NVENT ELECTRIC PLC, 10-Q filed on 4/29/2022
Quarterly Report
v3.22.1
Cover Page
 3 Months Ended
Mar. 31, 2022
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Mar. 31, 2022
Document Transition Report false
Entity File Number 001-38265
Entity Registrant Name nVent Electric plc
Entity Incorporation, State or Country Code L2
Entity Tax Identification Number 98-1391970
Entity Address, Address Line One The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town London
Entity Address, Postal Zip Code TW8 9DW
Entity Address, Country GB
Country Region 44
City Area Code 20
Local Phone Number 3966-0279
Title of 12(b) Security Ordinary Shares, nominal value $0.01 per share
Trading Symbol NVT
Security Exchange Name NYSE
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 166,346,978
Entity Central Index Key 0001720635
Current Fiscal Year End Date --12-31
Document Fiscal Year Focus 2022
Document Fiscal Period Focus Q1
Amendment Flag false
v3.22.1
Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Net sales $ 694.7 $ 548.9
Cost of goods sold 447.4 339.9
Gross profit 247.3 209.0
Selling, general and administrative 142.0 117.2
Research and development 15.2 11.4
Operating income 90.1 80.4
Net interest expense 7.2 8.1
Other expense 0.6 0.6
Income before income taxes 82.3 71.7
Provision for income taxes 14.5 6.3
Net income 67.8 65.4
Comprehensive income, net of tax    
Net income 67.8 65.4
Changes in cumulative translation adjustment 3.0 3.0
Changes in market value of derivative financial instruments, net of tax (3.7) 19.3
Comprehensive income $ 67.1 $ 87.7
Earnings per ordinary share    
Basic pro forma earnings per ordinary share (in dollars per share) $ 0.41 $ 0.39
Diluted pro forma earnings per ordinary share (in dollars per share) $ 0.40 $ 0.39
Weighted average ordinary shares outstanding    
Basic (shares) 166.2 167.7
Diluted (shares) 168.2 168.8
Cash dividends paid per ordinary share (in usd per share) $ 0.175 $ 0.175
v3.22.1
Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 51.1 $ 49.5
Accounts and notes receivable, net of allowances of $7.9 and $6.7, respectively 441.7 438.1
Inventories 348.3 321.9
Other current assets 123.8 102.0
Total current assets 964.9 911.5
Property, plant and equipment, net 287.5 291.1
Other assets    
Goodwill 2,185.2 2,186.7
Intangibles, net 1,125.8 1,143.8
Other non-current assets 140.2 141.1
Total other assets 3,451.2 3,471.6
Total assets 4,703.6 4,674.2
Current liabilities    
Current maturities of long-term debt and short-term borrowings 5.0 5.0
Accounts payable 263.7 261.0
Employee compensation and benefits 84.7 113.9
Other current liabilities 234.9 256.4
Total current liabilities 588.3 636.3
Other liabilities    
Long-term debt 1,040.8 994.2
Pension and other post-retirement compensation and benefits 204.1 208.1
Deferred tax liabilities 210.0 210.3
Other non-current liabilities 126.5 129.2
Total liabilities 2,169.7 2,178.1
Equity    
Ordinary shares $0.01 par value, 400.0 authorized, 166.3 and 166.1 issued at March 31, 2022 and December 31, 2021, respectively 1.7 1.7
Additional paid-in capital 2,402.8 2,403.1
Retained earnings 213.3 174.5
Accumulated other comprehensive loss (83.9) (83.2)
Total equity 2,533.9 2,496.1
Total liabilities and equity $ 4,703.6 $ 4,674.2
v3.22.1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Accounts and notes receivable, allowances $ 7.9 $ 6.7
Ordinary shares, par value (in dollars per share) $ 0.01 $ 0.01
Ordinary shares authorized (in shares) 400,000,000.0 400,000,000.0
Ordinary shares issued (in shares) 166,300,000 166,100,000
v3.22.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 67.8 $ 65.4
Adjustments to reconcile net income to net cash provided by (used for) operating activities    
Depreciation 10.7 9.7
Amortization 17.8 15.9
Deferred income taxes (0.1) (1.5)
Share-based compensation 6.6 (0.2)
Changes in assets and liabilities, net of effects of business acquisitions    
Accounts and notes receivable (5.5) (42.2)
Inventories (29.1) (6.2)
Other current assets (22.7) (12.6)
Accounts payable 6.3 10.1
Employee compensation and benefits (28.4) 7.1
Other current liabilities (16.9) 2.5
Other non-current assets and liabilities 0.0 1.9
Net cash provided by (used for) operating activities 6.5 49.9
Investing activities    
Capital expenditures (11.1) (9.9)
Proceeds from sale of property and equipment 1.9 0.1
Acquisitions, net of cash acquired 0.0 (3.9)
Net cash provided by (used for) investing activities (9.2) (13.7)
Financing activities    
Net receipts of revolving long-term debt 47.8 0.0
Repayments of long-term debt (1.4) (5.0)
Dividends paid (29.0) (29.4)
Shares issued to employees, net of shares withheld (3.0) 2.0
Repurchases of ordinary shares (8.5) (20.0)
Net cash provided by (used for) financing activities 5.9 (52.4)
Effect of exchange rate changes on cash and cash equivalents (1.6) (1.4)
Change in cash and cash equivalents 1.6 (17.6)
Cash and cash equivalents, beginning of period 49.5 122.5
Cash and cash equivalents, end of period $ 51.1 $ 104.9
v3.22.1
Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($)
shares in Millions, $ in Millions
Total
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2020   168.2      
Beginning balance at Dec. 31, 2020 $ 2,409.8 $ 1.7 $ 2,482.6 $ 20.7 $ (95.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 65.4     65.4  
Other Comprehensive Income (Loss), Net of Tax 22.3       22.3
Dividends, Common Stock $ (29.4)     (29.4)  
Share repurchases (in shares) (0.9) (0.9)      
Share repurchases $ (20.0)   (20.0)    
Exercise of options, net of shares tendered for payment (in shares)   0.2      
Stock Issued During Period, Value, Stock Options Exercised $ 4.1   4.1    
Issuance of restricted shares, net of cancellations 0.0 0.3      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation $ (2.0) $ (0.1) (2.0)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition (0.2)   (0.2)    
Ending balance (in shares) at Mar. 31, 2021   167.7      
Ending balance at Mar. 31, 2021 2,450.0 $ 1.7 2,464.5 56.7 (72.9)
Beginning balance (in shares) at Dec. 31, 2021   166.1      
Beginning balance at Dec. 31, 2021 2,496.1 $ 1.7 2,403.1 174.5 (83.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest 67.8     67.8  
Other Comprehensive Income (Loss), Net of Tax (0.7)       (0.7)
Dividends, Common Stock $ (29.0)     (29.0)  
Share repurchases (in shares) (0.1) (0.1)      
Share repurchases $ (3.9) $ 0.0 (3.9)    
Exercise of options, net of shares tendered for payment (in shares)   0.0      
Stock Issued During Period, Value, Stock Options Exercised $ 1.4   1.4    
Issuance of restricted shares, net of cancellations 0.0 0.4      
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation $ (4.4) $ (0.1) (4.4)    
APIC, Share-based Payment Arrangement, Increase for Cost Recognition 6.6   6.6    
Ending balance (in shares) at Mar. 31, 2022   166.3      
Ending balance at Mar. 31, 2022 $ 2,533.9 $ 1.7 $ 2,402.8 $ 213.3 $ (83.9)
v3.22.1
Supplemental Balance Sheet Information
 3 Months Ended
Mar. 31, 2022
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information Supplemental Balance Sheet Information
In millionsMarch 31,
2022		December 31,
2021
Inventories
Raw materials and supplies$119.9 $104.5 
Work-in-process38.7 33.3 
Finished goods189.7 184.1 
Total inventories$348.3 $321.9 
Other current assets
Contract assets$53.5 $48.9 
Prepaid expenses61.6 49.6 
Prepaid income taxes5.1 2.2 
Other current assets3.6 1.3 
Total other current assets$123.8 $102.0 
Property, plant and equipment, net
Land and land improvements$38.9 $39.8 
Buildings and leasehold improvements181.9 184.5 
Machinery and equipment493.2 488.5 
Construction in progress25.1 25.5 
Total property, plant and equipment739.1 738.3 
Accumulated depreciation and amortization451.6 447.2 
Total property, plant and equipment, net$287.5 $291.1 
Other non-current assets
Deferred compensation plan assets$19.0 $21.4 
Lease right-of-use assets79.1 79.1 
Deferred tax assets14.3 14.6 
Other non-current assets27.8 26.0 
Total other non-current assets$140.2 $141.1 
Other current liabilities
Dividends payable$30.0 $30.5 
Accrued rebates57.6 88.2 
Contract liabilities18.6 17.8 
Accrued taxes payable30.7 32.4 
Current lease liabilities17.4 17.4 
Other current liabilities80.6 70.1 
Total other current liabilities$234.9 $256.4 
Other non-current liabilities
Income taxes payable$30.2 $30.3 
Deferred compensation plan liabilities19.0 21.4 
Non-current lease liabilities66.8 66.5 
Other non-current liabilities10.5 11.0 
Total other non-current liabilities$126.5 $129.2 
v3.22.1
Basis of Presentation and Responsibility for Interim Financial Statements
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
Basis of Presentation and Responsibility for Interim Financial Statements Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2021.
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.
In March 2020, the World Health Organization declared novel coronavirus 2019 (“COVID-19”) a pandemic. The effects of the COVID-19 pandemic have had and may continue to have an unfavorable impact on our business. The broader implication of COVID-19 on our results of operations and overall financial performance remains uncertain. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
v3.22.1
Revenue
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Disaggregation of revenue
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 March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$236.6 $137.9 $87.2 $461.7 
Developed Europe (1)
81.3 34.7 33.0 149.0 
Developing (2)
36.9 10.9 22.4 70.2 
Other Developed (3)
4.6 4.1 5.1 13.8 
Total$359.4 $187.6 $147.7 $694.7 
Three months ended March 31, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$175.7 $103.9 $63.8 $343.4 
Developed Europe (1)
73.4 30.8 30.5 134.7 
Developing (2)
24.4 9.0 27.0 60.4 
Other Developed (3)
3.5 4.2 2.7 10.4 
Total$277.0 $147.9 $124.0 $548.9 
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$209.4 $19.2 $72.6 $301.2 
Commercial & Residential40.3 95.8 46.6 182.7 
Infrastructure80.3 65.1 5.0 150.4 
Energy29.4 7.5 23.5 60.4 
Total$359.4 $187.6 $147.7 $694.7 
Three months ended March 31, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$172.1 $15.4 $50.6 $238.1 
Commercial & Residential28.6 77.6 46.0 152.2 
Infrastructure55.6 48.9 4.3 108.8 
Energy20.7 6.0 23.1 49.8 
Total$277.0 $147.9 $124.0 $548.9 

