 $ 457.3 $ (99.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 93.8     93.8  
Other Comprehensive Income (Loss), Net of Tax 3.6       3.6
Dividends, Common Stock (29.3)     (29.3)  
Share repurchases (in shares)   (300)      
Share repurchases (13.2)   (13.2)    
Exercise of options, net of shares tendered for payment (in shares)   200      
Stock Issued During Period, Value, Stock Options Exercised 5.1   5.1    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0.0        
Issuance of restricted shares, net of cancellations   700      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (7.5) $ (0.2) (7.5)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 5.7   5.7    
Ending balance (in shares) at Mar. 31, 2023   165,700      
Ending balance at Mar. 31, 2023 2,789.9 $ 1.7 2,362.4 521.8 (96.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 112.9     112.9  
Other Comprehensive Income (Loss), Net of Tax (4.7)       (4.7)
Dividends, Common Stock $ (29.2)     (29.2)  
Share repurchases (in shares) (300)        
Share repurchases $ (13.2)        
Exercise of options, net of shares tendered for payment (in shares)   100      
Stock Issued During Period, Value, Stock Options Exercised 1.8   1.8    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0.0        
Issuance of restricted shares, net of cancellations   0      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (0.7)   (0.7)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 5.7   5.7    
Ending balance (in shares) at Jun. 30, 2023   165,800      
Ending balance at Jun. 30, 2023 2,875.7 $ 1.7 2,369.2 605.5 (100.7)
Beginning balance (in shares) at Dec. 31, 2023   165,100      
Beginning balance at Dec. 31, 2023 3,142.1 $ 1.7 2,339.1 905.3 (104.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 105.1     105.1  
Other Comprehensive Income (Loss), Net of Tax (8.6)       (8.6)
Dividends, Common Stock (32.1)     (32.1)  
Exercise of options, net of shares tendered for payment (in shares)   500      
Stock Issued During Period, Value, Stock Options Exercised 10.0   10.0    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0.0        
Issuance of restricted shares, net of cancellations   600      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (10.8) $ (0.2) (10.8)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 6.6   6.6    
Ending balance (in shares) at Mar. 31, 2024   166,000      
Ending balance at Mar. 31, 2024 3,212.3 $ 1.7 2,344.9 978.3 (112.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 111.0     111.0  
Other Comprehensive Income (Loss), Net of Tax (9.5)       (9.5)
Dividends, Common Stock (31.8)     (31.8)  
Exercise of options, net of shares tendered for payment (in shares)   200      
Stock Issued During Period, Value, Stock Options Exercised 0.3   0.3    
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures 0.0        
Issuance of restricted shares, net of cancellations   0      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation (1.4) $ 0.0 (1.4)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 6.9   6.9    
Ending balance (in shares) at Jun. 30, 2024   166,200      
Ending balance at Jun. 30, 2024 $ 3,287.8 $ 1.7 $ 2,350.7 $ 1,057.5 $ (122.1)
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Supplemental Balance Sheet Information
 6 Months Ended
Jun. 30, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
In millionsJune 30,
2024		December 31,
2023
Inventories
Raw materials and supplies$169.1 $165.1 
Work-in-process32.2 34.9 
Finished goods244.5 241.3 
Total inventories$445.8 $441.3 
Other current assets
Contract assets$44.5 $44.1 
Prepaid expenses43.8 44.7 
Prepaid income taxes22.4 10.5 
Other current assets21.5 20.9 
Total other current assets$132.2 $120.2 
Property, plant and equipment, net
Land and land improvements$38.6 $39.6 
Buildings and leasehold improvements216.0 217.4 
Machinery and equipment609.0 599.6 
Construction in progress39.1 37.2 
Total property, plant and equipment902.7 893.8 
Accumulated depreciation and amortization517.8 503.8 
Total property, plant and equipment, net$384.9 $390.0 
Other non-current assets
Deferred compensation plan assets$21.4 $19.4 
Lease right-of-use assets117.8 118.7 
Deferred tax assets178.0 179.2 
Other non-current assets30.0 30.2 
Total other non-current assets$347.2 $347.5 
Other current liabilities
Dividends payable$32.3 $32.6 
Accrued rebates62.0 90.7 
Contract liabilities19.2 27.1 
Accrued taxes payable44.7 54.0 
Current lease liabilities27.6 25.6 
Accrued interest11.0 11.2 
Other current liabilities62.0 62.6 
Total other current liabilities$258.8 $303.8 
Other non-current liabilities
Income taxes payable$25.7 $28.2 
Deferred compensation plan liabilities21.4 19.4 
Non-current lease liabilities96.0 98.4 
Other non-current liabilities24.2 33.8 
Total other non-current liabilities$167.3 $179.8 
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Basis of Presentation and Responsibility for Interim Financial Statements
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation and Responsibility for Interim Financial Statements Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
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Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of revenue
We disaggregate our revenue from contracts with customers by geographic location and vertical, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$320.1 $252.2 $81.1 $653.4 
EMEA (2)
93.6 35.8 41.5 170.9 
Asia-Pacific26.4 9.4 17.9 53.7 
Rest of World (3)
0.7 1.6 — 2.3 
Total$440.8 $299.0 $140.5 $880.3 
Six months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$633.0 $493.2 $167.7 $1,293.9 
EMEA (2)
196.7 74.6 81.6 352.9 
Asia-Pacific49.5 19.5 33.7 102.7 
Rest of World (3)
1.5 3.9 — 5.4 
Total$880.7 $591.2 $283.0 $1,754.9 
Three months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$285.1 $216.5 $86.8 $588.4 
EMEA (2)
89.2 39.0 33.9 162.1 
Asia-Pacific24.8 8.9 15.6 49.3 
Rest of World (3)
0.9 2.3 — 3.2 
Total$400.0 $266.7 $136.3 $803.0 
Six months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$560.1 $372.1 $176.0 $1,108.2 
EMEA (2)
180.9 79.1 74.5 334.5 
Asia-Pacific48.8 17.0 29.5 95.3 
Rest of World (3)
1.2 4.2 0.2 5.6 
Total$791.0 $472.4 $280.2 $1,543.6 
(1) North America includes U.S., Canada and Mexico.
(2) EMEA includes Europe, Middle East, India and Africa.
(3) Rest of World includes Latin America and South America.
In the fourth quarter of 2023, based on benchmarking of industry peers and for purposes of how we assess performance, we updated the disaggregation categories on which we report revenue by geography. For comparability, we have recategorized revenue for the three and six months ended June 30, 2023 to conform to the new presentation. This recategorization of revenue by geography had no impact on our consolidated financial results.
Vertical net sales information was as follows:
Three months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$236.3 $37.6 $71.3 $345.2 
Commercial & Residential63.5 161.5 38.7 263.7 
Infrastructure133.8 86.9 7.8 228.5 
Energy7.2 13.0 22.7 42.9 
Total$440.8 $299.0 $140.5 $880.3 
Six months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$466.9 $75.0 $143.3 $685.2 
Commercial & Residential124.9 321.4 79.5 525.8 
Infrastructure275.0 169.4 15.2 459.6 
Energy13.9 25.4 45.0 84.3 
Total$880.7 $591.2 $283.0 $1,754.9 
Three months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$222.6 $30.1 $62.5 $315.2 
Commercial & Residential58.7 140.2 43.6 242.5 
Infrastructure112.9 85.3 7.2 205.4 
Energy5.8 11.1 23.0 39.9 
Total$400.0 $266.7 $136.3 $803.0 
Six months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$441.2 $50.3 $133.3 $624.8 
Commercial & Residential117.3 239.6 85.4 442.3 
Infrastructure219.8 163.0 12.8 395.6 
Energy12.7 19.5 48.7 80.9 
Total$791.0 $472.4 $280.2 $1,543.6 
Contract balances
Contract assets and liabilities consisted of the following:
In millionsJune 30, 2024December 31, 2023$ Change% Change
Contract assets$44.5 $44.1 $0.4 0.9 %
Contract liabilities19.2 27.1 (7.9)(29.2)%
Net contract assets$25.3 $17.0 $8.3 48.8 %
The $8.3 million increase in net contract assets from December 31, 2023 to June 30, 2024 was primarily the result of the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2023 were recognized in revenue during the six
months ended June 30, 2024. There were no material impairment losses recognized on our contract assets for the three and six months ended June 30, 2024 and 2023.
