nVent Electric (NVT) 10-Q 3 Aug 21 2021 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2021shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-38265
Entity Registrant Name	nVent Electric plc
Entity Incorporation, State or Country Code	L2
Entity Tax Identification Number	98-1391970
Entity Address, Address Line One	The Mille, 1000 Great West Road, 8th Floor (East)
Entity Address, City or Town	London
Entity Address, Postal Zip Code	TW8 9DW
Entity Address, Country	GB
Country Region	44
City Area Code	20
Local Phone Number	3966-0279
Title of 12(b) Security	Ordinary Shares, nominal value $0.01 per share
Trading Symbol	NVT
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	168,107,127
Entity Central Index Key	0001720635
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated and Comb

Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Income Statement [Abstract]
Net sales	$ 601.3	$ 447.2	$ 1,150.2	$ 968.1
Cost of goods sold	366.1	286.9	706	612.5
Gross profit	235.2	160.3	444.2	355.6
Selling, general and administrative	135.2	104.3	252.4	227.4
Research and development	11.7	10.7	23.1	22.6
Operating income	88.3	45.3	168.7	105.6
Net interest expense	8.1	9.4	16.2	19.3
Other expense	0.6	0.7	1.2	1.5
Income before income taxes	79.6	35.2	151.3	84.8
Provision for income taxes	13.4	9.4	19.7	40.4
Net income	66.2	25.8	131.6	44.4
Comprehensive income, net of tax
Net income	66.2	25.8	131.6	44.4
Changes in cumulative translation adjustment	3.8	6.6	6.8	(16.9)
Changes in market value of derivative financial instruments, net of tax	(10.3)	(4.8)	9	12.2
Comprehensive income	$ 59.7	$ 27.6	$ 147.4	$ 39.7
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.39	$ 0.15	$ 0.78	$ 0.26
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.39	$ 0.15	$ 0.78	$ 0.26
Weighted average ordinary shares outstanding
Basic (shares)	167.9	169.9	167.8	169.9
Diluted (shares)	169.6	170.4	169.2	170.7
Cash dividends paid per ordinary share (in usd per share)	$ 0.175	$ 0.175	$ 0.35	$ 0.35

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 101.8	$ 122.5
Accounts and notes receivable, net of allowances of $5.8 and $6.2, respectively	409.3	313.8
Inventories	275.4	235.2
Other current assets	116	92.9
Total current assets	902.5	764.4
Property, plant and equipment, net	291.6	289.4
Other assets
Goodwill	2,193.3	2,098.2
Intangibles, net	1,179	1,105.5
Other non-current assets	143.4	108.6
Total other assets	3,515.7	3,312.3
Total assets	4,709.8	4,366.1
Current liabilities
Current maturities of long-term debt and short-term borrowings	20	20
Accounts payable	219.1	171.1
Employee compensation and benefits	95.3	70.4
Other current liabilities	201.4	188.5
Total current liabilities	535.8	450
Other liabilities
Long-term debt	1,083.9	928
Pension and other post-retirement compensation and benefits	231.8	237.9
Deferred tax liabilities	231.3	230.1
Other non-current liabilities	134.2	110.3
Total liabilities	2,217	1,956.3
Equity
Ordinary shares $0.01 par value, 400.0 authorized, 168.1 and 168.2 issued at June 30, 2021 and December 31, 2020, respectively	1.7	1.7
Additional paid-in capital	2,478.2	2,482.6
Retained earnings	92.3	20.7
Accumulated other comprehensive loss	(79.4)	(95.2)
Total equity	2,492.8	2,409.8
Total liabilities and equity	$ 4,709.8	$ 4,366.1

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Accounts and notes receivable, allowances	$ 5.8	$ 6.2
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)	168,100,000	168,200,000

Condensed Consolidated and Co_2

Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 131.6	$ 44.4
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation	20	19
Amortization	31.9	32
Deferred income taxes	(0.9)	26.2
Share-based compensation	6.2	6.1
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable	(69.2)	31.9
Inventories	(20.5)	(2.9)
Other current assets	(21.2)	10
Accounts payable	33.1	(49.3)
Employee compensation and benefits	23.5	(9.4)
Other current liabilities	6.7	(16.5)
Other non-current assets and liabilities	2.1	(1)
Net cash provided by (used for) operating activities	143.3	90.5
Investing activities
Capital expenditures	(17.9)	(17.2)
Proceeds from sale of property and equipment	0.1	1.4
Acquisitions, net of cash acquired	(232.6)	(27)
Net cash provided by (used for) investing activities	(250.4)	(42.8)
Financing activities
Net receipts of revolving long-term debt	165.4	150
Repayments of long-term debt	(10)	(7.5)
Dividends paid	(58.8)	(59.5)
Shares issued to employees, net of shares withheld	9.5	2.7
Repurchases of ordinary shares	(20)	(3.2)
Net cash provided by (used for) financing activities	86.1	82.5
Effect of exchange rate changes on cash and cash equivalents	0.3	(1.6)
Change in cash and cash equivalents	(20.7)	128.6
Cash and cash equivalents, beginning of period	122.5	106.4
Cash and cash equivalents, end of period	$ 101.8	$ 235

Condensed Consolidated and Co_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, 2019		169.5
Beginning balance at Dec. 31, 2019	$ 2,592.5	$ 1.7	$ 2,502.7	$ 186.7	$ (98.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	18.6			18.6
Other Comprehensive Income (Loss), Net of Tax	(6.5)				(6.5)
Dividends, Common Stock	(29.8)			(29.8)
Share repurchases (in shares)		(0.2)
Share repurchases	(3.2)		(3.2)
Exercise of options, net of shares tendered for payment (in shares)		0.3
Stock Issued During Period, Value, Stock Options Exercised	$ 6.4		6.4
Issuance of restricted shares, net of cancellations	0	0.3
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (3.3)	$ (0.1)	(3.3)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	1.9		1.9
Ending balance (in shares) at Mar. 31, 2020		169.8
Ending balance at Mar. 31, 2020	2,576.6	$ 1.7	2,504.5	175.5	(105.1)
Beginning balance (in shares) at Dec. 31, 2019		169.5
Beginning balance at Dec. 31, 2019	2,592.5	$ 1.7	2,502.7	186.7	(98.6)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 44.4
Share repurchases (in shares)	(0.2)
Share repurchases	$ (3.2)
Ending balance (in shares) at Jun. 30, 2020		169.9
Ending balance at Jun. 30, 2020	2,578.2	$ 1.7	2,508.3	171.5	(103.3)
Beginning balance (in shares) at Mar. 31, 2020		169.8
Beginning balance at Mar. 31, 2020	2,576.6	$ 1.7	2,504.5	175.5	(105.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	25.8			25.8
Other Comprehensive Income (Loss), Net of Tax	1.8				1.8
Dividends, Common Stock	(29.8)			(29.8)
Stock Issued During Period, Value, Stock Options Exercised	$ 0.2		0.2
Issuance of restricted shares, net of cancellations	0	0.1
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (0.6)		(0.6)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	4.2		4.2
Ending balance (in shares) at Jun. 30, 2020		169.9
Ending balance at Jun. 30, 2020	2,578.2	$ 1.7	2,508.3	171.5	(103.3)
Beginning balance (in shares) at Dec. 31, 2020		168.2
Beginning balance at Dec. 31, 2020	2,409.8	$ 1.7	2,482.6	20.7	(95.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	65.4			65.4
Other Comprehensive Income (Loss), Net of Tax	22.3				22.3
Dividends, Common Stock	(29.4)			(29.4)
Share repurchases (in shares)		(0.9)
Share repurchases	(20)	$ 0	(20)
Exercise of options, net of shares tendered for payment (in shares)		0.2
Stock Issued During Period, Value, Stock Options Exercised	$ 4.1		4.1
Issuance of restricted shares, net of cancellations	0	0.3
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	$ (2)	$ (0.1)	(2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	(0.2)		(0.2)
Ending balance (in shares) at Mar. 31, 2021		167.7
Ending balance at Mar. 31, 2021	2,450	$ 1.7	2,464.5	56.7	(72.9)
Beginning balance (in shares) at Dec. 31, 2020		168.2
Beginning balance at Dec. 31, 2020	2,409.8	$ 1.7	2,482.6	20.7	(95.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 131.6
Share repurchases (in shares)	(0.9)
Share repurchases	$ (20)
Ending balance (in shares) at Jun. 30, 2021		168.1
Ending balance at Jun. 30, 2021	2,492.8	$ 1.7	2,478.2	92.3	(79.4)
Beginning balance (in shares) at Mar. 31, 2021		167.7
Beginning balance at Mar. 31, 2021	2,450	$ 1.7	2,464.5	56.7	(72.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	66.2			66.2
Other Comprehensive Income (Loss), Net of Tax	(6.5)				(6.5)
Dividends, Common Stock	(30.6)			(30.6)
Exercise of options, net of shares tendered for payment (in shares)		0.4
Stock Issued During Period, Value, Stock Options Exercised	7.5		7.5
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation	(0.2)	$ 0	(0.2)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	6.4		6.4
Ending balance (in shares) at Jun. 30, 2021		168.1
Ending balance at Jun. 30, 2021	$ 2,492.8	$ 1.7	$ 2,478.2	$ 92.3	$ (79.4)

