Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | nVent Electric plc |
Entity Central Index Key | 0001720635 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
Entity Small Business | false |
Trading Symbol | NVT |
Entity Common Stock, Shares Outstanding | 174,662,655 |
Condensed Consolidated and Comb
Condensed Consolidated and Combined Statements of Income and Comprehensive Income (Unaudited) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Net sales | $ 538 | $ 538.9 |
Cost of goods sold | 328.1 | 330 |
Gross profit | 209.9 | 208.9 |
Selling, general and administrative | 120.1 | 131.9 |
Research and development | 12.3 | 11.4 |
Operating income | 77.5 | 65.6 |
Net interest expense | 10.5 | 0.6 |
Other expense | 0.9 | 1.2 |
Income before income taxes | 66.1 | 63.8 |
Provision for income taxes | 9.7 | 11.5 |
Net income | 56.4 | 52.3 |
Comprehensive income, net of tax | ||
Net income | 56.4 | 52.3 |
Changes in cumulative translation adjustment | 3 | 2.3 |
Changes in market value of derivative financial instruments, net of tax | (6.2) | (0.7) |
Comprehensive income | $ 53.2 | $ 53.9 |
Earnings per ordinary share | ||
Basic pro forma earnings per ordinary share (in dollars per share) | $ 0.32 | $ 0.29 |
Diluted pro forma earnings per ordinary share (in dollars per share) | $ 0.32 | $ 0.29 |
Weighted average ordinary shares outstanding | ||
Basic (shares) | 176.5 | 179 |
Diluted (shares) | 178.2 | 181.2 |
Cash dividends paid per ordinary share (in usd per share) | $ 0.175 | $ 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 32.6 | $ 159 |
Accounts and notes receivable, net of allowances of $5.8 and $6.1, respectively | 342.7 | 340.9 |
Inventories | 244.4 | 228.2 |
Other current assets | 126.5 | 118.4 |
Total current assets | 746.2 | 846.5 |
Property, plant and equipment, net | 264.6 | 264.8 |
Other assets | ||
Goodwill | 2,233.9 | 2,234.3 |
Intangibles, net | 1,158.7 | 1,173.3 |
Other non-current assets | 71.3 | 33.8 |
Total other assets | 3,463.9 | 3,441.4 |
Total assets | 4,474.7 | 4,552.7 |
Current liabilities | ||
Current maturities of long-term debt and short-term borrowings | 13.8 | 12.5 |
Accounts payable | 149.1 | 186.4 |
Employee compensation and benefits | 64.3 | 75.8 |
Other current liabilities | 183 | 187 |
Total current liabilities | 410.2 | 461.7 |
Other liabilities | ||
Long-term debt | 925.6 | 929.2 |
Pension and other post-retirement compensation and benefits | 175.4 | 177.9 |
Deferred tax liabilities | 222.7 | 224.8 |
Other non-current liabilities | 105.7 | 72 |
Total liabilities | 1,839.6 | 1,865.6 |
Equity | ||
Ordinary shares $0.01 par value, 400.0 authorized, 174.7 and 177.2 issued at March 31, 2019 and December 31, 2018, respectively | 1.7 | 1.8 |
Additional paid-in capital | 2,635.2 | 2,709.7 |
Retained earnings | 109.2 | 83.4 |
Accumulated other comprehensive loss | (111) | (107.8) |
Total equity | 2,635.1 | 2,687.1 |
Total liabilities and equity | $ 4,474.7 | $ 4,552.7 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts and notes receivable, allowances | $ 5.8 | $ 6.1 |
Ordinary shares, par value (in dollars per share) | $ 0.01 | |
Ordinary shares authorized (in shares) | 400,000,000 | |
Ordinary shares issued (in shares) | 174,700,000 | 177,200,000 |
Condensed Consolidated and Co_2
Condensed Consolidated and Combined Statements of Cash Flows (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities | ||
Net income | $ 56.4 | $ 52.3 |
Adjustments to reconcile net income to net cash provided by (used for) operating activities | ||
Depreciation | 8.4 | 9.2 |
Amortization | 15.1 | 15.4 |
Deferred income taxes | (2.1) | (0.6) |
Share-based compensation | 4.3 | 2.4 |
Changes in assets and liabilities, net of effects of business acquisitions | ||
Accounts and notes receivable | (1.5) | (1.3) |
Inventories | (16.8) | 2 |
Other current assets | (8.8) | (8) |
Accounts payable | (40.8) | (34.6) |
Employee compensation and benefits | (11.2) | (16.5) |
Other current liabilities | (2.5) | 19.4 |
Other non-current assets and liabilities | (13.6) | (3.6) |
Net cash provided by (used for) operating activities | (13.1) | 36.1 |
Investing activities | ||
Capital expenditures | (9.2) | (5.4) |
Proceeds from sale of property and equipment | 6 | 2.3 |
Acquisitions, net of cash acquired | 0 | (2) |
Net cash provided by (used for) investing activities | (3.2) | (5.1) |
Financing activities | ||
Proceeds from long-term debt | 0 | 800 |
Repayments of long-term debt | (2.5) | 0 |
Debt issuance costs | 0 | (7.5) |
Dividends paid | (31) | 0 |
Net transfers to former Parent prior to separation | 0 | (10) |
Shares issued to employees, net of shares withheld | 1 | 0 |
Repurchases of ordinary shares | (76.1) | 0 |
Net cash provided by (used for) financing activities | (108.6) | 782.5 |
Effect of exchange rate changes on cash and cash equivalents | (1.5) | (3.7) |
Change in cash and cash equivalents | (126.4) | 809.8 |
Cash and cash equivalents, beginning of period | 159 | 26.9 |
Cash and cash equivalents, end of period | $ 32.6 | $ 836.7 |
Condensed Consolidated and Co_3
Condensed Consolidated and Combined Statements of Changes in Equity (Unaudited) - USD ($) shares in Millions, $ in Millions | Total | Ordinary shares | Additional paid-in capital | Retained earnings | Net Parent investment | Accumulated other comprehensive loss |
Beginning balance (in shares) at Dec. 31, 2017 | 0 | |||||
Beginning balance at Dec. 31, 2017 | $ 3,791.3 | $ 0 | $ 0 | $ 0 | $ 3,848.4 | $ (57.1) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 52.3 | 52.3 | ||||
Other comprehensive income, net of tax | 1.6 | 1.6 | ||||
Net transfers from Former Parent | (32.3) | (32.3) | ||||
Ending balance (in shares) at Mar. 31, 2018 | 0 | |||||
Ending balance at Mar. 31, 2018 | 3,640.2 | $ 0 | 0 | 0 | 3,695.7 | (55.5) |
Beginning balance (in shares) at Dec. 31, 2018 | 177.2 | |||||
Beginning balance at Dec. 31, 2018 | 2,687.1 | $ 1.8 | 2,709.7 | 83.4 | 0 | (107.8) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 56.4 | 56.4 | ||||
Other comprehensive income, net of tax | (3.2) | (3.2) | ||||
Dividends declared | $ (30.6) | (30.6) | ||||
Share repurchases (in shares) | (3) | (3) | ||||
Share repurchases | $ (79.9) | $ (0.1) | (79.8) | |||
Exercise of options, net of shares tendered for payment (in shares) | 0.3 | |||||
Exercise of options, net of shares tendered for payment | $ 3.6 | 3.6 | ||||
Issuance of restricted shares, net of cancellations | 0 | 0.3 | ||||
Shares surrendered by employees to pay taxes | $ (2.6) | $ (0.1) | (2.6) | |||
Share-based compensation | 4.3 | 4.3 | ||||
Ending balance (in shares) at Mar. 31, 2019 | 174.7 | |||||
Ending balance at Mar. 31, 2019 | $ 2,635.1 | $ 1.7 | $ 2,635.2 | $ 109.2 | $ 0 | $ (111) |
Basis of Presentation and Respo
Basis of Presentation and Responsibility for Interim Financial Statements | 3 Months Ended |
Mar. 31, 2019 | |
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, Thermal Management and Electrical & Fastening Solutions. The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and therefore have tax residency in the U.K. Separation from Pentair On April 30, 2018, Pentair plc ("Pentair" or "former Parent") completed the separation of its Water business and its Electrical business into two independent, publicly-traded companies (the "separation"). To effect the separation, Pentair distributed to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. As a result of the distribution, nVent is now an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018. Except where indicated, references below to transactions completed by nVent prior to April 30, 2018 refer to transactions completed by or on behalf of the Electrical reporting segment of Pentair that are reflected on the condensed consolidated and combined financial statements of nVent. Basis of presentation The accompanying unaudited condensed consolidated and combined financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted. We are responsible for the unaudited condensed consolidated and combined financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K/A for the year ended December 31, 2018. Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. The financial statements for periods prior to April 30, 2018 were prepared on a stand-alone basis derived from the consolidated financial statements and records of Pentair as if nVent were operated on a stand-alone basis. These condensed consolidated and combined financial statements have been prepared in U.S. dollars and in accordance with GAAP. Cost allocations For periods prior to the separation, the condensed consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income within Selling, general and administrative expense and Other expense . The amount allocated was $26.3 million for the three months ended March 31, 2018 , of which $7.7 million was historically recorded to the Electrical segment in Pentair’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures. The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the condensed consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s condensed consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these unaudited condensed consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Condensed Consolidated and Combined Statements of Cash Flows as a financing activity. For periods prior to the separation, certain nVent operations were included in the former Parent’s U.S. federal and state income tax returns, and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. Adoption of new accounting standards On January 1, 2019, we adopted ASU No. 2016-02, “Leases” and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient to not separate non-lease components from lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Refer to Note 12 for more information on leases. On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" and the related amendments ("ASC 606" or "the new revenue standard") using the modified retrospective method. As a result of adoption, the cumulative impact to our beginning equity at January 1, 2018 was $1.8 million . The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. The adoption of the new standard had an impact on our accounting for certain custom products manufactured by our Enclosures segment. Prior to the adoption of the standard revenue was recognized for these custom products upon shipment. However, as these products have no alternative use to the Company and we have an enforceable