Remaining performance obligations
We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On June 30, 2024, we had $36.3 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next twelve to eighteen months.
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Restructuring
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
During the six months ended June 30, 2024 and the year ended December 31, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
 
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Severance and related costs$0.8 $2.1 $1.7 $3.3 
Other1.3 0.4 1.7 3.2 
Total restructuring costs$2.1 $2.5 $3.4 $6.5 
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment as well as enterprise and other were as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Enclosures$0.1 $— $0.4 $0.6 
Electrical & Fastening Solutions1.3 0.6 1.9 0.8 
Thermal Management0.7 1.8 0.8 4.7 
Enterprise and other— 0.1 0.3 0.4 
Total$2.1 $2.5 $3.4 $6.5 
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows:
Six months ended
In millionsJune 30,
2024		June 30,
2023
Beginning balance$2.9 $2.4 
Costs incurred1.7 3.3 
Cash payments and other(3.1)(2.7)
Ending balance$1.5 $3.0 
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Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
Three months endedSix months ended
In millions, except per share dataJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income $111.0 $112.9 $216.1 $206.7 
Weighted average ordinary shares outstanding
Basic166.1 165.7 165.8 165.5 
Dilutive impact of stock options, restricted stock units and performance share units2.8 2.3 2.9 2.4 
Diluted168.9 168.0 168.7 167.9 
Earnings per ordinary share
Basic earnings per ordinary share$0.67 $0.68 $1.30 $1.25 
Diluted earnings per ordinary share$0.66 $0.67 $1.28 $1.23 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.4 0.4 0.2 0.3 
v3.24.2.u1
Acquisitions
 6 Months Ended
Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisitions
ECM Industries Acquisition
On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 9 below).
The purchase price has been allocated based on the fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition. The purchase price allocation was completed in the second quarter of 2024.
The following table summarizes the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported as of December 31, 2023 and revised as of June 30, 2024:
In millionsAs Previously Reported As Revised
Cash$45.7 $45.7 
Accounts receivable77.0 77.0 
Inventories104.2 99.1 
Other current assets4.9 4.9 
Property, plant and equipment75.3 75.0 
Identifiable intangible assets524.0 524.0 
Goodwill375.7 379.7 
Other assets17.0 17.4 
Current liabilities(53.9)(53.9)
Other liabilities(35.8)(34.8)
Purchase price$1,134.1 $1,134.1 
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $379.7 million, substantially all of which is expected to be deductible for income tax purposes. Goodwill recognized from the ECM Industries acquisition reflects the future economic benefit resulting from synergies of our combined operations.
Identifiable intangible assets acquired included $113.7 million of trade name intangible assets, a majority of which are indefinite-lived, $381.7 million of definite-lived customer relationships with an estimated useful life of 20 years, and $22.0 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and
customer relationships acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022:
Three months endedSix months ended
In millions, except per share dateJune 30, 2023June 30, 2023
Pro forma net sales$852.9 $1,700.1 
Pro forma net income129.3 225.7 
Pro forma earnings per ordinary share
Basic$0.78 $1.36 
Diluted0.77 1.34 
The unaudited pro forma net income includes adjustments for the amortization of acquired intangible assets, depreciation for the fair value adjustment to acquisition-date fixed assets and interest expense on debt issued to finance the acquisition, as well as the related income tax impact.
The unaudited pro forma net income for the three and six months ended June 30, 2023 excludes the impact of $14.4 million and $16.9 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value inventory step-up.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ECM Industries acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ECM Industries acquisition occurred on January 1, 2022.
Other acquisitions
On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures reporting segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023.
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $10.9 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years.
The pro forma impact of the TEXA Industries acquisition is not material.
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Identifiable Intangible Assets Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2023		Acquisitions/
divestitures		Foreign currency
translation/other 		June 30,
2024
Enclosures$430.4 $(0.4)$(4.6)$425.4 
Electrical & Fastening Solutions1,427.7 4.0 — 1,431.7 
Thermal Management713.0 — (1.3)711.7 
Total goodwill$2,571.1 $3.6 $(5.9)$2,568.8 
Identifiable intangible assets consisted of the following:
 June 30, 2024December 31, 2023
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,680.9 $(641.4)$1,039.5 $1,684.8 $(599.3)$1,085.5 
Proprietary technology and patents63.4 (23.9)39.5 63.7 (20.8)42.9 
Other finite-lived intangible assets18.0 (7.9)10.1 18.0 (4.8)13.2 
Total definite-life intangibles1,762.3 (673.2)1,089.1 1,766.5 (624.9)1,141.6 
Indefinite-life intangibles
Trade names375.4 — 375.4 375.4 — 375.4 
Total intangibles$2,137.7 $(673.2)$1,464.5 $2,141.9 $(624.9)$1,517.0 
Identifiable intangible asset amortization expense was $24.4 million and $21.3 million for the three months ended June 30, 2024 and 2023, respectively, and $49.6 million and $38.9 million for six months ended June 30, 2024 and 2023, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:
 Q3-Q4     
In millions202420252026202720282029
Estimated amortization expense$47.1 $94.2 $94.2 $94.2 $89.9 $77.4 
v3.24.2.u1
Derivatives and Financial Instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Financial Instruments Derivatives and Financial Instruments
Derivative financial instruments
We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.
Foreign currency contracts
We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. We manage our economic and transaction exposure to certain market-based risks through the use of derivative instruments. These derivative instruments primarily consist of forward foreign currency contracts used to mitigate foreign currency exposure for certain foreign currency assets and liabilities. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year. These foreign currency contracts are not designated as hedging instruments; accordingly, changes in the fair value are recorded in current period earnings.
At June 30, 2024 and December 31, 2023, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $131.2 million and $146.8 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.
Cross currency swaps
At June 30, 2024 and December 31, 2023, we had outstanding cross currency swap agreements with a combined notional amount of $318.2 million and $330.8 million, respectively. The agreements are accounted for as either cash flow hedges or fair value hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At June 30, 2024 and December 31, 2023, we had deferred foreign currency gain of $2.3 million and loss of $3.5 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.
Fair value of financial instruments
The following methods were used to estimate the fair values of each class of financial instrument:
•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;
•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;
•cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and
•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding.