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	6 Months Ended
	Jun. 30, 2021
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	Supplemental Balance Sheet Information In millions June 30, December 31, Inventories Raw materials and supplies $ 84.2 $ 67.3 Work-in-process 30.2 24.4 Finished goods 161.0 143.5 Total inventories $ 275.4 $ 235.2 Other current assets Contract assets $ 47.6 $ 45.6 Prepaid expenses 47.1 29.8 Prepaid income taxes 18.6 13.4 Other current assets 2.7 4.1 Total other current assets $ 116.0 $ 92.9 Property, plant and equipment, net Land and land improvements $ 40.6 $ 41.0 Buildings and leasehold improvements 185.0 185.5 Machinery and equipment 479.8 461.4 Construction in progress 29.9 30.3 Total property, plant and equipment 735.3 718.2 Accumulated depreciation and amortization 443.7 428.8 Total property, plant and equipment, net $ 291.6 $ 289.4 Other non-current assets Deferred compensation plan assets $ 20.4 $ 20.0 Lease right-of-use assets 78.4 45.6 Deferred tax assets 19.8 29.8 Other non-current assets 24.8 13.2 Total other non-current assets $ 143.4 $ 108.6 Other current liabilities Dividends payable $ 30.4 $ 29.4 Accrued rebates 55.3 40.5 Contract liabilities 14.4 11.3 Accrued taxes payable 22.1 32.8 Current lease liabilities 18.0 14.2 Other current liabilities 61.2 60.3 Total other current liabilities $ 201.4 $ 188.5 Other non-current liabilities Income taxes payable $ 30.3 $ 31.7 Deferred compensation plan liabilities 20.4 20.0 Non-current lease liabilities 64.7 35.7 Other non-current liabilities 18.8 22.9 Total other non-current liabilities $ 134.2 $ 110.3

Basis of Presentation and Respo

Basis of Presentation and Responsibility for Interim Financial Statements	6 Months Ended
	Jun. 30, 2021
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 Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Additionally, in March 2020, the World Health Organization declared novel coronavirus 2019 (“COVID-19”) a pandemic. The effects of the COVID-19 pandemic have had and may continue to have an unfavorable impact on our business. The broader implication of COVID-19 on our results of operations and overall financial performance remains uncertain. We may experience reduced customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Disaggregation of revenue We disaggregate our revenue from contracts with customers by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 193.0 $ 117.4 $ 68.3 $ 378.7 Developed Europe (1) 78.3 35.0 28.4 141.7 Developing (2) 25.2 12.4 30.3 67.9 Other Developed (3) 3.9 4.4 4.7 13.0 Total $ 300.4 $ 169.2 $ 131.7 $ 601.3 Six months ended June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 368.7 $ 221.3 $ 132.1 $ 722.1 Developed Europe (1) 151.7 65.8 58.9 276.4 Developing (2) 49.6 21.4 57.3 128.3 Other Developed (3) 7.4 8.6 7.4 23.4 Total $ 577.4 $ 317.1 $ 255.7 $ 1,150.2 Three months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 140.8 $ 100.6 $ 51.2 $ 292.6 Developed Europe (1) 55.5 21.4 24.0 100.9 Developing (2) 19.6 6.3 16.4 42.3 Other Developed (3) 3.4 3.8 4.2 11.4 Total $ 219.3 $ 132.1 $ 95.8 $ 447.2 Six months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 314.9 $ 203.1 $ 121.8 $ 639.8 Developed Europe (1) 117.4 48.6 53.6 219.6 Developing (2) 39.0 15.0 33.3 87.3 Other Developed (3) 6.5 7.3 7.6 21.4 Total $ 477.8 $ 274.0 $ 216.3 $ 968.1 (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 June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 187.6 $ 28.6 $ 53.9 $ 270.1 Commercial & Residential 37.5 82.8 43.7 164.0 Infrastructure 53.0 53.0 5.7 111.7 Energy 22.3 4.8 28.4 55.5 Total $ 300.4 $ 169.2 $ 131.7 $ 601.3 Six months ended June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 359.7 $ 53.0 $ 104.5 $ 517.2 Commercial & Residential 66.1 158.7 88.0 312.8 Infrastructure 108.6 96.6 9.5 214.7 Energy 43.0 8.8 53.7 105.5 Total $ 577.4 $ 317.1 $ 255.7 $ 1,150.2 Three months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 133.7 $ 21.5 $ 35.6 $ 190.8 Commercial & Residential 23.7 63.6 32.8 120.1 Infrastructure 46.5 42.9 4.8 94.2 Energy 15.4 4.1 22.6 42.1 Total $ 219.3 $ 132.1 $ 95.8 $ 447.2 Six months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 290.2 $ 42.5 $ 82.2 $ 414.9 Commercial & Residential 55.4 136.7 72.5 264.6 Infrastructure 93.6 86.3 8.8 188.7 Energy 38.6 8.5 52.8 99.9 Total $ 477.8 $ 274.0 $ 216.3 $ 968.1 In the first quarter of 2021, we determined that revenue in our power utilities, datacom and renewables sub-verticals was better aligned with the infrastructure vertical based on benchmarking of industry peers and for purposes of how we assess performance, rather than the industrial, commercial & residential and energy verticals, where it was previously reported. For comparability, we have the reclassified revenue for the three and six months ended June 30, 2020 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 June 30, 2021 December 31, 2020 $ Change % Change Contract assets $ 47.6 $ 45.6 $ 2.0 4.4 % Contract liabilities 14.4 11.3 3.1 27.4 % Net contract assets $ 33.2 $ 34.3 $ (1.1) (3.2 %) The $1.1 million decrease in net contract assets from December 31, 2020 to June 30, 2021 wa s primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2020 were recognized in revenue during the six months ended June 30, 2021. There were no material impairment losses recognized on our contract assets for the three and six months ended June 30, 2021 and 2020. 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 June 30, 2021, we had $47.9 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.

