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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
 
根據1934年證券交易法第13或15(d)節的季度報告
截至季度末2024年9月30日    
或者
根據1934年證券交易法第13或15(d)節的轉型報告書
佣金文件號 001-38265
nventlogorgbf2a12.jpg
nVent Electric plc
(根據其章程規定的準確名稱)
愛爾蘭98-1391970
(設立或組織的其他管轄區域)(納稅人識別號碼)
The Mille,1000 Great West Road,8th Floor(East), 倫敦, TW8 9DW, 英國
,(主要行政辦公地址)
註冊人的電話號碼,包括區號:44-20-3966-0279

每個交易所的名稱
每一類的名稱交易標的在其上註冊的交易所的名稱
普通股,每股面值$0.01NVT請使用moomoo賬號登錄查看New York Stock Exchange

請在方框內打勾:1.在過去12個月內(或申報人所需申報的更短時間範圍內),是否已提交交易所法案(1934年)第13或第15(d)條規定的所有文件。2.過去90天內,是否一直受到申報要求的限制。

請在以下勾選方框表示註冊人是否已在Regulation S-T Rule 405規定的前12個月(或在註冊人需要提交此類文件的較短期間內)提交了每個互動數據文件。

請在以下空格內打勾,表示公司是大型加速審核註冊處理者、加速審核註冊處理者、非加速審核註冊處理者、小型報告公司或新興成長型公司。詳見《證券交易法》規則120億.2中的「大型加速審核註冊處理者」、「加速審核註冊處理者」、「小型報告公司」和「新興成長型公司」的定義。
大型加速報告人加速器文件非急速申報人小型報告公司
公司
新興增長
公司
如果是新興成長型企業,請勾選複選標記,表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。
請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是
2024年9月30日, 164,815,776 發行人的普通股股份已經發行。



nVent Electric plc
 
 頁面
第一部分財務信息
第 1 項。
第 2 項。
第 3 項。
第 4 項。
第二部分其他信息
第 1 項。
第 1A 項。
第 2 項。
第 5 項。
第 6 項。


2


第一部分財務信息

項目1. 基本報表
nVent Electric plc
綜合收入和綜合收益簡明合併表(未經審計)
截至三個月結束時截至九月底的九個月的營業租賃成本
單位:百萬美元,除每股數據外2020年9月30日
2024
2020年9月30日
2023
2020年9月30日
2024
2020年9月30日
2023
淨銷售額$782.0 $715.0 $2,253.9 $1,978.4 
營業成本470.9 425.9 1,344.3 1,179.7 
毛利潤311.1 289.1 909.6 798.7 
銷售、一般及行政費用161.8 148.4 450.7 413.3 
研發16.1 14.5 48.9 40.2 
營業利潤133.2 126.2 410.0 345.2 
淨利息費用30.4 25.5 76.6 55.0 
投資出售盈利   (10.2)
其他支出
1.2 1.3 3.3 3.6 
稅前收入 101.6 99.4 330.1 296.8 
所得稅費用22.7 17.5 72.8 49.5 
持續經營活動的淨利潤78.9 81.9 257.3 247.3 
來自終止經營的收入稅後26.1 23.6 63.8 64.9 
淨收入$105.0 $105.5 $321.1 $312.2 
淨綜合收益
淨收入$105.0 $105.5 $321.1 $312.2 
累計翻譯調整變動16.5 (14.9)(6.9)(11.1)
衍生金融工具市值變動,淨額含稅
(3.8)(1.1)1.5 (6.0)
綜合收益$117.7 $89.5 $315.7 $295.1 
每股普通股收益
基本
持續經營業務$0.47 $0.49 $1.55 $1.50 
已停業的業務0.16 0.15 0.39 0.39 
每股普通股基本收益$0.63 $0.64 $1.94 $1.89 
稀釋
持續經營業務$0.47 $0.49 $1.53 $1.47 
已停業的業務0.15 0.14 0.38 0.39 
每股普通股稀釋收益$0.62 $0.63 $1.91 $1.86 
加權平均普通股份流通量
基本165.6 165.8 165.7 165.6 
稀釋168.1 168.6 168.5 168.2 
每股普通股的派息現金$0.19 $0.175 $0.57 $0.525 
請參閱附註事項的簡明合併財務報表。
3


nVent Electric plc
彙編的資產負債表(未經審計)
 2020年9月30日
2024
12月31日
2023
單位:百萬美元,除每股數據外
資產
流動資產
現金及現金等價物$137.1 $179.6 
應收賬款及票據,扣除13.4 和 $11.8 的壞賬準備
526.0 470.2 
存貨366.2 360.2 
其他資產132.9 72.5 
持有待售的流動資產256.5 253.6 
總流動資產1,418.7 1,336.1 
物業、廠房和設備,淨值335.8 319.9 
其他
商譽2,232.0 1,858.1 
無形資產,淨額1,618.3 1,350.5 
其他非流動資產329.9 302.6 
持有待售非流動資產983.3 994.5 
其他資產總計5,163.5 4,505.7 
總資產$6,918.0 $6,161.7 
負債和股東權益
流動負債
長期債務到期和短期借款當前款項$37.5 $31.9 
應付賬款243.4 239.8 
員工薪酬福利95.3 102.7 
其他流動負債273.5 244.5 
待售的流動負債126.5 114.7 
流動負債合計776.2 733.6 
其他負債
長期債務2,220.7 1,748.8 
養老金和其他離職後的補償和福利140.1 140.4 
遞延稅款負債264.5 190.3 
其他非流動負債184.8 158.8 
持有待售非流動負債48.0 47.7 
負債合計3,634.3 3,019.6 
股權
普通股份 $0.01每股面值,400.0 百萬授權, 164.8500萬股,並且總成本(包括佣金和消費稅)分別爲$165.1 分別於2024年9月30日和2023年12月31日發行的百萬股。
1.7 1.7 
額外實收資本2,260.3 2,339.1 
保留盈餘1,131.1 905.3 
累計其他綜合損失(109.4)(104.0)
總股本 3,283.7 3,142.1 
負債和所有者權益總額$6,918.0 $6,161.7 
請參閱附註事項的簡明合併財務報表。
4


nVent Electric plc
(未經審計)簡明合併現金流量表
 截至九月底的九個月的營業租賃成本
單位爲百萬2020年9月30日
2024
2020年9月30日
2023
經營活動
淨收入$321.1 $312.2 
減:終止經營的所得稅後淨額63.8 64.9 
持續經營活動的淨利潤257.3 247.3 
從持續經營業務的淨利潤調整爲持續經營業務的經營活動現金流量
折舊費用37.8 30.2 
攤銷66.7 49.2 
延遲所得稅0.3 (4.6)
股權酬金20.1 16.3 
投資出售盈利 (10.2)
債橋融資債券發行成本的攤銷2.2 3.6 
業務收購的影響淨變動
應收賬款和票據(10.3)(57.4)
存貨0.3 8.5 
其他資產(28.1)(22.3)
應付賬款(11.7)(10.8)
員工薪酬福利(13.1)2.0 
其他流動負債2.6 (18.4)
其他非流動性資產和負債 (0.9)
持續經營業務的經營活動提供的現金淨額(使用於)324.1 232.5 
已中止經營業務的經營活動提供的現金淨額(使用於)94.4 59.1 
經營活動產生的淨現金流量418.5 291.6 
投資活動
資本支出(47.5)(44.8)
出售固定資產的收益0.5  
出售投資收益 14.1 
結算淨投資對沖 3.1 
收購,淨現金收購(677.7)(1,119.7)
持續操作業務的投資活動提供的淨現金(724.7)(1,147.3)
已停止操作業務的投資活動提供的淨現金(5.6)3.2 
投資活動提供的淨現金 (730.3)(1,144.1)
籌資活動
獲得長期債務500.0 800.0 
長期負債還款(22.5)(20.0)
現金流量套期交易結算 4.5 
債務發行費用(3.9)(11.2)
分紅派息(95.3)(87.6)
發行給員工的股票扣除已減(0.2)1.6 
回購普通股(100.0)(15.2)
籌資活動中提供(使用)的淨現金流量278.1 672.1 
匯率變動對現金及現金等價物的影響(4.0)(3.8)
現金及現金等價物淨變動額(37.7)(184.2)
現金及現金等價物期初餘額179.6 290.0 
現金及現金等價物在待售資產中的期初餘額5.5 7.5 
減少:現金及現金等價物在待售資產中的期末餘額10.3 5.4 
現金及現金等價物期末餘額$137.1 $107.9 
請參閱簡明綜合財務報表附註。
5


nVent Electric plc
資本變動表(未經審計)
單位爲百萬普通股追加實收資本留存收益累計
其他
綜合虧損額
總計
數字金額
2023年12月31日165.1 $1.7 $2,339.1 $905.3 $(104.0)$3,142.1 
淨收入 — — — 105.1 — 105.1 
其他綜合收入(損失),扣除稅後— — — — (8.6)(8.6)
宣佈分紅— — — (32.1)— (32.1)
行權期權,扣除使用股票支付的份額0.5 — 10.0 — — 10.0 
發行受限制的股份,減去取消部分0.6 — — — —  
員工繳納稅款的股份(0.2)— (10.8)— — (10.8)
基於股份的薪酬— — 6.6 — — 6.6 
2024年3月31日166.0 $1.7 $2,344.9 $978.3 $(112.6)$3,212.3 
淨利潤— — — 111.0 — 111.0 
其他綜合收入(損失),扣除稅後— — — — (9.5)(9.5)
宣佈分紅— — — (31.8)— (31.8)
行使期權後,扣除用於支付的股份0.2 — 0.3 — — 0.3 
員工繳納稅款的股份 — (1.4)— — (1.4)
基於股份的薪酬— — 6.9 — — 6.9 
2024年6月30日166.2 $1.7 $2,350.7 $1,057.5 $(122.1)$3,287.8 
淨利潤— — — 105.0 — 105.0 
其他綜合收入(損失),扣除稅後— — — — 12.7 12.7 
宣佈分紅— — — (31.4)— (31.4)
股票回購(1.5)— (100.0)— — (100.0)
行使期權,扣除分紅派息的股票0.1 — 2.5 — — 2.5 
員工繳納稅款的股份 — (0.7)— — (0.7)
基於股份的薪酬— — 7.8 — — 7.8 
2024年9月30日164.8 $1.7 $2,260.3 $1,131.1 $(109.4)$3,283.7 
6