Contract balances
Contract assets and liabilities consisted of the following:
In millionsMarch 31, 2022December 31, 2021$ Change% Change
Contract assets$53.5 $48.9 $4.6 9.4 %
Contract liabilities18.6 17.8 0.8 4.5 %
Net contract assets$34.9 $31.1 $3.8 12.2 %
The $3.8 million increase in net contract assets from December 31, 2021 to March 31, 2022 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2021 were recognized in revenue during the three months ended March 31, 2022. There were no material impairment losses recognized on our contract assets for the three months ended March 31, 2022 and 2021.
Remaining performance obligations
We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On March 31, 2022, we had $33.1 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.
v3.22.1
Restructuring
 3 Months Ended
Mar. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
During the three months ended March 31, 2022 and the year ended December 31, 2021, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Severance and related costs$2.0 $0.2 
Other— 0.6 
Total restructuring costs$2.0 $0.8 
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment were as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Enclosures$0.2 $1.0 
Electrical & Fastening Solutions— 0.2 
Thermal Management— 0.2 
Other1.8 (0.6)
Total$2.0 $0.8 
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Beginning balance$2.4 $6.6 
Costs incurred2.0 0.2 
Cash payments and other(2.2)(3.2)
Ending balance$2.2 $3.6 
v3.22.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per ShareBasic and diluted earnings per share were calculated as follows:
Three months ended
In millions, except per-share dataMarch 31,
2022		March 31,
2021
Net income $67.8 $65.4 
Weighted average ordinary shares outstanding
Basic166.2 167.7 
Dilutive impact of stock options, restricted stock units and performance share units2.0 1.1 
Diluted168.2 168.8 
Earnings per ordinary share
Basic earnings per ordinary share$0.41 $0.39 
Diluted earnings per ordinary share$0.40 $0.39 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.2 2.0 
v3.22.1
Acquisitions
 3 Months Ended
Mar. 31, 2022
Business Combinations [Abstract]  
Acquisitions Acquisitions
On April 1, 2021, we acquired substantially all of the assets of Vynckier Enclosure Systems, Inc. ("Vynckier") for approximately $27.0 million in cash. Vynckier is a U.S. based manufacturer of high-quality non-metallic enclosures that we market as part of the nVent HOFFMAN product line within our Enclosures segment.

