Cover Page	9 Months Ended
Cover Page	Sep. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-38265
Entity Registrant Name	nVent Electric plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1391970
Entity Address, Address Line One	The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town	London
Entity Address, Postal Zip Code	TW8 9DW
Entity Address, Country	GB
Country Region	44
City Area Code	20
Local Phone Number	3966-0279
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	NVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	165,911,804
Entity Central Index Key	0001720635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Net sales	$ 858.8	$ 745.2	$ 2,402.4	$ 2,167.4
Cost of goods sold	505.6	455.2	1,414.1	1,362.3
Gross profit	353.2	290.0	988.3	805.1
Selling, general and administrative	178.7	154.8	508.8	445.3
Research and development	18.3	14.7	52.5	44.5
Operating income	156.2	120.5	427.0	315.3
Net interest expense	25.5	8.1	55.0	22.8
Gain on sale of investment	0.0	0.0	10.2	0.0
Other expense	1.4	0.5	3.7	2.3
Income before income taxes	129.3	111.9	378.5	290.2
Provision for income taxes	23.8	18.5	66.3	49.1
Net income	105.5	93.4	312.2	241.1
Comprehensive income, net of tax
Net income	105.5	93.4	312.2	241.1
Changes in cumulative translation adjustment	(14.9)	(13.7)	(11.1)	(19.7)
Changes in market value of derivative financial instruments, net of tax	(1.1)	6.7	(6.0)	6.5
Comprehensive income	$ 89.5	$ 86.4	$ 295.1	$ 227.9
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.64	$ 0.56	$ 1.89	$ 1.45
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.63	$ 0.55	$ 1.86	$ 1.43
Weighted average ordinary shares outstanding
Basic (shares)	165.8	166.5	165.6	166.4
Diluted (shares)	168.6	168.3	168.2	168.2
Cash dividends paid per ordinary share (in usd per share)	$ 0.175	$ 0.175	$ 0.525	$ 0.525

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 113.3	$ 297.5
Accounts and notes receivable, net of allowances of $15.5 and $9.9, respectively	590.9	472.5
Inventories	464.9	346.7
Other current assets	130.8	112.5
Total current assets	1,299.9	1,229.2
Property, plant and equipment, net	371.9	289.2
Other assets
Goodwill	2,559.8	2,178.1
Intangibles, net	1,538.4	1,066.1
Other non-current assets	155.7	139.6
Total other assets	4,253.9	3,383.8
Total assets	5,925.7	4,902.2
Current liabilities
Current maturities of long-term debt and short-term borrowings	30.0	15.0
Accounts payable	243.4	252.1
Employee compensation and benefits	114.7	109.3
Other current liabilities	271.3	273.1
Total current liabilities	659.4	649.5
Other liabilities
Long-term debt	1,831.5	1,068.2
Pension and other post-retirement compensation and benefits	132.1	128.5
Deferred tax liabilities	218.0	199.6
Other non-current liabilities	139.6	124.7
Total liabilities	2,980.6	2,170.5
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 165.9 million and 165.3 million issued at September 30, 2023 and December 31, 2022, respectively	1.7	1.7
Additional paid-in capital	2,378.2	2,372.3
Retained earnings	681.9	457.3
Accumulated other comprehensive loss	(116.7)	(99.6)
Total equity	2,945.1	2,731.7
Total liabilities and equity	$ 5,925.7	$ 4,902.2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 15.5	$ 9.9
Ordinary shares, par value (in dollars per share)	$ 0.01	$ 0.01
Ordinary shares authorized (in shares)	400,000,000	400,000,000
Ordinary shares issued (in shares)	165,900,000	165,300,000

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 312.2	$ 241.1
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	36.1	32.8
Amortization	64.5	53.1
Deferred income taxes	(3.7)	0.1
Share-based compensation	17.5	17.8
Gain on sale of investment	(10.2)	0.0
Amortization of bridge financing debt issuance costs	3.6	0.0
Gain on sale of property and equipment	1.1	0.0
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(30.5)	(76.9)
Inventories	(10.8)	(71.6)
Other current assets	(30.0)	(21.3)
Accounts payable	(27.7)	12.7
Employee compensation and benefits	(4.5)	(5.6)
Other current liabilities	(20.9)	18.7
Other non-current assets and liabilities	(2.9)	(1.1)
Net cash provided by (used for) operating activities	291.6	199.8
Investing activities
Capital expenditures	(48.9)	(30.8)
Proceeds from sale of property and equipment	7.3	2.0
Proceeds from sale of investment	14.1	0.0
Settlement of net investment hedge	3.1	0.0
Acquisitions, net of cash acquired	(1,119.7)	(8.6)
Net cash provided by (used for) investing activities	(1,144.1)	(37.4)
Financing activities
Net payments of revolving long-term debt	0.0	(106.7)
Proceeds from long-term debt	800.0	200.0
Repayments of long-term debt	(20.0)	(6.2)
Settlement of cash flow hedge	4.5	10.0
Debt issuance costs	(11.2)	0.0
Dividends paid	(87.6)	(87.7)
Shares issued to employees, net of shares withheld	1.6	0.3
Repurchases of ordinary shares	(15.2)	(8.5)
Net cash provided by (used for) financing activities	672.1	1.2
Effect of exchange rate changes on cash and cash equivalents	(3.8)	(19.1)
Change in cash and cash equivalents	(184.2)	144.5
Cash and cash equivalents, beginning of period	297.5	49.5
Cash and cash equivalents, end of period	$ 113.3	$ 194.0

Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2021		166.1
Beginning balance at Dec. 31, 2021	$ 2,496.1	$ 1.7	$ 2,403.1	$ 174.5	$ (83.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	67.8			67.8
Other Comprehensive Income (Loss), Net of Tax	(0.7)				(0.7)
Dividends, Common Stock	(29.0)			(29.0)
Share repurchases (in shares)		(0.1)
Share repurchases	(3.9)		(3.9)
Exercise of options, net of shares tendered for payment (in shares)		0.0
Stock Issued During Period, Value, Stock Options Exercised	$ 1.4		1.4
Issuance of restricted shares, net of cancellations	0.0	0.4
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (4.4)	$ (0.1)	(4.4)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.6		6.6
Ending balance (in shares) at Mar. 31, 2022		166.3
Ending balance at Mar. 31, 2022	2,533.9	$ 1.7	2,402.8	213.3	(83.9)
Beginning balance (in shares) at Dec. 31, 2021		166.1
Beginning balance at Dec. 31, 2021	2,496.1	$ 1.7	2,403.1	174.5	(83.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 241.1
Share repurchases (in shares)	(0.1)
Share repurchases	$ (3.9)
Ending balance (in shares) at Sep. 30, 2022		166.6
Ending balance at Sep. 30, 2022	2,650.6	$ 1.7	2,417.4	327.9	(96.4)
Beginning balance (in shares) at Mar. 31, 2022		166.3
Beginning balance at Mar. 31, 2022	2,533.9	$ 1.7	2,402.8	213.3	(83.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	79.9			79.9
Other Comprehensive Income (Loss), Net of Tax	(5.5)				(5.5)
Dividends, Common Stock	(29.3)			(29.3)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Stock Issued During Period, Value, Stock Options Exercised	$ 2.0		2.0
Issuance of restricted shares, net of cancellations	0.0	0.1
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (0.3)		(0.3)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.3		5.3
Ending balance (in shares) at Jun. 30, 2022		166.5
Ending balance at Jun. 30, 2022	2,586.0	$ 1.7	2,409.8	263.9	(89.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	93.4			93.4
Other Comprehensive Income (Loss), Net of Tax	(7.0)				(7.0)
Dividends, Common Stock	(29.4)			(29.4)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Stock Issued During Period, Value, Stock Options Exercised	2.0		2.0
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.3)		(0.3)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.9		5.9
Ending balance (in shares) at Sep. 30, 2022		166.6
Ending balance at Sep. 30, 2022	2,650.6	$ 1.7	2,417.4	327.9	(96.4)
Beginning balance (in shares) at Dec. 31, 2022		165.3
Beginning balance at Dec. 31, 2022	2,731.7	$ 1.7	2,372.3	457.3	(99.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	93.8			93.8
Other Comprehensive Income (Loss), Net of Tax	3.6				3.6
Dividends, Common Stock	(29.3)			(29.3)
Share repurchases (in shares)		(0.3)
Share repurchases	(13.2)	$ 0.0	(13.2)
Exercise of options, net of shares tendered for payment (in shares)		0.2
Stock Issued During Period, Value, Stock Options Exercised	$ 5.1		5.1
Issuance of restricted shares, net of cancellations	0.0	0.7
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (7.5)	$ (0.2)	(7.5)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.7		5.7
Ending balance (in shares) at Mar. 31, 2023		165.7
Ending balance at Mar. 31, 2023	2,789.9	$ 1.7	2,362.4	521.8	(96.0)
Beginning balance (in shares) at Dec. 31, 2022		165.3
Beginning balance at Dec. 31, 2022	2,731.7	$ 1.7	2,372.3	457.3	(99.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 312.2
Share repurchases (in shares)	(0.3)
Share repurchases	$ (13.2)
Ending balance (in shares) at Sep. 30, 2023		165.9
Ending balance at Sep. 30, 2023	2,945.1	$ 1.7	2,378.2	681.9	(116.7)
Beginning balance (in shares) at Mar. 31, 2023		165.7
Beginning 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)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Stock Issued During Period, Value, Stock Options Exercised	1.8		1.8
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.7)	$ 0.0	(0.7)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	5.7		5.7
Ending balance (in shares) at Jun. 30, 2023		165.8
Ending balance at Jun. 30, 2023	2,875.7	$ 1.7	2,369.2	605.5	(100.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	105.5			105.5
Other Comprehensive Income (Loss), Net of Tax	(16.0)				(16.0)
Dividends, Common Stock	(29.1)			(29.1)
Exercise of options, net of shares tendered for payment (in shares)		0.1
Stock Issued During Period, Value, Stock Options Exercised	3.1		3.1
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.2)	$ 0.0	(0.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.1		6.1
Ending balance (in shares) at Sep. 30, 2023		165.9
Ending balance at Sep. 30, 2023	$ 2,945.1	$ 1.7	$ 2,378.2	$ 681.9	$ (116.7)

