Cover Page	9 Months Ended
Cover Page	Sep. 30, 2019 shares
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2019
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	169,150,416
Entity Central Index Key	0001720635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales	$ 559.8	$ 563.9	$ 1,637.3	$ 1,645.5
Cost of goods sold	335.7	334.8	991.1	988.1
Gross profit	224.1	229.1	646.2	657.4
Selling, general and administrative	126.2	124.1	359.4	399.1
Research and development	11.8	11.3	36.2	33.7
Operating income	86.1	93.7	250.6	224.6
Net interest expense	11.6	11.7	34.0	21.6
Other expense	0.9	0.9	2.8	7.2
Income before income taxes	73.6	81.1	213.8	195.8
Provision for income taxes	13.7	12.9	36.6	32.0
Net income	59.9	68.2	177.2	163.8
Comprehensive income, net of tax
Net income	59.9	68.2	177.2	163.8
Changes in cumulative translation adjustment	(8.0)	4.3	(1.8)	(33.2)
Changes in market value of derivative financial instruments, net of tax	2.3	0.5	8.8	(1.2)
Comprehensive income	$ 54.2	$ 73.0	$ 184.2	$ 129.4
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.35	$ 0.38	$ 1.03	$ 0.92
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.35	$ 0.38	$ 1.02	$ 0.90
Weighted average ordinary shares outstanding
Basic (shares)	169.1	179.3	172.3	178.8
Diluted (shares)	170.3	181.5	173.8	181.1
Cash dividends paid per ordinary share (in usd per share)	$ 0.175	$ 0.175	$ 0.525	$ 0.175

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 49.5	$ 159.0
Accounts and notes receivable, net of allowances of $6.2 and $6.1, respectively	375.0	340.9
Inventories	259.1	228.2
Other current assets	122.8	118.4
Total current assets	806.4	846.5
Property, plant and equipment, net	280.3	264.8
Other assets
Goodwill	2,286.1	2,234.3
Intangibles, net	1,174.7	1,173.3
Other non-current assets	88.6	33.8
Total other assets	3,549.4	3,441.4
Total assets	4,636.1	4,552.7
Current liabilities
Current maturities of long-term debt and short-term borrowings	16.8	12.5
Accounts payable	139.6	186.4
Employee compensation and benefits	70.0	75.8
Other current liabilities	210.9	187.0
Total current liabilities	437.3	461.7
Other liabilities
Long-term debt	1,133.8	929.2
Pension and other post-retirement compensation and benefits	175.3	177.9
Deferred tax liabilities	232.8	224.8
Other non-current liabilities	90.4	72.0
Total liabilities	2,069.6	1,865.6
Equity
Ordinary shares $0.01 par value, 400.0 authorized, 169.2 and 177.2 issued at September 30, 2019 and December 31, 2018, respectively	1.7	1.8
Additional paid-in capital	2,494.8	2,709.7
Retained earnings	170.8	83.4
Accumulated other comprehensive loss	(100.8)	(107.8)
Total equity	2,566.5	2,687.1
Total liabilities and equity	$ 4,636.1	$ 4,552.7

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 0.0	$ 6.1
Ordinary shares, par value (in dollars per share)	$ 0.01
Ordinary shares authorized (in shares)	400,000,000
Ordinary shares issued (in shares)	0	177,200,000

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating activities
Net income	$ 177.2	$ 163.8
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	26.1	27.6
Amortization	45.6	45.8
Deferred income taxes	(1.9)	(4.3)
Share-based compensation	12.4	9.3
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(17.2)	(21.7)
Inventories	(18.4)	(18.5)
Other current assets	0.0	(8.2)
Accounts payable	(53.6)	(28.1)
Employee compensation and benefits	(7.7)	4.0
Other current liabilities	(1.9)	30.0
Other non-current assets and liabilities	(3.1)	(17.1)
Net cash provided by (used for) operating activities	157.5	182.6
Investing activities
Capital expenditures	(29.0)	(28.5)
Proceeds from sale of property and equipment	6.1	2.3
Acquisitions, net of cash acquired	(127.8)	(2.0)
Net cash provided by (used for) investing activities	(150.7)	(28.2)
Financing activities
Net repayments of short-term borrowings	0.0	(0.3)
Net receipts of revolving long-term debt	216.5	0.0
Proceeds from long-term debt	0.0	1,000.0
Repayments of long-term debt	(9.7)	(50.0)
Debt issuance costs	0.0	(9.9)
Cash provided at separation to former Parent	0.0	993.6
Dividends paid	(91.1)	(31.4)
Shares issued to employees, net of shares withheld	5.3	10.1
Repurchases of ordinary shares	(235.7)	0.0
Net cash provided by (used for) financing activities	(114.7)	(75.1)
Effect of exchange rate changes on cash and cash equivalents	(1.6)	(0.2)
Change in cash and cash equivalents	(109.5)	79.1
Cash and cash equivalents, beginning of period	159.0	26.9
Cash and cash equivalents, end of period	$ 49.5	$ 106.0

Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Ordinary shares	Additional paid-in capital	Retained earnings	Net Parent investment	Accumulated other comprehensive loss
Beginning balance (in shares) at Dec. 31, 2017		0.0
Beginning balance at Dec. 31, 2017	$ 3,791.3	$ 0.0	$ 0.0	$ 0.0	$ 3,848.4	$ (57.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	52.3			0.0	52.3
Other comprehensive income, net of tax	1.6					1.6
Net transfers to former Parent	(32.3)			0.0	(32.3)
Ending balance (in shares) at Mar. 31, 2018		0.0
Ending balance at Mar. 31, 2018	3,640.2	$ 0.0	0.0	0.0	3,695.7	(55.5)
Beginning balance (in shares) at Dec. 31, 2017		0.0
Beginning balance at Dec. 31, 2017	3,791.3	$ 0.0	0.0	0.0	3,848.4	(57.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	163.8
Ending balance (in shares) at Sep. 30, 2018		179.4
Ending balance at Sep. 30, 2018	2,715.6	$ 1.8	2,757.8	47.5	0.0	(91.5)
Beginning balance (in shares) at Mar. 31, 2018		0.0
Beginning balance at Mar. 31, 2018	3,640.2	$ 0.0	0.0	0.0	3,695.7	(55.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	43.3			42.1	1.2
Other comprehensive income, net of tax	(40.8)					(40.8)
Exercise of options, net of shares tendered for payment (in shares)		0.6
Exercise of options, net of shares tendered for payment	5.5		5.5
Shares surrendered by employees to pay taxes	(0.5)	$ 0.0	(0.5)
Share-based compensation	2.5		2.5
Net transfers to former Parent	38.0				38.0
Cash provided at separation to former Parent	(993.6)				(993.6)
Reclassification of Net Parent investment to additional paid-in capital	0.0		2,741.3		(2,741.3)
Issuance of common stock upon separation (in shares)		178.4
Issuance of common stock upon separation	1.8	$ 1.8
Ending balance (in shares) at Jun. 30, 2018		179.0
Ending balance at Jun. 30, 2018	2,696.4	$ 1.8	2,748.8	42.1	0.0	(96.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	68.2			68.2
Other comprehensive income, net of tax	4.8					4.8
Dividends declared	(62.8)			(62.8)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	5.7		5.7
Shares surrendered by employees to pay taxes	(0.6)	$ 0.1	(0.6)
Share-based compensation	3.9		3.9
Ending balance (in shares) at Sep. 30, 2018		179.4
Ending balance at Sep. 30, 2018	2,715.6	$ 1.8	2,757.8	47.5	0.0	(91.5)
Beginning balance (in shares) at Dec. 31, 2018		177.2
Beginning balance at Dec. 31, 2018	2,687.1	$ 1.8	2,709.7	83.4		(107.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	56.4			56.4
Other comprehensive income, net of tax	(3.2)					(3.2)
Dividends declared	(30.6)			(30.6)
Share repurchases (in shares)		(3.0)
Share repurchases	(79.9)	$ (0.1)	(79.8)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	$ 3.6		3.6
Issuance of restricted shares, net of cancellations	0.0	0.3
Shares surrendered by employees to pay taxes	$ (2.6)	$ (0.1)	(2.6)
Share-based compensation	4.3		4.3
Ending balance (in shares) at Mar. 31, 2019		174.7
Ending balance at Mar. 31, 2019	2,635.1	$ 1.7	2,635.2	109.2	0.0	(111.0)
Beginning balance (in shares) at Dec. 31, 2018		177.2
Beginning balance at Dec. 31, 2018	2,687.1	$ 1.8	2,709.7	83.4		(107.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 177.2
Share repurchases (in shares)	(9.0)
Share repurchases	$ (232.7)
Ending balance (in shares) at Sep. 30, 2019		169.2
Ending balance at Sep. 30, 2019	2,566.5	$ 1.7	2,494.8	170.8	0.0	(100.8)
Beginning balance (in shares) at Mar. 31, 2019		174.7
Beginning balance at Mar. 31, 2019	2,635.1	$ 1.7	2,635.2	109.2	0.0	(111.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60.9			60.9
Other comprehensive income, net of tax	15.9					15.9
Dividends declared	(29.6)			(29.6)
Share repurchases (in shares)		(5.9)
Share repurchases	(152.8)		(152.8)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Exercise of options, net of shares tendered for payment	4.8		4.8
Shares surrendered by employees to pay taxes	(0.6)	$ 0.0	(0.6)
Share-based compensation	4.1		4.1
Ending balance (in shares) at Jun. 30, 2019		169.1
Ending balance at Jun. 30, 2019	2,537.8	$ 1.7	2,490.7	140.5	0.0	(95.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	59.9			59.9
Other comprehensive income, net of tax	(5.7)					(5.7)
Dividends declared	(29.6)			(29.6)
Exercise of options, net of shares tendered for payment	$ 0.3		0.3
Issuance of restricted shares, net of cancellations	0.0	0.1
Shares surrendered by employees to pay taxes	$ (0.3)		(0.3)
Share-based compensation	4.1		4.1
Ending balance (in shares) at Sep. 30, 2019		169.2
Ending balance at Sep. 30, 2019	$ 2,566.5	$ 1.7	$ 2,494.8	$ 170.8	$ 0.0	$ (100.8)

Basis of Presentation and Responsibility for Interim Financial Statements

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

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, Thermal Management and Electrical & Fastening Solutions.