right to payment for our performance completed to date, revenue related to these custom products will be recognized over time. Additionally, the new revenue standard resulted in reclassifications on the Condensed Consolidated Balance Sheets related to accounting for sales returns. On January 1, 2018, we adopted ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" using the modified retrospective method. The ASU requires the tax effects of all intra-entity sales of assets other than inventory to be recognized in the period in which the transaction occurs. The adoption resulted in a $174.5 million cumulative-effect adjustment recorded in equity as of the beginning of 2018 that reflects a $201.5 million reduction of non-current prepaid income tax assets, partially offset by the establishment of $27.0 million of deferred tax assets. The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows: Condensed Combined Balance Sheets In millions Balance at December 31, 2017 Adjustments due to ASU 2016-16 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Accounts and notes receivable, net $ 349.3 $ — $ 3.8 $ 353.1 Inventories 224.1 — (1.8 ) 222.3 Other current assets 132.3 — 1.8 134.1 Other non-current assets 251.8 (174.5 ) — 77.3 Liabilities Other current liabilities 141.3 — 3.8 145.1 Deferred tax liabilities 279.4 — 0.4 279.8 Equity Net Parent investment 3,848.4 (174.5 ) 1.8 3,675.7 |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue recognition Revenue is recognized when control of the promised goods or services are transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those goods or providing services. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. When determining whether the customer has obtained control of the goods or services, we consider any future performance obligations. Generally, there is no post-shipment obligation on product sold other than warranty obligations in the normal and ordinary course of business. In the event significant post-shipment obligations were to exist, revenue recognition would be deferred until nVent has substantially accomplished what it must do to be entitled to the benefits represented by the revenues. Performance obligations A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. The majority of our contracts have a single performance obligation as the promise to transfer the individual goods or services is not separately identifiable from other promises in the contracts and, therefore, not distinct. For contracts with multiple performance obligations, stand-alone selling price is generally readily observable. Our performance obligations are satisfied at a point in time or over time as work progresses. Revenue from products and services transferred to customers at a point in time accounted for 71% and 73% of our revenue for the three-month periods ended March 31, 2019 and 2018 , respectively. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied; generally this occurs with the transfer of control upon shipment. Revenue from products and services transferred to customers over time accounted for 29% and 27% of our revenue for the three-month periods ended March 31, 2019 and 2018 , respectively. For the majority of our revenue recognized over time, we use an input measure to determine progress towards completion. Under this method, sales and gross profit are recognized as work is performed generally based on the relationship between the actual costs incurred and the total estimated costs at completion ("the cost-to-cost method") or based on efforts for measuring progress towards completion in situations in which this approach is more representative of the progress on the contract than the cost-to-cost method. Contract costs include labor, material, overhead and, when appropriate, general and administrative expenses. Changes to the original estimates may be required during the life of the contract and such estimates are reviewed on a regular basis. Sales and gross profit are adjusted using the cumulative catch-up method for revisions in estimated total contract costs. These reviews have not resulted in adjustments that were significant to our results of operations. For performance obligations related to long-term contracts, when estimates of total costs to be incurred on a performance obligation exceed total estimates of revenue to be earned, a provision for the entire loss on the performance obligation is recognized in the period the loss is determined. We use an output method to measure progress towards completion for certain of our Enclosures businesses, as this method appropriately depicts performance towards satisfaction of the performance obligation. Under the output method, revenue is recognized based on number of units produced. On March 31, 2019 , we had $58.7 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 twelve to eighteen months . Sales returns The right of return may exist explicitly or implicitly with our customers. Our return policy allows for customer returns only upon our authorization. Goods returned must be product we continue to market and must be in salable condition. When the right of return exists, we adjust the transaction price for the estimated effect of returns. We estimate the expected returns based on historical sales levels, the timing and magnitude of historical sales return levels as a percent of sales, type of product, type of customer and a projection of this experience into the future. Pricing and sales incentives Our sales contracts may give customers the option to purchase additional goods or services priced at a discount. Options to acquire additional goods or services at a discount can come in many forms, such as customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives. We reduce the transaction price for certain customer programs and incentive offerings including pricing arrangements, promotions and other volume-based incentives that represent variable consideration. Sales incentives given to our customers are recorded using either the expected value method or most likely amount approach for estimating the amount of consideration to which nVent shall be entitled. The expected value is the sum of probability-weighted amounts in a range of possible consideration amounts. An expected value is an appropriate estimate of the amount of variable consideration when there are a large number of contracts with similar characteristics. The most likely amount is the single most likely amount in a range of possible consideration amounts (that is, the single most likely outcome of the contract). The most likely amount is an appropriate estimate of the amount of variable consideration if the contract has limited possible outcomes (for example, an entity either achieves a performance bonus or does not). Pricing is established at or prior to the time of sale with our customers and we record sales at the agreed-upon net selling price. However, certain of our businesses allow customers to apply for a refund of a percentage of the original purchase price if they can demonstrate sales to a qualifying end customer. We use the expected value method to estimate the anticipated refund to be paid based on historical experience and reduce sales for the probable cost of the discount. The cost of these refunds is recorded as a reduction of transaction price. Volume-based incentives involve rebates that are negotiated at or prior to the time of sale with the customer and are redeemable only if the customer achieves a specified cumulative level of sales or sales increase. Under these incentive programs, at the time of sale, we estimate the anticipated rebate to be paid based on forecasted sales levels. These forecasts are updated at least quarterly for each customer and the transaction price is reduced for the anticipated cost of the rebate. If the forecasted sales for a customer changes, the accrual for rebates is adjusted to reflect the new amount of rebates expected to be earned by the customer. Shipping and handling costs Amounts billed to customers for shipping and handling activities after the customer obtains control are treated as a promised service performance obligation and recorded in Net sales in the accompanying Condensed Consolidated and Combined Statements of Income and Comprehensive Income. Shipping and handling costs incurred by nVent for the delivery of goods to customers are considered a cost to fulfill the contract and are included in Cost of goods sold in the accompanying Condensed Consolidated and Combined Statements of Income and Comprehensive Income. Contract assets and liabilities Contract assets consist of unbilled amounts resulting from sales under long-term contracts when the cost-to-cost method of revenue recognition is utilized and revenue recognized exceeds the amount billed to the customer, such as when the customer retains a small portion of the contract price until completion of the contract. We typically receive interim payments on sales under long-term contracts as work progresses, although for some contracts, we may be entitled to receive an advance payment. Contract liabilities consist of advanced payments and billings in excess of costs incurred and deferred revenue. Contract assets are recorded within Other current assets and contract liabilities are recorded within Other current liabilities in the Condensed Consolidated Balance Sheets. Contract assets and liabilities consisted of the following: In millions March 31, 2019 December 31, 2018 $ Change % Change Contract assets $ 72.7 $ 74.4 $ (1.7 ) (2.3 )% Contract liabilities 12.5 13.2 (0.7 ) (5.3 )% Net contract assets $ 60.2 $ 61.2 $ (1.0 ) (1.6 )% The $1.0 million decrease in net contract assets from December 31, 2018 to March 31, 2019 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2018 were recognized in revenue during the three months ended March 31, 2019 . There were no impairment losses recognized on our contract assets for the three months ended March 31, 2019 . Practical expedients and exemptions We generally expense incremental costs of obtaining a contract when incurred because the amortization period would be less than one year. These costs primarily relate to sales commissions and are recorded in Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income. We do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. Further, we do not adjust the promised amount of consideration for the effects of a significant financing component if we expect, at contract inception, that the period between when we transfer a promised good or service to a customer and when the customer pays for that good or service will be one year or less. Revenue by category We disaggregate our revenue from contracts with customers by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors. Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended March 31, 2019 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total U.S. and Canada $ 180.4 $ 83.9 $ 97.4 $ 361.7 Developed Europe (1) 50.9 35.1 26.6 112.6 Developing (2) 21.7 21.0 10.1 52.8 Other Developed (3) 2.5 5.1 3.3 10.9 Total $ 255.5 $ 145.1 $ 137.4 $ 538.0 Three months ended March 31, 2018 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total U.S. and Canada $ 172.6 $ 83.1 $ 93.3 $ 349.0 Developed Europe (1) 54.3 39.8 27.6 121.7 Developing (2) 24.3 20.1 12.5 56.9 Other Developed (3) 2.9 4.9 3.5 11.3 Total $ 254.1 $ 147.9 $ 136.9 $ 538.9 (1) Developed Europe includes Western Europe and Eastern Europe included in European Union. (2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia. (3) Other Developed includes Australia and Japan. Vertical net sales information was as follows: Three months ended March 31, 2019 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total Industrial $ 155.1 $ 58.7 $ 26.7 $ 240.5 Commercial & Residential 22.6 44.5 79.9 147.0 Energy 25.9 40.1 13.5 79.5 Infrastructure 51.9 1.8 17.3 71.0 Total $ 255.5 $ 145.1 $ 137.4 $ 538.0 Three months ended March 31, 2018 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total Industrial $ 157.3 $ 60.7 $ 25.5 $ 243.5 Commercial & Residential 20.5 46.1 79.4 146.0 Energy 27.6 40.0 12.3 79.9 Infrastructure 48.7 1.1 19.7 69.5 Total $ 254.1 $ 147.9 $ 136.9 $ 538.9 |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring During the three months ended March 31, 2019 and the year ended December 31, 2018 , we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Initiatives during the three months ended March 31, 2019 included the reduction in hourly and salaried headcount of approximately 50 employees. Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: Three months ended In millions March 31, March 31, Severance and related costs $ 2.8 $ 2.8 Other 0.8 — Total restructuring costs $ 3.6 $ 2.8 Other restructuring costs primarily consist of asset impairment and various contract termination costs. Restructuring costs by reportable segment were as follows: Three months ended In millions March 31, March 31, Enclosures $ — $ 0.3 Thermal Management 2.0 2.1 Electrical & Fastening Solutions 0.9 0.4 Other 0.7 — Total $ 3.6 $ 2.8 Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated Balance Sheets is summarized as follows for the three months ended March 31, 2019 : In millions March 31, Beginning balance $ 3.8 Costs incurred 2.8 Cash payments and other (1.7 ) Ending balance $ 4.9 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share On April 30, 2018, Pentair completed the separation of its Electrical business, distributing to its shareholders one ordinary share of nVent for every ordinary share of Pentair held as of the record date of April 17, 2018. The computations of basic and diluted earnings per share for periods prior to the separation were calculated using the shares that were distributed to Pentair shareholders upon the separation. Basic and diluted earnings per share were calculated as follows: Three months ended In millions, except per-share data March 31, March 31, Net income $ 56.4 $ 52.3 Weighted average ordinary shares outstanding Basic 176.5 179.0 Dilutive impact of stock options, restricted stock units and performance share units 1.7 2.2 Diluted 178.2 181.2 Earnings per ordinary share Basic earnings per ordinary share $ 0.32 $ 0.29 Diluted earnings per ordinary share $ 0.32 $ 0.29 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.9 0.4 |
Goodwill and Other Identifiable
Goodwill and Other Identifiable Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
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, Foreign currency translation/other March 31, Enclosures $ 272.0 $ (1.0 ) $ 271.0 Thermal Management 924.1 0.6 924.7 Electrical & Fastening Solutions 1,038.2 — 1,038.2 Total goodwill $ 2,234.3 $ (0.4 ) $ 2,233.9 Identifiable intangible assets consisted of the following: March 31, 2019 December 31, 2018 In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 1,149.6 $ (280.6 ) $ 869.0 $ 1,149.7 $ (266.4 ) $ 883.3 Proprietary technology and patents 14.8 (6.4 ) 8.4 14.8 (6.1 ) 8.7 Total definite-life intangibles 1,164.4 (287.0 ) 877.4 1,164.5 (272.5 ) 892.0 Indefinite-life intangibles Trade names 281.3 — 281.3 281.3 — 281.3 Total intangibles $ 1,445.7 $ (287.0 ) $ 1,158.7 $ 1,445.8 $ (272.5 ) $ 1,173.3 Identifiable intangible asset amortization expense was $15.1 million and $15.4 million for the three months ended March 31, 2019 and 2018 , respectively. Estimated future amortization expense for identifiable intangible assets during the remainder of 2019 and the next five years is as follows: Q2-Q4 In millions 2019 2020 2021 2022 2023 2024 Estimated amortization expense $ 45.3 $ 60.3 $ 59.1 $ 59.1 $ 58.9 $ 58.3 |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | Supplemental Balance Sheet Information In millions March 31, December 31, Inventories Raw materials and supplies $ 68.9 $ 63.1 Work-in-process 26.5 25.3 Finished goods 149.0 139.8 Total inventories $ 244.4 $ 228.2 Other current assets Contract assets $ 72.7 $ 74.4 Prepaid expenses 37.5 31.7 Prepaid income taxes 13.0 9.1 Other current assets 3.3 3.2 Total other current assets $ 126.5 $ 118.4 Property, plant and equipment, net Land and land improvements $ 39.0 $ 39.1 Buildings and leasehold improvements 172.9 172.6 Machinery and equipment 416.1 410.8 Construction in progress 13.5 14.6 Total property, plant and equipment 641.5 637.1 Accumulated depreciation and amortization 376.9 372.3 Total property, plant and equipment, net $ 264.6 $ 264.8 Other non-current assets Deferred compensation plan assets $ 19.0 $ 23.1 Lease right-of-use assets 41.7 — Other non-current assets 10.6 10.7 Total other non-current assets $ 71.3 $ 33.8 Other current liabilities Current lease liabilities $ 13.3 $ — Dividends payable 30.6 31.0 Accrued rebates 31.5 46.1 Contract liabilities 12.5 13.2 Accrued taxes payable 25.8 27.4 Other current liabilities 69.3 69.3 Total other current liabilities $ 183.0 $ 187.0 Other non-current liabilities Income taxes payable $ 42.1 $ 41.9 Deferred compensation plan liabilities 19.0 23.1 Non-current lease liabilities 32.7 — Other non-current liabilities 11.9 7.0 Total other non-current liabilities $ 105.7 $ 72.0 |
Derivatives and Financial Instr
Derivatives and Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Financial Instruments | Derivatives and Financial Instruments Derivative financial instruments We conduct business in various locations throughout the world and are subject to market risk due to changes in the value of foreign currencies in relation to our reporting currency, the U.S. dollar. We manage our economic and transaction exposure to certain market-based risks through the use of foreign currency derivative financial instruments. Our objective in holding these derivatives is to reduce the volatility of net earnings and cash flows associated with changes in foreign currency exchange rates. The majority of our foreign currency contracts have an original maturity date of less than one year. The derivative contracts contain credit risk to the extent that our bank counterparties may be unable to meet the terms of the agreements. The amount of such credit risk is generally limited to the unrealized gains, if any, in such contracts. Such risk is minimized by limiting those counterparties to major financial institutions of high credit quality. Foreign currency contracts At March 31, 2019 and December 31, 2018 , we had outstanding foreign currency derivative contracts with gross notional U.S. dollar equivalent amounts of $124.5 million and $129.0 million , respectively. The impact of these contracts on the Condensed Consolidated and Combined Statements of Income and Comprehensive Income was not material for any period presented. Gains or losses on foreign currency contracts designated as hedges are reclassified out of Accumulated Other Comprehensive Loss and into Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income when the hedged transactions affect earnings. Such reclassifications during the three months ended March 31, 2019 and 2018 were not material. Net investment hedge We have net investments in foreign subsidiaries that are subject to changes in the foreign currency exchange rate. In October 2018, we designated a cross-currency swap with a gross notional U.S. dollar equivalent amount of $69.1 million as a net investment hedge for a portion of our net investment in our Euro denominated subsidiaries. Gains or losses resulting from the change in fair value of the net investment hedge will be included as a component of the cumulative translation adjustment account within Accumulated Other Comprehensive Loss and offset gains and losses on the underlying foreign currency exposures. As of March 31, 2019 and December 31, 2018 , the deferred foreign currency activity in Accumulated Other Comprehensive Loss associated with the net investment hedge was not material. Fair value of financial instruments The following methods were used to estimate the fair values of each class of financial instruments: • short-term financial instruments (cash and cash equivalents, accounts and notes receivable, accounts and notes payable and variable-rate debt) — recorded amount approximates fair value because of the short maturity period; • long-term fixed-rate debt, including current maturities — fair value is based on market quotes available for issuance of debt with similar terms, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; • foreign currency contract agreements — fair values are determined through the use of models that consider various assumptions, including time value, yield curves, as well as other relevant economic measures, which are inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance; and • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualified benefits for retired, terminated and active employees) — fair value of mutual funds and cash equivalents are based on quoted market prices in active markets that are classified as Level 1 