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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended September 30, 2023
OR | | | | | |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commission file number 001-38265 (Exact name of Registrant as specified in its charter) | | | | | | | | | | | | | | |
Ireland | | 98-1391970 |
(State or other jurisdiction of incorporation or organization) | | (I.R.S. Employer Identification number) |
The Mille, 1000 Great West Road, 8th Floor (East), London, TW8 9DW, United Kingdom | | | | | | | | | | | | | | |
(Address of principal executive offices) |
Registrant's telephone number, including area code: 44-20-3966-0279
Securities registered pursuant to Section 12(b) of the Act: | | | | | | | | |
Title of each class | Trading symbol | Name of each exchange on which registered |
Ordinary Shares, nominal value $0.01 per share | NVT | New York Stock Exchange |
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☑ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
On September 30, 2023, 165,911,804 shares of Registrant's common stock were outstanding.
nVent Electric plc
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PART I FINANCIAL INFORMATION | |
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ITEM 1. | | |
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ITEM 2. | | |
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ITEM 3. | | |
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ITEM 4. | | |
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PART II OTHER INFORMATION | |
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ITEM 1. | | |
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ITEM 1A. | | |
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ITEM 2. | | |
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ITEM 5. | | |
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ITEM 6. | | |
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PART I FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
nVent Electric plc
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited) | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions, except per-share data | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Net sales | $ | 858.8 | | $ | 745.2 | | | $ | 2,402.4 | | $ | 2,167.4 | |
Cost of goods sold | 505.6 | | 455.2 | | | 1,414.1 | | 1,362.3 | |
Gross profit | 353.2 | | 290.0 | | | 988.3 | | 805.1 | |
Selling, general and administrative | 178.7 | | 154.8 | | | 508.8 | | 445.3 | |
Research and development | 18.3 | | 14.7 | | | 52.5 | | 44.5 | |
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Operating income | 156.2 | | 120.5 | | | 427.0 | | 315.3 | |
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Net interest expense | 25.5 | | 8.1 | | | 55.0 | | 22.8 | |
Gain on sale of investment | — | | — | | | (10.2) | | — | |
Other expense | 1.4 | | 0.5 | | | 3.7 | | 2.3 | |
Income before income taxes | 129.3 | | 111.9 | | | 378.5 | | 290.2 | |
Provision for income taxes | 23.8 | | 18.5 | | | 66.3 | | 49.1 | |
Net income | $ | 105.5 | | $ | 93.4 | | | $ | 312.2 | | $ | 241.1 | |
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Comprehensive income, net of tax | | | | | |
Net income | $ | 105.5 | | $ | 93.4 | | | $ | 312.2 | | $ | 241.1 | |
Changes in cumulative translation adjustment | (14.9) | | (13.7) | | | (11.1) | | (19.7) | |
Changes in market value of derivative financial instruments, net of tax | (1.1) | | 6.7 | | | (6.0) | | 6.5 | |
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Comprehensive income | $ | 89.5 | | $ | 86.4 | | | $ | 295.1 | | $ | 227.9 | |
Earnings per ordinary share | | | | | |
Basic | $ | 0.64 | | $ | 0.56 | | | $ | 1.89 | | $ | 1.45 | |
Diluted | $ | 0.63 | | $ | 0.55 | | | $ | 1.86 | | $ | 1.43 | |
Weighted average ordinary shares outstanding | | | | | |
Basic | 165.8 | | 166.5 | | | 165.6 | | 166.4 | |
Diluted | 168.6 | | 168.3 | | | 168.2 | | 168.2 | |
Cash dividends paid per ordinary share | $ | 0.175 | | $ | 0.175 | | | $ | 0.525 | | $ | 0.525 | |
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See accompanying notes to condensed consolidated financial statements.
nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited) | | | | | | | | |
| September 30, 2023 | December 31, 2022 |
In millions, except per-share data |
Assets |
Current assets | | |
Cash and cash equivalents | $ | 113.3 | | $ | 297.5 | |
Accounts and notes receivable, net of allowances of $15.5 and $9.9, respectively | 590.9 | | 472.5 | |
Inventories | 464.9 | | 346.7 | |
Other current assets | 130.8 | | 112.5 | |
Total current assets | 1,299.9 | | 1,229.2 | |
Property, plant and equipment, net | 371.9 | | 289.2 | |
Other assets | | |
Goodwill | 2,559.8 | | 2,178.1 | |
Intangibles, net | 1,538.4 | | 1,066.1 | |
Other non-current assets | 155.7 | | 139.6 | |
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Total other assets | 4,253.9 | | 3,383.8 | |
Total assets | $ | 5,925.7 | | $ | 4,902.2 | |
Liabilities and Equity |
Current liabilities | | |
Current maturities of long-term debt and short-term borrowings | $ | 30.0 | | $ | 15.0 | |
Accounts payable | 243.4 | | 252.1 | |
Employee compensation and benefits | 114.7 | | 109.3 | |
Other current liabilities | 271.3 | | 273.1 | |
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Total current liabilities | 659.4 | | 649.5 | |
Other liabilities | | |
Long-term debt | 1,831.5 | | 1,068.2 | |
Pension and other post-retirement compensation and benefits | 132.1 | | 128.5 | |
Deferred tax liabilities | 218.0 | | 199.6 | |
Other non-current liabilities | 139.6 | | 124.7 | |
Total liabilities | 2,980.6 | | 2,170.5 | |
Equity | | |
| | |
Ordinary shares $0.01 par value, 400.0 million authorized, 165.9 million and 165.3 million issued at September 30, 2023 and December 31, 2022, respectively | 1.7 | | 1.7 | |
Additional paid-in capital | 2,378.2 | | 2,372.3 | |
Retained earnings | 681.9 | | 457.3 | |
Accumulated other comprehensive loss | (116.7) | | (99.6) | |
Total equity | 2,945.1 | | 2,731.7 | |
Total liabilities and equity | $ | 5,925.7 | | $ | 4,902.2 | |
See accompanying notes to condensed consolidated financial statements.
nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited) | | | | | | | | |
| Nine months ended |
In millions | September 30, 2023 | September 30, 2022 |
Operating activities | | |
Net income | $ | 312.2 | | $ | 241.1 | |
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Adjustments to reconcile net income to net cash provided by (used for) operating activities | | |
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Depreciation | 36.1 | | 32.8 | |
Amortization | 64.5 | | 53.1 | |
Deferred income taxes | (3.7) | | 0.1 | |
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Share-based compensation | 17.5 | | 17.8 | |
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Gain on sale of property and equipment | (1.1) | | — | |
Gain on sale of investment | (10.2) | | — | |
Amortization of bridge financing debt issuance costs | 3.6 | | — | |
Changes in assets and liabilities, net of effects of business acquisitions | | |
Accounts and notes receivable | (30.5) | | (76.9) | |
Inventories | (10.8) | | (71.6) | |
Other current assets | (30.0) | | (21.3) | |
Accounts payable | (27.7) | | 12.7 | |
Employee compensation and benefits | (4.5) | | (5.6) | |
Other current liabilities | (20.9) | | 18.7 | |
Other non-current assets and liabilities | (2.9) | | (1.1) | |
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Net cash provided by (used for) operating activities | 291.6 | | 199.8 | |
Investing activities | | |
Capital expenditures | (48.9) | | (30.8) | |
Proceeds from sale of property and equipment | 7.3 | | 2.0 | |
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Proceeds from sale of investment | 14.1 | | — | |
Settlement of net investment hedge | 3.1 | | — | |
Acquisitions, net of cash acquired | (1,119.7) | | (8.6) | |
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Net cash provided by (used for) investing activities | (1,144.1) | | (37.4) | |
Financing activities | | |
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Net payments of revolving long-term debt | — | | (106.7) | |
Proceeds from long-term debt | 800.0 | | 200.0 | |
Repayments of long-term debt | (20.0) | | (6.2) | |
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Settlement of cash flow hedge | 4.5 | | 10.0 | |
Debt issuance costs | (11.2) | | — | |
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Dividends paid | (87.6) | | (87.7) | |
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Shares issued to employees, net of shares withheld | 1.6 | | 0.3 | |
Repurchases of ordinary shares | (15.2) | | (8.5) | |
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Net cash provided by (used for) financing activities | 672.1 | | 1.2 | |
Effect of exchange rate changes on cash and cash equivalents | (3.8) | | (19.1) | |
Change in cash and cash equivalents | (184.2) | | 144.5 | |
Cash and cash equivalents, beginning of period | 297.5 | | 49.5 | |
Cash and cash equivalents, end of period | $ | 113.3 | | $ | 194.0 | |
See accompanying notes to condensed consolidated financial statements.
nVent Electric plc
Condensed Consolidated Statements of Changes in Equity (Unaudited)
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In millions | Ordinary shares | | | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total |
Number | Amount | | |
December 31, 2022 | 165.3 | | $ | 1.7 | | | | | $ | 2,372.3 | | $ | 457.3 | | $ | (99.6) | | $ | 2,731.7 | |
Net income | — | | — | | | | | — | | 93.8 | | — | | 93.8 | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | 3.6 | | 3.6 | |
Dividends declared | — | | — | | | | | — | | (29.3) | | — | | (29.3) | |
Share repurchases | (0.3) | | — | | | | | (13.2) | | — | | — | | (13.2) | |
Exercise of options, net of shares tendered for payment | 0.2 | | — | | | | | 5.1 | | — | | — | | 5.1 | |
Issuance of restricted shares, net of cancellations | 0.7 | | — | | | | | — | | — | | — | | — | |
Shares surrendered by employees to pay taxes | (0.2) | | — | | | | | (7.5) | | — | | — | | (7.5) | |
Share-based compensation | — | | — | | | | | 5.7 | | — | | — | | 5.7 | |
March 31, 2023 | 165.7 | | $ | 1.7 | | | | | $ | 2,362.4 | | $ | 521.8 | | $ | (96.0) | | $ | 2,789.9 | |
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Net income | — | | — | | | | | — | | 112.9 | | — | | 112.9 | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | (4.7) | | (4.7) | |
Dividends declared | — | | — | | | | | — | | (29.2) | | — | | (29.2) | |
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Exercise of options, net of shares tendered for payment | 0.1 | | — | | | | | 1.8 | | — | | — | | 1.8 | |
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Shares surrendered by employees to pay taxes | — | | — | | | | | (0.7) | | — | | — | | (0.7) | |
Share-based compensation | — | | — | | | | | 5.7 | | — | | — | | 5.7 | |
June 30, 2023 | 165.8 | | $ | 1.7 | | | | | $ | 2,369.2 | | $ | 605.5 | | $ | (100.7) | | $ | 2,875.7 | |
Net income | — | | — | | | | | — | | 105.5 | | — | | 105.5 | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | (16.0) | | (16.0) | |
Dividends declared | — | | — | | | | | — | | (29.1) | | — | | (29.1) | |
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Exercise of options, net of shares tendered for payment | 0.1 | | — | | | | | 3.1 | | — | | — | | 3.1 | |
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Shares surrendered by employees to pay taxes | — | | — | | | | | (0.2) | | — | | — | | (0.2) | |
Share-based compensation | — | | — | | | | | 6.1 | | — | | — | | 6.1 | |
September 30, 2023 | 165.9 | | $ | 1.7 | | | | | $ | 2,378.2 | | $ | 681.9 | | $ | (116.7) | | $ | 2,945.1 | |
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In millions | Ordinary shares | | | Additional paid-in capital | Retained earnings | Accumulated other comprehensive loss | Total | | |
Number | Amount | | | | |
December 31, 2021 | 166.1 | | $ | 1.7 | | | | | $ | 2,403.1 | | $ | 174.5 | | $ | (83.2) | | $ | 2,496.1 | | | |
Net income | — | | — | | | | | — | | 67.8 | | — | | 67.8 | | | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | (0.7) | | (0.7) | | | |
Dividends declared | — | | — | | | | | — | | (29.0) | | — | | (29.0) | | | |
Share repurchases | (0.1) | | — | | | | | (3.9) | | — | | — | | (3.9) | | | |
Exercise of options, net of shares tendered for payment | — | | — | | | | | 1.4 | | — | | — | | 1.4 | | | |
Issuance of restricted shares, net of cancellations | 0.4 | | — | | | | | — | | — | | — | | — | | | |
Shares surrendered by employees to pay taxes | (0.1) | | — | | | | | (4.4) | | — | | — | | (4.4) | | | |
Share-based compensation | — | | — | | | | | 6.6 | | — | | — | | 6.6 | | | |
March 31, 2022 | 166.3 | | $ | 1.7 | | | | | $ | 2,402.8 | | $ | 213.3 | | $ | (83.9) | | $ | 2,533.9 | | | |
Net income | — | | — | | | | | — | | 79.9 | | — | | 79.9 | | | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | (5.5) | | (5.5) | | | |
Dividends declared | — | | — | | | | | — | | (29.3) | | — | | (29.3) | | | |
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Exercise of options, net of shares tendered for payment | 0.1 | | — | | | | | 2.0 | | — | | — | | 2.0 | | | |
Issuance of restricted shares, net of cancellations | 0.1 | | — | | | | | — | | — | | — | | — | | | |
Shares surrendered by employees to pay taxes | — | | — | | | | | (0.3) | | — | | — | | (0.3) | | | |
Share-based compensation | — | | — | | | | | 5.3 | | — | | — | | 5.3 | | | |
June 30, 2022 | 166.5 | | $ | 1.7 | | | | | $ | 2,409.8 | | $ | 263.9 | | $ | (89.4) | | $ | 2,586.0 | | | |
Net income | — | | — | | | | | — | | 93.4 | | — | | 93.4 | | | |
Other comprehensive income (loss), net of tax | — | | — | | | | | — | | — | | (7.0) | | (7.0) | | | |
Dividends declared | — | | — | | | | | — | | (29.4) | | — | | (29.4) | | | |
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Exercise of options, net of shares tendered for payment | 0.1 | | — | | | | | 2.0 | | — | | — | | 2.0 | | | |
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Shares surrendered by employees to pay taxes | — | | — | | | | | (0.3) | | — | | — | | (0.3) | | | |
Share-based compensation | — | | — | | | | | 5.9 | | — | | — | | 5.9 | | | |
September 30, 2022 | 166.6 | | $ | 1.7 | | | | | $ | 2,417.4 | | $ | 327.9 | | $ | (96.4) | | $ | 2,650.6 | | | |
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See accompanying notes to condensed consolidated financial statements.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
1.Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
2.Revenue
Disaggregation of revenue
We disaggregate our revenue by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Geographic net sales information, based on geographic destination of the sale, was as follows:
| | | | | | | | | | | | | | |
| Three months ended September 30, 2023 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
U.S. and Canada | $ | 284.1 | | $ | 250.2 | | $ | 95.5 | | $ | 629.8 | |
Developed Europe (1) | 87.3 | | 34.1 | | 28.2 | | 149.6 | |
Developing (2) | 37.6 | | 13.1 | | 16.7 | | 67.4 | |
Other Developed (3) | 3.7 | | 4.9 | | 3.4 | | 12.0 | |
Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | |
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| Nine months ended September 30, 2023 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
U.S. and Canada | $ | 830.0 | | $ | 615.7 | | $ | 271.6 | | $ | 1,717.3 | |
Developed Europe (1) | 252.6 | | 108.2 | | 85.0 | | 445.8 | |
Developing (2) | 108.8 | | 36.2 | | 54.9 | | 199.9 | |
Other Developed (3) | 12.3 | | 14.6 | | 12.5 | | 39.4 | |
Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
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| Three months ended September 30, 2022 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
U.S. and Canada | $ | 275.4 | | $ | 158.5 | | $ | 93.9 | | $ | 527.8 | |
Developed Europe (1) | 76.3 | | 33.4 | | 29.2 | | 138.9 | |
Developing (2) | 31.9 | | 12.4 | | 20.9 | | 65.2 | |
Other Developed (3) | 4.1 | | 4.9 | | 4.3 | | 13.3 | |
Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | |
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| Nine months ended September 30, 2022 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
U.S. and Canada | $ | 764.2 | | $ | 448.4 | | $ | 268.8 | | $ | 1,481.4 | |
Developed Europe (1) | 238.7 | | 101.8 | | 92.9 | | 433.4 | |
Developing (2) | 111.8 | | 33.2 | | 66.8 | | 211.8 | |
Other Developed (3) | 13.2 | | 14.3 | | 13.3 | | 40.8 | |
Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
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(1) Developed Europe includes Western Europe and Eastern Europe included in European Union. |
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia. |
(3) Other Developed includes Australia and Japan. |
Vertical net sales information was as follows: | | | | | | | | | | | | | | |
| Three months ended September 30, 2023 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
Industrial | $ | 224.6 | | $ | 37.6 | | $ | 70.1 | | $ | 332.3 | |
Commercial & Residential | 65.0 | | 169.2 | | 45.7 | | 279.9 | |
Infrastructure | 116.6 | | 83.0 | | 6.1 | | 205.7 | |
Energy | 6.5 | | 12.5 | | 21.9 | | 40.9 | |
Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | |
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| Nine months ended September 30, 2023 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
Industrial | $ | 665.8 | | $ | 87.9 | | $ | 203.4 | | $ | 957.1 | |
Commercial & Residential | 182.3 | | 408.8 | | 131.1 | | 722.2 | |
Infrastructure | 336.4 | | 246.0 | | 18.9 | | 601.3 | |
Energy | 19.2 | | 32.0 | | 70.6 | | 121.8 | |
Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
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| Three months ended September 30, 2022 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
Industrial | $ | 211.3 | | $ | 20.8 | | $ | 70.3 | | $ | 302.4 | |
Commercial & Residential | 56.9 | | 104.7 | | 50.6 | | 212.2 | |
Infrastructure | 112.6 | | 74.8 | | 6.8 | | 194.2 | |
Energy | 6.9 | | 8.9 | | 20.6 | | 36.4 | |
Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | |
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| Nine months ended September 30, 2022 |
In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total |
Industrial | $ | 624.5 | | $ | 59.7 | | $ | 211.8 | | $ | 896.0 | |
Commercial & Residential | 169.6 | | 303.8 | | 145.8 | | 619.2 | |
Infrastructure | 314.2 | | 209.7 | | 17.6 | | 541.5 | |
Energy | 19.6 | | 24.5 | | 66.6 | | 110.7 | |
Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.
Contract balances
Contract assets and liabilities consisted of the following: | | | | | | | | | | | | | | |
In millions | September 30, 2023 | December 31, 2022 | $ Change | % Change |
Contract assets | $ | 44.2 | | $ | 45.6 | | $ | (1.4) | | (3.1 | %) |
Contract liabilities | 18.7 | | 22.7 | | (4.0) | | (17.6 | %) |
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Net contract assets | $ | 25.5 | | $ | 22.9 | | $ | 2.6 | | 11.4 | % |
The $2.6 million increase in net contract assets from December 31, 2022 to September 30, 2023 was primarily the result of the timing of milestone payments. The majority of our contract liabilities at December 31, 2022 were recognized in revenue during the nine months ended September 30, 2023. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2023 and 2022.
Remaining performance obligations
We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On September 30, 2023, we had $18.0 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
3.Restructuring
During the nine months ended September 30, 2023 and the year ended December 31, 2022, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Severance and related costs | $ | 3.2 | | $ | 0.4 | | | $ | 6.5 | | $ | 4.1 | |
Other | 2.2 | | 0.1 | | | 5.4 | | 0.7 | |
Total restructuring costs | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment were as follows: | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Enclosures | $ | 0.4 | | $ | 0.3 | | | $ | 1.0 | | $ | 2.6 | |
Electrical & Fastening Solutions | 0.1 | | — | | | 0.9 | | — | |
Thermal Management | 4.7 | | 0.1 | | | 9.4 | | 0.2 | |
Other | 0.2 | | 0.1 | | | 0.6 | | 2.0 | |
Total | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows: | | | | | | | | |
| Nine months ended |
In millions | September 30, 2023 | September 30, 2022 |
Beginning balance | $ | 2.4 | | $ | 2.4 | |
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Costs incurred | 6.5 | | 4.1 | |
Cash payments and other | (4.4) | | (4.9) | |
Ending balance | $ | 4.5 | | $ | 1.6 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
4.Earnings Per Share
Basic and diluted earnings per share were calculated as follows: | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions, except per-share data | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Net income | $ | 105.5 | | $ | 93.4 | | | $ | 312.2 | | $ | 241.1 | |
Weighted average ordinary shares outstanding | | | | | |
Basic | 165.8 | | 166.5 | | | 165.6 | | 166.4 | |
Dilutive impact of stock options, restricted stock units and performance share units | 2.8 | | 1.8 | | | 2.6 | | 1.8 | |
Diluted | 168.6 | | 168.3 | | | 168.2 | | 168.2 | |
Earnings per ordinary share | | | | | |
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Basic earnings per ordinary share | $ | 0.64 | | $ | 0.56 | | | $ | 1.89 | | $ | 1.45 | |
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Diluted earnings per ordinary share | $ | 0.63 | | $ | 0.55 | | | $ | 1.86 | | $ | 1.43 | |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.4 | | 0.7 | | | 0.3 | | 0.5 | |
5.Acquisitions
On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 9 below).
The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to the impacts associated with income taxes and other accruals. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.
The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported and revised as of September 30, 2023:
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In millions | As Originally Reported | As Revised |
Cash | $ | 45.7 | | $ | 45.7 | |
Accounts receivable | 78.1 | | 78.1 | |
Inventories | 107.8 | | 104.0 | |
Other current assets | 4.9 | | 4.9 | |
Property, plant and equipment | 81.1 | | 75.9 | |
Identifiable intangible assets | 519.8 | | 524.0 | |
Goodwill | 361.5 | | 371.7 | |
Other assets | 16.6 | | 16.7 | |
Current liabilities | (51.5) | | (51.4) | |
Other liabilities | (26.5) | | (35.9) | |
Purchase price | $ | 1,137.5 | | $ | 1,133.7 | |
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $371.7 million, substantially all of which is expected to be deductible for income tax purposes.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Identifiable intangible assets acquired included $113.7 million of trade name intangible assets, a majority of which are indefinite-lived, $381.7 million of definite-lived customer relationships with an estimated useful life of 20 years, and $22.0 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
ECM Industries net sales and operating income for the three months ended September 30, 2023 were $98.4 million and $10.5 million, respectively. ECM Industries net sales and operating income for the period from the acquisition date to September 30, 2023 were $148.1 million and $14.3 million, respectively. ECM Industries operating income for the three and nine months ended September 30, 2023 includes $7.6 million and $11.2 million of identifiable intangible asset amortization expense, respectively, and $11.8 million and $17.7 million of expense related to the fair market value inventory step-up, respectively.
The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022:
| | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions, except per-share date | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Pro forma net sales | $ | 858.8 | | $ | 847.9 | | | $ | 2,558.8 | | $ | 2,477.9 | |
Pro forma net income | 115.9 | | 92.8 | | | 341.4 | | 206.1 | |
Pro forma earnings per ordinary share | | | | | |
Basic | $ | 0.70 | | $ | 0.56 | | | $ | 2.06 | | $ | 1.24 | |
Diluted | 0.69 | | 0.55 | | | 2.03 | | 1.23 | |
The unaudited pro forma results include adjustments for the amortization of acquired intangible assets, depreciation for the fair value adjustment to acquisition-date fixed assets and interest expense on debt issued to finance the acquisition, as well as the related income tax impact.
The unaudited pro forma results for the three and nine months ended September 30, 2023 exclude the impact of $13.8 million and $30.8 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value inventory step-up. The three and nine months ended September 30, 2022 were adjusted to include zero and $31.1 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair market value inventory step-up.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ECM Industries acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ECM Industries acquisition occurred on January 1, 2022.
On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023.
The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $11.5 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation.