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 therefore have tax residency in the U.K.

Separation from Pentair

On April 30, 2018, Pentair plc ("Pentair" or "former Parent") completed the separation of its Water business and its Electrical business into two independent, publicly-traded companies (the "separation"). To effect the separation, Pentair distributed to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. As a result of the distribution, nVent is an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.

Except where indicated, references below to transactions completed by nVent prior to April 30, 2018 refer to transactions completed by or on behalf of the Electrical reporting segment of Pentair that are reflected on the condensed consolidated and combined financial statements of nVent.

Basis of presentation

The accompanying unaudited condensed consolidated and combined 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 and combined 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/A for the year ended December 31, 2018.

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.

The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of Pentair as if nVent were operated on a stand-alone basis. These condensed consolidated and combined financial statements have been prepared in U.S. dollars and in accordance with GAAP.

Cost allocations

For periods prior to the separation, the condensed consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income within Selling, general and administrative expense and Other expense. The amount allocated was $42.5 million for the nine months ended September 30, 2018, of which $10.3 million was historically recorded to the Electrical segment in Pentair’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the condensed consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s condensed consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these unaudited condensed consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Condensed Consolidated and Combined Statements of Cash Flows as a financing activity.

For periods prior to the separation, certain nVent operations were included in the former Parent’s U.S. federal and state income tax returns, and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable.

Adoption of new accounting standards

On January 1, 2019, we adopted ASU No. 2016-02, “Leases” and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient to not separate non-lease components from lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Refer to Note 13 for more information regarding leases.

On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" and the related amendments ("ASC 606" or "the new revenue standard") using the modified retrospective method. As a result of adoption, the cumulative impact to our beginning equity at January 1, 2018 was $1.8 million. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. The adoption of the new standard had an impact on our accounting for certain custom products manufactured by our Enclosures segment. Prior to the adoption of the standard revenue was recognized for these custom products upon shipment. However, as these products have no alternative use to the Company and we have an enforceable right to payment for our performance completed to date, revenue related to these custom products will be recognized over time. Additionally, the new revenue standard resulted in reclassifications on the Condensed Consolidated Balance Sheets related to accounting for sales returns.

On January 1, 2018, we adopted ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" using the modified retrospective method. The ASU requires the tax effects of all intra-entity sales of assets other than inventory to be recognized in the period in which the transaction occurs. The adoption resulted in a $174.5 million cumulative-effect adjustment recorded in equity as of the beginning of 2018 that reflects a $201.5 million reduction of non-current prepaid income tax assets, partially offset by the establishment of $27.0 million of deferred tax assets.

The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows:



Condensed Combined Balance Sheets
In millions	Balance at December 31, 2017		Adjustments due to ASU 2016-16			Adjustments due to ASU 2014-09			Balance at January 1, 2018
Assets
Accounts and notes receivable, net	$	349.3	$	—		$	3.8		$	353.1
Inventories	224.1		—			(1.8		)	222.3
Other current assets	132.3		—			1.8			134.1
Other non-current assets	251.8		(174.5		)	—			77.3
Liabilities
Other current liabilities	141.3		—			3.8			145.1
Deferred tax liabilities	279.4		—			0.4			279.8
Equity
Net Parent investment	3,848.4		(174.5		)	1.8			3,675.7

Revenue

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Revenue

Revenue recognition

Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable.

When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business. In the event significant post-shipment obligations were to exist, revenue recognition would be deferred until nVent has substantially accomplished what it must do to be entitled to the benefits represented by the revenues.

Performance obligations

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable.

Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 74% and 73% of our revenue for the three-month periods ended September 30, 2019 and 2018, respectively, and 73% and 72% of our revenue for the nine-month periods ended September 30, 2019 and 2018, respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment.

Revenue from products and services transferred to customers over time accounted for 26% and 27% of our revenue for the three-month periods ended September 30, 2019 and 2018, respectively, and 27% and 28% of our revenue for the nine-month periods ended September 30, 2019 and 2018, respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined.

We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced.

On September 30, 2019, we had $92.0 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.

Sales returns

The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future.

Pricing and sales incentives

Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. Options to acquire additional goods or services at a discount can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives.

We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not).

Pricing is established at or prior to the time of sale with our customers, and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and reduce sales for the probable cost of the discount. The cost of these refunds is recorded as a reduction of transaction price.

Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer.

Shipping and handling costs

Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the accompanying Condensed Consolidated and Combined Statements of Income and Comprehensive Income. Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the accompanying Condensed Consolidated and Combined Statements of Income and Comprehensive Income.

Contract assets and liabilities

Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue.

Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Condensed Consolidated Balance Sheets.

Contract assets and liabilities consisted of the following:



In millions	September 30, 2019		December 31, 2018		$ Change			% Change
Contract assets	$	65.5	$	74.4	$	(8.9	)	(12.0	)%
Contract liabilities	15.0		13.2		1.8			13.6	%
Net contract assets	$	50.5	$	61.2	$	(10.7	)	(17.5	)%

The $10.7 million decrease in net contract assets from December 31, 2018 to September 30, 2019 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2018 were recognized in revenue during the nine months ended September 30, 2019. There were no impairment losses recognized on our contract assets for the three months or nine months ended September 30, 2019.

Practical expedients and exemptions

We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income.

We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less.

Revenue by category

We disaggregate our revenue from contracts with customers 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, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	183.3	$	90.7	$	107.6	$	381.6
Developed Europe ⁽¹⁾	52.0		32.1		28.1		112.2
Developing ⁽²⁾	23.6		20.3		10.5		54.4
Other Developed ⁽³⁾	3.7		4.5		3.4		11.6
Total	$	262.6	$	147.6	$	149.6	$	559.8



	Nine months ended September 30, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	549.8	$	248.0	$	314.6	$	1,112.4
Developed Europe ⁽¹⁾	150.4		97.4		82.9		330.7
Developing ⁽²⁾	68.9		63.2		30.1		162.2
Other Developed ⁽³⁾	9.0		12.9		10.1		32.0
Total	$	778.1	$	421.5	$	437.7	$	1,637.3



	Three months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	179.7	$	90.7	$	104.1	$	374.5
Developed Europe ⁽¹⁾	50.6		42.9		28.5		122.0
Developing ⁽²⁾	26.0		20.7		11.0		57.7
Other Developed ⁽³⁾	3.2		3.1		3.4		9.7
Total	$	259.5	$	157.4	$	147.0	$	563.9



	Nine months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	530.8	$	248.3	$	300.7	$	1,079.8
Developed Europe ⁽¹⁾	152.6		122.6		84.2		359.4
Developing ⁽²⁾	77.0		60.7		35.7		173.4
Other Developed ⁽³⁾	8.8		12.7		11.4		32.9
Total	$	769.2	$	444.3	$	432.0	$	1,645.5
⁽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, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	157.8	$	55.0	$	30.1	$	242.9
Commercial & Residential	29.4		47.3		87.2		163.9
Energy	26.5		42.6		13.6		82.7
Infrastructure	48.9		2.7		18.7		70.3
Total	$	262.6	$	147.6	$	149.6	$	559.8



	Nine months ended September 30, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	467.7	$	165.7	$	86.7	$	720.1
Commercial & Residential	78.7		131.7		255.0		465.4
Energy	78.6		117.3		41.8		237.7
Infrastructure	153.1		6.8		54.2		214.1
Total	$	778.1	$	421.5	$	437.7	$	1,637.3



	Three months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	161.1	$	66.9	$	29.3	$	257.3
Commercial & Residential	22.8		45.5		85.5		153.8
Energy	24.5		43.7		13.8		82.0
Infrastructure	51.1		1.3		18.4		70.8
Total	$	259.5	$	157.4	$	147.0	$	563.9



	Nine months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	475.2	$	185.1	$	84.5	$	744.8
Commercial & Residential	65.0		135.4		248.9		449.3
Energy	79.8		119.8		39.9		239.5
Infrastructure	149.2		4.0		58.7		211.9
Total	$	769.2	$	444.3	$	432.0	$	1,645.5

Restructuring

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring

During the nine months ended September 30, 2019 and the year ended December 31, 2018, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Initiatives during the nine months ended September 30, 2019 included the reduction in hourly and salaried headcount of approximately 200 employees.

Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated and Combined 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, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Severance and related costs	$	10.9	$	1.3	$	14.4	$	6.4
Other	0.3		—		1.5		—
Total restructuring costs	$	11.2	$	1.3	$	15.9	$	6.4

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, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Enclosures	$	1.5	$	—	$	1.6	$	1.2
Thermal Management	2.8		0.3		5.6		3.0
Electrical & Fastening Solutions	0.2		—		1.2		1.0
Other	6.7		1.0		7.5		1.2
Total	$	11.2	$	1.3	$	15.9	$	6.4

Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the nine months ended September 30, 2019:



In millions	September 30, 2019
Beginning balance	$	3.8
Costs incurred	14.4
Cash payments and other	(8.9		)
Ending balance	$	9.3

Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share [Abstract]

Earnings Per Share

On April 30, 2018, Pentair completed the separation of its Electrical business, distributing to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. The computations of basic and diluted earnings per share for periods prior to the separation were calculated using the shares that were distributed to Pentair shareholders upon the separation.

Basic and diluted earnings per share were calculated as follows:



	Three months ended				Nine months ended
In millions, except per-share data	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Net income	$	59.9	$	68.2	$	177.2	$	163.8
Weighted average ordinary shares outstanding
Basic	169.1		179.3		172.3		178.8
Dilutive impact of stock options, restricted stock units and performance share units	1.2		2.2		1.5		2.3
Diluted	170.3		181.5		173.8		181.1
Earnings per ordinary share
Basic earnings per ordinary share	$	0.35	$	0.38	$	1.03	$	0.92
Diluted earnings per ordinary share	$	0.35	$	0.38	$	1.02	$	0.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	2.6		0.9		2.1		0.6

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2019
Business Combinations [Abstract]
Acquisitions	Acquisitions On August 30, 2019, as part of our Enclosures segment, we completed the acquisition of Eldon Holding AB ("Eldon") for $127.8 million, net of cash acquired. Eldon is an innovative European based manufacturer of enclosures that protect sensitive electrical, electronic and data and telecommunications components. The purchase price was funded primarily through borrowings under our Revolving Credit Facility (as defined in Note 9). The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $54.2 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $46.7 million of definite-lived customer relationships with an estimated useful life of 17 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. Eldon's net sales for the period from the acquisition date to September 30, 2019 were $7.7 million. The pro forma impact of the acquisition is not material.

Goodwill and Other Identifiable Intangible Assets

9 Months Ended

Sep. 30, 2019

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, 2018		Acquisitions/ divestitures		Foreign currency translation/other			September 30, 2019
Enclosures	$	272.0	$	54.2	$	(3.4	)	$	322.8
Thermal Management	924.1		—		1.0			925.1
Electrical & Fastening Solutions	1,038.2		—		—			1,038.2
Total goodwill	$	2,234.3	$	54.2	$	(2.4	)	$	2,286.1

Identifiable intangible assets consisted of the following:



	September 30, 2019							December 31, 2018
In millions	Cost		Accumulated amortization			Net		Cost		Accumulated amortization			Net
Definite-life intangibles
Customer relationships	$	1,196.1	$	(310.5	)	$	885.6	$	1,149.7	$	(266.4	)	$	883.3
Proprietary technology and patents	14.8		(7.0		)	7.8		14.8		(6.1		)	8.7
Total definite-life intangibles	1,210.9		(317.5		)	893.4		1,164.5		(272.5		)	892.0
Indefinite-life intangibles
Trade names	281.3		—			281.3		281.3		—			281.3
Total intangibles	$	1,492.2	$	(317.5	)	$	1,174.7	$	1,445.8	$	(272.5	)	$	1,173.3

Identifiable intangible asset amortization expense was $15.4 million and $15.2 million for the three months ended September 30, 2019 and 2018, respectively, and $45.6 million and $45.8 million for the nine months ended September 30, 2019 and 2018, respectively.

Estimated future amortization expense for identifiable intangible assets during the remainder of 2019 and the next five years is as follows:



	Q4
In millions	2019		2020		2021		2022		2023		2024
Estimated amortization expense	$	15.8	$	63.1	$	61.9	$	61.8	$	61.6	$	61.0

Supplemental Balance Sheet Information

9 Months Ended

Sep. 30, 2019

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information



In millions	September 30, 2019		December 31, 2018
Inventories
Raw materials and supplies	$	75.3	$	63.1
Work-in-process	28.6		25.3
Finished goods	155.2		139.8
Total inventories	$	259.1	$	228.2
Other current assets
Contract assets	$	65.5	$	74.4
Prepaid expenses	39.0		31.7
Prepaid income taxes	15.7		9.1
Other current assets	2.6		3.2
Total other current assets	$	122.8	$	118.4
Property, plant and equipment, net
Land and land improvements	$	40.4	$	39.1
Buildings and leasehold improvements	178.6		172.6
Machinery and equipment	430.1		410.8
Construction in progress	18.9		14.6
Total property, plant and equipment	668.0		637.1
Accumulated depreciation and amortization	387.7		372.3
Total property, plant and equipment, net	$	280.3	$	264.8
Other non-current assets
Deferred compensation plan assets	$	16.0	$	23.1
Lease right-of-use assets	46.5		—
Other non-current assets	26.1		10.7
Total other non-current assets	$	88.6	$	33.8
Other current liabilities
Current lease liabilities	$	15.4	$	—
Dividends payable	29.6		31.0
Accrued rebates	40.5		46.1
Contract liabilities	15.0		13.2
Accrued taxes payable	35.4		27.4
Accrued interest	19.2		23.3
Other current liabilities	55.8		46.0
Total other current liabilities	$	210.9	$	187.0
Other non-current liabilities
Income taxes payable	$	31.5	$	41.9
Deferred compensation plan liabilities	16.0		23.1
Non-current lease liabilities	35.3		—
Other non-current liabilities	7.6		7.0
Total other non-current liabilities	$	90.4	$	72.0

Derivatives and Financial Instruments

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives and Financial Instruments

Derivative financial instruments

We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year. 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

At September 30, 2019 and December 31, 2018, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $250.7 million and $129.0 million, respectively. The impact of these contracts on the Condensed Consolidated and Combined Statements of Income and Comprehensive Income was not material for any period presented.

In August 2019, we designated a cross-currency swap with a gross notional U.S. dollar equivalent amount of $133.9 million as a cash flow hedge to offset foreign currency risk associated with financing the Eldon acquisition. The gross notional U.S. dollar equivalent amount of the cash flow hedge is included in the total amount of foreign currency derivative contracts outstanding as of September 30, 2019, reflected in the preceding paragraph.

Gains or losses on foreign currency contracts designated as hedges are reclassified out of Accumulated Other Comprehensive Loss and into Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income when the hedged transactions affect earnings. Such reclassifications during the three and nine months ended September 30, 2019 and 2018 were not material.

Net investment hedge

We have net investments in foreign subsidiaries that are subject to changes in the foreign currency exchange rate. In October 2018, we designated a cross-currency swap with a gross notional U.S. dollar equivalent amount of $69.1 million as a net investment hedge for a portion of our net investment in our Euro denominated subsidiaries. Gains or losses resulting from the change in fair value of the net investment hedge are included as a component of the cumulative translation adjustment account within Accumulated Other Comprehensive Loss and offset gains and losses on the underlying foreign currency exposures. As of September 30, 2019 and December 31, 2018, the deferred foreign currency activity in Accumulated Other Comprehensive Loss associated with the net investment hedge was not material.

Fair value of financial instruments

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


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


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


•	foreign currency contract 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 based on observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance.

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



	September 30, 2019				December 31, 2018
In millions	Recorded Amount		Fair Value		Recorded Amount		Fair Value
Variable rate debt	$	355.8	$	355.8	$	147.5	$	147.5
Fixed rate debt	800.0		861.2		800.0		793.5
Total debt	$	1,155.8	$	1,217.0	$	947.5	$	941.0

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



	September 30, 2019
In millions	Level 1		Level 2			Level 3		Total
Recurring fair value measurements
Foreign currency contract liabilities	$	—	$	(0.8	)	$	—	$	(0.8	)
Foreign currency contract assets	—		13.0			—		13.0
Deferred compensation plan assets	11.8		4.2			—		16.0
Total recurring fair value measurements	$	11.8	$	16.4		$	—	$	28.2



	December 31, 2018
In millions	Level 1		Level 2			Level 3		Total
Recurring fair value measurements
Foreign currency contract liabilities	$	—	$	(2.6	)	$	—	$	(2.6	)
Deferred compensation plan assets	19.1		4.0			—		23.1
Total recurring fair value measurements	$	19.1	$	1.4		$	—	$	20.5

Debt

9 Months Ended

Sep. 30, 2019

Debt Disclosure [Abstract]

Debt

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



In millions	Average interest rate as of September 30, 2019	Maturity Year	September 30, 2019			December 31, 2018
Revolving credit facility	3.416%	2023	$	216.5		$	—
Senior notes - fixed rate	3.950%	2023	300.0			300.0
Senior notes - fixed rate	4.550%	2028	500.0			500.0
Term loan facility	3.432%	2023	138.8			147.5
Other	2.250%	2019	0.5			—
Unamortized debt issuance costs and discounts	N/A	N/A	(5.2		)	(5.8		)
Total debt			1,150.6			941.7
Less: Current maturities and short-term borrowings			(16.8		)	(12.5		)
Long-term debt			$	1,133.8		$	929.2

Senior notes

In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes").