in the valuation hierarchy defined by the accounting guidance; fair value of common/collective trusts are based on observable inputs that are classified as Level 2 in the valuation hierarchy defined by the accounting guidance. The recorded amounts and estimated fair values of total debt, excluding unamortized issuance costs and discounts, were as follows: March 31, December 31, In millions Recorded Amount Fair Value Recorded Amount Fair Value Variable rate debt $ 145.0 $ 145.0 $ 147.5 $ 147.5 Fixed rate debt 800.0 817.5 800.0 793.5 Total debt $ 945.0 $ 962.5 $ 947.5 $ 941.0 Financial assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2019 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (6.5 ) $ — $ (6.5 ) Deferred compensation plan assets 14.7 4.3 — 19.0 Total recurring fair value measurements $ 14.7 $ (2.2 ) $ — $ 12.5 December 31, 2018 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (2.6 ) $ — $ (2.6 ) Deferred compensation plan assets 19.1 4.0 — 23.1 Total recurring fair value measurements $ 19.1 $ 1.4 $ — $ 20.5 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of March 31, 2019 Maturity Year March 31, December 31, Senior notes - fixed rate (1) 3.950% 2023 $ 300.0 $ 300.0 Senior notes - fixed rate (1) 4.550% 2028 500.0 500.0 Term loan facility 3.864% 2023 145.0 147.5 Unamortized debt issuance costs and discounts N/A N/A (5.6 ) (5.8 ) Total debt 939.4 941.7 Less: Current maturities and short-term borrowings (13.8 ) (12.5 ) Long-term debt $ 925.6 $ 929.2 (1) Senior notes are fully and unconditionally guaranteed as to payment by nVent Electric plc ("Parent Company Guarantor") Senior notes In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $300.0 million aggregate principal amount of 3.950% senior notes due 2023 (the "2023 Notes") and $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes" and, collectively with the 2023 Notes, the "Notes"). The Notes are fully and unconditionally guaranteed as to payment by the Parent Company Guarantor. There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor has no independent assets or operations unrelated to its investments in its consolidated subsidiaries. The Parent Company Guarantor’s only direct subsidiary is the Subsidiary Issuer. The Subsidiary Issuer has no independent assets or operations unrelated to its investments in its consolidated subsidiaries and the issuance of the Notes and other external debt. The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions. There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan and no material assets of nVent or its subsidiaries which represent restricted net assets pursuant to the guidelines established by the SEC. Senior credit facilities In March 2018, nVent Finance entered into a credit agreement with a syndicate of banks providing for a five -year $200.0 million senior unsecured term loan facility (the "Term Loan Facility") and a five -year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the Term Loan Facility, the "Senior Credit Facilities"). We have the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million , subject to customary conditions, including the commitment of the participating lenders. There were no outstanding borrowings under the Revolving Credit Facility as of March 31, 2019 . Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million ) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters to exceed 3.75 to 1.00 and (ii) the ratio of our EBITDA to our consolidated interest expense for the same period to be less than 3.00 to 1.00 . In addition, subject to certain qualifications and exceptions, the Senior Credit Facilities also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of March 31, 2019 , we were in compliance with all financial covenants in our debt agreements. Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2019 matures on a calendar year basis as follows: Q2-Q4 In millions 2019 2020 2021 2022 2023 2024 Thereafter Total Contractual debt obligation maturities $ 10.0 $ 17.5 $ 20.0 $ 20.0 $ 377.5 $ — $ 500.0 $ 945.0 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The effective income tax rate for the three months ended March 31, 2019 was 14.7% , compared to 18.0% for three months ended March 31, 2018 . The tax rate in any quarter can be affected positively or negatively by adjustments that are required to be reported in the specific quarter of resolution. The liability for uncertain tax positions was $16.9 million and $16.8 million at March 31, 2019 and December 31, 2018 , respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense , respectively, on the Condensed Consolidated and Combined Statements of Income and Comprehensive Income, which is consistent with our past practices. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Share repurchases On July 23, 2018, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2018 Authorization"). On February 19, 2019, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $380.0 million (the "2019 Authorization"). The 2018 and 2019 Authorizations expire on July 23, 2021. During the three months ended March 31, 2019 , we repurchased 3.0 million of our ordinary shares for $79.9 million under the 2018 Authorization. At March 31, 2019 and December 31, 2018 , outstanding share repurchases recorded in Accounts payable were $6.8 million and $3.0 million , respectively. As of March 31, 2019 , we have $741.1 million available for share repurchases under the combined 2018 and 2019 Authorizations which total $880.0 million . Dividends payable On February 19, 2019, the Board of Directors declared a quarterly cash dividend of $0.175 per ordinary share payable on May 3, 2019 to shareholders of record at the close of business on April 18, 2019. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $30.6 million and $31.0 million at March 31, 2019 and December 31, 2018 , respectively. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We evaluate performance based on net sales and segment income (loss) and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Segment income (loss) represents operating income exclusive of intangible amortization, separation costs, costs of restructuring activities, impairments and other unusual non-operating items. Financial information by reportable segment is as follows: Three months ended In millions March 31, March 31, Net sales Enclosures $ 255.5 $ 254.1 Thermal Management 145.1 147.9 Electrical & Fastening Solutions 137.4 136.9 Total $ 538.0 $ 538.9 Segment income (loss) Enclosures $ 45.6 $ 40.6 Thermal Management 34.3 33.5 Electrical & Fastening Solutions 31.2 31.7 Other (14.9 ) (12.3 ) Total $ 96.2 $ 93.5 The following table presents a reconciliation of segment income to income before income taxes: Three months ended In millions March 31, March 31, Segment income $ 96.2 $ 93.5 Intangible amortization (15.1 ) (15.4 ) Separation costs — (9.7 ) Net interest expense (10.5 ) (0.6 ) Restructuring and other (3.6 ) (2.8 ) Other expense (0.9 ) (1.2 ) Income before income taxes $ 66.1 $ 63.8 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases We have operating leases for office space, production facilities, distribution centers, warehouses, sales offices, fleet vehicles and equipment. In accordance with our accounting policy, leases with an initial term of 12 months or less are not recognized on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. We elected the practical expedient for all leases to include both lease and non-lease components within our lease assets and lease liabilities. Our lease agreements do not contain any material residual value guarantees, any material bargain purchase options or material restrictive covenants. We have no material sublease arrangements with third parties or lease transactions with related parties. During the three months ended March 31, 2019 , rent expense was $4.2 million , primarily related to operating lease costs. Costs associated with short-term leases, variable rent and subleases were immaterial. Our leases have remaining lease terms of one to ten years, some of which include options to extend the leases for up to five years. Renewal options that are reasonably certain to be exercised are included in the lease term. The incremental borrowing rate is used in determining the present value of lease payments, unless an implicit rate is specified. Incremental borrowing rates on a collateralized basis are determined based on the economic environment in which leases are denominated and the lease term. The weighted average remaining lease term and weighted average discount rate as of March 31, 2019 were as follows: March 31, 2019 Weighted average remaining lease term Operating leases 5 years Weighted average discount rate Operating leases 4.3 % Future lease payments under non-cancellable operating leases as of March 31, 2019 were as follows: In millions Remainder of 2019 $ 12.6 2020 13.1 2021 8.3 2022 5.8 2023 2.8 2024 2.2 Thereafter 7.4 Total lease payments 52.2 Less imputed interest 6.2 Total reported lease liability $ 46.0 As of March 31, 2019 , we have no material additional operating leases that have not yet commenced. Future minimum rental commitments under noncancelable operating leases as of December 31, 2018 were as follows: In millions 2019 $ 16.2 2020 12.6 2021 8.0 2022 5.6 2023 2.7 Thereafter 9.6 Total $ 54.7 Supplemental cash flow information related to operating leases for the three months ended March 31, 2019 was as follows: Three months ended In millions March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 3.9 Leased assets obtained in exchange for new lease liabilities: 0.6 Supplemental balance sheet information related to operating leases was as follows: In millions Classification March 31, 2019 January 1, 2019 Assets Lease right-of-use assets Other non-current assets $ 41.7 $ 44.2 Liabilities Current lease liabilities Other current liabilities $ 13.3 $ 13.6 Non-current lease liabilities Other non-current liabilities 32.7 34.8 Total lease liabilities $ 46.0 $ 48.4 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Warranties and guarantees In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction. Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows. We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee. We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of March 31, 2019 and December 31, 2018 was no t material. Stand-by letters of credit, bank guarantees and bonds In disposing of assets or businesses, we often provide representations, warranties and indemnities to cover various risks including unknown damage to the assets, environmental risks involved in the sale of real estate, liability to investigate and remediate environmental contamination at waste disposal sites and manufacturing facilities and unidentified tax liabilities and legal fees related to periods prior to disposition. We do not have the ability to reasonably estimate the potential liability due to the inchoate and unknown nature of these potential liabilities. However, we have no reason to believe that these uncertainties would have a material adverse effect on our financial position, results of operations or cash flows. In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs. As of March 31, 2019 and December 31, 2018 , the outstanding value of bonds, letters of credit and bank guarantees totaled $69.9 million and $75.8 million , respectively. |