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to
goodwill in the amount of $13.5 million, substantially all of which is expected to be deductible for income tax purposes.
Identifiable intangible assets acquired included $6.1 million of definite-lived customer relationships with an estimated useful life of 11 years.

On June 30, 2021, we acquired CIS Global LLC ("CIS Global") for approximately $202.4 million in cash. The CIS Global business is a leading provider of intelligent rack power distribution and server slides products, and operates within our Enclosures segment. 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 $83.3 million, of which $30.9 million is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $78.0 million of definite-lived customer relationships with an estimated useful life of 16 years and $24.5 million of developed technology with an estimated useful life of 9 years to 12 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation, primarily related to the impacts associated with income taxes and certain working capital accounts.

The pro forma impact of these acquisitions is not material individually or in the aggregate.
v3.22.1
Goodwill and Other Identifiable Intangible Assets
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Identifiable Intangible Assets Goodwill and Other Identifiable Intangible Assets The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2021		Acquisitions/
divestitures		Foreign currency
translation/other 		March 31,
2022
Enclosures$420.4 $— $(2.5)$417.9 
Electrical & Fastening Solutions1,052.0 — — 1,052.0 
Thermal Management714.3 — 1.0 715.3 
Total goodwill$2,186.7 $— $(1.5)$2,185.2 
Identifiable intangible assets consisted of the following:
 March 31, 2022December 31, 2021
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,295.4 $(471.1)$824.3 $1,295.4 $(454.0)$841.4 
Proprietary technology and patents40.8 (12.4)28.4 40.8 (11.5)29.3 
Total definite-life intangibles1,336.2 (483.5)852.7 1,336.2 (465.5)870.7 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,609.3 $(483.5)$1,125.8 $1,609.3 $(465.5)$1,143.8 

Identifiable intangible asset amortization expense was $17.8 million and $15.9 million for the three months ended March 31, 2022 and 2021, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2022 and the next five years is as follows:
 Q2-Q4     
In millions202220232024202520262027
Estimated amortization expense$53.3 $70.9 $70.2 $70.2 $70.2 $70.2 
v3.22.1
Derivatives and Financial Instruments
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Financial Instruments Derivatives and Financial Instruments
Derivative financial instruments
We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.
Foreign currency contracts
We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. We manage our economic and transaction exposure to certain market-based risks through the use of derivative instruments. These derivative instruments primarily consist of forward foreign currency contracts used to mitigate foreign currency exposure for certain foreign currency assets and liabilities. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year. These foreign currency contracts are not designated as hedging instruments; accordingly, changes in the fair value are recorded in current period earnings.

At March 31, 2022 and December 31, 2021, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $163.4 million and $180.1 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.

Cross currency swaps
At March 31, 2022 and December 31, 2021, we had outstanding cross currency swap agreements with a combined notional amount of $360.6 million and $369.1 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At March 31, 2022 and December 31, 2021, we had deferred foreign currency gains of $12.9 million and $16.7 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.

Interest rate swaps
We are also exposed to interest rate risk fluctuations in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swaps to fix a portion of the interest cost associated with anticipated future financings. In 2020, we entered into a forward starting interest rate swap to hedge the variability of cash flows attributable to changes in the benchmark swap interest rate (London Inter-Bank Offer Rate) associated with the anticipated refinancing of the 2023 Notes (as defined below). The interest rate swap contract had a notional amount of $200.0 million, and was settled in the fourth quarter of 2021 in conjunction with the issuance of the 2031 Notes (as defined below). Accordingly, cash flows of $9.6 million relating to the settlement of interest rate swaps hedging the forecasted issuance of debt have been reflected as a component of financing cash flows. The resulting gain from the settlement is deferred to Accumulated other comprehensive loss, and is being reclassified to interest expense over the term of the 2031 Notes (underlying debt). This reclassification of the deferred gain impacts the interest expense recognized on the underlying debt that was hedged, and is therefore reflected as a component of operating cash flows in periods subsequent to settlement.

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 and interest rate swap agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and
•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding.
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:
March 31,
2022		December 31,
2021
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$252.0 $252.0 $205.5 $205.5 
Fixed rate debt800.0 1,045.4 800.0 866.8 
Total debt$1,052.0 $1,297.4 $1,005.5 $1,072.3 

Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsMarch 31, 2022
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(0.6)$— $— $(0.6)
Cross currency swap assets— 11.7 — — 11.7 
Foreign currency contract liabilities— (1.7)— — (1.7)
Foreign currency contract assets— 1.5 — — 1.5 
Deferred compensation plan assets13.9 — — 5.1 19.0 
Total recurring fair value measurements$13.9 $10.9 $— $5.1 $29.9 
Recurring fair value measurementsDecember 31, 2021
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(1.7)$— $— $(1.7)
Cross currency swap assets— 9.5 — — 9.5 
Foreign currency contract liabilities— (0.2)— — (0.2)
Foreign currency contract assets— 0.4 — — 0.4 
Deferred compensation plan assets 15.5 — — 5.9 21.4 
Total recurring fair value measurements$15.5 $8.0 $— $5.9 $29.4 
v3.22.1
Debt
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt Debt
Debt and the average interest rates on debt outstanding were as follows:
In millionsAverage interest rate at March 31, 2022Maturity
Year		March 31,
2022		December 31,
2021
Revolving credit facility1.552%2026$154.5 $106.7 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate4.550%2028500.0 500.0 
Term loan facility1.697%202697.5 98.8 
Unamortized debt issuance costs and discountsN/AN/A(6.2)(6.3)
Total debt1,045.8 999.2 
Less: Current maturities and short-term borrowings
(5.0)(5.0)
Long-term debt$1,040.8 $994.2 

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").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes" and, collectively with the 2028 Notes, the "Notes"). In December 2021, the Company redeemed the $300.0 million aggregate principal amount of the 2023 Notes.

Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.

The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.

The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.

There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.
Senior credit facilities
In March 2018, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility and a five-year $600.0 million senior unsecured revolving credit facility.
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "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"), which amended and restated the March 2018 credit agreement. Borrowings under the Term Loan Facility are permitted on a delayed draw basis during the first year of the five-year term of the Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, London Interbank Offered Rate (“LIBOR”), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.

As of March 31, 2022, the borrowing capacity under the Term Loan Facility on a delayed draw basis was $200.0 million, and the borrowing capacity under the Revolving Credit Facility was $445.5 million.

Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of March 31, 2022, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2022 matures on a calendar year basis as follows:
 Q2-Q4       
In millions202220232024202520262027ThereafterTotal
Contractual debt obligation maturities
$3.8 $5.0 $5.6 $7.5 $230.1 $— $800.0 $1,052.0 
v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rate for the three months ended March 31, 2022 was 17.6%, compared to 8.8% for the three months ended March 31, 2021. The liability for uncertain tax positions was $15.5 million and $15.6 million at March 31, 2022 and December 31, 2021, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.

In the three months ended March 31, 2021, we recorded a $5.2 million discrete tax benefit related to a foreign subsidiary.
v3.22.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2022
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 Authorization and 2019 Authorization expired on July 23, 2021.
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 upon expiration of the 2018 Authorization and the 2019 Authorization, and expires on July 22, 2024.
During the three months ended March 31, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. During the three months ended March 31, 2021, we repurchased 0.9 million of our ordinary shares for $20.0 million under the 2018 Authorization. As of March 31, 2022 and December 31, 2021, outstanding share repurchases recorded in Other current liabilities were zero and $4.6 million, respectively.
As of March 31, 2022, we have $200.0 million available for share repurchases under the 2021 Authorization.
Dividends payable
On February 21, 2022, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 6, 2022, to shareholders of record at the close of business on April 22, 2022. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.0 million and $30.5 million at March 31, 2022 and December 31, 2021, respectively.
v3.22.1
Segment Information
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
We evaluate performance based on net sales and segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income represents operating income exclusive of intangible amortization, acquisition related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
Financial information by reportable segment is as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Net sales
Enclosures$359.4 $277.0 
Electrical & Fastening Solutions187.6 147.9 
Thermal Management147.7 124.0 
Total$694.7 $548.9 
Segment income (loss)
Enclosures$50.3 $48.8 
Electrical & Fastening Solutions47.1 39.2 
Thermal Management32.4 21.0 
Other(19.6)(11.9)
Total$110.2 $97.1 
The following table presents a reconciliation of segment income to income before income taxes:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Segment income$110.2 $97.1 
Intangible amortization(17.8)(15.9)
Restructuring and other(2.0)(0.8)
Acquisition transaction and integration costs(0.3)— 
Net interest expense(7.2)(8.1)
Other expense(0.6)(0.6)
Income before income taxes$82.3 $71.7 
v3.22.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Warranties and guarantees
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.
Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of March 31, 2022 and December 31, 2021 was not material.
Stand-by letters of credit, bank guarantees and bonds
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.
As of March 31, 2022 and December 31, 2021, the outstanding value of bonds, letters of credit and bank guarantees totaled $41.0 million and $38.2 million, respectively.
v3.22.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2022
Revenue from Contract with Customer [Abstract]  
Revenue by Category Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$236.6 $137.9 $87.2 $461.7 
Developed Europe (1)
81.3 34.7 33.0 149.0 
Developing (2)
36.9 10.9 22.4 70.2 
Other Developed (3)
4.6 4.1 5.1 13.8 
Total$359.4 $187.6 $147.7 $694.7 
Three months ended March 31, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$175.7 $103.9 $63.8 $343.4 
Developed Europe (1)
73.4 30.8 30.5 134.7 
Developing (2)
24.4 9.0 27.0 60.4 
Other Developed (3)
3.5 4.2 2.7 10.4 
Total$277.0 $147.9 $124.0 $548.9 
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
Three months ended March 31, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$209.4 $19.2 $72.6 $301.2 
Commercial & Residential40.3 95.8 46.6 182.7 
Infrastructure80.3 65.1 5.0 150.4 
Energy29.4 7.5 23.5 60.4 
Total$359.4 $187.6 $147.7 $694.7 
Three months ended March 31, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$172.1 $15.4 $50.6 $238.1 
Commercial & Residential28.6 77.6 46.0 152.2 
Infrastructure55.6 48.9 4.3 108.8 
Energy20.7 6.0 23.1 49.8 
Total$277.0 $147.9 $124.0 $548.9 
Contract assets and liabilities Contract assets and liabilities consisted of the following:
In millionsMarch 31, 2022December 31, 2021$ Change% Change
Contract assets$53.5 $48.9 $4.6 9.4 %
Contract liabilities18.6 17.8 0.8 4.5 %
Net contract assets$34.9 $31.1 $3.8 12.2 %
v3.22.1
Restructuring (Tables)
 3 Months Ended
Mar. 31, 2022
Restructuring and Related Activities [Abstract]  
Restructuring Related Costs
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Severance and related costs$2.0 $0.2 
Other— 0.6 
Total restructuring costs$2.0 $0.8 
Restructuring Costs By Segment Restructuring costs by reportable segment were as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Enclosures$0.2 $1.0 
Electrical & Fastening Solutions— 0.2 
Thermal Management— 0.2 
Other1.8 (0.6)
Total$2.0 $0.8 
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Beginning balance$2.4 $6.6 
Costs incurred2.0 0.2 