以百萬計普通股額外的實收資本留存收益累積
其他
綜合損失
總計
數字金額
2022年12月31日165.3 $1.7 $2,372.3 $457.3 $(99.6)$2,731.7 
淨收入— — — 93.8 — 93.8 
其他綜合收益(虧損),扣除稅款— — — — 3.6 3.6 
已申報分紅— — — (29.3)— (29.3)
股票回購(0.3)— (13.2)— — (13.2)
行使期權,扣除已投標付款的股份0.2 — 5.1 — — 5.1 
限制性股票的發行,扣除取消後的股票0.7 — — — —  
員工爲納稅而交出的股票(0.2)— (7.5)— — (7.5)
基於股份的薪酬— — 5.7 — — 5.7 
2023 年 3 月 31 日165.7 $1.7 $2,362.4 $521.8 $(96.0)$2,789.9 
淨收入— — — 112.9 — 112.9 
其他綜合收益(虧損),扣除稅款— — — — (4.7)(4.7)
已申報分紅— — — (29.2)— (29.2)
行使期權,扣除已投標付款的股份0.1 — 1.8 — — 1.8 
員工爲納稅而交出的股票— — (0.7)— — (0.7)
基於股份的薪酬— — 5.7 — — 5.7 
2023年6月30日165.8 $1.7 $2,369.2 $605.5 $(100.7)$2,875.7 
淨收入— — — 105.5 — 105.5 
其他綜合收益(虧損),扣除稅款— — — — (16.0)(16.0)
已申報分紅— — — (29.1)— (29.1)
行使期權,扣除已投標付款的股份0.1 — 3.1 — — 3.1 
員工爲納稅而交出的股票— — (0.2)— — (0.2)
基於股份的薪酬— — 6.1 — — 6.1 
2023 年 9 月 30 日165.9 $1.7 $2,378.2 $681.9 $(116.7)$2,945.1 
請參閱簡明綜合財務報表附註。
7


nVent Electric plc
未經審計的簡明合併財務報表註釋

1.中期基本報表的呈報基礎和責任
業務
nVent Electric plc("nVent," "我們," "我們的"或"公司")是領先的全球貨幣電氣連接和保護解決方案的供應商。公司由 報告細分市場:外殼和電氣與緊固解決方案。
公司於2017年5月30日在愛爾蘭註冊成立。雖然我們的組織司法管轄權是愛爾蘭,但我們管理事務使其在英國(「英國」)中央管理和控制,並在英國享有稅收居民地位。
做法的基礎
nVent的非審核簡明合併基本報表已按照證券交易委員會("SEC")對中期報告的要求編制。根據這些規則允許,某些腳註或其他通常由美國公認會計原則("GAAP")要求的財務信息可以被簡化或省略。
我們對本文件中包含的未經審計的簡明合併基本報表負責。這些基本報表包括所有被認爲對我們財務狀況和經營成果的公允呈現所需的正常經常性調整。由於這些是簡明基本報表,因此應同時閱讀我們的合併基本報表及其附註,已包含在我們的 10-K表格的年度報告 截至2023年12月31日止,以及對2023年的年度報告。
收入、費用、現金流量、資產和負債可以並且在每個季度會發生變化。因此,這些中期財務報表的結果和趨勢可能並不代表全年的情況。我們可能會遇到客戶需求變化或受限供應等因素,這可能會在未來時期嚴重不利地影響我們的業務、財務狀況、經營成果和整體財務表現。
在2024年7月31日,我們與BCP收購有限責任公司達成了最終協議,將我們的熱管理業務賣出,交易對方是布魯克菲爾德資產管理公司旗下的基金,購價爲$1.7 十億美元現金,受某些慣常的購價調整的限制。因此,根據協議,熱管理業務符合會計標準公認準則("ASC")205-20的標準,可以被列爲終止控件,相關資產和負債已重新分類爲待售狀態,適用於所有展示期間。熱管理業務之前被披露爲一個獨立的報告部門。熱管理業務的運營結果和相關現金流已被重新分類爲 來自於終止控件的淨收入,稅後 在簡明合併損益表和終止控件的現金流 在簡明合併現金流量表中,適用於所有展示期間。有關此交易及其對我們財務報告影響的更多信息,請參閱下面的註釋6。
8


nVent Electric plc
未經審計的簡明合併財務報表註釋
2.收入
營收分解
我們根據地理位置和垂直方面細分客戶合同的營業收入,因爲我們認爲這些最能描述收入和現金流的性質、金額、時間和不確定性如何受經濟因素影響。
根據銷售地點,地理淨銷售信息如下:
截至2024年9月30日的三個月
以百萬計外殼電氣和緊固件解決方案總計
北美 (1)
$353.9 $256.2 $610.1 
EMEA (2)
95.3 35.8 131.1 
亞太地區27.5 10.2 37.7 
世界其他地區 (3)
0.4 2.7 3.1 
總計$477.1 $304.9 $782.0 
截至 2024 年 9 月 30 日的九個月
以百萬計外殼電氣和緊固件解決方案總計
北美 (1)
$986.9 $749.4 $1,736.3 
EMEA (2)
292.0 110.4 402.4 
亞太地區77.0 29.7 106.7 
世界其他地區 (3)
1.9 6.6 8.5 
總計$1,357.8 $896.1 $2,253.9 
2023年9月30日結束的三個月
單位爲百萬附件電氣與固定解決方案總計
北美洲 (1)
$292.7 $256.3 $549.0 
歐洲、中東、非洲(2)
95.1 36.0 131.1 
亞洲-太平洋地區23.9 8.3 32.2 
其他地區 (3)
1.0 1.7 2.7 
總計$412.7 $302.3 $715.0 
截至2023年9月30日的九個月中,
單位爲百萬附件電氣與固定解決方案總計
北美洲 (1)
$852.8 $628.4 $1,481.2 
歐洲、中東、非洲 (2)
276.0 115.1 391.1 
亞洲-太平洋地區72.7 25.3 98.0 
其他地區 (3)
2.2 5.9 8.1 
總計$1,203.7 $774.7 $1,978.4 
(1) 北美包括美國、加拿大和墨西哥。
(2) 歐洲、中東、非洲包括歐洲、中東、印度和非洲。
(3) 世界其他地區包括拉丁美洲和南美洲。
2023年第四季度,根據對行業同行的基準比較以及我們評估績效的考慮,我們更新了按地理位置報告營業收入的細分類別。爲了可比性,我們已重新分類了截至2023年9月30日的三個月和九個月的營業收入,以符合新的報告方式。這種按地理位置重新分類的營業收入對我們的合併財務結果沒有影響。
9


nVent Electric plc
未經審計的簡明合併財務報表註釋
垂直淨銷售信息如下:
2024年9月30日止三個月
單位爲百萬附件電氣與固定解決方案總計
製造業$231.9 $39.6 $271.5 
商業與住宅60.9 163.1 224.0 
基礎設施177.0 88.6 265.6 
能源7.3 13.6 20.9 
總計$477.1 $304.9 $782.0 
2024年9月30日結束的九個月
單位爲百萬附件電氣與固定解決方案總計
製造業$698.8 $114.5 $813.3 
商業與住宅185.8 484.5 670.3 
基礎設施452.0 258.0 710.0 
能源21.2 39.1 60.3 
總計$1,357.8 $896.1 $2,253.9 
截至2023年9月30日的三個月
以百萬計外殼電氣和緊固件解決方案總計
工業$224.6 $37.6 $262.2 
商業和住宅65.0 169.2 234.2 
基礎架構116.6 83.0 199.6 
能量6.5 12.5 19.0 
總計$412.7 $302.3 $715.0 
截至2023年9月30日的九個月
以百萬計外殼電氣和緊固件解決方案總計
工業$665.8 $87.9 $753.7 
商業和住宅182.3 408.8 591.1 
基礎架構336.4 246.0 582.4 
能量19.2 32.0 51.2 
總計$1,203.7 $774.7 $1,978.4 
10


nVent Electric plc
未經審計的簡明合併財務報表註釋
合同餘額
合同資產和負債包括以下內容:
以百萬計2024 年 9 月 30 日2023 年 12 月 31 日$ 零錢百分比變化
合約資產$48.9 $13.6 $35.3 259.6 %
合同負債22.6 8.0 14.6 182.5 %
淨合約資產$26.3 $5.6 $20.7 369.6 %
從2023年12月31日至2024年3月31日,淨合同資產增加$20.7 截至2023年12月31日至2024年9月30日,合同資產淨增加了百萬。這主要是由於收購Trachte, LLC及里程碑開票的時間安排。我們在2023年12月31日的合同負債中的大多數在截至2024年9月30日的九個月內被確認爲營業收入。 沒有 在我們的合同資產上確認了重大減值損失, 截至2024年9月30日的三個和九個月 截至2024年9月30日和2023年9月30日。
2023年9月30日
我們選擇了一個實用的權宜之計,僅披露原預期長度爲一年或更長時間的合同的剩餘履行義務的價值。到2024年9月30日,我們有$114.1 百萬的剩餘履行義務,涉及原預期持續時間爲一年或更長的合同。我們預計在接下來的 十二 to 十八個月.
3.重組
在2024年9月30日結束的九個月以及2023年12月31日結束的一年中,我們啓動並持續執行了一些旨在減少固定成本結構並重新調整業務的業務重組舉措。
與重組相關的費用包括在 銷售、一般及行政費用 費用 在簡明合併損益表和綜合收益表中,包括裁員和其他重組費用,具體如下:
 