The pro forma impact of the TEXA Industries acquisition is not material.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
6.Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows: | | | | | | | | | | | | | | | |
In millions | December 31, 2022 | Acquisitions/ divestitures | | Foreign currency translation/other | September 30, 2023 |
Enclosures | $ | 414.4 | | $ | 11.5 | | | $ | (1.7) | | $ | 424.2 | |
Electrical & Fastening Solutions | 1,052.0 | | 371.7 | | | — | | 1,423.7 | |
Thermal Management | 711.7 | | — | | | 0.2 | | 711.9 | |
Total goodwill | $ | 2,178.1 | | $ | 383.2 | | | $ | (1.5) | | $ | 2,559.8 | |
Identifiable intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
In millions | Cost | Accumulated amortization | Net | | Cost | Accumulated amortization | Net |
Definite-life intangibles | | | | | | | |
Customer relationships | $ | 1,680.2 | | $ | (576.5) | | $ | 1,103.7 | | | $ | 1,287.6 | | $ | (519.1) | | $ | 768.5 | |
Proprietary technology and patents | 63.3 | | (19.1) | | 44.2 | | | 39.7 | | (15.2) | | 24.5 | |
Other finite-lived intangible assets | 18.0 | | (2.9) | | 15.1 | | | — | | — | | — | |
Total definite-life intangibles | 1,761.5 | | (598.5) | | 1,163.0 | | | 1,327.3 | | (534.3) | | 793.0 | |
Indefinite-life intangibles | | | | | | | |
Trade names | 375.4 | | — | | 375.4 | | | 273.1 | | — | | 273.1 | |
Total intangibles | $ | 2,136.9 | | $ | (598.5) | | $ | 1,538.4 | | | $ | 1,600.4 | | $ | (534.3) | | $ | 1,066.1 | |
Identifiable intangible asset amortization expense was $25.6 million and $17.6 million for the three months ended September 30, 2023 and 2022, respectively, and $64.5 million and $53.1 million for the nine months ended September 30, 2023 and 2022, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows: | | | | | | | | | | | | | | | | | | | | |
| Q4 | | | | | |
In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
Estimated amortization expense | $ | 25.2 | | $ | 96.6 | | $ | 94.1 | | $ | 94.1 | | $ | 94.1 | | $ | 89.8 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
7.Supplemental Balance Sheet Information | | | | | | | | |
In millions | September 30, 2023 | December 31, 2022 |
Inventories | | |
Raw materials and supplies | $ | 182.2 | | $ | 112.9 | |
Work-in-process | 36.9 | | 36.2 | |
Finished goods | 245.8 | | 197.6 | |
Total inventories | $ | 464.9 | | $ | 346.7 | |
Other current assets | | |
Contract assets | $ | 44.2 | | $ | 45.6 | |
Prepaid expenses | 62.5 | | 44.9 | |
Prepaid income taxes | 19.8 | | 4.1 | |
Cross currency swap assets | — | | 14.5 | |
Other current assets | 4.3 | | 3.4 | |
Total other current assets | $ | 130.8 | | $ | 112.5 | |
Property, plant and equipment, net | | |
Land and land improvements | $ | 42.5 | | $ | 38.6 | |
Buildings and leasehold improvements | 205.5 | | 180.5 | |
Machinery and equipment | 572.0 | | 500.4 | |
Construction in progress | 35.4 | | 34.7 | |
Total property, plant and equipment | 855.4 | | 754.2 | |
Accumulated depreciation and amortization | 483.5 | | 465.0 | |
Total property, plant and equipment, net | $ | 371.9 | | $ | 289.2 | |
Other non-current assets | | |
| | |
| | |
| | |
Deferred compensation plan assets | $ | 17.4 | | $ | 16.7 | |
Lease right-of-use assets | 92.8 | | 76.4 | |
Deferred tax assets | 17.1 | | 16.3 | |
Other non-current assets | 28.4 | | 30.2 | |
Total other non-current assets | $ | 155.7 | | $ | 139.6 | |
Other current liabilities | | |
| | |
Dividends payable | $ | 30.1 | | $ | 30.4 | |
| | |
Accrued rebates | 77.0 | | 98.4 | |
Contract liabilities | 18.7 | | 22.7 | |
Accrued taxes payable | 28.1 | | 34.5 | |
Accrued interest | 26.5 | | 6.5 | |
Current lease liabilities | 22.8 | | 17.7 | |
Other current liabilities | 68.1 | | 62.9 | |
Total other current liabilities | $ | 271.3 | | $ | 273.1 | |
Other non-current liabilities | | |
| | |
Income taxes payable | $ | 28.2 | | $ | 29.8 | |
| | |
Deferred compensation plan liabilities | 17.4 | | 16.7 | |
Non-current lease liabilities | 75.2 | | 63.7 | |
Other non-current liabilities | 18.8 | | 14.5 | |
Total other non-current liabilities | $ | 139.6 | | $ | 124.7 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
8.Derivatives and Financial Instruments
Derivative financial instruments
We are exposed to market risk related to changes in foreign currency exchange rates. To manage the volatility related to this exposure, we periodically enter into a variety of derivative financial instruments. Our objective is to reduce, where it is deemed appropriate to do so, fluctuations in earnings and cash flows associated with changes in foreign currency exchange rates. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality.
Foreign currency contracts
We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies. We manage our economic and transaction exposure to certain market-based risks through the use of derivative instruments. These derivative instruments primarily consist of forward foreign currency contracts used to mitigate foreign currency exposure for certain foreign currency assets and liabilities. Our objective in holding these derivatives is to reduce the volatility in net earnings and cash flows associated with changes in foreign currency rates. The majority of our foreign currency contracts have an original maturity date of less than one year. These foreign currency contracts are not designated as hedging instruments; accordingly, changes in the fair value are recorded in current period earnings.
At September 30, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $153.8 million and $145.7 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.
Cross currency swaps
At September 30, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $249.9 million and $345.1 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. In 2023, a cash flow hedge instrument and a net investment hedge instrument each reached maturity, resulting in settlement amounts reflected as a component of financing and investing cash inflows in the amount of $4.5 million and $3.1 million, respectively. Upon maturity of the previous agreement, we entered into a new net investment hedge of certain Euro-denominated subsidiaries to manage exposure to fluctuations in the Euro-U.S. dollar exchange rate with a gross notional U.S. dollar equivalent amount of $66.1 million. In the third quarter of 2022, as a result of an early settlement of a cash flow hedge instrument, $10.0 million of cash flows has been reflected as a component of financing cash flows and $0.3 million of expense was recorded to Selling, general and administrative expense from Accumulated other comprehensive loss. We entered a cross currency swap with a gross notional U.S. dollar equivalent amount of $121.0 million to replace the terminated agreement, which we designated as a fair value hedge to offset foreign currency risk associated with intercompany debt. At September 30, 2023 and December 31, 2022, we had deferred foreign currency gains of $5.1 million and $18.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.
Fair value of financial instruments
The following methods were used to estimate the fair values of each class of financial instrument:
•short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period;
•long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance;
•cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and
•deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding.
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: | | | | | | | | | | | | | | | | | |
| September 30, 2023 | | December 31, 2022 |
In millions | Recorded Amount | Fair Value | | Recorded Amount | Fair Value |
Variable rate debt | $ | 573.8 | | $ | 573.8 | | | $ | 288.8 | | $ | 288.8 | |
Fixed rate debt | 1,300.0 | | 1,182.2 | | | 800.0 | | 717.7 | |
Total debt | $ | 1,873.8 | | $ | 1,756.0 | | | $ | 1,088.8 | | $ | 1,006.5 | |
Financial assets and liabilities measured at fair value on a recurring basis were as follows:
| | | | | | | | | | | | | | | | | |
Recurring fair value measurements | September 30, 2023 |
In millions | Level 1 | Level 2 | Level 3 | NAV | Total |
Cross currency swap liabilities | $ | — | | $ | (6.0) | | $ | — | | $ | — | | $ | (6.0) | |
Cross currency swap assets | — | | 9.2 | | — | | — | | 9.2 | |
Foreign currency contract liabilities | — | | (1.2) | | — | | — | | (1.2) | |
Foreign currency contract assets | — | | 1.1 | | — | | — | | 1.1 | |
| | | | | |
Deferred compensation plan assets | 11.9 | | — | | — | | 5.5 | | 17.4 | |
Total recurring fair value measurements | $ | 11.9 | | $ | 3.1 | | $ | — | | $ | 5.5 | | $ | 20.5 | |
| | | | | |
| | | | | | | | | | | | | | | | | |
Recurring fair value measurements | December 31, 2022 |
In millions | Level 1 | Level 2 | Level 3 | NAV | Total |
Cross currency swap liabilities | $ | — | | $ | (4.8) | | $ | — | | $ | — | | $ | (4.8) | |
Cross currency swap assets | — | | 22.4 | | — | | — | | 22.4 | |
Foreign currency contract liabilities | — | | (1.5) | | — | | — | | (1.5) | |
Foreign currency contract assets | — | | 0.5 | | — | | — | | 0.5 | |
Deferred compensation plan assets | 11.8 | | — | | — | | 4.9 | | 16.7 | |
| | | | | |
Total recurring fair value measurements | $ | 11.8 | | $ | 16.6 | | $ | — | | $ | 4.9 | | $ | 33.3 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
9.Debt
Debt and the average interest rates on debt outstanding were as follows: | | | | | | | | | | | | | | |
In millions | Average interest rate at September 30, 2023 | Maturity Year | September 30, 2023 | December 31, 2022 |
Revolving credit facility | N/A | 2026 | $ | — | | $ | — | |
2021 Term loan facility | 6.673% | 2026 | 277.5 | | 288.8 | |
2023 Term loan facility | 7.049% | 2028 | 296.3 | | — | |
Senior notes - fixed rate | 4.550% | 2028 | 500.0 | | 500.0 | |
Senior notes - fixed rate | 2.750% | 2031 | 300.0 | | 300.0 | |
Senior notes - fixed rate | 5.650% | 2033 | 500.0 | | — | |
| | | | |
Unamortized debt issuance costs and discounts | N/A | N/A | (12.3) | | (5.6) | |
Total debt | | | 1,861.5 | | 1,083.2 | |
Less: Current maturities and short-term borrowings | | | (30.0) | | (15.0) | |
Long-term debt | | | $ | 1,831.5 | | $ | 1,068.2 | |
| | | | |
|
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031
Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the SEC.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Senior credit facilities
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of September 30, 2023, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2023 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions, which we elected in connection with the acquisition of ECM Industries in May 2023 for each of the next four fiscal quarters beginning in the second quarter of 2023) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2023 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2023, we were in compliance with all financial covenants in our debt agreements.
Debt outstanding at September 30, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Q4 | | | | | | | |
In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total |
Contractual debt obligation maturities | $ | 7.5 | | $ | 31.9 | | $ | 37.5 | | $ | 253.1 | | $ | 22.5 | | $ | 721.3 | | $ | 800.0 | | $ | 1,873.8 | |
| | | | | | | | |
10.Income Taxes
The effective income tax rate for the nine months ended September 30, 2023 was 17.5% compared to 16.9% for the nine months ended September 30, 2022. The liability for uncertain tax positions was $13.9 million and $13.4 million at September 30, 2023 and December 31, 2022, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.
In the nine months ended September 30, 2023, we recorded a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
11.Shareholders' Equity
Share repurchases
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024.
During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. During the nine months ended September 30, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. As of September 30, 2023 and December 31, 2022, outstanding share repurchases recorded in Other current liabilities were zero and $2.0 million, respectively.
As of September 30, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization.
Dividends payable
On September 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on November 3, 2023, to shareholders of record at the close of business on October 20, 2023. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.1 million and $30.4 million at September 30, 2023 and December 31, 2022, respectively.
12.Segment Information
We evaluate performance based on net sales and segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income represents operating income exclusive of intangible amortization, acquisition-related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
Financial information by reportable segment is as follows: | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Net sales | | | | | |
Enclosures | $ | 412.7 | | $ | 387.7 | | | $ | 1,203.7 | | $ | 1,127.9 | |
Electrical & Fastening Solutions | 302.3 | | 209.2 | | | 774.7 | | 597.7 | |
Thermal Management | 143.8 | | 148.3 | | | 424.0 | | 441.8 | |
Total | $ | 858.8 | | $ | 745.2 | | | $ | 2,402.4 | | $ | 2,167.4 | |
Segment income (loss) | | | | | |
Enclosures | $ | 89.4 | | $ | 71.9 | | | $ | 261.9 | | $ | 183.7 | |
Electrical & Fastening Solutions | 97.6 | | 60.8 | | | 245.4 | | 166.7 | |
Thermal Management | 34.8 | | 35.9 | | | 94.3 | | 96.6 | |
Other | (19.8) | | (24.6) | | | (70.3) | | (67.6) | |
Total | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | |
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The following table presents a reconciliation of segment income to income before income taxes: | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 |
Segment income | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | |
| | | | | |
| | | | | |
Intangible amortization | (25.6) | | (17.6) | | | (64.5) | | (53.1) | |
Restructuring and other | (5.4) | | (5.9) | | | (11.9) | | (10.2) | |
Acquisition transaction and integration costs | (3.0) | | — | | | (10.2) | | (0.8) | |
Inventory step-up amortization | (11.8) | | — | | | (17.7) | | — | |
Net interest expense | (25.5) | | (8.1) | | | (55.0) | | (22.8) | |
| | | | | |
Gain on sale of investment | — | | — | | | 10.2 | | — | |
Other expense | (1.4) | | (0.5) | | | (3.7) | | (2.3) | |
| | | | | |
| | | | | |
Income before income taxes | $ | 129.3 | | $ | 111.9 | | | $ | 378.5 | | $ | 290.2 | |
| | | | | |
13.Share-Based Compensation
Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022, was as follows:
| | | | | | | | | | | | | | |
| Three months ended | Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 |
Restricted stock units | $ | 3.0 | | $ | 2.5 | | $ | 8.4 | | $ | 7.4 | |
Performance share units | 1.9 | | 2.3 | | 5.7 | | 7.3 | |
Stock options | 1.2 | | 1.1 | | 3.4 | | 3.1 | |
Total | $ | 6.1 | | $ | 5.9 | | $ | 17.5 | | $ | 17.8 | |
In the first quarter of 2023, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $46.15, $68.72 and $16.56, respectively.
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
| | | | | |
| 2023 Annual Grant |
Risk-free interest rate | 3.77 | % |
Expected dividend yield | 1.73 | % |
Expected share price volatility | 36.6 | % |
Expected term (years) | 6.5 |
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.
nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
14.Commitments and Contingencies
Warranties and guarantees
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.
Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of September 30, 2023 and December 31, 2022 was not material.
Stand-by letters of credit, bank guarantees and bonds
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.
As of September 30, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $39.5 million and $38.0 million, respectively.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-looking Statements
This report contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "forecasts," "should," "would," "could," "positioned," "strategy," "future," "are confident," or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include our ability to integrate ECM Industries and other recent acquisitions successfully; our ability to retain customers and employees of the acquired businesses; adverse effects on our business operations or financial results, including due to the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with the conflict between Russia and Ukraine and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including this Quarterly Report on Form 10-Q and ITEM 1A. of our Annual Report on Form 10-K for the year ended December 31, 2022. All forward-looking statements speak only as of the date of this report. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this report.
Overview
The terms "us," "we," "our," "the Company" or "nVent" refer to nVent Electric plc. nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect mission critical equipment, buildings and critical processes. We offer a comprehensive range of enclosures, electrical fastening solutions and thermal management solutions across industry-leading brands that are recognized globally for quality, reliability and innovation.
We classify our operations into business segments based primarily on types of products offered and markets served. We operate across three segments: Enclosures, Electrical & Fastening Solutions and Thermal Management, which represented approximately 50%, 32% and 18% of total revenues during the first nine months of 2023, respectively.
•Enclosures—The Enclosures segment provides innovative solutions to connect, protect, power and cool critical controls systems, electronics, data and electrical equipment. From metallic and non-metallic enclosures to cabinets, subracks and backplanes, it offers the physical infrastructure to host, connect and protect server and network equipment, as well as indoor and outdoor protection for test and measurement and aerospace and defense applications in industrial, infrastructure, commercial and energy verticals.
•Electrical & Fastening Solutions—The Electrical & Fastening Solutions segment provides solutions that connect and protect electrical and mechanical systems and civil structures. Its engineered electrical and fastening products are innovative cost efficient and time saving connections that are used across a wide range of verticals, including commercial & residential, industrial, infrastructure and energy.
•Thermal Management—The Thermal Management segment provides electric thermal solutions that connect and protect critical buildings, infrastructure, industrial processes and people. Its thermal management systems include heat tracing, floor heating, fire-rated and specialty wiring, sensing and snow melting and de-icing solutions for use in industrial, commercial & residential, energy and infrastructure verticals. Its highly reliable and easy to install solutions lower total cost of ownership to building owners, facility managers, operators and end users.
On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as defined below).
On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures segment.
Key Trends and Uncertainties Regarding our Existing Business
The following trends and uncertainties affected our financial performance in 2022 and the first nine months of 2023 and will likely impact our results in the future:
•During 2022, we experienced inflationary increases of raw materials, logistics, labor and energy costs, and supply chain challenges, including increased lead times due to availability constraints and high demand. During the first three quarters of 2023, supply chain challenges moderated, but we continued to experience inflationary increases, primarily related to labor costs. While we have taken pricing actions and we have implemented and plan to continue to implement productivity improvements that could help offset these cost increases, we expect inflationary cost increases to continue in 2023, which could negatively impact our results of operations.
•Beginning in February 2022, in response to the conflict between Russia and Ukraine, many countries have initiated a variety of sanctions targeting Russia and associated entities. As a result of the ongoing conflict, the Company is exiting its business operations in Russia, and winding down existing contractual obligations in compliance with applicable sanctions. While our historical business activity in Russia is not material to our operations, an escalation or expansion of economic disruption or the conflict's current scope could disrupt sales to our customers or our supply chain, increase inflationary costs and have a material adverse effect on our results of operations.
•Our global operations make our effective tax rate sensitive to significant tax law changes. Several countries in which we operate, including the U.K., have begun to enact legislation to implement the Organization for Economic Cooperation and Development’s international tax framework, including the Pillar II global minimum tax regime with effect from January 1, 2024 or later. The Pillar II global minimum tax regime could negatively impact our effective tax rate beginning in 2024. We are currently monitoring these developments and are in the process of evaluating the potential impact on our results of operations.
In 2023, our operating objectives include the following:
•Executing our Environmental, Social and Governance ("ESG") strategy focused on People, Products and Planet;
•Enhancing and supporting employee engagement, development and retention;
•Achieving differentiated revenue growth through new products and innovation and expansion in higher growth verticals across all regions globally;
•Integrating recent acquisitions with our existing operations;
•Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation;
•Driving operational excellence through lean and agile, with specific focus on our digital transformation and supply chain resiliency;
•Optimizing working capital through inventory reduction initiatives across business segments and focused actions to optimize customer and vendor payment terms; and
•Deploying capital strategically to drive growth and value creation.
CONSOLIDATED RESULTS OF OPERATIONS
The consolidated results of operations for the three months ended September 30, 2023 and 2022 were as follows: | | | | | | | | | | | | | | |
| Three months ended |
In millions | September 30, 2023 | September 30, 2022 | $ change | % / point change |
Net sales | $ | 858.8 | | $ | 745.2 | | $ | 113.6 | | 15.2 | % |
Cost of goods sold | 505.6 | | 455.2 | | 50.4 | | 11.1 | % |
Gross profit | 353.2 | | 290.0 | | 63.2 | | 21.8 | % |
% of net sales | 41.1 | % | 38.9 | % | | 2.2 | pts |
| | | | |
Selling, general and administrative | 178.7 | | 154.8 | | 23.9 | | 15.4 | % |
% of net sales | 20.8 | % | 20.8 | % | | — | pts |
Research and development | 18.3 | | 14.7 | | 3.6 | | 24.5 | % |
% of net sales | 2.1 | % | 2.0 | % | | 0.1 | pts |
| | | | |
| | | | |
| | | | |
| | | | |
Operating income | 156.2 | | 120.5 | | 35.7 | | 29.6 | % |
% of net sales | 18.2 | % | 16.2 | % | | 2.0 | pts |
| | | | |
| | | | |
| | | | |
| | | | |
Net interest expense | 25.5 | | 8.1 | | 17.4 | | N.M. |
| | | | |
Other expense | 1.4 | | 0.5 | | 0.9 | | N.M. |
| | | | |
Income before income taxes | 129.3 | | 111.9 | | 17.4 | | 15.5 | % |
Provision for income taxes | 23.8 | | 18.5 | | 5.3 | | 28.6 | % |
Effective tax rate | 18.4 | % | 16.5 | % | | 1.9 | pts |
| | | | |
Net income | 105.5 | | 93.4 | | 12.1 | | 13.0 | % |
| | | | |
| | | | |
| | | | |
| | | | |
N.M. - Not Meaningful
The consolidated results of operations for the nine months ended September 30, 2023 and 2022 were as follows:
| | | | | | | | | | | | | | |
| Nine months ended |
In millions | September 30, 2023 | September 30, 2022 | $ change | % / point change |
Net sales | $ | 2,402.4 | | $ | 2,167.4 | | $ | 235.0 | | 10.8 | % |
Cost of goods sold | 1,414.1 | | 1,362.3 | | 51.8 | | 3.8 | % |
Gross profit | 988.3 | | 805.1 | | 183.2 | | 22.8 | % |
% of net sales | 41.1 | % | 37.1 | % | | 4.0 | pts |
| | | | |
Selling, general and administrative | 508.8 | | 445.3 | | 63.5 | | 14.3 | % |
% of net sales | 21.2 | % | 20.5 | % | | 0.7 | pts |
Research and development | 52.5 | | 44.5 | | 8.0 | | 18.0 | % |
% of net sales | 2.2 | % | 2.1 | % | | 0.1 | pts |
| | | | |
| | | | |
| | | | |
| | | | |
Operating income | 427.0 | | 315.3 | | 111.7 | | 35.4 | % |
% of net sales | 17.8 | % | 14.5 | % | | 3.3 | pts |
| | | | |
| | | | |
| | | | |
| | | | |
Net interest expense | 55.0 | | 22.8 | | 32.2 | | N.M. |
Gain on sale of investment | (10.2) | | — | | (10.2) | | N.M. |
Other expense | 3.7 | | 2.3 | | 1.4 | | N.M. |
| | | | |
Income before income taxes | 378.5 | | 290.2 | | 88.3 | | 30.4 | % |
Provision for income taxes | 66.3 | | 49.1 | | 17.2 | | 35.0 | % |
Effective tax rate | 17.5 | % | 16.9 | % | | 0.6 | pts |
| | | | |
Net income | 312.2 | | 241.1 | | 71.1 | | 29.5 | % |
N.M. - Not Meaningful
Net sales
The components of the change in consolidated net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Volume | (3.4 | %) | (1.6 | %) |
Price | 3.6 | | 5.7 | |
Organic growth | 0.2 | | 4.1 | |
Acquisition | 14.0 | | 7.1 | |
Currency | 1.0 | | (0.4) | |
Total | 15.2 | % | 10.8 | % |
The 15.2 percentage point increase in net sales in the third quarter of 2023 from 2022 was primarily the result of:
•sales of $104.3 million in the third quarter of 2023 as a result of the ECM Industries and TEXA Industries acquisitions; and
•favorable foreign currency effects.
The 10.8 percentage point increase in net sales in the first nine months of 2023 from 2022 was primarily the result of:
•sales of $154.0 million in the first nine months of 2023 as a result of the ECM Industries and TEXA Industries acquisitions; and
•organic sales growth contribution of approximately 2.0% and 1.5% from our infrastructure and industrial businesses, respectively, in the first nine months of 2023 from 2022, which primarily relates to selective increases in selling prices.
Gross profit
The 2.2 and 4.0 percentage point increases in gross profit as a percentage of net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•increases in selling prices to mitigate inflationary cost increases; and
•increased productivity as a result of supply chain management and manufacturing efficiencies.
These increases were partially offset by:
•inflationary increases, primarily related to labor costs, compared to 2022; and
•$11.8 million and $17.7 million of expense related to inventory step-up recorded in the third quarter and first nine months of 2023, respectively, as a result of the ECM Industries acquisition.
Selling, general and administrative ("SG&A")
The flat and 0.7 percentage point increase in SG&A expense as a percentage of net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•inflationary increases impacting our labor costs, professional fees and other administrative costs;
•restructuring and acquisition transaction and integration costs of $8.4 million and $22.1 million in the third quarter and first nine months of 2023, respectively, compared to $5.9 million and $11.0 million in the third quarter and first nine months of 2022, respectively; and
•investments in digital, selling and marketing to drive growth.
These changes were offset in the third quarter of 2023 from 2022 and partially offset in the first nine months of 2023 from 2022 by:
•savings generated from restructuring and other lean initiatives.
Net interest expense
The increases in net interest expense in the third quarter and first nine months of 2023 from 2022 were the result of:
•increased debt due to the acquisition of ECM Industries;
•increased variable interest rates compared to the same periods of the prior year; and
•the amortization of debt issuance costs of $3.6 million during the first nine months of 2023 related to financing commitments for the bridge loan facility established in connection with the acquisition of ECM Industries.
Gain on sale of investment
In the first nine months of 2023, we recorded a $10.2 million gain related to the sale of a $3.8 million equity investment recorded on a cost basis, of which the cash proceeds were received in the third quarter.
Provision for income taxes
The 1.9 and 0.6 percentage point increases in the effective tax rate in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•increased earnings in higher tax rate jurisdictions.
The increase in the first nine months of 2023 from 2022 was partially offset by:
•a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets recorded in the first nine months of 2023.
SEGMENT RESULTS OF OPERATIONS
The summary that follows provides a discussion of the results of operations of each of our three reportable segments (Enclosures, Electrical & Fastening Solutions and Thermal Management). Each of these segments comprises various product offerings that serve multiple end users.