Cash payments and other(2.2)(3.2)
Ending balance$2.2 $3.6 
v3.22.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2022
Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share Basic and diluted earnings per share were calculated as follows:
Three months ended
In millions, except per-share dataMarch 31,
2022		March 31,
2021
Net income $67.8 $65.4 
Weighted average ordinary shares outstanding
Basic166.2 167.7 
Dilutive impact of stock options, restricted stock units and performance share units2.0 1.1 
Diluted168.2 168.8 
Earnings per ordinary share
Basic earnings per ordinary share$0.41 $0.39 
Diluted earnings per ordinary share$0.40 $0.39 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.2 2.0 
v3.22.1
Goodwill and Other Identifiable Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Carrying Amount of Goodwill by Segment The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2021		Acquisitions/
divestitures		Foreign currency
translation/other 		March 31,
2022
Enclosures$420.4 $— $(2.5)$417.9 
Electrical & Fastening Solutions1,052.0 — — 1,052.0 
Thermal Management714.3 — 1.0 715.3 
Total goodwill$2,186.7 $— $(1.5)$2,185.2 
Schedule of Finite-Lived Intangible Assets Identifiable intangible assets consisted of the following:
 March 31, 2022December 31, 2021
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,295.4 $(471.1)$824.3 $1,295.4 $(454.0)$841.4 
Proprietary technology and patents40.8 (12.4)28.4 40.8 (11.5)29.3 
Total definite-life intangibles1,336.2 (483.5)852.7 1,336.2 (465.5)870.7 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,609.3 $(483.5)$1,125.8 $1,609.3 $(465.5)$1,143.8 
Schedule of Indefinite-Lived Intangible Assets Identifiable intangible assets consisted of the following:
 March 31, 2022December 31, 2021
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,295.4 $(471.1)$824.3 $1,295.4 $(454.0)$841.4 
Proprietary technology and patents40.8 (12.4)28.4 40.8 (11.5)29.3 
Total definite-life intangibles1,336.2 (483.5)852.7 1,336.2 (465.5)870.7 
Indefinite-life intangibles
Trade names273.1 — 273.1 273.1 — 273.1 
Total intangibles$1,609.3 $(483.5)$1,125.8 $1,609.3 $(465.5)$1,143.8 
Estimated Future Amortization Expense for Identifiable Intangible Assets Estimated future amortization expense for identifiable intangible assets during the remainder of 2022 and the next five years is as follows:
 Q2-Q4     
In millions202220232024202520262027
Estimated amortization expense$53.3 $70.9 $70.2 $70.2 $70.2 $70.2 
v3.22.1
Supplemental Balance Sheet Information (Tables)
 3 Months Ended
Mar. 31, 2022
Disclosure Supplemental Balance Sheet Information [Abstract]  
Supplemental Balance Sheet Information
In millionsMarch 31,
2022		December 31,
2021
Inventories
Raw materials and supplies$119.9 $104.5 
Work-in-process38.7 33.3 
Finished goods189.7 184.1 
Total inventories$348.3 $321.9 
Other current assets
Contract assets$53.5 $48.9 
Prepaid expenses61.6 49.6 
Prepaid income taxes5.1 2.2 
Other current assets3.6 1.3 
Total other current assets$123.8 $102.0 
Property, plant and equipment, net
Land and land improvements$38.9 $39.8 
Buildings and leasehold improvements181.9 184.5 
Machinery and equipment493.2 488.5 
Construction in progress25.1 25.5 
Total property, plant and equipment739.1 738.3 
Accumulated depreciation and amortization451.6 447.2 
Total property, plant and equipment, net$287.5 $291.1 
Other non-current assets
Deferred compensation plan assets$19.0 $21.4 
Lease right-of-use assets79.1 79.1 
Deferred tax assets14.3 14.6 
Other non-current assets27.8 26.0 
Total other non-current assets$140.2 $141.1 
Other current liabilities
Dividends payable$30.0 $30.5 
Accrued rebates57.6 88.2 
Contract liabilities18.6 17.8 
Accrued taxes payable30.7 32.4 
Current lease liabilities17.4 17.4 
Other current liabilities80.6 70.1 
Total other current liabilities$234.9 $256.4 
Other non-current liabilities
Income taxes payable$30.2 $30.3 
Deferred compensation plan liabilities19.0 21.4 
Non-current lease liabilities66.8 66.5 
Other non-current liabilities10.5 11.0 
Total other non-current liabilities$126.5 $129.2 
v3.22.1
Derivatives and Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows:
March 31,
2022		December 31,
2021
In millionsRecorded
Amount		Fair
Value		Recorded
Amount		Fair
Value
Variable rate debt$252.0 $252.0 $205.5 $205.5 
Fixed rate debt800.0 1,045.4 800.0 866.8 
Total debt$1,052.0 $1,297.4 $1,005.5 $1,072.3 
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
Recurring fair value measurementsMarch 31, 2022
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(0.6)$— $— $(0.6)
Cross currency swap assets— 11.7 — — 11.7 
Foreign currency contract liabilities— (1.7)— — (1.7)
Foreign currency contract assets— 1.5 — — 1.5 
Deferred compensation plan assets13.9 — — 5.1 19.0 
Total recurring fair value measurements$13.9 $10.9 $— $5.1 $29.9 
Recurring fair value measurementsDecember 31, 2021
In millionsLevel 1Level 2Level 3NAVTotal
Cross currency swap liabilities$— $(1.7)$— $— $(1.7)
Cross currency swap assets— 9.5 — — 9.5 
Foreign currency contract liabilities— (0.2)— — (0.2)
Foreign currency contract assets— 0.4 — — 0.4 
Deferred compensation plan assets 15.5 — — 5.9 21.4 
Total recurring fair value measurements$15.5 $8.0 $— $5.9 $29.4 
v3.22.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2022
Debt Disclosure [Abstract]  
Debt and Average Interest Rates on Debt Outstanding Debt and the average interest rates on debt outstanding were as follows:
In millionsAverage interest rate at March 31, 2022Maturity
Year		March 31,
2022		December 31,
2021
Revolving credit facility1.552%2026$154.5 $106.7 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate4.550%2028500.0 500.0 
Term loan facility1.697%202697.5 98.8 
Unamortized debt issuance costs and discountsN/AN/A(6.2)(6.3)
Total debt1,045.8 999.2 
Less: Current maturities and short-term borrowings
(5.0)(5.0)
Long-term debt$1,040.8 $994.2 
Debt Outstanding Matures on Calendar Year Basis Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2022 matures on a calendar year basis as follows:
 Q2-Q4       
In millions202220232024202520262027ThereafterTotal
Contractual debt obligation maturities
$3.8 $5.0 $5.6 $7.5 $230.1 $— $800.0 $1,052.0 
v3.22.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Financial Information by Reportable Segment Financial information by reportable segment is as follows:
Three months ended
In millionsMarch 31,
2022		March 31,
2021
Net sales
Enclosures$359.4 $277.0 
Electrical & Fastening Solutions187.6 147.9 
Thermal Management147.7 124.0 
Total$694.7 $548.9 
Segment income (loss)
Enclosures$50.3 $48.8 
Electrical & Fastening Solutions47.1 39.2 
Thermal Management32.4 21.0 
Other(19.6)(11.9)
Total$110.2 $97.1 