三個月結束了九個月已經結束
以百萬計九月三十日
2024
九月三十日
2023
九月三十日
2024
九月三十日
2023
遣散費和相關費用$1.9 $0.7 $3.7 $2.1 
其他0.9  1.7 0.4 
重組總成本$2.8 $0.7 $5.4 $2.5 
其他重組成本主要包括資產減值和各種合同終止費用。
按報告部門以及企業和其他項目重組成本如下:
截至三個月截至九個月
單位爲百萬9月30日,
2024
9月30日,
2023
9月30日,
2024
9月30日,
2023
附件$0.7 $0.4 $1.1 $1.0 
電氣與固定解決方案1.9 0.1 3.8 0.9 
企業及其他0.2 0.2 0.5 0.6 
總計$2.8 $0.7 $5.4 $2.5 
11


nVent Electric plc
未經審計的簡明合併財務報表註釋
與應計遣散費及相關費用有關的活動記錄在 其他流動負債 在簡潔合併資產負債表中的摘要如下:
截至九個月
單位爲百萬9月30日,
2024
9月30日,
2023
開始餘額$1.2 $2.1 
發生的成本3.7 2.1 
現金支付及其他(3.0)(2.9)
結束餘額$1.9 $1.3 
4.每股收益
基本和攤薄每股收益的計算如下:
截至三個月截至九個月
單位:百萬美元,除每股數據外9月30日,
2024
9月30日,
2023
9月30日,
2024
9月30日,
2023
持續經營的淨收入$78.9 $81.9 $257.3 $247.3 
終止經營部門收入,稅後26.1 23.6 63.8 64.9 
淨收入 $105.0 $105.5 $321.1 $312.2 
加權平均普通股份流通量
基本165.6 165.8 165.7 165.6 
股票期權、限制性股票單位和績效股份單位的攤薄效應2.5 2.8 2.8 2.6 
攤薄168.1 168.6 168.5 168.2 
每股普通股盈利
基本
持續經營$0.47 $0.49 $1.55 $1.50 
已停止的營運0.16 0.15 0.39 0.39 
每股普通股基本收益$0.63 $0.64 $1.94 $1.89 
攤薄
持續經營$0.47 $0.49 $1.53 $1.47 
已停止的營運0.15 0.14 0.38 0.39 
每股普通股稀釋收益$0.62 $0.63 $1.91 $1.86 
反稀釋股票期權不包括在稀釋每股收益計算中0.4 0.4 0.3 0.3 
5.收購
特赫特收購
在2024年7月16日,作爲我們圍護結構報告部分,我們以約$完成了對Trachte, LLC("Trachte")的收購,691.3 該交易金額以現金形式支付,並受到慣常的購價調整。Trachte是一家領先的定製工程控制建築解決方案製造商,旨在保護關鍵的製造行業資產。購買價格主要通過2024年定期貸款便利和循環信貸便利(如下面的註釋10所述)進行融資。
購買價格已根據交易收購日所購資產和已承擔負債的估計公允價值進行了初步分配。初步購買價格分配仍需進一步完善,可能需要進行重大調整以確定最終購買價格分配。這些變化主要與商標有關和
12


nVent Electric plc
未經審計的簡明合併財務報表註釋
與所得稅和其他應計項目相關的影響。不能保證最終確定不會導致與初步購買價格分配中的實質變化。
下表總結了截至2024年9月30日,Trachte收購中獲得的資產公允價值和承擔的負債:
以百萬計
現金$13.6 
應收賬款45.4 
庫存10.0 
其他流動資產40.6 
財產、廠房和設備11.1 
可識別的無形資產333.7 
善意368.6 
其他資產25.3 
流動負債(58.0)
其他負債(99.0)
購買價格$691.3 
超出實體淨資產和已確認無形資產購買成本的部分已分配爲資產負債表中的商譽金額爲$368.6 百萬,預計幾乎不可用於所得稅目的減除。Trachte收購所確認的商譽反映了我們合併業務所產生的未來經濟效益。
初步識別的無形資產包括 $58.3 萬美元的不確定壽命交易名稱,$205.9 萬美元的確定壽命客戶關係,預計使用壽命爲 17 年內確認,未承認的與未實現的PSU獎勵相關的23.8 萬美元的確定壽命專有科技,預計使用壽命爲 8 年,和 $45.7 萬美元的客戶積壓,預計使用壽命爲 2 年。收購中獲得的交易名稱和專有科技的公允價值是通過減免特許權使用費的方法確定的,而獲得的客戶關係和客戶積壓的公允價值是通過多期超額收益法確定的。這些方法利用了對這些公允價值計量具有重要意義的不可觀察輸入,因此被歸類爲公允價值層次結構的第3級。
ECm Industries收購
2023年5月18日,作爲我們的電氣與緊固解決方案報告部分的一部分,我們完成了對ECm Investors, LLC的收購,其是ECm Industries, LLC("ECm Industries")的母公司,交易金額約爲億美元,視乎習慣的購買價格調整。1.1 ECm Industries是高價值電氣連接器、工具和測試儀器以及電纜管理的領先供應商。購買價格是通過2033債券和2023年期貸款設施的借款進行資助的(如下文第10節所述)。
購買價格是根據在ECm Industries收購日期獲取資產的公允價值和承擔的負債進行分配的。
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nVent Electric plc
未經審計的簡明合併財務報表註釋
下表總結了截至2024年9月30日收購ECm Industries時獲得的資產的最終公允價值和承擔的負債。
以百萬計
現金$45.7 
應收賬款77.0 
庫存99.1 
其他流動資產4.9 
財產、廠房和設備75.0 
可識別的無形資產524.0 
善意379.7 
其他資產17.4 
流動負債(53.9)
其他負債(34.8)
購買價格$1,134.1 
對可辨認的無形資產和有形淨資產的超額購買價格已分配給商譽,金額爲$379.7 百萬,其中大部分預計可在所得稅方面抵扣。從ECm Industries收購中確認的商譽反映了我們合併運營帶來的未來經濟利益。
已識別的無形資產包括$113.7百萬的商標無形資產,其中大多數是無限期的,$381.7百萬的有固定期限的客戶關係,預計使用壽命爲 20 年,以及$22.0 百萬的有固定期限的專有科技無形資產,預計使用壽命爲 7 年。通過減免特許權使用費的方法確定收購中商標和專有科技的公允價值,而通過多期超額收益法確定收購的客戶關係。這些方法利用了對這些公允價值計量具有重要意義的不可觀察輸入,因此被歸類爲公允價值層級的第3級。
下表呈現了未經審計的預計財務信息,假設Trachte和ECm Industries的收購分別發生在2023年1月1日和2022年1月1日:
截至三個月截至九個月
以百萬爲單位,除每股數據外九月三十日
2024
九月三十日
2023
九月三十日
2024
九月三十日
2023
淨銷售額$790.1 $767.4 $2,381.3 $2,273.9 
持續經營的凈利潤73.2 84.7 242.4 240.3 
凈利潤99.3 108.3 306.2 305.2 
每股普通股收益
基本
持續運營$0.44 $0.51 $1.46 $1.45 
每股普通股基本收益$0.60 $0.66 $1.85 $1.84 
稀釋
持續運營$0.44 $0.50 $1.44 $1.43 
每股普通股攤薄後收益$0.59 $0.64 $1.82 $1.82 
未經審計的備考凈利潤包括對收購的無形資產攤銷、對收購日固定資產公允價值調整的折舊以及爲融資收購而發行債務的利息費用的調整,以及相關的所得稅影響。
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nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
截至2024年9月30日的三個月和九個月未經審計的增量凈利潤不包括影響金額爲$2.1 百萬和$6.0 百萬的交易相關費用和收購相關的過渡融資成本。截止2023年9月30日的三個月和九個月未經審計的增量凈利潤不包括影響金額爲$13.8 百萬和$24.7 百萬的交易相關費用、收購相關的過渡融資成本以及與公允價值庫存增值相關的非經常性費用。
編制的臨時合併財務信息僅用於比較目的,幷包括如上所述的某些調整。這些調整是基於當前可用信息的估算,實際金額可能與這些估算有重大差異。它們並未反映因Trachte和ECm Industries收購整合而預計會產生的成本或協同效應的影響。臨時財務信息並不表示如果在2023年1月1日和2022年1月1日完成Trachte和ECm Industries的收購,實際運營結果將會是怎樣的。
其他收購
在2023年7月10日,我們以約$收購了TEXA工業。34.8TEXA工業是一家意大利工業冷卻應用製造商,我們將其作爲nVent HOFFMAN產品線的一部分在我們的機箱報告部門內進行市場推廣。5.2我們在收購TEXA工業時承擔了$百萬的債務,並在2023年第三季度全額還清。
對可辨認的無形資產和有形淨資產的超額購買價格已分配給商譽,金額爲$10.9 百萬,其中沒有任何預計可以抵扣所得稅。獲取的可識別無形資產包括 $12.4百萬的有固定期限的客戶關係,預計使用壽命爲 13 年。
TEXA Industries收購的形式影響不大。
6.中止業務
在2024年7月31日,我們達成了一項正式協議,將我們的熱管理業務賣給BCP Acquisitions LLC,這是一家由布魯克菲爾德資產管理管理的基金的附屬公司,交易價格爲$1.7 十億美元現金,受某些常規購買價格調整的影響。我們預計交易將在2025年初完成,受包括監管批准在內的常規條件的限制。
熱管理業務的結果作爲在我們簡明綜合損益表和綜合收益表中報告的已終止事件,適用於所有報告期。該業務的資產和負債已在所有報告期的簡明綜合資產負債表中重新分類爲待出售。熱管理業務之前被披露爲一個獨立的報告部門。12.6 百萬和$21.2 與熱管理業務出售相關的交易費用爲$百萬,在截至2024年9月30日的三個月和九個月期間內產生,並記錄在 銷售、一般和行政 以下所示的已終止事件的經營結果中的費用中。
停業業務的經營結果,扣除所得稅,摘要如下:
截至三個月截至九個月
以百萬爲單位九月三十日
2024
九月三十日
2023
九月三十日
2024
九月三十日
2023
淨銷售額$157.1 $143.8 $440.1 $424.0 
營業成本81.5 79.7 239.3 234.4 
毛利潤75.6 64.1 200.8 189.6 
銷售、一般和行政39.8 30.3 105.9 95.5 
研究和開發4.6 3.8 13.5 12.3 
營業收入31.2 30.0 81.4 81.8 
其他費用(0.1)0.1 (0.1)0.1 
已終止經營的收入在所得稅之前31.3 29.9 81.5 81.7 
所得稅準備5.2 6.3 17.7 16.8 
處置業務的稅後收入$26.1 $23.6 $63.8 $64.9 
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nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
分類爲待售的主要資產和負債類別如下:
 九月三十日
2024
12月31日
2023
以百萬爲單位
現金及現金等價物$10.3 $5.5 
應收賬款,扣除備抵101.9 119.3 
存貨91.2 81.1 
其他流動資產53.1 47.7 
待售流動資產$256.5 $253.6 
物業、廠房及設備,淨值$70.8 $70.1 
商譽711.7 713.0 
無形資產,淨額154.7 166.5 
其他非流動資產46.1 44.9 
待售非流動資產$983.3 $994.5 
應付賬款54.9 35.9 
員工薪酬和福利18.3 19.5 
其他流動負債53.3 59.3 
持有待售當前負債$126.5 $114.7 
養老及其他退休後補償和福利12.1 12.6 
遞延稅項負債13.0 14.1 
其他非流動負債22.9 21.0 
待售非流動負債$48.0 $47.7 
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nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
7.商譽和其他可辨認無形資產
各報告分部商譽賬面價值的變化如下:
以百萬爲單位12月31日
2023
收購/
剝離
外幣
翻譯/其他 
九月三十日
2024
附件$430.4 $368.2 $1.7 $800.3 
電氣與緊固解決方案1,427.7 4.0  1,431.7 
總商譽$1,858.1 $372.2 $1.7 $2,232.0 
可識別的無形資產包括以下內容:
 2024年9月30日2023年12月31日
以百萬爲單位成本累計攤銷成本累計
攤銷
有限使用期限無形資產
客戶關係$1,575.4 $(440.0)$1,135.4 $1,368.9 $(386.7)$982.2 
專有科技和專利78.9 (17.3)61.6 54.8 (11.9)42.9 
其他有限使用期限的無形資產63.7 (12.9)50.8 18.0 (4.8)13.2 
總有限使用期限無形資產1,718.0 (470.2)1,247.8 1,441.7 (403.4)1,038.3 
無限使用期限無形資產
商標名稱370.5 — 370.5 312.2 — 312.2 
總無形資產$2,088.5 $(470.2)$1,618.3 $1,753.9 $(403.4)$1,350.5 
可識別無形資產攤銷費用爲$26.8 百萬和$20.5 百萬,分別爲2024年和2023年,以及截至2024年和2023年9月30日的九個月期間$66.7 百萬和$49.2 百萬,截止到2024年和2023年9月30日的九個月。
2024年及未來五年的可識別無形資產的預計未來攤銷費用如下:
 Q4     
以百萬爲單位202420252026202720282029
預估攤銷費用$28.2 $112.9 $102.4 $90.0 $89.9 $89.9 
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nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
8.補充資產負債表信息
以百萬爲單位九月三十日
2024
12月31日
2023
存貨
原材料和供應品$142.6 $139.7 
在製品20.8 23.5 
成品202.8 197.0 
總庫存$366.2 $360.2 
其他流動資產
合同資產$48.9 $13.6 
預付費用39.3 33.2 
預付所得稅27.4 9.8 
其他流動資產17.3 15.9 
其他流動資產總計$132.9 $72.5 
物業、廠房及設備,淨值
土地及土地改良$22.2 $21.8 
建築物和租賃改進180.3 175.0 
機械和設備560.1 531.3 
建設中的工程41.7 32.4 
總物業、廠房和設備804.3 760.5 
累計折舊和攤銷468.5 440.6 
總的物業、廠房和設備,淨額$335.8 $319.9 
其他非流動資產
遞延補償計劃資產$15.5 $12.4 
經營租賃使用權資產107.0 99.6 
遞延稅款資產166.3 166.1 
其他非流動資產41.1 24.5 
其他非流動資產總計$329.9 $302.6 
其他流動負債
應付股息$32.1 $32.6 
應計折扣64.2 83.5 
合同負債22.6 8.0 
應計應付稅款42.9 41.7 
當前運營租賃負債22.3 19.5 
應計利息26.8 11.2 
其他流動負債62.6 48.0 
其他流動負債總計$273.5 $244.5 
其他非流動負債
應付所得稅$26.4 $28.2 
遞延補償計劃負債15.5 12.4 
非當前營業租賃負債90.2 84.9 
其他非流動負債52.7 33.3 
其他非流動負債總計$184.8 $158.8 
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nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
9.衍生工具與金融工具
衍生金融工具
我們面臨與外幣匯率變動相關的市場風險。爲了管理與這種風險相關的波動性,我們定期採用各種衍生金融工具。我們的目標是在適當的情況下,減少與外幣匯率變動相關的收益和現金流的波動。這些衍生合約包含信用風險,因爲我們的銀行對手方可能無法履行協議條款。這種信用風險的金額通常限於這些合約中的未實現收益(如果有的話)。通過限制這些對手方爲高信用等級的主要金融機構,可以將這種風險降至最低。
外幣合同
我們在全球多個地點開展業務,受到外幣價值變化帶來的市場風險。我們通過使用衍生金融工具來管理對某些市場風險的經濟和交易敞口。這些衍生工具主要包括遠期外幣合約,用於降低某些外幣資產和負債的外幣風險。我們持有這些衍生工具的目的是減少因外幣匯率變化而導致的淨收益和現金流的波動。我們大多數的外幣合約的原始到期日少於一年。這些外幣合約並未被指定爲對沖工具;因此,公允價值的變動將計入當前期間的收益中。
截至2024年9月30日和2023年12月31日,我們擁有未結外幣衍生合同,其名義美元等值金額爲$138.8 百萬和$143.0 百萬。 這些合同對合並簡明收益表和全面收益表的影響在任何報告期內都不重要。
交叉貨幣掉期
截至2024年9月30日和2023年12月31日, 我們有未償還的貨幣掉期協議,總名義金額爲$333.0 百萬和$330.8 百萬。這些協議作爲現金流對沖或公允價值對沖進行會計處理,用以對沖某些內部公司債務的外幣波動,或作爲淨投資對沖,以管理我們對歐元與美元交易所匯率波動的風險。截至2024年9月30日和2023年12月31日,我們與貨幣掉期活動相關的遞延外幣損失爲$1.3 百萬和$3.5 百萬,分別在 累計其他綜合損失
金融工具的公允價值
以下方法用於估算每類金融工具的公允價值:
短期金融工具(現金及現金等價物,應收賬款和應收票據,應付賬款和應付票據,以及 變量 利率債務) — 記錄金額因短期到期而近似於公允價值;
開多期固定利率債務,包括當前到期部分 — 公允價值基於市場報價,這些報價適用於具有類似條款的債務發行,這些輸入在會計指南定義的估值層級中被分類爲第2層;
交叉貨幣掉期和外幣合同協議 — 公允價值是通過使用考慮各種假設的模型來確定的,包括時間價值、收益曲線以及其他相關經濟指標,這些都是可觀察的輸入,在會計指導下的計量層級中被歸類爲第二級;並且
遞延薪酬計劃資產(用於支付已退休、終止或在職員工某些非合格福利的共同基金、普通/集體信託和現金等價物) — 共同基金和現金等價物的公允價值基於活躍市場中列示的市場報價,分類爲會計指導下估值層級中的一級;普通/集體信託的公允價值按淨資產值("NAV")進行評估,該淨資產值基於基金所擁有的基礎證券的公允價值除以流通在外的股份數量。
19