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:
June 30,
2024		December 31,
2023
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$477.5 $477.5 $492.5 $492.5 
Fixed rate debt1,300.0 1,234.1 1,300.0 1,261.6 
Total debt$1,777.5 $1,711.6 $1,792.5 $1,754.1 
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsJune 30, 2024
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(10.6)$— $— $(10.6)
Cross currency swap assets— 6.3 — — 6.3 
Foreign currency contract liabilities— (0.9)— — (0.9)
Foreign currency contract assets— 0.5 — — 0.5 
Deferred compensation plan assets14.3 — — 7.1 21.4 
Total recurring fair value measurements$14.3 $(4.7)$— $7.1 $16.7 
Recurring fair value measurementsDecember 31, 2023
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(21.7)$— $— $(21.7)
Cross currency swap assets— 3.9 — — 3.9 
Foreign currency contract liabilities— (0.8)— — (0.8)
Foreign currency contract assets— 2.1 — — 2.1 
Deferred compensation plan assets13.3 — — 6.1 19.4 
Total recurring fair value measurements$13.3 $(16.5)$— $6.1 $2.9 
v3.24.2.u1
Debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Debt and the average interest rates on debt outstanding were as follows:
In millions
Average interest rate at
June 30, 2024
Maturity
Year		June 30,
2024		December 31,
2023
Revolving credit facilityN/A2026$— $— 
2021 Term loan facility6.689%2026192.5 200.0 
2023 Term loan facility6.689%2028285.0 292.5 
2024 Term loan facilityN/A2026— — 
Senior notes - fixed rate4.550%2028500.0 500.0 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate5.650%2033500.0 500.0 
Unamortized debt issuance costs and discountsN/AN/A(11.3)(11.8)
Total debt1,766.2 1,780.7 
Less: Current maturities and short-term borrowings
(35.6)(31.9)
Long-term debt$1,730.6 $1,748.8 
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.
Senior credit facilities
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.
As of June 30, 2024, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In June 2024, nVent and nVent Finance entered into a new loan agreement among nVent Finance, as borrower, nVent as guarantor, and the lenders and agents party thereto, providing for a two-year $500.0 million senior unsecured term loan facility (the "2024 Term Loan Facility"). As of June 30, 2024, the borrowing capacity under the 2024 Term Loan Facility was $500.0 million. On July 16, 2024, to finance the acquisition of the parent of Trachte, LLC ("Trachte"), we drew $500.0 million on our 2024 Term Loan Facility (as described in Note 15 below). The 2024 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus, in each case, an applicable margin.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, the 2023 Term Loan Facility and the 2024 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) 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, the 2023 Term Loan Facility and the 2024 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of June 30, 2024, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Debt outstanding at June 30, 2024, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
 Q3-Q4       
In millions202420252026202720282029ThereafterTotal
Contractual debt obligation maturities$16.9 $37.5 $179.4 $22.5 $721.2 $— $800.0 $1,777.5 
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rate for the six months ended June 30, 2024 was 22.5% compared to 17.1% for the six months ended June 30, 2023. The liability for uncertain tax positions was $13.3 million and $13.9 million at June 30, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.
The Organization for Economic Co-operation and Development introduced an international tax framework under Pillar II (the "Pillar II framework") which includes a global minimum tax of 15%. The Pillar II framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, which resulted in an increase to our effective tax rate in the six months ended June 30, 2024 compared to the six months ended June 30, 2023.
Further, in the three and six months ended June 30, 2023, we recorded a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets.
v3.24.2.u1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Share repurchases
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expired on July 22, 2024.
During the six months ended June 30, 2024, we did not repurchase ordinary shares under the 2021 Authorization. During the six months ended June 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization.
As of June 30, 2024, we had $81.8 million available for share repurchases under the 2021 Authorization.
On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024, following the expiration of the 2021 Authorization, and expires on July 22, 2027.
Dividends payable
On May 17, 2024, the Board of Directors declared a quarterly cash dividend of $0.19 per ordinary share that was paid on August 2, 2024, to shareholders of record at the close of business on July 19, 2024. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $32.3 million and $32.6 million at June 30, 2024 and December 31, 2023, respectively.
v3.24.2.u1
Segment Information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We are comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
We evaluate performance based on net sales and reportable segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Reportable segment income represents operating income of each reporting segment exclusive of intangible amortization, acquisition related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
"Enterprise and other" activity primarily consists of enterprise expenses not allocated to the segments, including certain executive office, board of directors, and centrally-managed enterprise functional or shared service costs related to finance, human resources, legal, communication and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under Accounting Standards Codification 280.
Net sales by reportable segment were as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net sales
Enclosures$440.8 $400.0 $880.7 $791.0 
Electrical & Fastening Solutions299.0 266.7 591.2 472.4 
Thermal Management140.5 136.3 283.0 280.2 
Total$880.3 $803.0 $1,754.9 $1,543.6 
The following table presents a reconciliation of reportable segment income to income before income taxes:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
    Enclosures$103.8 $90.0 $198.6 $172.5 
    Electrical & Fastening Solutions92.5 86.5 177.7 147.8 
    Thermal Management28.0 28.6 59.8 59.5 
Reportable segment income224.3 205.1 436.1 379.8 
Enterprise and other(21.9)(23.8)(41.4)(50.5)
Restructuring and other(2.8)(2.5)(4.1)(6.5)
Intangible amortization(24.4)(21.3)(49.6)(38.9)
Acquisition transaction and integration costs(7.4)(4.9)(14.0)(7.2)
Inventory step-up amortization— (5.9)— (5.9)
Gain on sale of investment— 10.2 — 10.2 
Net interest expense(24.0)(21.7)(46.2)(29.5)
Other expense(0.9)(1.1)(2.1)(2.3)
Income before income taxes$142.9 $134.1 $278.7 $249.2 
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Warranties and guarantees
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.
Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.
We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of June 30, 2024 and December 31, 2023 was not material.
Stand-by letters of credit, bank guarantees and bonds
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.
As of June 30, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $48.2 million and $45.5 million, respectively.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
On July 16, 2024, we completed the acquisition of the parent of Trachte, LLC ("Trachte") as part of our Enclosures reporting segment, for approximately $695.0 million in cash, subject to customary purchase price adjustments. Trachte is a leading manufacturer of custom-engineered control building solutions designed to protect critical infrastructure assets. The purchase price was funded primarily through borrowings under the 2024 Term Loan Facility and the Revolving Credit Facility.
On July 31, 2024, we entered into a definitive agreement to sell the Thermal Management business to BCP Acquisitions LLC, an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to certain customary adjustments. We expect the Thermal Management business to be classified as held for sale in the third quarter of 2024. The transaction is expected to close by early 2025, subject to customary conditions, including regulatory approvals.
v3.24.2.u1
Share-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023, was as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Restricted stock units$3.7 $2.8 $7.0 $5.5 
Performance share units1.8 1.8 3.8 3.8 
Stock options1.4 1.1 2.7 2.1 
Total$6.9 $5.7 $13.5 $11.4 
In the first quarter of 2024, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $68.74, $103.93 and $27.16, respectively.
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
2024 Annual Grant
Risk-free interest rate4.06 %
Expected dividend yield1.27 %
Expected share price volatility37.1 %
Expected term (years)6.8
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income $ 111.0 $ 112.9 $ 216.1 $ 206.7
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue by Category
Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$320.1 $252.2 $81.1 $653.4 
EMEA (2)
93.6 35.8 41.5 170.9 
Asia-Pacific26.4 9.4 17.9 53.7 
Rest of World (3)
0.7 1.6 — 2.3 
Total$440.8 $299.0 $140.5 $880.3 
Six months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$633.0 $493.2 $167.7 $1,293.9 
EMEA (2)
196.7 74.6 81.6 352.9 
Asia-Pacific49.5 19.5 33.7 102.7 
Rest of World (3)
1.5 3.9 — 5.4 
Total$880.7 $591.2 $283.0 $1,754.9 
Three months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$285.1 $216.5 $86.8 $588.4 
EMEA (2)
89.2 39.0 33.9 162.1 
Asia-Pacific24.8 8.9 15.6 49.3 
Rest of World (3)
0.9 2.3 — 3.2 
Total$400.0 $266.7 $136.3 $803.0 
Six months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
North America (1)
$560.1 $372.1 $176.0 $1,108.2 
EMEA (2)
180.9 79.1 74.5 334.5 
Asia-Pacific48.8 17.0 29.5 95.3 
Rest of World (3)
1.2 4.2 0.2 5.6 
Total$791.0 $472.4 $280.2 $1,543.6 
(1) North America includes U.S., Canada and Mexico.