We evaluate performance based on sales and segment income and use a variety of ratios to measure performance of our reporting segments. Segment income represents operating income exclusive of intangible amortization, acquisition related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
Enclosures
The net sales, segment income and segment income as a percentage of net sales for Enclosures were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Nine months ended | | |
In millions | September 30, 2023 | September 30, 2022 | | % / point change | | September 30, 2023 | September 30, 2022 | | % / point change |
Net sales | $ | 412.7 | | $ | 387.7 | | | 6.4 | % | | $ | 1,203.7 | | $ | 1,127.9 | | | 6.7 | % |
Segment income | 89.4 | | 71.9 | | | 24.3 | % | | 261.9 | | 183.7 | | | 42.6 | % |
% of net sales | 21.7 | % | 18.5 | % | | 3.2 | pts | | 21.8 | % | 16.3 | % | | 5.5 | pts |
Net sales
The components of the change in Enclosures net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Volume | (0.7 | %) | 0.7 | % |
Price | 4.4 | | 5.7 | |
Organic growth | 3.7 | | 6.4 | |
Acquisition | 1.5 | | 0.5 | |
Currency | 1.2 | | (0.2) | |
Total | 6.4 | % | 6.7 | % |
The 6.4 and 6.7 percentage point increases in Enclosures net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•organic sales growth contribution of approximately 1.0% and 3.0% from our industrial business in the third quarter and first nine months of 2023 from 2022, respectively, approximately 1.0% and 2.0% from our infrastructure business in the third quarter and first nine months of 2023 from 2022, respectively, and approximately 2.0% and 1.0% from our commercial & residential business in the third quarter and first nine months of 2023 from 2022, respectively, which includes increases in selling prices.
The increase for the third quarter of 2023 from 2022 was also the result of:
•sales of $5.9 million in the third quarter of 2023 as a result of the TEXA Industries acquisition; and
•favorable foreign currency effects.
Segment income
The components of the change in Enclosures segment income as a percentage of net sales from the prior period were as follows: | | | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 | | |
| over the prior year period | over the prior year period | | |
Growth/acquisition | (1.2 | pts) | 0.1 | pts | | |
| | | | |
Price | 3.4 | | 4.5 | | | |
Currency | (0.5) | | (0.3) | | | |
Net productivity | 1.5 | | 1.2 | | | |
Total | 3.2 | pts | 5.5 | pts | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
The 3.2 and 5.5 percentage point increases in segment income for Enclosures as a percentage of net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•increases in selling prices to mitigate inflationary cost increases; and
•increased productivity as a result of supply chain management and manufacturing efficiencies.
These increases were partially offset by:
•inflationary increases, primarily related to labor costs, compared to 2022.
Electrical & Fastening Solutions
The net sales, segment income and segment income as a percentage of net sales for Electrical & Fastening Solutions were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Nine months ended | | |
In millions | September 30, 2023 | September 30, 2022 | | % / point change | | September 30, 2023 | September 30, 2022 | | % / point change |
Net sales | $ | 302.3 | | $ | 209.2 | | | 44.5 | % | | $ | 774.7 | | $ | 597.7 | | | 29.6 | % |
Segment income | 97.6 | | 60.8 | | | 60.6 | % | | 245.4 | | 166.7 | | | 47.2 | % |
% of net sales | 32.3 | % | 29.1 | % | | 3.2 | pts | | 31.7 | % | 27.9 | % | | 3.8 | pts |
| | | | | | | | | |
Net sales
The components of the change in Electrical & Fastening Solutions net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Volume | (6.4 | %) | (2.4 | %) |
Price | 2.7 | | 7.2 | |
Organic growth | (3.7) | | 4.8 | |
Acquisition | 47.0 | | 24.8 | |
Currency | 1.2 | | — | |
Total | 44.5 | % | 29.6 | % |
The 44.5 percentage point increase in Electrical & Fastening Solutions net sales in the third quarter of 2023 from 2022 was primarily the result of:
•sales of $98.4 million in the third quarter of 2023 as a result of the ECM Industries acquisition; and
•favorable foreign currency effects.
This increase was partially offset by:
•organic sales decline of approximately 3.5% from our infrastructure business in the third quarter of 2023 from 2022, partially offset by selective increases in selling prices.
The 29.6 percentage point increase in Electrical & Fastening Solutions net sales in the first nine months of 2023 from 2022 was primarily the result of:
•sales of $148.1 million in first nine months of 2023 as a result of the ECM Industries acquisition; and
•organic sales growth contribution of approximately 2.5% and 2.0% from our infrastructure and commercial & residential businesses, respectively, in the first nine months of 2023 from 2022, which includes selective increases in selling prices.
Segment income
The components of the change in Electrical & Fastening Solutions segment income as a percentage of net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Growth/acquisition | 1.2 | pts | 0.9 | pts |
| | |
Price | 1.9 | | 4.9 | |
| | |
Net productivity | 0.1 | | (2.0) | |
Total | 3.2 | pts | 3.8 | pts |
The 3.2 and 3.8 percentage point increases in segment income for Electrical & Fastening Solutions as a percentage of net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•increases in selling prices to mitigate inflationary cost increases;
•increased productivity as a result of supply chain management and manufacturing efficiencies; and
•the impact of favorable product mix.
These increases were partially offset by:
•inflationary increases, primarily related to labor costs, compared to 2022;
•lower sales volume resulting in decreased leverage on fixed expenses; and
•investments in digital, selling and marketing to drive growth.
Thermal Management
The net sales, segment income and segment income as a percentage of net sales for Thermal Management were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | | | Nine months ended | | |
In millions | September 30, 2023 | September 30, 2022 | | % / point change | | September 30, 2023 | September 30, 2022 | | % / point change |
Net sales | $ | 143.8 | | $ | 148.3 | | | (3.0 | %) | | $ | 424.0 | | $ | 441.8 | | | (4.0 | %) |
Segment income | 34.8 | | 35.9 | | | (3.1 | %) | | 94.3 | | 96.6 | | | (2.4 | %) |
% of net sales | 24.2 | % | 24.2 | % | | — | pts | | 22.2 | % | 21.9 | % | | 0.3 | pts |
Net sales
The components of the change in Thermal Management net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Volume | (6.1 | %) | (6.5 | %) |
Price | 2.7 | | 3.6 | |
Organic growth | (3.4) | | (2.9) | |
| | |
Currency | 0.4 | | (1.1) | |
Total | (3.0 | %) | (4.0 | %) |
The 3.0 percentage point decrease in Thermal Management net sales in the third quarter of 2023 from 2022 was primarily the result of:
•organic sales decline of approximately 3.5% from our commercial & residential business in the third quarter of 2023 from 2022, partially offset by selective increases in selling prices.
This decrease was partially offset by:
•organic sales growth contribution of approximately 1.0% from our energy business in the third quarter of 2023 from 2022, which includes selective increases in selling prices.
The 4.0 percentage point decrease in Thermal Management net sales in the first nine months of 2023 from 2022 was primarily the result of:
•organic sales decline of approximately 3.0% and 1.5% from our commercial & residential and industrial businesses, respectively, in the first nine months of 2023 from 2022, partially offset by selective increases in selling prices; and
•unfavorable foreign currency effects.
This decrease was partially offset by:
•organic sales growth contribution of approximately 1.5% from our energy business in the first nine months of 2023 from 2022, which includes selective increases in selling prices.
Segment income
The components of the change in Thermal Management segment income as a percentage of net sales from the prior period were as follows: | | | | | | | | |
| Three months ended September 30, 2023 | Nine months ended September 30, 2023 |
| over the prior year period | over the prior year period |
Growth | (2.0 | pts) | (2.1 | pts) |
| | |
Price | 2.0 | | 2.7 | |
| | |
Net productivity | — | | (0.3) | |
Total | — | pts | 0.3 | pts |
The flat and 0.3 percentage point increase in segment income for Thermal Management as a percentage of net sales in the third quarter and first nine months of 2023 from 2022, respectively, were primarily the result of:
•increases in selling prices to mitigate inflationary cost increases.
These changes were offset in the third quarter of 2023 from 2022 and partially offset in the first nine months of 2023 from 2022 by:
•inflationary increases, primarily related to labor costs, compared to 2022; and
•lower sales volume resulting in decreased leverage on fixed expenses.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of liquidity for our business is cash flows provided by operations. We expect to continue to have cash requirements to support working capital needs and capital expenditures, to pay interest and service debt and to pay dividends to shareholders quarterly. We believe we have the ability and sufficient capacity to meet these cash requirements by using available cash, internally generated funds and borrowing under committed credit facilities. We are focused on increasing our cash flow, while continuing to fund our research and development, sales and marketing and capital investment initiatives. Our intent is to maintain investment grade metrics and a solid liquidity position. As of September 30, 2023, we had $113.3 million of cash on hand, of which $31.5 million is held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.
We experience seasonal cash flows primarily due to increased demand for Electrical & Fastening Solutions products during the spring and summer months in the Northern Hemisphere and increased demand for Thermal Management products and services during the fall and winter months in the Northern Hemisphere.
Operating activities
Net cash provided by operating activities was $291.6 million in the first nine months of 2023, compared to net cash provided by operating activities of $199.8 million in the first nine months of 2022. Net cash provided by operating activities in the first nine months of 2023 primarily reflects net income of $409.1 million, net of non-cash depreciation, amortization and changes in deferred taxes, partially offset by a $124.4 million increase in working capital.
Investing activities
Net cash used for investing activities of $1,144.1 million in the first nine months of 2023 relates primarily to cash paid for the ECM Industries and TEXA Industries acquisitions of $1,119.7 million, net of cash acquired, and capital expenditures of $48.9 million.
Net cash used for investing activities of $37.4 million in the first nine months of 2022 relates primarily to capital expenditures of $30.8 million.
Financing activities
Net cash provided by financing activities of $672.1 million in the first nine months of 2023 relates primarily to proceeds from long-term debt of $800.0 million, offset by dividends paid of $87.6 million, repayments of long-term debt of $20.0 million and share repurchases of $15.2 million.
Net cash provided by financing activities of $1.2 million in the first nine months of 2022 primarily relates to proceeds from long-term debt of $200.0 million, offset by net payments of revolving credit facility of $106.7 million and dividends paid of $87.7 million.
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031
Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the SEC.
Senior credit facilities
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of September 30, 2023, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2023 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions, which we elected in connection with the acquisition of ECM Industries in May 2023 for each of the next four fiscal quarters beginning in the second quarter of 2023) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2023 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2023, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Share repurchases
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024.
During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. During the nine months ended September 30, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. As of September 30, 2023 and December 31, 2022, outstanding share repurchases recorded in Other current liabilities were zero and $2.0 million, respectively.
As of September 30, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization.
Dividends
During the nine months ended September 30, 2023, we paid dividends of $87.6 million, or $0.525 per ordinary share. During the nine months ended September 30, 2022, we paid dividends of $87.7 million, or $0.525 per ordinary share.
On September 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on November 3, 2023, to shareholders of record at the close of business on October 20, 2023. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.1 million and $30.4 million at September 30, 2023 and December 31, 2022, respectively.
Other financial measures
In addition to measuring our cash flow generation or usage based upon operating, investing and financing classifications included in the Condensed Consolidated Statements of Cash Flows, we also measure our free cash flow. Free cash flow is a non-GAAP financial measure that we use to assess our cash flow performance. We believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends, make acquisitions, repay debt and repurchase shares. In addition, free cash flow is used as a criterion to measure and pay annual incentive compensation. Our measure of free cash flow may not be comparable to similarly titled measures reported by other companies. The following table is a reconciliation of free cash flow: | | | | | | | | | | | |
| | | Nine months ended |
In millions | | | | September 30, 2023 | September 30, 2022 |
Net cash provided by (used for) operating activities | | | | $ | 291.6 | | $ | 199.8 | |
Capital expenditures | | | | (48.9) | | (30.8) | |
Proceeds from sale of property and equipment | | | | 7.3 | | 2.0 | |
Free cash flow | | | | $ | 250.0 | | $ | 171.0 | |
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CRITICAL ACCOUNTING ESTIMATES
We have adopted various accounting policies to prepare the consolidated financial statements in accordance with GAAP. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. In our 2022 Annual Report on Form 10-K, we identified the critical accounting policies which affect our more significant estimates and assumptions used in preparing our consolidated financial statements.
There have been no material changes to our critical accounting policies and estimates from those previously disclosed in our 2022 Annual Report on Form 10-K for the year ended December 31, 2022, except for the additional critical accounting policy related to business combinations as set forth below.
Business Combinations
Assets and liabilities acquired in a business combination are recorded at their estimated fair values at the acquisition date. Goodwill is recorded when the purchase price exceeds the estimated fair value of the net identifiable tangible and intangible assets acquired. Estimates of intangible asset fair value represent management’s best estimate of assumptions and about future events and uncertainties, including significant judgments related to future cash flows, discount rates, margin and revenue growth assumptions including royalty rates and customer attrition rates, and others. Inputs used are generally obtained from historical data supplemented by current and anticipated market conditions and growth rates. If the actual results differ from the estimates and judgments used in these fair values, the amounts recorded in the consolidated financial statements could result in a possible impairment of the intangible assets and goodwill or require acceleration of the amortization expense of finite-lived intangible assets.
Allocations of the purchase price for acquisitions are based on estimates of the fair value of the net assets acquired and are subject to adjustment upon finalization of the purchase price allocation. During this measurement period, we will adjust assets or liabilities if new information is obtained about facts and circumstances that existed as of the acquisition date that, if known, would have resulted in the recognition of those assets and liabilities as of that date. All changes that do not qualify as measurement period adjustments are included in current period earnings.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk during the quarter ended September 30, 2023. For additional information, refer to our 2022 Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 4. CONTROLS AND PROCEDURES
(a) Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures designed to provide reasonable assurance as to the reliability of our published financial statements and other disclosures included in this report. Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter ended September 30, 2023 pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the "Exchange Act"). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, as of the end of the quarter ended September 30, 2023 to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.
(b) Changes in Internal Control over Financial Reporting
During the nine months ended September 30, 2023, we completed the acquisition of ECM Industries. As part of our ongoing integration activities associated with the ECM Industries acquisition, we are reviewing the internal controls and procedures of ECM Industries and working to augment our company-wide controls to reflect the risks inherent in the acquisition. There were no other changes in our internal control over financial reporting that occurred during the nine months ended September 30, 2023 that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
There have been no material developments with respect to the legal proceedings previously disclosed in Item 3 of our 2022 Annual Report on Form 10-K for the year ended December 31, 2022.
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors previously disclosed in our 2022 Annual Report on Form 10-K for the year ended December 31, 2022, except for the additional risk factors relating to the ECM Industries acquisition set forth below.
We may not realize the anticipated benefits of the ECM Industries acquisition and any benefit may take longer to realize than we expect.
The ECM Industries acquisition will involve the integration of ECM Industries’ operations with our existing operations, and there are uncertainties inherent in such an integration. We will be required to devote significant management attention and resources to integrating ECM Industries’ operations. Delays or unexpected difficulties in the integration process could adversely affect our business, financial results and financial condition. Even if we are able to integrate ECM Industries’ operations successfully, this integration may not result in the realization of the full benefits of revenue synergies, cost savings and operational efficiencies that we expect, or the achievement of these benefits within a reasonable period of time or at all.
We could be subject to new risks, known and unknown, relating to the ECM Industries acquisition.
We may experience risks, losses and damages associated with the ECM Industries acquisition. The risks we could face include the following:
•the ECM Industries acquisition may lead to the incurrence of costs to review, upgrade and integrate ECM Industries’ systems with our compliance and reporting systems, including our systems of internal control over financial reporting. The process of integrating ECM Industries into our internal control over financial reporting could require significant time and effort from our management and other personnel and could increase our compliance costs; and
•the ECM Industries acquisition involves the inherent risk of liabilities, and these liabilities may prove more costly or produce more adverse effects than we anticipate, such as actual or potential litigation and regulatory matters. In addition, in the course of the due diligence review of ECM Industries, we may not have discovered, or may have been unable to quantify, undisclosed liabilities of ECM Industries, and we may not be indemnified or have insurance for any of these liabilities. Any such liabilities could have an adverse effect on our business, results of operations, financial condition and cash flows following the completion of the ECM Industries acquisition.
Any of these risks associated with the ECM Industries acquisition could have a material adverse impact on our business, results of operations and financial condition.
Increased leverage may harm our financial condition and results of operations.
As of September 30, 2023, we had $1.9 billion of total debt on a consolidated basis. Our indebtedness increased materially in connection with the ECM Industries acquisition. We funded the ECM Industries acquisition with borrowings under the 2023 Term Loan Facility and net proceeds from the issuance of the 2033 Notes, together with cash on hand and borrowings under our revolving credit facility, for an aggregate amount of approximately $900.0 million of new indebtedness in connection with the ECM Industries acquisition. We and our subsidiaries may incur additional indebtedness in the future and, subject to limitations on the amount of secured indebtedness we may incur without securing the notes and other outstanding debt securities, the indenture that will govern the notes will not restrict us from incurring indebtedness in the future. This increase and any future increases in our level of indebtedness will have several important effects on our future operations, including, without limitation:
•we will have additional cash requirements to support the payment of interest on our outstanding indebtedness;
•increases in our outstanding indebtedness and leverage may increase our vulnerability to adverse changes in general economic and industry conditions, as well as to competitive pressure;
•our ability to obtain additional financing for working capital, capital expenditures, general corporate and other purposes may be reduced;
•our flexibility in planning for, or reacting to, changes in our business and our industry may be reduced; and
•our flexibility to make acquisitions and develop technology may be limited.
Our ability to make payments of principal and interest on our indebtedness, including the notes, depends upon our future performance, which will be subject to general economic conditions and financial, business and other factors affecting our consolidated operations, many of which are beyond our control. If we are unable to generate sufficient cash flow from operations in the future to service our debt and meet our other cash requirements, we may be required, among other things:
•to seek additional financing in the debt or equity markets;
•to refinance or restructure all or a portion of our indebtedness, including the notes;
•to sell selected assets or businesses; or
•to reduce or delay planned capital or operating expenditures.
Such measures might not be sufficient to enable us to service our debt and meet our other cash requirements, including the notes. In addition, any such financing, refinancing or sale of assets might not be available at all or on economically favorable terms.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
The following table provides information with respect to purchases we made of our ordinary shares during the third quarter of 2023: | | | | | | | | | | | | | | |
| (a) | (b) | (c) | (d) |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Dollar value of shares that may yet be purchased under the plans or programs |
July 1 - July 29, 2023 | 2,538 | | $ | 53.88 | | — | | $ | 127,333,026 | |
July 30 - August 26, 2023 | 3,069 | | 54.67 | | — | | 127,333,026 | |
August 27 - September 30, 2023 | 945 | | 55.57 | | — | | 127,333,026 | |
Total | 6,552 | | | — | | |
(a)The purchases in this column include shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the nVent Electric plc 2018 Omnibus Incentive Plan (the "2018 Plan") and earlier Pentair stock incentive plans that are now outstanding under the 2018 Plan (collectively the "Plans") to satisfy the exercise price or withholding of tax obligations related to the exercise of stock options, vesting of restricted shares and vesting of performance shares.
(b)The average price paid in this column includes shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the Plans to satisfy the exercise price of stock options and withholding tax obligations due upon stock option exercises and vesting of restricted and performance shares.
(c)The number of shares in this column represents the number of shares repurchased as part of our publicly announced plans to repurchase our ordinary shares up to a maximum dollar limit authorized by the Board of Directors, discussed below.
(d)On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024. As of September 30, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization.
ITEM 5. OTHER INFORMATION
(c)
During the third quarter of 2023, none of our directors or Section 16 officers adopted or terminated any “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408(a) of Regulation S-K).
ITEM 6. EXHIBITS
The exhibits listed in the following Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.
Exhibit Index to Form 10-Q for the Period Ended September 30, 2023
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| | Description of nVent Electric plc Management Incentive Plan. |
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| | nVent Management Company Severance Plan for Executives effective March 1, 2019, as amended and restated effective September 18, 2023. |
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| | Guarantors and Subsidiary Issuers of Guaranteed Securities. (incorporated by reference to Exhibit 22 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on July 28, 2023 (File No. 001-38265)). |
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| | Certification of Chief Executive Officer. |
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| | Certification of Chief Financial Officer. |
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| | Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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| | Certification of Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
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101 | | The following materials from nVent Electric plc's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2023 and 2022, (ii) the Condensed Consolidated Balance Sheets as of September 30, 2023 and December 31, 2022, (iii) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022, (iv) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2023 and 2022, and (v) Notes to Condensed Consolidated Financial Statements. The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document. |
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104 | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on October 27, 2023.
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| nVent Electric plc |
| Registrant |
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| By | /s/ Sara E. Zawoyski |
| | Sara E. Zawoyski |
| | Executive Vice President and Chief Financial Officer |
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| By | /s/ Randolph A. Wacker |
| | Randolph A. Wacker |
| | Senior Vice President, Chief Accounting Officer and Treasurer |
Description of nVent Electric plc
Management Incentive Plan
Management Incentive Plan Overview
The following text outlines the plan provisions for the Management Incentive Plan (“MIP”) for nVent Electric plc (the “Company”), which is governed by the nVent Electric plc 2018 Omnibus Incentive Plan, the terms of which will be incorporated into the MIP. The MIP provides a discretionary cash incentive opportunity for our business leaders based on current year financial performance against plan. Eligibility to participate in this plan is determined by the Compensation and Human Capital Committee (for officers) and the Executive Vice President & Chief Human Resources Officer (for all other participants) and will be communicated to participants in the first quarter of every plan year.
Performance Measures
MIP performance measures reflect the overall financial and strategic goals for the Company, support value creation for our shareholders and are aligned with our Annual Operating Plan (AOP). These performance measures are determined each year and may be different from year to year.
The calculation of results on the MIP performance measures against actual plan results of the business will periodically require certain adjustments, including, but not limited to the following:
•Acquisition pro-forma adjustments
•Foreign exchange adjustments
•Adjustments to take into account the effect of accounting changes or to achieve consistency in measuring year-over-year results
•Other adjustments as determined by the Compensation and Human Capital Committee (for officers) or the Executive Vice President & Chief Human Resources Officer (for all non-officer participants)
Weighting of Performance Measures
The opportunity and weight of each measure may vary. For officer participants, the Compensation and Human Capital Committee sets the weight for each measure based on its assessment of the Company as a whole. For non-officer participants, the Executive Vice President & Chief Human Resources Officer sets the weight for each measure.
Performance Targets and Thresholds
Specific MIP performance goals are established by the Compensation and Human Capital Committee for officer participants. The Executive Vice President & Chief Human Resources Officer establishes performance goals for all other participants. Participants will receive a separate communication outlining the performance goals for their MIP award at the target, threshold and maximum levels.
Performance levels for financial goals are measured by applying generally accepted accounting principles used by the Company in preparing its financial statements. The final MIP calculations are subject to the review and approval of the Compensation and Human Capital Committee for officer participants and by the Executive Vice President & Chief Human Resources Officer for all other participants.
Target Incentive Opportunities
The target incentive opportunities (a percentage of base salary) are assigned by job level. The total incentive target opportunity for a participant is determined by multiplying the participant’s monthly base salary in effect on December 1 by the number of eligible months and the participant’s target opportunity percentage. If the participant’s target opportunity level changes during the year, the participant’s payout calculations will be prorated for the period of time at each level. Target opportunities are determined by the Compensation and Human Capital Committee for officers and by the Executive Vice President & Chief Human Resources Officer, for all other participants.
How MIP Awards are calculated
The amount of a participant’s MIP award payout is based on the actual results measured against the target goals for each performance measure, subject to the participant’s compliance with the terms of the MIP and the Company’s discretion. Unless otherwise specified for a given year, threshold performance pays 50%, target performance pays 100%, and maximum performance pays 200% of the target incentive opportunity. The amount of the payout is interpolated between threshold, target, and maximum performance levels.
Formulas generate multipliers for actual performance that falls between pay-out ranges. Multipliers cannot exceed 200%. Achieving the threshold performance level is required before any incentive is payable for a performance measure. In addition, since the bonus is discretionary, the Company reserves the right to reduce the payout amount (including to $0) in its sole discretion.
Determination of Payouts
The Compensation and Human Capital Committee (for officers) and the Executive Vice President & Chief Human Resources Officer (for all other participants) will review and approve incentive payouts and will retain the right, in its sole discretion, to reduce or eliminate payouts that it believes are not in keeping with the objectives of the MIP.
Timing of Payouts
Incentives are normally paid out by March 15th of the year immediately following the performance year, and will be paid no later than the end of the first quarter immediately following the performance year-end, unless otherwise specified under General Provisions.
Eligibility for Payouts
Subject to compliance with applicable law, a participant must be actively employed on the date of payout to be eligible for an award, unless otherwise specified in following chart. In addition, there are certain circumstances when a participant’s payout will be pro-rated, as explained in the chart.