Basis of Presentation and Res_2
Basis of Presentation and Responsibility for Interim Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Cost Allocations | For periods prior to the separation, the condensed consolidated and combined financial statements of nVent include general corporate expenses of the former Parent for certain support functions that were provided on a centralized basis, such as expenses related to executive management, finance, audit, legal, information technology, human resources, communications, facilities and employee benefits and compensation. These general corporate expenses are included in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income within Selling, general and administrative expense and Other expense . The amount allocated was $26.3 million for the three months ended March 31, 2018 , of which $7.7 million was historically recorded to the Electrical segment in Pentair’s consolidated financial statements. These expenses were allocated to nVent on the basis of direct usage when identifiable, with the remainder allocated based on a proportional basis of net sales, headcount or other measures. The Company considers the allocation methodology regarding general corporate expenses of the former Parent to be reasonable for all periods presented. Nevertheless, the condensed consolidated and combined financial statements of nVent for periods prior to the separation may not reflect the actual expenses that would have been incurred and may not reflect nVent’s condensed consolidated and combined results of operations, financial position and cash flows had it been a stand-alone company during the periods presented. Actual costs for periods prior to the separation that would have been incurred if nVent had been a stand-alone company would depend on multiple factors including organization structure, capital structure and strategic decisions made in various areas, including information technology and infrastructure. Transactions between nVent and the former Parent have been included in related party transactions in these unaudited condensed consolidated and combined financial statements and were considered to be effectively settled at the time the transaction was recorded. The total net effect of the settlement of these transactions is reflected in the Condensed Consolidated and Combined Statements of Cash Flows as a financing activity. For periods prior to the separation, certain nVent operations were included in the former Parent’s U.S. federal and state income tax returns, and substantially all income taxes on those operations have been paid by the former Parent. Income tax expense and other income tax related information contained in these condensed consolidated and combined financial statements for periods prior to the separation are presented on a separate return approach as if nVent filed its own tax returns. Under this approach, the provision for income taxes represented income tax paid or payable (or received or receivable) for the current year plus the change in deferred taxes during the year calculated as if nVent was a stand-alone taxpayer filing hypothetical income tax returns where applicable. |
New accounting standards | Adoption of new accounting standards On January 1, 2019, we adopted ASU No. 2016-02, “Leases” and did not recast comparative periods in transition to the new standard. In addition, we elected the package of practical expedients permitted under the transition guidance, which among other things, allowed us to carry forward the historical lease classification. We also elected the practical expedient to not separate non-lease components from lease components for all leases. Accordingly, all costs associated with a lease contract are accounted for as lease cost. In addition, we did not elect to apply the hindsight practical expedient. We implemented internal controls and key system functionality to enable the preparation of financial information upon adoption. Refer to Note 12 for more information on leases. On January 1, 2018, we adopted ASU No. 2014-09, "Revenue from Contracts with Customers" and the related amendments ("ASC 606" or "the new revenue standard") using the modified retrospective method. As a result of adoption, the cumulative impact to our beginning equity at January 1, 2018 was $1.8 million . The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. We expect the impact of the adoption of the new standard to be immaterial to our net income on an ongoing basis. The adoption of the new standard had an impact on our accounting for certain custom products manufactured by our Enclosures segment. Prior to the adoption of the standard revenue was recognized for these custom products upon shipment. However, as these products have no alternative use to the Company and we have an enforceable right to payment for our performance completed to date, revenue related to these custom products will be recognized over time. Additionally, the new revenue standard resulted in reclassifications on the Condensed Consolidated Balance Sheets related to accounting for sales returns. On January 1, 2018, we adopted ASU No. 2016-16, "Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory" using the modified retrospective method. The ASU requires the tax effects of all intra-entity sales of assets other than inventory to be recognized in the period in which the transaction occurs. The adoption resulted in a $174.5 million cumulative-effect adjustment recorded in equity as of the beginning of 2018 that reflects a $201.5 million reduction of non-current prepaid income tax assets, partially offset by the establishment of $27.0 million of deferred tax assets. The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows: Condensed Combined Balance Sheets In millions Balance at December 31, 2017 Adjustments due to ASU 2016-16 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Accounts and notes receivable, net $ 349.3 $ — $ 3.8 $ 353.1 Inventories 224.1 — (1.8 ) 222.3 Other current assets 132.3 — 1.8 134.1 Other non-current assets 251.8 (174.5 ) — 77.3 Liabilities Other current liabilities 141.3 — 3.8 145.1 Deferred tax liabilities 279.4 — 0.4 279.8 Equity Net Parent investment 3,848.4 (174.5 ) 1.8 3,675.7 |
Basis of Presentation and Res_3
Basis of Presentation and Responsibility for Interim Financial Statements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the changes made to our January 1, 2018 Condensed Combined Balance Sheets from the modified retrospective adoption of ASU 2016-16 and ASU 2014-09 was as follows: Condensed Combined Balance Sheets In millions Balance at December 31, 2017 Adjustments due to ASU 2016-16 Adjustments due to ASU 2014-09 Balance at January 1, 2018 Assets Accounts and notes receivable, net $ 349.3 $ — $ 3.8 $ 353.1 Inventories 224.1 — (1.8 ) 222.3 Other current assets 132.3 — 1.8 134.1 Other non-current assets 251.8 (174.5 ) — 77.3 Liabilities Other current liabilities 141.3 — 3.8 145.1 Deferred tax liabilities 279.4 — 0.4 279.8 Equity Net Parent investment 3,848.4 (174.5 ) 1.8 3,675.7 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contract with Customer, Asset and Liability | Contract assets and liabilities consisted of the following: In millions March 31, 2019 December 31, 2018 $ Change % Change Contract assets $ 72.7 $ 74.4 $ (1.7 ) (2.3 )% Contract liabilities 12.5 13.2 (0.7 ) (5.3 )% Net contract assets $ 60.2 $ 61.2 $ (1.0 ) (1.6 )% |
Revenue by Category | Geographic net sales information, based on geographic destination of the sale, was as follows: Three months ended March 31, 2019 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total U.S. and Canada $ 180.4 $ 83.9 $ 97.4 $ 361.7 Developed Europe (1) 50.9 35.1 26.6 112.6 Developing (2) 21.7 21.0 10.1 52.8 Other Developed (3) 2.5 5.1 3.3 10.9 Total $ 255.5 $ 145.1 $ 137.4 $ 538.0 Three months ended March 31, 2018 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total U.S. and Canada $ 172.6 $ 83.1 $ 93.3 $ 349.0 Developed Europe (1) 54.3 39.8 27.6 121.7 Developing (2) 24.3 20.1 12.5 56.9 Other Developed (3) 2.9 4.9 3.5 11.3 Total $ 254.1 $ 147.9 $ 136.9 $ 538.9 (1) Developed Europe includes Western Europe and Eastern Europe included in European Union. (2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia. (3) Other Developed includes Australia and Japan. Vertical net sales information was as follows: Three months ended March 31, 2019 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total Industrial $ 155.1 $ 58.7 $ 26.7 $ 240.5 Commercial & Residential 22.6 44.5 79.9 147.0 Energy 25.9 40.1 13.5 79.5 Infrastructure 51.9 1.8 17.3 71.0 Total $ 255.5 $ 145.1 $ 137.4 $ 538.0 Three months ended March 31, 2018 In millions Enclosures Thermal Management Electrical & Fastening Solutions Total Industrial $ 157.3 $ 60.7 $ 25.5 $ 243.5 Commercial & Residential 20.5 46.1 79.4 146.0 Energy 27.6 40.0 12.3 79.9 Infrastructure 48.7 1.1 19.7 69.5 Total $ 254.1 $ 147.9 $ 136.9 $ 538.9 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Restructuring and Related Activities [Abstract] | |
Restructuring Related Costs | Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated and Combined Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows: Three months ended In millions March 31, March 31, Severance and related costs $ 2.8 $ 2.8 Other 0.8 — Total restructuring costs $ 3.6 $ 2.8 |
Restructuring Costs By Segment | Restructuring costs by reportable segment were as follows: Three months ended In millions March 31, March 31, Enclosures $ — $ 0.3 Thermal Management 2.0 2.1 Electrical & Fastening Solutions 0.9 0.4 Other 0.7 — Total $ 3.6 $ 2.8 |