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2023

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


In millions	September 30, 2023		December 31, 2022
Inventories
Raw materials and supplies	$	182.2	$	112.9
Work-in-process	36.9		36.2
Finished goods	245.8		197.6
Total inventories	$	464.9	$	346.7
Other current assets
Contract assets	$	44.2	$	45.6
Prepaid expenses	62.5		44.9
Prepaid income taxes	19.8		4.1
Cross currency swap assets	—		14.5
Other current assets	4.3		3.4
Total other current assets	$	130.8	$	112.5
Property, plant and equipment, net
Land and land improvements	$	42.5	$	38.6
Buildings and leasehold improvements	205.5		180.5
Machinery and equipment	572.0		500.4
Construction in progress	35.4		34.7
Total property, plant and equipment	855.4		754.2
Accumulated depreciation and amortization	483.5		465.0
Total property, plant and equipment, net	$	371.9	$	289.2
Other non-current assets



Deferred compensation plan assets	$	17.4	$	16.7
Lease right-of-use assets	92.8		76.4
Deferred tax assets	17.1		16.3
Other non-current assets	28.4		30.2
Total other non-current assets	$	155.7	$	139.6
Other current liabilities

Dividends payable	$	30.1	$	30.4

Accrued rebates	77.0		98.4
Contract liabilities	18.7		22.7
Accrued taxes payable	28.1		34.5
Accrued interest	26.5		6.5
Current lease liabilities	22.8		17.7
Other current liabilities	68.1		62.9
Total other current liabilities	$	271.3	$	273.1
Other non-current liabilities

Income taxes payable	$	28.2	$	29.8

Deferred compensation plan liabilities	17.4		16.7
Non-current lease liabilities	75.2		63.7
Other non-current liabilities	18.8		14.5
Total other non-current liabilities	$	139.6	$	124.7

Basis of Presentation and Responsibility for Interim Financial Statements	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation and Responsibility for Interim Financial Statements	Basis of Presentation and Responsibility for Interim Financial Statements Business nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K. Basis of presentation The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted. We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.

Revenue

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of revenue

We disaggregate our revenue by geographic location and vertical for each of our segments, 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 September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	284.1	$	250.2	$	95.5	$	629.8
Developed Europe (1)	87.3		34.1		28.2		149.6
Developing (2)	37.6		13.1		16.7		67.4
Other Developed (3)	3.7		4.9		3.4		12.0
Total	$	412.7	$	302.3	$	143.8	$	858.8


	Nine months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	830.0	$	615.7	$	271.6	$	1,717.3
Developed Europe (1)	252.6		108.2		85.0		445.8
Developing (2)	108.8		36.2		54.9		199.9
Other Developed (3)	12.3		14.6		12.5		39.4
Total	$	1,203.7	$	774.7	$	424.0	$	2,402.4


	Three months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	275.4	$	158.5	$	93.9	$	527.8
Developed Europe (1)	76.3		33.4		29.2		138.9
Developing (2)	31.9		12.4		20.9		65.2
Other Developed (3)	4.1		4.9		4.3		13.3
Total	$	387.7	$	209.2	$	148.3	$	745.2


	Nine months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	764.2	$	448.4	$	268.8	$	1,481.4
Developed Europe (1)	238.7		101.8		92.9		433.4
Developing (2)	111.8		33.2		66.8		211.8
Other Developed (3)	13.2		14.3		13.3		40.8
Total	$	1,127.9	$	597.7	$	441.8	$	2,167.4

(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.

(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.

(3) Other Developed includes Australia and Japan.

Vertical net sales information was as follows:


	Three months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	224.6	$	37.6	$	70.1	$	332.3
Commercial & Residential	65.0		169.2		45.7		279.9
Infrastructure	116.6		83.0		6.1		205.7
Energy	6.5		12.5		21.9		40.9
Total	$	412.7	$	302.3	$	143.8	$	858.8


	Nine months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	665.8	$	87.9	$	203.4	$	957.1
Commercial & Residential	182.3		408.8		131.1		722.2
Infrastructure	336.4		246.0		18.9		601.3
Energy	19.2		32.0		70.6		121.8
Total	$	1,203.7	$	774.7	$	424.0	$	2,402.4


	Three months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	211.3	$	20.8	$	70.3	$	302.4
Commercial & Residential	56.9		104.7		50.6		212.2
Infrastructure	112.6		74.8		6.8		194.2
Energy	6.9		8.9		20.6		36.4
Total	$	387.7	$	209.2	$	148.3	$	745.2


	Nine months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	624.5	$	59.7	$	211.8	$	896.0
Commercial & Residential	169.6		303.8		145.8		619.2
Infrastructure	314.2		209.7		17.6		541.5
Energy	19.6		24.5		66.6		110.7
Total	$	1,127.9	$	597.7	$	441.8	$	2,167.4

In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.

Contract balances

Contract assets and liabilities consisted of the following:


In millions	September 30, 2023		December 31, 2022		$ Change		% Change
Contract assets	$	44.2	$	45.6	$	(1.4)	(3.1	%)
Contract liabilities	18.7		22.7		(4.0)		(17.6	%)

Net contract assets	$	25.5	$	22.9	$	2.6	11.4	%

The $2.6 million increase in net contract assets from December 31, 2022 to September 30, 2023 was primarily the result of the timing of milestone payments. The majority of our contract liabilities at December 31, 2022 were recognized in revenue during the nine months ended September 30, 2023. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2023 and 2022.

Remaining performance obligations

We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On September 30, 2023, we had $18.0 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

Restructuring

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring

During the nine months ended September 30, 2023 and the year ended December 31, 2022, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.

Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Severance and related costs	$	3.2	$	0.4	$	6.5	$	4.1
Other	2.2		0.1		5.4		0.7
Total restructuring costs	$	5.4	$	0.5	$	11.9	$	4.8

Other restructuring costs primarily consist of asset impairment and various contract termination costs.

Restructuring costs by reportable segment were as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Enclosures	$	0.4	$	0.3	$	1.0	$	2.6
Electrical & Fastening Solutions	0.1		—		0.9		—
Thermal Management	4.7		0.1		9.4		0.2
Other	0.2		0.1		0.6		2.0
Total	$	5.4	$	0.5	$	11.9	$	4.8

Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows:


	Nine months ended
In millions	September 30, 2023		September 30, 2022
Beginning balance	$	2.4	$	2.4

Costs incurred	6.5		4.1
Cash payments and other	(4.4)		(4.9)
Ending balance	$	4.5	$	1.6

Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per ShareBasic and diluted earnings per share were calculated as follows:


	Three months ended				Nine months ended
In millions, except per-share data	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income	$	105.5	$	93.4	$	312.2	$	241.1
Weighted average ordinary shares outstanding
Basic	165.8		166.5		165.6		166.4
Dilutive impact of stock options, restricted stock units and performance share units	2.8		1.8		2.6		1.8
Diluted	168.6		168.3		168.2		168.2
Earnings per ordinary share



Basic earnings per ordinary share	$	0.64	$	0.56	$	1.89	$	1.45



Diluted earnings per ordinary share	$	0.63	$	0.55	$	1.86	$	1.43
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.4		0.7		0.3		0.5

Acquisitions

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Acquisitions

On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 9 below).

The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to the impacts associated with income taxes and other accruals. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.

The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported and revised as of September 30, 2023:


In millions	As Originally Reported		As Revised
Cash	$	45.7	$	45.7
Accounts receivable	78.1		78.1
Inventories	107.8		104.0
Other current assets	4.9		4.9
Property, plant and equipment	81.1		75.9
Identifiable intangible assets	519.8		524.0
Goodwill	361.5		371.7
Other assets	16.6		16.7
Current liabilities	(51.5)		(51.4)
Other liabilities	(26.5)		(35.9)
Purchase price	$	1,137.5	$	1,133.7

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $371.7 million, substantially all of which is expected to be deductible for income tax purposes.

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.

ECM Industries net sales and operating income for the three months ended September 30, 2023 were $98.4 million and $10.5 million, respectively. ECM Industries net sales and operating income for the period from the acquisition date to September 30, 2023 were $148.1 million and $14.3 million, respectively. ECM Industries operating income for the three and nine months ended September 30, 2023 includes $7.6 million and $11.2 million of identifiable intangible asset amortization expense, respectively, and $11.8 million and $17.7 million of expense related to the fair market value inventory step-up, respectively.

The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022:


	Three months ended				Nine months ended
In millions, except per-share date	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Pro forma net sales	$	858.8	$	847.9	$	2,558.8	$	2,477.9
Pro forma net income	115.9		92.8		341.4		206.1
Pro forma earnings per ordinary share
Basic	$	0.70	$	0.56	$	2.06	$	1.24
Diluted	0.69		0.55		2.03		1.23

The unaudited pro forma results include 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 results for the three and nine months ended September 30, 2023 exclude the impact of $13.8 million and $30.8 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value inventory step-up. The three and nine months ended September 30, 2022 were adjusted to include zero and $31.1 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair market 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.

On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023.

The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $11.5 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation.

The pro forma impact of the TEXA Industries acquisition is not material.

Goodwill and Other Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Identifiable Intangible Assets

The changes in the carrying amount of goodwill by reportable segment were as follows:


In millions	December 31, 2022		Acquisitions/ divestitures		Foreign currency translation/other		September 30, 2023
Enclosures	$	414.4	$	11.5	$	(1.7)	$	424.2
Electrical & Fastening Solutions	1,052.0		371.7		—		1,423.7
Thermal Management	711.7		—		0.2		711.9
Total goodwill	$	2,178.1	$	383.2	$	(1.5)	$	2,559.8

Identifiable intangible assets consisted of the following:


	September 30, 2023						December 31, 2022
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,680.2	$	(576.5)	$	1,103.7	$	1,287.6	$	(519.1)	$	768.5
Proprietary technology and patents	63.3		(19.1)		44.2		39.7		(15.2)		24.5
Other finite-lived intangible assets	18.0		(2.9)		15.1		—		—		—
Total definite-life intangibles	1,761.5		(598.5)		1,163.0		1,327.3		(534.3)		793.0
Indefinite-life intangibles
Trade names	375.4		—		375.4		273.1		—		273.1
Total intangibles	$	2,136.9	$	(598.5)	$	1,538.4	$	1,600.4	$	(534.3)	$	1,066.1

Identifiable intangible asset amortization expense was $25.6 million and $17.6 million for the three months ended September 30, 2023 and 2022, respectively, and $64.5 million and $53.1 million for the nine months ended September 30, 2023 and 2022, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:


	Q4
In millions	2023		2024		2025		2026		2027		2028
Estimated amortization expense	$	25.2	$	96.6	$	94.1	$	94.1	$	94.1	$	89.8

Derivatives and Financial Instruments

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 September 30, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $153.8 million and $145.7 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.

Cross currency swaps

At September 30, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $249.9 million and $345.1 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. In 2023, a cash flow hedge instrument and a net investment hedge instrument each reached maturity, resulting in settlement amounts reflected as a component of financing and investing cash inflows in the amount of $4.5 million and $3.1 million, respectively. Upon maturity of the previous agreement, we entered into a new net investment hedge of certain Euro-denominated subsidiaries to manage exposure to fluctuations in the Euro-U.S. dollar exchange rate with a gross notional U.S. dollar equivalent amount of $66.1 million. In the third quarter of 2022, as a result of an early settlement of a cash flow hedge instrument, $10.0 million of cash flows has been reflected as a component of financing cash flows and $0.3 million of expense was recorded to Selling, general and administrative expense from Accumulated other comprehensive loss. We entered a cross currency swap with a gross notional U.S. dollar equivalent amount of $121.0 million to replace the terminated agreement, which we designated as a fair value hedge to offset foreign currency risk associated with intercompany debt. At September 30, 2023 and December 31, 2022, we had deferred foreign currency gains of $5.1 million and $18.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.

Fair value of financial instruments

The following methods were used to estimate the fair values of each class of financial instrument:

•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;

•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;

•cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and

•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the

accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding.

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:


	September 30, 2023				December 31, 2022
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	573.8	$	573.8	$	288.8	$	288.8
Fixed rate debt	1,300.0		1,182.2		800.0		717.7
Total debt	$	1,873.8	$	1,756.0	$	1,088.8	$	1,006.5

Financial assets and liabilities measured at fair value on a recurring basis were as follows:


Recurring fair value measurements	September 30, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Cross currency swap liabilities	$	—	$	(6.0)	$	—	$	—	$	(6.0)
Cross currency swap assets	—		9.2		—		—		9.2
Foreign currency contract liabilities	—		(1.2)		—		—		(1.2)
Foreign currency contract assets	—		1.1		—		—		1.1

Deferred compensation plan assets	11.9		—		—		5.5		17.4
Total recurring fair value measurements	$	11.9	$	3.1	$	—	$	5.5	$	20.5


Recurring fair value measurements	December 31, 2022
In millions	Level 1		Level 2		Level 3		NAV		Total
Cross currency swap liabilities	$	—	$	(4.8)	$	—	$	—	$	(4.8)
Cross currency swap assets	—		22.4		—		—		22.4
Foreign currency contract liabilities	—		(1.5)		—		—		(1.5)
Foreign currency contract assets	—		0.5		—		—		0.5
Deferred compensation plan assets	11.8		—		—		4.9		16.7

Total recurring fair value measurements	$	11.8	$	16.6	$	—	$	4.9	$	33.3

Debt

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate at September 30, 2023	Maturity Year	September 30, 2023		December 31, 2022
Revolving credit facility	N/A	2026	$	—	$	—
2021 Term loan facility	6.673%	2026	277.5		288.8
2023 Term loan facility	7.049%	2028	296.3		—
Senior notes - fixed rate	4.550%	2028	500.0		500.0
Senior notes - fixed rate	2.750%	2031	300.0		300.0
Senior notes - fixed rate	5.650%	2033	500.0		—

Unamortized debt issuance costs and discounts	N/A	N/A	(12.3)		(5.6)
Total debt			1,861.5		1,083.2
Less: Current maturities and short-term borrowings			(30.0)		(15.0)
Long-term debt			$	1,831.5	$	1,068.2

Senior notes

In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").

