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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, 2024    
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-38265
nventlogorgbf2a12.jpg
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 No.)
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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer ☐Non-accelerated filer ☐Smaller reporting 
company 		☐Emerging growth
company 		☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
On September 30, 2024, 164,815,776 shares of the registrant's common stock were outstanding.


nVent Electric plc


2

PART I FINANCIAL INFORMATION

ITEM 1.    FINANCIAL STATEMENTS
nVent Electric plc
Condensed Consolidated Statements of Income and Comprehensive Income (Unaudited)
Three months endedNine months ended
In millions, except per share dataSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net sales$782.0 $715.0 $2,253.9 $1,978.4 
Cost of goods sold470.9 425.9 1,344.3 1,179.7 
Gross profit311.1 289.1 909.6 798.7 
Selling, general and administrative161.8 148.4 450.7 413.3 
Research and development16.1 14.5 48.9 40.2 
Operating income133.2 126.2 410.0 345.2 
Net interest expense30.4 25.5 76.6 55.0 
Gain on sale of investment— — — (10.2)
Other expense
1.2 1.3 3.3 3.6 
Income before income taxes 101.6 99.4 330.1 296.8 
Provision for income taxes22.7 17.5 72.8 49.5 
Net income from continuing operations78.9 81.9 257.3 247.3 
Income from discontinued operations, net of tax26.1 23.6 63.8 64.9 
Net income$105.0 $105.5 $321.1 $312.2 
Comprehensive income, net of tax
Net income$105.0 $105.5 $321.1 $312.2 
Changes in cumulative translation adjustment16.5 (14.9)(6.9)(11.1)
Changes in market value of derivative financial instruments, net of tax
(3.8)(1.1)1.5 (6.0)
Comprehensive income$117.7 $89.5 $315.7 $295.1 
Earnings per ordinary share
Basic
Continuing operations$0.47 $0.49 $1.55 $1.50 
Discontinued operations0.16 0.15 0.39 0.39 
Basic earnings per ordinary share$0.63 $0.64 $1.94 $1.89 
Diluted
Continuing operations$0.47 $0.49 $1.53 $1.47 
Discontinued operations0.15 0.14 0.38 0.39 
Diluted earnings per ordinary share$0.62 $0.63 $1.91 $1.86 
Weighted average ordinary shares outstanding
Basic165.6 165.8 165.7 165.6 
Diluted168.1 168.6 168.5 168.2 
Cash dividends paid per ordinary share$0.19 $0.175 $0.57 $0.525 
See accompanying notes to condensed consolidated financial statements.
3

nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)
 September 30,
2024		December 31,
2023
In millions, except per share data
Assets
Current assets
Cash and cash equivalents$137.1 $179.6 
Accounts and notes receivable, net of allowances of $13.4 and $11.8, respectively
526.0 470.2 
Inventories366.2 360.2 
Other current assets132.9 72.5 
Current assets held for sale256.5 253.6 
Total current assets1,418.7 1,336.1 
Property, plant and equipment, net335.8 319.9 
Other assets
Goodwill2,232.0 1,858.1 
Intangibles, net1,618.3 1,350.5 
Other non-current assets329.9 302.6 
Non-current assets held for sale983.3 994.5 
Total other assets5,163.5 4,505.7 
Total assets$6,918.0 $6,161.7 
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings$37.5 $31.9 
Accounts payable243.4 239.8 
Employee compensation and benefits95.3 102.7 
Other current liabilities273.5 244.5 
Current liabilities held for sale126.5 114.7 
Total current liabilities776.2 733.6 
Other liabilities
Long-term debt2,220.7 1,748.8 
Pension and other post-retirement compensation and benefits140.1 140.4 
Deferred tax liabilities264.5 190.3 
Other non-current liabilities184.8 158.8 
Non-current liabilities held for sale48.0 47.7 
Total liabilities3,634.3 3,019.6 
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 164.8 million and 165.1 million issued at September 30, 2024 and December 31, 2023, respectively
1.7 1.7 
Additional paid-in capital2,260.3 2,339.1 
Retained earnings1,131.1 905.3 
Accumulated other comprehensive loss(109.4)(104.0)
Total equity 3,283.7 3,142.1 
Total liabilities and equity$6,918.0 $6,161.7 
See accompanying notes to condensed consolidated financial statements.
4