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 for the three months ended March 31, 2019 : In millions March 31, Beginning balance $ 3.8 Costs incurred 2.8 Cash payments and other (1.7 ) Ending balance $ 4.9 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Share | Basic and diluted earnings per share were calculated as follows: Three months ended In millions, except per-share data March 31, March 31, Net income $ 56.4 $ 52.3 Weighted average ordinary shares outstanding Basic 176.5 179.0 Dilutive impact of stock options, restricted stock units and performance share units 1.7 2.2 Diluted 178.2 181.2 Earnings per ordinary share Basic earnings per ordinary share $ 0.32 $ 0.29 Diluted earnings per ordinary share $ 0.32 $ 0.29 Anti-dilutive stock options excluded from the calculation of diluted earnings per share 1.9 0.4 |
Goodwill and Other Identifiab_2
Goodwill and Other Identifiable Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Carrying Amount of Goodwill by Segment | The changes in the carrying amount of goodwill by reportable segment were as follows: In millions December 31, Foreign currency translation/other March 31, Enclosures $ 272.0 $ (1.0 ) $ 271.0 Thermal Management 924.1 0.6 924.7 Electrical & Fastening Solutions 1,038.2 — 1,038.2 Total goodwill $ 2,234.3 $ (0.4 ) $ 2,233.9 |
Schedule of Finite-Lived Intangible Assets | Identifiable intangible assets consisted of the following: March 31, 2019 December 31, 2018 In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 1,149.6 $ (280.6 ) $ 869.0 $ 1,149.7 $ (266.4 ) $ 883.3 Proprietary technology and patents 14.8 (6.4 ) 8.4 14.8 (6.1 ) 8.7 Total definite-life intangibles 1,164.4 (287.0 ) 877.4 1,164.5 (272.5 ) 892.0 Indefinite-life intangibles Trade names 281.3 — 281.3 281.3 — 281.3 Total intangibles $ 1,445.7 $ (287.0 ) $ 1,158.7 $ 1,445.8 $ (272.5 ) $ 1,173.3 |
Schedule of Indefinite-Lived Intangible Assets | Identifiable intangible assets consisted of the following: March 31, 2019 December 31, 2018 In millions Cost Accumulated amortization Net Cost Accumulated amortization Net Definite-life intangibles Customer relationships $ 1,149.6 $ (280.6 ) $ 869.0 $ 1,149.7 $ (266.4 ) $ 883.3 Proprietary technology and patents 14.8 (6.4 ) 8.4 14.8 (6.1 ) 8.7 Total definite-life intangibles 1,164.4 (287.0 ) 877.4 1,164.5 (272.5 ) 892.0 Indefinite-life intangibles Trade names 281.3 — 281.3 281.3 — 281.3 Total intangibles $ 1,445.7 $ (287.0 ) $ 1,158.7 $ 1,445.8 $ (272.5 ) $ 1,173.3 |
Estimated Future Amortization Expense for Identifiable Intangible Assets | Estimated future amortization expense for identifiable intangible assets during the remainder of 2019 and the next five years is as follows: Q2-Q4 In millions 2019 2020 2021 2022 2023 2024 Estimated amortization expense $ 45.3 $ 60.3 $ 59.1 $ 59.1 $ 58.9 $ 58.3 |
Supplemental Balance Sheet In_2
Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Supplemental Balance Sheet Information [Abstract] | |
Supplemental Balance Sheet Information | In millions March 31, December 31, Inventories Raw materials and supplies $ 68.9 $ 63.1 Work-in-process 26.5 25.3 Finished goods 149.0 139.8 Total inventories $ 244.4 $ 228.2 Other current assets Contract assets $ 72.7 $ 74.4 Prepaid expenses 37.5 31.7 Prepaid income taxes 13.0 9.1 Other current assets 3.3 3.2 Total other current assets $ 126.5 $ 118.4 Property, plant and equipment, net Land and land improvements $ 39.0 $ 39.1 Buildings and leasehold improvements 172.9 172.6 Machinery and equipment 416.1 410.8 Construction in progress 13.5 14.6 Total property, plant and equipment 641.5 637.1 Accumulated depreciation and amortization 376.9 372.3 Total property, plant and equipment, net $ 264.6 $ 264.8 Other non-current assets Deferred compensation plan assets $ 19.0 $ 23.1 Lease right-of-use assets 41.7 — Other non-current assets 10.6 10.7 Total other non-current assets $ 71.3 $ 33.8 Other current liabilities Current lease liabilities $ 13.3 $ — Dividends payable 30.6 31.0 Accrued rebates 31.5 46.1 Contract liabilities 12.5 13.2 Accrued taxes payable 25.8 27.4 Other current liabilities 69.3 69.3 Total other current liabilities $ 183.0 $ 187.0 Other non-current liabilities Income taxes payable $ 42.1 $ 41.9 Deferred compensation plan liabilities 19.0 23.1 Non-current lease liabilities 32.7 — Other non-current liabilities 11.9 7.0 Total other non-current liabilities $ 105.7 $ 72.0 |
Derivatives and Financial Ins_2
Derivatives and Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Recorded Amounts and Estimated Fair Values of Long-term Debt and Derivative Financial Instruments | • deferred compensation plan assets (mutual funds, common/collective trusts and cash equivalents for payment of certain non-qualifi |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis were as follows: March 31, 2019 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (6.5 ) $ — $ (6.5 ) Deferred compensation plan assets 14.7 4.3 — 19.0 Total recurring fair value measurements $ 14.7 $ (2.2 ) $ — $ 12.5 December 31, 2018 In millions Level 1 Level 2 Level 3 Total Recurring fair value measurements Foreign currency contract liabilities $ — $ (2.6 ) $ — $ (2.6 ) Deferred compensation plan assets 19.1 4.0 — 23.1 Total recurring fair value measurements $ 19.1 $ 1.4 $ — $ 20.5 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt and Average Interest Rates on Debt Outstanding | Debt and the average interest rates on debt outstanding were as follows: In millions Average interest rate as of March 31, 2019 Maturity Year March 31, December 31, Senior notes - fixed rate (1) 3.950% 2023 $ 300.0 $ 300.0 Senior notes - fixed rate (1) 4.550% 2028 500.0 500.0 Term loan facility 3.864% 2023 145.0 147.5 Unamortized debt issuance costs and discounts N/A N/A (5.6 ) (5.8 ) Total debt 939.4 941.7 Less: Current maturities and short-term borrowings (13.8 ) (12.5 ) Long-term debt $ 925.6 $ 929.2 (1) Senior notes are fully and unconditionally guaranteed as to payment by nVent Electric plc ("Parent Company Guarantor") |
Debt Outstanding Matures on Calendar Year Basis | Debt outstanding, excluding unamortized issuance costs and discounts, at March 31, 2019 matures on a calendar year basis as follows: Q2-Q4 In millions 2019 2020 2021 2022 2023 2024 Thereafter Total Contractual debt obligation maturities $ 10.0 $ 17.5 $ 20.0 $ 20.0 $ 377.5 $ — $ 500.0 $ 945.0 |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Financial Information by Reportable Segment | Financial information by reportable segment is as follows: Three months ended In millions March 31, March 31, Net sales Enclosures $ 255.5 $ 254.1 Thermal Management 145.1 147.9 Electrical & Fastening Solutions 137.4 136.9 Total $ 538.0 $ 538.9 Segment income (loss) Enclosures $ 45.6 $ 40.6 Thermal Management 34.3 33.5 Electrical & Fastening Solutions 31.2 31.7 Other (14.9 ) (12.3 ) Total $ 96.2 $ 93.5 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following table presents a reconciliation of segment income to income before income taxes: Three months ended In millions March 31, March 31, Segment income $ 96.2 $ 93.5 Intangible amortization (15.1 ) (15.4 ) Separation costs — (9.7 ) Net interest expense (10.5 ) (0.6 ) Restructuring and other (3.6 ) (2.8 ) Other expense (0.9 ) (1.2 ) Income before income taxes $ 66.1 $ 63.8 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | Supplemental cash flow information related to operating leases for the three months ended March 31, 2019 was as follows: Three months ended In millions March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 3.9 Leased assets obtained in exchange for new lease liabilities: 0.6 The weighted average remaining lease term and weighted average discount rate as of March 31, 2019 were as follows: March 31, 2019 Weighted average remaining lease term Operating leases 5 years Weighted average discount rate Operating leases 4.3 % |
Future Lease Payments | Future lease payments under non-cancellable operating leases as of March 31, 2019 were as follows: In millions Remainder of 2019 $ 12.6 2020 13.1 2021 8.3 2022 5.8 2023 2.8 2024 2.2 Thereafter 7.4 Total lease payments 52.2 Less imputed interest 6.2 Total reported lease liability $ 46.0 Future minimum rental commitments under noncancelable operating leases as of December 31, 2018 were as follows: In millions 2019 $ 16.2 2020 12.6 2021 8.0 2022 5.6 2023 2.7 Thereafter 9.6 Total $ 54.7 |
Operating Leases, Assets and Liabilities | Supplemental balance sheet information related to operating leases was as follows: In millions Classification March 31, 2019 January 1, 2019 Assets Lease right-of-use assets Other non-current assets $ 41.7 $ 44.2 Liabilities Current lease liabilities Other current liabilities $ 13.3 $ 13.6 Non-current lease liabilities Other non-current liabilities 32.7 34.8 Total lease liabilities $ 46.0 $ 48.4 |
Basis of Presentation and Res_4
Basis of Presentation and Responsibility for Interim Financial Statements - Separation from Pentair (Details) | Apr. 30, 2018shares | Mar. 31, 2019segment |
Accounting Policies [Abstract] | ||
Number of reportable segments | segment | 3 | |
Equity interests issued per ordinary predecessor share (in shares) | shares | 1 |
Basis of Presentation and Res_5
Basis of Presentation and Responsibility for Interim Financial Statements - Cost Allocations (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Successor | |
Related Party Transaction [Line Items] | |
Selling, general and administrative expenses from transactions with related party | $ 26.3 |
Predecessor | |
Related Party Transaction [Line Items] | |
Selling, general and administrative expenses from transactions with related party | $ 7.7 |
Basis of Presentation and Res_6
Basis of Presentation and Responsibility for Interim Financial Statements - Adoption of New Accounting Standard (Details) $ in Millions | Jan. 01, 2018USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net Parent investment | $ 3,675.7 |
Accounting Standards Update 2016-16 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net Parent investment | (174.5) |
Prepaid income tax assets, noncurrent | 201.5 |
Deferred tax assets | 27 |
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Net Parent investment | $ 1.8 |
Basis of Presentation and Res_7
Basis of Presentation and Responsibility for Interim Financial Statements - Schedule of Cumulative Effect of Adoption of Accounting Standard (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts and notes receivable, net | $ 342.7 | $ 340.9 | $ 353.1 | |