(2) EMEA includes Europe, Middle East, India and Africa.
(3) Rest of World includes Latin America and South America.
In the fourth quarter of 2023, based on benchmarking of industry peers and for purposes of how we assess performance, we updated the disaggregation categories on which we report revenue by geography. For comparability, we have recategorized revenue for the three and six months ended June 30, 2023 to conform to the new presentation. This recategorization of revenue by geography had no impact on our consolidated financial results.
Vertical net sales information was as follows:
Three months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$236.3 $37.6 $71.3 $345.2 
Commercial & Residential63.5 161.5 38.7 263.7 
Infrastructure133.8 86.9 7.8 228.5 
Energy7.2 13.0 22.7 42.9 
Total$440.8 $299.0 $140.5 $880.3 
Six months ended June 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$466.9 $75.0 $143.3 $685.2 
Commercial & Residential124.9 321.4 79.5 525.8 
Infrastructure275.0 169.4 15.2 459.6 
Energy13.9 25.4 45.0 84.3 
Total$880.7 $591.2 $283.0 $1,754.9 
Three months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$222.6 $30.1 $62.5 $315.2 
Commercial & Residential58.7 140.2 43.6 242.5 
Infrastructure112.9 85.3 7.2 205.4 
Energy5.8 11.1 23.0 39.9 
Total$400.0 $266.7 $136.3 $803.0 
Six months ended June 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$441.2 $50.3 $133.3 $624.8 
Commercial & Residential117.3 239.6 85.4 442.3 
Infrastructure219.8 163.0 12.8 395.6 
Energy12.7 19.5 48.7 80.9 
Total$791.0 $472.4 $280.2 $1,543.6 
Contract assets and liabilities
Contract assets and liabilities consisted of the following:
In millionsJune 30, 2024December 31, 2023$ Change% Change
Contract assets$44.5 $44.1 $0.4 0.9 %
Contract liabilities19.2 27.1 (7.9)(29.2)%
Net contract assets$25.3 $17.0 $8.3 48.8 %
v3.24.2.u1
Restructuring (Tables)
 6 Months Ended
Jun. 30, 2024
Restructuring and Related Activities [Abstract]  
Restructuring Related Costs
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
 
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Severance and related costs$0.8 $2.1 $1.7 $3.3 
Other1.3 0.4 1.7 3.2 
Total restructuring costs$2.1 $2.5 $3.4 $6.5 
Restructuring Costs By Segment
Restructuring costs by reportable segment as well as enterprise and other were as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Enclosures$0.1 $— $0.4 $0.6 
Electrical & Fastening Solutions1.3 0.6 1.9 0.8 
Thermal Management0.7 1.8 0.8 4.7 
Enterprise and other— 0.1 0.3 0.4 
Total$2.1 $2.5 $3.4 $6.5 
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows:
Six months ended
In millionsJune 30,
2024		June 30,
2023
Beginning balance$2.9 $2.4 
Costs incurred1.7 3.3 
Cash payments and other(3.1)(2.7)
Ending balance$1.5 $3.0 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
Three months endedSix months ended
In millions, except per share dataJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net income $111.0 $112.9 $216.1 $206.7 
Weighted average ordinary shares outstanding
Basic166.1 165.7 165.8 165.5 
Dilutive impact of stock options, restricted stock units and performance share units2.8 2.3 2.9 2.4 
Diluted168.9 168.0 168.7 167.9 
Earnings per ordinary share
Basic earnings per ordinary share$0.67 $0.68 $1.30 $1.25 
Diluted earnings per ordinary share$0.66 $0.67 $1.28 $1.23 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.4 0.4 0.2 0.3 
v3.24.2.u1
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2024
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported as of December 31, 2023 and revised as of June 30, 2024:
In millionsAs Previously Reported As Revised
Cash$45.7 $45.7 
Accounts receivable77.0 77.0 
Inventories104.2 99.1 
Other current assets4.9 4.9 
Property, plant and equipment75.3 75.0 
Identifiable intangible assets524.0 524.0 
Goodwill375.7 379.7 
Other assets17.0 17.4 
Current liabilities(53.9)(53.9)
Other liabilities(35.8)(34.8)
Purchase price$1,134.1 $1,134.1 
Business Acquisition, Pro Forma Information
The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022:
Three months endedSix months ended
In millions, except per share dateJune 30, 2023June 30, 2023
Pro forma net sales$852.9 $1,700.1 
Pro forma net income129.3 225.7 
Pro forma earnings per ordinary share
Basic$0.78 $1.36 
Diluted0.77 1.34 
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill by Segment
The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2023		Acquisitions/
divestitures		Foreign currency
translation/other 		June 30,
2024
Enclosures$430.4 $(0.4)$(4.6)$425.4 
Electrical & Fastening Solutions1,427.7 4.0 — 1,431.7 
Thermal Management713.0 — (1.3)711.7 
Total goodwill$2,571.1 $3.6 $(5.9)$2,568.8 
Schedule of Finite-Lived Intangible Assets
Identifiable intangible assets consisted of the following:
 June 30, 2024December 31, 2023
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,680.9 $(641.4)$1,039.5 $1,684.8 $(599.3)$1,085.5 
Proprietary technology and patents63.4 (23.9)39.5 63.7 (20.8)42.9 
Other finite-lived intangible assets18.0 (7.9)10.1 18.0 (4.8)13.2 
Total definite-life intangibles1,762.3 (673.2)1,089.1 1,766.5 (624.9)1,141.6 
Indefinite-life intangibles
Trade names375.4 — 375.4 375.4 — 375.4 
Total intangibles$2,137.7 $(673.2)$1,464.5 $2,141.9 $(624.9)$1,517.0 
Schedule of Indefinite-Lived Intangible Assets
Identifiable intangible assets consisted of the following:
 June 30, 2024December 31, 2023
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,680.9 $(641.4)$1,039.5 $1,684.8 $(599.3)$1,085.5 
Proprietary technology and patents63.4 (23.9)39.5 63.7 (20.8)42.9 
Other finite-lived intangible assets18.0 (7.9)10.1 18.0 (4.8)13.2 
Total definite-life intangibles1,762.3 (673.2)1,089.1 1,766.5 (624.9)1,141.6 
Indefinite-life intangibles
Trade names375.4 — 375.4 375.4 — 375.4 
Total intangibles$2,137.7 $(673.2)$1,464.5 $2,141.9 $(624.9)$1,517.0 
Estimated Future Amortization Expense for Identifiable Intangible Assets
Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:
 Q3-Q4     
In millions202420252026202720282029
Estimated amortization expense$47.1 $94.2 $94.2 $94.2 $89.9 $77.4 
v3.24.2.u1
Supplemental Balance Sheet Information (Tables)
 6 Months Ended
Jun. 30, 2024
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information
In millionsJune 30,
2024		December 31,
2023
Inventories
Raw materials and supplies$169.1 $165.1 
Work-in-process32.2 34.9 
Finished goods244.5 241.3 
Total inventories$445.8 $441.3 
Other current assets
Contract assets$44.5 $44.1 
Prepaid expenses43.8 44.7 
Prepaid income taxes22.4 10.5 
Other current assets21.5 20.9 
Total other current assets$132.2 $120.2 
Property, plant and equipment, net
Land and land improvements$38.6 $39.6 
Buildings and leasehold improvements216.0 217.4 
Machinery and equipment609.0 599.6 
Construction in progress39.1 37.2 
Total property, plant and equipment902.7 893.8 
Accumulated depreciation and amortization517.8 503.8 
Total property, plant and equipment, net$384.9 $390.0 
Other non-current assets
Deferred compensation plan assets$21.4 $19.4 
Lease right-of-use assets117.8 118.7 
Deferred tax assets178.0 179.2 
Other non-current assets30.0 30.2 
Total other non-current assets$347.2 $347.5 
Other current liabilities
Dividends payable$32.3 $32.6 
Accrued rebates62.0 90.7 
Contract liabilities19.2 27.1 
Accrued taxes payable44.7 54.0 
Current lease liabilities27.6 25.6 
Accrued interest11.0 11.2 
Other current liabilities62.0 62.6 
Total other current liabilities$258.8 $303.8 
Other non-current liabilities