In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").

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 SEC.

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 September 30, 2023, the borrowing capacity under the Revolving Credit Facility was $600.0 million.

Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.

In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2023 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions, which we elected in connection with the acquisition of ECM Industries in May 2023 for each of the next four fiscal quarters beginning in the second quarter of 2023) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2023 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2023, we were in compliance with all financial covenants in our debt agreements.

Debt outstanding at September 30, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:


	Q4
In millions	2023		2024		2025		2026		2027		2028		Thereafter		Total
Contractual debt obligation maturities	$	7.5	$	31.9	$	37.5	$	253.1	$	22.5	$	721.3	$	800.0	$	1,873.8

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-Section 50
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the nine months ended September 30, 2023 was 17.5% compared to 16.9% for the nine months ended September 30, 2022. The liability for uncertain tax positions was $13.9 million and $13.4 million at September 30, 2023 and December 31, 2022, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices. In the nine months ended September 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share repurchases On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024. During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. During the nine months ended September 30, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. As of September 30, 2023 and December 31, 2022, outstanding share repurchases recorded in Other current liabilities were zero and $2.0 million, respectively. As of September 30, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization. Dividends payable On September 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on November 3, 2023, to shareholders of record at the close of business on October 20, 2023. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.1 million and $30.4 million at September 30, 2023 and December 31, 2022, respectively.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Segment Information

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Segment Information

We evaluate performance based on net sales and segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income represents operating income exclusive of intangible amortization, acquisition-related expenses, costs of restructuring activities, impairments and other unusual non-operating items.

Financial information by reportable segment is as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net sales
Enclosures	$	412.7	$	387.7	$	1,203.7	$	1,127.9
Electrical & Fastening Solutions	302.3		209.2		774.7		597.7
Thermal Management	143.8		148.3		424.0		441.8
Total	$	858.8	$	745.2	$	2,402.4	$	2,167.4
Segment income (loss)
Enclosures	$	89.4	$	71.9	$	261.9	$	183.7
Electrical & Fastening Solutions	97.6		60.8		245.4		166.7
Thermal Management	34.8		35.9		94.3		96.6
Other	(19.8)		(24.6)		(70.3)		(67.6)
Total	$	202.0	$	144.0	$	531.3	$	379.4

The following table presents a reconciliation of segment income to income before income taxes:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Segment income	$	202.0	$	144.0	$	531.3	$	379.4


Intangible amortization	(25.6)		(17.6)		(64.5)		(53.1)
Restructuring and other	(5.4)		(5.9)		(11.9)		(10.2)
Acquisition transaction and integration costs	(3.0)		—		(10.2)		(0.8)
Inventory step-up amortization	(11.8)		—		(17.7)		—
Net interest expense	(25.5)		(8.1)		(55.0)		(22.8)

Gain on sale of investment	—		—		10.2		—
Other expense	(1.4)		(0.5)		(3.7)		(2.3)


Income before income taxes	$	129.3	$	111.9	$	378.5	$	290.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Warranties and guarantees In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of September 30, 2023 and December 31, 2022 was not material. Stand-by letters of credit, bank guarantees and bonds In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of September 30, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $39.5 million and $38.0 million, respectively.

Share-Based Compensation

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022, was as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Restricted stock units	$	3.0	$	2.5	$	8.4	$	7.4
Performance share units	1.9		2.3		5.7		7.3
Stock options	1.2		1.1		3.4		3.1
Total	$	6.1	$	5.9	$	17.5	$	17.8

In the first quarter of 2023, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $46.15, $68.72 and $16.56, respectively.

We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:


	2023 Annual Grant
Risk-free interest rate	3.77	%
Expected dividend yield	1.73	%
Expected share price volatility	36.6	%
Expected term (years)	6.5

These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.

We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Revenue (Tables)

9 Months Ended

Sep. 30, 2023

Revenue from Contract with Customer [Abstract]

Revenue by Category

Geographic net sales information, based on geographic destination of the sale, was as follows:


	Three months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	284.1	$	250.2	$	95.5	$	629.8
Developed Europe (1)	87.3		34.1		28.2		149.6
Developing (2)	37.6		13.1		16.7		67.4
Other Developed (3)	3.7		4.9		3.4		12.0
Total	$	412.7	$	302.3	$	143.8	$	858.8


	Nine months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	830.0	$	615.7	$	271.6	$	1,717.3
Developed Europe (1)	252.6		108.2		85.0		445.8
Developing (2)	108.8		36.2		54.9		199.9
Other Developed (3)	12.3		14.6		12.5		39.4
Total	$	1,203.7	$	774.7	$	424.0	$	2,402.4


	Three months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	275.4	$	158.5	$	93.9	$	527.8
Developed Europe (1)	76.3		33.4		29.2		138.9
Developing (2)	31.9		12.4		20.9		65.2
Other Developed (3)	4.1		4.9		4.3		13.3
Total	$	387.7	$	209.2	$	148.3	$	745.2


	Nine months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
U.S. and Canada	$	764.2	$	448.4	$	268.8	$	1,481.4
Developed Europe (1)	238.7		101.8		92.9		433.4
Developing (2)	111.8		33.2		66.8		211.8
Other Developed (3)	13.2		14.3		13.3		40.8
Total	$	1,127.9	$	597.7	$	441.8	$	2,167.4

(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.

(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.

(3) Other Developed includes Australia and Japan.

Vertical net sales information was as follows:


	Three months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	224.6	$	37.6	$	70.1	$	332.3
Commercial & Residential	65.0		169.2		45.7		279.9
Infrastructure	116.6		83.0		6.1		205.7
Energy	6.5		12.5		21.9		40.9
Total	$	412.7	$	302.3	$	143.8	$	858.8


	Nine months ended September 30, 2023
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	665.8	$	87.9	$	203.4	$	957.1
Commercial & Residential	182.3		408.8		131.1		722.2
Infrastructure	336.4		246.0		18.9		601.3
Energy	19.2		32.0		70.6		121.8
Total	$	1,203.7	$	774.7	$	424.0	$	2,402.4


	Three months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	211.3	$	20.8	$	70.3	$	302.4
Commercial & Residential	56.9		104.7		50.6		212.2
Infrastructure	112.6		74.8		6.8		194.2
Energy	6.9		8.9		20.6		36.4
Total	$	387.7	$	209.2	$	148.3	$	745.2


	Nine months ended September 30, 2022
In millions	Enclosures		Electrical & Fastening Solutions		Thermal Management		Total
Industrial	$	624.5	$	59.7	$	211.8	$	896.0
Commercial & Residential	169.6		303.8		145.8		619.2
Infrastructure	314.2		209.7		17.6		541.5
Energy	19.6		24.5		66.6		110.7
Total	$	1,127.9	$	597.7	$	441.8	$	2,167.4

In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.