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Change in Employment Status | Resulting Change in Participant’s Annual Bonus Award |
Retirement* | A prorated annual bonus award will be paid on the regular payout date. The bonus amount will be calculated using the participant’s monthly base salary as in effect on the date of termination (if prior to December 1). |
Permanent Disability or Death | A prorated annual bonus award will be paid on the regular payout date. The bonus amount will be calculated using the participant’s monthly base salary as in effect on the date of termination (if prior to December 1). |
New Hires or Newly Eligible | Annual bonus awards are prorated based on length of service. The participant must be actively employed and eligible for the plan on or before December 1 (or the following business day if December 1 falls on a weekend) to be eligible. |
Transfer to Another Segment / Bonus Plan | A participant’s bonus will be prorated based on the effective date of the change, provided the effective date is prior to December 1. If the effective date is after December 1, the participant’s bonus amount will be calculated based on the bonus plan in effect on December 1. |
Change to Bonus Target | A participant’s bonus will be prorated based on the effective date of the change, provided the effective date is prior to December 1. If the effective date is after December 1, the participant’s bonus amount will be calculated based on the bonus plan in effect on December 1. |
Leave of Absence | A participant’s bonus will be prorated to take into account the participant’s period of absence. |
Voluntary Termination Followed by Rehire Within the Same Plan Year | A participant’s bonus will be prorated based on the length of service following the rehire. The participant must be actively employed and eligible for the plan on or before December 1 to be eligible. No bonus award will be paid for service prior to the rehire. |
Involuntary (other than for cause**) or other Covered Termination | A prorated bonus award will be paid on the regular payout date. The bonus amount will be calculated using the participant’s monthly base salary as in effect on the date of termination (if prior to December 1). |
Participants should consult their HR business partner regarding any changes in employment status not addressed above.
Pro-ration will reflect the period of time the participant was not actively working during the performance year. For this purpose, any period of vacation or other regular paid time off, such as holidays, any period a participant is on FMLA leave, and any period a participant is on short-term disability, will be treated as a period of active work.
* Whether termination is treated as a “Retirement” will be determined by the Compensation and Human Capital Committee (for officers) or the Executive Vice President & Chief Human Resources Officer (for all other participants), subject to local statutory requirements. A participant will not be considered to have retired if the
participant leaves the Company to work for a competitor, provided that if the participant was employed in California or Nevada on the date immediately preceding the date of termination, this sentence does not apply to the participant.
**Cause will be determined by the Compensation and Human Capital Committee (for officers) or the Executive Vice President & Chief Human Resources Officer (for all other participants). In addition, if termination of employment is for another reason, but facts come to light after termination that would have given the company cause to terminate a participant’s employment, no bonus will be paid.
General Provisions
1.The MIP is considered an Annual Incentive Award under the nVent Electric plc 2018 Omnibus Incentive Plan. The terms of such plan is incorporated into the MIP. Capitalized terms not defined in the MIP will have the meanings given in the plan. In case of conflict, the terms of the plan and any action approved by the Compensation and Human Capital Committee (for officers) or the Executive Vice President & Chief Human Resources Officer (for all other participants) control over the terms and explanations in this MIP document.
2.This MIP document does not limit or affect in any manner or degree the normal and usual powers of management, including the right at any time to terminate the employment of any participant or remove him or her from participating in the MIP.
3.Entitlement to and payment of an incentive (regardless of the performance level achieved) is conditioned upon the participant's sustained satisfactory performance during the period for which the incentive payout is calculated.
4.No participant has any earned or vested entitlement to any incentive payout under the MIP. Any and all incentive payments are made at the sole discretion of the Compensation and Human Capital Committee (for officers) and the Executive Vice President & Chief Human Resources Officer (for all other participants), and the Company reserves the right to deny the participation of, or payout of an incentive to, a participant, at its sole discretion, with or without notice or cause.
5.The Company reserves the right to retroactively or prospectively modify or terminate the MIP, in whole or in part.
6.The Compensation and Human Capital Committee has full and complete authority to administer the MIP with respect to officer decisions. The Executive Vice President & Chief Human Resources Officer has full and complete authority to administer the MIP with respect to non-officer participants. The decisions of the Compensation and Human Capital Committee and Executive Vice President & Chief Human Resources Officer are final, conclusive and binding upon all officers and employees of the Company and its Affiliates, respectively, and on their heirs, personal representatives and assigns.
7.In the event of death, any payments due under the MIP will be paid to the participant’s estate.
8.A participant does not have the right to assign, transfer, encumber or dispose of any incentive payout under the MIP until it is paid. All payments of incentives are subject to tax and other withholdings as required by law.
9.This summary provides a brief description of the MIP. The information contained in this document is intended to be accurate for most employees. However, in some cases, certain modifications to the plan may be necessary and modifications may not be reflected in these materials. All plan provisions are subject to local-country laws and statutory requirements. Bonus awards are treated as ordinary income and subject to local-country tax laws. Questions regarding the plan should be directed to the participant’s HR Business Partner.
The MIP is discretionary in nature and may be amended or terminated by the Compensation and Human Capital Committee (for officer participants) and by the Executive Vice President & Chief Human Resources Officer (for all other participants) at any time. Payment of any bonus award is voluntary and occasional and does not create any contractual or other right to receive future payments. All decisions with respect to any or all bonus award payments will be at the sole discretion of the Company. Participation in the plan shall not create a right to further employment with a participant’s employer and shall not interfere with the ability of a participant’s employer to terminate the participant’s employment relationship at any time, with or without cause. Bonus awards are not part of normal or expected compensation or salary for any purposes, including but not limited to calculating any severance, redundancy, future bonus awards, long service awards, pension or retirement benefits, or similar payments.
Notwithstanding the formula described in this plan, the Company reserves the right to make appropriate adjustments in determining annual bonus awards and any payouts under the plan for individual and / or plan participants.
nVent Management Company
Severance Plan for Executives
Effective March 1, 2019
As Amended and Restated Effective September 18, 2023
TABLE OF CONTENTS
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ARTICLE I
BACKGROUND, PURPOSE AND TERM OF PLAN
Section 1.01 Purpose of the Plan. The purpose of the Plan is to provide Eligible Employees with certain compensation and benefits as set forth in the Plan in the event the Eligible Employee’s employment with the Company or an Affiliated Company is terminated due to an Involuntary Termination. The Plan is not intended to be an “employee pension benefit plan” or “pension plan” within the meaning of Section 3(2) of ERISA. Rather, this Plan is intended to be a “welfare benefit plan” within the meaning of Section 3(1) of ERISA and to meet the descriptive requirements of a plan constituting a “severance pay plan” within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, section 2510.3-2(b). Accordingly, the benefits paid by the Plan are not deferred compensation and no employee shall have a vested right to such benefits.
Section 1.02 Term of the Plan. The Plan shall generally be effective as of the Effective Date, provided that it shall only become effective with respect to an Affiliated Company as of the date such Affiliated Company first has an Employee who is a Participant in the Plan. The Plan shall continue until terminated pursuant to Article VIII of the Plan.
Section 1.03 Status under Code Section 409A. It is intended that the benefits payable hereunder shall, to the maximum extent possible, be exempt from Code Section 409A pursuant to the “short-term deferral” exception and the “separation pay” exception thereunder, and that any amounts that do not qualify for such exemptions be compliant with Code Section 409A. The Plan shall be interpreted, to the maximum extent possible, consistent with such intent.
ARTICLE II
DEFINITIONS
Section 2.01 “Affiliated Company” is (a) any corporation or business located in and organized under the laws of one of the United States which is a member of a controlled group of corporations or businesses (within the meaning of Code section 414(b) or (c)) that includes the Company, but only during the periods such affiliation exists, or (b) any other entity in which the Company may have a significant ownership interest, and which the Plan Administrator determines shall be an Affiliated Company for purposes of the Plan.
Section 2.02 “Alternative Position” shall mean a position with the Company or any Affiliated Company that:
(a) is not more than 50 miles each way from the location of the Employee’s current position (for positions that are of a telecommuting nature or are essentially mobile, the mileage does not apply); and
(b) offers the Employee pay and benefits (not including long term incentive compensation) that are comparable in the aggregate to the Employee’s current position.
The Plan Administrator has the exclusive discretionary authority to determine whether a position is an Alternative Position.
Section 2.03 “Base Salary” shall mean the Participant’s annual base salary rate in effect as of the Participant’s Separation from Service Date.
Section 2.04 “Benefit Continuation Period” shall mean:
(a) Eighteen (18) months with respect to a Participant whose Severance Multiplier is one and one half (1.5)
(b) Twenty-four (24) months with respect to a Participant whose Severance Multiplier is two (2.0).
Section 2.05 “Board” shall mean the Board of Directors of the Parent or any successor thereto.
Section 2.06 “Cash Severance” shall equal the amount described in Section 4.01 hereof.
Section 2.07 “Cause” shall mean an Employee’s (i) material violation of any Company policy, including any policy contained in the Company Code of Business Conduct; (ii) embezzlement from, or theft of property belonging to, the Company or its Affiliated Companies; (iii) willful failure to perform, or gross negligence in the performance of, or failure to perform, assigned duties; or (iv) other intentional misconduct, whether related to employment or otherwise, which has, or has the potential to have, a material adverse effect on the business conducted by the Company or its Affiliated Companies.
Section 2.08 “COBRA” shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.
Section 2.09 “Code” shall mean the Internal Revenue Code of 1986, as amended. Any reference to a specified provision of the Code shall include any successor provision thereto and the regulations promulgated thereunder.
Section 2.10 “Committee” shall mean the Compensation and Human Capital Committee of the Board, or such other committee appointed by the Board to assist the Company in making determinations required under the Plan in accordance with its terms. The Committee may delegate all or any portion of its authority under the Plan to an individual or another committee.
Section 2.11 “Company” shall mean nVent Management Company, Inc. Unless it is otherwise clear from the context, references to the Company shall generally include all Affiliated Companies.
Section 2.12 “Effective Date” shall mean March 1, 2019, or, with respect to an Affiliated Company that does have an Employee who is a Participant in the Plan on such date, the date the Affiliated Company first has an Employee who is a Participant.
Section 2.13 “Eligible Employee” shall mean an Employee of the Company or an Affiliated Company who is either (a) an officer of the Parent appointed by the Board or (b) in salary grade 44 or 45 and to whom the Company has extended participation in the Plan, but in both cases excluding Employees who are specifically excluded from participating in the Plan by the terms of a written document, such as the Eligible Employee’s offer letter or similar agreement.
Section 2.14 “Employee” shall mean an individual employed by the Company or an Affiliated Company as a common law employee as reported on such entity’s United States payroll, and shall not include any person working for the Company or an Affiliated Company through a temporary service or on a leased basis or who is hired by the Company or an Affiliated Company as an independent contractor, consultant, or otherwise as a person who is not an employee for purposes of withholding federal employment taxes, as evidenced by payroll records or a written agreement with the individual, regardless of any contrary governmental or judicial determination or holding relating to such status or tax withholding.
Section 2.15 “Employer” shall mean the entity that employs the Participant, which may be the Company or an Affiliated Company.
Section 2.16 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. Any reference to a specified provision of ERISA shall include any successor provision thereto and the regulations promulgated thereunder.
Section 2.17 “Involuntary Termination” shall mean an Employer-initiated Separation from Service for any reason other than Cause, the Participant’s Permanent Disability, or death.
Section 2.18 “KEESA” shall mean the Key Executive Employment and Severance Agreement, if any, in effect between an Eligible Employee and either the Company, the Parent, and/or the Employer.
Section 2.19 “Key Employee” shall mean an Employee who, at any time during the 12-month period ending on the identification date, is a “specified employee” under Code Section 409A, as determined by the Committee or its delegate. The determination of Key Employees, including the number and identity of persons considered specified employees and the identification date, shall be made by the Committee or its delegate in accordance with the provisions of Code Section 409A and the regulations promulgated thereunder.
Section 2.20 “Non-Exempt Severance” shall mean the portion of the Cash Severance described in Section 5.01(b).
Section 2.21 “Parent” shall mean nVent Electric plc, an Irish company, or any successor thereto.
Section 2.22 “Participant” shall mean any Eligible Employee who meets the requirements of Article III and thereby becomes eligible for Severance Benefits under the Plan.
Section 2.23 “Permanent Disability” shall mean a physical or mental incapacity which qualifies an individual to collect a benefit under a long term disability plan maintained by the Company or an Affiliated Company or for disability benefits from the Social Security Administration. The Plan Administrator may request such evidence of disability as it reasonably determines necessary.
Section 2.24 “Plan” means this nVent Management Company Severance Plan for Executives, as may from time to time be amended.
Section 2.25 “Plan Administrator” shall mean the individual(s) appointed by the Committee to administer the terms of the Plan as set forth herein and if no individual is appointed by the Committee to serve as the Plan Administrator for the Plan, the Plan Administrator shall be the Chief Human Resources Officer of nVent Electric plc (or the equivalent). Notwithstanding the preceding sentence, in the event the Plan Administrator is entitled to Severance Benefits under the Plan, the Committee shall act as the Plan Administrator for purposes of administering the terms of the Plan with respect to the Plan Administrator. The Plan Administrator may delegate all or any portion of its authority under the Plan to any other person(s).
Section 2.26 “Postponement Period” shall mean the period of six months after a Participant’s Separation from Service Date.
Section 2.27 “Release” shall mean the Separation Agreement and Release, as provided by the Company.
Section 2.28 “Separation from Service” shall have the meaning given in Code Section 409A(a)(2)(A)(i). A Separation from Service occurs when the facts and circumstances indicate that the Company and the Participant reasonably anticipate that no further services will be performed for the Company or any Affiliated Company after a certain date or that the level of services the Participant would perform after such date would permanently decrease to no more than 20% of the average level of services performed over the immediately preceding 36-month period. For clarity, a transfer of employment from the
Company to an Affiliated Company, or from one Affiliated Company to another, shall not be considered a Separation from Service.
Section 2.29 “Separation from Service Date” shall mean, with respect to a Participant, the date on which such Participant experiences a Separation from Service.
Section 2.30 “Service” shall mean the total number of full years the Participant was an Employee of the Company or any Affiliated Company. Service with any predecessor employer or with an Affiliated Company prior to the date such entity became an Affiliated Company shall be recognized only to the extent specified in the merger, acquisition or other documentation pursuant to which the entity became an Affiliated Company. Periods of authorized leave of absence, such as military leave, will be included in Service only to the extent required by applicable law.
Section 2.31 “Severance Benefits” shall mean the Cash Severance and other benefits that a Participant is eligible to receive pursuant to Sections 4.01, 4.02 and 4.03.
Section 2.32 “Severance Multiplier” shall equal:
(a) Two (2.0) for the CEO;
(b) One and One Half (1.5) for other officers; or
(c) One (1.0) for Eligible Employees in salary grade 44 or 45.
Section 2.33 “Target Annual Bonus” shall mean 100% of the Participant’s target annual bonus under the Management Incentive Plan, or any successor plan, with respect to the fiscal year in which the Participant’s Separation from Service Date occurs; provided that if the Participant’s target annual bonus for the year in which the Separation from Service occurs has not yet been established as of such date, then the target annual bonus in effect for the immediately preceding fiscal year shall apply.
Section 2.34 “Voluntary Resignation” shall mean any retirement, resignation or other Separation from Service that is not initiated by the Employer.
ARTICLE III
ELIGIBILITY FOR BENEFITS
Section 3.01 Eligibility to Receive Benefits. Subject to Section 3.02, each Eligible Employee who satisfies all of the following conditions shall be considered a Participant and shall eligible to receive the Severance Benefits described in the Plan:
(a) The Eligible Employee incurs an Involuntary Termination after the Effective Date that does not entitle the Eligible Employee to receive benefits under a KEESA;
(b) If required by the Employer, which requirement shall be set forth in the notice of termination provided by the Employer to the Eligible Employee, the Eligible Employee remains employed and continues to adequately perform his or her job responsibilities through the job-end date specified in such notice of termination (or, if earlier, through the date that the Employer no longer desires the Eligible Employee’s services); and
(c) Within sixty (60) days after the Eligible Employee’s Separation from Service Date, the Eligible Employee executes (and does not revoke) a Release in the form provided by the Company and complies with all the terms and conditions of such Release including compliance with the confidentiality, non-competition, non-solicitation, and non-disparagement provisions set forth therein, and authorization of the deduction of amounts owed to the Company from the amount of any Severance Benefits otherwise due hereunder.
If the Plan Administrator determines, in its sole discretion, that the Participant has not fully complied with any of the terms of the Plan and/or Release, the Committee may deny Severance Benefits not yet in pay status or discontinue the payment of the Participant’s Severance Benefit and may require the Participant, by providing written notice of such repayment obligation to the Participant, to repay any portion of the Severance Benefits already received under the Plan, to the extent permitted by applicable law. If the Plan
Administrator notifies a Participant that repayment of all or any portion of the Severance Benefits received under the Plan is required, such amounts shall be repaid within thirty (30) calendar days after the date the written notice is sent. Any remedy under this Section 3.01 shall be in addition to, and not in place of, any other remedy, including injunctive relief, that the Company or any Affiliated Company may have.
Section 3.02 Ineligibility for Benefits An Eligible Employee will not be eligible to receive Severance Benefits under any of the following circumstances:
(a) The Eligible Employee does not satisfy one or more of the conditions set forth in Section 3.01;
(b) The Eligible Employee does not return to work within six (6) months of the onset of an approved leave of absence, other than a personal, educational or military leave and/or as otherwise required by applicable statute;
(c) The Eligible Employee does not return to work within three (3) months of the onset of a personal or educational leave of absence;
(d) The Eligible Employee continues in employment with the Company or an Affiliated Company or has the opportunity to continue in employment in the same or in an Alternative Position with the Company or an Affiliated Company, including continued employment with a former Affiliated Company immediately following the spin-off, split-off sale or other divestiture of such former Affiliated Company from the Company;
(e) The Eligible Employee’s employment terminates as a result of a sale of stock or assets of the Employer or the Company, a merger, a consolidation, the creation of a joint venture or a sale or outsourcing of a business unit or function, or other transaction, and the Eligible Employee accepts employment, or has the opportunity to continue employment in an Alternative Position, with the purchaser, joint venture, or other acquiring or outsourcing entity, or a related entity of either the Company or the acquiring entity;
(f) The Eligible Employee was hired for a specific term or for a specific project, and such Eligible Employee’s employment terminates at the end of such term or at the end of such project; or
(g) The Committee determines the Eligible Employee violated the Restrictive Covenants contained in Article VI.
Section 3.03 Voluntary Resignations. The Employer may, in its sole and absolute discretion, provide all or a portion of the Severance Benefits described herein to an Eligible Employee whose employment terminates on account of a Voluntary Resignation that is for the convenience of the Employer, provided that the Eligible Employee meets all other requirements for participation in the Plan set forth in Section 3.01.
Section 3.04 Military Leave. An Eligible Employee returning from approved military leave will be eligible for Severance Benefits if: (i) he/she is eligible for reemployment under the provisions of the Uniformed Services Employment and Reemployment Rights Act (USERRA); (ii) his/her pre-military leave job is eliminated; and (iii) the Employer’s circumstances are changed so as to make reemployment in another position impossible or unreasonable, or re-employment would create an undue hardship for the Employer. If the Eligible Employee returning from military leave qualifies for Severance Benefits, his/her severance benefits will be calculated as if he/she had remained continuously employed from the date he/she began his/her military leave. The Eligible Employee must also satisfy any other relevant conditions for payment, including execution of a Release.
ARTICLE IV
SEVERANCE BENEFITS
Section 4.01 Cash Severance.
(a) CEO and Other Officers. Upon an Involuntary Termination of a Participant other than a Participant who is an Employee in salary grade 44 or 45, the Participant shall receive a cash payment equal to product of (i) the Severance Multiplier and (ii) the sum of (A) the Participant’s Base Salary and (B) the Participant’s Annual Bonus Target Amount. Payment will be made in accordance with Article VI.
(b) Employees in Salary Grade 44 or 45. Upon an Involuntary Termination of a Participant who is an Employee in salary grade 44 or 45, the Participant shall receive a cash payment equal to product of (i) the Severance Multiplier and (ii) the Participant’s Base Salary. Payment will be made in accordance with Article VI.
Section 4.02 Welfare Benefits.
(a) Continued Health Coverage. The Participant shall continue to be eligible to participate in the health benefits plan coverage in effect as of the Separation from Service Date (or generally comparable coverage) for himself or herself and, where applicable, his or her spouse or domestic partner and dependents, as the same may be changed from time to time for employees of the Company generally, as if Participant had continued in employment for the Benefits Continuation Period. The monthly premium for such continued coverage shall be the premium cost (including the 2% administrative fee) calculated in accordance with COBRA. During the Benefits Continuation Period, such monthly premium shall be paid as follows: (i) the Company shall pay the same dollar amount per month that the Company had been contributing for the Participant’s health benefits plan coverage as in effect immediately prior to the Participant’s Separation from Service Date, and (ii) the Participant shall be responsible for payment of the remainder of the premium, if any. The Participant’s failure to pay the applicable premium shall result in the cessation of the applicable coverage for the Participant and his or her spouse or domestic partner and dependents. Notwithstanding any other provision of this Policy to the contrary, in the event that a Participant commences employment with another company at any time during the Benefits Continuation Period and becomes eligible for coverage under the plan(s) of such other company, the benefits provided under the Company’s plans will become secondary to those provided under the other employer’s plans through the end of the Benefits Continuation Period. Within thirty (30) days following the Participant’s commencement of employment with another company, the Participant shall provide the Company written notice of such employment and provide information to the Company regarding the welfare benefits provided to the Participant by his or her new employer. The COBRA continuation coverage period under Code Section 4980B shall run concurrently with the continuation period described herein.
(b) Payment in Lieu of Continued Coverage. Notwithstanding the foregoing, the Company may, in its sole discretion, make a cash payment to the Participant in lieu of providing the Company contributions towards the premium payments as described in subsection (a), to the extent permitted by Code Section 409A. Such cash payment shall equal the monthly contribution that the Company was making towards the Participant’s health benefits plan coverage immediately prior to the Participant’s Separation from Service Date multiplied by the number of months in the Benefits Continuation Period. Such cash payment shall be added to the Cash Severance and paid in accordance with Section 5.01(a).
Section 4.03 Outplacement Services. The Company may, in its sole and absolute discretion, pay the cost of outplacement services for the Participant at the outplacement agency that the Company regularly uses for such purpose; provided, however, that the period of outplacement shall not exceed twelve (12) months from Participant’s Separation from Service Date.
Section 4.04 Limitation on Benefits. If any portion of any payment under this Plan, when combined with the benefits payable under any other agreement or arrangement with a Participant or any other plan of the Company or an Affiliated Company (in the aggregate, “Total Payments”), would constitute an “excess parachute payment” and would, but for this Section 4.04, result in the imposition on the Participant of an excise tax under Section 4999 of the Code (the “Excise Tax”), then the Total Payments to be made to the Participant shall be delivered in a reduced amount that is One Dollar ($1.00) less than the amount that would cause any portion of such Total Payments to be subject to the Excise Tax. To the extent the foregoing reduction applies, then any such payment or benefit shall be reduced or eliminated by applying the following principles, in order: (1) the payment or benefit with the higher ratio of the parachute payment value to present economic value (determined using reasonable actuarial assumptions) shall be reduced or eliminated before a payment or benefit with a lower ratio; (2) the payment or benefit with the
later possible payment date shall be reduced or eliminated before a payment or benefit with an earlier payment date; and (3) cash payments shall be reduced prior to non-cash benefits; provided that if the foregoing order of reduction or elimination would violate Section 409A, then the reduction shall be made pro rata among the payment or benefits (on the basis of the relative present value of the parachute payments). The determination of whether the foregoing reduction will apply will be made by independent tax counsel selected and paid by the Company (which may be regular counsel of the Company).
ARTICLE V
PAYMENT TERMS
Section 5.01 Time and Form of Payment.
(a) General Rule. Subject to Section 5.01(b), the Cash Severance shall be paid either in (i) a lump sum within ninety (90) days following the Participant’s Separation from Service Date, (ii) installment payments (without interest) over a period selected by the Plan Administrator (which may not to exceed the period ending two calendar years after the year in which the Separation from Service Date occurs), or (iii) a combination of (i) and (ii), as determined by the Plan Administrator in its sole and absolute discretion. The Plan Administrator shall establish the time and form of payment for a Participant no later than the day immediately prior to the Participant’s Separation from Service Date.