Income taxes payable$25.7 $28.2 
Deferred compensation plan liabilities21.4 19.4 
Non-current lease liabilities96.0 98.4 
Other non-current liabilities24.2 33.8 
Total other non-current liabilities$167.3 $179.8 
v3.24.2.u1
Derivatives and Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:
June 30,
2024		December 31,
2023
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$477.5 $477.5 $492.5 $492.5 
Fixed rate debt1,300.0 1,234.1 1,300.0 1,261.6 
Total debt$1,777.5 $1,711.6 $1,792.5 $1,754.1 
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsJune 30, 2024
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(10.6)$— $— $(10.6)
Cross currency swap assets— 6.3 — — 6.3 
Foreign currency contract liabilities— (0.9)— — (0.9)
Foreign currency contract assets— 0.5 — — 0.5 
Deferred compensation plan assets14.3 — — 7.1 21.4 
Total recurring fair value measurements$14.3 $(4.7)$— $7.1 $16.7 
Recurring fair value measurementsDecember 31, 2023
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(21.7)$— $— $(21.7)
Cross currency swap assets— 3.9 — — 3.9 
Foreign currency contract liabilities— (0.8)— — (0.8)
Foreign currency contract assets— 2.1 — — 2.1 
Deferred compensation plan assets13.3 — — 6.1 19.4 
Total recurring fair value measurements$13.3 $(16.5)$— $6.1 $2.9 
v3.24.2.u1
Debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Debt and Average Interest Rates on Debt Outstanding
Debt and the average interest rates on debt outstanding were as follows:
In millions
Average interest rate at
June 30, 2024
Maturity
Year		June 30,
2024		December 31,
2023
Revolving credit facilityN/A2026$— $— 
2021 Term loan facility6.689%2026192.5 200.0 
2023 Term loan facility6.689%2028285.0 292.5 
2024 Term loan facilityN/A2026— — 
Senior notes - fixed rate4.550%2028500.0 500.0 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate5.650%2033500.0 500.0 
Unamortized debt issuance costs and discountsN/AN/A(11.3)(11.8)
Total debt1,766.2 1,780.7 
Less: Current maturities and short-term borrowings
(35.6)(31.9)
Long-term debt$1,730.6 $1,748.8 
Debt Outstanding Matures on Calendar Year Basis
Debt outstanding at June 30, 2024, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
 Q3-Q4       
In millions202420252026202720282029ThereafterTotal
Contractual debt obligation maturities$16.9 $37.5 $179.4 $22.5 $721.2 $— $800.0 $1,777.5 
v3.24.2.u1
Segment Information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Financial Information by Reportable Segment
Net sales by reportable segment were as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Net sales
Enclosures$440.8 $400.0 $880.7 $791.0 
Electrical & Fastening Solutions299.0 266.7 591.2 472.4 
Thermal Management140.5 136.3 283.0 280.2 
Total$880.3 $803.0 $1,754.9 $1,543.6 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
The following table presents a reconciliation of reportable segment income to income before income taxes:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
    Enclosures$103.8 $90.0 $198.6 $172.5 
    Electrical & Fastening Solutions92.5 86.5 177.7 147.8 
    Thermal Management28.0 28.6 59.8 59.5 
Reportable segment income224.3 205.1 436.1 379.8 
Enterprise and other(21.9)(23.8)(41.4)(50.5)
Restructuring and other(2.8)(2.5)(4.1)(6.5)
Intangible amortization(24.4)(21.3)(49.6)(38.9)
Acquisition transaction and integration costs(7.4)(4.9)(14.0)(7.2)
Inventory step-up amortization— (5.9)— (5.9)
Gain on sale of investment— 10.2 — 10.2 
Net interest expense(24.0)(21.7)(46.2)(29.5)
Other expense(0.9)(1.1)(2.1)(2.3)
Income before income taxes$142.9 $134.1 $278.7 $249.2 
v3.24.2.u1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Share-Based Compensation Expense
Total share-based compensation expense for the three and six months ended June 30, 2024 and 2023, was as follows:
Three months endedSix months ended
In millionsJune 30,
2024		June 30,
2023		June 30,
2024		June 30,
2023
Restricted stock units$3.7 $2.8 $7.0 $5.5 
Performance share units1.8 1.8 3.8 3.8 
Stock options1.4 1.1 2.7 2.1 
Total$6.9 $5.7 $13.5 $11.4 
Schedule of Valuation Assumptions
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
2024 Annual Grant
Risk-free interest rate4.06 %
Expected dividend yield1.27 %
Expected share price volatility37.1 %
Expected term (years)6.8
v3.24.2.u1
Basis of Presentation and Responsibility for Interim Financial Statements (Details)
 6 Months Ended
Jun. 30, 2024
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.24.2.u1
Revenue - Geographic Net Sales Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 880.3 $ 803.0 $ 1,754.9 $ 1,543.6
North America        
Disaggregation of Revenue [Line Items]        
Net sales 653.4 588.4 1,293.9 1,108.2
EMEA        
Disaggregation of Revenue [Line Items]        
Net sales 170.9 162.1 352.9 334.5
Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 53.7 49.3 102.7 95.3
Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales 2.3 3.2 5.4 5.6
Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 440.8 400.0 880.7 791.0
Enclosures | North America        
Disaggregation of Revenue [Line Items]        
Net sales 320.1 285.1 633.0 560.1
Enclosures | EMEA        
Disaggregation of Revenue [Line Items]        
Net sales 93.6 89.2 196.7 180.9
Enclosures | Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 26.4 24.8 49.5 48.8
Enclosures | Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales 0.7 0.9 1.5 1.2
Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 299.0 266.7 591.2 472.4
Electrical & Fastening Solutions | North America        
Disaggregation of Revenue [Line Items]        
Net sales 252.2 216.5 493.2 372.1
Electrical & Fastening Solutions | EMEA        
Disaggregation of Revenue [Line Items]        
Net sales 35.8 39.0 74.6 79.1
Electrical & Fastening Solutions | Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 9.4 8.9 19.5 17.0
Electrical & Fastening Solutions | Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales 1.6 2.3 3.9 4.2
Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales 140.5 136.3 283.0 280.2
Thermal Management | North America        
Disaggregation of Revenue [Line Items]        
Net sales 81.1 86.8 167.7 176.0
Thermal Management | EMEA        
Disaggregation of Revenue [Line Items]        
Net sales 41.5 33.9 81.6 74.5
Thermal Management | Asia-Pacific        
Disaggregation of Revenue [Line Items]        
Net sales 17.9 15.6 33.7 29.5
Thermal Management | Rest of World        
Disaggregation of Revenue [Line Items]        
Net sales $ 0.0 $ 0.0 $ 0.0 $ 0.2
v3.24.2.u1
Revenue - Vertical Sales by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Net sales $ 880.3 $ 803.0 $ 1,754.9 $ 1,543.6
Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 440.8 400.0 880.7 791.0
Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 299.0 266.7 591.2 472.4
Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales 140.5 136.3 283.0 280.2
Industrial        
Disaggregation of Revenue [Line Items]        
Net sales 345.2 315.2 685.2 624.8
Industrial | Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 236.3 222.6 466.9 441.2
Industrial | Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 37.6 30.1 75.0 50.3
Industrial | Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales 71.3 62.5 143.3 133.3
Commercial & Residential        
Disaggregation of Revenue [Line Items]        
Net sales 263.7 242.5 525.8 442.3
Commercial & Residential | Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 63.5 58.7 124.9 117.3
Commercial & Residential | Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 161.5 140.2 321.4 239.6