Restructuring

Restructuring	6 Months Ended
	Jun. 30, 2021
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring During the six months ended June 30, 2021 and the year ended December 31, 2020, 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 Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 2.5 $ 2.7 $ 2.7 $ 6.2 Other 1.8 0.3 2.4 1.1 Total restructuring costs $ 4.3 $ 3.0 $ 5.1 $ 7.3 Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Enclosures $ 2.2 $ 1.1 $ 3.2 $ 4.2 Electrical & Fastening Solutions 0.4 0.1 0.6 0.1 Thermal Management 1.1 1.5 1.3 2.6 Other 0.6 0.3 — 0.4 Total $ 4.3 $ 3.0 $ 5.1 $ 7.3 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows: Six months ended In millions June 30, June 30, Beginning balance $ 6.6 $ 9.5 Costs incurred 2.7 6.2 Cash payments and other (5.4) (6.7) Ending balance $ 3.9 $ 9.0

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 66.2 $ 25.8 $ 131.6 $ 44.4 Weighted average ordinary shares outstanding Basic 167.9 169.9 167.8 169.9 Dilutive impact of stock options, restricted stock units and performance share units 1.7 0.5 1.4 0.8 Diluted 169.6 170.4 169.2 170.7 Earnings per ordinary share Basic earnings per ordinary share $ 0.39 $ 0.15 $ 0.78 $ 0.26 Diluted earnings per ordinary share $ 0.39 $ 0.15 $ 0.78 $ 0.26 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.8 4.5 1.0 3.4

Acquisitions

Acquisitions	6 Months Ended
	Jun. 30, 2021
Business Combinations [Abstract]
Acquisitions	Acquisitions On February 10, 2020, we acquired substantially all of the assets of WBT LLC ("WBT") for $29.9 million in cash. The U.S. based WBT business manufactures high-quality cable tray systems and operates within our Electrical & Fastening Solutions segment. The excess purchase price over tangible net assets and identified intangible assets acquired was allocated to goodwill in the amount of $13.8 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $11.3 million of definite-lived customer relationships with an estimated useful life of 12 years. On April 1, 2021, we acquired substantially all of the assets of Vynckier Enclosure Systems, Inc. ("Vynckier") for approximately $27.0 million in cash, subject to purchase price adjustments and holdback arrangements. Vynckier is a U.S. based manufacturer of high-quality non-metallic enclosures that we will market as part of the nVent HOFFMAN product line within our Enclosures segment. The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $12.4 million, substantially all of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $6.1 million of definite-lived customer relationships with an estimated useful life of 11 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. On June 30, 2021, we acquired CIS Global LLC ("CIS Global") for approximately $203.0 million in cash, subject to purchase price adjustments. The CIS Global business is a leading provider of intelligent rack power distribution and server slides products, and will operate within our Enclosures segment. The purchase price was funded primarily through borrowings under our Revolving Credit Facility (as defined in Note 9). The excess purchase price over tangible net assets and identified intangible assets acquired has been preliminarily allocated to goodwill in the amount of $84.1 million, of which $32.5 million is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $74.5 million of definite-lived customer relationships with an estimated useful life of 16 years and $24.5 million of developed technology with an estimated useful life of 9 years to 12 years. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. The pro forma impact of these acquisitions is not material individually or in the aggregate.

Goodwill and Other Identifiable

Goodwill and Other Identifiable Intangible Assets	3 Months Ended
	Jun. 30, 2020
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, Acquisitions/ Foreign currency June 30, Enclosures $ 332.1 96.5 (3.2) $ 425.4 Electrical & Fastening Solutions 1,051.9 0.1 — 1,052.0 Thermal Management 714.2 — 1.7 715.9 Total goodwill $ 2,098.2 $ 96.6 $ (1.5) $ 2,193.3 Identifiable intangible assets consisted of the following: June 30, 2021 December 31, 2020 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships 1,295.9 (421.3) $ 874.6 $ 1,214.5 $ (389.6) $ 824.9 Proprietary technology and patents 40.8 (9.5) 31.3 16.3 (8.8) 7.5 Total definite-life intangibles 1,336.7 (430.8) 905.9 1,230.8 (398.4) 832.4 Indefinite-life intangibles Trade names 273.1 — 273.1 273.1 — 273.1 Total intangibles $ 1,609.8 $ (430.8) $ 1,179.0 $ 1,503.9 $ (398.4) $ 1,105.5 Identifiable intangible asset amortization expense was $16.0 million for both the three months ended June 30, 2021 and 2020, and $31.9 million and $32.0 million for the six months ended June 30, 2021 and 2020, respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2021 and the next five years is as follows: Q3-Q4 In millions 2021 2022 2023 2024 2025 2026 Estimated amortization expense $ 35.6 $ 71.1 $ 70.9 $ 70.3 $ 70.3 $ 70.3

Derivatives and Financial Instr

Derivatives and Financial Instruments	6 Months Ended
	Jun. 30, 2021
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 in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility 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. At June 30, 2021 and December 31, 2020, we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $103.6 million and $41.8 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 June 30, 2021 and December 31, 2020, we had outstanding cross currency swap agreements with a combined notional amount of $387.9 million and $329.0 million, respectively. The agreements are accounted for as either cash flow hedges, to hedge foreign currency fluctuations on certain intercompany debt, or as net investment hedges, to manage our exposure to fluctuations in the Euro-U.S. Dollar exchange rate. At June 30, 2021 and December 31, 2020, we had deferred foreign currency gains of $7.2 million and $6.9 million, respectively, in Accumulated other comprehensive loss associated with our cross currency swap activity. Interest rate swaps We are also exposed to interest rate risk fluctuations in connection with the planned issuance of long-term debt. To manage the volatility related to this exposure, we may use forward starting interest rate swaps to fix a portion of the interest cost associated with anticipated future financings. In 2020, we entered into a forward starting interest rate swap to hedge the variability of cash flows attributable to changes in the benchmark swap interest rate (London Inter-Bank Offer Rate) associated with the anticipated refinancing of the 2023 Notes (as defined below). The interest rate swap contract has a notional amount of $200.0 million and is expected to mature in 2023. The interest rates swaps are accounted for as cash flow hedges since they hedge the risk of an increase in treasury rates for the forecasted interest payments of an anticipated fixed-rate debt issuance. At June 30, 2021 and December 31, 2020, we had deferred gains of $10.8 million and $2.1 million, respectively, in Accumulated other comprehensive loss associated with our interest rate swap activity. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instruments: • short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; • long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; • foreign currency contract and interest rate swap agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are valued at net asset value ("NAV"), which is based on the fair value of underlying securities owned by the fund divided by the number of shares outstanding. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 307.5 $ 307.5 $ 152.1 $ 152.1 Fixed rate debt 800.0 902.4 800.0 915.2 Total debt $ 1,107.5 $ 1,209.9 $ 952.1 $ 1,067.3 Financial assets and liabilities measured at fair value on a recurring basis were as follows: June 30, 2021 In millions Level 1 Level 2 Level 3 NAV Total Foreign currency contract liabilities $ — $ (9.4) $ — $ — $ (9.4) Foreign currency contract assets — 0.7 — — 0.7 Interest rate swap assets — 10.8 — — 10.8 Deferred compensation plan assets 15.7 — — 4.7 20.4 Total recurring fair value measurements $ 15.7 $ 2.1 $ — $ 4.7 $ 22.5 December 31, 2020 In millions Level 1 Level 2 Level 3 NAV Total Foreign currency contract liabilities $ — $ (14.3) $ — $ — $ (14.3) Foreign currency contract assets — 0.9 — — 0.9 Interest rate swap assets — 2.1 — — 2.1 Deferred compensation plan assets 15.6 — — 4.4 20.0 Total recurring fair value measurements $ 15.6 $ (11.3) $ — $ 4.4 $ 8.7