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
In millionsMarch 31,
2022		March 31,
2021
Segment income$110.2 $97.1 
Intangible amortization(17.8)(15.9)
Restructuring and other(2.0)(0.8)
Acquisition transaction and integration costs(0.3)— 
Net interest expense(7.2)(8.1)
Other expense(0.6)(0.6)
Income before income taxes$82.3 $71.7 
v3.22.1
Basis of Presentation and Responsibility for Interim Financial Statements - Separation from Pentair (Details)
 3 Months Ended
Mar. 31, 2022
segment
Accounting Policies [Abstract]  
Number of reportable segments 3
v3.22.1
Revenue - Geographic Net Sales Information by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Net sales $ 694.7 $ 548.9
U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 461.7 343.4
Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 149.0 134.7
Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 70.2 60.4
Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 13.8 10.4
Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 359.4 277.0
Enclosures | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 236.6 175.7
Enclosures | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 81.3 73.4
Enclosures | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 36.9 24.4
Enclosures | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 4.6 3.5
Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 187.6 147.9
Electrical & Fastening Solutions | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 137.9 103.9
Electrical & Fastening Solutions | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 34.7 30.8
Electrical & Fastening Solutions | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 10.9 9.0
Electrical & Fastening Solutions | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 4.1 4.2
Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 147.7 124.0
Thermal Management | U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 87.2 63.8
Thermal Management | Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 33.0 30.5
Thermal Management | Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 22.4 27.0
Thermal Management | Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales $ 5.1 $ 2.7
v3.22.1
Revenue - Vertical Sales by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Disaggregation of Revenue [Line Items]    
Net sales $ 694.7 $ 548.9
Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 359.4 277.0
Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 187.6 147.9
Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 147.7 124.0
Industrial    
Disaggregation of Revenue [Line Items]    
Net sales 301.2 238.1
Industrial | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 209.4 172.1
Industrial | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 19.2 15.4
Industrial | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 72.6 50.6
Commercial & Residential    
Disaggregation of Revenue [Line Items]    
Net sales 182.7 152.2
Commercial & Residential | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 40.3 28.6
Commercial & Residential | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 95.8 77.6
Commercial & Residential | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 46.6 46.0
Energy    
Disaggregation of Revenue [Line Items]    
Net sales 60.4 49.8
Energy | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 29.4 20.7
Energy | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 7.5 6.0
Energy | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 23.5 23.1
Infrastructure    
Disaggregation of Revenue [Line Items]    
Net sales 150.4 108.8
Infrastructure | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 80.3 55.6
Infrastructure | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 65.1 48.9
Infrastructure | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 5.0 4.3
Developed Europe (1)    
Disaggregation of Revenue [Line Items]    
Net sales 149.0 134.7
Developed Europe (1) | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 81.3 73.4
Developed Europe (1) | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 34.7 30.8
Developed Europe (1) | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 33.0 30.5
Developing Countries    
Disaggregation of Revenue [Line Items]    
Net sales 70.2 60.4
Developing Countries | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 36.9 24.4
Developing Countries | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 10.9 9.0
Developing Countries | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 22.4 27.0
Other Developed Countries    
Disaggregation of Revenue [Line Items]    
Net sales 13.8 10.4
Other Developed Countries | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 4.6 3.5
Other Developed Countries | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 4.1 4.2
Other Developed Countries | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales 5.1 2.7
U.S. and Canada    
Disaggregation of Revenue [Line Items]    
Net sales 461.7 343.4
U.S. and Canada | Enclosures    
Disaggregation of Revenue [Line Items]    
Net sales 236.6 175.7
U.S. and Canada | Electrical & Fastening Solutions    
Disaggregation of Revenue [Line Items]    
Net sales 137.9 103.9
U.S. and Canada | Thermal Management    
Disaggregation of Revenue [Line Items]    
Net sales $ 87.2 $ 63.8
v3.22.1
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Contract assets $ 53.5 $ 48.9
Contract liabilities 18.6 17.8
Net contract assets 34.9 $ 31.1
$ Change    
Contract assets 4.6  
Contract liabilities 0.8  
Net contract assets $ (3.8)  
% Change    
Contract assets 9.40%  
Contract liabilities 4.50%  
Net contract assets 12.20%  
v3.22.1
Revenue - Additional Information (Details)
 3 Months Ended
Mar. 31, 2022
USD ($)
Revenue from Contract with Customer [Abstract]  
Net contract assets (liabilities) $ 3,800,000
Impairment losses on contract assets $ 0
v3.22.1
Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
$ in Millions
Mar. 31, 2022
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 33.1
Minimum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing of satisfaction period 12 months
Maximum  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation, expected timing of satisfaction period 18 months
v3.22.1
Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 2.0 $ 0.8
Severance and related costs    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs 2.0 0.2
Other    
Restructuring Cost and Reserve [Line Items]    
Restructuring costs $ 0.0 $ 0.6
v3.22.1
Restructuring - Costs by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs $ 2.0 $ 0.8
Enclosures    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 0.2 1.0
Thermal Management    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 0.0 0.2
