SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

(11) SEGMENT INFORMATION

Operating profit (loss) is the primary income measure used by the chief operating decision maker (“CODM”), our Chief Executive Officer, to assess segment performance and make operating decisions. Segment performance is assessed exclusive of Corporate and other costs, foreign currency gain (loss), and amortization of intangibles. Corporate and other costs primarily include headquarter management costs, asset impairments and costs that support centralized global functions including Finance, Treasury, Risk Management, Strategy & Marketing, Legal, and global product platform development and offering management.

The Company determines its reportable segments based on how operations are managed internally for the products and services sold to customers, including how the results are reviewed by the CODM, which includes determining resource allocation methodologies used for reportable segments. The segment performance measure excludes corporate and other costs, as described herein. Intersegment selling prices approximate market prices. Summarized information about the Company’s results of operations by reportable segment and product and service offering follows:

Americas includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in North America and Latin America. This segment’s principal product and service offerings include:

•Products: AC and DC power management, thermal management, low/medium voltage switchgear, busbar, air cooled and liquid cooled thermal management products, integrated and prefabricated modular infrastructure solutions, racks, single phase UPS, rack power distribution, rack thermal systems, configurable integrated solutions, energy storage solutions, hardware, software for managing IT equipment.

•Services & spares: Preventative and predictive maintenance, acceptance testing, engineering and consulting, performance assessments, remote monitoring, training, spare parts, specialized fluid management, and critical digital infrastructure software.

Asia Pacific includes products and services sold for applications within the data center, communication networks and commercial and industrial markets throughout Greater China, Asia, and India. Due to the similarities of economic characteristics and other qualitative factors, we aggregate Greater China, India and Asia operating segments and we report this as our Asia Pacific reportable segment. Products and services offered are similar to the Americas segment.

Europe, Middle East & Africa includes products and services sold for applications within the data center, communication networks and commercial and industrial markets in Europe, Middle East & Africa. Products and services offered are similar to the Americas segment.

Reportable Business Segments

	Three months ended March 31, 2026
	Americas		Asia Pacific		Europe, Middle East & Africa		Total
Sales	$	1,822.4	$	630.7	$	494.9	$	2,948.0
Intersegment sales	8.0		117.0		173.5		298.5
Net Sales	1,814.4		513.7		321.4		2,649.5
Significant segment expenses
Cost of sales(1)	1,078.4		362.5		196.3		1,637.2
Marketing, sales and service costs	94.7		32.3		27.5		154.5
Engineering, research and development costs	75.6		27.2		23.0		125.8
Information technology costs	26.8		14.6		8.6		50.0
Restructuring costs	0.1		—		(5.0)		(4.9)
Other segment items(2)	48.6		9.7		17.5		75.8
Operating profit (loss)	490.2		67.4		53.5		611.1
Foreign currency gain (loss)							1.6
Corporate							(95.0)
Total corporate and other							(93.4)
Amortization of intangibles							(77.6)
Operating profit (loss)							440.1

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

	Three months ended March 31, 2025
	Americas		Asia Pacific		Europe, Middle East & Africa		Total
Sales	$	1,197.2	$	486.1	$	528.3	$	2,211.6
Intersegment sales	11.9		38.9		124.8		175.6
Net Sales	1,185.3		447.2		403.5		2,036.0
Significant segment expenses
Cost of sales(1)	762.1		324.8		252.0		1,338.9
Marketing, sales and service costs	65.2		28.8		24.2		118.2
Engineering, research and development costs	50.3		25.0		23.3		98.6
Information technology costs	21.9		16.5		10.2		48.6
Restructuring costs	0.1		—		0.6		0.7
Other segment items(2)	26.0		6.4		14.5		46.9
Operating profit (loss)	259.7		45.7		78.7		384.1
Foreign currency gain (loss)							(2.6)
Corporate							(44.8)
Total corporate and other							(47.4)
Amortization of intangibles							(46.0)
Operating profit (loss)							$	290.7

(1)    Cost of sales exclusive of engineering, research and development costs.

(2)    Other segment expenses mostly consist of general and administrative expenses such as Finance, Human Resources, Treasury and Legal costs.

Total Assets	March 31, 2026		December 31, 2025
Americas	$	6,327.9	$	5,864.3
Asia Pacific	1,960.3		1,810.7
Europe, Middle East & Africa	2,715.2		2,918.0
	11,003.4		10,593.0
Corporate and other	2,396.7		1,619.4
Total	$	13,400.1	$	12,212.4

Depreciation and Amortization	Three months ended March 31, 2026		Three months ended March 31, 2025
Americas	$	65.8	$	32.8
Asia Pacific	10.0		9.1
Europe, Middle East & Africa	22.3		21.0
Corporate and other	9.6		8.7
Total	$	107.7	$	71.6

Capital Expenditures	Three months ended March 31, 2026		Three months ended March 31, 2025
Americas	$	66.8	$	16.2
Asia Pacific	20.7		9.4
Europe, Middle East & Africa	17.6		6.3
Corporate and other	7.5		4.6
Total	$	112.6	$	36.5