NVENT ELECTRIC PLC, DEF 14A filed on 4/2/2024
Proxy Statement (definitive)
v3.24.1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name nVent Electric PLC
Entity Central Index Key 0001720635
v3.24.1
Pay vs Performance Disclosure - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay versus Performance
As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the executive compensation actually paid to our Named Executive Officers as defined by Item 402(v) and our financial performance during the years 2023, 2022, 2021, and 2020.
​
(a)
​ ​
(b)
​ ​
(c)
​ ​
(d)
​ ​
(e)
​ ​
(f)
​ ​
(g)
​ ​
(h)
​ ​
(i)
​
​
Year
​ ​
Summary
Compensation
Table Total for
PEO
($)(1)
​ ​
Compensation
Actually Paid to
PEO
($)(2)
​ ​
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)(3)
​ ​
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)(2)
​ ​
Value of Initial Fixed $100
Investment Based On:
​ ​
Net Income
(in millions)
​ ​
Adjusted
Revenue(4)
(in millions)
​
​
nVent
TSR
​ ​
Peer group
(S&P 400
Industrials TSR)
​
​
2023
​ ​ ​ ​ 8,912,856 ​ ​ ​ ​ ​ 22,465,509 ​ ​ ​ ​ ​ 2,224,486 ​ ​ ​ ​ ​ 4,914,622 ​ ​ ​ ​ $ 254 ​ ​ ​ ​ $ 174 ​ ​ ​ ​ $ 567 ​ ​ ​ ​ $ 3,002 ​ ​
​
2022
​ ​ ​ ​ 7,912,415 ​ ​ ​ ​ ​ 11,421,671 ​ ​ ​ ​ ​ 2,060,895 ​ ​ ​ ​ ​ 2,633,191 ​ ​ ​ ​ $ 163 ​ ​ ​ ​ $ 132 ​ ​ ​ ​ $ 400 ​ ​ ​ ​ $ 2,970 ​ ​
​
2021
​ ​ ​ ​ 10,651,343 ​ ​ ​ ​ ​ 18,561,232 ​ ​ ​ ​ ​ 2,350,052 ​ ​ ​ ​ ​ 4,036,554 ​ ​ ​ ​ $ 158 ​ ​ ​ ​ $ 150 ​ ​ ​ ​ $ 273 ​ ​ ​ ​ $ 2,374 ​ ​
​
2020
​ ​ ​ ​ 6,322,870 ​ ​ ​ ​ ​ 3,827,958 ​ ​ ​ ​ ​ 1,407,410 ​ ​ ​ ​ ​ 1,033,570 ​ ​ ​ ​ $ 94 ​ ​ ​ ​ $ 116 ​ ​ ​
($47)
​ ​ ​ $ 1,990 ​ ​
​
(1)
The principal executive officer (“PEO”) for all years shown in the table is Ms. Wozniak.
​
(2)
To calculate Compensation Actually Paid (CAP), the following amounts were deducted from and added to the Summary Compensation Table (SCT) total compensation:
​
PEO SCT Total to CAP Reconciliation:
​ ​ ​ ​
(a)
​ ​
(b)
​ ​
(c )
​ ​
(d)
​ ​
(e)
​ ​
(f) (ii)
​ ​
(g)
​ ​
(h) = (a)  – (b)  – (c ) +
(d) + (e ) + (f) + (g)
​
​
Year
​ ​
SCT Total
($)
​ ​
Grant Date
Fair Value
of Equity
Granted
($)
​ ​
Change in
Pension
Value
($)
​ ​
Fair Value of
Current Year
Equity Awards
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Awards Unvested
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Award That
Vested in the FY
($)(i)(ii)
​ ​
Pension
Service
Cost
($)(i)
​ ​
CAP
($)
​
​
2023
 ​ ​ ​ ​ 8,912,856 ​ ​ ​ ​ ​ 5,249,972 ​ ​ ​ ​ ​ 827,825 ​ ​ ​ ​ ​ 7,474,519 ​ ​ ​ ​ ​ 7,412,176 ​ ​ ​ ​ ​ 4,344,971 ​ ​ ​ ​ ​ 398,784 ​ ​ ​ ​ ​ 22,465,509 ​ ​
​
2022
 ​ ​ ​ ​ 7,912,415 ​ ​ ​ ​ ​ 5,000,017 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,315,713 ​ ​ ​ ​ ​ 679,593 ​ ​ ​ ​ ​ 1,220,596 ​ ​ ​ ​ ​ 293,371 ​ ​ ​ ​ ​ 11,421,671 ​ ​
​
2021
 ​ ​ ​ ​ 10,651,343 ​ ​ ​ ​ ​ 6,999,739 ​ ​ ​ ​ ​ 717,005 ​ ​ ​ ​ ​ 11,714,793 ​ ​ ​ ​ ​ 4,084,609 ​ ​ ​ ​ ​ (535,993) ​ ​ ​ ​ ​ 363,224 ​ ​ ​ ​ ​ 18,561,232 ​ ​