nVent Electric plc
Condensed Consolidated Statements of Cash Flows (Unaudited)
 Nine months ended
In millionsSeptember 30,
2024		September 30,
2023
Operating activities
Net income$321.1 $312.2 
Less: Income from discontinued operations, net of tax63.8 64.9 
Net income from continuing operations257.3 247.3 
Adjustments to reconcile net income from continuing operations to net cash provided by (used for) operating activities of continuing operations
Depreciation37.8 30.2 
Amortization66.7 49.2 
Deferred income taxes0.3 (4.6)
Share-based compensation20.1 16.3 
Gain on sale of investment— (10.2)
Amortization of bridge financing debt issuance costs2.2 3.6 
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable(10.3)(57.4)
Inventories0.3 8.5 
Other current assets(28.1)(22.3)
Accounts payable(11.7)(10.8)
Employee compensation and benefits(13.1)2.0 
Other current liabilities2.6 (18.4)
Other non-current assets and liabilities— (0.9)
Net cash provided by (used for) operating activities of continuing operations324.1 232.5 
Net cash provided by (used for) operating activities of discontinued operations94.4 59.1 
Net cash provided by (used for) operating activities418.5 291.6 
Investing activities
Capital expenditures(47.5)(44.8)
Proceeds from sale of property and equipment0.5 — 
Proceeds from sale of investment— 14.1 
Settlement of net investment hedge— 3.1 
Acquisitions, net of cash acquired(677.7)(1,119.7)
Net cash provided by (used for) investing activities of continuing operations(724.7)(1,147.3)
Net cash provided by (used for) investing activities of discontinued operations(5.6)3.2 
Net cash provided by (used for) investing activities(730.3)(1,144.1)
Financing activities
Proceeds from long-term debt500.0 800.0 
Repayments of long-term debt(22.5)(20.0)
Settlement of cash flow hedge— 4.5 
Debt issuance costs(3.9)(11.2)
Dividends paid(95.3)(87.6)
Shares issued to employees, net of shares withheld(0.2)1.6 
Repurchases of ordinary shares(100.0)(15.2)
Net cash provided by (used for) financing activities278.1 672.1 
Effect of exchange rate changes on cash and cash equivalents(4.0)(3.8)
Change in cash and cash equivalents(37.7)(184.2)
Cash and cash equivalents, beginning of period179.6 290.0 
Cash and cash equivalents within assets held for sale, beginning of period5.5 7.5 
Less: Cash and cash equivalents within assets held for sale, end of period10.3 5.4 
Cash and cash equivalents, end of period$137.1 $107.9 
See accompanying notes to condensed consolidated financial statements.
5

nVent Electric plc
Condensed Consolidated Statements of Changes in Equity (Unaudited)
In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss		Total
NumberAmount
December 31, 2023165.1 $1.7 $2,339.1 $905.3 $(104.0)$3,142.1 
Net income — — — 105.1 — 105.1 
Other comprehensive income (loss), net of tax— — — — (8.6)(8.6)
Dividends declared— — — (32.1)— (32.1)
Exercise of options, net of shares tendered for payment0.5 — 10.0 — — 10.0 
Issuance of restricted shares, net of cancellations0.6 — — — — — 
Shares surrendered by employees to pay taxes(0.2)— (10.8)— — (10.8)
Share-based compensation— — 6.6 — — 6.6 
March 31, 2024166.0 $1.7 $2,344.9 $978.3 $(112.6)$3,212.3 
Net income— — — 111.0 — 111.0 
Other comprehensive income (loss), net of tax— — — — (9.5)(9.5)
Dividends declared— — — (31.8)— (31.8)
Exercise of options, net of shares tendered for payment0.2 — 0.3 — — 0.3 
Shares surrendered by employees to pay taxes— — (1.4)— — (1.4)
Share-based compensation— — 6.9 — — 6.9 
June 30, 2024166.2 $1.7 $2,350.7 $1,057.5 $(122.1)$3,287.8 
Net income— — — 105.0 — 105.0 
Other comprehensive income (loss), net of tax— — — — 12.7 12.7 
Dividends declared— — — (31.4)— (31.4)
Share repurchases(1.5)— (100.0)— — (100.0)
Exercise of options, net of shares tendered for payment0.1 — 2.5 — — 2.5 
Shares surrendered by employees to pay taxes— — (0.7)— — (0.7)
Share-based compensation— — 7.8 — — 7.8 
September 30, 2024164.8 $1.7 $2,260.3 $1,131.1 $(109.4)$3,283.7 
6

In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss		 Total
NumberAmount
December 31, 2022165.3 $1.7 $2,372.3 $457.3 $(99.6)$2,731.7 
Net income— — — 93.8 — 93.8 
Other comprehensive income (loss), net of tax— — — — 3.6 3.6 
Dividends declared— — — (29.3)— (29.3)
Share repurchases(0.3)— (13.2)— — (13.2)
Exercise of options, net of shares tendered for payment0.2 — 5.1 — — 5.1 
Issuance of restricted shares, net of cancellations0.7 — — — — — 
Shares surrendered by employees to pay taxes(0.2)— (7.5)— — (7.5)
Share-based compensation— — 5.7 — — 5.7 
March 31, 2023165.7 $1.7 $2,362.4 $521.8 $(96.0)$2,789.9 
Net income— — — 112.9 — 112.9 
Other comprehensive income (loss), net of tax— — — — (4.7)(4.7)
Dividends declared— — — (29.2)— (29.2)
Exercise of options, net of shares tendered for payment0.1 — 1.8 — — 1.8 
Shares surrendered by employees to pay taxes— — (0.7)— — (0.7)
Share-based compensation— — 5.7 — — 5.7 
June 30, 2023165.8 $1.7 $2,369.2 $605.5 $(100.7)$2,875.7 
Net income— — — 105.5 — 105.5 
Other comprehensive income (loss), net of tax— — — — (16.0)(16.0)
Dividends declared— — — (29.1)— (29.1)
Exercise of options, net of shares tendered for payment0.1 — 3.1 — — 3.1 
Shares surrendered by employees to pay taxes— — (0.2)— — (0.2)
Share-based compensation— — 6.1 — — 6.1 
September 30, 2023165.9 $1.7 $2,378.2 $681.9 $(116.7)$2,945.1 
See accompanying notes to condensed consolidated financial statements.
7

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 two reporting segments: Enclosures and Electrical & Fastening Solutions.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited Condensed Consolidated Financial Statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited Condensed Consolidated Financial Statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2023.
Revenues, expenses, cash flows, assets and liabilities can and do vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be indicative of those for a full year. We may experience changes in customer demand or constrained supply that could materially adversely impact our business, financial condition, results of operations and overall financial performance in future periods.
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. As a result of the agreement, the Thermal Management business met the criteria set forth in Accounting Standards Codification ("ASC") 205-20 to be presented as a discontinued operation and the related assets and liabilities have been reclassified as held for sale for all periods presented. The Thermal Management business was previously disclosed as a stand-alone reporting segment. The Thermal Management business' results of operations and the related cash flows have been reclassified to Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Income and cash flows from discontinued operations in the Condensed Consolidated Statements of Cash Flows, respectively, for all periods presented. For additional information regarding this transaction and its effect on our financial reporting, see Note 6 below.
8

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, 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, 2024
In millionsEnclosuresElectrical & Fastening SolutionsTotal
North America (1)
$353.9 $256.2 $610.1 
EMEA (2)
95.3 35.8 131.1 
Asia-Pacific27.5 10.2 37.7 
Rest of World (3)
0.4 2.7 3.1 
Total$477.1 $304.9 $782.0 
Nine months ended September 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsTotal
North America (1)
$986.9 $749.4 $1,736.3 
EMEA (2)
292.0 110.4 402.4 
Asia-Pacific77.0 29.7 106.7 
Rest of World (3)
1.9 6.6 8.5 
Total$1,357.8 $896.1 $2,253.9 
Three months ended September 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsTotal
North America (1)
$292.7 $256.3 $549.0 
EMEA (2)
95.1 36.0 131.1 
Asia-Pacific23.9 8.3 32.2 
Rest of World (3)
1.0 1.7 2.7 
Total$412.7 $302.3 $715.0 
Nine months ended September 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsTotal
North America (1)
$852.8 $628.4 $1,481.2 
EMEA (2)
276.0 115.1 391.1 
Asia-Pacific72.7 25.3 98.0 
Rest of World (3)
2.2 5.9 8.1 
Total$1,203.7 $774.7 $1,978.4 
(1) North America includes U.S., Canada and Mexico.
(2) EMEA includes Europe, Middle East, India and Africa.
(3) Rest of World includes Latin America and South America.
In the fourth quarter of 2023, based on benchmarking of industry peers and for purposes of how we assess performance, we updated the disaggregation categories on which we report revenue by geography. For comparability, we have recategorized revenue for the three and nine months ended September 30, 2023 to conform to the new presentation. This recategorization of revenue by geography had no impact on our consolidated financial results.
9

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Vertical net sales information was as follows:
Three months ended September 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsTotal
Industrial$231.9 $39.6 $271.5 
Commercial & Residential60.9 163.1 224.0 
Infrastructure177.0 88.6 265.6 
Energy7.3 13.6 20.9 
Total$477.1 $304.9 $782.0 
Nine months ended September 30, 2024
In millionsEnclosuresElectrical & Fastening SolutionsTotal
Industrial$698.8 $114.5 $813.3 
Commercial & Residential185.8 484.5 670.3 
Infrastructure452.0 258.0 710.0 
Energy21.2 39.1 60.3 
Total$1,357.8 $896.1 $2,253.9 
Three months ended September 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsTotal
Industrial$224.6 $37.6 $262.2 
Commercial & Residential65.0 169.2 234.2 
Infrastructure116.6 83.0 199.6 
Energy6.5 12.5 19.0 
Total$412.7 $302.3 $715.0 
Nine months ended September 30, 2023
In millionsEnclosuresElectrical & Fastening SolutionsTotal
Industrial$665.8 $87.9 $753.7 
Commercial & Residential182.3 408.8 591.1 
Infrastructure336.4 246.0 582.4 
Energy19.2 32.0 51.2 
Total$1,203.7 $774.7 $1,978.4 
10

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Contract balances
Contract assets and liabilities consisted of the following:
In millionsSeptember 30, 2024December 31, 2023$ Change% Change
Contract assets$48.9 $13.6 $35.3 259.6 %
Contract liabilities22.6 8.0 14.6 182.5 %
Net contract assets$26.3 $5.6 $20.7 369.6 %
The $20.7 million increase in net contract assets from December 31, 2023 to September 30, 2024 was primarily the result of the acquisition of Trachte, LLC and the timing of milestone invoicing. The majority of our contract liabilities at December 31, 2023 were recognized in revenue during the nine months ended September 30, 2024. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2024 and 2023.
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, 2024, we had $114.1 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next twelve to eighteen months.
3.Restructuring
During the nine months ended September 30, 2024 and the year ended December 31, 2023, we initiated and continued execution of certain business restructuring initiatives aimed at reducing our fixed cost structure and realigning our business.
Restructuring related costs included in Selling, general and administrative expense in the Condensed Consolidated Statements of Income and Comprehensive Income included costs for severance and other restructuring costs as follows:
 
Three months endedNine months ended
In millionsSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Severance and related costs$1.9 $0.7 $3.7 $2.1 
Other0.9 — 1.7 0.4 
Total restructuring costs$2.8 $0.7 $5.4 $2.5 
Other restructuring costs primarily consist of asset impairment and various contract termination costs.
Restructuring costs by reportable segment as well as enterprise and other were as follows:
Three months endedNine months ended
In millionsSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Enclosures$0.7 $0.4 $1.1 $1.0 
Electrical & Fastening Solutions1.9 0.1 3.8 0.9 
Enterprise and other0.2 0.2 0.5 0.6 
Total$2.8 $0.7 $5.4 $2.5 
11

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
Activity related to accrued severance and related costs recorded in Other current liabilities in the Condensed Consolidated -Balance Sheets is summarized as follows:
Nine months ended
In millionsSeptember 30,
2024		September 30,
2023
Beginning balance$1.2 $2.1 
Costs incurred3.7 2.1 
Cash payments and other(3.0)(2.9)
Ending balance$1.9 $1.3 
4.Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
Three months endedNine months ended
In millions, except per share dataSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net income from continuing operations$78.9 $81.9 $257.3 $247.3 
Income from discontinued operations, net of tax26.1 23.6 63.8 64.9 
Net income $105.0 $105.5 $321.1 $312.2 
Weighted average ordinary shares outstanding
Basic165.6 165.8 165.7 165.6 
Dilutive impact of stock options, restricted stock units and performance share units2.5 2.8 2.8 2.6 
Diluted168.1 168.6 168.5 168.2 
Earnings per ordinary share
Basic
Continuing operations$0.47 $0.49 $1.55 $1.50 
Discontinued operations0.16 0.15 0.39 0.39 
Basic earnings per ordinary share$0.63 $0.64 $1.94 $1.89 
Diluted
Continuing operations$0.47 $0.49 $1.53 $1.47 
Discontinued operations0.15 0.14 0.38 0.39 
Diluted earnings per ordinary share$0.62 $0.63 $1.91 $1.86 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.4 0.4 0.3 0.3 
5.Acquisitions
Trachte Acquisition
On July 16, 2024, as part of our Enclosures reporting segment, we completed the acquisition of Trachte, LLC ("Trachte") 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 the Revolving Credit Facility (as described in Note 10 below).
The purchase price has been preliminarily allocated based on the estimated fair value of assets acquired and liabilities assumed at the date of the Trachte acquisition. The preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. These changes will primarily relate to trade names and
12

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
the impacts associated with income taxes and other accruals. There can be no assurance that such finalization will not result in material changes from the preliminary purchase price allocation.
The following table summarizes the fair values of the assets acquired and liabilities assumed in the Trachte acquisition as of September 30, 2024:
In millions
Cash$13.6 
Accounts receivable45.4 
Inventories10.0 
Other current assets40.6 
Property, plant and equipment11.1 
Identifiable intangible assets333.7 
Goodwill368.6 
Other assets25.3 
Current liabilities(58.0)
Other liabilities(99.0)
Purchase price$691.3 
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $368.6 million, substantially none of which is expected to be deductible for income tax purposes. Goodwill recognized from the Trachte acquisition reflects the future economic benefit resulting from synergies of our combined operations.
Preliminary identifiable intangible assets acquired include $58.3 million of indefinite-lived trade names, $205.9 million of definite-lived customer relationships with an estimated useful life of 17 years, $23.8 million of definite-lived proprietary technology with an estimated useful life of 8 years and $45.7 million of customer backlog with an estimated useful life of 2 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and the fair values of customer relationships and customer backlog acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
ECM Industries Acquisition
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 through borrowings under the 2033 Notes and 2023 Term Loan Facility (as described in Note 10 below).
The purchase price has been allocated based on the fair value of assets acquired and liabilities assumed at the date of the ECM Industries acquisition.
13

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The following table summarizes the final fair values of the assets acquired and liabilities assumed in the ECM Industries acquisition as of September 30, 2024:
In millions
Cash$45.7 
Accounts receivable77.0 
Inventories99.1 
Other current assets4.9 
Property, plant and equipment75.0 
Identifiable intangible assets524.0 
Goodwill379.7 
Other assets17.4 
Current liabilities(53.9)
Other liabilities(34.8)
Purchase price$1,134.1 
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $379.7 million, substantially all of which is expected to be deductible for income tax purposes. Goodwill recognized from the ECM Industries acquisition reflects the future economic benefit resulting from synergies of our combined operations.
Identifiable intangible assets acquired included $113.7 million of trade name intangible assets, a majority of which are indefinite-lived, $381.7 million of definite-lived customer relationships with an estimated useful life of 20 years, and $22.0 million of definite-lived proprietary technology intangible assets with an estimated useful life of 7 years. The fair values of trade names and proprietary technology acquired in the acquisition were determined using a relief-from-royalty method, and customer relationships acquired were determined using a multi-period excess earnings method. These methods utilize unobservable inputs that are significant to these fair value measurements and thus classified as Level 3 of the fair value hierarchy.
The following table presents unaudited pro forma financial information as if the acquisitions of Trachte and ECM Industries had occurred on January 1, 2023 and January 1, 2022, respectively:
Three months endedNine months ended
In millions, except per share dateSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net sales$790.1 $767.4 $2,381.3 $2,273.9 
Net income from continuing operations73.2 84.7 242.4 240.3 
Net income99.3 108.3 306.2 305.2 
Earnings per ordinary share
Basic
Continuing operations$0.44 $0.51 $1.46 $1.45 
Basic earnings per ordinary share$0.60 $0.66 $1.85 $1.84 
Diluted
Continuing operations$0.44 $0.50 $1.44 $1.43 
Diluted earnings per ordinary share$0.59 $0.64 $1.82 $1.82 
The unaudited pro forma net income includes adjustments for the amortization of acquired intangible assets, depreciation for the fair value adjustment to acquisition-date fixed assets and interest expense on debt issued to finance the acquisition, as well as the related income tax impact.
14

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The unaudited pro forma net income for the three and nine months ended September 30, 2024 excludes the impact of $2.1 million and $6.0 million, respectively, of transaction-related charges and acquisition-related bridge financing costs. The unaudited pro forma net income for the three and nine months ended September 30, 2023 excludes the impact of $13.8 million and $24.7 million, respectively, of transaction-related charges, acquisition-related bridge financing costs and non-recurring expense related to the fair value inventory step-up.
The pro forma condensed consolidated financial information has been prepared for comparative purposes only and includes certain adjustments, as noted above. The adjustments are estimates based on currently available information and actual amounts may differ materially from these estimates. They do not reflect the effect of costs or synergies that would have been expected to result from the integration of the Trachte and ECM Industries acquisitions. The pro forma information does not purport to be indicative of the results of operations that actually would have resulted had the Trachte and ECM Industries acquisitions occurred on January 1, 2023 and January 1, 2022, respectively.
Other acquisitions
On July 10, 2023, we acquired TEXA Industries for approximately $34.8 million in cash, subject to customary purchase price adjustments. TEXA Industries is an Italian manufacturer of industrial cooling applications that we will market as part of the nVent HOFFMAN product line within our Enclosures reporting segment. We acquired $5.2 million of debt with the TEXA Industries acquisition, which we repaid in full in the third quarter of 2023.
The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $10.9 million, none of which is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $12.4 million of definite-lived customer relationships with an estimated useful life of 13 years.
The pro forma impact of the TEXA Industries acquisition is not material.
6.Discontinued Operations
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 Statements of Income and Comprehensive Income 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. Transaction costs of $12.6 million and $21.2 million related to the sale of Thermal Management business were incurred during the three and nine months ended September 30, 2024 and were recorded within Selling, general and administrative expenses in the operating results of discontinued operations presented below.
The operating results of discontinued operations, net of income taxes, are summarized below:
Three months endedNine months ended
In millionsSeptember 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Net sales$157.1 $143.8 $440.1 $424.0 
Cost of goods sold81.5 79.7 239.3 234.4 
Gross profit75.6 64.1 200.8 189.6 
Selling, general and administrative39.8 30.3 105.9 95.5 
Research and development4.6 3.8 13.5 12.3 
Operating income31.2 30.0 81.4 81.8 
Other expense(0.1)0.1 (0.1)0.1 
Income from discontinued operations before income taxes31.3 29.9 81.5 81.7 
Provision for income taxes5.2 6.3 17.7 16.8 
Income from discontinued operations, net of tax$26.1 $23.6 $63.8 $64.9 
15

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
The major classes of assets and liabilities classified as held for sale were as follows:
 September 30,
2024		December 31,
2023
In millions
Cash and cash equivalents$10.3 $5.5 
Accounts receivable, net of allowances101.9 119.3 
Inventories91.2 81.1 
Other current assets53.1 47.7 
Current assets held for sale$256.5 $253.6 
Property, plant and equipment, net$70.8 $70.1 
Goodwill711.7 713.0 
Intangibles, net154.7 166.5 
Other non-current assets46.1 44.9 
Non-current assets held for sale$983.3 $994.5 
Accounts payable54.9 35.9 
Employee compensation and benefits18.3 19.5 
Other current liabilities53.3 59.3 
Current liabilities held for sale$126.5 $114.7 
Pension and other post-retirement compensation and benefits12.1 12.6 
Deferred tax liabilities13.0 14.1 
Other non-current liabilities22.9 21.0 
Non-current liabilities held for sale$48.0 $47.7 
16

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
7.Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2023		Acquisitions/
divestitures		Foreign currency
translation/other 		September 30,
2024
Enclosures$430.4 $368.2 $1.7 $800.3 
Electrical & Fastening Solutions1,427.7 4.0 — 1,431.7 
Total goodwill$1,858.1 $372.2 $1.7 $2,232.0 
Identifiable intangible assets consisted of the following:
 September 30, 2024December 31, 2023
In millionsCostAccumulated amortizationNetCostAccumulated
amortization		Net
Definite-life intangibles
Customer relationships$1,575.4 $(440.0)$1,135.4 $1,368.9 $(386.7)$982.2 
Proprietary technology and patents78.9 (17.3)61.6 54.8 (11.9)42.9 
Other finite-lived intangible assets63.7 (12.9)50.8 18.0 (4.8)13.2 
Total definite-life intangibles1,718.0 (470.2)1,247.8 1,441.7 (403.4)1,038.3 
Indefinite-life intangibles
Trade names370.5 — 370.5 312.2 — 312.2 
Total intangibles$2,088.5 $(470.2)$1,618.3 $1,753.9 $(403.4)$1,350.5 
Identifiable intangible asset amortization expense was $26.8 million and $20.5 million for the three months ended September 30, 2024 and 2023, respectively, and $66.7 million and $49.2 million for nine months ended September 30, 2024 and 2023, respectively.
Estimated future amortization expense for identifiable intangible assets during the remainder of 2024 and the next five years is as follows:
 Q4     
In millions202420252026202720282029
Estimated amortization expense$28.2 $112.9 $102.4 $90.0 $89.9 $89.9 
17

nVent Electric plc
Notes to condensed consolidated financial statements (unaudited)
8.Supplemental Balance Sheet Information
In millionsSeptember 30,
2024		December 31,
2023
Inventories
Raw materials and supplies$142.6 $139.7 
Work-in-process20.8 23.5 
Finished goods202.8 197.0 
Total inventories$366.2 $360.2 
Other current assets
Contract assets$48.9 $13.6 
Prepaid expenses39.3 33.2 
Prepaid income taxes27.4 9.8 
Other current assets17.3 15.9 
Total other current assets$132.9 $72.5 
Property, plant and equipment, net
Land and land improvements$22.2 $21.8 
Buildings and leasehold improvements180.3 175.0 
Machinery and equipment560.1 531.3 
Construction in progress41.7 32.4 
Total property, plant and equipment804.3 760.5 
Accumulated depreciation and amortization468.5 440.6 
Total property, plant and equipment, net$335.8 $319.9 
Other non-current assets
Deferred compensation plan assets$15.5 $12.4 
Operating lease right-of-use assets107.0 99.6 
Deferred tax assets166.3 166.1 
Other non-current assets41.1 24.5 
Total other non-current assets$329.9 $302.6 
Other current liabilities
Dividends payable$32.1 $32.6 
Accrued rebates64.2 83.5 
Contract liabilities