The Notes are fully and unconditionally guaranteed as to payment by nVent Electric plc ("Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor has no independent assets or operations unrelated to its investments in its consolidated subsidiaries. The Parent Company Guarantor’s only direct subsidiary is the Subsidiary Issuer. The Subsidiary Issuer has no independent assets or operations unrelated to its investments in its consolidated subsidiaries and the issuance of the Notes and other external debt.

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 and no material assets of nVent or its subsidiaries which represent restricted net assets pursuant to the guidelines established by the SEC.

Senior credit facilities

In March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of September 30, 2019, we had $216.5 million of outstanding borrowings under the Revolving Credit Facility. Total availability under the Revolving Credit Facility was $383.5 million as of September 30, 2019.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters to exceed 3.75 to 1.00 and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2019, we were in compliance with all financial covenants in our debt agreements.

Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2019 matures on a calendar year basis as follows:



	Q4
In millions	2019		2020		2021		2022		2023		2024		Thereafter		Total
Contractual debt obligation maturities	$	4.3	$	17.5	$	20.0	$	20.0	$	594.0	$	—	$	500.0	$	1,155.8

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the nine months ended September 30, 2019 was 17.1%, compared to 16.3% for the nine months ended September 30, 2018. The liability for uncertain tax positions was $17.0 million and $16.8 million at September 30, 2019 and December 31, 2018, 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 and Combined Statements of Income and Comprehensive Income, which is consistent with our past practices.

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 30, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share repurchases On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021. During the nine months ended September 30, 2019, we repurchased 9.0 million of our ordinary shares for $232.7 million under the 2018 Authorization. As of September 30, 2019 and December 31, 2018, outstanding share repurchases recorded in Accounts payable were zero and $3.0 million, respectively. As of September 30, 2019, we have $588.3 million available for share repurchases under the combined 2018 and 2019 Authorizations which total $880.0 million. Dividends payable On September 24, 2019, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on November 1, 2019, to shareholders of record at the close of business on October 18, 2019. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $29.6 million and $31.0 million at September 30, 2019 and December 31, 2018, respectively.

Segment Information

9 Months Ended

Sep. 30, 2019

Segment Reporting [Abstract]

Segment Information

We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents operating income exclusive of intangible amortization, separation costs, certain 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, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Net sales
Enclosures	$	262.6		$	259.5		$	778.1		$	769.2
Thermal Management	147.6			157.4			421.5			444.3
Electrical & Fastening Solutions	149.6			147.0			437.7			432.0
Total	$	559.8		$	563.9		$	1,637.3		$	1,645.5
Segment income (loss)
Enclosures	$	47.6		$	47.4		$	141.4		$	135.9
Thermal Management	38.5			41.9			98.1			105.8
Electrical & Fastening Solutions	41.3			38.9			114.1			111.5
Other	(12.8		)	(13.2		)	(38.0		)	(37.1		)
Total	$	114.6		$	115.0		$	315.6		$	316.1

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



	Three months ended						Nine months ended
In millions	September 30, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Segment income	$	114.6		$	115.0		$	315.6		$	316.1
Intangible amortization	(15.4		)	(15.2		)	(45.6		)	(45.8		)
Separation costs	—			(4.8		)	—			(39.3		)
Acquisition transaction and integration costs	(1.9		)	—			(1.9		)	—
Net interest expense	(11.6		)	(11.7		)	(34.0		)	(21.6		)
Restructuring and other	(11.2		)	(1.3		)	(17.5		)	(6.4		)
Other expense	(0.9		)	(0.9		)	(2.8		)	(7.2		)
Income before income taxes	$	73.6		$	81.1		$	213.8		$	195.8

Leases

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Leases

We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities.

Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties.

During the three and nine months ended September 30, 2019, rent expense was $5.0 million and $14.1 million, respectively, primarily related to operating lease costs. Costs associated with short-term leases, variable rent and subleases were immaterial.

Our leases have remaining lease terms of one to ten years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted average remaining lease term and weighted average discount rate as of September 30, 2019 were as follows:



	September 30, 2019
Weighted average remaining lease term
Operating leases	5 years
Weighted average discount rate
Operating leases	4.1	%

Future lease payments under non-cancelable operating leases as of September 30, 2019 were as follows:



In millions
Remainder of 2019	$	4.8
2020	16.4
2021	11.0
2022	7.3
2023	4.1
2024	3.3
Thereafter	10.9
Total lease payments	57.8
Less imputed interest	(7.1		)
Total reported lease liability	$	50.7

As of September 30, 2019, we have no material additional operating leases that have not yet commenced.

Future minimum lease commitments under non-cancelable operating leases based on accounting standards applicable as of December 31, 2018 were as follows:



In millions
2019	$	16.2
2020	12.6
2021	8.0
2022	5.6
2023	2.7
Thereafter	9.6
Total	$	54.7

Supplemental cash flow information related to operating leases for the nine months ended September 30, 2019 was as follows:



	Nine months ended
In millions	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:	$	12.9
Lease right-of-use assets obtained in exchange for new lease liabilities:	12.8

Supplemental balance sheet information related to operating leases was as follows:



In millions	Classification	September 30, 2019		January 1, 2019
Assets
Lease right-of-use assets	Other non-current assets	$	46.5	$	44.2
Liabilities
Current lease liabilities	Other current liabilities	$	15.4	$	13.6
Non-current lease liabilities	Other non-current liabilities	35.3		34.8
Total lease liabilities		$	50.7	$	48.4

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Sep. 30, 2019
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, 2019 and December 31, 2018 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, 2019 and December 31, 2018, the outstanding value of bonds, letters of credit and bank guarantees totaled $63.0 million and $75.8 million, respectively.

Basis of Presentation and Responsibility for Interim Financial Statements (Policies)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Cost Allocations

For periods prior to the separation, the condensed consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income within Selling, general and administrative expense and Other expense. The amount allocated was $42.5 million for the nine months ended September 30, 2018, of which $10.3 million was historically recorded to the Electrical segment in Pentair’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures.

The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the condensed consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s condensed consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these unaudited condensed consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Condensed Consolidated and Combined Statements of Cash Flows as a financing activity.

For periods prior to the separation, certain nVent operations were included in the former Parent’s U.S. federal and state income tax returns, and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable.

New accounting standards

Adoption of new accounting standards

On January 1, 2019, we adopted ASU No. 2016-02, “Leases” and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient to not separate non-lease components from lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Refer to Note 13 for more information regarding leases.

On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" and the related amendments ("ASC 606" or "the new revenue standard") using the modified retrospective method. As a result of adoption, the cumulative impact to our beginning equity at January 1, 2018 was $1.8 million. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. The adoption of the new standard had an impact on our accounting for certain custom products manufactured by our Enclosures segment. Prior to the adoption of the standard revenue was recognized for these custom products upon shipment. However, as these products have no alternative use to the Company and we have an enforceable right to payment for our performance completed to date, revenue related to these custom products will be recognized over time. Additionally, the new revenue standard resulted in reclassifications on the Condensed Consolidated Balance Sheets related to accounting for sales returns.

On January 1, 2018, we adopted ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" using the modified retrospective method. The ASU requires the tax effects of all intra-entity sales of assets other than inventory to be recognized in the period in which the transaction occurs. The adoption resulted in a $174.5 million cumulative-effect adjustment recorded in equity as of the beginning of 2018 that reflects a $201.5 million reduction of non-current prepaid income tax assets, partially offset by the establishment of $27.0 million of deferred tax assets.