Inventories | 244.4 | 228.2 | 222.3 | |
Other current assets | 126.5 | 118.4 | 134.1 | |
Other non-current assets | 71.3 | 33.8 | 77.3 | |
Other current liabilities | 183 | 187 | 145.1 | |
Deferred tax liabilities | $ 222.7 | $ 224.8 | 279.8 | |
Net Parent investment | 3,675.7 | |||
Accounting Standards Update 2016-16 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts and notes receivable, net | 0 | |||
Inventories | 0 | |||
Other current assets | 0 | |||
Other non-current assets | (174.5) | |||
Other current liabilities | 0 | |||
Deferred tax liabilities | 0 | |||
Net Parent investment | (174.5) | |||
Calculated under Revenue Guidance in Effect before Topic 606 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts and notes receivable, net | $ 349.3 | |||
Inventories | 224.1 | |||
Other current assets | 132.3 | |||
Other non-current assets | 251.8 | |||
Other current liabilities | 141.3 | |||
Deferred tax liabilities | 279.4 | |||
Net Parent investment | $ 3,848.4 | |||
Difference between Revenue Guidance in Effect before and after Topic 606 | Accounting Standards Update 2014-09 | ||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||
Accounts and notes receivable, net | 3.8 | |||
Inventories | (1.8) | |||
Other current assets | 1.8 | |||
Other non-current assets | 0 | |||
Other current liabilities | 3.8 | |||
Deferred tax liabilities | 0.4 | |||
Net Parent investment | $ 1.8 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net contract assets (liabilities) | $ (1,000,000) | |
Credit loss expense | $ 0 | |
Transferred at Point in Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, percent | 71.00% | 73.00% |
Transferred over Time | ||
Disaggregation of Revenue [Line Items] | ||
Revenues, percent | 29.00% | 27.00% |
Revenue - Performance Obligatio
Revenue - Performance Obligations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation | $ 58.7 | |
Minimum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, expected timing of satisfaction period | 12 months | |
Maximum | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Remaining performance obligation, expected timing of satisfaction period | 18 months | |
Transferred at Point in Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenues, percent | 71.00% | 73.00% |
Transferred over Time | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | ||
Revenues, percent | 29.00% | 27.00% |
Revenue - Schedule of Contract
Revenue - Schedule of Contract Assets and Liabilities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Contract assets | $ 72.7 | $ 74.4 |
Contract liabilities | 12.5 | 13.2 |
Net contract assets | 60.2 | $ 61.2 |
$ Change | ||
Contract assets | (1.7) | |
Contract liabilities | (0.7) | |
Net contract assets | $ 1 | |
% Change | ||
Contract assets | (2.30%) | |
Contract liabilities | (5.30%) | |
Net contract assets | (1.60%) |
Revenue - Geographic Net Sales
Revenue - Geographic Net Sales Information by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 538 | $ 538.9 |
U.S. and Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 361.7 | 349 |
Developed Europe (1) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 112.6 | 121.7 |
Developing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 52.8 | 56.9 |
Other Developed | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 10.9 | 11.3 |
Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 255.5 | 254.1 |
Enclosures | U.S. and Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 180.4 | 172.6 |
Enclosures | Developed Europe (1) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 50.9 | 54.3 |
Enclosures | Developing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 21.7 | 24.3 |
Enclosures | Other Developed | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 2.5 | 2.9 |
Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 145.1 | 147.9 |
Thermal Management | U.S. and Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 83.9 | 83.1 |
Thermal Management | Developed Europe (1) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 35.1 | 39.8 |
Thermal Management | Developing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 21 | 20.1 |
Thermal Management | Other Developed | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 5.1 | 4.9 |
Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 137.4 | 136.9 |
Electrical & Fastening Solutions | U.S. and Canada | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 97.4 | 93.3 |
Electrical & Fastening Solutions | Developed Europe (1) | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26.6 | 27.6 |
Electrical & Fastening Solutions | Developing | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 10.1 | 12.5 |
Electrical & Fastening Solutions | Other Developed | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 3.3 | $ 3.5 |
Revenue - Vertical Sales by Seg
Revenue - Vertical Sales by Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 538 | $ 538.9 |
Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 255.5 | 254.1 |
Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 145.1 | 147.9 |
Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 137.4 | 136.9 |
Industrial | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 240.5 | 243.5 |
Industrial | Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 155.1 | 157.3 |
Industrial | Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 58.7 | 60.7 |
Industrial | Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 26.7 | 25.5 |
Commercial & Residential | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 147 | 146 |
Commercial & Residential | Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 22.6 | 20.5 |
Commercial & Residential | Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 44.5 | 46.1 |
Commercial & Residential | Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 79.9 | 79.4 |
Energy | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 79.5 | 79.9 |
Energy | Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 25.9 | 27.6 |
Energy | Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 40.1 | 40 |
Energy | Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 13.5 | 12.3 |
Infrastructure | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 71 | 69.5 |
Infrastructure | Enclosures | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 51.9 | 48.7 |
Infrastructure | Thermal Management | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | 1.8 | 1.1 |
Infrastructure | Electrical & Fastening Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Net sales | $ 17.3 | $ 19.7 |
Restructuring - Costs Included
Restructuring - Costs Included in Selling, General & Administrative Expenses (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)employee | Mar. 31, 2018USD ($) | |
Restructuring and Related Activities [Abstract] | ||
Number of employees | employee | 50 | |
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 3.6 | $ 2.8 |
Severance and related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | 2.8 | 2.8 |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ 0.8 | $ 0 |
Restructuring - Costs by Report
Restructuring - Costs by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | $ 3.6 | $ 2.8 |
Enclosures | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | 0 | 0.3 |
Thermal Management | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | 2 | 2.1 |
Electrical & Fastening Solutions | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | 0.9 | 0.4 |
Other | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | $ 0.7 | $ 0 |
Restructuring - Accrual Activit
Restructuring - Accrual Activity (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Restructuring Reserve [Roll Forward] | |
Beginning balance | $ 3.8 |
Costs incurred | 2.8 |
Cash payments and other | (1.7) |
Ending balance | $ 4.9 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Details) | Apr. 30, 2018shares |
Subsequent Events [Abstract] | |
Equity interests issued per ordinary predecessor share (in shares) | 1 |
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 | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Net income | $ 56.4 | $ 52.3 |
Weighted average common shares outstanding | ||
Basic (shares) | 176.5 | 179 |
Dilutive impact of stock options, restricted stock units and performance share units | 1.7 | 2.2 |
Diluted (shares) | 178.2 | 181.2 |
Earnings per ordinary share | ||
Basic pro forma earnings per ordinary share (in dollars per share) | $ 0.32 | $ 0.29 |
Diluted pro forma earnings per ordinary share (in dollars per share) | $ 0.32 | $ 0.29 |
Anti-dilutive stock options excluded from the calculation of diluted earnings per share | 1.9 | 0.4 |
Goodwill and Other Identifiab_3
Goodwill and Other Identifiable Intangible Assets - Changes in Carrying Amount of Goodwill by Segment (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Beginning Balance | $ 2,234.3 |
Foreign currency translation/other | (0.4) |
Ending Balance | 2,233.9 |
Enclosures | |
Goodwill [Roll Forward] | |
Beginning Balance | 272 |
Foreign currency translation/other | (1) |
Ending Balance | 271 |
Thermal Management | |
Goodwill [Roll Forward] | |
Beginning Balance | 924.1 |
Foreign currency translation/other | 0.6 |
Ending Balance | 924.7 |
Electrical & Fastening Solutions | |
Goodwill [Roll Forward] | |
Beginning Balance | 1,038.2 |
Foreign currency translation/other | 0 |
Ending Balance | $ 1,038.2 |
Goodwill and Other Identifiab_4
Goodwill and Other Identifiable Intangible Assets - Definite-life Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | $ 1,164.4 | $ 1,164.5 |
Accumulated amortization | (287) | (272.5) |
Net | 877.4 | 892 |
Customer relationships | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | 1,149.6 | 1,149.7 |
Accumulated amortization | (280.6) | (266.4) |
Net | 869 | 883.3 |
Proprietary technology and patents | ||
Finite-Lived Intangible Assets, Net [Abstract] | ||
Cost | 14.8 | 14.8 |
Accumulated amortization | (6.4) | (6.1) |
Net | $ 8.4 | $ 8.7 |
Goodwill and Other Identifiab_5
Goodwill and Other Identifiable Intangible Assets - Indefinite-life Intangible Assets (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Indefinite-lived Intangible Assets [Line Items] | |||
Amortization | $ 15.1 | $ 15.4 | |
Cost | 1,445.7 | $ 1,445.8 | |
Accumulated amortization | (287) | (272.5) | |
Net | 1,158.7 | 1,173.3 | |
Trade names | |||