Commercial & Residential | Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales 38.7 43.6 79.5 85.4
Energy        
Disaggregation of Revenue [Line Items]        
Net sales 42.9 39.9 84.3 80.9
Energy | Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 7.2 5.8 13.9 12.7
Energy | Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 13.0 11.1 25.4 19.5
Energy | Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales 22.7 23.0 45.0 48.7
Infrastructure        
Disaggregation of Revenue [Line Items]        
Net sales 228.5 205.4 459.6 395.6
Infrastructure | Enclosures        
Disaggregation of Revenue [Line Items]        
Net sales 133.8 112.9 275.0 219.8
Infrastructure | Electrical & Fastening Solutions        
Disaggregation of Revenue [Line Items]        
Net sales 86.9 85.3 169.4 163.0
Infrastructure | Thermal Management        
Disaggregation of Revenue [Line Items]        
Net sales $ 7.8 $ 7.2 $ 15.2 $ 12.8
v3.24.2.u1
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]    
Contract assets $ 44.5 $ 44.1
Contract liabilities 19.2 27.1
Net contract assets 25.3 $ 17.0
$ Change    
Contract assets 0.4  
Contract liabilities (7.9)  
Net contract assets $ (8.3)  
% Change    
Contract assets 0.90%  
Contract liabilities (29.20%)  
Net contract assets 48.80%  
v3.24.2.u1
Revenue - Additional Information (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Revenue from Contract with Customer [Abstract]    
Net contract assets (liabilities) $ 8.3  
Material impairment losses $ 0.0 $ 0.0
v3.24.2.u1
Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01
$ in Millions
Jun. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 36.3
Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing of satisfaction period 12 months
Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing of satisfaction period 18 months
v3.24.2.u1
Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 2.1 $ 2.5 $ 3.4 $ 6.5
Severance and related costs        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs 0.8 2.1 1.7 3.3
Other        
Restructuring Cost and Reserve [Line Items]        
Restructuring costs $ 1.3 $ 0.4 $ 1.7 $ 3.2
v3.24.2.u1
Restructuring - Costs by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs $ 2.1 $ 2.5 $ 3.4 $ 6.5
Enclosures | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs 0.1 0.0 0.4 0.6
Electrical & Fastening Solutions | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs 1.3 0.6 0.8 4.7
Thermal Management | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs 0.7 1.8 1.9 0.8
Enterprise and other | Operating Segments        
Restructuring Cost and Reserve [Line Items]        
Total restructuring costs $ 0.0 $ 0.1 $ 0.3 $ 0.4
v3.24.2.u1
Restructuring - Accrual Activity (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Restructuring Reserve [Roll Forward]    
Beginning balance $ 2.9 $ 2.4
Costs incurred 1.7 3.3
Cash payments and other (3.1) (2.7)
Ending balance $ 1.5 $ 3.0
v3.24.2.u1
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income $ 111.0 $ 112.9 $ 216.1 $ 206.7
Weighted average common shares outstanding        
Basic (shares) 166.1 165.7 165.8 165.5
Dilutive impact of stock options, restricted stock units and performance share units (in shares) 2.8 2.3 2.9 2.4
Diluted (shares) 168.9 168.0 168.7 167.9
Earnings per ordinary share        
Basic earnings per ordinary share (in dollars per share) $ 0.67 $ 0.68 $ 1.30 $ 1.25
Diluted earnings per ordinary share (in dollars per share) $ 0.66 $ 0.67 $ 1.28 $ 1.23
Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.4 0.4 0.2 0.3
v3.24.2.u1
Acquisitions (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jul. 10, 2023
May 18, 2023
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Business Acquisition [Line Items]              
Goodwill     $ 2,568.8   $ 2,568.8   $ 2,571.1
Amortization     24.4 $ 21.3 49.6 $ 38.9  
ECM Investors, LLC              
Business Acquisition [Line Items]              
Payments to acquire businesses, gross   $ 1,100.0          
Goodwill     379.7   379.7   375.7
Identifiable intangible assets     $ 524.0   524.0   $ 524.0
Acquisition costs       $ 14.4 $ 16.9    
ECM Investors, LLC | Trade names              
Business Acquisition [Line Items]              
Identifiable intangible assets   113.7          
ECM Investors, LLC | Customer relationships              
Business Acquisition [Line Items]              
Identifiable intangible assets   $ 381.7          
Useful life   20 years          
ECM Investors, LLC | Proprietary Technology              
Business Acquisition [Line Items]              
Identifiable intangible assets   $ 22.0          
Useful life   7 years          
TEXA Industries              
Business Acquisition [Line Items]              
Payments to acquire businesses, gross $ 34.8            
Goodwill 10.9            
Debt acquired 5.2            
TEXA Industries | Customer relationships              
Business Acquisition [Line Items]              
Identifiable intangible assets $ 12.4            
Useful life 13 years            
v3.24.2.u1
Acquisitions - Schedule of Assets and Liabilities Acquired (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
May 18, 2023
Business Acquisition [Line Items]      
Goodwill $ 2,568.8 $ 2,571.1  
ECM Investors, LLC      
Business Acquisition [Line Items]      
Cash 45.7 45.7  
Accounts receivable 77.0 77.0  
Inventories 99.1 104.2  
Other current assets 4.9 4.9  
Property, plant and equipment 75.0 75.3  
Identifiable intangible assets 524.0 524.0  
Goodwill 379.7 375.7  
Other assets 17.4 17.0  
Current liabilities (53.9) (53.9)  
Other liabilities (34.8) (35.8)  
Purchase price $ 1,134.1 $ 1,134.1  
ECM Investors, LLC | Trade names      
Business Acquisition [Line Items]      
Identifiable intangible assets     $ 113.7
v3.24.2.u1
Acquisitions - Pro Forma Information (Details) - ECM Investors, LLC - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2023
Business Acquisition [Line Items]    
Pro forma net sales $ 852.9 $ 1,700.1
Pro forma net income $ 129.3 $ 225.7
Pro forma earnings per ordinary share    
Basic (in USD per share) $ 0.78 $ 1.36
Diluted (in USD per share) $ 0.77 $ 1.34
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]        
Amortization $ 24.4 $ 21.3 $ 49.6 $ 38.9
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 2,571.1
Acquisitions/divestitures 3.6
Foreign currency translation/other (5.9)
Ending Balance 2,568.8
Enclosures  
Goodwill [Roll Forward]  
Beginning Balance 430.4
Acquisitions/divestitures (0.4)
Foreign currency translation/other (4.6)
Ending Balance 425.4
Electrical & Fastening Solutions  
Goodwill [Roll Forward]  
Beginning Balance 1,427.7
Acquisitions/divestitures 4.0
Foreign currency translation/other 0.0
Ending Balance 1,431.7
Thermal Management  
Goodwill [Roll Forward]  
Beginning Balance 713.0
Acquisitions/divestitures 0.0
Foreign currency translation/other (1.3)
Ending Balance $ 711.7
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 1,762.3 $ 1,766.5
Accumulated amortization (673.2) (624.9)
Net 1,089.1 1,141.6
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 1,680.9 1,684.8
Accumulated amortization (641.4) (599.3)
Net 1,039.5 1,085.5
Proprietary technology and patents    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 63.4 63.7
Accumulated amortization (23.9) (20.8)
Net 39.5 42.9
Other finite-lived intangible assets    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 18.0 18.0
Accumulated amortization (7.9) (4.8)
Net $ 10.1 $ 13.2
