Company Quick10K Filing
Nvent Electric
Price21.90 EPS1
Shares174 P/E16
MCap3,806 P/FCF24
Net Debt1,106 EBIT281
TEV4,913 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-25
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-04-25
10-K 2018-12-31 Filed 2019-02-19
10-Q 2018-09-30 Filed 2018-10-25
10-Q 2018-06-30 Filed 2018-07-26
10-Q 2018-03-31 Filed 2018-05-08
8-K 2020-10-30 Earnings, Exhibits
8-K 2020-07-31 Earnings, Exhibits
8-K 2020-05-15
8-K 2020-05-01
8-K 2020-04-29
8-K 2020-03-06
8-K 2020-02-05
8-K 2019-10-30
8-K 2019-09-27
8-K 2019-09-24
8-K 2019-08-01
8-K 2019-05-10
8-K 2019-04-25
8-K 2019-03-01
8-K 2019-01-31
8-K 2018-12-14
8-K 2018-10-25
8-K 2018-07-26
8-K 2018-04-25
8-K 2018-04-19
8-K 2018-04-19
8-K 2018-04-09

NVT 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 ex311ceocertification2.htm
EX-31.2 ex312cfocertification2.htm
EX-32.1 ex321ceocertification2.htm
EX-32.2 ex322cfocertification2.htm

Nvent Electric Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
10.08.06.04.02.00.02016201720182020
Assets, Equity
0.60.50.40.20.10.02016201720182020
Rev, G Profit, Net Income
0.80.50.2-0.2-0.5-0.82016201720182020
Ops, Inv, Fin

nvt-20200930
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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended September 30, 2020    
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-38265
nVent Electric plc
(Exact name of Registrant as specified in its charter)
Ireland98-1391970
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification number)
The Mille, 1000 Great West Road, 8th Floor (East), London, TW8 9DW, United Kingdom
(Address of principal executive offices)

Registrant's telephone number, including area code: 44-20-3966-0279

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Ordinary Shares, nominal value $0.01 per shareNVTNew York Stock Exchange
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.  Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§223.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer Non-accelerated filer Smaller reporting 
company 
Emerging growth
company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
On September 30, 2020, 170,118,318 shares of Registrant's common stock were outstanding.


Table of Contents
nVent Electric plc
 
 Page
PART I FINANCIAL INFORMATION
ITEM 1.
ITEM 2.
ITEM 3.
ITEM 4.
PART II OTHER INFORMATION
ITEM 1.
ITEM 1A.
ITEM 2.
ITEM 6.


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PART I FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS
nVent Electric plc
Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (Unaudited)
Three months endedNine months ended
In millions, except per-share dataSeptember 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Net sales$509.3 $559.8 $1,477.4 $1,637.3 
Cost of goods sold312.5 335.7 925.0 991.1 
Gross profit196.8 224.1 552.4 646.2 
Selling, general and administrative107.4 126.2 334.8 359.4 
Research and development10.5 11.8 33.1 36.2 
Impairment of goodwill and trade names220.5  220.5  
Operating income (loss)(141.6)86.1 (36.0)250.6 
Net interest expense8.5 11.6 27.8 34.0 
Other expense
0.7 0.9 2.2 2.8 
Income (loss) before income taxes (150.8)73.6 (66.0)213.8 
Provision (benefit) for income taxes(12.1)13.7 28.3 36.6 
Net income (loss)$(138.7)$59.9 $(94.3)$177.2 
Comprehensive income (loss), net of tax
Net income (loss)$(138.7)$59.9 $(94.3)$177.2 
Changes in cumulative translation adjustment1.2 (8.0)(15.7)(1.8)
Changes in market value of derivative financial instruments, net of tax
(5.4)2.3 6.8 8.8 
Comprehensive income (loss)
$(142.9)$54.2 $(103.2)$184.2 
Earnings (loss) per ordinary share
Basic
$(0.82)$0.35 $(0.56)$1.03 
Diluted
$(0.82)$0.35 $(0.56)$1.02 
Weighted average ordinary shares outstanding
Basic170.0 169.1 169.9 172.3 
Diluted170.0 170.3 169.9 173.8 
Cash dividends paid per ordinary share$0.175 $0.175 $0.525 $0.525 
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)
 September 30,
2020
December 31,
2019
In millions, except per-share data
Assets
Current assets
Cash and cash equivalents$159.8 $106.4 
Accounts and notes receivable, net of allowances of $7.5 and $5.4, respectively
327.4 334.3 
Inventories238.9 244.7 
Other current assets89.9 113.3 
Total current assets816.0 798.7 
Property, plant and equipment, net278.1 284.5 
Other assets
Goodwill2,090.7 2,279.1 
Intangibles, net1,117.6 1,160.5 
Other non-current assets108.2 117.5 
Total other assets3,316.5 3,557.1 
Total assets$4,410.6 $4,640.3 
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings$20.0 $17.5 
Accounts payable139.1 187.1 
Employee compensation and benefits68.8 71.9 
Other current liabilities182.0 185.7 
Total current liabilities409.9 462.2 
Other liabilities
Long-term debt1,032.8 1,047.1 
Pension and other post-retirement compensation and benefits220.0 207.2 
Deferred tax liabilities234.7 237.8 
Other non-current liabilities99.8 93.5 
Total liabilities1,997.2 2,047.8 
Equity
Ordinary shares $0.01 par value, 400.0 authorized, 170.1 and 169.5 issued at September 30, 2020 and December 31, 2019, respectively
1.7 1.7 
Additional paid-in capital2,516.2 2,502.7 
Retained earnings3.0 186.7 
Accumulated other comprehensive loss(107.5)(98.6)
Total equity 2,413.4 2,592.5 
Total liabilities and equity$4,410.6 $4,640.3 
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Nine months ended
In millionsSeptember 30,
2020
September 30,
2019
Operating activities
Net income (loss)$(94.3)$177.2 
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities
Depreciation28.8 26.1 
Amortization48.1 45.6 
Deferred income taxes6.2 (1.9)
Share-based compensation10.0 12.4 
Impairment of goodwill and trade names220.5  
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable7.8 (17.2)
Inventories9.3 (18.4)
Other current assets22.2  
Accounts payable(46.1)(53.6)
Employee compensation and benefits(3.5)(7.7)
Other current liabilities(3.4)(1.9)
Other non-current assets and liabilities(1.9)(3.1)
Net cash provided by (used for) operating activities203.7 157.5 
Investing activities
Capital expenditures(25.4)(29.0)
Proceeds from sale of property and equipment1.5 6.1 
Acquisitions, net of cash acquired(27.0)(127.8)
Net cash provided by (used for) investing activities(50.9)(150.7)
Financing activities
Net receipts of revolving long-term debt 216.5 
Repayments of long-term debt(12.5)(9.7)
Dividends paid(89.2)(91.1)
Shares issued to employees, net of shares withheld4.7 5.3 
Repurchases of ordinary shares(3.2)(235.7)
Net cash provided by (used for) financing activities(100.2)(114.7)
Effect of exchange rate changes on cash and cash equivalents0.8 (1.6)
Change in cash and cash equivalents53.4 (109.5)
Cash and cash equivalents, beginning of period106.4 159.0 
Cash and cash equivalents, end of period$159.8 $49.5 
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Condensed Consolidated Statements of Changes in Equity (Unaudited)
In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss
 Total
NumberAmount
Balance - December 31, 2019169.5 $1.7 $2,502.7 $186.7 $(98.6)$2,592.5 
Net income — — — 18.6 — 18.6 
Other comprehensive income (loss), net of tax
— — — — (6.5)(6.5)
Dividends declared— — — (29.8)— (29.8)
Share repurchases
(0.2) (3.2)— — (3.2)
Exercise of options, net of shares tendered for payment
0.3 — 6.4 — — 6.4 
Issuance of restricted shares, net of cancellations
0.3 — — — —  
Shares surrendered by employees to pay taxes(0.1)— (3.3)— — (3.3)
Share-based compensation— — 1.9 — — 1.9 
Balance - March 31, 2020169.8 $1.7 $2,504.5 $175.5 $(105.1)$2,576.6 
Net income — — — 25.8 — 25.8 
Other comprehensive income (loss), net of tax— — — — 1.8 1.8 
Dividends declared— — — (29.8)— (29.8)
Exercise of options, net of shares tendered for payment
 — 0.2 — — 0.2 
Issuance of restricted shares, net of cancellations
0.1 — — — — — 
Shares surrendered by employees to pay taxes — (0.6)— — (0.6)
Share-based compensation— — 4.2 — — 4.2 
Balance - June 30, 2020169.9 $1.7 $2,508.3 $171.5 $(103.3)$2,578.2 
Net income (loss)— — — (138.7)— (138.7)
Other comprehensive income (loss), net of tax— — — — (4.2)(4.2)
Dividends declared— — — (29.8)— (29.8)
Exercise of options, net of shares tendered for payment
0.2 — 2.2 — — 2.2 
Shares surrendered by employees to pay taxes— — (0.2)— — (0.2)
Share-based compensation— — 5.9 — — 5.9 
Balance - September 30, 2020170.1 $1.7 $2,516.2 $3.0 $(107.5)$2,413.4 
 
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In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss
 Total
NumberAmount
Balance - December 31, 2018177.2 $1.8 $2,709.7 $83.4 $(107.8)$2,687.1 
Net income— — — 56.4 — 56.4 
Other comprehensive income (loss), net of tax— — — — (3.2)(3.2)
Dividends declared— — — (30.6)— (30.6)
Share repurchases(3.0)(0.1)(79.8)— — (79.9)
Exercise of options, net of shares tendered for payment
0.3 — 3.6 — — 3.6 
Issuance of restricted shares, net of cancellations
0.3 — — — —  
Shares surrendered by employees to pay taxes(0.1)— (2.6)— — (2.6)
Share-based compensation— — 4.3 — — 4.3 
Balance - March 31, 2019174.7 $1.7 $2,635.2 $109.2 $(111.0)$2,635.1 
Net income— — — 60.9 — 60.9 
Other comprehensive income (loss), net of tax— — — — 15.9 15.9 
Dividends declared— — — (29.6)— (29.6)
Share repurchases(5.9) (152.8)— — (152.8)
Exercise of options, net of shares tendered for payment
0.3 — 4.8 — — 4.8 
Shares surrendered by employees to pay taxes — (0.6)— — (0.6)
Share-based compensation— — 4.1 — — 4.1 
Balance - June 30, 2019169.1 $1.7 $2,490.7 $140.5 $(95.1)$2,537.8 
Net income— — — 59.9 — 59.9 
Other comprehensive income (loss), net of tax— — — — (5.7)(5.7)
Dividends declared— — — (29.6)— (29.6)
Exercise of options, net of shares tendered for payment
 — 0.3 — — 0.3 
Issuance of restricted shares, net of cancellations0.1 — — — — — 
Shares surrendered by employees to pay taxes — (0.3)— — (0.3)
Share-based compensation— — 4.1 — — 4.1 
Balance - September 30, 2019169.2 $1.7 $2,494.8 $170.8 $(100.8)$2,566.5 
See accompanying notes to condensed consolidated financial statements.
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)


1.Basis of Presentation and Responsibility for Interim Financial Statements
Business
nVent Electric plc ("nVent," "we," "us," "our" or the "Company") is a leading global provider of electrical connection and protection solutions. The Company is comprised of three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
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 an independent publicly-traded company and began "regular way" trading under the symbol "NVT" on the New York Stock Exchange on May 1, 2018.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2019.
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Additionally, in March 2020, the World Health Organization declared novel coronavirus 2019 (“COVID-19”) a pandemic. The effects of the COVID-19 pandemic have had and may continue to have an unfavorable impact on our business. The broader implication of COVID-19 on our results of operations and overall financial performance remains uncertain. We may experience reduced customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year.
Adoption of new accounting standards
Effective January 1, 2020, the Company adopted Accounting Standards Update 2017-04, "Intangibles-Goodwill and Other (Topic 350)". The new standard simplifies the subsequent measurement of goodwill by eliminating the second step of the goodwill impairment test. Instead, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment expense for the amount by which the carrying amount exceeds the reporting unit's fair value, not to exceed the total amount of goodwill allocated to the reporting unit.

In March 2020, the SEC amended Rule 3-10 of Regulation S-X regarding financial disclosure requirements for registered debt offerings involving subsidiaries as either issuers or guarantors. This amended rule narrows the circumstances that require separate financial statements or summarized financial disclosures of subsidiary issuers and guarantors and simplifies the summarized disclosures required in lieu of those statements. As a result of this amended rule, we have included narrative disclosures in lieu of separate financial statements and summarized financial disclosures as amounts presented would not be material because the guarantor and subsidiary issuer do not have material independent assets and operations unrelated to investments in consolidated subsidiaries.
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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)

2.Revenue
Disaggregation of revenue
We disaggregate our revenue from contracts with customers by geographic location and vertical for each of our segments, as we believe these best depict how the nature, amount, timing and uncertainty of our revenue and cash flows are affected by economic factors.
Geographic net sales information, based on geographic destination of the sale, was as follows:
Three months ended September 30, 2020
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$159.7 $109.2 $69.6 $338.5 
Developed Europe (1)
60.4 26.3 32.0 118.7 
Developing (2)
20.9 8.2 12.2 41.3 
Other Developed (3)
3.7 4.0 3.1 10.8 
Total$244.7 $147.7 $116.9 $509.3 

Nine months ended September 30, 2020
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$474.6 $312.3 $191.4 $978.3 
Developed Europe (1)
177.8 74.9 85.6 338.3 
Developing (2)
59.9 23.2 45.5 128.6 
Other Developed (3)
10.2 11.3 10.7 32.2 
Total$722.5 $421.7 $333.2 $1,477.4 
Three months ended September 30, 2019
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$183.3 $107.6 $90.7 $381.6 
Developed Europe (1)
52.0 28.1 32.1 112.2 
Developing (2)
23.6 10.5 20.3 54.4 
Other Developed (3)
3.7 3.4 4.5 11.6 
Total$262.6 $149.6 $147.6 $559.8 

Nine months ended September 30, 2019
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$549.8 $314.6 $248.0 $1,112.4 
Developed Europe (1)
150.4 82.9 97.4 330.7 
Developing (2)
68.9 30.1 63.2 162.2 
Other Developed (3)
9.0 10.1 12.9 32.0 
Total$778.1 $437.7 $421.5 $1,637.3 
(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.

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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)

Vertical net sales information was as follows:
Three months ended September 30, 2020
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$148.4 $29.4 $47.4 $225.2 
Commercial & Residential28.5 83.3 45.2 157.0 
Energy21.3 15.5 22.7 59.5 
Infrastructure46.5 19.5 1.6 67.6 
Total$244.7 $147.7 $116.9 $509.3 

Nine months ended September 30, 2020
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$438.5 $81.3 $129.6 $649.4 
Commercial & Residential83.9 237.5 117.8 439.2 
Energy66.6 45.9 81.4 193.9 
Infrastructure133.5 57.0 4.4 194.9 
Total$722.5 $421.7 $333.2 $1,477.4 
Three months ended September 30, 2019
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$157.8 $30.1 $60.5 $248.4 
Commercial & Residential29.4 87.2 47.3 163.9 
Energy26.5 13.6 37.1 77.2 
Infrastructure48.9 18.7 2.7 70.3 
Total$262.6 $149.6 $147.6 $559.8 

Nine months ended September 30, 2019
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$467.7 $86.7 $173.9 $728.3 
Commercial & Residential78.7 255.0 131.7 465.4 
Energy78.6 41.8 109.1 229.5 
Infrastructure153.1 54.2 6.8 214.1 
Total$778.1 $437.7 $421.5 $1,637.3 


Contract balances
Contract assets and liabilities consisted of the following:
In millionsSeptember 30, 2020December 31, 2019$ Change% Change
Contract assets$42.8 $69.4 $(26.6)(38.3)%
Contract liabilities11.7 13.7 (2.0)(14.6)%
Net contract assets$31.1 $55.7 $(24.6)(44.2)%

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nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)

The $24.6 million decrease in net contract assets from December 31, 2019 to September 30, 2020 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2019 were recognized in revenue during the nine months ended September 30, 2020. There were no material impairment losses recognized on our contract assets for the three or nine months ended September 30, 2020.
Remaining performance obligations
We have elected the practical expedient to disclose only the value of remaining performance obligations for contracts with an original expected length of one year or more. On September 30, 2020, we had $82.7 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 12 to 18 months.

3.Restructuring
During the nine months ended September 30, 2020 and the year ended December 31, 2019, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business. Specifically in the first nine months of 2020, certain initiatives were executed in response to the decrease in expected demand attributed to the effect of the COVID-19 pandemic and recent significant volatility in oil and gas prices leading to a potential sustained downturn in the energy industry. Restructuring initiatives during the nine months ended September 30, 2020 included the reduction in hourly and salaried headcount of approximately 300 employees.
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) included costs for severance and other restructuring costs as follows: 
Three months endedNine months ended
In millionsSeptember 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Severance and related costs$3.5 $10.9 $9.7 $14.4 
Other0.8 0.3 1.9 1.5 
Total restructuring costs$4.3 $11.2 $11.6 $15.9 
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment were as follows:
Three months endedNine months ended
In millionsSeptember 30,
2020
September 30,
2019
September 30,
2020
September 30,
2019
Enclosures$0.9 $1.5 $5.1 $1.6 
Electrical & Fastening Solutions0.3 0.2 0.4 1.2 
Thermal Management1.7 2.8 4.3 5.6 
Other1.4 6.7 1.8 7.5 
Total$4.3 $11.2 $11.6 $