Debt

Debt	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Debt	Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate at June 30, 2021 Maturity June 30, December 31, Revolving credit facility 1.479% 2023 $ 200.0 $ 34.6 Senior notes - fixed rate 3.950% 2023 300.0 300.0 Senior notes - fixed rate 4.550% 2028 500.0 500.0 Term loan facility 1.479% 2023 107.5 117.5 Unamortized debt issuance costs and discounts N/A N/A (3.6) (4.1) Total debt 1,103.9 948.0 Less: Current maturities and short-term borrowings (20.0) (20.0) Long-term debt $ 1,083.9 $ 928.0 Senior notes In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). Interest on the Notes is payable semi-annually in arrears on April 15 and October 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 March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five-year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders. Total availability under the Revolving Credit Facility was $400.0 million as of June 30, 2021. Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters to exceed 3.75 to 1.00 and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00. In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of June 30, 2021, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants. Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2021 matures on a calendar year basis as follows: Q3-Q4 In millions 2021 2022 2023 2024 2025 2026 Thereafter Total Contractual debt obligation maturities $ 10.0 $ 20.0 $ 577.5 $ — $ — $ — $ 500.0 $ 1,107.5

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The effective income tax rate for the six months ended June 30, 2021 was 13.0%, compared to 47.6% for the six months ended June 30, 2020. The liability for uncertain tax positions was $15.8 million and $17.1 million at June 30, 2021 and December 31, 2020, 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. The 13.0% effective income tax rate reflects a one-time tax benefit of $5.2 million related to a worthless stock deduction recorded for the six months ended June 30, 2021.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders' Equity Share repurchases On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expired on July 23, 2021. During the six months ended June 30, 2021, we repurchased 0.9 million of our ordinary shares for $20.0 million under the 2018 Authorization. During the six months ended June 30, 2020, we repurchased 0.2 million of our ordinary shares for $3.2 million under the 2018 Authorization. As of June 30, 2021, we had $525.1 million available for share repurchases under the combined 2018 and 2019 Authorizations, which total $880.0 million. On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization began on July 23, 2021 upon expiration of the 2018 and 2019 Authorizations, and expires on July 22, 2024. Dividends payable On May 13, 2021, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on August 6, 2021, to shareholders of record at the close of business on July 23, 2021. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.4 million and $29.4 million at June 30, 2021 and December 31, 2020, respectively.

Segment Information

Segment Information	6 Months Ended
	Jun. 30, 2021
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 Six months ended In millions June 30, June 30, June 30, June 30, Net sales Enclosures $ 300.4 $ 219.3 $ 577.4 $ 477.8 Electrical & Fastening Solutions 169.2 132.1 317.1 274.0 Thermal Management 131.7 95.8 255.7 216.3 Total $ 601.3 $ 447.2 $ 1,150.2 $ 968.1 Segment income (loss) Enclosures $ 53.7 $ 28.2 $ 102.5 $ 69.1 Electrical & Fastening Solutions 48.9 34.7 88.1 68.2 Thermal Management 24.9 14.4 45.9 34.7 Other (17.3) (9.0) (29.2) (22.2) Total $ 110.2 $ 68.3 $ 207.3 $ 149.8 The following table presents a reconciliation of segment income to income before income taxes: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 110.2 $ 68.3 $ 207.3 $ 149.8 Intangible amortization (16.0) (16.0) (31.9) (32.0) Restructuring and other (4.3) (6.2) (5.1) (10.5) Acquisition transaction and integration costs (1.6) (0.8) (1.6) (1.7) Net interest expense (8.1) (9.4) (16.2) (19.3) Other expense (0.6) (0.7) (1.2) (1.5) Income before income taxes $ 79.6 $ 35.2 $ 151.3 $ 84.8

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 and December 31, 2020 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 June 30, 2021 and December 31, 2020, the outstanding value of bonds, letters of credit and bank guarantees totaled $46.9 million and $43.8 million, respectively.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 193.0 $ 117.4 $ 68.3 $ 378.7 Developed Europe (1) 78.3 35.0 28.4 141.7 Developing (2) 25.2 12.4 30.3 67.9 Other Developed (3) 3.9 4.4 4.7 13.0 Total $ 300.4 $ 169.2 $ 131.7 $ 601.3 Six months ended June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 368.7 $ 221.3 $ 132.1 $ 722.1 Developed Europe (1) 151.7 65.8 58.9 276.4 Developing (2) 49.6 21.4 57.3 128.3 Other Developed (3) 7.4 8.6 7.4 23.4 Total $ 577.4 $ 317.1 $ 255.7 $ 1,150.2 Three months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 140.8 $ 100.6 $ 51.2 $ 292.6 Developed Europe (1) 55.5 21.4 24.0 100.9 Developing (2) 19.6 6.3 16.4 42.3 Other Developed (3) 3.4 3.8 4.2 11.4 Total $ 219.3 $ 132.1 $ 95.8 $ 447.2 Six months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total U.S. and Canada $ 314.9 $ 203.1 $ 121.8 $ 639.8 Developed Europe (1) 117.4 48.6 53.6 219.6 Developing (2) 39.0 15.0 33.3 87.3 Other Developed (3) 6.5 7.3 7.6 21.4 Total $ 477.8 $ 274.0 $ 216.3 $ 968.1 (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 June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 187.6 $ 28.6 $ 53.9 $ 270.1 Commercial & Residential 37.5 82.8 43.7 164.0 Infrastructure 53.0 53.0 5.7 111.7 Energy 22.3 4.8 28.4 55.5 Total $ 300.4 $ 169.2 $ 131.7 $ 601.3 Six months ended June 30, 2021 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 359.7 $ 53.0 $ 104.5 $ 517.2 Commercial & Residential 66.1 158.7 88.0 312.8 Infrastructure 108.6 96.6 9.5 214.7 Energy 43.0 8.8 53.7 105.5 Total $ 577.4 $ 317.1 $ 255.7 $ 1,150.2 Three months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 133.7 $ 21.5 $ 35.6 $ 190.8 Commercial & Residential 23.7 63.6 32.8 120.1 Infrastructure 46.5 42.9 4.8 94.2 Energy 15.4 4.1 22.6 42.1 Total $ 219.3 $ 132.1 $ 95.8 $ 447.2 Six months ended June 30, 2020 In millions Enclosures Electrical & Fastening Solutions Thermal Management Total Industrial $ 290.2 $ 42.5 $ 82.2 $ 414.9 Commercial & Residential 55.4 136.7 72.5 264.6 Infrastructure 93.6 86.3 8.8 188.7 Energy 38.6 8.5 52.8 99.9 Total $ 477.8 $ 274.0 $ 216.3 $ 968.1
Contract assets and liabilities	Contract assets and liabilities consisted of the following: In millions June 30, 2021 December 31, 2020 $ Change % Change Contract assets $ 47.6 $ 45.6 $ 2.0 4.4 % Contract liabilities 14.4 11.3 3.1 27.4 % Net contract assets $ 33.2 $ 34.3 $ (1.1) (3.2 %)