nVent Electric plc
關於簡要合併基本報表的附註(未經審計)
記錄的總債務金額和估計的公允價值(不包括未攤銷的發行費用和折扣)如下:
九月三十日
2024
12月31日
2023
以百萬爲單位已記錄
金額
公平
價值
已記錄
金額
公平
價值
可變利率債務$970.0 $970.0 $492.5 $492.5 
固定利率債務1,300.0 1,291.0 1,300.0 1,261.6 
總債務$2,270.0 $2,261.0 $1,792.5 $1,754.1 
持續按照公允價值計量的金融資產和負債如下:
重複的公允價值計量2024年9月30日
以百萬爲單位一級等級 2等級 3淨資產淨值總計
交叉貨幣掉期負債$ $(20.9)$ $ $(20.9)
交叉貨幣掉期資產 4.2   4.2 
外幣合同負債 (0.4)  (0.4)
外幣合同資產 1.1   1.1 
遞延補償計劃資產10.3   5.2 15.5 
總計經常性公允價值計量$10.3 $(16.0)$ $5.2 $(0.5)
重複的公允價值計量2023年12月31日
以百萬爲單位等級 1等級 2等級 3淨資產淨值總計
交叉貨幣掉期負債$ $(21.7)$ $ $(21.7)
交叉貨幣掉期資產 3.9   3.9 
外幣合約負債 (0.8)  (0.8)
外幣合約資產 2.1   2.1 
遞延補償計劃資產8.4   4.0 12.4 
總計經常性公允價值計量$8.4 $(16.5)$ $4.0 $(4.1)
10.Debt
Debt and the average interest rates on debt outstanding were as follows:
In millions
Average interest rate at
September 30, 2024
Maturity
Year
September 30,
2024
December 31,
2023
Revolving credit facilityN/A2026$ $ 
2021 Term loan facility6.315%2026188.8 200.0 
2023 Term loan facility6.315%2028281.2 292.5 
2024 Term loan facility6.447%2026500.0  
Senior notes - fixed rate4.550%2028500.0 500.0 
Senior notes - fixed rate2.750%2031300.0 300.0 
Senior notes - fixed rate5.650%2033500.0 500.0 
Unamortized debt issuance costs and discountsN/AN/A(11.8)(11.8)
Total debt2,258.2 1,780.7 
Less: Current maturities and short-term borrowings
(37.5)(31.9)
Long-term debt$2,220.7 $1,748.8 
20


nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the Securities and Exchange Commission.
Senior credit facilities
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.
As of September 30, 2024, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
21


nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In June 2024, nVent and nVent Finance entered into a new loan agreement among nVent Finance, as borrower, nVent as guarantor, and the lenders and agents party thereto, providing for a two-year $500.0 million senior unsecured term loan facility (the "2024 Term Loan Facility"). In July 2024, nVent partially financed the acquisition of Trachte using the 2024 Term Loan Facility. The 2024 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus, in each case, an applicable margin.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, the 2023 Term Loan Facility and the 2024 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) 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, the 2023 Term Loan Facility and the 2024 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2024, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Debt outstanding at September 30, 2024, excluding unamortized issuance costs and discounts, matures on a calendar year basis as follows:
 Q4       
In millions202420252026202720282029ThereafterTotal
Contractual debt obligation maturities$9.4 $37.5 $679.4 $22.5 $721.2 $ $800.0 $2,270.0 
11.Income Taxes
The effective income tax rate for the nine months ended September 30, 2024 was 22.1% compared to 16.7% for the nine months ended September 30, 2023. The liability for uncertain tax positions was $14.0 million and $13.9 million at September 30, 2024 and December 31, 2023, respectively. We record penalties and interest related to unrecognized tax benefits in Provision for income taxes and Net interest expense, respectively, on the Condensed Consolidated Statements of Income and Comprehensive Income, which is consistent with our past practices.
The Organization for Economic Co-operation and Development introduced an international tax framework under Pillar II (the "Pillar II framework") which includes a global minimum tax of 15%. The Pillar II framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, which resulted in an increase to our effective tax rate in the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023.
Further, in the nine months ended September 30, 2023, we recorded a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets.
22


nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
12.Shareholders' Equity
Share repurchases
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization expired on July 22, 2024.
On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024, following the expiration of the 2021 Authorization, and expires on July 22, 2027.
During the nine months ended September 30, 2024, we repurchased 1.5 million of our ordinary shares for $100.0 million under the 2024 Authorization and we did not repurchase ordinary shares under the 2021 Authorization. During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization.
As of September 30, 2024, we had $400.0 million available for share repurchases under the 2024 Authorization.
Dividends payable
On September 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.19 per ordinary share that was paid on November 1, 2024, to shareholders of record at the close of business on October 18, 2024. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $32.1 million and $32.6 million at September 30, 2024 and December 31, 2023, respectively.
13.Segment Information
Our continuing operations are comprised of two reporting segments: Enclosures and Electrical & Fastening Solutions.
We evaluate performance based on net sales and reportable segment income and use a variety of ratios to measure performance of our reporting segments. These results are not necessarily indicative of the results of operations that would have occurred had each segment been an independent, stand-alone entity during the periods presented. Reportable segment income represents operating income of each reporting segment exclusive of intangible amortization, acquisition related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
"Enterprise and other" activity primarily consists of enterprise expenses not allocated to the segments, including certain executive office, board of directors, and centrally-managed enterprise functional or shared service costs related to finance, human resources, legal, communication and corporate development. These activities do not meet the criteria for a stand-alone reporting segment under ASC 280.
Net sales by reportable segment were as follows:
Three months endedNine months ended
In millionsSeptember 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Net sales
Enclosures$477.1 $412.7 $1,357.8 $1,203.7 
Electrical & Fastening Solutions304.9 302.3 896.1 774.7 
Total$782.0 $715.0 $2,253.9 $1,978.4 
23


nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The following table presents a reconciliation of reportable segment income to income before income taxes:
Three months endedNine months ended
In millionsSeptember 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
    Enclosures$104.4 $89.4 $303.0 $261.9 
    Electrical & Fastening Solutions92.6 97.6 270.3 245.4 
Reportable segment income197.0 187.0 573.3 507.3 
Enterprise and other(28.6)(24.7)(79.6)(82.4)
Restructuring and other(2.8)(0.8)(5.9)(2.6)
Intangible amortization(26.8)(20.5)(66.7)(49.2)
Acquisition transaction and integration costs(5.6)(3.0)(11.1)(10.2)
Inventory step-up amortization (11.8) (17.7)
Gain on sale of investment   10.2 
Net interest expense(30.4)(25.5)(76.6)(55.0)
Other expense(1.2)(1.3)(3.3)(3.6)
Income before income taxes$101.6 $99.4 $330.1 $296.8 
14.Share-Based Compensation
Total share-based compensation expense for the three and nine months ended September 30, 2024 and 2023, was as follows:
Three months endedNine months ended
In millionsSeptember 30,
2024
September 30,
2023
September 30,
2024
September 30,
2023
Restricted stock units$3.8 $2.8 $10.3 $7.8 
Performance share units2.2 1.8 5.8 5.4 
Stock options1.4 1.1 4.0 3.1 
Total$7.4 $5.7 $20.1 $16.3 
In the first quarter of 2024, we issued our annual share-based compensation grants under the 2018 Omnibus Incentive Plan to eligible employees. The total number of awards issued was approximately 0.6 million, of which 0.2 million were restricted stock units ("RSUs"), 0.1 million were performance share units ("PSUs") and 0.3 million were stock options. The weighted-average grant date fair value of the RSUs, PSUs and stock options issued was $68.74, $103.93 and $27.16, respectively.
We estimated the fair value of each stock option award issued in the annual share-based compensation grant using a Black-Scholes option pricing model, modified for dividends, and using the following assumptions:
2024 Annual Grant
Risk-free interest rate4.06 %
Expected dividend yield1.27 %
Expected share price volatility37.1 %
Expected term (years)6.8
These estimates require us to make assumptions based on historical results, observance of trends in our share price, changes in option exercise behaviors, future expectations and other relevant factors. If other assumptions had been used, share-based compensation expense, as calculated and recorded under the accounting guidance, could have been affected.
24


nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
We based the expected life assumption on historical experience as well as the terms and vesting periods of the options granted. For purposes of determining expected volatility, we considered historical volatilities of peer companies over a period approximately equal to the expected option term. The risk-free rate for periods that coincide with the expected life of the options is based on the U.S. Treasury Department yield curve in effect at the time of grant.
15.Commitments and Contingencies
Warranties and guarantees
In connection with the disposition of our businesses or product lines, we may agree to indemnify purchasers for various potential liabilities relating to the sold business, such as pre-closing tax, product liability, warranty, environmental, or other obligations. The subject matter, amounts and duration of any such indemnification obligations vary for each type of liability indemnified and may vary widely from transaction to transaction.
Generally, the maximum obligation under such indemnifications is not explicitly stated and as a result, the overall amount of these obligations cannot be reasonably estimated. Historically, we have not made significant payments for these indemnifications. We believe that if we were to incur a loss in any of these matters, the loss would not have a material effect on our financial position, results of operations or cash flows.
We recognize, at the inception of a guarantee, a liability for the fair value of the obligation undertaken in issuing the guarantee.
We provide service and warranty policies on our products. Liability under service and warranty policies is based upon a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience warrant. Our liability for service and product warranties as of September 30, 2024 and December 31, 2023 was not material.
Stand-by letters of credit, bank guarantees and bonds
In the ordinary course of business, we are required to commit to bonds, letters of credit and bank guarantees that require payments to our customers for any non-performance. The outstanding face value of these instruments fluctuates with the value of our projects in process and in our backlog. In addition, we issue financial stand-by letters of credit primarily to secure our performance to third parties under self-insurance programs.
As of September 30, 2024 and December 31, 2023, the outstanding value of bonds, letters of credit and bank guarantees totaled $9.3 million and $10.5 million, respectively.
25


ITEM 2.    MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Forward-looking Statements
This report contains statements that we believe to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact are forward-looking statements. Without limitation, any statements preceded or followed by or that include the words "targets," "plans," "believes," "expects," "intends," "will," "likely," "may," "anticipates," "estimates," "projects," "forecasts," "should," "would," "could," "positioned," "strategy," "future," "are confident," or words, phrases or terms of similar substance or the negative thereof, are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond our control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Among these factors are adverse effects on our business operations or financial results, including the ability to complete the pending sale of the Thermal Management business on anticipated terms and timetable; the overall global economic and business conditions impacting our business; the ability to achieve the benefits of our restructuring plans; the ability to successfully identify, finance, complete and integrate acquisitions, including the Trachte, ECM Industries and other recent acquisitions; competition and pricing pressures in the markets we serve, including the impacts of tariffs; volatility in currency exchange rates, interest rates and commodity prices; inability to generate savings from excellence in operations initiatives consisting of lean enterprise, supply management and cash flow practices; inability to mitigate material and other cost inflation; risks related to the availability of, and cost inflation in, supply chain inputs, including labor, raw materials, commodities, packaging and transportation; increased risks associated with operating foreign businesses, including risks associated with military conflicts, such as that between Russia and Ukraine, and related sanctions; the ability to deliver backlog and win future project work; failure of markets to accept new product introductions and enhancements; the impact of changes in laws and regulations, including those that limit U.S. tax benefits; the outcome of litigation and governmental proceedings; and the ability to achieve our long-term strategic operating goals. Additional information concerning these and other factors is contained in our filings with the U.S. Securities and Exchange Commission (the "SEC"), including this Quarterly Report on Form 10-Q and ITEM 1A. of our Annual Report on Form 10-K for the year ended December 31, 2023. All forward-looking statements speak only as of the date of this report. nVent Electric plc assumes no obligation, and disclaims any obligation, to update the information contained in this report.
Overview
The terms "us," "we," "our," "the Company" or "nVent" refer to nVent Electric plc. nVent is a leading global provider of electrical connection and protection solutions. We believe our inventive electrical solutions enable safer systems and ensure a more secure world. We design, manufacture, market, install and service high performance products and solutions that connect and protect mission critical equipment, buildings and essential processes. We offer a comprehensive range of enclosures and electrical fastening solutions across industry-leading brands that are recognized globally for quality, reliability and innovation.
We classify our operations into business segments based primarily on types of products offered and markets served. We operate across two segments: Enclosures and Electrical & Fastening Solutions, which represented approximately 60% and 40% of total revenues during the first nine months of 2024, respectively.
Enclosures—The Enclosures segment provides innovative solutions to help protect electronics and data in mission critical applications, including data solutions, that improve reliability and energy efficiency. Our standard and custom protective enclosures, cooling solutions and power distribution solutions help manage power and protect operating environments for mission critical applications in industrial, infrastructure, commercial and energy verticals.
Electrical & Fastening Solutions—The Electrical & Fastening Solutions segment provides innovative solutions that connect and protect in power and data infrastructure. Our offerings enhance end-user safety, reduce installation time and provide resiliency for critical systems. Our power connections, fastening solutions, cable management solutions, grounding and bonding systems, tools and test instruments help provide efficiencies to contractors and provide resiliency for critical systems that are used across a wide range of verticals, including commercial and residential, infrastructure, industrial and energy.
On May 18, 2023, as part of our Electrical & Fastening Solutions reporting segment, we completed the acquisition of ECM Investors, LLC, the parent of ECM Industries, LLC ("ECM Industries"), for approximately $1.1 billion in cash, subject to customary purchase price adjustments. ECM Industries is a leading provider of high-value electrical connectors, tools and test instruments and cable management. The purchase price was funded primarily through borrowings under the 2033 Notes and 2023 Term Loan Facility (as defined below).
On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we are marketing as part of the nVent HOFFMAN product line within our Enclosures reporting segment.
26


On July 16, 2024, we completed the acquisition of the Trachte, LLC ("Trachte") as part of our Enclosures reporting segment, for approximately $691.3 million in cash, subject to customary purchase price adjustments. Trachte is a leading manufacturer of custom-engineered control building solutions designed to protect critical infrastructure assets. The purchase price was funded primarily through borrowings under the 2024 Term Loan Facility and Revolving Credit Facility (as defined below).
On July 31, 2024, we entered into a definitive agreement to sell our Thermal Management business to BCP Acquisitions LLC, an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to certain customary purchase price adjustments. We expect the transaction to close by early 2025, subject to customary conditions, including regulatory approvals. The results of the Thermal Management business are reported as a discontinued operation in our Condensed Consolidated Financial Statements for all periods presented. The assets and liabilities of this business have been reclassified as held for sale in the Condensed Consolidated Balance Sheets for all periods presented. The Thermal Management business was previously disclosed as a stand-alone reporting segment.
Key Trends and Uncertainties Regarding our Existing Business
The following trends and uncertainties affected our financial performance in 2023 and the first nine months of 2024 and will likely impact our results in the future:
During 2023 and the first nine months of 2024, we have experienced inflationary increases, primarily related to labor and raw material costs. While we have taken pricing actions and we have implemented and plan to continue to implement productivity improvements that could help offset these cost increases, we expect inflationary cost increases to continue in the remainder of 2024, which could negatively impact our results of operations.
Our global operations make our effective tax rate sensitive to significant tax law changes. The Organization for Economic Co-operation and Development introduced an international tax framework under Pillar II (the "Pillar II framework") which includes a global minimum tax of 15%. The Pillar II framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, which resulted in an increase to our effective tax rate in 2024. We will continue to monitor these developments as more countries in which we operate adopt legislation and provide guidance.
The converging megatrends of the electrification of everything, sustainability and digitalization, including the increased use of artificial intelligence, have led to sales growth, particularly in the infrastructure vertical, which includes our data solutions business that is primarily in our Enclosures segment. We expect these megatrends to continue and drive sales growth in 2024 and beyond.
We have invested in innovation and new products, which contributed to sales growth across nVent. We expect continued investment in new products to drive sales growth in 2024 and beyond.
In 2024, our operating objectives include the following:
Executing our sustainability strategy focused on People, Products, Planet and Governance;
Enhancing and supporting employee engagement, development and retention;
Achieving differentiated revenue growth through focus on higher growth verticals, new products and innovation, global expansion and acquisitions;
Integrating recent acquisitions with our existing operations;
Optimizing our technological capabilities to increasingly generate innovative new and connected products and advance digital transformation;
Driving operational excellence through lean and agile, with specific focus on our digital transformation and supply chain resiliency;
Optimizing working capital through inventory initiatives across business segments and focused actions to align customer and vendor payment terms; and
Deploying capital strategically to drive growth and value creation.
27


CONSOLIDATED RESULTS OF OPERATIONS
The consolidated results of operations for the three months ended September 30, 2024 and 2023 were as follows:
 Three months ended
In millionsSeptember 30,
2024
September 30,
2023
$ change% / point 
change
Net sales$782.0 $715.0 $67.0 9.4 %
Cost of goods sold470.9 425.9 45.0 10.6 %
Gross profit311.1 289.1 22.0 7.6 %
      % of net sales
39.8 %40.4 %(0.6) pts
 
Selling, general and administrative
161.8 148.4 13.4 9.0 %
      % of net sales
20.7 %20.8 %(0.1) pts
Research and development
16.1 14.5 1.6 11.0 %
      % of net sales2.1 %2.0 %0.1  pts
Operating income 133.2 126.2 7.0 5.5 %
      % of net sales17.0 %17.7 %(0.7) pts
Net interest expense30.4 25.5 4.9 N.M.
Other expense1.2 1.3 (0.1)N.M.
Income before income taxes101.6 99.4 2.2 2.2 %
Provision for income taxes22.7 17.5 5.2 29.7 %
      Effective tax rate22.3 %17.6 %4.7  pts
Net income from continuing operations78.9 81.9 (3.0)(3.7)%
Income from discontinued operations, net of tax26.1 23.6 2.5 10.6 %
Net income$105.0 $105.5 $(0.5)(0.5)%
N.M. Not Meaningful
28


The consolidated results of operations for the nine months ended September 30, 2024 and 2023 were as follows:
 Nine months ended
In millionsSeptember 30,
2024
September 30,
2023
$ change% / point 
change
Net sales$2,253.9 $1,978.4 $275.5 13.9 %
Cost of goods sold1,344.3 1,179.7 164.6 14.0 %
Gross profit909.6 798.7 110.9 13.9 %
      % of net sales
40.4 %40.4 %—  pts
 
Selling, general and administrative450.7 413.3 37.4 9.0 %
      % of net sales
20.0 %20.9 %(0.9) pts
Research and development48.9 40.2 8.7 21.6 %
      % of net sales2.2 %2.0 %0.2  pts
Operating income 410.0 345.2 64.8 18.8 %
      % of net sales18.2 %17.4 %0.8  pts
Net interest expense76.6 55.0 21.6 N.M.
Gain on sale of investment— (10.2)10.2 N.M.
Other expense3.3 3.6 (0.3)N.M.
Income before income taxes330.1 296.8 33.3 11.2 %
Provision for income taxes72.8 49.5 23.3 47.1 %
      Effective tax rate22.1 %16.7 %5.4  pts
Net income from continuing operations257.3 247.3 10.0 4.0 %
Income from discontinued operations, net of tax63.8 64.9 (1.1)(1.7)%
Net income$321.1 $312.2 $8.9 2.9 %
N.M. - Not Meaningful
29


Net sales
The components of the change in consolidated net sales from the prior period were as follows:
Three months ended September 30, 2024Nine months ended September 30, 2024
over the prior year periodover the prior year period
Volume1.5 %3.6 %
Price(0.5)(0.2)
Organic growth1.0 3.4 
Acquisition8.2 10.5 
Currency0.2 — 
Total9.4 %13.9 %
The 9.4 and 13.9 percent increases in net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
sales of $58.6 million and $208.1 million in the third quarter and first nine months of 2024, respectively, as a result of the ECM Industries, Trachte and TEXA Industries acquisitions; and
organic sales growth contribution of approximately 3.0% and 3.5% from our infrastructure business in the third quarter and first nine months of 2024 from 2023, respectively.
These changes were partially offset in the third quarter of 2024 from 2023 by:
organic sales decline of approximately 1.5% and 1.0% from our commercial & residential and industrial businesses, respectively.
Gross profit
The 0.6 percentage point decrease and flat change in gross profit as a percentage of net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
inflationary increases, primarily related to labor costs and raw materials, compared to 2023.
These changes were partially offset in the third quarter of 2024 from 2023, and offset in the first nine months of 2024 from 2023, by:
higher sales volume resulting in increased leverage on fixed expenses in cost of goods sold; and
$11.8 million and $17.7 million of expense related to inventory step-up recorded in the third quarter and first nine months of 2023 as a result of the ECM Industries acquisition.
Selling, general and administrative ("SG&A")
The 0.1 and 0.9 percentage point decreases in SG&A expense as a percentage of net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
higher sales volume resulting in increased leverage on fixed expenses; and
savings generated from restructuring and other productivity initiatives.
These decreases were partially offset by:
intangible amortization expense of $26.8 million and $66.7 million in the third quarter and first nine months of 2024, respectively, compared to $20.5 million and $49.2 million in the third quarter and first nine months of 2023, respectively, as a result of the ECM Industries, Trachte and TEXA Industries acquisitions; and
investments in capacity, new products and digital to drive growth.
Net interest expense
The increases in net interest expense in the third quarter and first nine months of 2024 from 2023 were the result of:
increased debt due to the acquisitions of ECM Industries and Trachte.
Gain on sale of investment
In the first nine months of 2023, we recorded a $10.2 million gain related to the sale of a $3.8 million equity investment recorded on a cost basis, of which the cash proceeds were received in the third quarter of 2023.
30


Provision for income taxes
The 4.7 and 5.4 percentage point increases in the effective tax rate in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
the enactment of the Pillar II global minimum tax framework, effective January 1, 2024 in certain jurisdictions in which we operate;
a $4.3 million non-cash benefit related to the release of a valuation allowance on certain foreign deferred tax assets recorded in the first nine months of 2023; and
increased earnings in higher tax rate jurisdictions.
Income from discontinued operations, net of tax
Income from discontinued operations, net of tax, relating to the Thermal Management business was $26.1 million and $63.8 million in the third quarter and first nine months of 2024, respectively, and $23.6 million and $64.9 million in the third quarter and first nine months of 2023, respectively.
SEGMENT RESULTS OF OPERATIONS
The summary that follows provides a discussion of the results of operations of each of our two reportable segments (Enclosures and Electrical & Fastening Solutions). Each of these segments comprises various product offerings that serve multiple end users.
We evaluate performance based on net sales and reportable segment income ("segment income") and use a variety of ratios to measure performance of our reporting segments. Segment income represents operating income exclusive of intangible amortization, acquisition related expenses, costs of restructuring activities, impairments and other unusual non-operating items.
Enclosures
The net sales, segment income and segment income as a percentage of net sales for Enclosures were as follows:
Three months endedNine months ended
In millionsSeptember 30,
2024
September 30,
2023
% / point changeSeptember 30,
2024
September 30,
2023
% / point change
Net sales$477.1 $412.7 15.6 %$1,357.8 $1,203.7 12.8 %
Segment income104.4 89.4 16.8 %303.0 261.9 15.7 %
      % of net sales21.9 %21.7 %0.2  pts22.3 %21.8 %0.5  pts
Net sales
The components of the change in Enclosures net sales from the prior period were as follows:
Three months ended September 30, 2024Nine months ended September 30, 2024
over the prior year periodover the prior year period
Volume2.1 %7.4 %
Price(0.9)(0.5)
Organic growth1.2 6.9 
Acquisition14.2 6.0 
Currency0.2 (0.1)
Total15.6 %12.8 %
The 15.6 and 12.8 percent increases in Enclosures net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
sales of $58.6 million and $71.8 million in the third quarter and first nine months of 2024, respectively, as a result of the Trachte and TEXA Industries acquisitions; and
organic sales growth contribution of approximately 4.0% and 6.0% from our infrastructure business in the third quarter and first nine months of 2024 from 2023, respectively.
These changes were partially offset in the third quarter of 2024 from 2023 by:
organic sales decline of approximately 2.0% and 1.0% from our industrial and commercial & residential businesses, respectively.
31


Segment income
The components of the change in Enclosures segment income as a percentage of net sales from the prior period were as follows:
Three months ended September 30, 2024Nine months ended September 30, 2024
over the prior year periodover the prior year period
Growth/acquisition1.9  pts2.3  pts
Price(0.7)(0.4)
Currency0.4 — 
Net productivity(1.4)(1.4)
Total0.2  pts0.5  pts
The 0.2 and 0.5 percentage point increases in segment income for Enclosures as a percentage of net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
higher sales volume resulting in increased leverage on fixed expenses.
These increases were partially offset by:
inflationary increases, primarily related to labor costs and raw materials, compared to 2023; and
investments in capacity, new products and digital to drive growth.
Electrical & Fastening Solutions
The net sales, segment income and segment income as a percentage of net sales for Electrical & Fastening Solutions were as follows:
Three months endedNine months ended
In millionsSeptember 30,
2024
September 30,
2023
% / point changeSeptember 30,
2024
September 30,
2023
% / point change
Net sales$304.9 $302.3 0.9 %$896.1 $774.7 15.7 %
Segment income92.6 97.6 (5.1)%270.3 245.4 10.1 %
      % of net sales30.4 %32.3 %(1.9) pts30.2 %31.7 %(1.5) pts
Net sales
The components of the change in Electrical & Fastening Solutions net sales from the prior period were as follows:
Three months ended September 30, 2024Nine months ended September 30, 2024
over the prior year periodover the prior year period
Volume0.8 %(2.3)%
Price0.1 0.4 
Organic growth 0.9 (1.9)
Acquisition— 17.6 
Total0.9 %15.7 %
The 0.9 percent increase in Electrical & Fastening Solutions net sales in the third quarter of 2024 from 2023 was primarily the result of:
organic sales growth contribution of approximately 2.0% from our infrastructure business.
These increase was partially offset by:
organic sales decline of approximately 2.0% from our commercial & residential business.
The 15.7 percent increase in Electrical & Fastening Solutions net sales in the first nine months of 2024 from 2023 was primarily the result of:
sales of $136.3 million as a result of the ECM Industries acquisition.
This increase was partially offset by:
organic sales declines of approximately 1.5% and 1.0% from our commercial & residential and infrastructure businesses, respectively.
32


Segment income
The components of the change in Electrical & Fastening Solutions segment income as a percentage of net sales from the prior period were as follows:
Three months ended September 30, 2024Nine months ended September 30, 2024
over the prior year periodover the prior year period
Growth/acquisition(2.0) pts(2.3) pts
Price0.1 0.2 
Currency— 0.1 
Net productivity— 0.5 
Total(1.9) pts(1.5) pts
The 1.9 and 1.5 percentage point decreases in segment income for Electrical & Fastening Solutions as a percentage of net sales in the third quarter and first nine months of 2024 from 2023, respectively, were primarily the result of:
the impact of unfavorable product mix;
inflationary increases, primarily related to labor costs and raw materials, compared to 2023; and
investments in digital, selling and marketing to drive growth.
These decreases were partially offset by:
increased productivity as a result of supply chain management and manufacturing efficiencies.
LIQUIDITY AND CAPITAL RESOURCES
The primary source of liquidity for our business is cash flows provided by operations. We expect to continue to have cash requirements to support working capital needs and capital expenditures, to pay interest and service debt and to pay dividends to shareholders quarterly. We believe we have the ability and sufficient capacity to meet these cash requirements by using available cash, internally generated funds and borrowing under committed credit facilities. We are focused on increasing our cash flow, while continuing to fund our research and development, sales and marketing and capital investment initiatives. Our intent is to maintain investment grade metrics and a solid liquidity position. As of September 30, 2024, we had $137.1 million of cash on hand, of which $34.7 million is held in certain countries in which the ability to repatriate is limited due to local regulations or significant potential tax consequences.
We experience seasonal cash flows primarily due to increased demand for Electrical & Fastening Solutions products during the spring and summer months in the Northern Hemisphere.
Operating activities
Net cash provided by operating activities from continuing operations was $324.1 million in the first nine months of 2024, which primarily reflects net income, net of non-cash depreciation, amortization, and changes in deferred taxes, of $362.1 million, partially offset by a $60.3 million increase in net working capital.
Net cash provided by operating activities from continuing operations was $232.5 million in the first nine months of 2023, which primarily reflects net income, net of non-cash depreciation, amortization and changes in deferred taxes, of $322.1 million, partially offset by a $98.4 million increase in net working capital.
Investing activities
Net cash used for investing activities from continuing operations of $724.7 million in the first nine months of 2024 relates primarily to cash paid for the Trachte acquisition of $677.7 million, net of cash acquired, and capital expenditures of $47.5 million.
Net cash used for investing activities from continuing operations of $1,147.3 million in the first nine months of 2023 relates primarily to cash paid for the ECM Industries acquisition of $1,119.7 million, net of cash acquired, and capital expenditures of $44.8 million.
Financing activities
Net cash provided by financing activities from continuing operations of $278.1 million in the first nine months of 2024 relates primarily to receipts of long-term debt of $500.0 million, offset by share repurchases of $100.0 million and dividends paid of $95.3 million.
33


Net cash provided by financing activities from continuing operations of $672.1 million in the first nine months of 2023 relates primarily to receipts from long-term debt of $800.0 million, offset by dividends paid of $87.6 million and share repurchases of $15.2 million.
Senior notes
In March 2018, nVent Finance S.à r.l. (“nVent Finance” or "Subsidiary Issuer"), a 100-percent owned subsidiary of nVent, issued $500.0 million aggregate principal amount of 4.550% senior notes due 2028 (the "2028 Notes").
In November 2021, nVent Finance issued $300.0 million aggregate principal amount of 2.750% senior notes due 2031 (the "2031 Notes").
In May 2023, to finance the acquisition of ECM Industries, nVent Finance issued $500.0 million aggregate principal amount of 5.650% Senior Notes due 2033 (the "2033 Notes" and, collectively with the 2028 Notes and the 2031 Notes, the "Notes").
Interest on the 2028 Notes is payable semi-annually in arrears on April 15 and October 15 of each year, and interest on the 2031 Notes and 2033 Notes is payable semi-annually in arrears on May 15 and November 15 of each year.
The Notes are fully and unconditionally guaranteed as to payment by nVent (the "Parent Company Guarantor"). There are no subsidiaries that guarantee the Notes. The Parent Company Guarantor is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries. The Subsidiary Issuer is a holding company that has no independent assets or operations unrelated to its investments in consolidated subsidiaries and the issuance of the Notes and other external debt. The Parent Company Guarantor’s principal source of cash flow, including cash flow to make payments on the Notes pursuant to the guarantees, is dividends from its subsidiaries. The Subsidiary Issuer’s principal source of cash flow is interest income from its subsidiaries. None of the subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer is under any direct obligation to pay or otherwise fund amounts due on the Notes or the guarantees, whether in the form of dividends, distributions, loans or other payments. In addition, there may be statutory and regulatory limitations on the payment of dividends from certain subsidiaries of the Parent Company Guarantor or the Subsidiary Issuer. If such subsidiaries are unable to transfer funds to the Parent Company Guarantor or the Subsidiary Issuer and sufficient cash or liquidity is not otherwise available, the Parent Company Guarantor or the Subsidiary Issuer may not be able to make principal and interest payments on their outstanding debt, including the Notes or the guarantees.
The Notes constitute general unsecured senior obligations of the Subsidiary Issuer and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. The guarantees of the Notes by the Parent Company Guarantor constitute general unsecured obligations of the Parent Company Guarantor and rank equally in right of payment with all existing and future unsubordinated and unsecured indebtedness and liabilities of the Subsidiary Issuer. Subject to certain qualifications and exceptions, the indenture pursuant to which the Notes were issued contains covenants that, among other things, restrict nVent’s, nVent Finance’s and certain subsidiaries’ ability to merge or consolidate with another person, create liens or engage in sale and lease-back transactions.
There are no significant restrictions on the ability of nVent to obtain funds from its subsidiaries by dividend or loan. None of the assets of nVent or its subsidiaries represents restricted net assets pursuant to the guidelines established by the SEC.
Senior credit facilities
In September 2021, the Company and its subsidiaries nVent Finance and Hoffman Schroff Holdings, Inc. entered into an amended and restated credit agreement (the "Credit Agreement") with a syndicate of banks providing for a five-year $300.0 million senior unsecured term loan facility (the "2021 Term Loan Facility") and a five-year $600.0 million senior unsecured revolving credit facility (the "Revolving Credit Facility" and, together with the 2021 Term Loan Facility, the "Senior Credit Facilities"). Borrowings under the 2021 Term Loan Facility were permitted on a delayed draw basis during the first year of the five-year term of the 2021 Term Loan Facility, and borrowings under the Revolving Credit Facility are permitted from time to time during the full five-year term of the Revolving Credit Facility. In September 2022, nVent exercised the delayed draw provision of the 2021 Term Loan Facility, increasing the total borrowings under the 2021 Term Loan Facility by $200.0 million to $300.0 million. nVent Finance has the option to request to increase the Revolving Credit Facility in an aggregate amount of up to $300.0 million, subject to customary conditions, including the commitment of the participating lenders.
As of September 30, 2024, the borrowing capacity under the Revolving Credit Facility was $600.0 million.
Borrowings under the Senior Credit Facilities bear interest at a rate equal to an adjusted base rate, the Secured Overnight Financing Rate ("SOFR"), Euro Interbank Offer Rate (“EURIBOR”) or Sterling Overnight Index Average (“SONIA”), plus, in each case, an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
34


In April 2023, nVent and nVent Finance entered into a loan agreement providing for another unsecured term loan facility of $300.0 million for five years (the "2023 Term Loan Facility"), which was used to fund the acquisition of ECM Industries. The 2023 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus an applicable margin. The applicable margin will be based on, at nVent Finance’s election, the Company's leverage level or public credit rating.
In June 2024, nVent and nVent Finance entered into a new loan agreement among nVent Finance, as borrower, nVent as guarantor, and the lenders and agents party thereto, providing for a two-year $500.0 million senior unsecured term loan facility (the "2024 Term Loan Facility"). In July 2024, we partially financed the acquisition of Trachte using the 2024 Term Loan Facility. The 2024 Term Loan Facility bears interest at a rate equal to an adjusted base rate or adjusted term SOFR plus, in each case, an applicable margin.
Our debt agreements contain certain financial covenants, the most restrictive of which are in the Senior Credit Facilities, the 2023 Term Loan Facility and 2024 Term Loan Facility, including that we may not permit (i) the ratio of our consolidated debt (net of our consolidated unrestricted cash in excess of $5.0 million but not to exceed $250.0 million) to our consolidated net income (excluding, among other things, non-cash gains and losses) before interest, taxes, depreciation, amortization and non-cash share-based compensation expense ("EBITDA") on the last day of any period of four consecutive fiscal quarters (each a "testing period") to exceed 3.75 to 1.00 (or, at nVent Finance's election and subject to certain conditions, 4.25 to 1.00 for four testing periods in connection with certain material acquisitions) 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, the 2023 Term Loan Facility, and the 2024 Term Loan Facility also contain covenants that, among other things, restrict our ability to create liens, merge or consolidate with another person, make acquisitions and incur subsidiary debt. As of September 30, 2024, we were in compliance with all financial covenants in our debt agreements, and there is no material uncertainty about our ongoing ability to meet those covenants.
Share repurchases
On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization expired on July 22, 2024.
On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024 following the expiration of the 2021 Authorization, and expires on July 22, 2027.
During the nine months ended September 30, 2024, we repurchased 1.5 million of our ordinary shares for $100.0 million under the 2024 Authorization and we did not repurchase ordinary shares under the 2021 Authorization. During the nine months ended September 30, 2023, we repurchased 0.3 million of our ordinary shares for $13.2 million under the 2021 Authorization.
As of September 30, 2024, we had $400.0 million available for share repurchases under the 2024 Authorization.
Dividends
During the nine months ended September 30, 2024, we paid dividends of $95.3 million, or $0.57 per ordinary share. During the nine months ended September 30, 2023, we paid dividends of $87.6 million, or $0.525 per ordinary share.
On September 24, 2024, the Board of Directors declared a quarterly cash dividend of $0.19 per ordinary share that was paid on November 1, 2024, to shareholders of record at the close of business on October 18, 2024. The balance of dividends payable included in Other current liabilities on our Condensed Consolidated Balance Sheets was $32.1 million and $32.6 million at September 30, 2024 and December 31, 2023, respectively.
Other financial measures
In addition to measuring our cash flow generation or usage based upon operating, investing and financing classifications included in the Condensed Consolidated Statements of Cash Flows, we also measure our free cash flow. Free cash flow is a non-GAAP financial measure that we use to assess our cash flow performance. Total results below reflect continuing operations combined with discontinued operations. We believe free cash flow is an important measure of liquidity because it provides us and our investors a measurement of cash generated from operations that is available to pay dividends, make acquisitions, repay debt and repurchase shares. In addition, free cash flow is used as a criterion to measure and pay annual incentive compensation. Our measure of free cash flow may not be comparable to similarly titled measures reported by other companies.
35


The following table is a reconciliation of free cash flow:
 Nine months ended
In millionsSeptember 30,
2024
September 30,
2023
Net cash provided by (used for) operating activities of continuing operations$324.1 $232.5 
Capital expenditures(47.5)(44.8)
Proceeds from sale of property and equipment0.5 — 
Free cash flow of continuing operations277.1 187.7 
Net cash provided by (used for) operating activities of discontinued operations94.4 59.1 
Capital expenditures of discontinued operations(5.6)(4.1)
Proceeds from sale of property and equipment of discontinued operations— 7.3 
Total free cash flow$365.9 $250.0 
CRITICAL ACCOUNTING ESTIMATES
We have adopted various accounting policies to prepare the consolidated financial statements in accordance with GAAP. Certain of our accounting policies require the application of significant judgment by management in selecting the appropriate assumptions for calculating financial estimates. In our 2023 Annual Report on Form 10-K, we identified the critical accounting policies which affect our more significant estimates and assumptions used in preparing our consolidated financial statements.
There have been no material changes to our critical accounting policies and estimates from those previously disclosed in our 2023 Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
There have been no material changes in our market risk during the quarter ended September 30, 2024. For additional information, refer to our 2023 Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 4.    CONTROLS AND PROCEDURES
(a)    Evaluation of Disclosure Controls and Procedures
We maintain a system of disclosure controls and procedures designed to provide reasonable assurance as to the reliability of our published financial statements and other disclosures included in this report. Our management evaluated, with the participation of our Chief Executive Officer and our Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the quarter ended September 30, 2024 pursuant to Rule 13a-15(b) of the Securities Exchange Act of 1934 (the "Exchange Act"). Based upon their evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures were effective, at the reasonable assurance level, as of the end of the quarter ended September 30, 2024 to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms, and to ensure that information required to be disclosed by us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosures.
(b)    Changes in Internal Control over Financial Reporting
During the quarter ended September 30, 2024, we completed the acquisition of Trachte. As part of our ongoing integration activities associated with the Trachte acquisition, we are reviewing the internal controls and procedures of Trachte and working to augment our company-wide controls to reflect the risks inherent in the acquisition. There were no other changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2024 that have materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
36



PART II OTHER INFORMATION
ITEM 1.    LEGAL PROCEEDINGS
There have been no material developments with respect to the legal proceedings previously disclosed in Item 3 of our 2023 Annual Report on Form 10-K for the year ended December 31, 2023.
ITEM 1A.    RISK FACTORS
There have been no material changes from the risk factors previously disclosed in our 2023 Annual Report on Form 10-K for the year ended December 31, 2023, except for the additional risk factor relating to the sale of the Thermal Management business set forth below.
We may not complete the sale of our Thermal Management business in the time frame or on the terms we anticipate.
On July 31, 2024, we entered into an agreement to sell our Thermal Management business to BCP Acquisitions LLC, an affiliate of funds managed by Brookfield Asset Management, for a purchase price of $1.7 billion in cash, subject to certain customary purchase price adjustments. We expect the sale of the Thermal Management business will be completed by early 2025, subject to customary closing conditions, including regulatory approval. The completion of the sale of the Thermal Management business is subject to a number of risks and uncertainties, including the satisfaction of the conditions to the completion of the sale, the parties to the transactions obtaining the necessary regulatory approvals, the occurrence of any event, change or other circumstance that could give rise to the termination of the sale agreement and our ability to obtain the expected proceeds from the sale. These and other factors could impair our ability to complete the sale of the Thermal Management business in the time frame and on the terms we anticipate, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.
37


ITEM 2.    UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The following table provides information with respect to purchases we made of our ordinary shares during the third quarter of 2024:
(a)(b)(c)(d)
PeriodTotal number of
shares purchased
Average price
paid per share
Total number of
shares purchased as
part of publicly
announced plans
or programs
Dollar value of
shares that may
yet be purchased
under the plans 
or programs
July 1 - July 27, 2024 8,906 $78.17 — $500,000,000 
July 28 - August 24, 2024789,971 64.79 789,875 448,806,412 
August 25 - September 30, 2024759,483 63.24 758,058 400,000,005 
Total1,558,360 1,547,933 
(a)The purchases in this column include shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the nVent Electric plc 2018 Omnibus Incentive Plan (the "2018 Plan") and earlier Pentair stock incentive plans that are now outstanding under the 2018 Plan (collectively the "Plans") to satisfy the exercise price or withholding of tax obligations related to the exercise of stock options, vesting of restricted shares and vesting of performance shares.
(b)The average price paid in this column includes shares repurchased as part of our publicly announced plans and shares deemed surrendered to us by participants in the Plans to satisfy the exercise price of stock options and withholding tax obligations due upon stock option exercises and vesting of restricted and performance shares.
(c)The number of shares in this column represents the number of shares repurchased as part of our publicly announced plans to repurchase our ordinary shares up to a maximum dollar limit authorized by the Board of Directors, discussed below.
(d)On May 14, 2021, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $300.0 million (the "2021 Authorization"). The 2021 Authorization expired on July 22, 2024. On May 17, 2024, the Board of Directors authorized the repurchase of our ordinary shares up to a maximum dollar limit of $500.0 million (the "2024 Authorization"). The 2024 Authorization began on July 23, 2024 following the expiration of the 2021 Authorization and expires July 22, 2027. As of September 30, 2024, we had $400.0 million available for share repurchases under the 2024 Authorization.
ITEM 5.     OTHER INFORMATION
(c)
During the third quarter of 2024, none of our directors or Section 16 officers adopted or terminated any "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" (as each term is defined in Item 408(a) of Regulation S-K), except as set forth in the table below.
NameJerry W. Burris
TitleDirector
Type of trading arrangementRule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c).
Adoption date8/19/2024*
* The trading arrangement only permits transactions upon expiration of the applicable mandatory cooling-off period under Rule 10b5-1 under the Securities Act of 1934, as amended.
Duration of trading arrangementThe trading arrangement permits transactions through and including the earlier to occur of January 2, 2026 or the execution of all trades or expiration of all orders relating to such trades.
Aggregate number of shares to be soldUp to 6,558 shares issuable upon the exercise of options to acquire shares pursuant to the trading arrangement.
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ITEM 6.     EXHIBITS
The exhibits listed in the following Exhibit Index are filed as part of this Quarterly Report on Form 10-Q.
Exhibit Index to Form 10-Q for the Period Ended September 30, 2024
 
Share and Asset Purchase Agreement, dated July 31, 2024, by and between nVent Electric plc and BCP Acquisitions LLC (incorporated by reference to Exhibit 2.1 in the Current Report on Form 8-K of nVent Electric plc filed with the Commission on August 6, 2024 (File No. 001-38265)).
Sale Incentive Agreement, dated July 31, 2024, between Michael B. Faulconer and nVent Management Company.*
Guarantors and Subsidiary Issuers of Guaranteed Securities. (incorporated by reference to Exhibit 22 in the Quarterly Report on Form 10-Q of nVent Electric plc filed with the Commission on July 28, 2023 (File No. 001-38265)).
Certification of Chief Executive Officer.
Certification of Chief Financial Officer.
Certification of Chief Executive Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Certification of Chief Financial Officer, Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101
The following materials from nVent Electric plc's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 are filed herewith, formatted in iXBRL (Inline Extensible Business Reporting Language): (i) the Condensed Consolidated Statements of Income and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023, (ii) the Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023, (iii) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023, (iv) the Condensed Consolidated Statements of Changes in Equity for the three and nine months ended September 30, 2024 and 2023, (v) Notes to Condensed Consolidated Financial Statements and (vi) the information included in Part II, Item 5(c). The instance document does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
* Denotes a management contract or compensatory plan or arrangement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on November 1, 2024.
 
nVent Electric plc
Registrant
By/s/ Sara E. Zawoyski
Sara E. Zawoyski
Executive Vice President and Chief Financial Officer
By/s/ Randolph A. Wacker
Randolph A. Wacker
Senior Vice President, Chief Accounting Officer and Treasurer
40