​
2020
 ​ ​ ​ ​ 6,322,870 ​ ​ ​ ​ ​ 4,500,018 ​ ​ ​ ​ ​ 535,164 ​ ​ ​ ​ ​ 4,016,602 ​ ​ ​ ​ ​ (403,930) ​ ​ ​ ​ ​ (1,386,014) ​ ​ ​ ​ ​ 313,612 ​ ​ ​ ​ ​ 3,827,958 ​ ​
Average Non-PEO Named Executive Officers SCT Total to CAP Reconciliation:
​ ​ ​ ​
(a)
​ ​
(b)
​ ​
(c )
​ ​
(d)
​ ​
(e )
​ ​
(f) (ii)
​ ​
(g)
​ ​
(h) = (a)  – (b)  – (c ) +
(d) + (e ) + (f) + (g)
​
​
Year
​ ​
SCT Total
($)
​ ​
Grant Date
Fair Value
of Equity
Granted
($)
​ ​
Change in
Pension
Value
($)
​ ​
Fair Value of
Current Year
Equity Awards
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Awards Unvested
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Award That
Vested in the FY
($)(i)(ii)
​ ​
Pension
Service
Cost
($)(i)
​ ​
CAP
($)
​
​
2023
 ​ ​ ​ ​ 2,224,486 ​ ​ ​ ​ ​ 1,049,974 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,494,877 ​ ​ ​ ​ ​ 1,349,447 ​ ​ ​ ​ ​ 895,786 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,914,622 ​ ​
​
2022
 ​ ​ ​ ​ 2,060,895 ​ ​ ​ ​ ​ 925,011 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,168,415 ​ ​ ​ ​ ​ 119,532 ​ ​ ​ ​ ​ 209,360 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,633,191 ​ ​
​
2021
 ​ ​ ​ ​ 2,350,052 ​ ​ ​ ​ ​ 1,249,938 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,087,414 ​ ​ ​ ​ ​ 793,865 ​ ​ ​ ​ ​ 55,161 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,036,554 ​ ​
​
2020
 ​ ​ ​ ​ 1,407,410 ​ ​ ​ ​ ​ 837,508 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 747,538 ​ ​ ​ ​ ​ (91,638) ​ ​ ​ ​ ​ (192,232) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,033,570 ​ ​
​
(i)
Reflects the fair value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown, and the service cost for our PEO as defined in FASB ASC Topic 715. The valuation assumptions used to calculate the fair values did not differ materially from those disclosed at the time of grant. The Change in Value of Prior Years’ Awards Unvested at 12/31 for 2022 has changed from last year’s proxy disclosure by less than $4,000 due to the inclusion of an inadvertently omitted equity award.
​
(ii)
Includes the value of accrued Dividend Equivalent Units that were paid in cash at the time of vesting.
​
(3)
The non-PEO Named Executive Officers reflected in columns (d) and (e) represent the following individuals for 2023 and 2022: Ms. Zawoyski, Mr. Ruzynski, Mr. Lammers and Mr. Padmanabhan, and for 2021 and 2020: Ms. Zawoyski, Mr. Ruzynski, Mr. Lammers, and Ms. Heath.
​
(4)
The total in column (i) reflects the actual results for adjusted revenue as reflected under “Annual Incentives” beginning on page 40. Adjustments to revenue for factors specified in MIP for 2023 included foreign exchange impact ($9 million) and revenue contributed from acquisitions ($253 million). Please see Appendix A for reconciliation of GAAP to non-GAAP financial measures included in this section.
​
      