Restructuring (Tables)

Restructuring (Tables)	6 Months Ended
	Jun. 30, 2021
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 Six months ended In millions June 30, June 30, June 30, June 30, Severance and related costs $ 2.5 $ 2.7 $ 2.7 $ 6.2 Other 1.8 0.3 2.4 1.1 Total restructuring costs $ 4.3 $ 3.0 $ 5.1 $ 7.3
Restructuring Costs By Segment	Restructuring costs by reportable segment were as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Enclosures $ 2.2 $ 1.1 $ 3.2 $ 4.2 Electrical & Fastening Solutions 0.4 0.1 0.6 0.1 Thermal Management 1.1 1.5 1.3 2.6 Other 0.6 0.3 — 0.4 Total $ 4.3 $ 3.0 $ 5.1 $ 7.3
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: Six months ended In millions June 30, June 30, Beginning balance $ 6.6 $ 9.5 Costs incurred 2.7 6.2 Cash payments and other (5.4) (6.7) Ending balance $ 3.9 $ 9.0

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share	Basic and diluted earnings per share were calculated as follows: Three months ended Six months ended In millions, except per-share data June 30, June 30, June 30, June 30, Net income $ 66.2 $ 25.8 $ 131.6 $ 44.4 Weighted average ordinary shares outstanding Basic 167.9 169.9 167.8 169.9 Dilutive impact of stock options, restricted stock units and performance share units 1.7 0.5 1.4 0.8 Diluted 169.6 170.4 169.2 170.7 Earnings per ordinary share Basic earnings per ordinary share $ 0.39 $ 0.15 $ 0.78 $ 0.26 Diluted earnings per ordinary share $ 0.39 $ 0.15 $ 0.78 $ 0.26 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 0.8 4.5 1.0 3.4

Goodwill and Other Identifiab_2

Goodwill and Other Identifiable Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2021
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, Acquisitions/ Foreign currency June 30, Enclosures $ 332.1 96.5 (3.2) $ 425.4 Electrical & Fastening Solutions 1,051.9 0.1 — 1,052.0 Thermal Management 714.2 — 1.7 715.9 Total goodwill $ 2,098.2 $ 96.6 $ (1.5) $ 2,193.3
Schedule of Finite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: June 30, 2021 December 31, 2020 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships 1,295.9 (421.3) $ 874.6 $ 1,214.5 $ (389.6) $ 824.9 Proprietary technology and patents 40.8 (9.5) 31.3 16.3 (8.8) 7.5 Total definite-life intangibles 1,336.7 (430.8) 905.9 1,230.8 (398.4) 832.4 Indefinite-life intangibles Trade names 273.1 — 273.1 273.1 — 273.1 Total intangibles $ 1,609.8 $ (430.8) $ 1,179.0 $ 1,503.9 $ (398.4) $ 1,105.5
Schedule of Indefinite-Lived Intangible Assets	Identifiable intangible assets consisted of the following: June 30, 2021 December 31, 2020 In millions Cost Accumulated amortization Net Cost Accumulated Net Definite-life intangibles Customer relationships 1,295.9 (421.3) $ 874.6 $ 1,214.5 $ (389.6) $ 824.9 Proprietary technology and patents 40.8 (9.5) 31.3 16.3 (8.8) 7.5 Total definite-life intangibles 1,336.7 (430.8) 905.9 1,230.8 (398.4) 832.4 Indefinite-life intangibles Trade names 273.1 — 273.1 273.1 — 273.1 Total intangibles $ 1,609.8 $ (430.8) $ 1,179.0 $ 1,503.9 $ (398.4) $ 1,105.5
Estimated Future Amortization Expense for Identifiable Intangible Assets	Estimated future amortization expense for identifiable intangible assets during the remainder of 2021 and the next five years is as follows: Q3-Q4 In millions 2021 2022 2023 2024 2025 2026 Estimated amortization expense $ 35.6 $ 71.1 $ 70.9 $ 70.3 $ 70.3 $ 70.3

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	6 Months Ended
	Jun. 30, 2021
Disclosure Supplemental Balance Sheet Information [Abstract]
Supplemental Balance Sheet Information	In millions June 30, December 31, Inventories Raw materials and supplies $ 84.2 $ 67.3 Work-in-process 30.2 24.4 Finished goods 161.0 143.5 Total inventories $ 275.4 $ 235.2 Other current assets Contract assets $ 47.6 $ 45.6 Prepaid expenses 47.1 29.8 Prepaid income taxes 18.6 13.4 Other current assets 2.7 4.1 Total other current assets $ 116.0 $ 92.9 Property, plant and equipment, net Land and land improvements $ 40.6 $ 41.0 Buildings and leasehold improvements 185.0 185.5 Machinery and equipment 479.8 461.4 Construction in progress 29.9 30.3 Total property, plant and equipment 735.3 718.2 Accumulated depreciation and amortization 443.7 428.8 Total property, plant and equipment, net $ 291.6 $ 289.4 Other non-current assets Deferred compensation plan assets $ 20.4 $ 20.0 Lease right-of-use assets 78.4 45.6 Deferred tax assets 19.8 29.8 Other non-current assets 24.8 13.2 Total other non-current assets $ 143.4 $ 108.6 Other current liabilities Dividends payable $ 30.4 $ 29.4 Accrued rebates 55.3 40.5 Contract liabilities 14.4 11.3 Accrued taxes payable 22.1 32.8 Current lease liabilities 18.0 14.2 Other current liabilities 61.2 60.3 Total other current liabilities $ 201.4 $ 188.5 Other non-current liabilities Income taxes payable $ 30.3 $ 31.7 Deferred compensation plan liabilities 20.4 20.0 Non-current lease liabilities 64.7 35.7 Other non-current liabilities 18.8 22.9 Total other non-current liabilities $ 134.2 $ 110.3

Derivatives and Financial Ins_2

Derivatives and Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2021
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: June 30, December 31, In millions Recorded Fair Recorded Fair Variable rate debt $ 307.5 $ 307.5 $ 152.1 $ 152.1 Fixed rate debt 800.0 902.4 800.0 915.2 Total debt $ 1,107.5 $ 1,209.9 $ 952.1 $ 1,067.3
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis	Financial assets and liabilities measured at fair value on a recurring basis were as follows: June 30, 2021 In millions Level 1 Level 2 Level 3 NAV Total Foreign currency contract liabilities $ — $ (9.4) $ — $ — $ (9.4) Foreign currency contract assets — 0.7 — — 0.7 Interest rate swap assets — 10.8 — — 10.8 Deferred compensation plan assets 15.7 — — 4.7 20.4 Total recurring fair value measurements $ 15.7 $ 2.1 $ — $ 4.7 $ 22.5 December 31, 2020 In millions Level 1 Level 2 Level 3 NAV Total Foreign currency contract liabilities $ — $ (14.3) $ — $ — $ (14.3) Foreign currency contract assets — 0.9 — — 0.9 Interest rate swap assets — 2.1 — — 2.1 Deferred compensation plan assets 15.6 — — 4.4 20.0 Total recurring fair value measurements $ 15.6 $ (11.3) $ — $ 4.4 $ 8.7