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Indefinite-lived Intangible Assets [Line Items]          
Amortization $ 24.4 $ 21.3 $ 49.6 $ 38.9  
Cost 2,137.7   2,137.7   $ 2,141.9
Accumulated amortization (673.2)   (673.2)   (624.9)
Net 1,464.5   1,464.5   1,517.0
Trade names          
Indefinite-lived Intangible Assets [Line Items]          
Indefinite-life intangibles $ 375.4   $ 375.4   $ 375.4
v3.24.2.u1
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Q3-Q4 2024 $ 47.1
2025 94.2
2026 94.2
2027 94.2
2028 89.9
2029 $ 77.4
v3.24.2.u1
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Inventories    
Raw materials and supplies $ 169.1 $ 165.1
Work-in-process 32.2 34.9
Finished goods 244.5 241.3
Total inventories 445.8 441.3
Other current assets    
Contract assets 44.5 44.1
Prepaid expenses 43.8 44.7
Prepaid income taxes 22.4 10.5
Other current assets 21.5 20.9
Total other current assets 132.2 120.2
Property, plant and equipment, net    
Land and land improvements 38.6 39.6
Buildings and leasehold improvements 216.0 217.4
Machinery and equipment 609.0 599.6
Construction in progress 39.1 37.2
Total property, plant and equipment 902.7 893.8
Accumulated depreciation and amortization 517.8 503.8
Total property, plant and equipment, net 384.9 390.0
Other non-current assets    
Deferred compensation plan assets 21.4 19.4
Lease right-of-use assets 117.8 118.7
Deferred tax assets 178.0 179.2
Other non-current assets 30.0 30.2
Total other non-current assets 347.2 347.5
Other current liabilities    
Dividends payable 32.3 32.6
Accrued rebates 62.0 90.7
Contract liabilities 19.2 27.1
Accrued taxes payable 44.7 54.0
Accrued interest 11.0 11.2
Current lease liabilities 27.6 25.6
Other current liabilities 62.0 62.6
Total other current liabilities 258.8 303.8
Other non-current liabilities    
Income taxes payable 25.7 28.2
Deferred compensation plan liabilities 21.4 19.4
Non-current lease liabilities 96.0 98.4
Other non-current liabilities 24.2 33.8
Total other non-current liabilities $ 167.3 $ 179.8
v3.24.2.u1
Derivatives and Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative instruments in hedges, net $ 2.3 $ (3.5)
Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 131.2 146.8
Currency Swap    
Derivative [Line Items]    
Derivative, notional amount $ 318.2 $ 330.8
v3.24.2.u1
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Derivative [Line Items]    
Total $ 1,777.5  
Recorded Amount    
Derivative [Line Items]    
Variable rate debt 477.5 $ 492.5
Fixed rate debt 1,300.0 1,300.0
Total 1,777.5 1,792.5
Fair Value    
Derivative [Line Items]    
Variable rate debt 477.5 492.5
Fixed rate debt 1,234.1 1,261.6
Total $ 1,711.6 $ 1,754.1
v3.24.2.u1
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets $ 21.4 $ 19.4
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 21.4 19.4
Total recurring fair value measurements 16.7 2.9
Recurring | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (10.6) (21.7)
Foreign currency contract assets 6.3 3.9
Recurring | Forward Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (0.9) (0.8)
Foreign currency contract assets 0.5 2.1
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 14.3 13.3
Total recurring fair value measurements 14.3 13.3
Recurring | Level 1 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 1 | Forward Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements (4.7) (16.5)
Recurring | Level 2 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (10.6) (21.7)
Foreign currency contract assets 6.3 3.9
Recurring | Level 2 | Forward Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities (0.9) (0.8)
Foreign currency contract assets 0.5 2.1
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements 0.0 0.0
Recurring | Level 3 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 3 | Forward Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 7.1 6.1
Total recurring fair value measurements 7.1 6.1
Recurring | NAV | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV | Forward Contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Cross currency swap liabilities 0.0 0.0
Foreign currency contract assets $ 0.0 $ 0.0
v3.24.2.u1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
May 31, 2023
Apr. 30, 2023
Nov. 30, 2021
Mar. 31, 2018
Debt Instrument [Line Items]            
Long-term debt, gross $ 1,777.5          
Unamortized debt issuance costs and discounts (11.3) $ (11.8)        
Total debt 1,766.2 1,780.7        
Less: Current maturities and short-term borrowings (35.6) (31.9)        
Long-term debt $ 1,730.6 1,748.8        
Senior Notes | Revolving Credit Facility            
Debt Instrument [Line Items]            
Average interest rate at June 30, 2024 6.689%          
Long-term debt, gross $ 192.5 200.0        
Senior Notes | 2021 Term Loan Facility | Term Loan Facility            
Debt Instrument [Line Items]            
Long-term debt, gross 0.0 0.0        
Senior Notes | 2023 Term Loan Facility | Term Loan Facility            
Debt Instrument [Line Items]            
Average interest rate at June 30, 2024     5.65%      
Long-term debt, gross 500.0 500.0   $ 300.0    
Senior Notes | Senior Notes, Due 2028            
Debt Instrument [Line Items]            
Average interest rate at June 30, 2024           4.55%
Long-term debt, gross $ 500.0 500.0        
Senior Notes | Senior Notes, Due 2031            
Debt Instrument [Line Items]            
Average interest rate at June 30, 2024 6.689%          
Long-term debt, gross $ 285.0 292.5     $ 300.0  
Senior Notes | Senior Notes Due 2033            
Debt Instrument [Line Items]            
Average interest rate at June 30, 2024         2.75%  
Long-term debt, gross $ 300.0 $ 300.0 $ 500.0      
v3.24.2.u1
Debt - Senior Notes (Details) - USD ($)
$ in Millions
 1 Months Ended 6 Months Ended
Jul. 16, 2024
Jun. 30, 2024
Sep. 30, 2021
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
May 31, 2023
Nov. 30, 2021
Mar. 31, 2018
Debt Instrument [Line Items]                  
Long-term debt   $ 1,777.5   $ 1,777.5          
Proceeds from long-term debt       0.0 $ 800.0        
Senior Notes | Term Loan Facility                  
Debt Instrument [Line Items]                  
Debt term     5 years            
Senior Notes | Senior Notes, Due 2028                  
Debt Instrument [Line Items]                  
Debt face amount                 $ 500.0
Average interest rate                 4.55%
Long-term debt   $ 500.0   $ 500.0   $ 500.0      
Senior Notes | Senior Notes, Due 2031                  
Debt Instrument [Line Items]                  
Average interest rate   6.689%   6.689%          
Long-term debt   $ 285.0   $ 285.0   292.5   $ 300.0  
Senior Notes | Senior Notes Due 2033                  
Debt Instrument [Line Items]                  
Average interest rate               2.75%  
Long-term debt   300.0   300.0   $ 300.0 $ 500.0    
Senior Notes | 2024 Term Loan Facility | Term Loan Facility                  
Debt Instrument [Line Items]                  
Long-term debt   $ 500.0   $ 500.0          
Debt term   2 years              
Senior Notes | 2024 Term Loan Facility | Term Loan Facility | Subsequent Event                  
Debt Instrument [Line Items]                  
Proceeds from long-term debt $ 500.0                
v3.24.2.u1
Debt - Senior Credit Facilities (Details)
 1 Months Ended
Jun. 30, 2024
USD ($)
Apr. 30, 2023
USD ($)
Sep. 30, 2021
USD ($)
Dec. 31, 2023
USD ($)
Sep. 30, 2022
USD ($)
Debt Instrument [Line Items]          
Long-term debt $ 1,777,500,000        