Company Selected Measure Name Adjusted Revenue      
Named Executive Officers, Footnote
(1)
The principal executive officer (“PEO”) for all years shown in the table is Ms. Wozniak.
(3)
The non-PEO Named Executive Officers reflected in columns (d) and (e) represent the following individuals for 2023 and 2022: Ms. Zawoyski, Mr. Ruzynski, Mr. Lammers and Mr. Padmanabhan, and for 2021 and 2020: Ms. Zawoyski, Mr. Ruzynski, Mr. Lammers, and Ms. Heath.
     
PEO Total Compensation Amount $ 8,912,856 $ 7,912,415 $ 10,651,343 $ 6,322,870
PEO Actually Paid Compensation Amount $ 22,465,509 11,421,671 18,561,232 3,827,958
Adjustment To PEO Compensation, Footnote
(2)
To calculate Compensation Actually Paid (CAP), the following amounts were deducted from and added to the Summary Compensation Table (SCT) total compensation:
​
PEO SCT Total to CAP Reconciliation:
​ ​ ​ ​
(a)
​ ​
(b)
​ ​
(c )
​ ​
(d)
​ ​
(e)
​ ​
(f) (ii)
​ ​
(g)
​ ​
(h) = (a)  – (b)  – (c ) +
(d) + (e ) + (f) + (g)
​
​
Year
​ ​
SCT Total
($)
​ ​
Grant Date
Fair Value
of Equity
Granted
($)
​ ​
Change in
Pension
Value
($)
​ ​
Fair Value of
Current Year
Equity Awards
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Awards Unvested
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Award That
Vested in the FY
($)(i)(ii)
​ ​
Pension
Service
Cost
($)(i)
​ ​
CAP
($)
​
​
2023
 ​ ​ ​ ​ 8,912,856 ​ ​ ​ ​ ​ 5,249,972 ​ ​ ​ ​ ​ 827,825 ​ ​ ​ ​ ​ 7,474,519 ​ ​ ​ ​ ​ 7,412,176 ​ ​ ​ ​ ​ 4,344,971 ​ ​ ​ ​ ​ 398,784 ​ ​ ​ ​ ​ 22,465,509 ​ ​
​
2022
 ​ ​ ​ ​ 7,912,415 ​ ​ ​ ​ ​ 5,000,017 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 6,315,713 ​ ​ ​ ​ ​ 679,593 ​ ​ ​ ​ ​ 1,220,596 ​ ​ ​ ​ ​ 293,371 ​ ​ ​ ​ ​ 11,421,671 ​ ​
​
2021
 ​ ​ ​ ​ 10,651,343 ​ ​ ​ ​ ​ 6,999,739 ​ ​ ​ ​ ​ 717,005 ​ ​ ​ ​ ​ 11,714,793 ​ ​ ​ ​ ​ 4,084,609 ​ ​ ​ ​ ​ (535,993) ​ ​ ​ ​ ​ 363,224 ​ ​ ​ ​ ​ 18,561,232 ​ ​
​
2020
 ​ ​ ​ ​ 6,322,870 ​ ​ ​ ​ ​ 4,500,018 ​ ​ ​ ​ ​ 535,164 ​ ​ ​ ​ ​ 4,016,602 ​ ​ ​ ​ ​ (403,930) ​ ​ ​ ​ ​ (1,386,014) ​ ​ ​ ​ ​ 313,612 ​ ​ ​ ​ ​ 3,827,958 ​ ​
(i)
Reflects the fair value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown, and the service cost for our PEO as defined in FASB ASC Topic 715. The valuation assumptions used to calculate the fair values did not differ materially from those disclosed at the time of grant. The Change in Value of Prior Years’ Awards Unvested at 12/31 for 2022 has changed from last year’s proxy disclosure by less than $4,000 due to the inclusion of an inadvertently omitted equity award.
​
(ii)
Includes the value of accrued Dividend Equivalent Units that were paid in cash at the time of vesting.
     