(b) Non-Exempt Severance. Notwithstanding subsection (a), no discretion as to the time and form of payment is allowed for the amount of Cash Severance that (i) as of the Participant’s Separation from Service Date, will not, in all events, be paid prior to March 15 of the year following the Participant’s Separation from Service Date and (ii) exceeds the lesser of (A) two times the Participant’s annualized compensation (as determined pursuant to Code Section 409A) for the calendar year preceding the year in which the Separation from Service Date occurs, or (B) two times the compensation limit in effect under Code Section 401(a)(17) for the year in which the Separation from Service Date occurs (such amount, the “Non-Exempt Severance”). The Non-Exempt Severance shall be required to be paid in a lump sum within ninety (90) days following the Participant’s Separation from Service Date.
(c) 6 month Delay. Notwithstanding any provision of the Plan to the contrary:
(i) If the Participant is a Key Employee and is party to a KEESA, then no Cash Severance may be paid to the Participant during the Postponement Period and payment of such Cash Severance must be made in a lump sum within thirty (30) days after the end of the Postponement Period and no interest or other adjustment shall be made for the delayed payment.
(ii) If the Participant is a Key Employee (but not party to a KEESA), then the Non-Exempt Severance shall be delayed for the Postponement Period to the extent required under Code Section 409A. The Non-Exempt Severance shall be paid in a lump sum within thirty (30) days after the end of the Postponement Period and no interest or other adjustment shall be made for the delayed payment. If the Participant dies during the Postponement Period prior to the payment of the Non-Exempt Severance, then the amounts withheld on account of Code Section 409A shall be paid to the Participant’s estate within thirty (30) days after the Participant’s death.
No interest or other adjustments shall be made for payments that are postponed.
Section 5.02 Method of Payment. All payments shall be made in the form of a check mailed to the Participant’s home address, direct deposit to the Participant’s bank account or such other reasonable method, as determined by the Plan Administrator. The Participant shall be responsible for notifying the Company of any changes to his or her address or financial institution and account number, as applicable.
Section 5.03 Responsibility for Payment. Each Employer shall be solely responsible for making payments under this Plan to the Participants that it employs. The Company shall not be
responsible for making or guaranteeing payments to any Participant that is employed by one of its subsidiaries.
Section 5.04 Withholding of Taxes and Other Amounts. The Employer shall deduct and withhold from any Severance Benefits due to a Participant any required Federal, state, and local income and employment tax withholding. In addition, the Employer reserves the right to make deductions in accordance with applicable law for any monies owed to the Employer or the Company by the Participant or the value of any Employer or Company property that the Participant has retained in his/her possession after his or her Separation from Service; provided, however, that the amount deducted from any Non-Exempt Severance shall not exceed $5,000 in the aggregate to the extent it would be considered an acceleration of benefit payments under Code Section 409A.
Section 5.05 Determination of Cause After Termination. Notwithstanding any other provision of the Plan to the contrary, if the Committee or the Plan Administrator determines at any time, including after the Participant’s Separation from Service Date, that a Participant had (a) engaged in conduct that constituted Cause at any time prior to the Participant’s Separation from Service Date or (b) breached the restrictive covenants contained in Article VI , then any Severance Benefit payable to the Participant under Article IV of the Plan shall immediately cease, and the Participant shall be required to return any Severance Benefits paid to the Participant prior to such determination, to the extent permitted by applicable law. The Committee or the Plan Administrator may require that the payment of the Severance Benefits be withheld pending resolution of an inquiry that could lead to a finding of Cause or a violation of the restrictive covenants.
Section 5.06 Death of Participant. In the event of the Participant’s death prior to the completion of all Cash Severance installment payments being made, the remaining payments shall be paid to the beneficiary or beneficiaries designated by the Participant in accordance with procedures established by the Plan Administrator or if none, to the Participant’s estate in a lump sum within thirty (30) days following the date of the Participant’s death.
Section 5.07 Payments to Incompetent Persons. Any benefit payable to or for the benefit of an incompetent person, a minor, or other person incapable of receipt therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Employer, the Committee, the Plan Administrator and all other parties with respect thereto.
Section 5.08 Lost Payees. A benefit shall be deemed forfeited if the Plan Administrator is unable to locate a Participant to whom a Severance Benefit is due. Such Severance Benefit shall be reinstated if application is made by the Participant for the forfeited Severance Benefit while this Plan is in operation.
ARTICLE VI
RESTRICTIVE COVENANTS
Section 6.01 Restrictive Covenants. In consideration for and as a condition of an Eligible Employee’s ability to potentially receive Severance Benefits under this Plan, such Eligible Employee must attest that they have complied with the following restrictive covenants during the Eligible Employee’s employment:
(a) Confidentiality. The Eligible Employee will treat , as private and privileged, any information deemed by the Company to be confidential and proprietary, including, without limitation, trade secrets, data, figures, projections, estimates, marketing plans, customer lists, lists of contract workers, tax records, personnel records, accounting procedures, formulas, contracts, business partners, alliances, ventures and all other confidential information that he or she acquires while working for the Company or any of its Affiliated Companies (collectively, “Confidential Information”). The Eligible Employee may not use for his/her personal benefit or release any Confidential Information to any person, firm, corporation or other entity at any time, except as may be required by law, or as agreed to in writing by the Company. Any violation of this non-disclosure provision shall entitle the Company to appropriate injunctive relief and to any damages which it may sustain due to the improper disclosure. However, it shall not be a breach of this provision if an Eligible Employee discloses Confidential Information to a federal, state or
local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law.
(b) Non-Solicitation. The Eligible Employee shall not, for himself or herself or any third party, directly or indirectly, (i) solicit or accept competitive business from any customer or identified prospective customer of the Company or its Affiliated Companies, or (ii) solicit any employee of the Company or its Affiliated Companies for the purpose of hiring such person or otherwise entice, induce or encourage, directly or indirectly, any such employee to leave their employment.
Engaging in any of the following activities will be a violation of paragraph (b)(ii) above: (1) soliciting for hire or soliciting for retainer as an independent consultant or as contingent worker any employee of the Company or its Affiliated Companies; (2) participating in the recruitment of any employee of the Company or its Affiliated Companies; (3) serving as a reference for an employee of the Company or its Affiliated Companies without first obtaining written consent from the CEO and General Counsel of the Company; (4) offering an opinion regarding the candidacy as a potential employee, independent consultant or contingent worker of an individual employed by the Company or its Affiliated Companies without first obtaining written consent from the CEO and General Counsel of the Company; (5) assisting or encouraging any third party to pursue an employee of the Company or its Affiliated Companies for potential employment, independent consulting or contingent worker opportunities; or (6) assisting or encouraging any employee of the Company or its Affiliated Companies to leave their current position in order to be an employee, independent consultant or contingent worker for a third party.
(c) Non-Competition. The Eligible Employee will not, for himself or herself or for any third party, directly or indirectly, in whole or in part, provide services, whether as an employee, employer, owner, operator, manager, advisor, consultant, agent, partner, director, shareholder, officer, volunteer, intern, or any other similar capacity, to a Competitor. Notwithstanding the prior sentence, an Eligible Employee is not prohibited from providing services to a Competitor if: (i) the duties and services that the Eligible Employee will provide to the Competitor are not, in whole or in part, substantially similar to the duties and services he or she provided to the Company or its Affiliated Companies; (ii) the duties are not reasonably likely to cause the Eligible Employee to reveal trade secrets, know-how, customer lists, customer contracts, customer needs, business strategies, marketing strategies, product development, or other Confidential Information concerning the business of the Company or its Affiliated Companies; and (iii) before providing such services, the Eligible Employee has given written notice to the Company’s CEO and General Counsel describing the nature of the new position and the reason(s) the Eligible Employee believes that accepting such position will not result in a violation of his/her restrictions under this paragraph. Nothing in the Plan prohibits an Eligible Employee from purchasing or owning less than five percent (5%) of the publicly traded securities of any corporation, provided that such ownership represents a passive investment and that the Eligible Employee is not a controlling person of, or a member of a group that controls, the corporation.
(d) Non-Disparagement. An Eligible Employee shall not make disparaging remarks of any sort or otherwise communicate any disparaging comments to any other person or entity, about the Company or any Affiliated Company and any of its divisions, subsidiaries, predecessors and successors, and any affiliated entities and persons, and all of their respective past and present employees, agents, insurers, officials, officers and directors. However, an Eligible Employee shall not be held in breach of this provision if he or she discloses Confidential Information to a federal, state or local government official, either directly or indirectly, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law.
(e) Business. For purposes of this Section 6.01 the “Business” shall mean the industries in which an Eligible Employee worked during his or her most recent (24) months of employment with the Company or its Affiliated Companies.
(f) Competitor. For the purposes of this Section 6.01, a “Competitor” shall mean any business operating within the Restricted Territory (as defined below) which competes in the Business and which (i) offers products and services within the Restricted Territory that are comparable to the products and services offered by the Business, or which the Company or its Affiliated Companies took material steps to offer during the Eligible Employee’s most recent twenty-four (24) month period of employment, and whose primary customer and product focus, scope and method of delivery is competitive with or substantially similar to that of the Company or its Affiliated Companies or (ii) offers products and services within the Restricted Territory that are
comparable to the products and services offered by the Business to any customer or prospective customer of the Company or its Affiliated Companies with which an Eligible Employee was involved or about which an Eligible Employee had or was provided access to Confidential Information during his or her most recent twelve (12) months of employment with the Company or its Affiliated Companies.
(g) Restricted Territory. For purposes of this Section 6.01, “Restricted Territory” shall mean each country in the world in which the Company or its Affiliated Companies conducted the Business or had taken material steps to begin conducting the Business, in each case within the Eligible Employee’s most recent twenty four (24) months of employment with the Company or its Affiliated Companies.
Section 6.02 Reformation. In the event the provisions of this Article VI shall ever be deemed to exceed the time, scope or geographic limitations permitted by applicable laws, then such provisions shall be reformed to the maximum time, scope or geographic limitations, as the case may be, permitted by applicable laws.
Section 6.03 Non-Exclusive Source of Restrictive Covenants. The restrictive covenants contained in this Article VI may not be the exclusive source of restrictive covenants that apply to an Eligible Employee. In accordance with the eligibility requirements described in Article III, Severance Benefits may be conditioned on execution of and compliance with a Release which may contain additional restrictive covenant obligations applicable after the Eligible Employee’s Separation from Service Date.
Section 6.04 Whistleblower Rights. None of the restrictions in this Article VI prohibits an Eligible Employee from reporting possible violations of local, state, foreign or federal law or regulation, or related facts, to any governmental agency or entity or making other reports or disclosures that, in each case, are protected under the whistleblower provisions of local, state, foreign or federal law or regulation. An Eligible Employee does not need the Company’s prior authorization to make any such reports or disclosures and does not need to notify the Company that the Eligible Employee has made such reports or disclosures.
ARTICLE VII
THE PLAN ADMINISTRATOR
Section 7.01 Authority. The Plan Administrator shall administer the Plan on the basis of information supplied to it by the Company, the Employers and the Committee. The Plan Administrator shall have the full power, authority and discretion to:
(a) construe, interpret and administer the Plan;
(b) make factual determinations and correct deficiencies herein (and in any other document used to implement the Plan)
(c) supply omissions herein (and in any other document used to implement the Plan); and
(d) adopt such rules and regulations and may make such decisions as it deems necessary or desirable for the proper administration of the Plan.
Section 7.02 Records, Reporting and Disclosure. The Plan Administrator shall keep a copy of all records relating to the payment of Severance Benefits to Participants and former Participants and all other records necessary for the proper operation of the Plan. All Plan records shall be made available to the Committee, the Company and to each Participant for examination during business hours, except that a Participant shall examine only such records as pertain exclusively to the examining Participant or to which the Participant has rights to review under ERISA. The Plan Administrator shall prepare and shall file as required by law or regulation all reports, forms, documents and other items required by ERISA, the Code, and every other relevant statute, each as amended, and all regulations thereunder (except that the Employer, as payor of the Severance Benefits, shall prepare and distribute to the proper recipients all
forms relating to withholding of income or wage taxes, Social Security taxes, and other amounts that may be similarly reportable).
Section 7.03 Discretion; Decisions Binding. Any decisions, actions or interpretations to be made under the Plan by the Board, the Committee, the Plan Administrator, or their delegees shall be made in each of their respective sole discretion, not in any fiduciary capacity (unless otherwise required by law) and need not be uniformly applied to similarly situated individuals and such decisions, actions or interpretations shall be final, binding and conclusive upon all parties. As a condition of participating in the Plan, the Participant acknowledges that all decisions and determinations of the Board, the Committee and the Plan Administrator shall be final and binding on the Participant, his or her beneficiaries and any other person having or claiming an interest under the Plan on his or her behalf.
ARTICLE VIII
AMENDMENT, TERMINATION AND DURATION
Section 8.01 Amendment, Suspension and Termination. The Committee shall have the right, at any time and from time to time, to amend, suspend or terminate the Plan in whole or in part, for any reason or without reason, and without either the consent of or the prior notification to any Participant.
Section 8.02 Impact on Benefits. Notwithstanding Section 8.01, no such amendment, suspension or termination may cause the cessation or the reduction of Severance Benefits already approved for a Participant who has executed a Release and met all the other requirements to receive Severance Benefits under the Plan as of the date of such amendment, suspension, or termination. In addition, no such amendment, suspension or termination shall give the Company the right to recover any amount paid to a Participant prior to the date of such amendment.
ARTICLE IX
CLAIMS PROCEDURES
Section 9.01 Initial Claim. A Participant or his or her beneficiary (or a person who in good faith believes he or she is a Participant or beneficiary, i.e., a “claimant”) who believes he or she has been wrongly denied Severance Benefits under the Plan may file a written claim for benefits with the Plan Administrator. Although no particular form of written claim is required, no such claim shall be considered unless it provides a reasonably coherent explanation of the claimant’s position.
Section 9.02 Decision on Initial Claim. The Plan Administrator shall approve or deny the claim in writing within sixty (60) days of receipt, provided that such sixty (60) day period may be extended an additional sixty (60) days if the Plan Administrator determines such extension is necessary and the Plan Administrator provides notice of extension to the claimant prior to the end of the initial sixty (60) day period. The notice advising of the denial shall specify the following:
(a) the reason or reasons for denial;
(b) the specific Plan provisions on which the determination was based;
(c) any additional material or information necessary for the claimant to perfect the claim and an explanation of why such material or information is needed; and
(d) the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the claimant’s right to bring a civil action under section 502(a) of ERISA following an adverse benefit determination on review.
Section 9.03 Appeal of Denied Claim. If a claimant wishes to submit a request for a review of the denied claim, then the claimant shall make such appeal by filing a notice of appeal of the denial with the Plan Administrator within sixty (60) calendar days of the receipt of the denied claim. Such notice shall be made in writing, and shall set forth all of the facts upon which the appeal is based. Appeals not timely filed shall be barred.
Section 9.04 Decision on Appeal. The Plan Administrator shall consider the merits of the claimant’s written presentations, the merits of any facts or evidence in support of the denial or approval of
benefits, and such other facts and circumstances as the Plan Administrator shall deem relevant. The Plan Administrator shall render a determination upon the appealed claim which determination shall be accompanied by a written statement as to the reasons therefor. The determination shall be made and provided to the claimant within sixty (60) days of the claimant’s request for review, unless the Plan Administrator determines that special circumstances requires an extension of time for processing the claim. In such case, the Plan Administrator shall notify the claimant of the need for an extension of time to render its decision prior to the end of the initial sixty (60) day period, and the Plan Administrator shall have an additional sixty (60) day period to make its determination. The determination so rendered shall be binding upon all parties. If the determination is adverse to the claimant, the notice shall provide:
(a) the reason or reasons for denial;
(b) the specific Plan provisions on which the determination was based;
(c) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claimant’s claim for benefits; and
(d) a statement that the claimant has the right to bring an action under section 502(a) of ERISA.
Section 9.05 Legal Proceedings. This Plan shall be construed and enforced according to the laws of the State of Minnesota to the extent not superseded by Federal law. Any suit, action or other legal proceeding arising out of this Plan including without limitation, any action commenced by the Company for preliminary and permanent injunctive relief or other equitable relief for a violation of any of the covenants in Article VI hereof, may only be brought in the United States District Court for the District of Minnesota, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Minnesota. Any legal action or proceeding may only be heard in a “bench trial,” and any part to such action or proceeding shall agree to waive its right to a jury trial. In consideration for the eligibility to receive Severance Benefits hereunder, each Eligible Employee must:
(a) consent to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding;
(b) waive his or her right to a jury trial in any such suit, action or proceeding;
(c) waive any objection which he or she may have to the laying of venue of any such suit, action or proceeding in any such court;
(d) consent to the service of any process, pleadings, notices or other papers in a manner permitted by the notice provisions Section 10.02; and
(e) agree that a legal proceeding may only be brought after the administrative claim and appeals procedures in this Article X have been exhausted, and then only within 365 days after notice of an adverse determination under Section 9.04.
ARTICLE X
MISCELLANEOUS
Section 10.01 Nonalienation of Benefits. None of the payments, benefits or rights of any Participant shall be subject to any claim of any creditor of any Participant, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachment, garnishment (if permitted under applicable law), trustee’s process, or any other legal or equitable process available to any creditor of such Participant. No Participant shall have the right to alienate, anticipate, commute, plead, encumber or assign any of the benefits or payments that he may expect to receive, contingently or otherwise, under this Plan.
Section 10.02 Notices. All notices and other communications required hereunder shall be in writing and shall be delivered personally or mailed by registered or certified mail, return receipt requested, or by nationally recognized overnight express courier service. In the case of the Participant, mailed notices shall be addressed to him or her at the home address which he or she most recently
communicated to the Company in writing. In the case of the Company, mailed notices shall be addressed to the Plan Administrator.
Section 10.03 Successors. Any successor to the Company shall assume the obligations under this Plan and expressly agree to perform the obligations under this Plan.
Section 10.04 Non-Duplication of Benefits. If, as of the Participant’s Separation from Service Date, the Participant is eligible to receive Severance Benefits under this Plan and cash severance benefits under any agreement with the Company, or other plan or policy of the Company (an “alternative arrangement”), then the Participant shall receive either the Severance Benefits under this Plan or the severance benefits under the alternative arrangement, whichever would result in the provision of greater benefits to the Participant, as determined by the Plan Administrator in its sole and absolute discretion, but in no event shall a Participant be entitled to receive both the Severance Benefits under this Plan and cash severance benefits under an alternative arrangement.
Section 10.05 No Mitigation. Except as otherwise provided herein, Participants shall not be required to mitigate the amount of any Severance Benefit provided for in this Plan by seeking other employment or otherwise, nor shall the amount of any Severance Benefit provided for herein be reduced by any compensation earned by other employment or otherwise, except if the Participant is re-employed by Company or any Affiliated Company, in which case any otherwise payable Severance Benefits shall cease and be forfeited.
Section 10.06 No Contract of Employment. Nothing in the Plan shall be construed as giving any Employee the right to be retained in the service of the Company, and all Employees shall remain subject to discharge to the same extent as if the Plan had never been adopted.
Section 10.07 Severability of Provisions. If any provision of this Plan shall be held invalid or unenforceable by a court of competent jurisdiction, such invalidity or unenforceability shall not affect any other provisions hereof, and such provision shall be amended to the minimum extent needed to be valid and enforceable, or if such amendment is not permitted by applicable law, then this Plan shall be construed and enforced as if such provisions had not been included.
Section 10.08 Heirs, Assigns, and Personal Representatives. This Plan shall be binding upon the heirs, executors, administrators, successors and assigns of the parties, including each Participant, present and future.
Section 10.09 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.
Section 10.10 Gender and Number. Where the context admits: words in any gender shall include any other gender, and, except where otherwise clearly indicated by context, the singular shall include the plural, and vice-versa.
Section 10.11 Unfunded Plan. No Participant shall have any interest in any fund or in any specific asset or assets of the Employer by reason of participation in the Plan. It is intended that the Employer has merely a contractual obligation to make payments when due hereunder and it is not intended that the Employer hold any funds in reserve or trust to secure payments hereunder.
[Remainder of Page Intentionally Left Blank]
IN WITNESS WHEREOF, the undersigned, officer of the Company, has executed this Amended and Restated Severance Plan for Executives pursuant to the Committee’s proper delegation, approval, and authorization.
NVENT MANAGEMENT COMPANY, INC.
By: /s/Lynnette Heath
Lynnette Heath
EVP and CHRO
Date: 9/18/2023
Exhibit 31.1
Certification
I, Beth A. Wozniak, certify that:
1. I have reviewed this quarterly report on Form 10-Q of nVent Electric plc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | October 27, 2023 | /s/ Beth A. Wozniak |
| | Beth A. Wozniak |
| | Chief Executive Officer |
Exhibit 31.2
Certification
I, Sara E. Zawoyski, certify that:
1. I have reviewed this quarterly report on Form 10-Q of nVent Electric plc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | October 27, 2023 | /s/ Sara E. Zawoyski |
| | Sara E. Zawoyski |
| | Executive Vice President and Chief Financial Officer |
Exhibit 32.1
Certification of CEO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 Of The Sarbanes-Oxley Act Of 2002
In connection with the Quarterly Report on Form 10-Q of nVent Electric plc (the “Company”) for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Beth A. Wozniak, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: | October 27, 2023 | /s/ Beth A. Wozniak |
| | Beth A. Wozniak |
| | Chief Executive Officer |
Exhibit 32.2
Certification of CFO Pursuant To
18 U.S.C. Section 1350,
As Adopted Pursuant To
Section 906 Of The Sarbanes-Oxley Act Of 2002
In connection with the Quarterly Report on Form 10-Q of nVent Electric plc (the “Company”) for the period ended September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Sara E. Zawoyski, Executive Vice President and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that based on my knowledge:
(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | | | | |
Date: | October 27, 2023 | /s/ Sara E. Zawoyski |
| | Sara E. Zawoyski |
| | Executive Vice President and Chief Financial Officer |
v3.23.3
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v3.23.3
Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
Net sales |
$ 858.8
|
$ 745.2
|
$ 2,402.4
|
$ 2,167.4
|
Cost of goods sold |
505.6
|
455.2
|
1,414.1
|
1,362.3
|
Gross profit |
353.2
|
290.0
|
988.3
|
805.1
|
Selling, general and administrative |
178.7
|
154.8
|
508.8
|
445.3
|
Research and development |
18.3
|
14.7
|
52.5
|
44.5
|
Operating income |
156.2
|
120.5
|
427.0
|
315.3
|
Net interest expense |
25.5
|
8.1
|
55.0
|
22.8
|
Gain on sale of investment |
0.0
|
0.0
|
10.2
|
0.0
|
Other expense |
1.4
|
0.5
|
3.7
|
2.3
|
Income before income taxes |
129.3
|
111.9
|
378.5
|
290.2
|
Provision for income taxes |
23.8
|
18.5
|
66.3
|
49.1
|
Net income |
105.5
|
93.4
|
312.2
|
241.1
|
Comprehensive income, net of tax |
|
|
|
|
Net income |
105.5
|
93.4
|
312.2
|
241.1
|
Changes in cumulative translation adjustment |
(14.9)
|
(13.7)
|
(11.1)
|
(19.7)
|
Changes in market value of derivative financial instruments, net of tax |
(1.1)
|
6.7
|
(6.0)
|
6.5
|
Comprehensive income |
$ 89.5
|
$ 86.4
|
$ 295.1
|
$ 227.9
|
Earnings per ordinary share |
|
|
|
|
Basic pro forma earnings per ordinary share (in dollars per share) |
$ 0.64
|
$ 0.56
|
$ 1.89
|
$ 1.45
|
Diluted pro forma earnings per ordinary share (in dollars per share) |
$ 0.63
|
$ 0.55
|
$ 1.86
|
$ 1.43
|
Weighted average ordinary shares outstanding |
|
|
|
|
Basic (shares) |
165.8
|
166.5
|
165.6
|
166.4
|
Diluted (shares) |
168.6
|
168.3
|
168.2
|
168.2
|
Cash dividends paid per ordinary share (in usd per share) |
$ 0.175
|
$ 0.175
|
$ 0.525
|
$ 0.525
|
X |
- DefinitionAggregate dividends paid during the period for each share of common stock outstanding.