The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows:



Condensed Combined Balance Sheets
In millions	Balance at December 31, 2017		Adjustments due to ASU 2016-16			Adjustments due to ASU 2014-09			Balance at January 1, 2018
Assets
Accounts and notes receivable, net	$	349.3	$	—		$	3.8		$	353.1
Inventories	224.1		—			(1.8		)	222.3
Other current assets	132.3		—			1.8			134.1
Other non-current assets	251.8		(174.5		)	—			77.3
Liabilities
Other current liabilities	141.3		—			3.8			145.1
Deferred tax liabilities	279.4		—			0.4			279.8
Equity
Net Parent investment	3,848.4		(174.5		)	1.8			3,675.7

Basis of Presentation and Responsibility for Interim Financial Statements (Tables)

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Schedule of New Accounting Pronouncements and Changes in Accounting Principles

The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows:



Condensed Combined Balance Sheets
In millions	Balance at December 31, 2017		Adjustments due to ASU 2016-16			Adjustments due to ASU 2014-09			Balance at January 1, 2018
Assets
Accounts and notes receivable, net	$	349.3	$	—		$	3.8		$	353.1
Inventories	224.1		—			(1.8		)	222.3
Other current assets	132.3		—			1.8			134.1
Other non-current assets	251.8		(174.5		)	—			77.3
Liabilities
Other current liabilities	141.3		—			3.8			145.1
Deferred tax liabilities	279.4		—			0.4			279.8
Equity
Net Parent investment	3,848.4		(174.5		)	1.8			3,675.7

Revenue (Tables)

9 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

Contract with Customer, Asset and Liability

Contract assets and liabilities consisted of the following:



In millions	September 30, 2019		December 31, 2018		$ Change			% Change
Contract assets	$	65.5	$	74.4	$	(8.9	)	(12.0	)%
Contract liabilities	15.0		13.2		1.8			13.6	%
Net contract assets	$	50.5	$	61.2	$	(10.7	)	(17.5	)%

Revenue by Category

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



	Three months ended September 30, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	183.3	$	90.7	$	107.6	$	381.6
Developed Europe ⁽¹⁾	52.0		32.1		28.1		112.2
Developing ⁽²⁾	23.6		20.3		10.5		54.4
Other Developed ⁽³⁾	3.7		4.5		3.4		11.6
Total	$	262.6	$	147.6	$	149.6	$	559.8



	Nine months ended September 30, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	549.8	$	248.0	$	314.6	$	1,112.4
Developed Europe ⁽¹⁾	150.4		97.4		82.9		330.7
Developing ⁽²⁾	68.9		63.2		30.1		162.2
Other Developed ⁽³⁾	9.0		12.9		10.1		32.0
Total	$	778.1	$	421.5	$	437.7	$	1,637.3



	Three months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	179.7	$	90.7	$	104.1	$	374.5
Developed Europe ⁽¹⁾	50.6		42.9		28.5		122.0
Developing ⁽²⁾	26.0		20.7		11.0		57.7
Other Developed ⁽³⁾	3.2		3.1		3.4		9.7
Total	$	259.5	$	157.4	$	147.0	$	563.9



	Nine months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
U.S. and Canada	$	530.8	$	248.3	$	300.7	$	1,079.8
Developed Europe ⁽¹⁾	152.6		122.6		84.2		359.4
Developing ⁽²⁾	77.0		60.7		35.7		173.4
Other Developed ⁽³⁾	8.8		12.7		11.4		32.9
Total	$	769.2	$	444.3	$	432.0	$	1,645.5
⁽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, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	157.8	$	55.0	$	30.1	$	242.9
Commercial & Residential	29.4		47.3		87.2		163.9
Energy	26.5		42.6		13.6		82.7
Infrastructure	48.9		2.7		18.7		70.3
Total	$	262.6	$	147.6	$	149.6	$	559.8



	Nine months ended September 30, 2019
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	467.7	$	165.7	$	86.7	$	720.1
Commercial & Residential	78.7		131.7		255.0		465.4
Energy	78.6		117.3		41.8		237.7
Infrastructure	153.1		6.8		54.2		214.1
Total	$	778.1	$	421.5	$	437.7	$	1,637.3



	Three months ended September 30, 2018
In millions	Enclosures		Thermal Management		Electrical & Fastening Solutions		Total
Industrial	$	161.1	$	66.9	$	29.3	$	257.3
Commercial & Residential	22.8		45.5		85.5		153.8
Energy	24.5		43.7		13.8		82.0
Infrastructure	51.1		1.3		18.4		70.8
Total	$	259.5	$	157.4	$	147.0	$	563.9

Restructuring (Tables)

9 Months Ended

Sep. 30, 2019

Restructuring and Related Activities [Abstract]

Restructuring Related Costs

Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated and Combined 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, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Severance and related costs	$	10.9	$	1.3	$	14.4	$	6.4
Other	0.3		—		1.5		—
Total restructuring costs	$	11.2	$	1.3	$	15.9	$	6.4

Restructuring Costs By Segment

Restructuring costs by reportable segment were as follows:



	Three months ended				Nine months ended
In millions	September 30, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Enclosures	$	1.5	$	—	$	1.6	$	1.2
Thermal Management	2.8		0.3		5.6		3.0
Electrical & Fastening Solutions	0.2		—		1.2		1.0
Other	6.7		1.0		7.5		1.2
Total	$	11.2	$	1.3	$	15.9	$	6.4

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 for the nine months ended September 30, 2019:



In millions	September 30, 2019
Beginning balance	$	3.8
Costs incurred	14.4
Cash payments and other	(8.9		)
Ending balance	$	9.3

Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019		September 30, 2018		September 30, 2019		September 30, 2018
Net income	$	59.9	$	68.2	$	177.2	$	163.8
Weighted average ordinary shares outstanding
Basic	169.1		179.3		172.3		178.8
Dilutive impact of stock options, restricted stock units and performance share units	1.2		2.2		1.5		2.3
Diluted	170.3		181.5		173.8		181.1
Earnings per ordinary share
Basic earnings per ordinary share	$	0.35	$	0.38	$	1.03	$	0.92
Diluted earnings per ordinary share	$	0.35	$	0.38	$	1.02	$	0.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	2.6		0.9		2.1		0.6

Goodwill and Other Identifiable Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2019

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, 2018		Acquisitions/ divestitures		Foreign currency translation/other			September 30, 2019
Enclosures	$	272.0	$	54.2	$	(3.4	)	$	322.8
Thermal Management	924.1		—		1.0			925.1
Electrical & Fastening Solutions	1,038.2		—		—			1,038.2
Total goodwill	$	2,234.3	$	54.2	$	(2.4	)	$	2,286.1

Schedule of Finite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:



	September 30, 2019							December 31, 2018
In millions	Cost		Accumulated amortization			Net		Cost		Accumulated amortization			Net
Definite-life intangibles
Customer relationships	$	1,196.1	$	(310.5	)	$	885.6	$	1,149.7	$	(266.4	)	$	883.3
Proprietary technology and patents	14.8		(7.0		)	7.8		14.8		(6.1		)	8.7
Total definite-life intangibles	1,210.9		(317.5		)	893.4		1,164.5		(272.5		)	892.0
Indefinite-life intangibles
Trade names	281.3		—			281.3		281.3		—			281.3
Total intangibles	$	1,492.2	$	(317.5	)	$	1,174.7	$	1,445.8	$	(272.5	)	$	1,173.3

Schedule of Indefinite-Lived Intangible Assets

Identifiable intangible assets consisted of the following:



	September 30, 2019							December 31, 2018
In millions	Cost		Accumulated amortization			Net		Cost		Accumulated amortization			Net
Definite-life intangibles
Customer relationships	$	1,196.1	$	(310.5	)	$	885.6	$	1,149.7	$	(266.4	)	$	883.3
Proprietary technology and patents	14.8		(7.0		)	7.8		14.8		(6.1		)	8.7
Total definite-life intangibles	1,210.9		(317.5		)	893.4		1,164.5		(272.5		)	892.0
Indefinite-life intangibles
Trade names	281.3		—			281.3		281.3		—			281.3
Total intangibles	$	1,492.2	$	(317.5	)	$	1,174.7	$	1,445.8	$	(272.5	)	$	1,173.3

Estimated Future Amortization Expense for Identifiable Intangible Assets

Estimated future amortization expense for identifiable intangible assets during the remainder of 2019 and the next five years is as follows:



	Q4
In millions	2019		2020		2021		2022		2023		2024
Estimated amortization expense	$	15.8	$	63.1	$	61.9	$	61.8	$	61.6	$	61.0

Supplemental Balance Sheet Information (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure Supplemental Balance Sheet Information [Abstract]

Supplemental Balance Sheet Information



In millions	September 30, 2019		December 31, 2018
Inventories
Raw materials and supplies	$	75.3	$	63.1
Work-in-process	28.6		25.3
Finished goods	155.2		139.8
Total inventories	$	259.1	$	228.2
Other current assets
Contract assets	$	65.5	$	74.4
Prepaid expenses	39.0		31.7
Prepaid income taxes	15.7		9.1
Other current assets	2.6		3.2
Total other current assets	$	122.8	$	118.4
Property, plant and equipment, net
Land and land improvements	$	40.4	$	39.1
Buildings and leasehold improvements	178.6		172.6
Machinery and equipment	430.1		410.8
Construction in progress	18.9		14.6
Total property, plant and equipment	668.0		637.1
Accumulated depreciation and amortization	387.7		372.3
Total property, plant and equipment, net	$	280.3	$	264.8
Other non-current assets
Deferred compensation plan assets	$	16.0	$	23.1
Lease right-of-use assets	46.5		—
Other non-current assets	26.1		10.7
Total other non-current assets	$	88.6	$	33.8
Other current liabilities
Current lease liabilities	$	15.4	$	—
Dividends payable	29.6		31.0
Accrued rebates	40.5		46.1
Contract liabilities	15.0		13.2
Accrued taxes payable	35.4		27.4
Accrued interest	19.2		23.3
Other current liabilities	55.8		46.0
Total other current liabilities	$	210.9	$	187.0
Other non-current liabilities
Income taxes payable	$	31.5	$	41.9
Deferred compensation plan liabilities	16.0		23.1
Non-current lease liabilities	35.3		—
Other non-current liabilities	7.6		7.0
Total other non-current liabilities	$	90.4	$	72.0