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2021
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 June 30, 2021 Maturity June 30, December 31, Revolving credit facility 1.479% 2023 $ 200.0 $ 34.6 Senior notes - fixed rate 3.950% 2023 300.0 300.0 Senior notes - fixed rate 4.550% 2028 500.0 500.0 Term loan facility 1.479% 2023 107.5 117.5 Unamortized debt issuance costs and discounts N/A N/A (3.6) (4.1) Total debt 1,103.9 948.0 Less: Current maturities and short-term borrowings (20.0) (20.0) Long-term debt $ 1,083.9 $ 928.0
Debt Outstanding Matures on Calendar Year Basis	Debt outstanding, excluding unamortized issuance costs and discounts, at June 30, 2021 matures on a calendar year basis as follows: Q3-Q4 In millions 2021 2022 2023 2024 2025 2026 Thereafter Total Contractual debt obligation maturities $ 10.0 $ 20.0 $ 577.5 $ — $ — $ — $ 500.0 $ 1,107.5

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
Financial Information by Reportable Segment	Financial information by reportable segment is as follows: Three months ended Six months ended In millions June 30, June 30, June 30, June 30, Net sales Enclosures $ 300.4 $ 219.3 $ 577.4 $ 477.8 Electrical & Fastening Solutions 169.2 132.1 317.1 274.0 Thermal Management 131.7 95.8 255.7 216.3 Total $ 601.3 $ 447.2 $ 1,150.2 $ 968.1 Segment income (loss) Enclosures $ 53.7 $ 28.2 $ 102.5 $ 69.1 Electrical & Fastening Solutions 48.9 34.7 88.1 68.2 Thermal Management 24.9 14.4 45.9 34.7 Other (17.3) (9.0) (29.2) (22.2) Total $ 110.2 $ 68.3 $ 207.3 $ 149.8
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 Six months ended In millions June 30, June 30, June 30, June 30, Segment income $ 110.2 $ 68.3 $ 207.3 $ 149.8 Intangible amortization (16.0) (16.0) (31.9) (32.0) Restructuring and other (4.3) (6.2) (5.1) (10.5) Acquisition transaction and integration costs (1.6) (0.8) (1.6) (1.7) Net interest expense (8.1) (9.4) (16.2) (19.3) Other expense (0.6) (0.7) (1.2) (1.5) Income before income taxes $ 79.6 $ 35.2 $ 151.3 $ 84.8

Basis of Presentation and Res_2

Basis of Presentation and Responsibility for Interim Financial Statements - Separation from Pentair (Details)	6 Months Ended
	Jun. 30, 2021segment
Accounting Policies [Abstract]
Number of reportable segments	3

Revenue - Geographic Net Sales

Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 601.3	$ 447.2	$ 1,150.2	$ 968.1
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	378.7	292.6	722.1	639.8
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	141.7	100.9	276.4	219.6
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	67.9	42.3	128.3	87.3
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	13	11.4	23.4	21.4
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	300.4	219.3	577.4	477.8
Enclosures | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	193	140.8	368.7	314.9
Enclosures | Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	78.3	55.5	151.7	117.4
Enclosures | Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	25.2	19.6	49.6	39
Enclosures | Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	3.9	3.4	7.4	6.5
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	169.2	132.1	317.1	274
Electrical & Fastening Solutions | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	117.4	100.6	221.3	203.1
Electrical & Fastening Solutions | Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	35	21.4	65.8	48.6
Electrical & Fastening Solutions | Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	12.4	6.3	21.4	15
Electrical & Fastening Solutions | Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	4.4	3.8	8.6	7.3
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	131.7	95.8	255.7	216.3
Thermal Management | U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	68.3	51.2	132.1	121.8
Thermal Management | Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	28.4	24	58.9	53.6
Thermal Management | Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	30.3	16.4	57.3	33.3
Thermal Management | Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	$ 4.7	$ 4.2	$ 7.4	$ 7.6

Revenue - Vertical Sales by Seg

Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 601.3	$ 447.2	$ 1,150.2	$ 968.1
Enclosures
Disaggregation of Revenue [Line Items]
Net sales	300.4	219.3	577.4	477.8
Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	169.2	132.1	317.1	274
Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	131.7	95.8	255.7	216.3
Industrial
Disaggregation of Revenue [Line Items]
Net sales	270.1	190.8	517.2	414.9
Industrial | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	187.6	133.7	359.7	290.2
Industrial | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	28.6	21.5	53	42.5
Industrial | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	53.9	35.6	104.5	82.2
Commercial & Residential
Disaggregation of Revenue [Line Items]
Net sales	164	120.1	312.8	264.6
Commercial & Residential | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	37.5	23.7	66.1	55.4
Commercial & Residential | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	82.8	63.6	158.7	136.7
Commercial & Residential | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	43.7	32.8	88	72.5
Energy
Disaggregation of Revenue [Line Items]
Net sales	55.5	42.1	105.5	99.9
Energy | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	22.3	15.4	43	38.6
Energy | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	4.8	4.1	8.8	8.5
Energy | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	28.4	22.6	53.7	52.8
Infrastructure
Disaggregation of Revenue [Line Items]
Net sales	111.7	94.2	214.7	188.7
Infrastructure | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	53	46.5	108.6	93.6
Infrastructure | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	53	42.9	96.6	86.3
Infrastructure | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	5.7	4.8	9.5	8.8
Developed Europe (1)
Disaggregation of Revenue [Line Items]
Net sales	141.7	100.9	276.4	219.6
Developed Europe (1) | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	78.3	55.5	151.7	117.4
Developed Europe (1) | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	35	21.4	65.8	48.6
Developed Europe (1) | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	28.4	24	58.9	53.6
Developing Countries
Disaggregation of Revenue [Line Items]
Net sales	67.9	42.3	128.3	87.3
Developing Countries | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	25.2	19.6	49.6	39
Developing Countries | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	12.4	6.3	21.4	15
Developing Countries | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	30.3	16.4	57.3	33.3
Other Developed Countries
Disaggregation of Revenue [Line Items]
Net sales	13	11.4	23.4	21.4
Other Developed Countries | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	3.9	3.4	7.4	6.5
Other Developed Countries | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	4.4	3.8	8.6	7.3
Other Developed Countries | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	4.7	4.2	7.4	7.6
U.S. and Canada
Disaggregation of Revenue [Line Items]
Net sales	378.7	292.6	722.1	639.8
U.S. and Canada | Enclosures
Disaggregation of Revenue [Line Items]
Net sales	193	140.8	368.7	314.9
U.S. and Canada | Electrical & Fastening Solutions
Disaggregation of Revenue [Line Items]
Net sales	117.4	100.6	221.3	203.1
U.S. and Canada | Thermal Management
Disaggregation of Revenue [Line Items]
Net sales	$ 68.3	$ 51.2	$ 132.1	$ 121.8

Revenue - Schedule of Contract

Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Contract assets	$ 47.6	$ 45.6
Contract liabilities	14.4	11.3
Net contract assets	33.2	$ 34.3
$ Change
Contract assets	2
Contract liabilities	3.1
Net contract assets	$ 1.1
% Change
Contract assets	4.40%
Contract liabilities	27.40%
Net contract assets	(3.20%)

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Net contract assets (liabilities)		$ (1,100,000)
Impairment losses on contract assets	$ 0	$ 0