Contract assets and liabilities

Contract assets and liabilities consisted of the following:


In millions	September 30, 2023		December 31, 2022		$ Change		% Change
Contract assets	$	44.2	$	45.6	$	(1.4)	(3.1	%)
Contract liabilities	18.7		22.7		(4.0)		(17.6	%)

Net contract assets	$	25.5	$	22.9	$	2.6	11.4	%

Restructuring (Tables)

9 Months Ended

Sep. 30, 2023

Restructuring and Related Activities [Abstract]

Restructuring Related Costs

Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Severance and related costs	$	3.2	$	0.4	$	6.5	$	4.1
Other	2.2		0.1		5.4		0.7
Total restructuring costs	$	5.4	$	0.5	$	11.9	$	4.8

Restructuring Costs By Segment

Restructuring costs by reportable segment were as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Enclosures	$	0.4	$	0.3	$	1.0	$	2.6
Electrical & Fastening Solutions	0.1		—		0.9		—
Thermal Management	4.7		0.1		9.4		0.2
Other	0.2		0.1		0.6		2.0
Total	$	5.4	$	0.5	$	11.9	$	4.8

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:


	Nine months ended
In millions	September 30, 2023		September 30, 2022
Beginning balance	$	2.4	$	2.4

Costs incurred	6.5		4.1
Cash payments and other	(4.4)		(4.9)
Ending balance	$	4.5	$	1.6

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share were calculated as follows:


	Three months ended				Nine months ended
In millions, except per-share data	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net income	$	105.5	$	93.4	$	312.2	$	241.1
Weighted average ordinary shares outstanding
Basic	165.8		166.5		165.6		166.4
Dilutive impact of stock options, restricted stock units and performance share units	2.8		1.8		2.6		1.8
Diluted	168.6		168.3		168.2		168.2
Earnings per ordinary share



Basic earnings per ordinary share	$	0.64	$	0.56	$	1.89	$	1.45



Diluted earnings per ordinary share	$	0.63	$	0.55	$	1.86	$	1.43
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.4		0.7		0.3		0.5

Acquisitions (Tables)

9 Months Ended

Sep. 30, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported and revised as of September 30, 2023:


In millions	As Originally Reported		As Revised
Cash	$	45.7	$	45.7
Accounts receivable	78.1		78.1
Inventories	107.8		104.0
Other current assets	4.9		4.9
Property, plant and equipment	81.1		75.9
Identifiable intangible assets	519.8		524.0
Goodwill	361.5		371.7
Other assets	16.6		16.7
Current liabilities	(51.5)		(51.4)
Other liabilities	(26.5)		(35.9)
Purchase price	$	1,137.5	$	1,133.7

Business Acquisition, Pro Forma Information

The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022:


	Three months ended				Nine months ended
In millions, except per-share date	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Pro forma net sales	$	858.8	$	847.9	$	2,558.8	$	2,477.9
Pro forma net income	115.9		92.8		341.4		206.1
Pro forma earnings per ordinary share
Basic	$	0.70	$	0.56	$	2.06	$	1.24
Diluted	0.69		0.55		2.03		1.23

Goodwill and Other Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Carrying Amount of Goodwill by Segment

The changes in the carrying amount of goodwill by reportable segment were as follows:


In millions	December 31, 2022		Acquisitions/ divestitures		Foreign currency translation/other		September 30, 2023
Enclosures	$	414.4	$	11.5	$	(1.7)	$	424.2
Electrical & Fastening Solutions	1,052.0		371.7		—		1,423.7
Thermal Management	711.7		—		0.2		711.9
Total goodwill	$	2,178.1	$	383.2	$	(1.5)	$	2,559.8

Schedule of Finite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:


	September 30, 2023						December 31, 2022
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,680.2	$	(576.5)	$	1,103.7	$	1,287.6	$	(519.1)	$	768.5
Proprietary technology and patents	63.3		(19.1)		44.2		39.7		(15.2)		24.5
Other finite-lived intangible assets	18.0		(2.9)		15.1		—		—		—
Total definite-life intangibles	1,761.5		(598.5)		1,163.0		1,327.3		(534.3)		793.0
Indefinite-life intangibles
Trade names	375.4		—		375.4		273.1		—		273.1
Total intangibles	$	2,136.9	$	(598.5)	$	1,538.4	$	1,600.4	$	(534.3)	$	1,066.1

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:


	September 30, 2023						December 31, 2022
In millions	Cost		Accumulated amortization		Net		Cost		Accumulated amortization		Net
Definite-life intangibles
Customer relationships	$	1,680.2	$	(576.5)	$	1,103.7	$	1,287.6	$	(519.1)	$	768.5
Proprietary technology and patents	63.3		(19.1)		44.2		39.7		(15.2)		24.5
Other finite-lived intangible assets	18.0		(2.9)		15.1		—		—		—
Total definite-life intangibles	1,761.5		(598.5)		1,163.0		1,327.3		(534.3)		793.0
Indefinite-life intangibles
Trade names	375.4		—		375.4		273.1		—		273.1
Total intangibles	$	2,136.9	$	(598.5)	$	1,538.4	$	1,600.4	$	(534.3)	$	1,066.1

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows:


	Q4
In millions	2023		2024		2025		2026		2027		2028
Estimated amortization expense	$	25.2	$	96.6	$	94.1	$	94.1	$	94.1	$	89.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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+ Details

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2023

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information


In millions	September 30, 2023		December 31, 2022
Inventories
Raw materials and supplies	$	182.2	$	112.9
Work-in-process	36.9		36.2
Finished goods	245.8		197.6
Total inventories	$	464.9	$	346.7
Other current assets
Contract assets	$	44.2	$	45.6
Prepaid expenses	62.5		44.9
Prepaid income taxes	19.8		4.1
Cross currency swap assets	—		14.5
Other current assets	4.3		3.4
Total other current assets	$	130.8	$	112.5
Property, plant and equipment, net
Land and land improvements	$	42.5	$	38.6
Buildings and leasehold improvements	205.5		180.5
Machinery and equipment	572.0		500.4
Construction in progress	35.4		34.7
Total property, plant and equipment	855.4		754.2
Accumulated depreciation and amortization	483.5		465.0
Total property, plant and equipment, net	$	371.9	$	289.2
Other non-current assets



Deferred compensation plan assets	$	17.4	$	16.7
Lease right-of-use assets	92.8		76.4
Deferred tax assets	17.1		16.3
Other non-current assets	28.4		30.2
Total other non-current assets	$	155.7	$	139.6
Other current liabilities

Dividends payable	$	30.1	$	30.4

Accrued rebates	77.0		98.4
Contract liabilities	18.7		22.7
Accrued taxes payable	28.1		34.5
Accrued interest	26.5		6.5
Current lease liabilities	22.8		17.7
Other current liabilities	68.1		62.9
Total other current liabilities	$	271.3	$	273.1
Other non-current liabilities

Income taxes payable	$	28.2	$	29.8

Deferred compensation plan liabilities	17.4		16.7
Non-current lease liabilities	75.2		63.7
Other non-current liabilities	18.8		14.5
Total other non-current liabilities	$	139.6	$	124.7

Derivatives and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments

The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:


	September 30, 2023				December 31, 2022
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	573.8	$	573.8	$	288.8	$	288.8
Fixed rate debt	1,300.0		1,182.2		800.0		717.7
Total debt	$	1,873.8	$	1,756.0	$	1,088.8	$	1,006.5

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis were as follows:


Recurring fair value measurements	September 30, 2023
In millions	Level 1		Level 2		Level 3		NAV		Total
Cross currency swap liabilities	$	—	$	(6.0)	$	—	$	—	$	(6.0)
Cross currency swap assets	—		9.2		—		—		9.2
Foreign currency contract liabilities	—		(1.2)		—		—		(1.2)
Foreign currency contract assets	—		1.1		—		—		1.1

Deferred compensation plan assets	11.9		—		—		5.5		17.4
Total recurring fair value measurements	$	11.9	$	3.1	$	—	$	5.5	$	20.5


Recurring fair value measurements	December 31, 2022
In millions	Level 1		Level 2		Level 3		NAV		Total
Cross currency swap liabilities	$	—	$	(4.8)	$	—	$	—	$	(4.8)
Cross currency swap assets	—		22.4		—		—		22.4
Foreign currency contract liabilities	—		(1.5)		—		—		(1.5)
Foreign currency contract assets	—		0.5		—		—		0.5
Deferred compensation plan assets	11.8		—		—		4.9		16.7

Total recurring fair value measurements	$	11.8	$	16.6	$	—	$	4.9	$	33.3

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Debt and Average Interest Rates on Debt Outstanding

Debt and the average interest rates on debt outstanding were as follows:


In millions	Average interest rate at September 30, 2023	Maturity Year	September 30, 2023		December 31, 2022
Revolving credit facility	N/A	2026	$	—	$	—
2021 Term loan facility	6.673%	2026	277.5		288.8
2023 Term loan facility	7.049%	2028	296.3		—
Senior notes - fixed rate	4.550%	2028	500.0		500.0
Senior notes - fixed rate	2.750%	2031	300.0		300.0
Senior notes - fixed rate	5.650%	2033	500.0		—

Unamortized debt issuance costs and discounts	N/A	N/A	(12.3)		(5.6)
Total debt			1,861.5		1,083.2
Less: Current maturities and short-term borrowings			(30.0)		(15.0)
Long-term debt			$	1,831.5	$	1,068.2

Debt Outstanding Matures on Calendar Year Basis

Debt outstanding at September 30, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:


	Q4
In millions	2023		2024		2025		2026		2027		2028		Thereafter		Total
Contractual debt obligation maturities	$	7.5	$	31.9	$	37.5	$	253.1	$	22.5	$	721.3	$	800.0	$	1,873.8

Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Reporting [Abstract]

Financial Information by Reportable Segment

Financial information by reportable segment is as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net sales
Enclosures	$	412.7	$	387.7	$	1,203.7	$	1,127.9
Electrical & Fastening Solutions	302.3		209.2		774.7		597.7
Thermal Management	143.8		148.3		424.0		441.8
Total	$	858.8	$	745.2	$	2,402.4	$	2,167.4
Segment income (loss)
Enclosures	$	89.4	$	71.9	$	261.9	$	183.7
Electrical & Fastening Solutions	97.6		60.8		245.4		166.7
Thermal Management	34.8		35.9		94.3		96.6
Other	(19.8)		(24.6)		(70.3)		(67.6)
Total	$	202.0	$	144.0	$	531.3	$	379.4

Reconciliation of Operating Profit (Loss) from Segments to Consolidated

The following table presents a reconciliation of segment income to income before income taxes:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Segment income	$	202.0	$	144.0	$	531.3	$	379.4


Intangible amortization	(25.6)		(17.6)		(64.5)		(53.1)
Restructuring and other	(5.4)		(5.9)		(11.9)		(10.2)
Acquisition transaction and integration costs	(3.0)		—		(10.2)		(0.8)
Inventory step-up amortization	(11.8)		—		(17.7)		—
Net interest expense	(25.5)		(8.1)		(55.0)		(22.8)

Gain on sale of investment	—		—		10.2		—
Other expense	(1.4)		(0.5)		(3.7)		(2.3)


Income before income taxes	$	129.3	$	111.9	$	378.5	$	290.2

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022, was as follows:


	Three months ended				Nine months ended
In millions	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Restricted stock units	$	3.0	$	2.5	$	8.4	$	7.4
Performance share units	1.9		2.3		5.7		7.3
Stock options	1.2		1.1		3.4		3.1
Total	$	6.1	$	5.9	$	17.5	$	17.8

Schedule of Valuation Assumptions

We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:


	2023 Annual Grant
Risk-free interest rate	3.77	%
Expected dividend yield	1.73	%
Expected share price volatility	36.6	%
Expected term (years)	6.5

Basis of Presentation and Responsibility for Interim Financial Statements (Details)	9 Months Ended
	Sep. 30, 2023 segment
Accounting Policies [Abstract]
Number of reportable segments	3

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 858.8	$ 745.2	$ 2,402.4	$ 2,167.4
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	629.8	527.8	1,717.3	1,481.4
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	149.6	138.9	445.8	433.4
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	67.4	65.2	199.9	211.8
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	12.0	13.3	39.4	40.8
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	412.7	387.7	1,203.7	1,127.9
Enclosures \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	284.1	275.4	830.0	764.2
Enclosures \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	87.3	76.3	252.6	238.7
Enclosures \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	37.6	31.9	108.8	111.8
Enclosures \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	3.7	4.1	12.3	13.2
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	302.3	209.2	774.7	597.7
Electrical & Fastening Solutions \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	250.2	158.5	615.7	448.4
Electrical & Fastening Solutions \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	34.1	33.4	108.2	101.8
Electrical & Fastening Solutions \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	13.1	12.4	36.2	33.2
Electrical & Fastening Solutions \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	4.9	4.9	14.6	14.3
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	143.8	148.3	424.0	441.8
Electrical & Fastening Solutions \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	95.5	93.9	271.6	268.8
Electrical & Fastening Solutions \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	28.2	29.2	85.0	92.9
Electrical & Fastening Solutions \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	16.7	20.9	54.9	66.8
Electrical & Fastening Solutions \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	$ 3.4	$ 4.3	$ 12.5	$ 13.3

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 858.8	$ 745.2	$ 2,402.4	$ 2,167.4
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	412.7	387.7	1,203.7	1,127.9
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	302.3	209.2	774.7	597.7
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	143.8	148.3	424.0	441.8
Industrial
Disaggregation of Revenue [Line Items]
Net sales	332.3	302.4	957.1	896.0
Industrial \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	224.6	211.3	665.8	624.5
Industrial \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	37.6	20.8	87.9	59.7
Industrial \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	70.1	70.3	203.4	211.8
Commercial & Residential
Disaggregation of Revenue [Line Items]
Net sales	279.9	212.2	722.2	619.2
Commercial & Residential \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	65.0	56.9	182.3	169.6
Commercial & Residential \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	169.2	104.7	408.8	303.8
Commercial & Residential \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	45.7	50.6	131.1	145.8
Energy
Disaggregation of Revenue [Line Items]
Net sales	40.9	36.4	121.8	110.7
Energy \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	6.5	6.9	19.2	19.6
Energy \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	12.5	8.9	32.0	24.5
Energy \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	21.9	20.6	70.6	66.6
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	205.7	194.2	601.3	541.5
Infrastructure \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	116.6	112.6	336.4	314.2
Infrastructure \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	83.0	74.8	246.0	209.7
Infrastructure \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	6.1	6.8	18.9	17.6
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	149.6	138.9	445.8	433.4
Developed Europe (1) \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	87.3	76.3	252.6	238.7
Developed Europe (1) \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	34.1	33.4	108.2	101.8
Developed Europe (1) \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	28.2	29.2	85.0	92.9
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	67.4	65.2	199.9	211.8
Developing Countries \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	37.6	31.9	108.8	111.8
Developing Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	13.1	12.4	36.2	33.2
Developing Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	16.7	20.9	54.9	66.8
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	12.0	13.3	39.4	40.8
Other Developed Countries \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	3.7	4.1	12.3	13.2
Other Developed Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	4.9	4.9	14.6	14.3
Other Developed Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	3.4	4.3	12.5	13.3
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	629.8	527.8	1,717.3	1,481.4
U.S. and Canada \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	284.1	275.4	830.0	764.2
U.S. and Canada \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	250.2	158.5	615.7	448.4
U.S. and Canada \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 95.5	$ 93.9	$ 271.6	$ 268.8

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Contract assets	$ 44.2	$ 45.6
Contract liabilities	18.7	22.7
Net contract assets	25.5	$ 22.9
$ Change
Contract assets	(1.4)
Contract liabilities	(4.0)
Net contract assets	$ (2.6)
% Change
Contract assets	(3.10%)
Contract liabilities	(17.60%)
Net contract assets	11.40%

Revenue - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
Revenue - Additional Information (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2023
Revenue from Contract with Customer [Abstract]
Net contract assets (liabilities)		$ 2,600,000
Impairment losses on contract assets	$ 0	$ 0

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 $ in Millions	Sep. 30, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 18.0
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	18 months

Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 5.4	$ 0.5	$ 11.9	$ 4.8
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	3.2	0.4	6.5	4.1
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 2.2	$ 0.1	$ 5.4	$ 0.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring - Costs by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 5.4	$ 0.5	$ 11.9	$ 4.8
Enclosures
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	0.3	1.0	2.6
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.1	0.0	0.9	0.0
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	4.7	0.1	9.4	0.2
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.2	$ 0.1	$ 0.6	$ 2.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Restructuring - Accrual Activity (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning balance	$ 2.4	$ 2.4
Costs incurred	6.5	4.1
Cash payments and other	(4.4)	(4.9)
Ending balance	$ 4.5	$ 1.6

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 105.5	$ 112.9	$ 93.8	$ 93.4	$ 79.9	$ 67.8	$ 312.2	$ 241.1
Weighted average common shares outstanding
Basic (shares)	165.8			166.5			165.6	166.4
Dilutive impact of stock options, restricted stock units and performance share units	2.8			1.8			2.6	1.8
Diluted (shares)	168.6			168.3			168.2	168.2
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.64			$ 0.56			$ 1.89	$ 1.45
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.63			$ 0.55			$ 1.86	$ 1.43
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.4			0.7			0.3	0.5

Acquisitions (Details) - USD ($) $ in Millions			3 Months Ended		9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Jul. 10, 2023	May 18, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 2,559.8		$ 2,559.8		$ 2,178.1
Pro forma, net sales			858.8	$ 745.2	2,402.4	$ 2,167.4
Pro forma, operating income			156.2	120.5	427.0	315.3
Amortization			25.6	$ 17.6	64.5	$ 53.1
ECM Investors, LLC
Business Acquisition [Line Items]
Pro forma, net sales			98.4
Pro forma, operating income			10.5
Net sales of acquiree					148.1
Operating income of acquiree					14.3
Amortization			7.6		11.2
Fair market value inventory step-up			11.8		17.7
ECM Investors, LLC
Business Acquisition [Line Items]
Payments to acquire businesses, gross		$ 1,100.0
Goodwill		361.5	371.7		371.7
Identifiable intangible assets		519.8	$ 524.0		$ 524.0
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	11.5
Debt acquired	5.2
TEXA Industries \| Customer relationships
Business Acquisition [Line Items]
Identifiable intangible assets	$ 12.4
Useful life	13 years

Acquisitions - Schedule of Assets and Liabilities Acquired (Details) - USD ($) $ in Millions	Sep. 30, 2023	May 18, 2023	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill	$ 2,559.8		$ 2,178.1
ECM Investors, LLC
Business Acquisition [Line Items]
Cash	45.7	$ 45.7
Accounts receivable	78.1	78.1
Inventories	104.0	107.8
Other current assets	4.9	4.9
Property, plant and equipment	75.9	81.1
Identifiable intangible assets	524.0	519.8
Goodwill	371.7	361.5
Other assets	16.7	16.6
Current liabilities	(51.4)	(51.5)
Other liabilities	(35.9)	(26.5)
Purchase price	$ 1,133.7	1,137.5
ECM Investors, LLC \| Trade names
Business Acquisition [Line Items]
Identifiable intangible assets		$ 113.7

Acquisitions - Pro Forma Information (Details) - ECM Investors, LLC - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Business Acquisition [Line Items]
Pro forma net sales	$ 858.8	$ 847.9	$ 2,558.8	$ 2,477.9
Pro forma net income	$ 115.9	$ 92.8	$ 341.4	$ 206.1
Pro forma earnings per ordinary share
Basic (in USD per share)	$ 0.70	$ 0.56	$ 2.06	$ 1.24
Diluted (in USD per share)	$ 0.69	$ 0.55	$ 2.03	$ 1.23
Acquisition costs	$ 13.8	$ 0.0	$ 30.8	$ 31.1

Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 25.6	$ 17.6	$ 64.5	$ 53.1

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,178.1
Acquisitions/divestitures	383.2
Foreign currency translation/other	(1.5)
Ending Balance	2,559.8
Enclosures
Goodwill [Roll Forward]
Beginning Balance	414.4
Acquisitions/divestitures	11.5
Foreign currency translation/other	(1.7)
Ending Balance	424.2
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance	1,052.0
Acquisitions/divestitures	371.7
Foreign currency translation/other	0.0
Ending Balance	1,423.7
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance	711.7
Acquisitions/divestitures	0.0
Foreign currency translation/other	0.2
Ending Balance	$ 711.9

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 1,761.5	$ 1,327.3
Accumulated amortization	(598.5)	(534.3)
Net	1,163.0	793.0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	1,680.2	1,287.6
Accumulated amortization	(576.5)	(519.1)
Net	1,103.7	768.5
Proprietary technology and patents
Finite-Lived Intangible Assets, Net [Abstract]
Cost	63.3	39.7
Accumulated amortization	(19.1)	(15.2)
Net	44.2	$ 24.5
Other finite-lived intangible assets
Finite-Lived Intangible Assets, Net [Abstract]
Cost	18.0
Accumulated amortization	(2.9)
Net	$ 15.1

Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Indefinite-lived Intangible Assets [Line Items]
Amortization	$ 25.6	$ 17.6	$ 64.5	$ 53.1
Cost	2,136.9		2,136.9		$ 1,600.4
Accumulated amortization	(598.5)		(598.5)		(534.3)
Net	1,538.4		1,538.4		1,066.1
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-life intangibles	$ 375.4		$ 375.4		$ 273.1

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions	Sep. 30, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q4 2023	$ 25.2
2024	96.6
2025	94.1
2026	94.1
2027	94.1
2028	$ 89.8

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Inventories
Raw materials and supplies	$ 182.2	$ 112.9
Work-in-process	36.9	36.2
Finished goods	245.8	197.6
Total inventories	464.9	346.7
Other current assets
Contract assets	44.2	45.6
Prepaid expenses	62.5	44.9
Prepaid income taxes	19.8	4.1
Cross currency swap assets	0.0	14.5
Other current assets	4.3	3.4
Total other current assets	130.8	112.5
Property, plant and equipment, net
Land and land improvements	42.5	38.6
Buildings and leasehold improvements	205.5	180.5
Machinery and equipment	572.0	500.4
Construction in progress	35.4	34.7
Total property, plant and equipment	855.4	754.2
Accumulated depreciation and amortization	483.5	465.0
Total property, plant and equipment, net	371.9	289.2
Other non-current assets
Deferred compensation plan assets	17.4	16.7
Lease right-of-use assets	92.8	76.4
Deferred tax assets	17.1	16.3
Other non-current assets	28.4	30.2
Total other non-current assets	155.7	139.6
Other current liabilities
Dividends payable	30.1	30.4
Accrued rebates	77.0	98.4
Contract liabilities	18.7	22.7
Accrued taxes payable	28.1	34.5
Accrued interest	26.5	6.5
Current lease liabilities	22.8	17.7
Other current liabilities	68.1	62.9
Total other current liabilities	271.3	273.1
Other non-current liabilities
Income taxes payable	28.2	29.8
Deferred compensation plan liabilities	17.4	16.7
Non-current lease liabilities	75.2	63.7
Other non-current liabilities	18.8	14.5
Total other non-current liabilities	$ 139.6	$ 124.7

Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Derivative [Line Items]
Settlement of cash flow hedge			$ 4.5	$ 10.0
Settlement of net investment hedge			3.1	0.0
Derivative instruments in hedges, net	$ 5.1		5.1		$ 18.9
Selling, general and administrative	178.7	$ 154.8	508.8	445.3
Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	153.8		153.8		145.7
Currency Swap
Derivative [Line Items]
Derivative, notional amount	249.9		249.9		$ 345.1
Settlement of currency swap		10.0
Selling, general and administrative		0.3
Net Investment Hedging
Derivative [Line Items]
Derivative instruments in hedges, net	$ 66.1		$ 66.1
Currency Swap Q3 2022
Derivative [Line Items]
Derivative, notional amount		$ 121.0		$ 121.0

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Total	$ 1,873.8
Recorded Amount
Derivative [Line Items]
Variable rate debt	573.8	$ 288.8
Fixed rate debt	1,300.0	800.0
Total	1,873.8	1,088.8
Fair Value
Derivative [Line Items]
Variable rate debt	573.8	288.8
Fixed rate debt	1,182.2	717.7
Total	$ 1,756.0	$ 1,006.5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 17.4	$ 16.7
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	17.4	16.7
Total recurring fair value measurements	20.5	33.3
Recurring \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(6.0)	(4.8)
Foreign currency contract assets	9.2	22.4
Recurring \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(1.2)	(1.5)
Foreign currency contract assets	1.1	0.5
Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	11.9	11.8
Total recurring fair value measurements	11.9	11.8
Recurring \| Level 1 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0.0	0.0
Foreign currency contract assets	0.0	0.0
Recurring \| Level 1 \| 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	3.1	16.6
Recurring \| Level 2 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(6.0)	(4.8)
Foreign currency contract assets	9.2	22.4
Recurring \| Level 2 \| Forward Contracts
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	(1.2)	(1.5)
Foreign currency contract assets	1.1	0.5
Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	0.0	0.0
Total recurring fair value measurements	0.0	0.0
Recurring \| Level 3 \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0.0	0.0
Foreign currency contract assets	0.0	0.0
Recurring \| Level 3 \| 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	5.5	4.9
Total recurring fair value measurements	5.5	4.9
Recurring \| NAV \| Currency Swap
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cross currency swap liabilities	0.0	0.0
Foreign currency contract assets	0.0	0.0
Recurring \| NAV \| 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

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Apr. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,873.8
Unamortized debt issuance costs and discounts	(12.3)				$ (5.6)
Total debt	1,861.5				1,083.2
Less: Current maturities and short-term borrowings	(30.0)				(15.0)
Long-term debt	1,831.5				1,068.2
Senior Notes \| Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0.0				0.0
Senior Notes \| 2021 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Average interest rate at September 30, 2023		6.673%
Long-term debt, gross	277.5				288.8
Senior Notes \| 2023 Term Loan Facility \| Term Loan Facility
Debt Instrument [Line Items]
Average interest rate at September 30, 2023		7.049%
Long-term debt, gross	296.3			$ 300.0	0.0
Senior Notes \| Senior Notes, Due 2028
Debt Instrument [Line Items]
Average interest rate at September 30, 2023		4.55%	4.55%
Long-term debt, gross	500.0				500.0
Senior Notes \| Senior Notes, Due 2031
Debt Instrument [Line Items]
Average interest rate at September 30, 2023		2.75%
Long-term debt, gross	300.0				300.0
Senior Notes \| Senior Notes Due 2033
Debt Instrument [Line Items]
Average interest rate at September 30, 2023		5.65%
Long-term debt, gross	$ 500.0				$ 0.0

Debt - Senior Notes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-term Debt, Gross	$ 1,873.8
Senior Notes \| Senior Notes, Due 2028
Debt Instrument [Line Items]
Debt face amount	500.0
Average interest rate		4.55%	4.55%
Long-term Debt, Gross	500.0			$ 500.0
Senior Notes \| Senior Notes, Due 2031
Debt Instrument [Line Items]
Average interest rate		2.75%
Long-term Debt, Gross	300.0			300.0
Senior Notes \| Senior Notes Due 2033
Debt Instrument [Line Items]
Average interest rate		5.65%
Long-term Debt, Gross	$ 500.0			$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
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-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.12-04(a))
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt - Senior Credit Facilities (Details) - Senior Notes	1 Months Ended		9 Months Ended
	Apr. 30, 2023	Sep. 30, 2021 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)
Senior Credit Facilities
Debt Instrument [Line Items]
Leverage ratio covenant period			12 months
EBITDA ratio covenant			3.00
Senior Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash			$ 5,000,000
Leverage ratio covenant			3.75
Senior Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash			$ 250,000,000
Leverage ratio covenant			4.25
Term Loan Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 300,000,000		$ 200,000,000
Term Loan Facility \| 2023 Term Loan Facility
Debt Instrument [Line Items]
Debt term	5 years
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term		5 years
Maximum borrowing capacity		$ 600,000,000
Line of credit increase limit		$ 300,000,000
Line of credit facility, remaining borrowing capacity			$ 600,000,000

Debt - Schedule of Contracutal Debt Maturities (Details) $ in Millions	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
Q3-Q4 2023	$ 7.5
2024	31.9
2025	37.5
2026	253.1
2027	22.5
2028	721.3
Thereafter	800.0
Total	$ 1,873.8

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Effective income tax rate	17.50%	16.90%
Total gross liability for unrecognized tax benefits	$ 13.9		$ 13.4
Deferred tax assets, valuation allowance	$ 4.3

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 26, 2023	Dec. 31, 2022	May 14, 2021
Equity [Abstract]
Repurchase of shares of our common stock up to a maximum aggregate value							$ 300,000,000
Stock Repurchased During Period, Shares			0.3	0.1
Stock Repurchased During Period, Value	$ 13,200,000	$ 3,900,000	$ 13,200,000	$ 3,900,000
Outstanding share repurchases			0			$ 2,000,000
Remaining authorized repurchase amount			127,300,000
Dividends payable (in dollars per share)					$ 0.175
Dividends payable			$ 30,100,000			$ 30,400,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting Information [Line Items]
Net sales	$ 858.8	$ 745.2	$ 2,402.4	$ 2,167.4
Segment income	156.2	120.5	427.0	315.3
Enclosures
Segment Reporting Information [Line Items]
Net sales	412.7	387.7	1,203.7	1,127.9
Segment income	89.4	71.9	261.9	183.7
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales	302.3	209.2	774.7	597.7
Segment income	97.6	60.8	245.4	166.7
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales	143.8	148.3	424.0	441.8
Segment income	34.8	35.9	94.3	96.6
Other
Segment Reporting Information [Line Items]
Segment income	(19.8)	(24.6)	(70.3)	(67.6)
Operating Segments
Segment Reporting Information [Line Items]
Segment income	$ 202.0	$ 144.0	$ 531.3	$ 379.4

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 156.2	$ 120.5	$ 427.0	$ 315.3
Intangible amortization	(25.6)	(17.6)	(64.5)	(53.1)
Restructuring and other	(5.4)	(0.5)	(11.9)	(4.8)
Gain on sale of investment	0.0	0.0	10.2	0.0
Net interest expense	(25.5)	(8.1)	(55.0)	(22.8)
Other expense	(1.4)	(0.5)	(3.7)	(2.3)
Income before income taxes	129.3	111.9	378.5	290.2
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	202.0	144.0	531.3	379.4
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intangible amortization	(25.6)	(17.6)	(64.5)	(53.1)
Restructuring and other	(5.4)	(5.9)	(11.9)	(10.2)
Gain on sale of investment	0.0	0.0	10.2	0.0
Acquisition transaction and integration costs	(3.0)	0.0	(10.2)	(0.8)
Inventory step-up amortization	11.8	0.0	17.7	0.0
Net interest expense	(25.5)	(8.1)	(55.0)	(22.8)
Other expense	$ (1.4)	$ (0.5)	$ (3.7)	$ (2.3)

Commitments and Contingencies (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Liability for services and product warranties	$ 0	$ 0
Stand-by Letters of Credit, Bank Guarantees and Bonds
Guarantor Obligations [Line Items]
Obligations outstanding	$ 39,500,000	$ 38,000,000

Share-Based Compensation - Total Share-Based Compensation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 6.1	$ 5.9	$ 17.5	$ 17.8
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	3.0	2.5	8.4	7.4
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	1.9	2.3	5.7	7.3
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share-based compensation expense	$ 1.2	$ 1.1	$ 3.4	$ 3.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation - Stock Option Assumptions (Details) - Stock options	9 Months Ended
	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk-free interest rate	3.77%
Expected dividend yield	1.73%
Expected share price volatility	36.60%
Expected term (years)	6 years 6 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Share-Based Compensation - Narrative (Details) shares in Millions	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.2
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 46.15
Performance share units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.1
Weighted average grant date fair value (in dollars per share) \| $ / shares	$ 68.72
Stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Grants in period (in shares)	0.3
Weighted-average grant date fair value for options granted during the year (in USD per share) \| $ / shares	$ 16.56
RSUs, PSUs, and Options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Awards issued in period	0.6