Electrical & Fastening Solutions    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs 0.0 0.2
Other    
Restructuring Cost and Reserve [Line Items]    
Total restructuring costs $ 1.8 $ (0.6)
v3.22.1
Restructuring - Accrual Activity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Restructuring Reserve [Roll Forward]    
Beginning balance $ 2.4 $ 6.6
Costs incurred 2.0 0.2
Cash payments and other (2.2) (3.2)
Ending balance $ 2.2 $ 3.6
v3.22.1
Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Earnings Per Share [Abstract]    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 67.8 $ 65.4
Weighted average common shares outstanding    
Basic (shares) 166.2 167.7
Dilutive impact of stock options, restricted stock units and performance share units 2.0 1.1
Diluted (shares) 168.2 168.8
Earnings per ordinary share    
Basic pro forma earnings per ordinary share (in dollars per share) $ 0.41 $ 0.39
Diluted pro forma earnings per ordinary share (in dollars per share) $ 0.40 $ 0.39
Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.2 2.0
v3.22.1
Acquisitions (Details) - USD ($)
$ in Millions
Jun. 30, 2021
Apr. 01, 2021
Mar. 31, 2022
Vynckier      
Business Acquisition [Line Items]      
Payments to acquire businesses, gross   $ 27.0  
Goodwill   13.5  
Definite-lived customer relationships   $ 6.1  
Estimated useful life of intangible asset (in years)   11 years  
CIS Global LLC      
Business Acquisition [Line Items]      
Payments to acquire businesses, gross $ 202.4    
Goodwill 83.3    
Business Acquisition, Goodwill, Expected Tax Deductible Amount     $ 30.9
CIS Global LLC | Customer relationships      
Business Acquisition [Line Items]      
Definite-lived customer relationships $ 78.0    
Estimated useful life of intangible asset (in years) 16 years    
CIS Global LLC | Developed Technology Rights      
Business Acquisition [Line Items]      
Definite-lived customer relationships $ 24.5    
CIS Global LLC | Developed Technology Rights | Maximum      
Business Acquisition [Line Items]      
Estimated useful life of intangible asset (in years) 12 years    
CIS Global LLC | Developed Technology Rights | Minimum      
Business Acquisition [Line Items]      
Estimated useful life of intangible asset (in years) 9 years    
v3.22.1
Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization $ 17.8 $ 15.9
v3.22.1
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2022
USD ($)
Goodwill [Roll Forward]  
Beginning Balance $ 2,186.7
Acquisitions/divestitures 0.0
Foreign currency translation/other (1.5)
Ending Balance 2,185.2
Enclosures  
Goodwill [Roll Forward]  
Beginning Balance 420.4
Acquisitions/divestitures 0.0
Foreign currency translation/other (2.5)
Ending Balance 417.9
Electrical & Fastening Solutions  
Goodwill [Roll Forward]  
Beginning Balance 1,052.0
Acquisitions/divestitures 0.0
Foreign currency translation/other 0.0
Ending Balance 1,052.0
Thermal Management  
Goodwill [Roll Forward]  
Beginning Balance 714.3
Acquisitions/divestitures 0.0
Foreign currency translation/other 1.0
Ending Balance $ 715.3
v3.22.1
Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Finite-Lived Intangible Assets, Net [Abstract]    
Cost $ 1,336.2 $ 1,336.2
Accumulated amortization (483.5) (465.5)
Net 852.7 870.7
Customer relationships    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 1,295.4 1,295.4
Accumulated amortization (471.1) (454.0)
Net 824.3 841.4
Proprietary technology and patents    
Finite-Lived Intangible Assets, Net [Abstract]    
Cost 40.8 40.8
Accumulated amortization (12.4) (11.5)
Net $ 28.4 $ 29.3
v3.22.1
Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Indefinite-lived Intangible Assets [Line Items]      
Amortization $ 17.8 $ 15.9  
Cost 1,609.3   $ 1,609.3
Accumulated amortization (483.5)   (465.5)
Net 1,125.8   1,143.8
Trade names      
Indefinite-lived Intangible Assets [Line Items]      
Indefinite-life intangibles $ 273.1   $ 273.1
v3.22.1
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Q2-Q4 2022 $ 53.3
2023 70.9
2024 70.2
2025 70.2
2026 70.2
2027 $ 70.2
v3.22.1
Supplemental Balance Sheet Information (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Inventories    
Raw materials and supplies $ 119.9 $ 104.5
Work-in-process 38.7 33.3
Finished goods 189.7 184.1
Total inventories 348.3 321.9
Other current assets    
Contract assets 53.5 48.9
Prepaid expenses 61.6 49.6
Prepaid income taxes 5.1 2.2
Other current assets 3.6 1.3
Total other current assets 123.8 102.0
Property, plant and equipment, net    
Land and land improvements 38.9 39.8
Buildings and leasehold improvements 181.9 184.5
Machinery and equipment 493.2 488.5
Construction in progress 25.1 25.5
Total property, plant and equipment 739.1 738.3
Accumulated depreciation and amortization 451.6 447.2
Total property, plant and equipment, net 287.5 291.1
Other non-current assets    
Deferred compensation plan assets 19.0 21.4
Lease right-of-use assets 79.1 79.1
Deferred tax assets 14.3 14.6
Other non-current assets 27.8 26.0
Total other non-current assets 140.2 141.1
Other current liabilities    
Dividends payable 30.0 30.5
Accrued rebates 57.6 88.2
Contract liabilities 18.6 17.8
Accrued taxes payable 30.7 32.4
Current lease liabilities 17.4 17.4
Other current liabilities 80.6 70.1
Total other current liabilities 234.9 256.4
Other non-current liabilities    
Income taxes payable 30.2 30.3
Deferred compensation plan liabilities 19.0 21.4
Non-current lease liabilities 66.8 66.5
Other non-current liabilities 10.5 11.0
Total other non-current liabilities $ 126.5 $ 129.2
v3.22.1
Derivatives and Financial Instruments - Additional Information (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Derivative instruments in hedges, net $ 12.9 $ 16.7
Cash flows relating to settlement of interest rate swap   9.6
Foreign Exchange Contract    
Derivative [Line Items]    
Derivative, notional amount 163.4 180.1
Currency Swap    
Derivative [Line Items]    
Derivative, notional amount 360.6 $ 369.1
Interest Rate Swap    
Derivative [Line Items]    
Derivative, notional amount $ 200.0  
v3.22.1
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Derivative [Line Items]    
Total $ 1,052.0  
Recorded Amount    
Derivative [Line Items]    
Variable rate debt 252.0 $ 205.5
Fixed rate debt 800.0 800.0
Total 1,052.0 1,005.5
Fair Value    
Derivative [Line Items]    
Variable rate debt 252.0 205.5
Fixed rate debt 1,045.4 866.8
Total $ 1,297.4 $ 1,072.3
v3.22.1
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets $ 19.0 $ 21.4
Recurring    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 19.0 21.4
Total recurring fair value measurements 29.9 29.4
Recurring | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities (0.6) (1.7)
Foreign currency contract assets 11.7 9.5
Recurring | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities (1.7) (0.2)
Foreign currency contract assets 1.5 0.4
Recurring | Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 13.9 15.5
Total recurring fair value measurements 13.9 15.5
Recurring | Level 1 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 1 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 2    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements 10.9 8.0
Recurring | Level 2 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities (0.6) (1.7)
Foreign currency contract assets 11.7 9.5
Recurring | Level 2 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities (1.7) (0.2)
Foreign currency contract assets 1.5 0.4
Recurring | Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 0.0 0.0
Total recurring fair value measurements 0.0 0.0
Recurring | Level 3 | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | Level 3 | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Deferred compensation plan assets 5.1 5.9
Total recurring fair value measurements 5.1 5.9
Recurring | NAV | Currency Swap    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets 0.0 0.0
Recurring | NAV | Foreign Exchange Contract    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Foreign currency contract liabilities 0.0 0.0
Foreign currency contract assets $ 0.0 $ 0.0
v3.22.1
Debt - Schedule of Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Long-term debt, gross $ 1,052.0  
Unamortized debt issuance costs and discounts (6.2) $ (6.3)
Total debt 1,045.8 999.2
Less: Current maturities and short-term borrowings (5.0) (5.0)
Long-term debt $ 1,040.8 994.2
Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2022 1.552%  
Senior Notes [Member] | Revolving Credit Facility [Member]    
Debt Instrument [Line Items]    
Long-term debt, gross $ 154.5 106.7
Senior Notes [Member] | Term Loan Facility    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2022 1.697%  
Long-term debt, gross $ 97.5 98.8
Senior Notes [Member] | Senior Notes, Due 2023    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2022 3.95%  
Senior Notes [Member] | Senior Notes, Due 2028    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2022 4.55%  
Long-term debt, gross $ 500.0 $ 500.0
Senior Notes [Member] | Senior Notes Two Point Seven Five Percent Due Twenty Thirty One    
Debt Instrument [Line Items]    
Average interest rate at March 31, 2022 2.75% 2.75%
Long-term debt, gross $ 300.0 $ 300.0
v3.22.1
Debt - Senior Notes (Details) - Senior Notes [Member]
Mar. 31, 2022
USD ($)
Senior Notes, Due 2023  
Debt Instrument [Line Items]  
Debt face amount $ 300,000,000
Average interest rate 3.95%
Senior Notes, Due 2028  
Debt Instrument [Line Items]  
Debt face amount $ 500,000,000
Average interest rate 4.55%
v3.22.1
Debt - Senior Credit Facilities (Details)
 1 Months Ended 3 Months Ended
Sep. 30, 2021
USD ($)
Mar. 31, 2018
Mar. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Debt Instrument [Line Items]        
Long-term Debt, Gross     $ 1,052,000,000  
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  
Senior Notes [Member] | Senior Credit Facilities | Maximum        
Debt Instrument [Line Items]        
Debt covenant, consolidated unrestricted cash     250,000,000  
Senior Notes [Member] | Term Loan Facility        
Debt Instrument [Line Items]        
Debt term 5 years 5 years    
Maximum borrowing capacity $ 300,000,000   200,000,000  
Long-term Debt, Gross     97,500,000 $ 98,800,000
Senior Notes [Member] | Revolving Credit Facility [Member]        
Debt Instrument [Line Items]        
Debt term 5 years 5 years    
Maximum borrowing capacity $ 600,000,000   600,000,000  
Line of credit increase limit $ 300,000,000      
Long-term Debt, Gross     154,500,000 $ 106,700,000
Line of credit facility, remaining borrowing capacity     $ 445,500,000  
v3.22.1
Debt - Schedule of Contracutal Debt Maturities (Details)
$ in Millions
Mar. 31, 2022
USD ($)
Debt Disclosure [Abstract]  
Q2-Q4 2019 $ 3.8
2020 5.0
2021 5.6
2022 7.5
2023 230.1
2024 0.0
Thereafter 800.0
Total $ 1,052.0
v3.22.1
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Income Tax Examination [Line Items]      
Effective income tax rate 17.60% 8.80%  
Total gross liability for unrecognized tax benefits $ 15.5   $ 15.6
Foreign Tax Authority      
Income Tax Examination [Line Items]      
Discrete tax benefit $ 5.2    
v3.22.1
Shareholders' Equity (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
May 14, 2021
Feb. 19, 2019
Jul. 23, 2018
Equity [Abstract]            
Repurchase of shares of our common stock up to a maximum aggregate value       $ 300.0 $ 380.0 $ 500.0
Stock Repurchased During Period, Shares 0.1 0.9        
Stock Repurchased During Period, Value $ (3.9) $ (20.0)        
Stock Repurchase Program, Remaining Authorized Repurchase Amount 200.0          
Dividends payable (in dollars per share)         $ 0.175  
Dividends payable $ 30.0   $ 30.5      
v3.22.1
Segment Information - Financial Information by Reportable Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting Information [Line Items]    
Net sales $ 694.7 $ 548.9
Segment income 90.1 80.4
Enclosures    
Segment Reporting Information [Line Items]    
Net sales 359.4 277.0
Segment income 50.3 48.8
Electrical & Fastening Solutions    
Segment Reporting Information [Line Items]    
Net sales 187.6 147.9
Segment income 47.1 39.2
Thermal Management    
Segment Reporting Information [Line Items]    
Net sales 147.7 124.0
Segment income 32.4 21.0
Other    
Segment Reporting Information [Line Items]    
Segment income (19.6) (11.9)
Operating Segments    
Segment Reporting Information [Line Items]    
Segment income $ 110.2 $ 97.1
v3.22.1
Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Segment income $ 90.1 $ 80.4
Intangible amortization (17.8) (15.9)
Restructuring and other (2.0) (0.8)
Net interest expense (7.2) (8.1)
Other expense (0.6) (0.6)
Income before income taxes 82.3 71.7
Operating Segments    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Segment income 110.2 97.1
Segment Reconciling Items    
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]    
Intangible amortization (17.8) (15.9)
Restructuring and other (2.0) (0.8)
Acquisition transaction and integration costs (0.3) 0.0
Net interest expense (7.2) (8.1)
Other expense $ (0.6) $ (0.6)
v3.22.1
Commitments and Contingencies (Details) - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]    
Liability for services and product warranties $ 0 $ 0
Stand-by Letters of Credit, Bank Guarantees and Bonds    
Guarantor Obligations [Line Items]    
Obligations outstanding $ 41,000,000 $ 38,200,000