Revenue - Performance Obligatio

Revenue - Performance Obligations (Details) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 $ in Millions	Jun. 30, 2021USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 47.9
Minimum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	12 months
Maximum
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, expected timing of satisfaction period	18 months

Restructuring - Costs Included

Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 4.3	$ 3	$ 5.1	$ 7.3
Severance and related costs
Restructuring Cost and Reserve [Line Items]
Restructuring costs	2.5	2.7	2.7	6.2
Other
Restructuring Cost and Reserve [Line Items]
Restructuring costs	$ 1.8	$ 0.3	$ 2.4	$ 1.1

Restructuring - Costs by Report

Restructuring - Costs by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 4.3	$ 3	$ 5.1	$ 7.3
Enclosures
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	2.2	1.1	3.2	4.2
Thermal Management
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	1.1	1.5	1.3	2.6
Electrical & Fastening Solutions
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	0.4	0.1	0.6	0.1
Other
Restructuring Cost and Reserve [Line Items]
Total restructuring costs	$ 0.6	$ 0.3	$ 0	$ 0.4

Restructuring - Accrual Activit

Restructuring - Accrual Activity (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Restructuring Reserve [Roll Forward]
Beginning balance	$ 6.6	$ 9.5
Costs incurred	2.7	6.2
Cash payments and other	(5.4)	(6.7)
Ending balance	$ 3.9	$ 9

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 66.2	$ 65.4	$ 25.8	$ 18.6	$ 131.6	$ 44.4
Weighted average common shares outstanding
Basic (shares)	167.9		169.9		167.8	169.9
Dilutive impact of stock options, restricted stock units and performance share units	1.7		0.5		1.4	0.8
Diluted (shares)	169.6		170.4		169.2	170.7
Earnings per ordinary share
Basic pro forma earnings per ordinary share (in dollars per share)	$ 0.39		$ 0.15		$ 0.78	$ 0.26
Diluted pro forma earnings per ordinary share (in dollars per share)	$ 0.39		$ 0.15		$ 0.78	$ 0.26
Anti-dilutive stock options excluded from the calculation of diluted earnings per share	0.8		4.5		1	3.4

Acquisitions (Details)

Acquisitions (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 01, 2021	Feb. 10, 2020
WBT
Business Acquisition [Line Items]
Payments to acquire businesses, gross			$ 29.9
Goodwill			13.8
Definite-lived customer relationships			$ 11.3
Estimated useful life of intangible asset (in years)			12 years
Vynckier
Business Acquisition [Line Items]
Payments to acquire businesses, gross		$ 27
Goodwill		12.4
Definite-lived customer relationships		$ 6.1
Estimated useful life of intangible asset (in years)		11 years
CIS Global
Business Acquisition [Line Items]
Payments to acquire businesses, gross	$ 203
Goodwill	84.1
Expected deductible amount	32.5
CIS Global | Customer relationships
Business Acquisition [Line Items]
Definite-lived customer relationships	$ 74.5
Estimated useful life of intangible asset (in years)	16 years
CIS Global | Developed Technology
Business Acquisition [Line Items]
Definite-lived customer relationships	$ 24.5
CIS Global | Minimum | Developed Technology
Business Acquisition [Line Items]
Estimated useful life of intangible asset (in years)	9 years
CIS Global | Maximum | Developed Technology
Business Acquisition [Line Items]
Estimated useful life of intangible asset (in years)	12 years

Goodwill and Other Identifiab_3

Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization	$ 16	$ 31.9	$ 32

Goodwill and Other Identifiab_4

Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions	6 Months Ended
	Jun. 30, 2021USD ($)
Goodwill [Roll Forward]
Beginning Balance	$ 2,098.2
Acquisitions/divestitures	96.6
Foreign currency translation/other	(1.5)
Ending Balance	2,193.3
Enclosures
Goodwill [Roll Forward]
Beginning Balance	332.1
Acquisitions/divestitures	96.5
Foreign currency translation/other	(3.2)
Ending Balance	425.4
Electrical & Fastening Solutions
Goodwill [Roll Forward]
Beginning Balance	1,051.9
Acquisitions/divestitures	0.1
Foreign currency translation/other	0
Ending Balance	1,052
Thermal Management
Goodwill [Roll Forward]
Beginning Balance	714.2
Acquisitions/divestitures	0
Foreign currency translation/other	1.7
Ending Balance	$ 715.9

Goodwill and Other Identifiab_5

Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Finite-Lived Intangible Assets, Net [Abstract]
Cost	$ 1,336.7	$ 1,230.8
Accumulated amortization	(430.8)	(398.4)
Net	905.9	832.4
Customer relationships
Finite-Lived Intangible Assets, Net [Abstract]
Cost	1,295.9	1,214.5
Accumulated amortization	(421.3)	(389.6)
Net	874.6	824.9
Proprietary technology and patents
Finite-Lived Intangible Assets, Net [Abstract]
Cost	40.8	16.3
Accumulated amortization	(9.5)	(8.8)
Net	$ 31.3	$ 7.5

Goodwill and Other Identifiab_6

Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Indefinite-lived Intangible Assets [Line Items]
Amortization	$ 16	$ 31.9	$ 32
Cost	1,609.8	1,609.8		$ 1,503.9
Accumulated amortization	(430.8)	(430.8)		(398.4)
Net	1,179	1,179		1,105.5
Trade names
Indefinite-lived Intangible Assets [Line Items]
Indefinite-life intangibles	$ 273.1	$ 273.1		$ 273.1

Goodwill and Other Identifiab_7

Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions	Jun. 30, 2021USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Q2-Q4 2019	$ 35.6
2022	71.1
2023	70.9
2024	70.3
2025	70.3
2026	$ 70.3

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Inventories
Raw materials and supplies	$ 84.2	$ 67.3
Work-in-process	30.2	24.4
Finished goods	161	143.5
Total inventories	275.4	235.2
Other current assets
Contract assets	47.6	45.6
Prepaid expenses	47.1	29.8
Prepaid income taxes	18.6	13.4
Other current assets	2.7	4.1
Total other current assets	116	92.9
Property, plant and equipment, net
Land and land improvements	40.6	41
Buildings and leasehold improvements	185	185.5
Machinery and equipment	479.8	461.4
Construction in progress	29.9	30.3
Total property, plant and equipment	735.3	718.2
Accumulated depreciation and amortization	443.7	428.8
Total property, plant and equipment, net	291.6	289.4
Other non-current assets
Deferred compensation plan assets	20.4	20
Lease right-of-use assets	78.4	45.6
Deferred tax assets	19.8	29.8
Other non-current assets	24.8	13.2
Total other non-current assets	143.4	108.6
Other current liabilities
Dividends payable	30.4	29.4
Accrued rebates	55.3	40.5
Contract liabilities	14.4	11.3
Accrued taxes payable	22.1	32.8
Current lease liabilities	18	14.2
Other current liabilities	61.2	60.3
Total other current liabilities	201.4	188.5
Other non-current liabilities
Income taxes payable	30.3	31.7
Deferred compensation plan liabilities	20.4	20
Non-current lease liabilities	64.7	35.7
Other non-current liabilities	18.8	22.9
Total other non-current liabilities	$ 134.2	$ 110.3

Derivatives and Financial Ins_3

Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative instruments in hedges, net	$ 7.2	$ 6.9
Foreign Exchange Contract
Derivative [Line Items]
Derivative, notional amount	103.6	41.8
Currency Swap
Derivative [Line Items]
Derivative, notional amount	387.9	329
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	200
Accumulated other comprehensive loss	$ 10.8	$ 2.1