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 113.3
|
$ 297.5
|
Accounts and notes receivable, net of allowances of $15.5 and $9.9, respectively |
590.9
|
472.5
|
Inventories |
464.9
|
346.7
|
Other current assets |
130.8
|
112.5
|
Total current assets |
1,299.9
|
1,229.2
|
Property, plant and equipment, net |
371.9
|
289.2
|
Other assets |
|
|
Goodwill |
2,559.8
|
2,178.1
|
Intangibles, net |
1,538.4
|
1,066.1
|
Other non-current assets |
155.7
|
139.6
|
Total other assets |
4,253.9
|
3,383.8
|
Total assets |
5,925.7
|
4,902.2
|
Current liabilities |
|
|
Current maturities of long-term debt and short-term borrowings |
30.0
|
15.0
|
Accounts payable |
243.4
|
252.1
|
Employee compensation and benefits |
114.7
|
109.3
|
Other current liabilities |
271.3
|
273.1
|
Total current liabilities |
659.4
|
649.5
|
Other liabilities |
|
|
Long-term debt |
1,831.5
|
1,068.2
|
Pension and other post-retirement compensation and benefits |
132.1
|
128.5
|
Deferred tax liabilities |
218.0
|
199.6
|
Other non-current liabilities |
139.6
|
124.7
|
Total liabilities |
2,980.6
|
2,170.5
|
Equity |
|
|
Ordinary shares $0.01 par value, 400.0 million authorized, 165.9 million and 165.3 million issued at September 30, 2023 and December 31, 2022, respectively |
1.7
|
1.7
|
Additional paid-in capital |
2,378.2
|
2,372.3
|
Retained earnings |
681.9
|
457.3
|
Accumulated other comprehensive loss |
(116.7)
|
(99.6)
|
Total equity |
2,945.1
|
2,731.7
|
Total liabilities and equity |
$ 5,925.7
|
$ 4,902.2
|
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v3.23.3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Accounts and notes receivable, allowances |
$ 15.5
|
$ 9.9
|
Ordinary shares, par value (in dollars per share) |
$ 0.01
|
$ 0.01
|
Ordinary shares authorized (in shares) |
400,000,000
|
400,000,000
|
Ordinary shares issued (in shares) |
165,900,000
|
165,300,000
|
X |
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v3.23.3
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating activities |
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 312.2
|
$ 241.1
|
Adjustments to reconcile net income to net cash provided by (used for) operating activities |
|
|
Depreciation |
36.1
|
32.8
|
Amortization |
64.5
|
53.1
|
Deferred income taxes |
(3.7)
|
0.1
|
Share-based compensation |
17.5
|
17.8
|
Gain on sale of investment |
(10.2)
|
0.0
|
Amortization of bridge financing debt issuance costs |
3.6
|
0.0
|
Gain on sale of property and equipment |
1.1
|
0.0
|
Changes in assets and liabilities, net of effects of business acquisitions |
|
|
Accounts and notes receivable |
(30.5)
|
(76.9)
|
Inventories |
(10.8)
|
(71.6)
|
Other current assets |
(30.0)
|
(21.3)
|
Accounts payable |
(27.7)
|
12.7
|
Employee compensation and benefits |
(4.5)
|
(5.6)
|
Other current liabilities |
(20.9)
|
18.7
|
Other non-current assets and liabilities |
(2.9)
|
(1.1)
|
Net cash provided by (used for) operating activities |
291.6
|
199.8
|
Investing activities |
|
|
Capital expenditures |
(48.9)
|
(30.8)
|
Proceeds from sale of property and equipment |
7.3
|
2.0
|
Proceeds from sale of investment |
14.1
|
0.0
|
Settlement of net investment hedge |
3.1
|
0.0
|
Acquisitions, net of cash acquired |
(1,119.7)
|
(8.6)
|
Net cash provided by (used for) investing activities |
(1,144.1)
|
(37.4)
|
Financing activities |
|
|
Net payments of revolving long-term debt |
0.0
|
(106.7)
|
Proceeds from long-term debt |
800.0
|
200.0
|
Repayments of long-term debt |
(20.0)
|
(6.2)
|
Settlement of cash flow hedge |
4.5
|
10.0
|
Debt issuance costs |
(11.2)
|
0.0
|
Dividends paid |
(87.6)
|
(87.7)
|
Shares issued to employees, net of shares withheld |
1.6
|
0.3
|
Repurchases of ordinary shares |
(15.2)
|
(8.5)
|
Net cash provided by (used for) financing activities |
672.1
|
1.2
|
Effect of exchange rate changes on cash and cash equivalents |
(3.8)
|
(19.1)
|
Change in cash and cash equivalents |
(184.2)
|
144.5
|
Cash and cash equivalents, beginning of period |
297.5
|
49.5
|
Cash and cash equivalents, end of period |
$ 113.3
|
$ 194.0
|
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v3.23.3
Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Beginning balance (in shares) at Dec. 31, 2021 |
|
166.1
|
|
|
|
Beginning balance at Dec. 31, 2021 |
$ 2,496.1
|
$ 1.7
|
$ 2,403.1
|
$ 174.5
|
$ (83.2)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
67.8
|
|
|
67.8
|
|
Other Comprehensive Income (Loss), Net of Tax |
(0.7)
|
|
|
|
(0.7)
|
Dividends, Common Stock |
(29.0)
|
|
|
(29.0)
|
|
Share repurchases (in shares) |
|
(0.1)
|
|
|
|
Share repurchases |
(3.9)
|
|
(3.9)
|
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.0
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
$ 1.4
|
|
1.4
|
|
|
Issuance of restricted shares, net of cancellations |
0.0
|
0.4
|
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
$ (4.4)
|
$ (0.1)
|
(4.4)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
6.6
|
|
6.6
|
|
|
Ending balance (in shares) at Mar. 31, 2022 |
|
166.3
|
|
|
|
Ending balance at Mar. 31, 2022 |
2,533.9
|
$ 1.7
|
2,402.8
|
213.3
|
(83.9)
|
Beginning balance (in shares) at Dec. 31, 2021 |
|
166.1
|
|
|
|
Beginning balance at Dec. 31, 2021 |
2,496.1
|
$ 1.7
|
2,403.1
|
174.5
|
(83.2)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 241.1
|
|
|
|
|
Share repurchases (in shares) |
(0.1)
|
|
|
|
|
Share repurchases |
$ (3.9)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
166.6
|
|
|
|
Ending balance at Sep. 30, 2022 |
2,650.6
|
$ 1.7
|
2,417.4
|
327.9
|
(96.4)
|
Beginning balance (in shares) at Mar. 31, 2022 |
|
166.3
|
|
|
|
Beginning balance at Mar. 31, 2022 |
2,533.9
|
$ 1.7
|
2,402.8
|
213.3
|
(83.9)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
79.9
|
|
|
79.9
|
|
Other Comprehensive Income (Loss), Net of Tax |
(5.5)
|
|
|
|
(5.5)
|
Dividends, Common Stock |
(29.3)
|
|
|
(29.3)
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.1
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
$ 2.0
|
|
2.0
|
|
|
Issuance of restricted shares, net of cancellations |
0.0
|
0.1
|
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
$ (0.3)
|
|
(0.3)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
5.3
|
|
5.3
|
|
|
Ending balance (in shares) at Jun. 30, 2022 |
|
166.5
|
|
|
|
Ending balance at Jun. 30, 2022 |
2,586.0
|
$ 1.7
|
2,409.8
|
263.9
|
(89.4)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
93.4
|
|
|
93.4
|
|
Other Comprehensive Income (Loss), Net of Tax |
(7.0)
|
|
|
|
(7.0)
|
Dividends, Common Stock |
(29.4)
|
|
|
(29.4)
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.1
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
2.0
|
|
2.0
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
(0.3)
|
|
(0.3)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
5.9
|
|
5.9
|
|
|
Ending balance (in shares) at Sep. 30, 2022 |
|
166.6
|
|
|
|
Ending balance at Sep. 30, 2022 |
2,650.6
|
$ 1.7
|
2,417.4
|
327.9
|
(96.4)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
165.3
|
|
|
|
Beginning balance at Dec. 31, 2022 |
2,731.7
|
$ 1.7
|
2,372.3
|
457.3
|
(99.6)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
93.8
|
|
|
93.8
|
|
Other Comprehensive Income (Loss), Net of Tax |
3.6
|
|
|
|
3.6
|
Dividends, Common Stock |
(29.3)
|
|
|
(29.3)
|
|
Share repurchases (in shares) |
|
(0.3)
|
|
|
|
Share repurchases |
(13.2)
|
$ 0.0
|
(13.2)
|
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.2
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
$ 5.1
|
|
5.1
|
|
|
Issuance of restricted shares, net of cancellations |
0.0
|
0.7
|
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
$ (7.5)
|
$ (0.2)
|
(7.5)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
5.7
|
|
5.7
|
|
|
Ending balance (in shares) at Mar. 31, 2023 |
|
165.7
|
|
|
|
Ending balance at Mar. 31, 2023 |
2,789.9
|
$ 1.7
|
2,362.4
|
521.8
|
(96.0)
|
Beginning balance (in shares) at Dec. 31, 2022 |
|
165.3
|
|
|
|
Beginning balance at Dec. 31, 2022 |
2,731.7
|
$ 1.7
|
2,372.3
|
457.3
|
(99.6)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 312.2
|
|
|
|
|
Share repurchases (in shares) |
(0.3)
|
|
|
|
|
Share repurchases |
$ (13.2)
|
|
|
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
165.9
|
|
|
|
Ending balance at Sep. 30, 2023 |
2,945.1
|
$ 1.7
|
2,378.2
|
681.9
|
(116.7)
|
Beginning balance (in shares) at Mar. 31, 2023 |
|
165.7
|
|
|
|
Beginning balance at Mar. 31, 2023 |
2,789.9
|
$ 1.7
|
2,362.4
|
521.8
|
(96.0)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
112.9
|
|
|
112.9
|
|
Other Comprehensive Income (Loss), Net of Tax |
(4.7)
|
|
|
|
(4.7)
|
Dividends, Common Stock |
(29.2)
|
|
|
(29.2)
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.1
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
1.8
|
|
1.8
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
(0.7)
|
$ 0.0
|
(0.7)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
5.7
|
|
5.7
|
|
|
Ending balance (in shares) at Jun. 30, 2023 |
|
165.8
|
|
|
|
Ending balance at Jun. 30, 2023 |
2,875.7
|
$ 1.7
|
2,369.2
|
605.5
|
(100.7)
|
Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
105.5
|
|
|
105.5
|
|
Other Comprehensive Income (Loss), Net of Tax |
(16.0)
|
|
|
|
(16.0)
|
Dividends, Common Stock |
(29.1)
|
|
|
(29.1)
|
|
Exercise of options, net of shares tendered for payment (in shares) |
|
0.1
|
|
|
|
Stock Issued During Period, Value, Stock Options Exercised |
3.1
|
|
3.1
|
|
|
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation |
(0.2)
|
$ 0.0
|
(0.2)
|
|
|
APIC, Share-based Payment Arrangement, Increase for Cost Recognition |
6.1
|
|
6.1
|
|
|
Ending balance (in shares) at Sep. 30, 2023 |
|
165.9
|
|
|
|
Ending balance at Sep. 30, 2023 |
$ 2,945.1
|
$ 1.7
|
$ 2,378.2
|
$ 681.9
|
$ (116.7)
|
X |
- DefinitionAmount of increase to additional paid-in capital (APIC) for recognition of cost for award under share-based payment arrangement.
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v3.23.3
Supplemental Balance Sheet Information
|
9 Months Ended |
Sep. 30, 2023 |
Disclosure Supplemental Balance Sheet Information [Abstract] |
|
Supplemental Balance Sheet Information |
Supplemental Balance Sheet Information | | | | | | | | | In millions | September 30, 2023 | December 31, 2022 | Inventories | | | Raw materials and supplies | $ | 182.2 | | $ | 112.9 | | Work-in-process | 36.9 | | 36.2 | | Finished goods | 245.8 | | 197.6 | | Total inventories | $ | 464.9 | | $ | 346.7 | | Other current assets | | | Contract assets | $ | 44.2 | | $ | 45.6 | | Prepaid expenses | 62.5 | | 44.9 | | Prepaid income taxes | 19.8 | | 4.1 | | Cross currency swap assets | — | | 14.5 | | Other current assets | 4.3 | | 3.4 | | Total other current assets | $ | 130.8 | | $ | 112.5 | | Property, plant and equipment, net | | | Land and land improvements | $ | 42.5 | | $ | 38.6 | | Buildings and leasehold improvements | 205.5 | | 180.5 | | Machinery and equipment | 572.0 | | 500.4 | | Construction in progress | 35.4 | | 34.7 | | Total property, plant and equipment | 855.4 | | 754.2 | | Accumulated depreciation and amortization | 483.5 | | 465.0 | | Total property, plant and equipment, net | $ | 371.9 | | $ | 289.2 | | Other non-current assets | | | | | | | | | | | | Deferred compensation plan assets | $ | 17.4 | | $ | 16.7 | | Lease right-of-use assets | 92.8 | | 76.4 | | Deferred tax assets | 17.1 | | 16.3 | | Other non-current assets | 28.4 | | 30.2 | | Total other non-current assets | $ | 155.7 | | $ | 139.6 | | Other current liabilities | | | | | | Dividends payable | $ | 30.1 | | $ | 30.4 | | | | | Accrued rebates | 77.0 | | 98.4 | | Contract liabilities | 18.7 | | 22.7 | | Accrued taxes payable | 28.1 | | 34.5 | | Accrued interest | 26.5 | | 6.5 | | Current lease liabilities | 22.8 | | 17.7 | | Other current liabilities | 68.1 | | 62.9 | | Total other current liabilities | $ | 271.3 | | $ | 273.1 | | Other non-current liabilities | | | | | | Income taxes payable | $ | 28.2 | | $ | 29.8 | | | | | Deferred compensation plan liabilities | 17.4 | | 16.7 | | Non-current lease liabilities | 75.2 | | 63.7 | | Other non-current liabilities | 18.8 | | 14.5 | | Total other non-current liabilities | $ | 139.6 | | $ | 124.7 | |
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v3.23.3
Basis of Presentation and Responsibility for Interim Financial Statements
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Responsibility for Interim Financial Statements |
Basis of Presentation and Responsibility for Interim Financial Statements Business nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K. Basis of presentation The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted. We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2022. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
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v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue Disaggregation of revenue We disaggregate our revenue by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Geographic net sales information, based on geographic destination of the sale, was as follows:
| | | | | | | | | | | | | | | | Three months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 284.1 | | $ | 250.2 | | $ | 95.5 | | $ | 629.8 | | Developed Europe (1) | 87.3 | | 34.1 | | 28.2 | | 149.6 | | Developing (2) | 37.6 | | 13.1 | | 16.7 | | 67.4 | | Other Developed (3) | 3.7 | | 4.9 | | 3.4 | | 12.0 | | Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 830.0 | | $ | 615.7 | | $ | 271.6 | | $ | 1,717.3 | | Developed Europe (1) | 252.6 | | 108.2 | | 85.0 | | 445.8 | | Developing (2) | 108.8 | | 36.2 | | 54.9 | | 199.9 | | Other Developed (3) | 12.3 | | 14.6 | | 12.5 | | 39.4 | | Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
| | | | | | | | | | | | | | | | Three months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 275.4 | | $ | 158.5 | | $ | 93.9 | | $ | 527.8 | | Developed Europe (1) | 76.3 | | 33.4 | | 29.2 | | 138.9 | | Developing (2) | 31.9 | | 12.4 | | 20.9 | | 65.2 | | Other Developed (3) | 4.1 | | 4.9 | | 4.3 | | 13.3 | | Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 764.2 | | $ | 448.4 | | $ | 268.8 | | $ | 1,481.4 | | Developed Europe (1) | 238.7 | | 101.8 | | 92.9 | | 433.4 | | Developing (2) | 111.8 | | 33.2 | | 66.8 | | 211.8 | | Other Developed (3) | 13.2 | | 14.3 | | 13.3 | | 40.8 | | Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
| | | | | | | | | | | | | | | (1) Developed Europe includes Western Europe and Eastern Europe included in European Union. | (2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia. | (3) Other Developed includes Australia and Japan. |
Vertical net sales information was as follows: | | | | | | | | | | | | | | | | Three months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 224.6 | | $ | 37.6 | | $ | 70.1 | | $ | 332.3 | | Commercial & Residential | 65.0 | | 169.2 | | 45.7 | | 279.9 | | Infrastructure | 116.6 | | 83.0 | | 6.1 | | 205.7 | | Energy | 6.5 | | 12.5 | | 21.9 | | 40.9 | | Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 665.8 | | $ | 87.9 | | $ | 203.4 | | $ | 957.1 | | Commercial & Residential | 182.3 | | 408.8 | | 131.1 | | 722.2 | | Infrastructure | 336.4 | | 246.0 | | 18.9 | | 601.3 | | Energy | 19.2 | | 32.0 | | 70.6 | | 121.8 | | Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
| | | | | | | | | | | | | | | | Three months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 211.3 | | $ | 20.8 | | $ | 70.3 | | $ | 302.4 | | Commercial & Residential | 56.9 | | 104.7 | | 50.6 | | 212.2 | | Infrastructure | 112.6 | | 74.8 | | 6.8 | | 194.2 | | Energy | 6.9 | | 8.9 | | 20.6 | | 36.4 | | Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 624.5 | | $ | 59.7 | | $ | 211.8 | | $ | 896.0 | | Commercial & Residential | 169.6 | | 303.8 | | 145.8 | | 619.2 | | Infrastructure | 314.2 | | 209.7 | | 17.6 | | 541.5 | | Energy | 19.6 | | 24.5 | | 66.6 | | 110.7 | | Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.
Contract balances Contract assets and liabilities consisted of the following: | | | | | | | | | | | | | | | In millions | September 30, 2023 | December 31, 2022 | $ Change | % Change | Contract assets | $ | 44.2 | | $ | 45.6 | | $ | (1.4) | | (3.1 | %) | Contract liabilities | 18.7 | | 22.7 | | (4.0) | | (17.6 | %) | | | | | | Net contract assets | $ | 25.5 | | $ | 22.9 | | $ | 2.6 | | 11.4 | % |
The $2.6 million increase in net contract assets from December 31, 2022 to September 30, 2023 was primarily the result of the timing of milestone payments. The majority of our contract liabilities at December 31, 2022 were recognized in revenue during the nine months ended September 30, 2023. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2023 and 2022. Remaining performance obligations We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On September 30, 2023, we had $18.0 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.
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v3.23.3
Restructuring
|
9 Months Ended |
Sep. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Restructuring |
Restructuring During the nine months ended September 30, 2023 and the year ended December 31, 2022, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Severance and related costs | $ | 3.2 | | $ | 0.4 | | | $ | 6.5 | | $ | 4.1 | | Other | 2.2 | | 0.1 | | | 5.4 | | 0.7 | | Total restructuring costs | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Enclosures | $ | 0.4 | | $ | 0.3 | | | $ | 1.0 | | $ | 2.6 | | Electrical & Fastening Solutions | 0.1 | | — | | | 0.9 | | — | | Thermal Management | 4.7 | | 0.1 | | | 9.4 | | 0.2 | | Other | 0.2 | | 0.1 | | | 0.6 | | 2.0 | | Total | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows: | | | | | | | | | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | Beginning balance | $ | 2.4 | | $ | 2.4 | | | | | Costs incurred | 6.5 | | 4.1 | | Cash payments and other | (4.4) | | (4.9) | | Ending balance | $ | 4.5 | | $ | 1.6 | |
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v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Earnings Per ShareBasic and diluted earnings per share were calculated as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions, except per-share data | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Net income | $ | 105.5 | | $ | 93.4 | | | $ | 312.2 | | $ | 241.1 | | Weighted average ordinary shares outstanding | | | | | | Basic | 165.8 | | 166.5 | | | 165.6 | | 166.4 | | Dilutive impact of stock options, restricted stock units and performance share units | 2.8 | | 1.8 | | | 2.6 | | 1.8 | | Diluted | 168.6 | | 168.3 | | | 168.2 | | 168.2 | | Earnings per ordinary share | | | | | | | | | | | | | | | | | | | | | | | | Basic earnings per ordinary share | $ | 0.64 | | $ | 0.56 | | | $ | 1.89 | | $ | 1.45 | | | | | | | | | | | | | | | | | | | | Diluted earnings per ordinary share | $ | 0.63 | | $ | 0.55 | | | $ | 1.86 | | $ | 1.43 | | Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.4 | | 0.7 | | | 0.3 | | 0.5 | |
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- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
Acquisitions
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Acquisitions |
Acquisitions On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 9 below).
The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to the impacts associated with income taxes and other accruals. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.
The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported and revised as of September 30, 2023:
| | | | | | | | | In millions | As Originally Reported | As Revised | Cash | $ | 45.7 | | $ | 45.7 | | Accounts receivable | 78.1 | | 78.1 | | Inventories | 107.8 | | 104.0 | | Other current assets | 4.9 | | 4.9 | | Property, plant and equipment | 81.1 | | 75.9 | | Identifiable intangible assets | 519.8 | | 524.0 | | Goodwill | 361.5 | | 371.7 | | Other assets | 16.6 | | 16.7 | | Current liabilities | (51.5) | | (51.4) | | Other liabilities | (26.5) | | (35.9) | | Purchase price | $ | 1,137.5 | | $ | 1,133.7 | |
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $371.7 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $113.7 million of trade name intangible assets, a majority of which are indefinite-lived, $381.7 million of definite-lived customer relationships with an estimated useful life of 20 years, and $22.0 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
ECM Industries net sales and operating income for the three months ended September 30, 2023 were $98.4 million and $10.5 million, respectively. ECM Industries net sales and operating income for the period from the acquisition date to September 30, 2023 were $148.1 million and $14.3 million, respectively. ECM Industries operating income for the three and nine months ended September 30, 2023 includes $7.6 million and $11.2 million of identifiable intangible asset amortization expense, respectively, and $11.8 million and $17.7 million of expense related to the fair market value inventory step-up, respectively.
The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions, except per-share date | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Pro forma net sales | $ | 858.8 | | $ | 847.9 | | | $ | 2,558.8 | | $ | 2,477.9 | | Pro forma net income | 115.9 | | 92.8 | | | 341.4 | | 206.1 | | Pro forma earnings per ordinary share | | | | | | Basic | $ | 0.70 | | $ | 0.56 | | | $ | 2.06 | | $ | 1.24 | | Diluted | 0.69 | | 0.55 | | | 2.03 | | 1.23 | |
The unaudited pro forma results include adjustments for the amortization of acquired intangible assets, depreciation for the fair value adjustment to acquisition-date fixed assets and interest expense on debt issued to finance the acquisition, as well as the related income tax impact.
The unaudited pro forma results for the three and nine months ended September 30, 2023 exclude the impact of $13.8 million and $30.8 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value inventory step-up. The three and nine months ended September 30, 2022 were adjusted to include zero and $31.1 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair market value inventory step-up.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the ECM Industries acquisition. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the ECM Industries acquisition occurred on January 1, 2022. On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023.
The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $11.5 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation.
The pro forma impact of the TEXA Industries acquisition is not material.
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v3.23.3
Goodwill and Other Identifiable Intangible Assets
|
9 Months Ended |
Sep. 30, 2023 |
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 millions | December 31, 2022 | Acquisitions/ divestitures | | Foreign currency translation/other | September 30, 2023 | Enclosures | $ | 414.4 | | $ | 11.5 | | | $ | (1.7) | | $ | 424.2 | | Electrical & Fastening Solutions | 1,052.0 | | 371.7 | | | — | | 1,423.7 | | Thermal Management | 711.7 | | — | | | 0.2 | | 711.9 | | Total goodwill | $ | 2,178.1 | | $ | 383.2 | | | $ | (1.5) | | $ | 2,559.8 | |
Identifiable intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | In millions | Cost | Accumulated amortization | Net | | Cost | Accumulated amortization | Net | Definite-life intangibles | | | | | | | | Customer relationships | $ | 1,680.2 | | $ | (576.5) | | $ | 1,103.7 | | | $ | 1,287.6 | | $ | (519.1) | | $ | 768.5 | | Proprietary technology and patents | 63.3 | | (19.1) | | 44.2 | | | 39.7 | | (15.2) | | 24.5 | | Other finite-lived intangible assets | 18.0 | | (2.9) | | 15.1 | | | — | | — | | — | | Total definite-life intangibles | 1,761.5 | | (598.5) | | 1,163.0 | | | 1,327.3 | | (534.3) | | 793.0 | | Indefinite-life intangibles | | | | | | | | Trade names | 375.4 | | — | | 375.4 | | | 273.1 | | — | | 273.1 | | Total intangibles | $ | 2,136.9 | | $ | (598.5) | | $ | 1,538.4 | | | $ | 1,600.4 | | $ | (534.3) | | $ | 1,066.1 | |
Identifiable intangible asset amortization expense was $25.6 million and $17.6 million for the three months ended September 30, 2023 and 2022, respectively, and $64.5 million and $53.1 million for the nine months ended September 30, 2023 and 2022, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows: | | | | | | | | | | | | | | | | | | | | | | Q4 | | | | | | In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Estimated amortization expense | $ | 25.2 | | $ | 96.6 | | $ | 94.1 | | $ | 94.1 | | $ | 94.1 | | $ | 89.8 | |
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v3.23.3
Derivatives and Financial Instruments
|
9 Months Ended |
Sep. 30, 2023 |
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 September 30, 2023 and December 31, 2022, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $153.8 million and $145.7 million, respectively. The impact of these contracts on the Condensed Consolidated Statements of Income and Comprehensive Income was not material for any period presented.