Senior Notes | Senior Credit Facilities          
Debt Instrument [Line Items]          
EBITDA ratio covenant 3.00        
Senior Notes | Senior Credit Facilities | Minimum          
Debt Instrument [Line Items]          
Debt covenant, consolidated unrestricted cash $ 5,000,000        
Leverage ratio covenant 3.75        
Senior Notes | Senior Credit Facilities | Maximum          
Debt Instrument [Line Items]          
Debt covenant, consolidated unrestricted cash $ 250,000,000        
Leverage ratio covenant 4.25        
Senior Notes | Term Loan Facility          
Debt Instrument [Line Items]          
Debt term     5 years    
Maximum borrowing capacity     $ 300,000,000.0   $ 200,000,000
Senior Notes | Term Loan Facility | 2023 Term Loan Facility          
Debt Instrument [Line Items]          
Debt term   5 years      
Long-term debt $ 500,000,000.0 $ 300,000,000.0   $ 500,000,000.0  
Senior Notes | Term Loan Facility | 2024 Term Loan Facility          
Debt Instrument [Line Items]          
Debt term 2 years        
Long-term debt $ 500,000,000.0        
Senior Notes | Revolving Credit Facility          
Debt Instrument [Line Items]          
Debt term     5 years    
Maximum borrowing capacity     $ 600,000,000.0    
Line of credit increase limit     $ 300,000,000    
Line of credit facility, remaining borrowing capacity 600,000,000.0        
Long-term debt $ 192,500,000     $ 200,000,000.0  
v3.24.2.u1
Debt - Schedule of Contracutal Debt Maturities (Details)
$ in Millions
Jun. 30, 2024
USD ($)
Debt Disclosure [Abstract]  
Q3-Q4 2024 $ 16.9
2025 37.5
2026 179.4
2027 22.5
2028 721.2
2029 0.0
Thereafter 800.0
Total $ 1,777.5
v3.24.2.u1
Income Taxes (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Effective income tax rate 22.50% 17.10%  
Total gross liability for unrecognized tax benefits $ 13.3   $ 13.9
Deferred tax assets, valuation allowance   $ 4.3  
v3.24.2.u1
Shareholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
May 17, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Dec. 31, 2023
May 14, 2021
Equity [Abstract]            
Repurchase of shares of our common stock up to a maximum aggregate value $ 500.0         $ 300.0
Shares repurchased (in shares)   0.3        
Shares repurchased   $ 13.2 $ 13.2      
Remaining authorized repurchase amount       $ 81.8    
Dividends payable       $ 32.3 $ 32.6  
Dividends declared (in dollars per share) $ 0.19          
v3.24.2.u1
Segment Information - Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Net sales $ 880.3 $ 803.0 $ 1,754.9 $ 1,543.6
Reportable segment income 167.8 146.7 327.0 270.8
Enclosures        
Segment Reporting Information [Line Items]        
Net sales 440.8 400.0 880.7 791.0
Electrical & Fastening Solutions        
Segment Reporting Information [Line Items]        
Net sales 299.0 266.7 591.2 472.4
Thermal Management        
Segment Reporting Information [Line Items]        
Net sales 140.5 136.3 283.0 280.2
Operating Segments        
Segment Reporting Information [Line Items]        
Reportable segment income 224.3 205.1 436.1 379.8
Operating Segments | Enclosures        
Segment Reporting Information [Line Items]        
Reportable segment income 103.8 90.0 198.6 172.5
Operating Segments | Electrical & Fastening Solutions        
Segment Reporting Information [Line Items]        
Reportable segment income 92.5 86.5 177.7 147.8
Operating Segments | Thermal Management        
Segment Reporting Information [Line Items]        
Reportable segment income $ 28.0 $ 28.6 $ 59.8 $ 59.5
v3.24.2.u1
Segment Information - Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income $ 167.8 $ 146.7 $ 327.0 $ 270.8
Intangible amortization (24.4) (21.3) (49.6) (38.9)
Restructuring and other (2.1) (2.5) (3.4) (6.5)
Gain on sale of investment 0.0 10.2 0.0 10.2
Net interest expense (24.0) (21.7) (46.2) (29.5)
Other expense (0.9) (1.1) (2.1) (2.3)
Income before income taxes 142.9 134.1 278.7 249.2
Operating Segments        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income 224.3 205.1 436.1 379.8
Operating Segments | Enclosures        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income 103.8 90.0 198.6 172.5
Restructuring and other (0.1) 0.0 (0.4) (0.6)
Operating Segments | Electrical & Fastening Solutions        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income 92.5 86.5 177.7 147.8
Restructuring and other (1.3) (0.6) (0.8) (4.7)
Operating Segments | Thermal Management        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income 28.0 28.6 59.8 59.5
Restructuring and other (0.7) (1.8) (1.9) (0.8)
Segment Reconciling Items        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Intangible amortization (24.4) (21.3) (49.6) (38.9)
Restructuring and other (2.8) (2.5) (4.1) (6.5)
Acquisition transaction and integration costs (7.4) (4.9) (14.0) (7.2)
Inventory Step-Up Amortization 0.0 (5.9) 0.0 (5.9)
Gain on sale of investment 0.0 10.2 0.0 10.2
Net interest expense (24.0) (21.7) (46.2) (29.5)
Other expense (0.9) (1.1) (2.1) (2.3)
Segment Reconciling Items | Enterprise and other        
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]        
Reportable segment income $ (21.9) $ (23.8) $ (41.4) $ (50.5)
v3.24.2.u1
Commitments and Contingencies (Details) - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Liability for services and product warranties $ 0 $ 0
Stand-by Letters of Credit, Bank Guarantees and Bonds    
Guarantor Obligations [Line Items]    
Obligations outstanding $ 48,200,000 $ 45,500,000
v3.24.2.u1
Subsequent Events (Details) - Subsequent Event - USD ($)
$ in Millions
Jul. 31, 2024
Jul. 16, 2024
Thermal Management | Disposal Group, Held-for-Sale    
Subsequent Event [Line Items]    
Proceeds from sale of businesses $ 1,700.0  
Trachte, LLC    
Subsequent Event [Line Items]    
Payments to acquire businesses, gross   $ 695.0
v3.24.2.u1
Share-Based Compensation - Total Share-Based Compensation (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Share-based compensation expense $ 6.9 $ 5.7 $ 13.5 $ 11.4
Restricted stock units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Share-based compensation expense 3.7 2.8 7.0 5.5
Performance share units        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Share-based compensation expense 1.8 1.8 3.8 3.8
Stock options        
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]        
Share-based compensation expense $ 1.4 $ 1.1 $ 2.7 $ 2.1
v3.24.2.u1
Share-Based Compensation - Stock Option Assumptions (Details) - Stock options
 6 Months Ended
Jun. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Risk-free interest rate 4.06%
Expected dividend yield 1.27%
Expected share price volatility 37.10%
Expected term (years) 6 years 9 months 18 days
v3.24.2.u1
Share-Based Compensation - Narrative (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Restricted stock units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Grants in period (in shares) 0.2
Weighted average grant date fair value (in dollars per share) | $ / shares $ 68.74
Performance share units  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Grants in period (in shares) 0.1
Weighted average grant date fair value (in dollars per share) | $ / shares $ 103.93
Stock options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Grants in period (in shares) 0.3
Weighted-average grant date fair value for options granted during the year (in USD per share) | $ / shares $ 27.16
RSUs, PSUs, and Options  
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]  
Awards issued in period 0.6