Indefinite-lived Intangible Assets [Line Items] | |||
Indefinite-life intangibles | $ 281.3 | $ 281.3 |
Goodwill and Other Identifiab_6
Goodwill and Other Identifiable Intangible Assets - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Acquisitions, net of cash acquired | $ 0 | $ 2 |
Amortization | $ 15.1 | $ 15.4 |
Goodwill and Other Identifiab_7
Goodwill and Other Identifiable Intangible Assets - Estimated Future Amortization Expense for Identifiable Intangible Assets (Details) $ in Millions | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Q2-Q4 2019 | $ 45.3 |
2020 | 60.3 |
2021 | 59.1 |
2022 | 59.1 |
2023 | 58.9 |
2024 | $ 58.3 |
Supplemental Balance Sheet In_3
Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
Inventories | ||||
Raw materials and supplies | $ 68.9 | $ 63.1 | ||
Work-in-process | 26.5 | 25.3 | ||
Finished goods | 149 | 139.8 | ||
Total inventories | 244.4 | 228.2 | $ 222.3 | |
Other current assets | ||||
Contract assets | 72.7 | 74.4 | ||
Prepaid expenses | 37.5 | 31.7 | ||
Prepaid income taxes | 13 | 9.1 | ||
Other current assets | 3.3 | 3.2 | ||
Total other current assets | 126.5 | 118.4 | 134.1 | |
Property, plant and equipment, net | ||||
Land and land improvements | 39 | 39.1 | ||
Buildings and leasehold improvements | 172.9 | 172.6 | ||
Machinery and equipment | 416.1 | 410.8 | ||
Construction in progress | 13.5 | 14.6 | ||
Total property, plant and equipment | 641.5 | 637.1 | ||
Accumulated depreciation and amortization | 376.9 | 372.3 | ||
Total property, plant and equipment, net | 264.6 | 264.8 | ||
Other non-current assets | ||||
Deferred compensation plan assets | 19 | 23.1 | ||
Lease right-of-use assets | 41.7 | $ 44.2 | ||
Other non-current assets | 10.6 | 10.7 | ||
Total other non-current assets | 71.3 | 33.8 | 77.3 | |
Other current liabilities | ||||
Current lease liabilities | 13.3 | 13.6 | ||
Dividends payable | 30.6 | 31 | ||
Accrued rebates | 31.5 | 46.1 | ||
Contract liabilities | 12.5 | 13.2 | ||
Accrued taxes payable | 25.8 | 27.4 | ||
Other current liabilities | 69.3 | 69.3 | ||
Total other current liabilities | 183 | 187 | $ 145.1 | |
Other non-current liabilities | ||||
Income taxes payable | 42.1 | 41.9 | ||
Deferred compensation plan liabilities | 19 | 23.1 | ||
Non-current lease liabilities | 32.7 | $ 34.8 | ||
Other non-current liabilities | 11.9 | 7 | ||
Total other non-current liabilities | $ 105.7 | $ 72 |
Derivatives and Financial Ins_3
Derivatives and Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2018 |
Derivative [Line Items] | |||
Derivative instruments in hedges, net | $ 69.1 | ||
Foreign Exchange Contract | |||
Derivative [Line Items] | |||
Notional amount | $ 124.5 | $ 129 |
Derivatives and Financial Ins_4
Derivatives and Financial Instruments - Recorded Amounts and Estimated Fair Values (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Total | $ 945 | |
Recorded Amount | ||
Derivative [Line Items] | ||
Variable rate debt | 145 | $ 147.5 |
Fixed rate debt | 800 | 800 |
Total | 945 | 947.5 |
Fair Value | ||
Derivative [Line Items] | ||
Variable rate debt | 145 | 147.5 |
Fixed rate debt | 817.5 | 793.5 |
Total | $ 962.5 | $ 941 |
Derivatives and Financial Ins_5
Derivatives and Financial Instruments - Assets and Liabilities Measured at Fair Value (Details) - Recurring - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract liabilities | $ (6.5) | $ (2.6) |
Deferred compensation plan assets | 19 | 23.1 |
Total recurring fair value measurements | 12.5 | 20.5 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract liabilities | 0 | 0 |
Deferred compensation plan assets | 14.7 | 19.1 |
Total recurring fair value measurements | 14.7 | 19.1 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract liabilities | (6.5) | (2.6) |
Deferred compensation plan assets | 4.3 | 4 |
Total recurring fair value measurements | (2.2) | 1.4 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreign currency contract liabilities | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Total recurring fair value measurements | $ 0 | $ 0 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Debt Instrument [Line Items] | |||
Long-term debt, gross | $ 945 | ||
Unamortized debt issuance costs and discounts | (5.6) | $ 5.8 | |
Total debt | 939.4 | 941.7 | |
Less: Current maturities and short-term borrowings | (13.8) | (12.5) | |
Long-term debt | $ 925.6 | 929.2 | |
Senior Notes | Term Loan Facility | |||
Debt Instrument [Line Items] | |||
Average interest rate as of March 31, 2019 | 3.864% | ||
Long-term debt, gross | $ 145 | 147.5 | |
Senior Notes | Senior Notes, Due 2023 | |||
Debt Instrument [Line Items] | |||
Average interest rate as of March 31, 2019 | 3.95% | 3.95% | |
Long-term debt, gross | $ 300 | 300 | |
Senior Notes | Senior Notes, Due 2028 | |||
Debt Instrument [Line Items] | |||
Average interest rate as of March 31, 2019 | 4.55% | 4.55% | |
Long-term debt, gross | $ 500 | $ 500 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) - Senior Notes - USD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Senior Notes, Due 2023 | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 300,000,000 | |
Average interest rate | 3.95% | 3.95% |
Senior Notes, Due 2028 | ||
Debt Instrument [Line Items] | ||
Debt face amount | $ 500,000,000 | |
Average interest rate | 4.55% | 4.55% |
Debt - Senior Credit Facilities
Debt - Senior Credit Facilities (Details) - Senior Notes | 1 Months Ended | 3 Months Ended |
Mar. 31, 2018USD ($) | Mar. 31, 2019USD ($) | |
Senior Credit Facilities | ||
Debt Instrument [Line Items] | ||
Leverage ratio covenant | 3.75 | |
Leverage ratio covenant period | 12 months | |
EBITDA ratio covenant | 3 | |
Senior Credit Facilities | Minimum | ||
Debt Instrument [Line Items] | ||
Debt covenant, consolidated unrestricted cash | $ 5,000,000 | |
Senior Credit Facilities | Maximum | ||
Debt Instrument [Line Items] | ||
Debt covenant, consolidated unrestricted cash | 250,000,000 | |
Term Loan Facility | ||
Debt Instrument [Line Items] | ||
Debt term | 5 years | |
Maximum borrowing capacity | $ 200,000,000 | |
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 | |
Debt outstanding | $ 0 |
Debt - Schedule of Contracutal
Debt - Schedule of Contracutal Debt Maturities (Details) $ in Millions | Mar. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
Q2-Q4 2019 | $ 10 |
2020 | 17.5 |
2021 | 20 |
2022 | 20 |
2023 | 377.5 |
2024 | 0 |
Thereafter | 500 |
Total | $ 945 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Effective income tax rate | 14.70% | 18.00% | |
Total gross liability for unrecognized tax benefits | $ 16.9 | $ 16.8 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2019 | Feb. 19, 2019 | Dec. 31, 2018 | Jul. 23, 2018 | |
Equity [Abstract] | ||||
Repurchase of shares of our common stock up to a maximum aggregate value | $ 380 | $ 500 | ||
Stock Repurchased During Period, Shares | 3 | |||
Stock Repurchased During Period, Value | $ 79.9 | |||
Outstanding Stock Repurchases, Value | $ 6.8 | $ 3 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 741.1 | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 880 | |||
Dividends payable (in dollars per share) | $ 0.175 | |||
Dividends payable | $ 30.6 | $ 31 |
Segment Information - Financial
Segment Information - Financial Information by Reportable Segment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 538 | $ 538.9 |
Segment income | 77.5 | 65.6 |
Enclosures | ||
Segment Reporting Information [Line Items] | ||
Net sales | 255.5 | 254.1 |
Segment income | 45.6 | 40.6 |
Thermal Management | ||
Segment Reporting Information [Line Items] | ||
Net sales | 145.1 | 147.9 |
Segment income | 34.3 | 33.5 |
Electrical & Fastening Solutions | ||
Segment Reporting Information [Line Items] | ||
Net sales | 137.4 | 136.9 |
Segment income | 31.2 | 31.7 |
Other | ||
Segment Reporting Information [Line Items] | ||
Segment income | (14.9) | (12.3) |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Segment income | $ 96.2 | $ 93.5 |
Segment Information - Reconcili
Segment Information - Reconciliation of Operating Profit (Losee) from Segments to Consolidated (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | $ 77.5 | $ 65.6 |
Intangible amortization | (15.1) | (15.4) |
Net interest expense | (10.5) | (0.6) |
Restructuring and other | (3.6) | (2.8) |
Other expense | (0.9) | (1.2) |
Income before income taxes | 66.1 | 63.8 |
Operating Segments | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment income | 96.2 | 93.5 |
Segment Reconciling Items | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Intangible amortization | (15.1) | (15.4) |
Separation costs | 0 | (9.7) |
Net interest expense | (10.5) | (0.6) |
Restructuring and other | (3.6) | (2.8) |
Other expense | $ (0.9) | $ (1.2) |
Leases (Details)
Leases (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Rent expense | $ 4.2 |
Leases not yet commenced | no |
Leases - Weighted Average Term
Leases - Weighted Average Term and Discount Rate (Details) | Mar. 31, 2019 |
Leases [Abstract] | |
Weighted average remaining lease term, operating leases | 5 years |
Weighted average discount rate, operating leases | 4.30% |
Leases - Future Lease Payments,
Leases - Future Lease Payments, Topic 842 (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Operating Lease, After Adoption of 842 | |||
Remainder of 2019 | $ 12.6 | ||
2020 | 13.1 | ||
2021 | 8.3 | ||
2022 | 5.8 | ||
2023 | 2.8 | ||
2024 | 2.2 | ||
Thereafter | 7.4 | $ 9.6 | |
Total lease payments | 52.2 | ||
Less imputed interest | 6.2 | ||
Total reported lease liability | 46 | $ 48.4 | |
Operating Leases, Before Adoption of 842 | |||
2019 | 16.2 | ||
2020 | 12.6 | ||
2021 | 8 | ||
2022 | 5.6 | ||
2023 | 2.7 | ||
Thereafter | $ 7.4 | 9.6 | |
Total | $ 54.7 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 3.9 |
Leased assets obtained in exchange for new lease liabilities: | $ 0.6 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Jan. 01, 2019 |
Leases [Abstract] | ||
Lease right-of-use assets | $ 41.7 | $ 44.2 |
Current lease liabilities | 13.3 | 13.6 |
Non-current lease liabilities | 32.7 | 34.8 |
Total lease liabilities | $ 46 | $ 48.4 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Millions | Mar. 31, 2019 | Dec. 31, 2018 |
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 | $ 69.9 | $ 75.8 |
Uncategorized Items - nvt-20190
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (172,700,000) |
Net Parent Investment [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (172,700,000) |