Derivatives and Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

•

deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualifi

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:



	September 30, 2019
In millions	Level 1		Level 2			Level 3		Total
Recurring fair value measurements
Foreign currency contract liabilities	$	—	$	(0.8	)	$	—	$	(0.8	)
Foreign currency contract assets	—		13.0			—		13.0
Deferred compensation plan assets	11.8		4.2			—		16.0
Total recurring fair value measurements	$	11.8	$	16.4		$	—	$	28.2



	December 31, 2018
In millions	Level 1		Level 2			Level 3		Total
Recurring fair value measurements
Foreign currency contract liabilities	$	—	$	(2.6	)	$	—	$	(2.6	)
Deferred compensation plan assets	19.1		4.0			—		23.1
Total recurring fair value measurements	$	19.1	$	1.4		$	—	$	20.5

- 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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Debt (Tables)

9 Months Ended

Sep. 30, 2019

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 as of September 30, 2019	Maturity Year	September 30, 2019			December 31, 2018
Revolving credit facility	3.416%	2023	$	216.5		$	—
Senior notes - fixed rate	3.950%	2023	300.0			300.0
Senior notes - fixed rate	4.550%	2028	500.0			500.0
Term loan facility	3.432%	2023	138.8			147.5
Other	2.250%	2019	0.5			—
Unamortized debt issuance costs and discounts	N/A	N/A	(5.2		)	(5.8		)
Total debt			1,150.6			941.7
Less: Current maturities and short-term borrowings			(16.8		)	(12.5		)
Long-term debt			$	1,133.8		$	929.2

Debt Outstanding Matures on Calendar Year Basis

Debt outstanding, excluding unamortized issuance costs and discounts, at September 30, 2019 matures on a calendar year basis as follows:



	Q4
In millions	2019		2020		2021		2022		2023		2024		Thereafter		Total
Contractual debt obligation maturities	$	4.3	$	17.5	$	20.0	$	20.0	$	594.0	$	—	$	500.0	$	1,155.8

Segment Information (Tables)

9 Months Ended

Sep. 30, 2019

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, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Net sales
Enclosures	$	262.6		$	259.5		$	778.1		$	769.2
Thermal Management	147.6			157.4			421.5			444.3
Electrical & Fastening Solutions	149.6			147.0			437.7			432.0
Total	$	559.8		$	563.9		$	1,637.3		$	1,645.5
Segment income (loss)
Enclosures	$	47.6		$	47.4		$	141.4		$	135.9
Thermal Management	38.5			41.9			98.1			105.8
Electrical & Fastening Solutions	41.3			38.9			114.1			111.5
Other	(12.8		)	(13.2		)	(38.0		)	(37.1		)
Total	$	114.6		$	115.0		$	315.6		$	316.1

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, 2019			September 30, 2018			September 30, 2019			September 30, 2018
Segment income	$	114.6		$	115.0		$	315.6		$	316.1
Intangible amortization	(15.4		)	(15.2		)	(45.6		)	(45.8		)
Separation costs	—			(4.8		)	—			(39.3		)
Acquisition transaction and integration costs	(1.9		)	—			(1.9		)	—
Net interest expense	(11.6		)	(11.7		)	(34.0		)	(21.6		)
Restructuring and other	(11.2		)	(1.3		)	(17.5		)	(6.4		)
Other expense	(0.9		)	(0.9		)	(2.8		)	(7.2		)
Income before income taxes	$	73.6		$	81.1		$	213.8		$	195.8

Leases (Tables)

9 Months Ended

Sep. 30, 2019

Leases [Abstract]

Lease, Cost

Supplemental cash flow information related to operating leases for the nine months ended September 30, 2019 was as follows:



	Nine months ended
In millions	September 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:	$	12.9
Lease right-of-use assets obtained in exchange for new lease liabilities:	12.8

The weighted average remaining lease term and weighted average discount rate as of September 30, 2019 were as follows:



	September 30, 2019
Weighted average remaining lease term
Operating leases	5 years
Weighted average discount rate
Operating leases	4.1	%

Future Lease Payments

Future lease payments under non-cancelable operating leases as of September 30, 2019 were as follows:



In millions
Remainder of 2019	$	4.8
2020	16.4
2021	11.0
2022	7.3
2023	4.1
2024	3.3
Thereafter	10.9
Total lease payments	57.8
Less imputed interest	(7.1		)
Total reported lease liability	$	50.7

Future minimum lease commitments under non-cancelable operating leases based on accounting standards applicable as of December 31, 2018 were as follows:



In millions
2019	$	16.2
2020	12.6
2021	8.0
2022	5.6
2023	2.7
Thereafter	9.6
Total	$	54.7

Operating Leases, Assets and Liabilities

Supplemental balance sheet information related to operating leases was as follows:



In millions	Classification	September 30, 2019		January 1, 2019
Assets
Lease right-of-use assets	Other non-current assets	$	46.5	$	44.2
Liabilities
Current lease liabilities	Other current liabilities	$	15.4	$	13.6
Non-current lease liabilities	Other non-current liabilities	35.3		34.8
Total lease liabilities		$	50.7	$	48.4

Basis of Presentation and Responsibility for Interim Financial Statements - Separation from Pentair (Details)		9 Months Ended
	Apr. 30, 2018 shares	Sep. 30, 2019 segment
Accounting Policies [Abstract]
Number of reportable segments \| segment		3
Equity interests issued per ordinary predecessor share (in shares) \| shares	1

Basis of Presentation and Responsibility for Interim Financial Statements - Cost Allocations (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018 USD ($)
Related Party Transaction [Line Items]
Selling, general and administrative expenses from transactions with related party	$ 42.5
Predecessor
Related Party Transaction [Line Items]
Selling, general and administrative expenses from transactions with related party	$ 10.3

Basis of Presentation and Responsibility for Interim Financial Statements - Adoption of New Accounting Standard (Details) $ in Millions	Jan. 01, 2018 USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Parent investment	$ 3,675.7
Accounting Standards Update 2016-16
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Parent investment	(174.5)
Prepaid income tax assets, noncurrent	201.5
Deferred tax assets	27.0
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Parent investment	$ 1.8

Basis of Presentation and Responsibility for Interim Financial Statements - Schedule of Cumulative Effect of Adoption of Accounting Standard (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, net	$ 375.0	$ 340.9	$ 353.1
Inventories	259.1	228.2	222.3
Other current assets	122.8	118.4	134.1
Other non-current assets	88.6	33.8	77.3
Other current liabilities	210.9	187.0	145.1
Deferred tax liabilities	$ 232.8	$ 224.8	279.8
Net Parent investment			3,675.7
Accounting Standards Update 2016-16
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, net			0.0
Inventories			0.0
Other current assets			0.0
Other non-current assets			(174.5)
Other current liabilities			0.0
Deferred tax liabilities			0.0
Net Parent investment			(174.5)
Calculated under Revenue Guidance in Effect before Topic 606
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, net				$ 349.3
Inventories				224.1
Other current assets				132.3
Other non-current assets				251.8
Other current liabilities				141.3
Deferred tax liabilities				279.4
Net Parent investment				$ 3,848.4
Difference between Revenue Guidance in Effect before and after Topic 606 \| Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Accounts and notes receivable, net			3.8
Inventories			(1.8)
Other current assets			1.8
Other non-current assets			0.0
Other current liabilities			3.8
Deferred tax liabilities			0.4
Net Parent investment			$ 1.8

Revenue - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenue - Additional Information (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net contract assets (liabilities)			$ (10,700,000)
Credit loss expense			$ 0
Transferred at Point in Time
Disaggregation of Revenue [Line Items]
Revenues, percent	74.00%	73.00%	73.00%	72.00%
Transferred over Time
Disaggregation of Revenue [Line Items]
Revenues, percent	26.00%	27.00%	27.00%	28.00%

Revenue - Performance Obligations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 92.0		$ 92.0
Minimum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	12 months		12 months
Maximum \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	18 months		18 months
Transferred at Point in Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues, percent	74.00%	73.00%	73.00%	72.00%
Transferred over Time
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenues, percent	26.00%	27.00%	27.00%	28.00%

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Contract assets	$ 65.5	$ 74.4
Contract liabilities	15.0	13.2
Net contract assets	50.5	$ 61.2
$ Change
Contract assets	(8.9)
Contract liabilities	1.8
Net contract assets	$ 10.7
% Change
Contract assets	(12.00%)
Contract liabilities	13.60%
Net contract assets	(17.50%)

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 559.8	$ 563.9	$ 1,637.3	$ 1,645.5
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	381.6	374.5	1,112.4	1,079.8
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	112.2	122.0	330.7	359.4
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	54.4	57.7	162.2	173.4
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	11.6	9.7	32.0	32.9
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	262.6	259.5	778.1	769.2
Enclosures \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	183.3	179.7	549.8	530.8
Enclosures \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	52.0	50.6	150.4	152.6
Enclosures \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	23.6	26.0	68.9	77.0
Enclosures \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	3.7	3.2	9.0	8.8
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	147.6	157.4	421.5	444.3
Thermal Management \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	90.7	90.7	248.0	248.3
Thermal Management \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	32.1	42.9	97.4	122.6
Thermal Management \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	20.3	20.7	63.2	60.7
Thermal Management \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	4.5	3.1	12.9	12.7
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	149.6	147.0	437.7	432.0
Electrical & Fastening Solutions \| U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	107.6	104.1	314.6	300.7
Electrical & Fastening Solutions \| Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	28.1	28.5	82.9	84.2
Electrical & Fastening Solutions \| Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	10.5	11.0	30.1	35.7
Electrical & Fastening Solutions \| Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	$ 3.4	$ 3.4	$ 10.1	$ 11.4

Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Net sales	$ 559.8	$ 563.9	$ 1,637.3	$ 1,645.5
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	262.6	259.5	778.1	769.2
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	147.6	157.4	421.5	444.3
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	149.6	147.0	437.7	432.0
Industrial
Disaggregation of Revenue [Line Items]
Net sales	242.9	257.3	720.1	744.8
Industrial \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	157.8	161.1	467.7	475.2
Industrial \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	55.0	66.9	165.7	185.1
Industrial \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	30.1	29.3	86.7	84.5
Commercial & Residential
Disaggregation of Revenue [Line Items]
Net sales	163.9	153.8	465.4	449.3
Commercial & Residential \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	29.4	22.8	78.7	65.0
Commercial & Residential \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	47.3	45.5	131.7	135.4
Commercial & Residential \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	87.2	85.5	255.0	248.9
Energy
Disaggregation of Revenue [Line Items]
Net sales	82.7	82.0	237.7	239.5
Energy \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	26.5	24.5	78.6	79.8
Energy \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	42.6	43.7	117.3	119.8
Energy \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	13.6	13.8	41.8	39.9
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	70.3	70.8	214.1	211.9
Infrastructure \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	48.9	51.1	153.1	149.2
Infrastructure \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	2.7	1.3	6.8	4.0
Infrastructure \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	18.7	18.4	54.2	58.7
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	112.2	122.0	330.7	359.4
Developed Europe (1) \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	52.0	50.6	150.4	152.6
Developed Europe (1) \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	32.1	42.9	97.4	122.6
Developed Europe (1) \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	28.1	28.5	82.9	84.2
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	54.4	57.7	162.2	173.4
Developing Countries \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	23.6	26.0	68.9	77.0
Developing Countries \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	20.3	20.7	63.2	60.7
Developing Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	10.5	11.0	30.1	35.7
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	11.6	9.7	32.0	32.9
Other Developed Countries \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	3.7	3.2	9.0	8.8
Other Developed Countries \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	4.5	3.1	12.9	12.7
Other Developed Countries \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	3.4	3.4	10.1	11.4
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	381.6	374.5	1,112.4	1,079.8
U.S. and Canada \| Enclosures
Disaggregation of Revenue [Line Items]
Net sales	183.3	179.7	549.8	530.8
U.S. and Canada \| Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	90.7	90.7	248.0	248.3
U.S. and Canada \| Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	$ 107.6	$ 104.1	$ 314.6	$ 300.7

Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) employee	Sep. 30, 2018 USD ($)
Restructuring and Related Activities [Abstract]
Number of employees \| employee			200
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 11.2	$ 1.3	$ 15.9	$ 6.4
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	10.9	1.3	14.4	6.4
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 0.3	$ 0.0	$ 1.5	$ 0.0

Restructuring - Costs by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 11.2	$ 1.3	$ 15.9	$ 6.4
Enclosures
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.5	0.0	1.6	1.2
Thermal Management
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	2.8	0.3	5.6	3.0
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.2	0.0	1.2	1.0
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 6.7	$ 1.0	$ 7.5	$ 1.2

Restructuring - Accrual Activity (Details) $ in Millions	9 Months Ended
Restructuring - Accrual Activity (Details) $ in Millions	Sep. 30, 2019 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 3.8
Costs incurred	14.4
Cash payments and other	(8.9)
Ending balance	$ 9.3

Earnings Per Share - Additional Information (Details)	Apr. 30, 2018 shares
Subsequent Events [Abstract]
Equity interests issued per ordinary predecessor share (in shares)	1

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, 2019	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 59.9	$ 60.9	$ 56.4	$ 68.2	$ 43.3	$ 52.3	$ 177.2	$ 163.8
Weighted average common shares outstanding
Basic (shares)	169.1			179.3			172.3	178.8
Dilutive impact of stock options, restricted stock units and performance share units	1.2			2.2			1.5	2.3
Diluted (shares)	170.3			181.5			173.8	181.1
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.35			$ 0.38			$ 1.03	$ 0.92
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.35			$ 0.38			$ 1.02	$ 0.90
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	2.6			0.9			2.1	0.6

Acquisitions (Details) - USD ($) $ in Millions		1 Months Ended	9 Months Ended
Acquisitions (Details) - USD ($) $ in Millions	Aug. 30, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired			$ 127.8	$ 2.0
Eldon Holding AB
Business Acquisition [Line Items]
Consideration transferred, net of cash acquired	$ 127.8
Goodwill			$ 54.2
Net sales of acquiree		$ 7.7
Customer relationships \| Eldon Holding AB
Business Acquisition [Line Items]
Definite-lived customer relationships	$ 46.7
Estimated useful life of intangible asset (in years)	17 years

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,234.3
Foreign currency translation/other	(2.4)
Ending Balance	2,286.1
Enclosures
Goodwill [Roll Forward]
Beginning Balance	272.0
Acquisitions/divestitures	54.2
Foreign currency translation/other	(3.4)
Ending Balance	322.8
Thermal Management
Goodwill [Roll Forward]
Beginning Balance	924.1
Acquisitions/divestitures	0.0
Foreign currency translation/other	1.0
Ending Balance	925.1
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance	1,038.2
Acquisitions/divestitures	0.0
Foreign currency translation/other	0.0
Ending Balance	$ 1,038.2

Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 1,210.9	$ 1,164.5
Accumulated amortization	(317.5)	(272.5)
Net	893.4	892.0
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	1,196.1	1,149.7
Accumulated amortization	(310.5)	(266.4)
Net	885.6	883.3
Proprietary technology and patents
Finite-Lived Intangible Assets, Net [Abstract]
Cost	14.8	14.8
Accumulated amortization	(7.0)	(6.1)
Net	$ 7.8	$ 8.7

Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Indefinite-lived Intangible Assets [Line Items]
Amortization	$ 15.4	$ 15.2	$ 45.6	$ 45.8
Cost	1,492.2		1,492.2		$ 1,445.8
Accumulated amortization	(317.5)		(317.5)		(272.5)
Net	1,174.7		1,174.7		1,173.3
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-life intangibles	$ 281.3		$ 281.3		$ 281.3

Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Acquisitions, net of cash acquired			$ 127.8	$ 2.0
Amortization	$ 15.4	$ 15.2	$ 45.6	$ 45.8

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions	Sep. 30, 2019 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q2-Q4 2019	$ 15.8
2020	63.1
2021	61.9
2022	61.8
2023	61.6
2024	$ 61.0

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018	Jan. 01, 2018
Inventories
Raw materials and supplies	$ 75.3		$ 63.1
Work-in-process	28.6		25.3
Finished goods	155.2		139.8
Total inventories	259.1		228.2	$ 222.3
Other current assets
Contract assets	65.5		74.4
Prepaid expenses	39.0		31.7
Prepaid income taxes	15.7		9.1
Other current assets	2.6		3.2
Total other current assets	122.8		118.4	134.1
Property, plant and equipment, net
Land and land improvements	40.4		39.1
Buildings and leasehold improvements	178.6		172.6
Machinery and equipment	430.1		410.8
Construction in progress	18.9		14.6
Total property, plant and equipment	668.0		637.1
Accumulated depreciation and amortization	387.7		372.3
Total property, plant and equipment, net	280.3		264.8
Other non-current assets
Deferred compensation plan assets	16.0		23.1
Lease right-of-use assets	46.5	$ 44.2	0.0
Other non-current assets	26.1		10.7
Total other non-current assets	88.6		33.8	77.3
Other current liabilities
Current lease liabilities	15.4	13.6	0.0
Dividends payable	29.6		31.0
Accrued rebates	40.5		46.1
Contract liabilities	15.0		13.2
Accrued taxes payable	35.4		27.4
Accrued interest	19.2		23.3
Other current liabilities	55.8		46.0
Total other current liabilities	210.9		187.0	$ 145.1
Other non-current liabilities
Income taxes payable	31.5		41.9
Deferred compensation plan liabilities	16.0		23.1
Non-current lease liabilities	35.3	$ 34.8	0.0
Other non-current liabilities	7.6		7.0
Total other non-current liabilities	$ 90.4		$ 72.0

Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Aug. 31, 2019	Dec. 31, 2018	Oct. 31, 2018
Derivative [Line Items]
Derivative instruments in hedges, net				$ 69.1
Foreign Exchange Contract
Derivative [Line Items]
Notional amount	$ 250.7		$ 129.0
Currency Swap
Derivative [Line Items]
Notional amount		$ 133.9

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Derivative [Line Items]
Total	$ 1,155.8
Recorded Amount
Derivative [Line Items]
Variable rate debt	355.8	$ 147.5
Fixed rate debt	800.0	800.0
Total	1,155.8	947.5
Fair Value
Derivative [Line Items]
Variable rate debt	355.8	147.5
Fixed rate debt	861.2	793.5
Total	$ 1,217.0	$ 941.0

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	$ 13.0
Foreign currency contract liabilities	(0.8)	$ (2.6)
Deferred compensation plan assets	16.0	23.1
Total recurring fair value measurements	28.2	20.5
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan assets	11.8	19.1
Total recurring fair value measurements	11.8	19.1
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	13.0
Foreign currency contract liabilities	(0.8)	(2.6)
Deferred compensation plan assets	4.2	4.0
Total recurring fair value measurements	16.4	1.4
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract assets	0.0
Foreign currency contract liabilities	0.0	0.0
Deferred compensation plan assets	0.0	0.0
Total recurring fair value measurements	$ 0.0	$ 0.0

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018	Sep. 30, 2018
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,155.8
Unamortized debt issuance costs and discounts	(5.2)	$ (5.8)
Total debt	1,150.6	941.7
Less: Current maturities and short-term borrowings	(16.8)	(12.5)
Long-term debt	$ 1,133.8	929.2
Senior Notes [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Average interest rate as of September 30, 2019	3.416%
Long-term debt, gross	$ 216.5	0.0
Senior Notes [Member] \| Term Loan Facility
Debt Instrument [Line Items]
Average interest rate as of September 30, 2019	3.432%
Long-term debt, gross	$ 138.8	147.5
Senior Notes [Member] \| Senior Notes, Due 2023
Debt Instrument [Line Items]
Average interest rate as of September 30, 2019	3.95%		3.95%
Long-term debt, gross	$ 300.0	300.0
Senior Notes [Member] \| Senior Notes, Due 2028
Debt Instrument [Line Items]
Average interest rate as of September 30, 2019	4.55%		4.55%
Long-term debt, gross	$ 500.0	500.0
Other Types Of Debt [Member]
Debt Instrument [Line Items]
Average interest rate as of September 30, 2019	2.25%
Long-term debt, gross	$ 0.5	$ 0.0

Debt - Senior Notes (Details) - Senior Notes [Member] - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Senior Notes, Due 2023
Debt Instrument [Line Items]
Debt face amount		$ 300,000,000.0
Average interest rate	3.95%	3.95%
Senior Notes, Due 2028
Debt Instrument [Line Items]
Debt face amount		$ 500,000,000.0
Average interest rate	4.55%	4.55%

Debt - Senior Credit Facilities (Details)	1 Months Ended	9 Months Ended
Debt - Senior Credit Facilities (Details)	Mar. 31, 2018	Sep. 30, 2019 USD ($)	Dec. 31, 2018 USD ($)	Sep. 30, 2018 USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,155,800,000
Senior Notes [Member] \| Senior Credit Facilities
Debt Instrument [Line Items]
Leverage ratio covenant		3.75
Leverage ratio covenant period		12 months
EBITDA ratio covenant		3.00
Senior Notes [Member] \| Senior Credit Facilities \| Minimum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash		$ 5,000,000.0
Senior Notes [Member] \| Senior Credit Facilities \| Maximum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash		250,000,000.0
Senior Notes [Member] \| Term Loan Facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity				$ 200,000,000.0
Long-term Debt, Gross		138,800,000	$ 147,500,000
Senior Notes [Member] \| Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity				$ 600,000,000.0
Line of credit increase limit		300,000,000.0
Long-term Debt, Gross		216,500,000	$ 0
Line of Credit Facility, Remaining Borrowing Capacity		$ 383,500,000

Debt - Schedule of Contracutal Debt Maturities (Details) $ in Millions	Sep. 30, 2019 USD ($)
Debt Disclosure [Abstract]
Q2-Q4 2019	$ 4.3
2020	17.5
2021	20.0
2022	20.0
2023	594.0
2024	0.0
Thereafter	500.0
Total	$ 1,155.8

Income Taxes (Details) - USD ($) $ in Millions	9 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Effective income tax rate	17.10%	16.30%
Total gross liability for unrecognized tax benefits	$ 17.0		$ 16.8

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2019	Feb. 19, 2019	Dec. 31, 2018	Jul. 23, 2018
Equity [Abstract]
Repurchase of shares of our common stock up to a maximum aggregate value				$ 380.0		$ 500.0
Stock Repurchased During Period, Shares			9.0
Stock Repurchased During Period, Value	$ (152.8)	$ (79.9)	$ (232.7)
Outstanding Stock Repurchases, Value			$ 0.0		$ 3.0
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased			588.3
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			880.0
Dividends payable (in dollars per share)				$ 0.175
Dividends payable			$ 29.6		$ 31.0

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Net sales	$ 559.8	$ 563.9	$ 1,637.3	$ 1,645.5
Segment income	86.1	93.7	250.6	224.6
Enclosures
Segment Reporting Information [Line Items]
Net sales	262.6	259.5	778.1	769.2
Segment income	47.6	47.4	141.4	135.9
Thermal Management
Segment Reporting Information [Line Items]
Net sales	147.6	157.4	421.5	444.3
Segment income	38.5	41.9	98.1	105.8
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales	149.6	147.0	437.7	432.0
Segment income	41.3	38.9	114.1	111.5
Other
Segment Reporting Information [Line Items]
Segment income	(12.8)	(13.2)	(38.0)	(37.1)
Operating Segments
Segment Reporting Information [Line Items]
Segment income	$ 114.6	$ 115.0	$ 315.6	$ 316.1

Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 86.1	$ 93.7	$ 250.6	$ 224.6
Intangible amortization	(15.4)	(15.2)	(45.6)	(45.8)
Net interest expense	(11.6)	(11.7)	(34.0)	(21.6)
Restructuring and other	(11.2)	(1.3)	(15.9)	(6.4)
Other expense	(0.9)	(0.9)	(2.8)	(7.2)
Income before income taxes	73.6	81.1	213.8	195.8
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	114.6	115.0	315.6	316.1
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intangible amortization	(15.4)	(15.2)	(45.6)	(45.8)
Separation costs	0.0	(4.8)	0.0	(39.3)
Acquisition transaction and integration costs	(1.9)	0.0	(1.9)	0.0
Net interest expense	(11.6)	(11.7)	(34.0)	(21.6)
Restructuring and other	(11.2)	(1.3)	(17.5)	(6.4)
Other expense	$ (0.9)	$ (0.9)	$ (2.8)	$ (7.2)

Leases (Details) $ in Millions	3 Months Ended	9 Months Ended
Leases (Details) $ in Millions	Sep. 30, 2019 USD ($)	Sep. 30, 2019 USD ($)
Leases [Abstract]
Term of lease contract (in months)	12 months	12 months
Rent expense	$ 5.0	$ 14.1
Leases not yet commenced	no

Leases - Weighted Average Term and Discount Rate (Details)	Sep. 30, 2019
Leases [Abstract]
Weighted average remaining lease term, operating leases	5 years
Weighted average discount rate, operating leases	4.10%

Leases - Future Lease Payments, Topic 842 (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Lease, After Adoption of 842
Remainder of 2019	$ 4.8
2020	16.4
2021	11.0
2022	7.3
2023	4.1
2024	3.3
Thereafter	10.9		$ 9.6
Total lease payments	57.8
Less imputed interest	(7.1)
Total reported lease liability	50.7	$ 48.4
Operating Leases, Before Adoption of 842
2019			16.2
2020			12.6
2021			8.0
2022			5.6
2023			2.7
Thereafter	$ 10.9		9.6
Total			$ 54.7

Leases - Supplemental Cash Flow Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities:	$ 12.9
Lease right-of-use assets obtained in exchange for new lease liabilities:	$ 12.8

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Sep. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Leases [Abstract]
Lease right-of-use assets	$ 46.5	$ 44.2	$ 0.0
Current lease liabilities	15.4	13.6	0.0
Non-current lease liabilities	35.3	34.8	$ 0.0
Total lease liabilities	$ 50.7	$ 48.4

Commitments and Contingencies (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Liability for services and product warranties	$ 0.0	$ 0.0
Stand-by Letters of Credit, Bank Guarantees and Bonds
Guarantor Obligations [Line Items]
Obligations outstanding	$ 63.0	$ 75.8

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (172,700,000)
Retained Earnings [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Net Parent Investment [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (172,700,000)