Cross currency swaps At September 30, 2023 and December 31, 2022, we had outstanding cross currency swap agreements with a combined notional amount of $249.9 million and $345.1 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. In 2023, a cash flow hedge instrument and a net investment hedge instrument each reached maturity, resulting in settlement amounts reflected as a component of financing and investing cash inflows in the amount of $4.5 million and $3.1 million, respectively. Upon maturity of the previous agreement, we entered into a new net investment hedge of certain Euro-denominated subsidiaries to manage exposure to fluctuations in the Euro-U.S. dollar exchange rate with a gross notional U.S. dollar equivalent amount of $66.1 million. In the third quarter of 2022, as a result of an early settlement of a cash flow hedge instrument, $10.0 million of cash flows has been reflected as a component of financing cash flows and $0.3 million of expense was recorded to Selling, general and administrative expense from Accumulated other comprehensive loss. We entered a cross currency swap with a gross notional U.S. dollar equivalent amount of $121.0 million to replace the terminated agreement, which we designated as a fair value hedge to offset foreign currency risk associated with intercompany debt. At September 30, 2023 and December 31, 2022, we had deferred foreign currency gains of $5.1 million and $18.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity.
Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instrument: •short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; •long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; •cross currency swap and foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and •deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | In millions | Recorded Amount | Fair Value | | Recorded Amount | Fair Value | Variable rate debt | $ | 573.8 | | $ | 573.8 | | | $ | 288.8 | | $ | 288.8 | | Fixed rate debt | 1,300.0 | | 1,182.2 | | | 800.0 | | 717.7 | | Total debt | $ | 1,873.8 | | $ | 1,756.0 | | | $ | 1,088.8 | | $ | 1,006.5 | |
Financial assets and liabilities measured at fair value on a recurring basis were as follows: | | | | | | | | | | | | | | | | | | Recurring fair value measurements | September 30, 2023 | In millions | Level 1 | Level 2 | Level 3 | NAV | Total | Cross currency swap liabilities | $ | — | | $ | (6.0) | | $ | — | | $ | — | | $ | (6.0) | | Cross currency swap assets | — | | 9.2 | | — | | — | | 9.2 | | Foreign currency contract liabilities | — | | (1.2) | | — | | — | | (1.2) | | Foreign currency contract assets | — | | 1.1 | | — | | — | | 1.1 | | | | | | | | Deferred compensation plan assets | 11.9 | | — | | — | | 5.5 | | 17.4 | | Total recurring fair value measurements | $ | 11.9 | | $ | 3.1 | | $ | — | | $ | 5.5 | | $ | 20.5 | | | | | | | |
| | | | | | | | | | | | | | | | | | Recurring fair value measurements | December 31, 2022 | In millions | Level 1 | Level 2 | Level 3 | NAV | Total | Cross currency swap liabilities | $ | — | | $ | (4.8) | | $ | — | | $ | — | | $ | (4.8) | | Cross currency swap assets | — | | 22.4 | | — | | — | | 22.4 | | Foreign currency contract liabilities | — | | (1.5) | | — | | — | | (1.5) | | Foreign currency contract assets | — | | 0.5 | | — | | — | | 0.5 | | Deferred compensation plan assets | 11.8 | | — | | — | | 4.9 | | 16.7 | | | | | | | | Total recurring fair value measurements | $ | 11.8 | | $ | 16.6 | | $ | — | | $ | 4.9 | | $ | 33.3 | |
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v3.23.3
Debt
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt |
DebtDebt and the average interest rates on debt outstanding were as follows: | | | | | | | | | | | | | | | In millions | Average interest rate at September 30, 2023 | Maturity Year | September 30, 2023 | December 31, 2022 | Revolving credit facility | N/A | 2026 | $ | — | | $ | — | | 2021 Term loan facility | 6.673% | 2026 | 277.5 | | 288.8 | | 2023 Term loan facility | 7.049% | 2028 | 296.3 | | — | | Senior notes - fixed rate | 4.550% | 2028 | 500.0 | | 500.0 | | Senior notes - fixed rate | 2.750% | 2031 | 300.0 | | 300.0 | | Senior notes - fixed rate | 5.650% | 2033 | 500.0 | | — | | | | | | | Unamortized debt issuance costs and discounts | N/A | N/A | (12.3) | | (5.6) | | Total debt | | | 1,861.5 | | 1,083.2 | | Less: Current maturities and short-term borrowings | | | (30.0) | | (15.0) | | Long-term debt | | | $ | 1,831.5 | | $ | 1,068.2 | | | | | | | |
Senior notes In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes"). In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the SEC. Senior credit facilities In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. As of September 30, 2023, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating. In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating. Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities and the 2023 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions, which we elected in connection with the acquisition of ECM Industries in May 2023 for each of the next four fiscal quarters beginning in the second quarter of 2023) and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities and the 2023 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2023, we were in compliance with all financial covenants in our debt agreements. Debt outstanding at September 30, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q4 | | | | | | | | In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Contractual debt obligation maturities | $ | 7.5 | | $ | 31.9 | | $ | 37.5 | | $ | 253.1 | | $ | 22.5 | | $ | 721.3 | | $ | 800.0 | | $ | 1,873.8 | | | | | | | | | | |
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes The effective income tax rate for the nine months ended September 30, 2023 was 17.5% compared to 16.9% for the nine months ended September 30, 2022. The liability for uncertain tax positions was $13.9 million and $13.4 million at September 30, 2023 and December 31, 2022, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.
In the nine months ended September 30, 2023, we recorded a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets.
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- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
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v3.23.3
Shareholders' Equity
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
Shareholders' Equity |
Shareholders' Equity Share repurchases On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 and expires on July 22, 2024. During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization. During the nine months ended September 30, 2022, we repurchased 0.1 million of our ordinary shares for $3.9 million under the 2021 Authorization. As of September 30, 2023 and December 31, 2022, outstanding share repurchases recorded in Other current liabilities were zero and $2.0 million, respectively. As of September 30, 2023, we had $127.3 million available for share repurchases under the 2021 Authorization. Dividends payable On September 26, 2023, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on November 3, 2023, to shareholders of record at the close of business on October 20, 2023. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.1 million and $30.4 million at September 30, 2023 and December 31, 2022, respectively.
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- DefinitionThe entire disclosure for equity.
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v3.23.3
Segment Information
|
9 Months Ended |
Sep. 30, 2023 |
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 | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Net sales | | | | | | Enclosures | $ | 412.7 | | $ | 387.7 | | | $ | 1,203.7 | | $ | 1,127.9 | | Electrical & Fastening Solutions | 302.3 | | 209.2 | | | 774.7 | | 597.7 | | Thermal Management | 143.8 | | 148.3 | | | 424.0 | | 441.8 | | Total | $ | 858.8 | | $ | 745.2 | | | $ | 2,402.4 | | $ | 2,167.4 | | Segment income (loss) | | | | | | Enclosures | $ | 89.4 | | $ | 71.9 | | | $ | 261.9 | | $ | 183.7 | | Electrical & Fastening Solutions | 97.6 | | 60.8 | | | 245.4 | | 166.7 | | Thermal Management | 34.8 | | 35.9 | | | 94.3 | | 96.6 | | Other | (19.8) | | (24.6) | | | (70.3) | | (67.6) | | Total | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | |
The following table presents a reconciliation of segment income to income before income taxes: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Segment income | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | | | | | | | | | | | | | | Intangible amortization | (25.6) | | (17.6) | | | (64.5) | | (53.1) | | Restructuring and other | (5.4) | | (5.9) | | | (11.9) | | (10.2) | | Acquisition transaction and integration costs | (3.0) | | — | | | (10.2) | | (0.8) | | Inventory step-up amortization | (11.8) | | — | | | (17.7) | | — | | Net interest expense | (25.5) | | (8.1) | | | (55.0) | | (22.8) | | | | | | | | Gain on sale of investment | — | | — | | | 10.2 | | — | | Other expense | (1.4) | | (0.5) | | | (3.7) | | (2.3) | | | | | | | | | | | | | | Income before income taxes | $ | 129.3 | | $ | 111.9 | | | $ | 378.5 | | $ | 290.2 | | | | | | | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies Warranties and guarantees In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of September 30, 2023 and December 31, 2022 was not material. Stand-by letters of credit, bank guarantees and bonds In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of September 30, 2023 and December 31, 2022, the outstanding value of bonds, letters of credit and bank guarantees totaled $39.5 million and $38.0 million, respectively.
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v3.23.3
Share-Based Compensation
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Share-Based Compensation |
Share-Based Compensation Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022, was as follows:
| | | | | | | | | | | | | | | | Three months ended | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | Restricted stock units | $ | 3.0 | | $ | 2.5 | | $ | 8.4 | | $ | 7.4 | | Performance share units | 1.9 | | 2.3 | | 5.7 | | 7.3 | | Stock options | 1.2 | | 1.1 | | 3.4 | | 3.1 | | Total | $ | 6.1 | | $ | 5.9 | | $ | 17.5 | | $ | 17.8 | |
In the first quarter of 2023, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $46.15, $68.72 and $16.56, respectively.
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions: | | | | | | | 2023 Annual Grant | Risk-free interest rate | 3.77 | % | Expected dividend yield | 1.73 | % | Expected share price volatility | 36.6 | % | Expected term (years) | 6.5 |
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.
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v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue by Category |
Geographic net sales information, based on geographic destination of the sale, was as follows:
| | | | | | | | | | | | | | | | Three months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 284.1 | | $ | 250.2 | | $ | 95.5 | | $ | 629.8 | | Developed Europe (1) | 87.3 | | 34.1 | | 28.2 | | 149.6 | | Developing (2) | 37.6 | | 13.1 | | 16.7 | | 67.4 | | Other Developed (3) | 3.7 | | 4.9 | | 3.4 | | 12.0 | | Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 830.0 | | $ | 615.7 | | $ | 271.6 | | $ | 1,717.3 | | Developed Europe (1) | 252.6 | | 108.2 | | 85.0 | | 445.8 | | Developing (2) | 108.8 | | 36.2 | | 54.9 | | 199.9 | | Other Developed (3) | 12.3 | | 14.6 | | 12.5 | | 39.4 | | Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
| | | | | | | | | | | | | | | | Three months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 275.4 | | $ | 158.5 | | $ | 93.9 | | $ | 527.8 | | Developed Europe (1) | 76.3 | | 33.4 | | 29.2 | | 138.9 | | Developing (2) | 31.9 | | 12.4 | | 20.9 | | 65.2 | | Other Developed (3) | 4.1 | | 4.9 | | 4.3 | | 13.3 | | Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | U.S. and Canada | $ | 764.2 | | $ | 448.4 | | $ | 268.8 | | $ | 1,481.4 | | Developed Europe (1) | 238.7 | | 101.8 | | 92.9 | | 433.4 | | Developing (2) | 111.8 | | 33.2 | | 66.8 | | 211.8 | | Other Developed (3) | 13.2 | | 14.3 | | 13.3 | | 40.8 | | Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
| | | | | | | | | | | | | | | (1) Developed Europe includes Western Europe and Eastern Europe included in European Union. | (2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia. | (3) Other Developed includes Australia and Japan. |
Vertical net sales information was as follows: | | | | | | | | | | | | | | | | Three months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 224.6 | | $ | 37.6 | | $ | 70.1 | | $ | 332.3 | | Commercial & Residential | 65.0 | | 169.2 | | 45.7 | | 279.9 | | Infrastructure | 116.6 | | 83.0 | | 6.1 | | 205.7 | | Energy | 6.5 | | 12.5 | | 21.9 | | 40.9 | | Total | $ | 412.7 | | $ | 302.3 | | $ | 143.8 | | $ | 858.8 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2023 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 665.8 | | $ | 87.9 | | $ | 203.4 | | $ | 957.1 | | Commercial & Residential | 182.3 | | 408.8 | | 131.1 | | 722.2 | | Infrastructure | 336.4 | | 246.0 | | 18.9 | | 601.3 | | Energy | 19.2 | | 32.0 | | 70.6 | | 121.8 | | Total | $ | 1,203.7 | | $ | 774.7 | | $ | 424.0 | | $ | 2,402.4 | |
| | | | | | | | | | | | | | | | Three months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 211.3 | | $ | 20.8 | | $ | 70.3 | | $ | 302.4 | | Commercial & Residential | 56.9 | | 104.7 | | 50.6 | | 212.2 | | Infrastructure | 112.6 | | 74.8 | | 6.8 | | 194.2 | | Energy | 6.9 | | 8.9 | | 20.6 | | 36.4 | | Total | $ | 387.7 | | $ | 209.2 | | $ | 148.3 | | $ | 745.2 | | | | | | | | | | | |
| | | | | | | | | | | | | | | | Nine months ended September 30, 2022 | In millions | Enclosures | Electrical & Fastening Solutions | Thermal Management | Total | Industrial | $ | 624.5 | | $ | 59.7 | | $ | 211.8 | | $ | 896.0 | | Commercial & Residential | 169.6 | | 303.8 | | 145.8 | | 619.2 | | Infrastructure | 314.2 | | 209.7 | | 17.6 | | 541.5 | | Energy | 19.6 | | 24.5 | | 66.6 | | 110.7 | | Total | $ | 1,127.9 | | $ | 597.7 | | $ | 441.8 | | $ | 2,167.4 | |
In the fourth quarter of 2022, for purposes of how we assess performance, we determined that certain revenue was better aligned with the infrastructure and commercial & residential verticals, rather than the industrial and energy verticals, where it was previously reported. For comparability, we have reclassified revenue for the three and nine months ended September 30, 2022 to conform to the new presentation. This reclassification of revenue by vertical had no impact on our consolidated financial results.
|
Contract assets and liabilities |
Contract assets and liabilities consisted of the following: | | | | | | | | | | | | | | | In millions | September 30, 2023 | December 31, 2022 | $ Change | % Change | Contract assets | $ | 44.2 | | $ | 45.6 | | $ | (1.4) | | (3.1 | %) | Contract liabilities | 18.7 | | 22.7 | | (4.0) | | (17.6 | %) | | | | | | Net contract assets | $ | 25.5 | | $ | 22.9 | | $ | 2.6 | | 11.4 | % |
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v3.23.3
Restructuring (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Restructuring and Related Activities [Abstract] |
|
Restructuring Related Costs |
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Severance and related costs | $ | 3.2 | | $ | 0.4 | | | $ | 6.5 | | $ | 4.1 | | Other | 2.2 | | 0.1 | | | 5.4 | | 0.7 | | Total restructuring costs | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
|
Restructuring Costs By Segment |
Restructuring costs by reportable segment were as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Enclosures | $ | 0.4 | | $ | 0.3 | | | $ | 1.0 | | $ | 2.6 | | Electrical & Fastening Solutions | 0.1 | | — | | | 0.9 | | — | | Thermal Management | 4.7 | | 0.1 | | | 9.4 | | 0.2 | | Other | 0.2 | | 0.1 | | | 0.6 | | 2.0 | | Total | $ | 5.4 | | $ | 0.5 | | | $ | 11.9 | | $ | 4.8 | |
|
Restructuring Accrual Activity Recorded on Consolidated Balance Sheets |
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows: | | | | | | | | | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | Beginning balance | $ | 2.4 | | $ | 2.4 | | | | | Costs incurred | 6.5 | | 4.1 | | Cash payments and other | (4.4) | | (4.9) | | Ending balance | $ | 4.5 | | $ | 1.6 | |
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v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Basic and Diluted Earnings Per Share |
Basic and diluted earnings per share were calculated as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions, except per-share data | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Net income | $ | 105.5 | | $ | 93.4 | | | $ | 312.2 | | $ | 241.1 | | Weighted average ordinary shares outstanding | | | | | | Basic | 165.8 | | 166.5 | | | 165.6 | | 166.4 | | Dilutive impact of stock options, restricted stock units and performance share units | 2.8 | | 1.8 | | | 2.6 | | 1.8 | | Diluted | 168.6 | | 168.3 | | | 168.2 | | 168.2 | | Earnings per ordinary share | | | | | | | | | | | | | | | | | | | | | | | | Basic earnings per ordinary share | $ | 0.64 | | $ | 0.56 | | | $ | 1.89 | | $ | 1.45 | | | | | | | | | | | | | | | | | | | | Diluted earnings per ordinary share | $ | 0.63 | | $ | 0.55 | | | $ | 1.86 | | $ | 1.43 | | Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 0.4 | | 0.7 | | | 0.3 | | 0.5 | |
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v3.23.3
Acquisitions (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Business Combination and Asset Acquisition [Abstract] |
|
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed |
The following table summarizes our preliminary estimates of the fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as previously reported and revised as of September 30, 2023:
| | | | | | | | | In millions | As Originally Reported | As Revised | Cash | $ | 45.7 | | $ | 45.7 | | Accounts receivable | 78.1 | | 78.1 | | Inventories | 107.8 | | 104.0 | | Other current assets | 4.9 | | 4.9 | | Property, plant and equipment | 81.1 | | 75.9 | | Identifiable intangible assets | 519.8 | | 524.0 | | Goodwill | 361.5 | | 371.7 | | Other assets | 16.6 | | 16.7 | | Current liabilities | (51.5) | | (51.4) | | Other liabilities | (26.5) | | (35.9) | | Purchase price | $ | 1,137.5 | | $ | 1,133.7 | |
|
Business Acquisition, Pro Forma Information |
The following table presents unaudited pro forma financial information as if the ECM Industries acquisition had occurred on January 1, 2022: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions, except per-share date | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Pro forma net sales | $ | 858.8 | | $ | 847.9 | | | $ | 2,558.8 | | $ | 2,477.9 | | Pro forma net income | 115.9 | | 92.8 | | | 341.4 | | 206.1 | | Pro forma earnings per ordinary share | | | | | | Basic | $ | 0.70 | | $ | 0.56 | | | $ | 2.06 | | $ | 1.24 | | Diluted | 0.69 | | 0.55 | | | 2.03 | | 1.23 | |
|
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v3.23.3
Goodwill and Other Identifiable Intangible Assets (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
Carrying Amount of Goodwill by Segment |
The changes in the carrying amount of goodwill by reportable segment were as follows: | | | | | | | | | | | | | | | | In millions | December 31, 2022 | Acquisitions/ divestitures | | Foreign currency translation/other | September 30, 2023 | Enclosures | $ | 414.4 | | $ | 11.5 | | | $ | (1.7) | | $ | 424.2 | | Electrical & Fastening Solutions | 1,052.0 | | 371.7 | | | — | | 1,423.7 | | Thermal Management | 711.7 | | — | | | 0.2 | | 711.9 | | Total goodwill | $ | 2,178.1 | | $ | 383.2 | | | $ | (1.5) | | $ | 2,559.8 | |
|
Schedule of Finite-Lived Intangible Assets |
Identifiable intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | In millions | Cost | Accumulated amortization | Net | | Cost | Accumulated amortization | Net | Definite-life intangibles | | | | | | | | Customer relationships | $ | 1,680.2 | | $ | (576.5) | | $ | 1,103.7 | | | $ | 1,287.6 | | $ | (519.1) | | $ | 768.5 | | Proprietary technology and patents | 63.3 | | (19.1) | | 44.2 | | | 39.7 | | (15.2) | | 24.5 | | Other finite-lived intangible assets | 18.0 | | (2.9) | | 15.1 | | | — | | — | | — | | Total definite-life intangibles | 1,761.5 | | (598.5) | | 1,163.0 | | | 1,327.3 | | (534.3) | | 793.0 | | Indefinite-life intangibles | | | | | | | | Trade names | 375.4 | | — | | 375.4 | | | 273.1 | | — | | 273.1 | | Total intangibles | $ | 2,136.9 | | $ | (598.5) | | $ | 1,538.4 | | | $ | 1,600.4 | | $ | (534.3) | | $ | 1,066.1 | |
|
Schedule of Indefinite-Lived Intangible Assets |
Identifiable intangible assets consisted of the following:
| | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | In millions | Cost | Accumulated amortization | Net | | Cost | Accumulated amortization | Net | Definite-life intangibles | | | | | | | | Customer relationships | $ | 1,680.2 | | $ | (576.5) | | $ | 1,103.7 | | | $ | 1,287.6 | | $ | (519.1) | | $ | 768.5 | | Proprietary technology and patents | 63.3 | | (19.1) | | 44.2 | | | 39.7 | | (15.2) | | 24.5 | | Other finite-lived intangible assets | 18.0 | | (2.9) | | 15.1 | | | — | | — | | — | | Total definite-life intangibles | 1,761.5 | | (598.5) | | 1,163.0 | | | 1,327.3 | | (534.3) | | 793.0 | | Indefinite-life intangibles | | | | | | | | Trade names | 375.4 | | — | | 375.4 | | | 273.1 | | — | | 273.1 | | Total intangibles | $ | 2,136.9 | | $ | (598.5) | | $ | 1,538.4 | | | $ | 1,600.4 | | $ | (534.3) | | $ | 1,066.1 | |
|
Estimated Future Amortization Expense for Identifiable Intangible Assets |
Estimated future amortization expense for identifiable intangible assets during the remainder of 2023 and the next five years is as follows: | | | | | | | | | | | | | | | | | | | | | | Q4 | | | | | | In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Estimated amortization expense | $ | 25.2 | | $ | 96.6 | | $ | 94.1 | | $ | 94.1 | | $ | 94.1 | | $ | 89.8 | |
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v3.23.3
Supplemental Balance Sheet Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Disclosure Supplemental Balance Sheet Information [Abstract] |
|
Supplemental Balance Sheet Information |
| | | | | | | | | In millions | September 30, 2023 | December 31, 2022 | Inventories | | | Raw materials and supplies | $ | 182.2 | | $ | 112.9 | | Work-in-process | 36.9 | | 36.2 | | Finished goods | 245.8 | | 197.6 | | Total inventories | $ | 464.9 | | $ | 346.7 | | Other current assets | | | Contract assets | $ | 44.2 | | $ | 45.6 | | Prepaid expenses | 62.5 | | 44.9 | | Prepaid income taxes | 19.8 | | 4.1 | | Cross currency swap assets | — | | 14.5 | | Other current assets | 4.3 | | 3.4 | | Total other current assets | $ | 130.8 | | $ | 112.5 | | Property, plant and equipment, net | | | Land and land improvements | $ | 42.5 | | $ | 38.6 | | Buildings and leasehold improvements | 205.5 | | 180.5 | | Machinery and equipment | 572.0 | | 500.4 | | Construction in progress | 35.4 | | 34.7 | | Total property, plant and equipment | 855.4 | | 754.2 | | Accumulated depreciation and amortization | 483.5 | | 465.0 | | Total property, plant and equipment, net | $ | 371.9 | | $ | 289.2 | | Other non-current assets | | | | | | | | | | | | Deferred compensation plan assets | $ | 17.4 | | $ | 16.7 | | Lease right-of-use assets | 92.8 | | 76.4 | | Deferred tax assets | 17.1 | | 16.3 | | Other non-current assets | 28.4 | | 30.2 | | Total other non-current assets | $ | 155.7 | | $ | 139.6 | | Other current liabilities | | | | | | Dividends payable | $ | 30.1 | | $ | 30.4 | | | | | Accrued rebates | 77.0 | | 98.4 | | Contract liabilities | 18.7 | | 22.7 | | Accrued taxes payable | 28.1 | | 34.5 | | Accrued interest | 26.5 | | 6.5 | | Current lease liabilities | 22.8 | | 17.7 | | Other current liabilities | 68.1 | | 62.9 | | Total other current liabilities | $ | 271.3 | | $ | 273.1 | | Other non-current liabilities | | | | | | Income taxes payable | $ | 28.2 | | $ | 29.8 | | | | | Deferred compensation plan liabilities | 17.4 | | 16.7 | | Non-current lease liabilities | 75.2 | | 63.7 | | Other non-current liabilities | 18.8 | | 14.5 | | Total other non-current liabilities | $ | 139.6 | | $ | 124.7 | |
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v3.23.3
Derivatives and Financial Instruments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
|
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments |
The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | In millions | Recorded Amount | Fair Value | | Recorded Amount | Fair Value | Variable rate debt | $ | 573.8 | | $ | 573.8 | | | $ | 288.8 | | $ | 288.8 | | Fixed rate debt | 1,300.0 | | 1,182.2 | | | 800.0 | | 717.7 | | Total debt | $ | 1,873.8 | | $ | 1,756.0 | | | $ | 1,088.8 | | $ | 1,006.5 | |
|
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis |
Financial assets and liabilities measured at fair value on a recurring basis were as follows: | | | | | | | | | | | | | | | | | | Recurring fair value measurements | September 30, 2023 | In millions | Level 1 | Level 2 | Level 3 | NAV | Total | Cross currency swap liabilities | $ | — | | $ | (6.0) | | $ | — | | $ | — | | $ | (6.0) | | Cross currency swap assets | — | | 9.2 | | — | | — | | 9.2 | | Foreign currency contract liabilities | — | | (1.2) | | — | | — | | (1.2) | | Foreign currency contract assets | — | | 1.1 | | — | | — | | 1.1 | | | | | | | | Deferred compensation plan assets | 11.9 | | — | | — | | 5.5 | | 17.4 | | Total recurring fair value measurements | $ | 11.9 | | $ | 3.1 | | $ | — | | $ | 5.5 | | $ | 20.5 | | | | | | | |