Non-PEO NEO Average Total Compensation Amount $ 2,224,486 2,060,895 2,350,052 1,407,410
Non-PEO NEO Average Compensation Actually Paid Amount $ 4,914,622 2,633,191 4,036,554 1,033,570
Adjustment to Non-PEO NEO Compensation Footnote
(2)
To calculate Compensation Actually Paid (CAP), the following amounts were deducted from and added to the Summary Compensation Table (SCT) total compensation:
Average Non-PEO Named Executive Officers SCT Total to CAP Reconciliation:
​ ​ ​ ​
(a)
​ ​
(b)
​ ​
(c )
​ ​
(d)
​ ​
(e )
​ ​
(f) (ii)
​ ​
(g)
​ ​
(h) = (a)  – (b)  – (c ) +
(d) + (e ) + (f) + (g)
​
​
Year
​ ​
SCT Total
($)
​ ​
Grant Date
Fair Value
of Equity
Granted
($)
​ ​
Change in
Pension
Value
($)
​ ​
Fair Value of
Current Year
Equity Awards
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Awards Unvested
at 12/31
($)(i)
​ ​
Change in Value
of Prior Years’
Award That
Vested in the FY
($)(i)(ii)
​ ​
Pension
Service
Cost
($)(i)
​ ​
CAP
($)
​
​
2023
 ​ ​ ​ ​ 2,224,486 ​ ​ ​ ​ ​ 1,049,974 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,494,877 ​ ​ ​ ​ ​ 1,349,447 ​ ​ ​ ​ ​ 895,786 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,914,622 ​ ​
​
2022
 ​ ​ ​ ​ 2,060,895 ​ ​ ​ ​ ​ 925,011 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,168,415 ​ ​ ​ ​ ​ 119,532 ​ ​ ​ ​ ​ 209,360 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,633,191 ​ ​
​
2021
 ​ ​ ​ ​ 2,350,052 ​ ​ ​ ​ ​ 1,249,938 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 2,087,414 ​ ​ ​ ​ ​ 793,865 ​ ​ ​ ​ ​ 55,161 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 4,036,554 ​ ​
​
2020
 ​ ​ ​ ​ 1,407,410 ​ ​ ​ ​ ​ 837,508 ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 747,538 ​ ​ ​ ​ ​ (91,638) ​ ​ ​ ​ ​ (192,232) ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ 1,033,570 ​ ​
​
(i)
Reflects the fair value of equity calculated in accordance with the SEC methodology for determining CAP for each year shown, and the service cost for our PEO as defined in FASB ASC Topic 715. The valuation assumptions used to calculate the fair values did not differ materially from those disclosed at the time of grant. The Change in Value of Prior Years’ Awards Unvested at 12/31 for 2022 has changed from last year’s proxy disclosure by less than $4,000 due to the inclusion of an inadvertently omitted equity award.
​
(ii)
Includes the value of accrued Dividend Equivalent Units that were paid in cash at the time of vesting.
     
Compensation Actually Paid vs. Total Shareholder Return
1. Compensation Actually Paid (“CAP”) versus TSR for Company and Peer Group
​
[MISSING IMAGE: bc_tsr-pn.jpg]
​ ​
From 2020 to 2023, we delivered strong TSR performance relative to the TSR of the S&P 400 Industrials.
Our 4-year cumulative TSR is 46% above the S&P 400 industrials index at the end of the 4-year period.
The PEO’s and other NEOs’ CAP amounts are aligned with our TSR. This is due primarily to our use of equity incentives, which are tied directly to stock price in addition to the company’s financial performance.
Additional information about our annual and long-term incentive programs begins on page 40.
​
     