Derivatives and Financial Ins_4

Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Derivative [Line Items]
Total	$ 1,107.5
Recorded Amount
Derivative [Line Items]
Variable rate debt	307.5	$ 152.1
Fixed rate debt	800	800
Total	1,107.5	952.1
Fair Value
Derivative [Line Items]
Variable rate debt	307.5	152.1
Fixed rate debt	902.4	915.2
Total	$ 1,209.9	$ 1,067.3

Derivatives and Financial Ins_5

Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Deferred compensation plan assets	$ 20.4	$ 20
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(9.4)	(14.3)
Foreign currency contract assets	0.7	0.9
Interest rate swap assets	10.8	2.1
Deferred compensation plan assets	20.4	20
Total recurring fair value measurements	22.5	8.7
Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Foreign currency contract assets	0	0
Interest rate swap assets	0	0
Deferred compensation plan assets	15.7	15.6
Total recurring fair value measurements	15.7	15.6
Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	(9.4)	(14.3)
Foreign currency contract assets	0.7	0.9
Interest rate swap assets	10.8	2.1
Deferred compensation plan assets	0	0
Total recurring fair value measurements	2.1	(11.3)
Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Foreign currency contract assets	0	0
Interest rate swap assets	0	0
Deferred compensation plan assets	0	0
Total recurring fair value measurements	0	0
Recurring | NAV
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Foreign currency contract liabilities	0	0
Foreign currency contract assets	0	0
Interest rate swap assets	0	0
Deferred compensation plan assets	4.7	4.4
Total recurring fair value measurements	$ 4.7	$ 4.4

Debt - Schedule of Debt (Detail

Debt - Schedule of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Long-term debt, gross	$ 1,107.5
Unamortized debt issuance costs and discounts	(3.6)	$ (4.1)
Total debt	1,103.9	948
Less: Current maturities and short-term borrowings	(20)	(20)
Long-term debt	$ 1,083.9	928
Senior Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Average interest rate at June 30, 2021	1.479%
Long-term debt, gross	$ 200	34.6
Senior Notes [Member] | Term Loan Facility
Debt Instrument [Line Items]
Average interest rate at June 30, 2021	1.479%
Long-term debt, gross	$ 107.5	117.5
Senior Notes [Member] | Senior Notes, Due 2023
Debt Instrument [Line Items]
Average interest rate at June 30, 2021	3.95%
Long-term debt, gross	$ 300	300
Senior Notes [Member] | Senior Notes, Due 2028
Debt Instrument [Line Items]
Average interest rate at June 30, 2021	4.55%
Long-term debt, gross	$ 500	$ 500

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - Senior Notes [Member]	Jun. 30, 2021USD ($)
Senior Notes, Due 2023
Debt Instrument [Line Items]
Debt face amount	$ 300,000,000
Average interest rate	3.95%
Senior Notes, Due 2028
Debt Instrument [Line Items]
Debt face amount	$ 500,000,000
Average interest rate	4.55%

Debt - Senior Credit Facilities

Debt - Senior Credit Facilities (Details)	1 Months Ended	6 Months Ended
	Mar. 31, 2018	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Long-term Debt, Gross		$ 1,107,500,000
Senior Notes [Member] | Senior Credit Facilities
Debt Instrument [Line Items]
Leverage ratio covenant		3.75
Leverage ratio covenant period		12 months
EBITDA ratio covenant		3
Senior Notes [Member] | Senior Credit Facilities | Minimum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash		$ 5,000,000
Senior Notes [Member] | Senior Credit Facilities | Maximum
Debt Instrument [Line Items]
Debt covenant, consolidated unrestricted cash		250,000,000
Senior Notes [Member] | Term Loan Facility
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity		200,000,000
Long-term Debt, Gross		107,500,000	$ 117,500,000
Senior Notes [Member] | Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Debt term	5 years
Maximum borrowing capacity		600,000,000
Line of credit increase limit		300,000,000
Long-term Debt, Gross		200,000,000	$ 34,600,000
Line of credit facility, remaining borrowing capacity		$ 400,000,000

Debt - Schedule of Contracutal

Debt - Schedule of Contracutal Debt Maturities (Details) $ in Millions	Jun. 30, 2021USD ($)
Debt Disclosure [Abstract]
Q3-Q4 2021	$ 10
2022	20
2023	577.5
2024	0
2025	0
2026	0
Thereafter	500
Total	$ 1,107.5

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Income Tax Examination [Line Items]
Effective income tax rate	13.00%	47.60%
Total gross liability for unrecognized tax benefits	$ 15.8		$ 17.1
Discrete tax benefit	$ 5.2
Foreign Tax Authority
Income Tax Examination [Line Items]
Deferred tax assets, valuation allowance		$ 19.4

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	May 14, 2021	Dec. 31, 2020	Feb. 19, 2019	Jul. 23, 2018
Equity [Abstract]
Repurchase of shares of our common stock up to a maximum aggregate value			$ 880		$ 300		$ 380	$ 500
Stock Repurchased During Period, Shares			0.9	0.2
Stock Repurchased During Period, Value	$ (20)	$ (3.2)	$ (20)	$ (3.2)
Stock Repurchase Program, Remaining Authorized Repurchase Amount			525.1
Dividends payable (in dollars per share)							$ 0.175
Dividends payable			$ 30.4			$ 29.4

Segment Information - Financial

Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Net sales	$ 601.3	$ 447.2	$ 1,150.2	$ 968.1
Segment income	88.3	45.3	168.7	105.6
Enclosures
Segment Reporting Information [Line Items]
Net sales	300.4	219.3	577.4	477.8
Segment income	53.7	28.2	102.5	69.1
Electrical & Fastening Solutions
Segment Reporting Information [Line Items]
Net sales	169.2	132.1	317.1	274
Segment income	48.9	34.7	88.1	68.2
Thermal Management
Segment Reporting Information [Line Items]
Net sales	131.7	95.8	255.7	216.3
Segment income	24.9	14.4	45.9	34.7
Other
Segment Reporting Information [Line Items]
Segment income	(17.3)	(9)	(29.2)	(22.2)
Operating Segments
Segment Reporting Information [Line Items]
Segment income	$ 110.2	$ 68.3	$ 207.3	$ 149.8

Segment Information - Reconcili

Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	$ 88.3	$ 45.3	$ 168.7	$ 105.6
Intangible amortization	(16)		(31.9)	(32)
Restructuring and other	(4.3)	(3)	(5.1)	(7.3)
Net interest expense	(8.1)	(9.4)	(16.2)	(19.3)
Other expense	(0.6)	(0.7)	(1.2)	(1.5)
Income before income taxes	79.6	35.2	151.3	84.8
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment income	110.2	68.3	207.3	149.8
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Intangible amortization	(16)	(16)	(31.9)	(32)
Restructuring and other	(4.3)	(6.2)	(5.1)	(10.5)
Acquisition transaction and integration costs	(1.6)	(0.8)	(1.6)	(1.7)
Net interest expense	(8.1)	(9.4)	(16.2)	(19.3)
Other expense	$ (0.6)	$ (0.7)	$ (1.2)	$ (1.5)

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Liability for services and product warranties	$ 0	$ 0
Stand-by Letters of Credit, Bank Guarantees and Bonds
Guarantor Obligations [Line Items]
Obligations outstanding	$ 46,900,000	$ 43,800,000