| | | | | | | | | | | | | | | | | | Recurring fair value measurements | December 31, 2022 | In millions | Level 1 | Level 2 | Level 3 | NAV | Total | Cross currency swap liabilities | $ | — | | $ | (4.8) | | $ | — | | $ | — | | $ | (4.8) | | Cross currency swap assets | — | | 22.4 | | — | | — | | 22.4 | | Foreign currency contract liabilities | — | | (1.5) | | — | | — | | (1.5) | | Foreign currency contract assets | — | | 0.5 | | — | | — | | 0.5 | | Deferred compensation plan assets | 11.8 | | — | | — | | 4.9 | | 16.7 | | | | | | | | Total recurring fair value measurements | $ | 11.8 | | $ | 16.6 | | $ | — | | $ | 4.9 | | $ | 33.3 | |
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v3.23.3
Debt (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Debt and Average Interest Rates on Debt Outstanding |
Debt and the average interest rates on debt outstanding were as follows: | | | | | | | | | | | | | | | In millions | Average interest rate at September 30, 2023 | Maturity Year | September 30, 2023 | December 31, 2022 | Revolving credit facility | N/A | 2026 | $ | — | | $ | — | | 2021 Term loan facility | 6.673% | 2026 | 277.5 | | 288.8 | | 2023 Term loan facility | 7.049% | 2028 | 296.3 | | — | | Senior notes - fixed rate | 4.550% | 2028 | 500.0 | | 500.0 | | Senior notes - fixed rate | 2.750% | 2031 | 300.0 | | 300.0 | | Senior notes - fixed rate | 5.650% | 2033 | 500.0 | | — | | | | | | | Unamortized debt issuance costs and discounts | N/A | N/A | (12.3) | | (5.6) | | Total debt | | | 1,861.5 | | 1,083.2 | | Less: Current maturities and short-term borrowings | | | (30.0) | | (15.0) | | Long-term debt | | | $ | 1,831.5 | | $ | 1,068.2 | | | | | | | |
|
Debt Outstanding Matures on Calendar Year Basis |
Debt outstanding at September 30, 2023, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Q4 | | | | | | | | In millions | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | Thereafter | Total | Contractual debt obligation maturities | $ | 7.5 | | $ | 31.9 | | $ | 37.5 | | $ | 253.1 | | $ | 22.5 | | $ | 721.3 | | $ | 800.0 | | $ | 1,873.8 | | | | | | | | | | |
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v3.23.3
Segment Information (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Segment Reporting [Abstract] |
|
Financial Information by Reportable Segment |
Financial information by reportable segment is as follows: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Net sales | | | | | | Enclosures | $ | 412.7 | | $ | 387.7 | | | $ | 1,203.7 | | $ | 1,127.9 | | Electrical & Fastening Solutions | 302.3 | | 209.2 | | | 774.7 | | 597.7 | | Thermal Management | 143.8 | | 148.3 | | | 424.0 | | 441.8 | | Total | $ | 858.8 | | $ | 745.2 | | | $ | 2,402.4 | | $ | 2,167.4 | | Segment income (loss) | | | | | | Enclosures | $ | 89.4 | | $ | 71.9 | | | $ | 261.9 | | $ | 183.7 | | Electrical & Fastening Solutions | 97.6 | | 60.8 | | | 245.4 | | 166.7 | | Thermal Management | 34.8 | | 35.9 | | | 94.3 | | 96.6 | | Other | (19.8) | | (24.6) | | | (70.3) | | (67.6) | | Total | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | |
|
Reconciliation of Operating Profit (Loss) from Segments to Consolidated |
The following table presents a reconciliation of segment income to income before income taxes: | | | | | | | | | | | | | | | | | | | Three months ended | | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | | September 30, 2023 | September 30, 2022 | Segment income | $ | 202.0 | | $ | 144.0 | | | $ | 531.3 | | $ | 379.4 | | | | | | | | | | | | | | Intangible amortization | (25.6) | | (17.6) | | | (64.5) | | (53.1) | | Restructuring and other | (5.4) | | (5.9) | | | (11.9) | | (10.2) | | Acquisition transaction and integration costs | (3.0) | | — | | | (10.2) | | (0.8) | | Inventory step-up amortization | (11.8) | | — | | | (17.7) | | — | | Net interest expense | (25.5) | | (8.1) | | | (55.0) | | (22.8) | | | | | | | | Gain on sale of investment | — | | — | | | 10.2 | | — | | Other expense | (1.4) | | (0.5) | | | (3.7) | | (2.3) | | | | | | | | | | | | | | Income before income taxes | $ | 129.3 | | $ | 111.9 | | | $ | 378.5 | | $ | 290.2 | | | | | | | |
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v3.23.3
Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
Schedule of Share-Based Compensation Expense |
Total share-based compensation expense for the three and nine months ended September 30, 2023 and 2022, was as follows:
| | | | | | | | | | | | | | | | Three months ended | Nine months ended | In millions | September 30, 2023 | September 30, 2022 | September 30, 2023 | September 30, 2022 | Restricted stock units | $ | 3.0 | | $ | 2.5 | | $ | 8.4 | | $ | 7.4 | | Performance share units | 1.9 | | 2.3 | | 5.7 | | 7.3 | | Stock options | 1.2 | | 1.1 | | 3.4 | | 3.1 | | Total | $ | 6.1 | | $ | 5.9 | | $ | 17.5 | | $ | 17.8 | |
|
Schedule of Valuation Assumptions |
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions: | | | | | | | 2023 Annual Grant | Risk-free interest rate | 3.77 | % | Expected dividend yield | 1.73 | % | Expected share price volatility | 36.6 | % | Expected term (years) | 6.5 |
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v3.23.3
Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 858.8
|
$ 745.2
|
$ 2,402.4
|
$ 2,167.4
|
U.S. and Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
629.8
|
527.8
|
1,717.3
|
1,481.4
|
Developed Europe (1) |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
149.6
|
138.9
|
445.8
|
433.4
|
Developing Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
67.4
|
65.2
|
199.9
|
211.8
|
Other Developed Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
12.0
|
13.3
|
39.4
|
40.8
|
Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
412.7
|
387.7
|
1,203.7
|
1,127.9
|
Enclosures | U.S. and Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
284.1
|
275.4
|
830.0
|
764.2
|
Enclosures | Developed Europe (1) |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
87.3
|
76.3
|
252.6
|
238.7
|
Enclosures | Developing Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
37.6
|
31.9
|
108.8
|
111.8
|
Enclosures | Other Developed Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
3.7
|
4.1
|
12.3
|
13.2
|
Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
302.3
|
209.2
|
774.7
|
597.7
|
Electrical & Fastening Solutions | U.S. and Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
250.2
|
158.5
|
615.7
|
448.4
|
Electrical & Fastening Solutions | Developed Europe (1) |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
34.1
|
33.4
|
108.2
|
101.8
|
Electrical & Fastening Solutions | Developing Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
13.1
|
12.4
|
36.2
|
33.2
|
Electrical & Fastening Solutions | Other Developed Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
4.9
|
4.9
|
14.6
|
14.3
|
Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
143.8
|
148.3
|
424.0
|
441.8
|
Electrical & Fastening Solutions | U.S. and Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
95.5
|
93.9
|
271.6
|
268.8
|
Electrical & Fastening Solutions | Developed Europe (1) |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
28.2
|
29.2
|
85.0
|
92.9
|
Electrical & Fastening Solutions | Developing Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
16.7
|
20.9
|
54.9
|
66.8
|
Electrical & Fastening Solutions | Other Developed Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 3.4
|
$ 4.3
|
$ 12.5
|
$ 13.3
|
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v3.23.3
Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 858.8
|
$ 745.2
|
$ 2,402.4
|
$ 2,167.4
|
Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
412.7
|
387.7
|
1,203.7
|
1,127.9
|
Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
302.3
|
209.2
|
774.7
|
597.7
|
Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
143.8
|
148.3
|
424.0
|
441.8
|
Industrial |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
332.3
|
302.4
|
957.1
|
896.0
|
Industrial | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
224.6
|
211.3
|
665.8
|
624.5
|
Industrial | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
37.6
|
20.8
|
87.9
|
59.7
|
Industrial | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
70.1
|
70.3
|
203.4
|
211.8
|
Commercial & Residential |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
279.9
|
212.2
|
722.2
|
619.2
|
Commercial & Residential | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
65.0
|
56.9
|
182.3
|
169.6
|
Commercial & Residential | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
169.2
|
104.7
|
408.8
|
303.8
|
Commercial & Residential | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
45.7
|
50.6
|
131.1
|
145.8
|
Energy |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
40.9
|
36.4
|
121.8
|
110.7
|
Energy | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
6.5
|
6.9
|
19.2
|
19.6
|
Energy | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
12.5
|
8.9
|
32.0
|
24.5
|
Energy | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
21.9
|
20.6
|
70.6
|
66.6
|
Infrastructure |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
205.7
|
194.2
|
601.3
|
541.5
|
Infrastructure | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
116.6
|
112.6
|
336.4
|
314.2
|
Infrastructure | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
83.0
|
74.8
|
246.0
|
209.7
|
Infrastructure | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
6.1
|
6.8
|
18.9
|
17.6
|
Developed Europe (1) |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
149.6
|
138.9
|
445.8
|
433.4
|
Developed Europe (1) | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
87.3
|
76.3
|
252.6
|
238.7
|
Developed Europe (1) | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
34.1
|
33.4
|
108.2
|
101.8
|
Developed Europe (1) | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
28.2
|
29.2
|
85.0
|
92.9
|
Developing Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
67.4
|
65.2
|
199.9
|
211.8
|
Developing Countries | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
37.6
|
31.9
|
108.8
|
111.8
|
Developing Countries | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
13.1
|
12.4
|
36.2
|
33.2
|
Developing Countries | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
16.7
|
20.9
|
54.9
|
66.8
|
Other Developed Countries |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
12.0
|
13.3
|
39.4
|
40.8
|
Other Developed Countries | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
3.7
|
4.1
|
12.3
|
13.2
|
Other Developed Countries | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
4.9
|
4.9
|
14.6
|
14.3
|
Other Developed Countries | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
3.4
|
4.3
|
12.5
|
13.3
|
U.S. and Canada |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
629.8
|
527.8
|
1,717.3
|
1,481.4
|
U.S. and Canada | Enclosures |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
284.1
|
275.4
|
830.0
|
764.2
|
U.S. and Canada | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
250.2
|
158.5
|
615.7
|
448.4
|
U.S. and Canada | Electrical & Fastening Solutions |
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
Net sales |
$ 95.5
|
$ 93.9
|
$ 271.6
|
$ 268.8
|
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v3.23.3
Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-07-01 $ in Millions |
Sep. 30, 2023
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligation |
$ 18.0
|
Minimum |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligation, expected timing of satisfaction period |
12 months
|
Maximum |
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
Remaining performance obligation, expected timing of satisfaction period |
18 months
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Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Earnings Per Share [Abstract] |
|
|
|
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
$ 105.5
|
$ 112.9
|
$ 93.8
|
$ 93.4
|
$ 79.9
|
$ 67.8
|
$ 312.2
|
$ 241.1
|
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
Basic (shares) |
165.8
|
|
|
166.5
|
|
|
165.6
|
166.4
|
Dilutive impact of stock options, restricted stock units and performance share units |
2.8
|
|
|
1.8
|
|
|
2.6
|
1.8
|
Diluted (shares) |
168.6
|
|
|
168.3
|
|
|
168.2
|
168.2
|
Earnings per ordinary share |
|
|
|
|
|
|
|
|
Basic pro forma earnings per ordinary share (in dollars per share) |
$ 0.64
|
|
|
$ 0.56
|
|
|
$ 1.89
|
$ 1.45
|
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$ 0.63
|
|
|
$ 0.55
|
|
|
$ 1.86
|
$ 1.43
|
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0.4
|
|
|
0.7
|
|
|
0.3
|
0.5
|
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v3.23.3
Acquisitions (Details) - USD ($) $ in Millions |
|
|
3 Months Ended |
9 Months Ended |
|
Jul. 10, 2023 |
May 18, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Goodwill |
|
|
$ 2,559.8
|
|
$ 2,559.8
|
|
$ 2,178.1
|
Pro forma, net sales |
|
|
858.8
|
$ 745.2
|
2,402.4
|
$ 2,167.4
|
|
Pro forma, operating income |
|
|
156.2
|
120.5
|
427.0
|
315.3
|
|
Amortization |
|
|
25.6
|
$ 17.6
|
64.5
|
$ 53.1
|
|
ECM Investors, LLC |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Pro forma, net sales |
|
|
98.4
|
|
|
|
|
Pro forma, operating income |
|
|
10.5
|
|
|
|
|
Net sales of acquiree |
|
|
|
|
148.1
|
|
|
Operating income of acquiree |
|
|
|
|
14.3
|
|
|
Amortization |
|
|
7.6
|
|
11.2
|
|
|
Fair market value inventory step-up |
|
|
11.8
|
|
17.7
|
|
|
ECM Investors, LLC |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Payments to acquire businesses, gross |
|
$ 1,100.0
|
|
|
|
|
|
Goodwill |
|
361.5
|
371.7
|
|
371.7
|
|
|
Identifiable intangible assets |
|
519.8
|
$ 524.0
|
|
$ 524.0
|
|
|
ECM Investors, LLC | Trade names |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Identifiable intangible assets |
|
113.7
|
|
|
|
|
|
ECM Investors, LLC | Customer relationships |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Identifiable intangible assets |
|
$ 381.7
|
|
|
|
|
|
Useful life |
|
20 years
|
|
|
|
|
|
ECM Investors, LLC | Proprietary Technology |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Identifiable intangible assets |
|
$ 22.0
|
|
|
|
|
|
Useful life |
|
7 years
|
|
|
|
|
|
TEXA Industries |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Payments to acquire businesses, gross |
$ 34.8
|
|
|
|
|
|
|
Goodwill |
11.5
|
|
|
|
|
|
|
Debt acquired |
5.2
|
|
|
|
|
|
|
TEXA Industries | Customer relationships |
|
|
|
|
|
|
|
Business Acquisition [Line Items] |
|
|
|
|
|
|
|
Identifiable intangible assets |
$ 12.4
|
|
|
|
|
|
|
Useful life |
13 years
|
|
|
|
|
|
|
X |
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v3.23.3
Acquisitions - Schedule of Assets and Liabilities Acquired (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
May 18, 2023 |
Dec. 31, 2022 |
Business Acquisition [Line Items] |
|
|
|
Goodwill |
$ 2,559.8
|
|
$ 2,178.1
|
ECM Investors, LLC |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Cash |
45.7
|
$ 45.7
|
|
Accounts receivable |
78.1
|
78.1
|
|
Inventories |
104.0
|
107.8
|
|
Other current assets |
4.9
|
4.9
|
|
Property, plant and equipment |
75.9
|
81.1
|
|
Identifiable intangible assets |
524.0
|
519.8
|
|
Goodwill |
371.7
|
361.5
|
|
Other assets |
16.7
|
16.6
|
|
Current liabilities |
(51.4)
|
(51.5)
|
|
Other liabilities |
(35.9)
|
(26.5)
|
|
Purchase price |
$ 1,133.7
|
1,137.5
|
|
ECM Investors, LLC | Trade names |
|
|
|
Business Acquisition [Line Items] |
|
|
|
Identifiable intangible assets |
|
$ 113.7
|
|
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v3.23.3
Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Cost |
$ 1,761.5
|
$ 1,327.3
|
Accumulated amortization |
(598.5)
|
(534.3)
|
Net |
1,163.0
|
793.0
|
Customer relationships |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Cost |
1,680.2
|
1,287.6
|
Accumulated amortization |
(576.5)
|
(519.1)
|
Net |
1,103.7
|
768.5
|
Proprietary technology and patents |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Cost |
63.3
|
39.7
|
Accumulated amortization |
(19.1)
|
(15.2)
|
Net |
44.2
|
$ 24.5
|
Other finite-lived intangible assets |
|
|
Finite-Lived Intangible Assets, Net [Abstract] |
|
|
Cost |
18.0
|
|
Accumulated amortization |
(2.9)
|
|
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$ 15.1
|
|
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v3.23.3
Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
|
Amortization |
$ 25.6
|
$ 17.6
|
$ 64.5
|
$ 53.1
|
|
Cost |
2,136.9
|
|
2,136.9
|
|
$ 1,600.4
|
Accumulated amortization |
(598.5)
|
|
(598.5)
|
|
(534.3)
|
Net |
1,538.4
|
|
1,538.4
|
|
1,066.1
|
Trade names |
|
|
|
|
|
Indefinite-lived Intangible Assets [Line Items] |
|
|
|
|
|
Indefinite-life intangibles |
$ 375.4
|
|
$ 375.4
|
|
$ 273.1
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v3.23.3
Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Derivative [Line Items] |
|
|
|
|
|
Settlement of cash flow hedge |
|
|
$ 4.5
|
$ 10.0
|
|
Settlement of net investment hedge |
|
|
3.1
|
0.0
|
|
Derivative instruments in hedges, net |
$ 5.1
|
|
5.1
|
|
$ 18.9
|
Selling, general and administrative |
178.7
|
$ 154.8
|
508.8
|
445.3
|
|
Foreign Exchange Contract |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
153.8
|
|
153.8
|
|
145.7
|
Currency Swap |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
249.9
|
|
249.9
|
|
$ 345.1
|
Settlement of currency swap |
|
10.0
|
|
|
|
Selling, general and administrative |
|
0.3
|
|
|
|
Net Investment Hedging |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative instruments in hedges, net |
$ 66.1
|
|
$ 66.1
|
|
|
Currency Swap Q3 2022 |
|
|
|
|
|
Derivative [Line Items] |
|
|
|
|
|
Derivative, notional amount |
|
$ 121.0
|
|
$ 121.0
|
|
X |
- DefinitionThe premium (cost) of a hedge, net of any cash received on settlement during the period.
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v3.23.3
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
$ 17.4
|
$ 16.7
|
Recurring |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
17.4
|
16.7
|
Total recurring fair value measurements |
20.5
|
33.3
|
Recurring | Currency Swap |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
(6.0)
|
(4.8)
|
Foreign currency contract assets |
9.2
|
22.4
|
Recurring | Forward Contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
(1.2)
|
(1.5)
|
Foreign currency contract assets |
1.1
|
0.5
|
Recurring | Level 1 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
11.9
|
11.8
|
Total recurring fair value measurements |
11.9
|
11.8
|
Recurring | Level 1 | Currency Swap |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
0.0
|
0.0
|
Recurring | Level 1 | Forward Contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
0.0
|
0.0
|
Recurring | Level 2 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
0.0
|
0.0
|
Total recurring fair value measurements |
3.1
|
16.6
|
Recurring | Level 2 | Currency Swap |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
(6.0)
|
(4.8)
|
Foreign currency contract assets |
9.2
|
22.4
|
Recurring | Level 2 | Forward Contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
(1.2)
|
(1.5)
|
Foreign currency contract assets |
1.1
|
0.5
|
Recurring | Level 3 |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
0.0
|
0.0
|
Total recurring fair value measurements |
0.0
|
0.0
|
Recurring | Level 3 | Currency Swap |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
0.0
|
0.0
|
Recurring | Level 3 | Forward Contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
0.0
|
0.0
|
Recurring | NAV |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Deferred compensation plan assets |
5.5
|
4.9
|
Total recurring fair value measurements |
5.5
|
4.9
|
Recurring | NAV | Currency Swap |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
0.0
|
0.0
|
Recurring | NAV | Forward Contracts |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Cross currency swap liabilities |
0.0
|
0.0
|
Foreign currency contract assets |
$ 0.0
|
$ 0.0
|
X |
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v3.23.3
Debt - Schedule of Debt (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Apr. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
|
Long-term debt, gross |
$ 1,873.8
|
|
|
|
|
Unamortized debt issuance costs and discounts |
(12.3)
|
|
|
|
$ (5.6)
|
Total debt |
1,861.5
|
|
|
|
1,083.2
|
Less: Current maturities and short-term borrowings |
(30.0)
|
|
|
|
(15.0)
|
Long-term debt |
1,831.5
|
|
|
|
1,068.2
|
Senior Notes | Revolving Credit Facility |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Long-term debt, gross |
0.0
|
|
|
|
0.0
|
Senior Notes | 2021 Term Loan Facility | Term Loan Facility |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Average interest rate at September 30, 2023 |
|
6.673%
|
|
|
|
Long-term debt, gross |
277.5
|
|
|
|
288.8
|
Senior Notes | 2023 Term Loan Facility | Term Loan Facility |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Average interest rate at September 30, 2023 |
|
7.049%
|
|
|
|
Long-term debt, gross |
296.3
|
|
|
$ 300.0
|
0.0
|
Senior Notes | Senior Notes, Due 2028 |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Average interest rate at September 30, 2023 |
|
4.55%
|
4.55%
|
|
|
Long-term debt, gross |
500.0
|
|
|
|
500.0
|
Senior Notes | Senior Notes, Due 2031 |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Average interest rate at September 30, 2023 |
|
2.75%
|
|
|
|
Long-term debt, gross |
300.0
|
|
|
|
300.0
|
Senior Notes | Senior Notes Due 2033 |
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
Average interest rate at September 30, 2023 |
|
5.65%
|
|
|
|
Long-term debt, gross |
$ 500.0
|
|
|
|
$ 0.0
|
X |
- DefinitionAmount of debt and lease obligation, classified as current.
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v3.23.3
Debt - Senior Notes (Details) - USD ($) $ in Millions |
Sep. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Instrument [Line Items] |
|
|
|
|
Long-term Debt, Gross |
$ 1,873.8
|
|
|
|
Senior Notes | Senior Notes, Due 2028 |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt face amount |
500.0
|
|
|
|
Average interest rate |
|
4.55%
|
4.55%
|
|
Long-term Debt, Gross |
500.0
|
|
|
$ 500.0
|
Senior Notes | Senior Notes, Due 2031 |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Average interest rate |
|
2.75%
|
|
|
Long-term Debt, Gross |
300.0
|
|
|
300.0
|
Senior Notes | Senior Notes Due 2033 |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Average interest rate |
|
5.65%
|
|
|
Long-term Debt, Gross |
$ 500.0
|
|
|
$ 0.0
|
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v3.23.3
Debt - Senior Credit Facilities (Details) - Senior Notes
|
1 Months Ended |
9 Months Ended |
|
Apr. 30, 2023 |
Sep. 30, 2021
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Senior Credit Facilities |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Leverage ratio covenant period |
|
|
12 months
|
|
EBITDA ratio covenant |
|
|
3.00
|
|
Senior Credit Facilities | Minimum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt covenant, consolidated unrestricted cash |
|
|
$ 5,000,000
|
|
Leverage ratio covenant |
|
|
3.75
|
|
Senior Credit Facilities | Maximum |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt covenant, consolidated unrestricted cash |
|
|
$ 250,000,000
|
|
Leverage ratio covenant |
|
|
4.25
|
|
Term Loan Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt term |
|
5 years
|
|
|
Maximum borrowing capacity |
|
$ 300,000,000
|
|
$ 200,000,000
|
Term Loan Facility | 2023 Term Loan Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt term |
5 years
|
|
|
|
Revolving Credit Facility |
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
Debt term |
|
5 years
|
|
|
Maximum borrowing capacity |
|
$ 600,000,000
|
|
|
Line of credit increase limit |
|
$ 300,000,000
|
|
|
Line of credit facility, remaining borrowing capacity |
|
|
$ 600,000,000
|
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v3.23.3
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended |
9 Months Ended |
|
|
|
Mar. 31, 2023 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 26, 2023 |
Dec. 31, 2022 |
May 14, 2021 |
Equity [Abstract] |
|
|
|
|
|
|
|
Repurchase of shares of our common stock up to a maximum aggregate value |
|
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|
|
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|
$ 300,000,000
|
Stock Repurchased During Period, Shares |
|
|
0.3
|
0.1
|
|
|
|
Stock Repurchased During Period, Value |
$ 13,200,000
|
$ 3,900,000
|
$ 13,200,000
|
$ 3,900,000
|
|
|
|
Outstanding share repurchases |
|
|
0
|
|
|
$ 2,000,000
|
|
Remaining authorized repurchase amount |
|
|
127,300,000
|
|
|
|
|
Dividends payable (in dollars per share) |
|
|
|
|
$ 0.175
|
|
|
Dividends payable |
|
|
$ 30,100,000
|
|
|
$ 30,400,000
|
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nVent Electric (NYSE:NVT)
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nVent Electric (NYSE:NVT)
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