Compensation Actually Paid vs. Net Income
2. CAP versus Net Income
​
[MISSING IMAGE: bc_netincome-pn.jpg]
​ ​
As illustrated in the chart, our net income significantly increased between 2020-2023. While the Company does not use net income to determine compensation levels or incentive plan payouts, it is a contributor to Adjusted EPS which is a key metric in our annual incentive program.
Additional information about our annual and long-term incentive programs begins on page 40.
​
     
Compensation Actually Paid vs. Company Selected Measure
3. CAP versus Company-Selected Measure (“CSM”): Adjusted Revenue
​
[MISSING IMAGE: bc_revenue-pn.jpg]
​ ​
Our Adjusted Revenue* was up 51% from 2020. Adjusted Revenue is a key metric in our annual incentive program which comprised 17% of the 2023 target total direct compensation for our PEO, and 22% on average for Non-PEO NEOs. Additional details on our annual incentive program can be found beginning on page 40.
*
Please see Appendix A for reconciliation of GAAP to non-GAAP financial measures included in this section.
​
 ​
     
Total Shareholder Return Vs Peer Group
1. Compensation Actually Paid (“CAP”) versus TSR for Company and Peer Group
​
[MISSING IMAGE: bc_tsr-pn.jpg]
​ ​
From 2020 to 2023, we delivered strong TSR performance relative to the TSR of the S&P 400 Industrials.
Our 4-year cumulative TSR is 46% above the S&P 400 industrials index at the end of the 4-year period.
The PEO’s and other NEOs’ CAP amounts are aligned with our TSR. This is due primarily to our use of equity incentives, which are tied directly to stock price in addition to the company’s financial performance.
Additional information about our annual and long-term incentive programs begins on page 40.
​
     
Tabular List, Table
The four items listed below represent the most important metrics we used to determine CAP for 2023 as further described above under the sections titled “Annual Incentives” and “Long-Term Incentives.”
​
Most Important Performance
Measures
​
​ Adjusted Revenue ​
​ Adjusted Earnings Per Share ​
​ Free Cash Flow ​
​ Relative Total Shareholder Return ​
     
Total Shareholder Return Amount $ 254 163 158 94
Peer Group Total Shareholder Return Amount 174 132 150 116
Net Income (Loss) $ 567,000,000 $ 400,000,000 $ 273,000,000 $ (47,000,000)
Company Selected Measure Amount 3,002,000,000 2,970,000,000 2,374,000,000 1,990,000,000
PEO Name Ms. Wozniak      
Adjustments To Revenue Included Foreign Exchange Impact $ 9,000,000      
Revenue Contributed From Acquisitions $ 253,000,000      
Measure:: 1        
Pay vs Performance Disclosure        
Name Adjusted Revenue      
Non-GAAP Measure Description
(4)
The total in column (i) reflects the actual results for adjusted revenue as reflected under “Annual Incentives” beginning on page 40. Adjustments to revenue for factors specified in MIP for 2023 included foreign exchange impact ($9 million) and revenue contributed from acquisitions ($253 million). Please see Appendix A for reconciliation of GAAP to non-GAAP financial measures included in this section.
     
Measure:: 2        
Pay vs Performance Disclosure        
Name Adjusted Earnings Per Share      
Measure:: 3        
Pay vs Performance Disclosure        
Name Free Cash Flow      
Measure:: 4        
Pay vs Performance Disclosure        
Name Relative Total Shareholder Return      
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (5,249,972) $ (5,000,017) $ (6,999,739) $ (4,500,018)
PEO | Pension Adjustments Pension Value In Summary Compensation Table [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (827,825) (717,005) (535,164)
PEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,474,519 6,315,713 11,714,793 4,016,602
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 7,412,176 679,593 4,084,609 (403,930)
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 4,344,971 1,220,596 (535,993) (1,386,014)
PEO | Pension Adjustments Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 398,784 293,371 363,224 313,612
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,049,974) (925,011) (1,249,938) (837,508)
Non-PEO NEO | Pension Adjustments Pension Value In Summary Compensation Table [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Current Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,494,877 1,168,415 2,087,414 747,538
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 1,349,447 119,532 793,865 (91,638)
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 895,786 209,360 55,161 (192,232)
Non-PEO NEO | Pension Adjustments Service Cost [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount