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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, 2022    
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 (§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, 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, 2022, 166,587,178 shares of 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,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net sales$745.2 $642.8 $2,167.4 $1,793.0 
Cost of goods sold455.2 392.3 1,362.3 1,098.3 
Gross profit290.0 250.5 805.1 694.7 
Selling, general and administrative154.8 139.7 445.3 392.1 
Research and development14.7 13.1 44.5 36.2 
Operating income120.5 97.7 315.3 266.4 
Net interest expense8.1 8.2 22.8 24.4 
Other expense
0.5 0.6 2.3 1.8 
Income before income taxes 111.9 88.9 290.2 240.2 
Provision for income taxes18.5 14.6 49.1 34.3 
Net income $93.4 $74.3 $241.1 $205.9 
Comprehensive income, net of tax
Net income$93.4 $74.3 $241.1 $205.9 
Changes in cumulative translation adjustment(13.7)(5.1)(19.7)1.7 
Changes in market value of derivative financial instruments, net of tax
6.7 1.5 6.5 10.5 
Comprehensive income$86.4 $70.7 $227.9 $218.1 
Earnings per ordinary share
Basic
$0.56 $0.44 $1.45 $1.23 
Diluted
$0.55 $0.44 $1.43 $1.21 
Weighted average ordinary shares outstanding
Basic166.5 168.2 166.4 168.0 
Diluted168.3 170.1 168.2 169.5 
Cash dividends paid per ordinary share$0.175 $0.175 $0.525 $0.525 
See accompanying notes to condensed consolidated financial statements.
3


nVent Electric plc
Condensed Consolidated Balance Sheets (Unaudited)
 September 30,
2022
December 31,
2021
In millions, except per-share data
Assets
Current assets
Cash and cash equivalents$194.0 $49.5 
Accounts and notes receivable, net of allowances of $9.9 and $6.7, respectively
493.3 438.1 
Inventories374.5 321.9 
Other current assets151.0 102.0 
Total current assets1,212.8 911.5 
Property, plant and equipment, net272.0 291.1 
Other assets
Goodwill2,168.7 2,186.7 
Intangibles, net1,080.3 1,143.8 
Other non-current assets142.1 141.1 
Total other assets3,391.1 3,471.6 
Total assets$4,875.9 $4,674.2 
Liabilities and Equity
Current liabilities
Current maturities of long-term debt and short-term borrowings$15.0 $5.0 
Accounts payable258.9 261.0 
Employee compensation and benefits102.8 113.9 
Other current liabilities268.3 256.4 
Total current liabilities645.0 636.3 
Other liabilities
Long-term debt1,071.7 994.2 
Pension and other post-retirement compensation and benefits180.5 208.1 
Deferred tax liabilities209.8 210.3 
Other non-current liabilities118.3 129.2 
Total liabilities2,225.3 2,178.1 
Equity
Ordinary shares $0.01 par value, 400.0 million authorized, 166.6 million and 166.1 million issued at September 30, 2022 and December 31, 2021, respectively.
1.7 1.7 
Additional paid-in capital2,417.4 2,403.1 
Retained earnings327.9 174.5 
Accumulated other comprehensive loss(96.4)(83.2)
Total equity 2,650.6 2,496.1 
Total liabilities and equity$4,875.9 $4,674.2 
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,
2022
September 30,
2021
Operating activities
Net income $241.1 $205.9 
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Depreciation32.8 30.0 
Amortization53.1 49.7 
Deferred income taxes0.1 (0.8)
Share-based compensation17.8 11.4 
Changes in assets and liabilities, net of effects of business acquisitions
Accounts and notes receivable(76.9)(91.7)
Inventories(71.6)(50.4)
Other current assets(21.3)(19.3)
Accounts payable12.7 41.7 
Employee compensation and benefits(5.6)39.0 
Other current liabilities18.7 36.5 
Other non-current assets and liabilities(1.1)6.1 
Net cash provided by (used for) operating activities199.8 258.1 
Investing activities
Capital expenditures(30.8)(25.2)
Proceeds from sale of property and equipment2.0 0.1 
Acquisitions, net of cash acquired(8.6)(235.1)
Net cash provided by (used for) investing activities(37.4)(260.2)
Financing activities
Net receipts (repayments) of revolving long-term debt(106.7)45.3 
Proceeds from long-term debt200.0 100.0 
Repayments of long-term debt(6.2)(117.5)
Debt issuance costs (2.3)
Settlement of cross currency swaps10.0  
Dividends paid(87.7)(88.3)
Shares issued to employees, net of shares withheld0.3 12.1 
Repurchases of ordinary shares(8.5)(20.0)
Net cash provided by (used for) financing activities1.2 (70.7)
Effect of exchange rate changes on cash and cash equivalents(19.1)(3.7)
Change in cash and cash equivalents144.5 (76.5)
Cash and cash equivalents, beginning of period49.5 122.5 
Cash and cash equivalents, end of period$194.0 $46.0 
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, 2021166.1 $1.7 $2,403.1 $174.5 $(83.2)$2,496.1 
Net income — — — 67.8 — 67.8 
Other comprehensive income (loss), net of tax— — — — (0.7)(0.7)
Dividends declared— — — (29.0)— (29.0)
Share repurchases(0.1) (3.9)— — (3.9)
Exercise of options, net of shares tendered for payment— 1.4 — — 1.4 
Issuance of restricted shares, net of cancellations0.4 — — — —  
Shares surrendered by employees to pay taxes(0.1)— (4.4)— — (4.4)
Share-based compensation— — 6.6 — — 6.6 
March 31, 2022166.3 $1.7 $2,402.8 $213.3 $(83.9)$2,533.9 
Net income — — — 79.9 — 79.9 
Other comprehensive income (loss), net of tax— — — — (5.5)(5.5)
Dividends declared— — — (29.3)— (29.3)
Exercise of options, net of shares tendered for payment0.1 — 2.0 — — 2.0 
Issuance of restricted shares, net of cancellations0.1 — — — — — 
Shares surrendered by employees to pay taxes — (0.3)— — (0.3)
Share-based compensation— — 5.3 — — 5.3 
June 30, 2022166.5 $1.7 $2,409.8 $263.9 $(89.4)$2,586.0 
Net income — — — 93.4 — 93.4 
Other comprehensive income (loss), net of tax— — — — (7.0)(7.0)
Dividends declared— — — (29.4)— (29.4)
Exercise of options, net of shares tendered for payment0.1 — 2.0 — — 2.0 
Share-based compensation— — 5.9 — — 5.9 
September 30, 2022166.6 $1.7 $2,417.4 $327.9 $(96.4)$2,650.6 
6


In millionsOrdinary sharesAdditional paid-in capitalRetained earningsAccumulated
other
comprehensive loss
 Total
NumberAmount
December 31, 2020168.2 $1.7 $2,482.6 $20.7 $(95.2)$2,409.8 
Net income— — — 65.4 — 65.4 
Other comprehensive income (loss), net of tax— — — — 22.3 22.3 
Dividends declared— — — (29.4)— (29.4)
Share repurchases(0.9)— (20.0)— — (20.0)
Exercise of options, net of shares tendered for payment0.2 — 4.1 — — 4.1 
Issuance of restricted shares, net of cancellations0.3 — — — —  
Shares surrendered by employees to pay taxes(0.1)— (2.0)— — (2.0)
Share-based compensation— — (0.2)— — (0.2)
March 31, 2021167.7 $1.7 $2,464.5 $56.7 $(72.9)$2,450.0 
Net income— — — 66.2 — 66.2 
Other comprehensive income (loss), net of tax— — — — (6.5)(6.5)
Dividends declared— — — (30.6)— (30.6)
Exercise of options, net of shares tendered for payment0.4 — 7.5 — — 7.5 
Shares surrendered by employees to pay taxes— — (0.2)— — (0.2)
Share-based compensation— — 6.4 — — 6.4 
June 30, 2021168.1 $1.7 $2,478.2 $92.3 $(79.4)$2,492.8 
Net income— — — 74.3 — 74.3 
Other comprehensive income (loss), net of tax— — — — (3.6)(3.6)
Dividends declared— — — (29.7)— (29.7)
Exercise of options, net of shares tendered for payment0.1 — 2.7 — — 2.7 
Share-based compensation— — 5.1 — — 5.1 
September 30, 2021168.2 $1.7 $2,486.0 $136.9 $(83.0)$2,541.6 
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 three reporting segments: Enclosures, Electrical & Fastening Solutions and Thermal Management.
The Company was incorporated in Ireland on May 30, 2017. Although our jurisdiction of organization is Ireland, we manage our affairs so that we are centrally managed and controlled in the United Kingdom (the "U.K.") and have tax residency in the U.K.
Basis of presentation
The accompanying unaudited condensed consolidated financial statements of nVent have been prepared following the requirements of the Securities and Exchange Commission ("SEC") for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America ("GAAP") can be condensed or omitted.
We are responsible for the unaudited condensed consolidated financial statements included in this document. The financial statements include all normal recurring adjustments that are considered necessary for the fair presentation of our financial position and operating results. As these are condensed financial statements, one should also read our consolidated and combined financial statements and notes thereto, which are included in our Annual Report on Form 10-K for the year ended December 31, 2021.
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.

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, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$275.4 $158.5 $93.9 $527.8 
Developed Europe (1)
76.3 33.4 29.2 138.9 
Developing (2)
31.9 12.4 20.9 65.2 
Other Developed (3)
4.1 4.9 4.3 13.3 
Total$387.7 $209.2 $148.3 $745.2 

Nine months ended September 30, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$764.2 $448.4 $268.8 $1,481.4 
Developed Europe (1)
238.7 101.8 92.9 433.4 
Developing (2)
111.8 33.2 66.8 211.8 
Other Developed (3)
13.2 14.3 13.3 40.8 
Total$1,127.9 $597.7 $441.8 $2,167.4 
8


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


Three months ended September 30, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$216.6 $119.7 $75.9 $412.2 
Developed Europe (1)
78.7 34.1 30.7 143.5 
Developing (2)
35.2 10.6 28.3 74.1 
Other Developed (3)
4.7 4.9 3.4 13.0 
Total$335.2 $169.3 $138.3 $642.8 

Nine months ended September 30, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
U.S. and Canada$585.3 $341.0 $208.0 $1,134.3 
Developed Europe (1)
230.4 99.9 89.6 419.9 
Developing (2)
84.8 32.0 85.6 202.4 
Other Developed (3)
12.1 13.5 10.8 36.4 
Total$912.6 $486.4 $394.0 $1,793.0 
(1) Developed Europe includes Western Europe and Eastern Europe included in European Union.
(2) Developing includes China, Eastern Europe not included in European Union, Latin America, Middle East and Southeast Asia.
(3) Other Developed includes Australia and Japan.
Vertical net sales information was as follows:
Three months ended September 30, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$215.0 $20.8 $70.3 $306.1 
Commercial & Residential45.7 104.7 50.6 201.0 
Infrastructure97.6 74.8 6.8 179.2 
Energy29.4 8.9 20.6 58.9 
Total$387.7 $209.2 $148.3 $745.2 
Nine months ended September 30, 2022
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$635.0 $59.7 $211.8 $906.5 
Commercial & Residential137.3 303.8 145.8 586.9 
Infrastructure268.6 209.7 17.6 495.9 
Energy87.0 24.5 66.6 178.1 
Total$1,127.9 $597.7 $441.8 $2,167.4 

9


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

Three months ended September 30, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$192.8 $17.5 $64.7 $275.0 
Commercial & Residential38.2 86.7 48.3 173.2 
Infrastructure78.8 58.1 6.0 142.9 
Energy25.4 7.0 19.3 51.7 
Total$335.2 $169.3 $138.3 $642.8 

Nine months ended September 30, 2021
In millionsEnclosuresElectrical & Fastening SolutionsThermal ManagementTotal
Industrial$553.9 $50.3 $171.9 $776.1 
Commercial & Residential103.7 249.7 137.6 491.0 
Infrastructure187.9 166.2 16.3 370.4 
Energy67.1 20.2 68.2 155.5 
Total$912.6 $486.4 $394.0 $1,793.0 

Contract balances
Contract assets and liabilities consisted of the following:
In millionsSeptember 30, 2022December 31, 2021$ Change% Change
Contract assets$47.5 $48.9 $(1.4)(2.9 %)
Contract liabilities26.2 17.8 8.4 47.2 %
Net contract assets$21.3 $31.1 $(9.8)(31.5 %)
The $9.8 million decrease in net contract assets from December 31, 2021 to September 30, 2022 was primarily the result of timing of milestone payments. The majority of our contract liabilities at December 31, 2021 were recognized in revenue during the nine months ended September 30, 2022. There were no material impairment losses recognized on our contract assets for the three and nine months ended September 30, 2022 and 2021.
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, 2022, we had $31.9 million of remaining performance obligations on contracts with an original expected duration of one year or more. We expect to recognize the majority of our remaining performance obligations on these contracts within the next 12 to 18 months.






10


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

3.Restructuring
During the nine months ended September 30, 2022 and the year ended December 31, 2021, 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,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Severance and related costs$0.4 $1.3 $4.1 $4.0 
Other0.1 0.6 0.7 3.0 
Total restructuring costs$0.5 $1.9 $4.8 $7.0 
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,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Enclosures$0.3 $1.3 $2.6 $4.5 
Electrical & Fastening Solutions   0.6 
Thermal Management0.1  0.2 1.3 
Other0.1 0.6 2.0 0.6 
Total$0.5 $1.9 $4.8 $7.0 
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,
2022
September 30,
2021
Beginning balance$2.4 $6.6 
Costs incurred4.1 4.0 
Cash payments and other(4.9)(7.4)
Ending balance$1.6 $3.2 

11


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

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,
2022
September 30,
2021
September 30,
2022
September 30,
2021
Net income$93.4 $74.3 $241.1 $205.9 
Weighted average ordinary shares outstanding
Basic166.5 168.2 166.4 168.0 
Dilutive impact of stock options, restricted stock units and performance share units1.8 1.9 1.8 1.5 
Diluted168.3 170.1 168.2 169.5 
Earnings per ordinary share
Basic earnings per ordinary share$0.56 $0.44 $1.45 $1.23 
Diluted earnings per ordinary share$0.55 $0.44 $1.43 $1.21 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.7 0.1 0.5 0.6 

5.Acquisitions
On April 1, 2021, we acquired substantially all of the assets of Vynckier Enclosure Systems, Inc. ("Vynckier") for approximately $27.0 million in cash. Vynckier is a U.S. based manufacturer of high-quality non-metallic enclosures that we market as part of the nVent HOFFMAN product line within our Enclosures segment.

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to
goodwill in the amount of $13.5 million, substantially all of which is expected to be deductible for income tax purposes.
Identifiable intangible assets acquired included $6.1 million of definite-lived customer relationships with an estimated useful life of 11 years.

On June 30, 2021, we acquired CIS Global LLC ("CIS Global") for approximately $202.4 million in cash. The CIS Global business is a leading provider of intelligent rack power distribution and server slides products, and operates within our Enclosures segment. The purchase price was funded primarily through borrowings under our Revolving Credit Facility (as defined in Note 9).

The excess purchase price over tangible net assets and identified intangible assets acquired has been allocated to goodwill in the amount of $83.5 million, of which $50.0 million is expected to be deductible for income tax purposes. Identifiable intangible assets acquired included $78.0 million of definite-lived customer relationships with an estimated useful life of 16 years and $24.5 million of developed technology with an estimated useful life of 9 years to 12 years.

The pro forma impact of these acquisitions is not material individually or in the aggregate.

6.Goodwill and Other Identifiable Intangible Assets
The changes in the carrying amount of goodwill by reportable segment were as follows:
In millionsDecember 31,
2021
Acquisitions/
divestitures
Foreign currency
translation/other 
September 30,
2022
Enclosures$420.4 $0.2 $(15.6)$